Analyzing tariff effects on inflation.gettyInflation may be down to the Federal Reserve’s target, if we subtract the effect of tariffs. Perhaps, then, the Fed can bring down interest rates more. That’s an implication of research at Harvard Business School’s Pricing Lab. Their “data contain daily prices scraped from the online stores of large multichannel U.S. retailers.” They calculate duties on the products and find that so far, pass-through to consumers averages 20% of the tariff. (That will likely rise t ...

Steam is releasing a new batch of hardware, including the Steam MachineAnadolu via Getty ImagesWhen you think of gaming PCs, you almost inevitably think of Windows-based hardware. However, Valve is hoping to change that mindset with the unveiling of the Steam Machine. It might even change your mind about what a games console is. Boosted by the success of the handheld Steam Deck, Valve is making a fresh assault on the gaming hardware market with the Steam Machine, a new Steam Controller and the Steam Frame – ...

Core Insights - Lexar has announced the release of 2TB Professional Gold and Silver CFexpress 4.0 Type A memory cards, designed for professional photographers and videographers to enhance their shooting capabilities in the field [2][3][4]. Product Features - The 2TB Lexar Professional Gold CFexpress 4.0 Type A card offers read speeds of 1800MB/s and write speeds of 1650MB/s, enabling the capture of fast-action shots and improving post-production efficiency [5]. - The Gold card also features sustained write speeds of up to 1400MB/s, allowing for seamless video capture without dropped frames [5]. - The Silver CFexpress 4.0 Type A card has maximum read speeds of 1750MB/s and write speeds of 1650MB/s, with sustained write speeds of up to 1300MB/s, making it suitable for capturing 8K video and burst photos [6]. Durability and Compatibility - Both the Gold and Silver cards are constructed with a rugged design, making them temperature-proof, vibration-resistant, and shock-resistant, with an IP68 rating for dust and water resistance [7]. - These memory cards are compatible with Sony Alpha cameras and Sony FX Series cameras, catering to a specific segment of professional users [6][8]. Pricing and Availability - The 2TB Lexar Professional Gold CFexpress 4.0 Type A card is priced at $699.99, while the Silver version is available for $599.99. Both can be ordered from retailers like B&H and Amazon [8].

Core Viewpoint - The Cohen & Steers Infrastructure Fund (UTF) is highlighted as a strong investment opportunity in the AI sector, offering a monthly dividend of 7.9% and positioned to benefit from the increasing demand for electricity driven by AI technologies [3][4]. Investment Opportunity - UTF is characterized as a "tollbooth" play on AI, focusing on companies that provide essential infrastructure such as servers, transmission lines, and power plants, rather than direct investments in tech giants like NVIDIA or Microsoft [4]. - The fund's holdings include approximately 35% in utilities, 18% in gas distributors and pipelines, and 15% in corporate bonds, which are expected to perform well as interest rates decline [6]. Market Context - Data centers, which are crucial for AI operations, currently account for about 4% of U.S. electricity consumption, a figure that is projected to rise significantly [5]. - The utilities sector has outperformed the S&P 500 this year, driven by AI's increasing power demands, with the Utilities Select Sector SPDR Fund (XLU) showing strong performance [8]. Performance History - Since its acquisition in November 2020, UTF has returned 40%, and in its previous cycle from 2016 to 2019, it nearly doubled in value [7][8]. - The fund is currently trading at a steep discount to its net asset value (NAV), presenting a unique buying opportunity [10]. Market Dynamics - The discount in UTF's trading price is attributed to investor fears of dilution following a share issuance, which has led to a sell-off despite the fund's solid performance [10][11]. - CEFs like UTF can experience prolonged discount periods, allowing for strategic buying opportunities that may not be available in more liquid markets [15].

