Group 1: Company Overview - Constellation Energy is positioned to benefit from the rise of artificial intelligence (AI) in the U.S. nuclear energy sector [1] - The company operates the largest nuclear fleet in the U.S. and has secured long-term contracts extending over the next decade [4][3] - Constellation has completed its acquisition of Calpine, making it the largest producer of electricity in the U.S. [7] Group 2: Market Performance - Nuclear energy stocks, including Constellation Energy, were among the best-performing stocks in the energy sector in 2025, with significant gains reported [1] - The VanEck Uranium and Nuclear ETF ended the year with a 12-month gain of over 50% [1] Group 3: Future Prospects - Constellation may explore the development of next-generation reactors to meet the demand from AI data centers, as indicated by CEO Joe Dominguez [8] - While Constellation may not deliver the same growth potential as start-ups, it is well-positioned for growth over the next decade due to its operating assets and long-term contracts [9]

Core Viewpoint - Nvidia's stock is considered attractively valued at the start of 2026, trading at a discount compared to its peers in the semiconductor industry [1] Financial Performance - Nvidia's stock has a forward price-to-earnings (P/E) ratio of 24.5 for fiscal 2027 and a price/earnings-to-growth (PEG) ratio of less than 0.7, indicating it is undervalued [2] - The company reported a revenue growth of 62% last quarter, reaching $57 billion, which is a significant increase from $5.9 billion in fiscal Q3 of 2023 [2] Technological Positioning - Nvidia is a key player in the artificial intelligence (AI) infrastructure boom, with its GPUs being the preferred choice for training large language models due to its CUDA software platform [3] - The company's data center networking portfolio, particularly its NVLink interconnect systems, saw a revenue increase of 162% last quarter, totaling $8.2 billion [3] Market Data - Nvidia's current stock price is $183.38, with a market capitalization of $4.3 trillion [4] - The stock has a gross margin of 70.05% and a dividend yield of 0.02% [5] Competitive Landscape - Despite increasing competition from custom AI ASICs, Nvidia's GPUs offer greater flexibility and adaptability, which are crucial in a rapidly changing tech environment [5] - Nvidia has expanded its software capabilities by acquiring SchedMD, enhancing its ability to optimize chip usage for hyperscalers [6] - The company is also strengthening its position in AI inference by acquiring talent and technology from Groq, which specializes in inference chips [6] Future Outlook - With sustained demand for AI infrastructure, Nvidia is well-positioned to continue its growth trajectory and is viewed as a strong investment for 2026 and beyond [7]

Core Insights - Nu Holdings is rapidly growing in the Latin American banking sector, with over 100 million customers, surpassing all U.S. banks by customer count [1][3] - The company has seen significant financial growth, with net income increasing from breakeven to $2.5 billion in three years [5] - Nu Holdings is expanding its market presence, with plans to enter new countries and apply for a banking license in the U.S. [7][8] Customer Growth and Financial Performance - Nu Holdings has 110 million customers in Brazil and 13 million in Mexico, with the latter experiencing exponential growth [3] - Average revenue per active customer in Mexico has risen to $12.50 from $5.20 in 2021, while the cost per customer has decreased from $3 to $1 [4] - The company's market cap is currently $81 billion, with a price-to-earnings ratio of 32.4 based on trailing net income [11] Market Expansion Potential - Nu Holdings operates in Brazil, Mexico, and Colombia, but has opportunities to expand into other Latin American markets, with a total regional population exceeding 600 million [6][8] - Management has indicated potential entry into markets such as Chile, Argentina, or Peru, which could further enhance growth [7] - The company is expected to layer additional financial services, such as credit cards, to increase revenue streams [12] Long-term Outlook - Analysts suggest that Nu Holdings could generate $10 billion in annual net income within five years, leading to a significantly lower P/E ratio of 8 based on current stock price [13] - Despite a nearly 50% rise in stock price over the past year, shares are still considered attractive for long-term investors at $18 or below [13]

