Core Insights - The Direxion Daily S&P 500 Bull 3X Shares ETF (SPXL) and the Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) differ significantly in sector concentration, risk profile, and performance volatility, with SOXL exhibiting higher volatility and a stronger focus on technology [1][2]. Group 1: Cost and Size - SPXL has an expense ratio of 0.87% while SOXL has a lower expense ratio of 0.75%, making them comparably priced for leveraged funds [4]. - As of December 18, 2025, SPXL reported a 1-year return of 27.2% compared to SOXL's 38.6% [3]. - SPXL has assets under management (AUM) of $6.0 billion, while SOXL has a significantly larger AUM of $13.9 billion [3]. Group 2: Performance and Risk Comparison - Over a five-year period, SPXL experienced a maximum drawdown of 63.84%, whereas SOXL faced a more severe drawdown of 90.51% [5]. - An investment of $1,000 in SPXL would have grown to $3,078 over five years, while the same investment in SOXL would have only grown to $1,280 [5]. Group 3: Portfolio Composition - SOXL is concentrated entirely in the semiconductor sector, with 100% of its assets in technology and only 44 holdings, including major positions in Advanced Micro Devices, Broadcom, and Nvidia [6]. - SPXL provides broader sector diversification by tracking the entire S&P 500, with technology making up 36% of its holdings, and top positions including Nvidia, Apple, and Microsoft [7]. Group 4: Investment Implications - SOXL is suited for investors looking to capitalize on the semiconductor industry's growth, particularly due to the rise of artificial intelligence, but this focus increases risk [9]. - SPXL offers a more diversified investment approach, which may provide a buffer against sector-specific downturns, making it a relatively safer option compared to SOXL [10].

Core Viewpoint - AbbVie has shown strong financial performance and growth potential, making it an attractive investment option heading into 2026 [2][3][11] Financial Performance - AbbVie's revenue increased by 8% year over year to $44.5 billion in the first nine months of the year [3] - Adjusted earnings per share declined to $7.29 from $7.96, primarily due to acquisition-related charges, but this is not a major concern [3] - The company projects high single-digit revenue growth through 2029, indicating sustained financial momentum [3] Growth Drivers - AbbVie has revised its 2027 sales projections for Skyrizi and Rinvoq, increasing it by $4 billion, which are key growth drivers [5] - Other contributors to growth include Vraylar for schizophrenia and Qulipta for migraines [6] - Humira, despite losing patent exclusivity, generated $3.3 billion in sales in the first nine months of 2025, although its revenue declined by 55% year over year [6] Challenges - The U.S. government has targeted Vraylar for drug price negotiations, effective in 2027, but management does not expect significant long-term impacts [7] - AbbVie anticipates no loss of patent exclusivity for major growth drivers through the end of the decade [7] Valuation and Dividend - AbbVie is trading at 16.1 times forward earnings, below the healthcare sector average of 18.2, suggesting reasonable valuation [9] - The company's PEG ratio is currently 0.4, indicating that shares are undervalued [10] - AbbVie has a strong dividend program, with a forward yield of 3% and a cash payout ratio of 61.8%, making it a Dividend King with 54 consecutive annual dividend increases [10][11]

Core Investment Thesis - Figma and CoreWeave are positioned to benefit from the expanding artificial intelligence (AI) market, making them attractive long-term investment opportunities [1][3]. Figma Overview - Figma is a developer of cloud-based user interface (UI) and user experience (UX) design tools, experiencing significant growth with a 45% year-over-year increase in customers generating at least $10,000 in annual recurring revenue (ARR), reaching 10,517 customers [5]. - The company's total revenue rose by 48% to $749 million, with a net dollar retention rate of 134%, indicating strong customer loyalty and growth potential [5][9]. - Figma's tools are lightweight and scalable, operating natively in web browsers, which enhances collaboration among users [6]. - The market capitalization of Figma is currently $19 billion, with a valuation of 15 times its projected 2026 sales [8]. - Analysts project Figma's revenue to grow at a compound annual growth rate (CAGR) of 27% from 2024 to 2027, reaching $1.53 billion, while narrowing its net loss from $732 million to $331 million [9]. CoreWeave Overview - CoreWeave transitioned from an Ethereum mining company to a provider of cloud-based GPU services for AI and machine learning tasks, operating 33 data centers across the U.S. and Europe [10]. - The company offers a cost-effective solution for AI software companies, processing tasks approximately 35 times faster and 80% more cost-effectively than larger cloud platforms [11]. - CoreWeave's revenue surged by 738% in 2024, reaching $1.92 billion, with expectations of a CAGR of 116% from 2024 to 2027, potentially reaching $19.2 billion [13]. - The market capitalization of CoreWeave is $38 billion, with a valuation of three times its projected 2026 sales, indicating a potentially attractive investment despite concerns over rising debt and dilution [14].