Core Insights - Intuitive Surgical (NASDAQ: ISRG) is a leader in surgical innovation, but Insulet Corporation (NASDAQ: PODD) is emerging as a strong alternative in the healthcare equipment sector, particularly with its Omnipod insulin delivery system [2] - The market appears to be undervaluing PODD's accelerating fundamentals and relative value compared to ISRG, suggesting a potential investment opportunity [2][3] Valuation and Performance Comparison - Insulet Corporation offers a lower valuation (P/OpInc) compared to Intuitive Surgical, while demonstrating a higher growth rate in revenue and operating income [3] - The discrepancy between valuation and performance indicates that purchasing PODD stock may be more advantageous than acquiring ISRG stock [3] Market Dynamics - Intuitive Surgical's stock is characterized by volatility, while a balanced asset allocation strategy can help mitigate market fluctuations [4] - A thorough assessment of Intuitive Surgical's competitive advantage is necessary to determine if it can withstand scrutiny in the current market environment [5] Historical Context - Analyzing key metrics from one year ago can provide insights into whether Intuitive Surgical's stock is currently overpriced compared to its competitors [7] - A significant change in revenue and operating income growth trends for Intuitive Surgical over the past 12 months could indicate that the current stock price discrepancy may not be temporary [7] Investment Strategy - A multi-faceted analysis is essential for assessing investments, and Trefis portfolio strategies aim to minimize stock-specific risk while providing growth potential [6][8] - For investors seeking growth with more stability than individual stocks, the High Quality portfolio has outperformed its benchmark, which includes a mix of the S&P 500, Russell, and S&P midcap indices [8]

Core Insights - Roblox's stock has surged nearly 92% over the past year, driven by a 33% increase in revenue and a 55% enhancement in the price-to-sales (P/S) multiple, reflecting strong user growth and innovative strategies [2][5] - Despite a recent pullback due to a softer-than-expected earnings report, the underlying fundamentals remain strong, with expanding user base and improving monetization initiatives indicating long-term growth potential [3][11] User & Engagement Growth - Daily Active Users (DAUs) increased by 70% year-over-year to 151.5 million, with hours engaged rising by 91%, showcasing consistent user growth [11] Financial Performance - Bookings for Q3 2025 jumped 70% year-over-year to $1.9 billion, while revenue climbed 48% year-over-year, indicating robust financial growth [11] Creator Economy Enhancements - Developer Exchange (DevEx) payouts to creators increased by 85% in Q3 2025, elevating creator earnings to over $1 billion in a 12-month period, highlighting the platform's commitment to its creator economy [11] Strategic Partnerships and Innovations - New strategic partnerships include Shopify integration for physical goods and an IP licensing platform launched in early 2025 [11] - Product innovations revealed at the Roblox Developer Conference (RDC) 2024/2025 include new AI tools, 100,000 player servers, and advancements in avatar technology [11]

Core Insights - Concentrix (CNXC) is emerging as a compelling mid-cap opportunity in the tech-enabled services sector, particularly as it embraces AI-driven solutions in customer experience and business process outsourcing [2][3] - The stock has underperformed the broader market due to concerns over integration costs and margin pressures, yet strong fundamentals indicate a positive trajectory [2][3] Financial Performance - Concentrix reported Q3 2025 revenue of $2.48 billion, reflecting a 4.0% year-over-year increase, exceeding guidance [4] - Non-GAAP operating margins decreased to 12.3% due to investments in transformation, but management expects AI solutions to become accretive by Q4 2025 [4] - The company raised its full-year adjusted free cash flow guidance to between $585 million and $610 million and increased its quarterly dividend to $0.36 per share [5] Cash Flow and Valuation - Concentrix boasts a free cash flow yield of 23.9%, indicating strong cash generation capabilities that can support growth or be returned to shareholders [6][12] - The stock is currently trading at a significant valuation discount, approximately 39% lower than its 3-month high, 46% below its 1-year high, and 65% lower than its 2-year high [12] Growth Potential - The iX Hero platform has been instrumental in client acquisition, contributing to nearly 40% of new clients, showcasing the company's focus on enhancing AI integration [4] - Revenue growth over the last 12 months stands at 3.4%, with expectations for cash reserves to increase [12] Market Dynamics - The stock has experienced volatility, including an 18% drop during the Covid pandemic and a 65% decline during the inflation shock, highlighting its sensitivity to market conditions [9][10] - Despite strong fundamentals, the stock can face significant losses during market downturns, emphasizing the importance of monitoring market shifts [9][10]