Core Viewpoint - Growth investing can be simplified by focusing on dividend stocks, particularly Dividend Kings, which have a long history of increasing payouts and may outperform traditional growth stocks over time [2][6]. Group 1: Dividend Kings - Dividend Kings are companies that have raised their annual per-share dividend payments for at least 50 consecutive years, with only 56 stocks qualifying as of early 2026 [5]. - These companies often represent stable, slow-moving businesses that can provide reliable income and potential for long-term capital appreciation [6]. Group 2: Company Examples - **Automatic Data Processing (ADP)**: - ADP processes payroll for over 1 million corporate customers and is expected to generate $21.8 billion in revenue this fiscal year, a 5.8% increase from the previous year [8]. - The company has a market cap of $103 billion and a dividend yield of 2.48%, with dividends raised for 51 consecutive years [10][12]. - ADP consistently converts 20% to 25% of its revenue into net income, supporting ongoing dividend increases [11]. - **Walmart**: - Walmart has increased its per-share dividend payout for 52 consecutive years and has a market cap of $946 billion [13]. - The current dividend yield is 0.79%, with a stock price increase of 156% over the past three years [15]. - Walmart's extensive reach in the U.S. allows it to maintain significant earnings, funding stock buybacks and sustaining dividends despite low profit margins of 3% to 4% [17]. - **American States Water**: - This utility company has raised its dividend for 70 consecutive years, with an average annual increase of over 8% in the past decade [21]. - The company serves over 1 million people and has a market cap of $2.9 billion, with a forward-looking dividend yield of 2.8% [22][24]. - The growing scarcity of potable water and demand for electricity provide American States Water with strong pricing power [23].

Core Insights - ImmunityBio's share price has surged significantly, tripling in value over three weeks, leading to increased trading volume and interest from short-sellers [2][4]. Company Overview - ImmunityBio specializes in developing immunotherapies for cancers and infectious diseases, with a current market capitalization of $6.4 billion [2]. - The stock closed at $6.92, reflecting a 6.79% increase on the day, with a trading volume of 96 million shares, which is approximately 357% above its three-month average [2]. Market Context - The S&P 500 and Nasdaq Composite also saw gains, with increases of 1.16% and 1.18% respectively, indicating a positive market environment for biotechnology stocks [3]. - Other biotechnology peers, such as Nkarta and Allogene Therapeutics, also experienced stock price increases, highlighting ongoing investor interest in higher-risk drug developers [3]. Short-Selling Dynamics - Short-sellers are facing significant losses, with nearly $500 million in paper losses reported due to 35% of ImmunityBio's public float being held short prior to the stock's recent rise [5]. - The recent price increase is attributed to short-sellers potentially covering their positions following a series of positive developments for the company [4].

Core Insights - Roblox is transitioning from a pandemic-driven growth phase to a more mature platform with a long-term growth trajectory, resetting investor expectations in 2025 [2][15] Group 1: Growth Reacceleration - In 2025, Roblox experienced a significant reacceleration in growth, with daily active users surpassing 150 million and engagement hours reaching record levels [4] - Management raised full-year bookings guidance multiple times, indicating sustained momentum rather than a temporary spike [4][5] - The growth is crucial as it underpins Roblox's investment thesis, demonstrating that the platform remains appealing globally and is not nearing saturation [5][6] Group 2: Monetization Options - Roblox began diversifying its revenue streams beyond Robux sales, which had previously made the business vulnerable [7][10] - The company executed advertising initiatives, including immersive ad formats and integration with Google Ad Manager, making its ad ambitions more credible [8] - An aging user base is contributing to higher spending, making the platform more attractive to advertisers and easing regulatory constraints [9][10] Group 3: Creator Ecosystem - The creator platform strengthened in 2025, with creator payouts exceeding $1 billion in the first nine months and new AI-assisted tools enhancing content creation [11] - This growth in creators and content fuels engagement, supporting both growth and monetization [12] - However, higher creator payouts pose a challenge to margins, necessitating a balance between creator success and shareholder returns [12][13]

Core Viewpoint - ETFs are highlighted as effective tools for generating passive income through diversified portfolios of stocks and bonds, with specific focus on three dividend-focused ETFs: Schwab U.S. Dividend Equity ETF, Vanguard Total Bond Market ETF, and JPMorgan Equity Premium Income ETF [1]. Group 1: Schwab U.S. Dividend Equity ETF - The Schwab U.S. Dividend Equity ETF (SCHD) tracks the Dow Jones U.S. Dividend 100 Index, focusing on high-yielding stocks with a consistent dividend payment history [2]. - The ETF has a trailing 12-month dividend yield of 3.8%, meaning a $10,000 investment would yield approximately $380 annually [3]. - It boasts a low expense ratio of 0.06%, allowing investors to retain more of the income generated [3]. Group 2: Vanguard Total Bond Market ETF - The Vanguard Total Bond Market ETF (BND) provides broad exposure to high-quality bonds, holding over 11,400 bonds from government and corporate issuers [6]. - The fund offers monthly income distributions with an average yield to maturity of 4.3% and an average effective maturity of eight years, ensuring steady income [7]. - It features an ultra-low expense ratio of 0.03%, making it suitable for low-risk, fixed-income investment [7]. Group 3: JPMorgan Equity Premium Income ETF - The JPMorgan Equity Premium Income ETF (JEPI) aims to provide monthly income with less volatility through a defensive equity portfolio and a disciplined options overlay strategy [8]. - The fund has delivered an income yield exceeding 8% over the past year, with monthly distributions fluctuating based on options income [9]. - Since its inception in 2020, JEPI has achieved an average annual total return of 11.6% and charges a 0.35% expense ratio [10].

