Three big technology companies - Microsoft, Alphabet (Google's parent company), and Meta Platforms (Facebook) - are spending a lot of money on improving their artificial intelligence (AI) systems. This is good news for some other smaller companies that also work with AI, like Arista Networks, Coherent, Dell Technologies, and Lumentum Holdings. These smaller companies might benefit from the big tech companies' investments in AI, because they can use their technology to make their own products better. Read from source...

- The title of the article is misleading and sensationalized. It implies that there is a causal relationship between the raised AI capex outlook of Microsoft, Alphabet, and Meta, and the potential benefit for some JPMorgan stock picks. However, this is not proven or substantiated by any evidence in the article.
- The article uses vague terms such as "could benefit" and "levered", which do not provide clear or precise information about the nature or extent of the possible impact on the stock prices or performance of the companies mentioned.

1. Arista Networks Inc (NYSE:ANET) - Buy - ANET has strong growth potential in the data center interconnect market due to its low-latency routing switches, which are highly demanded by cloud service providers and large enterprises for their AI applications. The company also benefits from the increasing adoption of 400G and 800G speeds in data centers. ANET has a solid financial position with high profit margins and low debt levels, making it an attractive investment opportunity. However, there are some risks associated with the stock, such as intense competition from Cisco Systems (NASDAQ:CSCO) and Juniper Networks (NYSE:JNPR), as well as potential supply chain disruptions due to the ongoing semiconductor shortage.
2. Coherent Corp (NASDAQ:COH) - Buy - COH is a leading provider of optical solutions for high-speed data communications and scientific research applications, which are essential for AI computing. The company has a diverse customer base that includes cloud service providers, data centers, and scientific institutions. COH's revenue growth has been consistently positive in recent years, driven by the increasing demand for its products and services. However, there are some risks to consider, such as the cyclical nature of the company's markets, which could lead to fluctuations in revenue and earnings. Additionally, COH faces competition from other players in the optical communications industry, such as II-VI Inc (NASDAQ:IIVI) and Lumentum Holdings Inc (NASDAQ:LITE).
3. Dell Technologies Inc (NYSE:DELL) - Buy - DELL is a global leader in providing computing solutions for AI applications, offering a wide range of products and services that cater to different customer needs. The company has been investing heavily in its cloud infrastructure and AI capabilities, which should enhance its competitive edge in the market. DELL's financial performance has been impressive, with strong revenue growth and improving margins. However, there are some risks to be aware of, such as the impact of the ongoing semiconductor shortage on its supply chain and operations, as well as the increasing competition from other hardware providers like Hewlett Packard Enterprise Co (NYSE:HPE) and Lenovo Group Ltd (OTC:LNVGY).
4. Lumentum Holdings Inc (NASDAQ:LITE) - Buy - LITE is a leading supplier of optical and photonic devices for data communications and AI applications, with a strong presence