Core Insights - Nvidia has made significant changes to its investment portfolio, selling out of three AI stocks, trimming one position, and adding stakes in two others, reflecting its strategic response to market conditions and valuations [2][20]. Group 1: Notable Sales - Nvidia completely sold its position in SoundHound AI, offloading approximately 1.7 million shares valued at over $34 million, despite the company reporting record revenue growth of 89% year over year [4][5]. - The company also divested its entire stake in Serve Robotics, selling about 3.7 million shares worth $50 million, even as the company reported a 254% year-over-year revenue increase [7][8]. - Nvidia sold its entire stake in Nano-X Imaging, which was its smallest investment, consisting of 60,000 shares worth roughly $429,000, while the company reported a 22% year-over-year revenue increase [9][10]. Group 2: Trimmed Position - Nvidia significantly reduced its stake in Arm Holdings, selling approximately 860,000 shares valued at around $106 million, while still retaining over 1.1 million shares worth nearly $176 million [11][12]. Group 3: Notable Additions - Nvidia acquired approximately 1.2 million shares of Nebius Group for about $33 million, a company that has pivoted to offer cloud and AI services after relocating to the Netherlands [14][15]. - The company also invested in WeRide, purchasing more than 1.7 million shares worth nearly $25 million, following the company's strategic partnership with Uber for robotaxi services [18][19]. Group 4: Overall Strategy - Nvidia's sales appear to be a reaction to perceived stretched valuations, indicating a strategy of profit-taking and a reassessment of the financial and operational performance of its investments [20].

Group 1 - Damian Mark has over 20 years of experience as a business attorney, focusing on financing transactions, private placements, mergers and acquisitions, debt restructurings, and general corporate matters [1] - He frequently collaborates with healthcare companies, government contractors, real estate companies, and water/wastewater utilities [1] - Mark has extensive investment experience in stocks, bonds, ETFs, closed-end funds, and private businesses [1]

Group 1: Palantir Technologies - Palantir reported a 36% increase in sales to $828 million, with adjusted net income surging 75% to $0.14 per diluted share in the fourth quarter [3][4] - The consensus estimate predicts a 17% increase in adjusted earnings over the next four quarters, leading to concerns about its current valuation of 248 times earnings [4] - Morningstar raised its target price for Palantir to $90, citing its strong fourth-quarter results and strategic positioning in the AI-value chain [4] - The International Data Corporation estimates that AI platform spending will grow by 41% annually through 2028, indicating strong growth prospects for Palantir [4] - Among 23 analysts, the median target price for Palantir is $39 per share, implying a 62% downside from the current price of $102 [9] Group 2: Tesla - Tesla's revenue increased only 2% to $26 billion in the fourth quarter, missing estimates, while adjusted earnings rose 3% to $0.73 per diluted share, largely due to a $600 million contribution from Bitcoin [7] - The long-term outlook for Tesla remains positive, with significant investments in autonomous driving technology expected to yield future revenue [8] - Among 52 analysts, the median target price for Tesla is $278, indicating a 29% downside from the current share price of $390 [9] - CEO Elon Musk anticipates the introduction of robotaxi services in 2025, which could tap into a $10 trillion market opportunity [10] - Wall Street expects adjusted earnings for Tesla to increase by 19% in the next four quarters, despite concerns over its current valuation of 160 times earnings [11]

Core Insights - Build-A-Bear is launching The Cuddly Cougar as part of its limited-edition "After Dark" Valentine's Day Collection, targeting the growing "kidulting" market, which focuses on adult nostalgia and playful self-expression [1][2] - The collection features unique gift sets designed for adults, enhancing the gifting experience with a blend of humor and sentimentality [2][5] Product Details - The Cuddly Cougar gift sets include multiple styles and a Record Your Voice sound chip for personalized messages, making them memorable gifts [3][4] - The After Dark Collection also includes 11 additional plush gift sets and various exclusive accessories, such as chocolate-covered strawberries and custom voice messages, allowing for highly personalized gifting options [5] E-commerce Strategy - The After Dark collection is exclusively available online through Build-A-Bear's 18+ age-gated microsite, "Bear Cave," which was launched in 2019 [6] - Build-A-Bear has expanded its sales channels beyond physical stores to include e-commerce, enhancing its reach and consumer engagement [10] Company Background - Build-A-Bear has been a multi-generational brand since 1997, focusing on creating personalized stuffed animals and fostering emotional connections with consumers [8][10] - The company reported consolidated total revenues of $486.1 million for fiscal 2023, indicating a strong market presence [10]

