Internet FAQs Post-Earnings & Election

Coming out of 3Q earnings & the midterm elections, we want to provide our thoughts across several Internet FAQs including: 1) How Does the Election Impact the Data Center Buildout & Capex for 2027?; 2) Is Google Search Facing a Structural AI Monetization Challenge & What Could Move Shares Higher in the Near-Term?; 3) How Did AI Returns Show Up in 3Q Earnings?; 4) How Are Consumer Internet Fundamentals Holding Up?; 5) Why Were Online Ads Soft Other Than Meta?; & 6) What Are the Early Takes on Agents? We are also removing Alphabet (GOOG/L) from the J.P. Morgan Analyst Focus List (AFL), and adding Meta Platforms (META) as a growth strategy. We see continued strong revenue growth for Meta on AI-driven ad improvements, & we are bullish on Muse expansion & monetization potential, along w/the enterprise opportunity for Meta Model API & Muse Code. We remain Overweight on Google, but recognize that AI search monetization improvements could take time, & margins will likely be pressured over the