Wells Fargo's chief equity strategist, Oh Sung Kwon, has stated that the company has been bullish on Amazon, Microsoft, Alphabet, Meta, and Oracle stocks for years, but this position has shifted after the Nasdaq dropped by 25% since October. Kwon believes that the group is starting to look attractive again, with significant capital expenditure commitments across Amazon, MSFT, and Google Cloud. He sees an inflection point in free cash flow, suggesting that the five largest hyperscalers are on track to spend over $600 billion on infrastructure in 2026, a 36% jump from 2025, and about $450 billion goes directly to AI infrastructure. If AI demand continues to exceed supply, the capacity being built now will generate returns that more than justify the cost, Kwon argues. Additionally, he suggests pairing technology with commodities could provide exposure to AI's long-term upside while hedging the near-term macro risk.