Core Viewpoint - Growth investing is beneficial for long-term shareholders, emphasizing the importance of investing in quality companies with strong earnings growth prospects rather than focusing solely on current valuations [1] Group 1: Amazon (AMZN) - Amazon is expected to become the largest company in the world by revenue this year, with a market cap of $2.7 trillion [4] - The company is reinvesting profits into its business rather than returning cash to shareholders, which has allowed it to innovate and grow in various sectors [4][5] - Amazon's recent third-quarter earnings showed growth acceleration in online stores, digital advertising, and cloud computing [5] - A significant $38 billion deal with OpenAI for AWS is expected to expand over seven years, highlighting Amazon's competitive position in the cloud market [6] - Amazon is launching Project Kuiper, a satellite-based broadband service, further diversifying its business [7] - E-commerce and cloud computing are projected to continue growing, with Amazon well-positioned to capitalize on these trends [8] Group 2: Vita Coco (COCO) - Vita Coco leads the coconut water market with a 42% share in the U.S. and a market cap of $2.3 billion [10] - The company reported a 37% revenue growth last quarter, with its core brand growing even faster at 42% [11] - The coconut water category is transitioning from niche to mainstream, with significant growth rates observed in key markets: 22% in the U.S., 32% in the U.K., and over 100% in Germany [12] - Despite current margin pressures from tariffs, Vita Coco's growth potential in a mainstream market could outweigh these challenges [13] Group 3: On Semiconductor (ON) - On Semiconductor focuses on power and sensing chips, with a strong presence in the electric vehicle and infrastructure markets [14] - The company is transitioning to producing more power-efficient chips for AI data centers, with a 35% to 40% market share in silicon carbide chips [15] - On's new data center segment is projected to grow to $250 million this year, more than double last year's total, indicating future growth potential [16] - Despite current revenue and profit declines due to a bear market in EVs, all segments showed quarter-over-quarter growth in Q3 [17][18] - Shares are trading at 22 times this year's earnings estimates, suggesting a potentially undervalued position if markets recover [18]

The next big stock could be this leading player in quantum computing.IonQ (IONQ +3.63%) has positioned itself as a major pure-play quantum computing company, utilizing trapped-ion qubit technology. Here, charged atoms are confined using electromagnetic fields and then manipulated with precise laser pulses to enable highly accurate and stable quantum computations.IonQ is seeing increased adoption of its quantum computing technology by governments, enterprises, and cloud computing providers. In the second qua ...

Core Insights - The rapid growth of artificial intelligence (AI) has attracted significant investor interest, with companies like Palantir Technologies and Nvidia seeing substantial stock price increases [1][2] - Palantir's recent operating results revealed weaknesses that may also affect Nvidia when it reports its quarterly results [3][13] Palantir Technologies - Palantir's stock has surged due to its competitive advantages and consistent revenue and profit beats, with shares increasing by 2,870% since the end of 2022 [2][4] - The company's primary product, Gotham, is a cloud-based, AI-driven platform used by the U.S. military, contributing to predictable cash flow and double-digit sales growth [5][7] - Despite strong quarterly sales of $1.18 billion, Palantir's stock fell by nearly 8% after its earnings report, indicating that its high valuation was not justified by its performance [8][10] - Palantir's price-to-sales (P/S) ratio reached 152 before its earnings report, significantly higher than historical ceilings for tech stocks, suggesting an unsustainable valuation [11][12] Nvidia - Nvidia, a leader in AI hardware, has a dominant market share in GPUs for AI applications, with estimates suggesting over 90% deployment in AI-accelerated data centers [14][22] - The company is continuously innovating, with plans to launch new advanced GPUs annually, maintaining its competitive edge [15] - Nvidia's P/S ratio was 31 as of November 3, 2023, indicating a return to historically unsustainable levels, raising concerns about a potential bubble [19][24] - The company faces competitive pressures as some of its largest customers are developing their own AI-GPUs, which could impact Nvidia's pricing power and margins [23]

Core Viewpoint - Microsoft shares have declined approximately 6% following a strong earnings report, despite exceeding expectations and experiencing accelerated cloud growth [1][2] Financial Performance - Microsoft's revenue increased by 18% year over year to $77.7 billion for the first quarter of fiscal year 2026, with operating income rising 24%, leading to a 23% increase in adjusted earnings per share [3] - The cloud-based business revenue reached $49.1 billion, up 26% year over year, with Azure revenue specifically rising 40% [4] - Productivity and business processes revenue grew by 17% due to the continued adoption of Microsoft 365 [5] AI Investment and Strategy - Microsoft is aggressively investing in AI capacity, which is believed to be yielding strong business results, prompting speculation that this may be an opportune time to buy the stock [2][6] - CEO Satya Nadella emphasized that AI integration across products is driving significant impact, justifying the increased investments in AI [6] Capital Expenditures and Market Reaction - Capital expenditures surged to approximately $35 billion, primarily for AI infrastructure, with expectations for further increases to address capacity constraints and growth opportunities [8][9] - The market has reacted negatively to the rising capital expenditures, which may pressure free cash flow despite strong demand [9][12] Demand Indicators - Azure's performance exceeded expectations, and commercial remaining performance obligations increased by 51% to $392 billion, nearly doubling over the past two years [10] Valuation Considerations - The stock is currently valued at 33 times forward earnings, which is not considered overpriced given the company's growth prospects, although there are concerns about maintaining margin discipline amid rising expenditures [12][13] - The recent stock price decline is viewed as excessive, driven more by concerns over future funding than by underlying business weaknesses [14]

