Group 1 - Nvidia-related stocks experienced a decline on Tuesday, with NEBIUS (NBIS.US) and CoreWeave (CRWV.US) dropping over 6% [1] - Recursion Pharmaceuticals (RXRX.US) fell more than 5%, while Applied Digital (APLD.US) decreased nearly 5% [1] - Arm Holdings (ARM.US) saw a decline of over 3% [1]

Group 1 - Nvidia-related stocks experienced a decline on Tuesday, with NEBIUS (NBIS.US) and CoreWeave (CRWV.US) dropping over 6% [1] - Recursion Pharmaceuticals (RXRX.US) fell more than 5%, while Applied Digital (APLD.US) decreased nearly 5% [1] - Arm Holdings (ARM.US) saw a decline of over 3% [1]

Core Viewpoint - Arm has hired key personnel to advance its plans for developing proprietary chips, indicating a strategic move to enhance its capabilities in the AI chip market [1] Group 1: Personnel Hires - Arm has appointed Rami Sinno, former AI chip director at Amazon, to lead its efforts in developing complete chips [1] - Nicolas Dube, an executive with extensive large system design experience from Hewlett Packard Enterprise (HPE), has also been hired by Arm [1] - Steve Halter, a chip engineer with experience from Intel and Qualcomm, has joined Arm to bolster its engineering team [1] Group 2: Market Context - The hiring of these experienced professionals suggests Arm's commitment to competing in the rapidly growing AI chip sector, particularly in light of the success of Amazon's AI chips Trainium and Inferentia [1]

Group 1: Company Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - Adjusted net profit for Pop Mart reached 4.71 billion yuan, with a year-on-year increase of 362.8% [1] - Revenue breakdown by region for Pop Mart shows: - China: 8.28 billion yuan, up 135.2% - Asia-Pacific: 2.85 billion yuan, up 257.8% - Americas: 2.26 billion yuan, up 1142.3% - Europe and others: 480 million yuan, up 729.2% [1] Group 2: Corporate Developments - Baidu's search platform has integrated with the Dutch National Museum, Trip.com, and Tongcheng, expanding its MCP offerings [2] - Apple is increasing iPhone production in India to supply new models to the U.S. market [3] - Dazhihui announced it has not engaged in stablecoin, virtual asset trading, or cross-border payment businesses [4] - SoftBank's Masayoshi Son reportedly discussed acquiring Intel's struggling foundry business prior to announcing a $2 billion investment [5] - New companies have been established, including a 1 billion yuan registered capital company by Ninebot in Changzhou [5] and a 1.6 billion yuan enterprise management company in Tianjin involving New City Holdings [6] Group 3: Market Trends - Arm Holdings has hired Amazon's AI chip director to develop its own chips, indicating a competitive move against Nvidia [7][8] - A new hedge fund founded by a former Goldman Sachs trader has secured $1 billion from Millennium Management [8] - European exports are being impacted by U.S. tariff policies, as noted by ING's macro research head [8] Group 4: Government Policies - Thailand is simplifying the process for tourists to exchange cryptocurrency for Thai baht to stimulate tourism [9] - Guangdong Province is encouraging companies to focus on key technologies in commercial aerospace, including reusable liquid rocket engines [9] - Hainan has optimized its personal income tax preferential policies for high-demand talent, adjusting the calculation method for residency days [10]

Group 1 - Arm Holdings has hired Rami Sinno, former AI chip director at Amazon, to participate in its complete chip development plan [1][2] - Sinno previously led the development of Amazon's AI chips, Trainium and Inferentia, which are designed for large AI applications [1] - Arm's business model primarily focuses on designing core architectures and instruction sets, licensing them to clients like Apple and NVIDIA, generating revenue through royalties [1] Group 2 - Arm plans to invest part of its profits into the manufacturing of its own chips and other components, marking a strategic shift beyond traditional design business [1] - The CEO, Rene Haas, indicated that the company is exploring the possibility of creating smaller, function-specific, and modular chip versions to form complete system solutions [1] - The hiring of Sinno is seen as a significant move for Arm in the AI chip sector, aiming to develop competitive dedicated chip products [2]

Group 1 - Arm Holdings has hired Rami Sinno, Amazon's AI chip director, to participate in its autonomous chip development plan, focusing on creating chips for large AI applications [1][2] - Arm's business model primarily involves designing core architectures and instruction sets, licensing them to clients like Apple and NVIDIA, and generating revenue through royalties [1] - The company has announced plans to invest part of its profits into manufacturing its own chips and components, indicating a strategic shift beyond traditional design business [1] Group 2 - Arm has been strengthening its complete chip and system design capabilities by recruiting executives with extensive experience in large-scale system design and chip engineering from competitors [2] - The addition of Sinno is seen as a significant move for Arm in the AI chip sector, leveraging Amazon's experience in developing cost-effective AI computing solutions [2]