Core Insights - The autonomous ride-hailing market is projected to become a $10 trillion industry, significantly lowering travel costs for consumers, according to Ark Investment Management's 2025 report [1] Company Analysis - Uber has a competitive edge in the autonomous ride-hailing market due to its established digital infrastructure, user-friendly platform, and extensive network, which is crucial for timely ride provision [4][5] - Uber's platform is utilized by 189 million users monthly as of September 30, showcasing its scale and user adoption compared to Tesla, which is still developing its platform [5] - Uber has partnered with over 20 companies in the autonomous vehicle sector, including Alphabet's Waymo and Stellantis, which is building 5,000 robotaxis for Uber's network [6][7] - Uber's revenue grew by 17% in the first three quarters of 2025, while Tesla's revenue declined by 3%, highlighting Uber's stronger performance in the current market [9] - Uber's price-to-sales (P/S) ratio is 3.6, significantly lower than Tesla's 16.1, indicating a more attractive valuation for investors [9] - The transition to autonomous ride-hailing could drastically reduce Uber's labor costs, enhancing its profitability as more gross bookings convert into revenue [12][13] Market Position - Uber's extensive network allows it to benefit from various autonomous vehicle designs, positioning it favorably against competitors like Tesla, which faces greater challenges in establishing a comparable infrastructure [8] - The financial implications of autonomous ride-hailing could lead to explosive growth for Uber, making it a compelling investment opportunity compared to Tesla [13]

Core Viewpoint - The future outlook for United Parcel Service (UPS) appears positive despite recent challenges, with potential for recovery and growth driven by strategic changes in revenue quality, network efficiency, and tariff management. Group 1: Revenue Quality - UPS's revenue declined by 3.7% year over year in Q3, a planned reduction as part of a broader strategy to enhance revenue quality [4][5] - The company sold its Coyote Logistics unit, leading to a significant drop in supply chain solutions revenue, while also reducing shipment volumes for Amazon to focus on higher-margin business [5] - U.S. revenue per piece increased by 9.8% year over year in Q3, and UPS aims to replace lost revenue with higher-margin business, exemplified by the acquisition of Andleuer Healthcare Group [6] Group 2: Network Efficiency - UPS is undergoing its most extensive network reconfiguration in history, having closed 93 buildings, including 19 in Q3, and implemented a voluntary retirement program for drivers [8] - The company expects to announce approximately $3.5 billion in cost reductions for 2025, contributing to improved profitability [8][9] - U.S. operating margin increased by 10 basis points in Q3, indicating early success from these efficiency efforts [9] Group 3: Tariff Management - The uncertainty surrounding tariffs has somewhat resolved, alleviating challenges faced by UPS, particularly in higher-margin international lanes [10] - While some tariff impacts may still affect small- and medium-sized businesses in 2026, the overall outlook for UPS regarding tariffs is improving [10] - UPS is leveraging agentic AI technology to enhance customs brokerage capabilities, helping customers navigate trade complexities and reinforcing its role in global commerce [11]

Core View - CoreWeave has gained significant attention as an AI stock since its IPO in March, reporting explosive revenue growth and backed by Nvidia [1][2] Business Model - CoreWeave operates in the GPUs-as-a-service (GPUaaS) market, allowing AI customers to rent GPUs for their projects, providing flexibility and cost savings [3] - The company has been quick to adopt Nvidia's latest platforms, such as Blackwell and Blackwell Ultra, due to its close relationship with Nvidia [4] Financial Performance - CoreWeave's market capitalization is currently $47 billion, with a recent revenue of $1.3 billion, more than doubling in the latest period [6] - The stock price has seen significant volatility, with a peak decline of 40% from its June high [2][5] Investment Considerations - The company must invest heavily in GPUs to meet market demand, leading to increasing debt levels, which could pose risks if AI spending slows [6][7] - While cautious investors may prefer safer AI stocks, aggressive investors might find this a favorable time to acquire shares of CoreWeave [8]