Group 1: Michael Burry's Investment Strategy - Hedge fund billionaire Michael Burry has made significant short bets against popular AI stocks Palantir and Nvidia, indicating a bearish outlook on these companies [1][2][3] - Burry's portfolio at Scion Asset Management has outperformed the S&P 500 by 20 percentage points over the last three years, showcasing his investment acumen [2] Group 2: Palantir Technologies - Palantir develops AI and data analytics platforms, recognized for its ontology-based software that enhances decision-making through machine learning [4] - The company was acknowledged as a leader in AI/ML platforms by Forrester Research, outperforming competitors like Google, AWS, and Microsoft Azure [5] - In Q3, Palantir's revenue surged 63% to $1.1 billion, marking the ninth consecutive quarter of revenue acceleration, with non-GAAP earnings more than doubling to $0.21 per diluted share [6] - Burry has allocated 66% of his portfolio to put options in Palantir, reflecting his belief that the stock is overvalued at 143 times sales, the highest in the S&P 500 [7][8] Group 3: Nvidia - Nvidia is a leader in AI infrastructure, particularly known for its GPUs, which dominate the data center market with over 90% market share [9][10] - The company is expected to maintain its market position due to its superior software development platform and integrated hardware solutions [10] - Nvidia trades at a more reasonable valuation of 30 times sales and a price-to-earnings multiple of 57, with earnings projected to grow at 36% annually over the next three years [11] - Burry has taken a smaller short position in Nvidia, indicating concerns about competition from custom AI accelerators and export restrictions affecting its business in China [12][11]

Core Viewpoint - Oklo has experienced significant stock price growth, rising 525% in 2023, but concerns about potential stock dilution and market conditions suggest a possible downturn ahead [3][11][15] Company Overview - Oklo operates at the intersection of artificial intelligence and nuclear energy, attracting attention due to its innovative approach and partnerships [6][9] - The company went public through a SPAC backed by Sam Altman, CEO of OpenAI, which has contributed to its visibility and market interest [6][9] Stock Performance - As of October 31, 2023, Oklo's stock price is $120.64, with a market capitalization of $18 billion [4][5] - The stock has shown extreme volatility, with a 52-week range of $17.14 to $193.84, indicating significant investor interest and speculation [5] Market Dynamics - The rise in Oklo's stock is linked to the increasing demand for energy solutions that support AI applications, positioning nuclear energy as a viable alternative to traditional power sources [6][10] - Despite the positive market sentiment, the company is still years away from generating revenue, raising concerns about its high market valuation [13][14] Financial Strategy - Oklo filed a Form S-3 with the SEC for a $3.5 billion mixed shelf offering, indicating plans to raise capital potentially leading to stock dilution for existing shareholders [11][12] - The company's reliance on news and narratives for stock performance highlights the speculative nature of its current valuation [10][14]

Core Insights - MPLX has increased its quarterly distribution by 12.5%, resulting in a yield of 8.4%, significantly higher than the S&P 500's 1.1% yield, continuing its streak of distribution growth since its IPO in 2012 [1][2] - The company generated nearly $1.7 billion in adjusted EBITDA during the third quarter, a 3% increase year-over-year, bringing the year-to-date total to $5.2 billion, reflecting a 4.2% year-over-year growth [3] - MPLX produced approximately $1.5 billion of distributable cash flow in the quarter, covering its raised payment level by 1.3 times, with a leverage ratio of 3.7 times, below the 4.0 times range supported by its cash flows [4] Expansion Projects - MPLX has a robust backlog of expansion projects, including two natural gas processing plants and two new natural gas pipelines, with in-service dates extending into 2026 [6][7] - The company has made significant acquisitions, including Northwind Midstream for $2.4 billion and a 55% interest in the BANGL pipeline for $715 million, which will contribute to incremental income and growth [7] - MPLX is expanding its capacity for the BANGL pipeline by 50,000 barrels per day, with expected in-service in the second half of 2026, and is also working on the Eiger Express Pipeline, expected to be completed by mid-2024 [8][9] Financial Profile - MPLX's energy midstream assets generate stable and rising earnings, providing the financial flexibility to maintain high distributions and invest in growth [11] - The company anticipates mid-single-digit annual adjusted EBITDA growth in the coming years, supported by its strong financial profile and ongoing expansion projects [9][10] - The completion of a $1 billion sale of non-core assets is expected to further improve its leverage ratio in the fourth quarter [4]