Core Viewpoint - Arm Holdings is expanding its capabilities by hiring Rami Sinno from Amazon to support its plans for developing its own chips, moving beyond just designing and licensing chip architectures [2][3]. Group 1: Company Strategy - Arm has not previously developed its own chips but has focused on designing and selling processor architectures to clients like Apple and Nvidia [2]. - The company announced plans to invest part of its profits into manufacturing its own chips and components, aiming to create smaller, function-specific, and modular chip versions [2][6]. - CEO Rene Haas indicated that Arm is exploring opportunities to expand beyond existing platforms into subsystems, chips, and potential complete terminal solutions [6]. Group 2: Recent Developments - Arm has been enhancing its team focused on complete chip and system development by hiring executives with extensive experience in large-scale system design from companies like HPE, Intel, and Qualcomm [3]. - The company has signed additional computing subsystem licenses with existing clients, including two data center licenses, indicating growth in its licensing business [7]. Group 3: Financial Performance - In the first quarter of 2026, Arm reported a revenue increase of 12% year-over-year, reaching $1.05 billion, although it fell short of analyst expectations [7]. - Royalties from licensing increased by 25% to $585 million, while licensing revenue decreased by 1% to $468 million [7]. - The number of data center customers using Arm-based chips has grown 14 times since 2021, with a total of 70,000 customers reported [7].

Group 1: Nvidia's Investment Strategy - Nvidia holds significant positions in two AI stocks: CoreWeave and Arm, with 91% of its $4.3 billion portfolio allocated to CoreWeave and 4% to Arm [1][8] Group 2: CoreWeave Overview - CoreWeave specializes in cloud infrastructure and software services tailored for AI workloads, operating 33 data centers across the U.S. and Europe [3] - The company has a strong relationship with Nvidia, allowing it to launch new chips ahead of competitors, including being the first to offer Nvidia's H100, H200 GPUs, and GB200 superchips [4] Group 3: CoreWeave Financial Performance - CoreWeave's Q2 revenue surged 206% to $1.2 billion, with non-GAAP operating income rising 134% to $200 million, although the non-GAAP net loss widened to $131 million when including interest payments [5][6] - The company is heavily reliant on Microsoft, which contributed 71% of its revenue in the quarter, and anticipates capital expenditures exceeding $20 billion this year [6] Group 4: CoreWeave Valuation and Market Outlook - CoreWeave trades at 12 times sales, with revenue expected to grow at 88% annually through 2027, and stock price targets range from $32 to $180 per share [7] Group 5: Arm Holdings Overview - Arm designs CPU architectures and licenses its intellectual property to companies, capturing 99% market share in smartphones and increasing demand in data centers for AI workloads [8][9] Group 6: Arm Financial Performance - Arm's total sales increased 12% to $1 billion, but it missed sales estimates due to lower licensing and royalty revenue, with non-GAAP net income falling 13% to $0.35 per diluted share [10] - The company expects sales growth to accelerate to about 25% in the current quarter [10] Group 7: Arm's Licensing Strategy - Arm has begun licensing compute subsystems, which has more than doubled its customer base, leading to increased royalty revenue potential [11] Group 8: Arm Market Expectations - Wall Street anticipates Arm's adjusted earnings to grow at 23% annually through March 2027, although its current valuation of 87 times adjusted earnings appears high [12]

Core Insights - The article discusses the author's investment strategy and portfolio, highlighting a focus on a diverse range of stocks [1] Group 1 - The author expresses a beneficial long position in NVDA and AVGO, indicating confidence in these stocks [2] - The analysis aims to provide contrasting views to assist other investors in their decision-making process [1] - The author emphasizes the importance of conducting personal research before making investment decisions due to inherent risks [3]

Core Insights - The Saudi Public Investment Fund (PIF) reported a total market value of $23.8 billion for its U.S. stock holdings as of June 30, 2025, down from $25.6 billion in the previous quarter, representing a 7% decrease [1][2] - PIF added 17 new stocks, increased holdings in 9 stocks, reduced holdings in 21 stocks, and completely sold out of 24 stocks during the second quarter [1][2] Holdings Overview - The top five holdings include Uber (UBER.US) with approximately 72.8 million shares valued at $6.8 billion, representing 28.54% of the portfolio; Electronic Arts (EA.US) with about 24.8 million shares valued at $4 billion, accounting for 16.64%; Lucid (LCID.US) with around 1.77 billion shares valued at $3.7 billion, making up 15.69%; Take-Two Interactive (TTWO.US) with about 11.4 million shares valued at $2.8 billion, representing 11.64%; and Arm call options (ARM.US) with approximately 8.97 million shares valued at $1.5 billion, constituting 6.09% of the portfolio [3][4][5] Changes in Holdings - The top five purchases by percentage change in the portfolio were Arm call options, Lilly call options (LLY.US), UnitedHealth call options (UNH.US), Vertex Pharmaceuticals call options (VRTX.US), and Mastercard call options (MA.US) [6][7] - The top five sales by percentage change in the portfolio included Salesforce call options (CRM.US), Starbucks call options (SBUX.US), Meta (META.US), Microsoft call options (MSFT.US), and Linde call options (LIN.US) [6][7] Additional Insights - The top ten holdings accounted for 84.22% of the total market value of PIF's U.S. stock portfolio [1][2] - PIF's significant sell-offs included major companies such as Visa (V.US), Shopify (SHOP.US), Sea (SE.US), PayPal (PYPL.US), Meta (META.US), and FedEx (FDX.US) [5]