Core Insights - U.S. upstream producers are experiencing divergent narratives based on the type of molecules they sell, with oil producers facing challenges while gas producers are seeing growth and profitability potential [1] Group 1: Oil Producers - Five Permian-focused producers have a median EV/EBITDAX of 3.7x and a price per flowing barrel near $34,000, yet share prices have declined about 13% year-over-year despite robust EBITDAX margins averaging 66% [2] - Companies like Diamondback Energy emphasize discipline as a competitive advantage, but the market is seeking growth options rather than just balance-sheet strength [3] - The Dallas Fed Energy Survey indicates a negative sentiment in the E&P business activity index, with nearly two-thirds of respondents maintaining flat capital budgets for 2025, reflecting a shift from growth to return stability [4] Group 2: Gas Producers - Appalachian producers are experiencing a contrasting narrative, with median EV/EBITDAX multiples of 8.6x and median stock price gains of 15% year-over-year, driven by structural gas demand from LNG export growth and rising U.S. power consumption [5] - The CEO of EQT highlighted optimism for a multi-decade growth story as the U.S. becomes a global swing supplier of natural gas, while Range Resources benefits from expectations of long-life reserves and low debt [6] - The Dallas Fed Survey projects Henry Hub prices near $4.00 per mcf in 2026, with half of gas-weighted firms citing LNG expansion and electrification as demand catalysts, a significant increase from the previous year [7] Group 3: Valuation Divergence - Oil valuations are constrained by capital-discipline fatigue, while gas valuations are elevated due to global-growth optionality, with Permian producers viewed as mature cash machines and gas producers rewarded for future export and power market potential [10] - The Permian Basin faces takeaway capacity issues, with associated gas volumes straining pipeline infrastructure, which could limit near-term flexibility for oil-weighted producers [11] - In contrast, the Appalachian Basin is seeing easing takeaway constraints with new pipeline projects, enhancing realizations and reinforcing higher valuation multiples for gas-weighted producers [12] Group 4: Market Dynamics - The U.S. upstream sector is entering a two-speed cycle, with Permian producers valued for stability and yield, while Appalachian gas producers are treated as growth stocks due to strategic positioning and export leverage [13] - Future valuation trends will depend on the success of LNG projects and AI-driven electricity demand growth, with potential for gas multiples to expand or contract based on global trade and interest rates [14]

Core Viewpoint - AMD is entering a new era of growth, with projected revenue growth of 35% annually over the next five years, driven by a potential $1 trillion market for data center chips, particularly fueled by demand for AI chips [1][2]. Group 1: Company Projections - CEO Lisa Su stated that AMD's revenue could grow 35% annually over the next five years, anticipating a significant market opportunity [1][2]. - The market for AMD's data center chips is expected to reach $1 trillion by 2030, with a potential "double-digit" market share in the data center segment over the next three to five years [2]. Group 2: Stock Performance - Following the announcement, AMD's stock surged by more than 9%, reaching approximately $260, recovering from a previous 2% decline [1]. Group 3: Analyst Opinions - Goldman Sachs analysts believe that AMD's growth projections are achievable if the company scales effectively, manages costs, and increases profitability per sale [3]. - Bernstein analyst Stacy Rasgon described AMD's targets as "somewhat aggressive" and raised concerns about the company's ability to capture a larger market share, indicating uncertainty about the management's strategy [3].

The board of directors of ADP approved a $0.16 increase in the quarterly cash dividend to an annual rate of $6.80 per share, Maria Black, ADP's President and Chief Executive Officer, announced today. The increased cash dividend marks the 51st consecutive year in which ADP, a leading global technology company providing human capital management solutions, has raised its quarterly dividend. "Our dividend is a cornerstone of our long-standing commitment to our shareholders and this 10% increase signifies the Bo ...