Core Insights - Netflix executed a 10-for-1 stock split, its first in nearly a decade, driven by a significant increase in stock price, which reached $1,100, and impressive operating results [2][3] - ServiceNow announced a 5-for-1 stock split, pending shareholder approval, coinciding with its third-quarter results [4][5] Company Performance - Netflix's revenue increased by 538% over the past decade, with net income rising by 5,800%, leading to a stock price surge of 922% [3] - ServiceNow reported a 22% year-over-year revenue growth to $3.4 billion, with subscription revenue also climbing 22% to $3.3 billion, resulting in adjusted EPS of $4.86, a 29% increase [7] - ServiceNow's remaining performance obligation (RPO) grew 24% year-over-year to $24.3 billion, indicating strong future demand [8] Market Position and Analyst Sentiment - ServiceNow's customer cohort growth shows existing customers have increased their total contract value by 288% since 2010, reflecting ongoing success [9] - Analysts are overwhelmingly bullish on ServiceNow, with 89% rating the stock a buy or strong buy, and an average price target of approximately $1,155, suggesting a potential upside of 26% [11] - Morgan Stanley analysts have a higher price target of $1,315, indicating potential gains of 44%, citing robust execution and effective AI strategy [12] Valuation Considerations - ServiceNow's current valuation stands at 107 times earnings and 44 times next year's expected earnings, reflecting a premium valuation typical for high-growth stocks [13] - The stock has gained 3,530% since its 2012 IPO, significantly outperforming the S&P 500's 399% gains [13][14]

Company Overview - Shift4 Payments operates as a technology-driven provider of integrated payment and commerce solutions, offering secure, omni-channel transaction capabilities to a wide range of businesses [5][8] - The company utilizes proprietary software and infrastructure to provide seamless payment acceptance and business management tools, positioning itself as a comprehensive partner for merchants [5][8] - As of November 4, 2025, Shift4 Payments had a market capitalization of $6.09 billion, with a revenue of $3.61 billion and a net income of $220.50 million for the trailing twelve months (TTM) [4] Recent Developments - Jackson Square Partners initiated a new position in Shift4 Payments, acquiring 74,100 shares valued at approximately $5.74 million as of September 30, 2025, marking the first appearance of Shift4 Payments in its portfolio [1][2] - This new position accounts for 2.32% of Jackson Square Partners' 13F reportable assets under management [3] Market Performance - As of November 4, 2025, Shift4 Payments shares were priced at $66.74, reflecting a 26% decline over the past year, underperforming the S&P 500 by 45 percentage points [3] - The stock is currently trading near its lowest-ever valuation at 16 times free cash flow (FCF) and 12 times forward earnings, while experiencing a 17% sales growth in the last quarter [10] Competitive Landscape - Shift4 Payments faces significant competition in the payments industry, particularly from companies like Toast, which, despite growing slightly faster, trades at a much higher valuation of 46 times FCF [11] - Shift4's more reasonable valuation and better sales diversification with clients in stadiums and hospitality sectors make it an attractive option for investors looking to buy on dips [11]

Core Insights - Brown University disclosed a new equity position in StubHub, owning 2,062,425 shares valued at $34.73 million, which constitutes 20.54% of its $169.07 million U.S. equity holdings as of September 30, 2025 [1][2][9] Company Overview - StubHub is a leading technology company specializing in secondary ticket sales for live events, connecting buyers and sellers globally [5][8] - The company reported revenue of $1.80 billion and a net loss of $54.83 million for the twelve months ended June 30, 2025 [2][3] - As of November 4, 2025, StubHub's stock price was $17.12, with a market capitalization of $6.67 billion [3] Financial Performance - StubHub's revenue for the first half of 2025 reached $827.9 million, an increase from $803.5 million in 2024, indicating consistent revenue growth since 2022 [10] - The company reported a net loss of $76 million in the first half of 2025, compared to a loss of $24 million in the prior year, suggesting that losses are increasing [10] - StubHub had $2.4 billion in debt at the end of Q2, with $1.2 billion in cash and equivalents, highlighting a significant debt load [11] Investment Implications - Brown University's investment in StubHub is notable as it is one of only eight holdings in its portfolio, indicating a selective investment strategy [6] - The purchase marks Brown's initial stake in StubHub following its IPO on September 16, 2025, and has made StubHub the university's third-largest holding [9]