Evercore ISI’s latest "beaten-down beat and raisers" call identifies Nvidia Corp., Alphabet Inc., Netflix, and Booking Holdings as sitting in a sweet spot of depressed sentiment, elevated short interest, and still-intact fundamentals heading into second-quarter prints. Evercore analyst Julian Emanuel’s team argues that earnings strength is still powerful enough to flatten the "wall of worry" and extend the bull market. Nvidia has lagged the hottest memory and AI infrastructure trades despite double-digit year-to-date gains, while Alphabet has been penalized alongside other hyperscalers as investors balk at heavy AI capex and rising debt issuance. Netflix is trading more than 40% below recent highs, and Booking has been hit by geopolitics that clipped travel demand and knocked the stock by over 20%. The contrarian bet rests on the earnings backdrop, with consensus looking for another quarter of more than 20% S&P 500 earnings growth. Evercore has lifted its S&P 500 2026 EPS estimate by more than 6% and reaffirmed a 7,750 year-end target.