Core Viewpoint - Applied Digital is positioned as a key player in the growth of artificial intelligence (AI) by designing and operating data centers that cater to the high computing demands of AI technology. The company's share price has increased by 263% in 2025, indicating strong market interest and potential for continued growth in 2026 [1]. Financial Performance - The company will release its earnings report for Q2 of the 2026 fiscal year on January 7, with a conference call scheduled for 5 p.m. ET [3]. - In Q1 of the 2026 fiscal year, Applied Digital reported revenue of $64.2 million, reflecting an 84% year-over-year increase. Analysts project an average revenue of $82 million for Q2, which, if exceeded, would suggest ongoing success in securing new deals [4]. - The company reported a net loss of $26.2 million in Q1, with negative cash flow of $82 million. There is an expectation for these figures to improve as the company aims for profitability [5]. Market Data - Applied Digital has a market capitalization of $6.7 billion, with a current share price of $24.02. The stock has experienced a 52-week range between $3.31 and $40.20 [6]. - The gross margin for the company stands at 14.46%, indicating the percentage of revenue that exceeds the cost of goods sold [6].

Core Insights - Investing in growth stocks allows participation in innovative industries driving economic change, particularly in healthcare and technology [1][2] - Quality growth stocks can provide high returns over time, although they are more volatile compared to value-oriented businesses [1][2] Company Analysis: Intuitive Surgical - Intuitive Surgical dominates the multi-billion dollar surgical robotics market with its da Vinci systems, generating about 85% of its revenue from high-margin recurring instruments and services [5][6] - The company has a strong balance sheet with $8.4 billion in cash and low leverage, enabling significant investment in growth and resilience during economic downturns [6] - In Q3 2025, procedure volumes increased by 20% and revenue grew by 23%, with the global robotic surgery market expected to grow at a CAGR of over 14% through 2030 [7][10] - The launch of the next-generation da Vinci 5 system, featuring advanced AI capabilities, is a key growth driver, with 240 systems installed in Q3 2025, up from 110 the previous year [9][10] Company Analysis: TransMedics Group - TransMedics Group is known for its Organ Care System (OCS), the only FDA-approved portable platform for warm perfusion and assessment of donor organs, improving donor pool utilization and surgical outcomes [11][12] - The company reported Q3 2025 revenue of $143.8 million, a 32% year-over-year increase, and earnings of $24.3 million, a 478% increase from the previous year [12] - TransMedics is advancing its OCS pipeline and international presence, with FDA approvals for clinical trials of its next-generation OCS Heart and OCS Lung systems [14][15] - A collaboration with Mercedes-Benz Group AG aims to enhance organ transportation logistics in Italy, utilizing specialized vehicles for organ transplantation [16]

Group 1: Lululemon Athletica - Lululemon Athletica's stock price has decreased by approximately 45% over the past year due to slowing sales growth in North America, increased competition, tariffs impacting margins, and a recent CEO transition [4][7] - The company announced that CEO Calvin McDonald will leave his position effective January 31, 2026, with interim co-CEOs appointed during the search for a replacement [5] - Elliott Management has taken a significant stake in Lululemon and is influencing the decision regarding the new CEO [6] - In the third quarter, net revenue in the Americas decreased by 2%, with comparable-store sales dropping by 5%, reflecting consumer hesitance in a weakening economy [7] - Conversely, the international segment saw a 33% increase in net revenue in the third quarter, with China experiencing a 46% revenue gain [8] - Lululemon maintains a strong market presence in women's active apparel and is addressing product issues by accelerating development times and planning to refresh 35% of its spring 2026 product lineup [9][10] - The company has a robust balance sheet with over $1 billion in cash and no long-term debt, generating high returns on invested capital (ROIC) of around 30% [12] - Despite the stock's decline, it trades at a forward price-to-earnings ratio of approximately 15, suggesting that much of the negative news may already be priced in [13] Group 2: Zebra Technologies - Zebra Technologies' stock price has fallen nearly 37% over the past year, with the company providing hardware, software, and services that digitize and automate workflows [14] - The Enterprise Visibility & Mobility (EVM) segment accounts for about two-thirds of total revenue, generating $865 million in net sales in the third quarter, contributing to a total revenue of $1.32 billion, which is a 5% increase year-over-year [16] - The Asset Intelligence & Tracking (AIT) segment generated $455 million in net sales, focusing on barcode printing and asset tracking solutions [17] - The demand for Zebra's products is driven by the ongoing shift towards automation and digital transformation, with over 80% of Fortune 500 companies utilizing its technology [18] - Zebra is accelerating its focus on artificial intelligence, integrating advanced chipsets into devices and developing AI-powered applications, with revenue expected to materialize starting in 2026 [19][20] - The company is exiting its autonomous mobile robotics division, indicating a strategic pivot towards AI software and hardware [21]