Core Insights - Exchange-traded funds (ETFs) have revolutionized investing since their introduction in 1993, offering a simple way for investors to achieve diversification while minimizing costs [1] - The technology sector has particularly benefited from ETF investing post-2008 financial crisis, with tech-focused ETFs providing substantial returns and broad exposure to transformative digital innovations [2] Performance Analysis - The Vanguard Information Technology ETF (VGT) has shown strong performance since its launch in 2004, achieving market-beating gains and maintaining a low expense ratio of 0.10% compared to the industry average of 0.93% [3] - In 2024, the Vanguard Information Technology ETF delivered a 29.3% gain, outperforming the S&P 500's 25% total return [4] Market Outlook - Wall Street's consensus at the beginning of the year projected a 10% total return for the S&P 500, which serves as a benchmark for evaluating the Vanguard Information Technology ETF's attractiveness in 2025 [6] - Historically, the Vanguard Information Technology ETF has averaged a total annual return of 13.7% since inception, suggesting it could outperform the S&P 500 again in 2025 [7] Portfolio Composition and Valuation Concerns - The fund has significant concentration risk, with 45% of its assets in three major tech companies: Apple, Nvidia, and Microsoft [9] - Analysts expect strong double-digit revenue growth for Nvidia and Microsoft in 2025, but their high forward price-to-earnings ratios above 30 indicate that much of this growth is already priced in [10] - Apple's recent strategic shift towards integrating AI technology raises concerns about its market positioning and innovation leadership [11] Growth Catalysts and Market Dynamics - The emergence of cost-effective AI models, such as those from DeepSeek, raises questions about the necessity of extensive capital investments by U.S. tech leaders [13] - While Nvidia remains a leader in specialized AI processors, the competitive landscape is evolving, with Chinese companies demonstrating capabilities without advanced semiconductor technology [15][16] Investment Outlook - The Vanguard Information Technology ETF faces unique challenges entering 2025, with a more complex AI landscape and increased competition from Chinese developments [17] - Despite these challenges, the long-term growth potential of the ETF remains strong, as AI is expected to generate trillions in global economic value by 2030 [21][22]

Core Viewpoint - Popular, Inc. (BPOP) reported strong fourth-quarter 2024 results, with adjusted earnings per share (EPS) of $2.51, exceeding the Zacks Consensus Estimate of $2.04 and significantly up from $1.31 in the same quarter last year [1][2]. Financial Performance - For the full year 2024, adjusted EPS was $8.56, beating the Zacks Consensus Estimate of $8.41, and up from $7.53 year-over-year [2]. - The company's net income (GAAP basis) for the fourth quarter was $177.8 million, an 88% increase year-over-year, while full-year net income was $614.2 million, a 13.4% increase [3]. - Total quarterly revenues reached $755.5 million, surpassing the Zacks Consensus Estimate of $740.72 million and reflecting a 7.5% increase from the previous year [4]. - Full-year revenues totaled $2.94 billion, up 5.7% year-over-year, and also exceeded the Zacks Consensus Estimate of $2.92 billion [4]. Income and Expenses - Net interest income (NII) for the fourth quarter was $590.8 million, a 10.6% increase year-over-year, with the net interest margin expanding by 27 basis points to 3.35% [4]. - Non-interest income decreased by 2.4% year-over-year to $164.7 million, primarily due to net losses from the sale of equity securities and trading account debt securities [5]. - Total operating expenses rose by 12% year-over-year to $467.6 million, driven by increases in personnel costs, processing and transactional services, and business promotion costs [5]. Loans and Deposits - As of December 31, 2024, total loans held-in-portfolio increased by 2.5% sequentially to $37.1 billion, while total deposits rose by 1.9% to $64.9 billion [6]. Credit Quality - The provision for credit losses in the fourth quarter was $66.1 million, down 16% from the prior-year quarter, indicating improved credit quality [7]. - Non-performing assets decreased by 6.8% year-over-year to $408 million, with the non-performing assets to total assets ratio improving to 0.56% from 0.62% a year earlier [7]. Capital Ratios - As of December 31, 2024, the Common Equity Tier 1 capital ratio and Tier 1 capital ratio were 16.03% and 16.08%, respectively, down from 16.30% and 16.36% in the previous year [8]. Share Repurchase - In the reported quarter, the company repurchased 2,256,420 shares of common stock for $217.3 million [9]. Strategic Outlook - The company is positioned to benefit from business transformation efforts and modernization of customer channels, with an increase in loans and deposits strengthening its balance sheet [10]. However, rising expenses may impact bottom-line growth in the near term [10].

Financial Data and Key Metrics Changes - The company reported an annual net income of $614 million for 2024, up from $541 million in 2023, with an adjusted net income of $646 million, reflecting a 10% increase year-over-year [5][6] - The common equity tier 1 (CET1) ratio ended the year at 16%, while tangible book value per share increased by 14% year-over-year to $68.16 [8][29] - Net interest income (NII) for the fourth quarter increased by $18 million, contributing to a 7% year-over-year increase in NII [10][16] Business Line Data and Key Metrics Changes - