Happy Wednesday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟥 | US stocks slipped today, snapping the S&P 500’s brief winning streak, following fresh developments on the tariff front.

• 📈 | One Notable Gainer: The meme stock rally resumed, as GameStop $GME ( ▼ 1.63% ) shares soared on news that it will use some of its corporate cash to buy Bitcoin $BTC.X ( ▼ 1.05% ) .

• 📉 | One Notable Decliner: On the flip side, blue-chip tech stocks sharply sold off, led by a steep decline in NVIDIA’s $NVDA ( ▼ 1.58% ) .

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MARKET MOVERS

Tesla, Dollar Tree, Super Micro

$TSLA ( ▼ 3.51% ) Tesla Stock Is Falling. Why Its Five-Day Winning Streak May Be Ending. (Barron’s)

$DLTR ( ▼ 5.46% ) Dollar Tree offloads struggling Family Dollar chain for $1 billion (CNBC)

$GS ( ▼ 2.83% ) Goldman Sachs Just Slashed Its Rating on Super Micro Computer Stock. (TradingView)

$PLTK ( 0.0% ) Playtika shares spike after BofA's double upgrade (SeekingAlpha)

$META ( ▼ 4.29% ) Meta says copying books was 'fair use' in authors' AI lawsuit (Reuters)

OVERHEARD ON THE STREET

CNBC: President Trump said the tariffs set to take effect in April will likely be "more lenient than reciprocal", but plans to roll out new auto tariffs sooner.

WSJ: Corporate America's optimism over Trump's "Golden Age" is fading as CEOs and investors worry about fluctuating policies and recession risks.

CNN: Wall Street bonuses reached a record high, making for a lucrative start to spring for over 200,000 employees at New York City-based securities firms.

Reuters: However, Wall Street job cuts are also expected as market turmoil stalls deals, with investment banking fees down 6% in Q1.

Fortune: Over 9M federal student loan borrowers could see credit score drops in 2025 due to payment spikes and delinquencies, following years of policy changes.

TOMORROW’S TRADE IDEA, TODAY

Underrated AI Plays Still Exist

Double Upgrade

Tech stocks may have resumed their sell-off today. But Bank of America $BAC ( ▼ 3.08% ) maintains that the AI trade is still alive and well. Beyond that, it believes “one of the true AI winners in software” is currently being overlooked.

The bank recently gave a rare “double upgrade” to Cloudflare $NET ( ▼ 3.08% ) , hiking the IT stock from Underperform to Buy. It also lifted its price target by $60, bringing it to $160 a share, representing around 32% upside from current prices. 

AI-as-a-Service

According to BoA analyst Madeline Brooks, Cloudflare’s dual initiatives of differentiating its approach to AI and beefing up network security could be big growth drivers.

The analyst also believes the company could emerge as the leader of an emerging sector she dubs AI-as-a-Service (AIaaS), which she expects will be businesses’ primary use of the technology. 

Brooks added that Cloudflare’s efforts could improve its three-year compound annual growth rate to 30% by 2028, up from her previous estimate of 25%. The analyst cited its network security offerings, which “show strong momentum” in snapping up market share.

Press Play or Played Out?

According to a BofA survey, the network security products market is only 33% penetrated currently. Cloudflare expects to devote 50% of its new spending over the next 12 months to the space, aiming to target customers seeking to modernize network security. 

According to LSEG, 14 of 34 analysts covering the stock have given it either a Buy or Strong Buy rating. 4 still hold Underperform ratings. The stock is up 22% over the past 12 months.

The sentiment on the Street seems to be that AI plays are played out. But AIaaS plays? BoA believes those are just getting started — with Cloudflare leading the way.

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ON OUR RADAR

CBS: The Atlantic released more screenshots from a Signal group chat revealing Defense Secretary Hegseth accidentally shared detailed war plans with a journalist.

AP: Speaking of, here’s what to know about Signal, the aforementioned encrypted messaging app used by US officials to coordinate attack plans.

CNBC: The Treasury Department plans to lay off a "substantial" number of employees as part of broader efforts to shrink the federal government.

BI: College students are using AI, but generally feel guilty about heavy reliance on the tech, fear skill atrophy, and worry about its overall impact.

CNN: Chili’s $EAT ( ▼ 4.4% ) is opening a retro restaurant in Scranton on April 7 to celebrate The Office, nearly 20 years after its iconic Dundie awards episode aired.

TUESDAY’S POLL RESULTS

Are you bullish or bearish on Generac (GNRC) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨⬜⬜⬜⬜ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish —

  • “Good, quality manufactured products like those made by Generac are critical for lots of families that cannot afford to lose power in their homes or small businesses. We are in a time of increasing power outages due to the poor unmaintained infrastructure. I think Generac will continue to meet and fill that need.”

  • “Going to be a bad storm season!”