Core Viewpoint - Teladoc Health has experienced a significant decline in stock value, currently trading about 98% lower than its peak in February 2021, raising questions about whether the shares are undervalued enough to consider a buy [1][2]. Financial Performance - In Q3 2025, Teladoc's revenue decreased by 2% year over year to approximately $626 million, with integrated care revenue rising by 2% to about $390 million, while BetterHelp revenue fell by 8% to around $237 million [4]. - The company reported a net loss of $49.5 million in Q3, which included a $12.6 million non-cash goodwill impairment charge, indicating ongoing struggles despite generating $67.9 million in free cash flow [11][12]. Membership and Growth Metrics - Teladoc's U.S. integrated care membership reached 102.5 million, reflecting a 9% year-over-year increase, while chronic care program enrollment was 1.17 million, showing a slight decline of 1% year over year but a sequential increase of over 4% [5]. - Key metrics for BetterHelp, such as conversion rates and user growth, are reportedly trending as expected, although the direct-to-consumer cash-pay business faces challenges due to competition [7][8]. Future Outlook - The company anticipates Q4 2025 revenue to be between $622 million and $652 million, which is lower than the previous year's Q4 revenue of approximately $640 million [13]. - Management has indicated that 2025 will be a "repositioning year" focused on product changes and improving the value proposition, particularly for BetterHelp [2][6].

Core Viewpoint - The new "Magnificent Seven" portfolio, curated by hedge fund manager Chase Coleman, is better suited for the current market, focusing on companies that are heavily invested in artificial intelligence (AI) [1][3]. Group 1: New Magnificent Seven Composition - The new Magnificent Seven includes Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, Taiwan Semiconductor Manufacturing, and Broadcom, while excluding Apple and Tesla [5][6]. - Chase Coleman's portfolio has a significant concentration in AI-related stocks, with these companies making up 46.2% of his holdings [4]. Group 2: Exclusion of Apple and Tesla - Apple is excluded due to its lack of focus on AI and failure to release groundbreaking innovations in recent years, leading to stagnant growth [8][9]. - Tesla's exclusion is attributed to challenges in the electric vehicle market and uncertainties surrounding its ambitious AI projects, despite having an AI strategy for self-driving capabilities [11][12][14]. Group 3: Inclusion of Taiwan Semiconductor and Broadcom - Taiwan Semiconductor and Broadcom are highlighted as strong additions due to their thriving positions in the AI market and significant market capitalizations, with Taiwan Semiconductor valued at $1.5 trillion [15]. - Broadcom is noted for its custom AI accelerator chips, which are gaining traction as alternatives to Nvidia's GPUs, while Taiwan Semiconductor is a key supplier for many companies in the AI space [16]. Group 4: Future Outlook - There is confidence that Chase Coleman's new Magnificent Seven will outperform the original by 2026, suggesting a strategic shift for investors away from Apple and Tesla towards Broadcom and Taiwan Semiconductor [17].

Core Viewpoint - Rivian Automotive's stock has shown significant growth recently, with a more than 40% increase in value over the past month, indicating potential for further gains in 2026 [1][2]. Company Performance - Rivian's stock price remained relatively stable from January 1 to November 1, 2025, with minimal fluctuations [1]. - The current stock price is $20.89, with a market capitalization of $26 billion [5]. Competitive Positioning - Rivian is positioned as a potential competitor to Tesla, especially with the upcoming launch of the R2 model, which will be priced under $50,000, allowing it to target a broader consumer base [12][13]. - Currently, Rivian's R1S and R1T models are priced above $70,000, limiting their market reach [13]. AI Investment and Market Trends - Rivian has been investing heavily in AI, similar to Tesla, which has contributed to its recent stock performance [9][8]. - The AI sector has seen strong performance in 2025, and Rivian's classification as an AI stock has positively impacted its share price [8][9]. Future Outlook - Rivian is expected to strengthen its AI capabilities and expand its vehicle offerings in 2026, which could enhance its competitive position against Tesla [10][14]. - The anticipated production of the R2 model and subsequent models (R3 and R3X) will provide Rivian with more real-world data, further enhancing its AI systems [13][14].

Core Viewpoint - Nvidia's stock is currently considered undervalued, presenting a buying opportunity for investors as it is approximately 10% off its all-time high, trading at 24 times next year's earnings, which is lower than competitors like Apple and Alphabet [10][11]. Company Insights - Nvidia has seen a significant increase in demand for its GPUs, with CEO Jensen Huang stating that the company is "sold out" of cloud GPUs, indicating strong market demand despite concerns about an AI bubble [5][6]. - The company is positioned to benefit from a massive data center buildout, with projections indicating that global data center capital expenditures will rise to $3 trillion to $4 trillion annually by 2030, compared to an expected $600 billion for 2025 [8][12]. Investment Activity - Billionaire hedge fund manager David Tepper has significantly increased his holdings in Nvidia, from 300,000 shares at the end of Q1 2025 to 1.9 million shares by the end of Q3 2025, making it his fund's fourth-largest holding [2][9]. Market Position - Nvidia's technology stack remains superior in the market, and despite emerging competition, its GPUs continue to be the preferred choice for AI computing needs [4][6]. - The current stock price decline is viewed as a favorable entry point for investors, especially given the anticipated growth in 2026 and beyond [9][12].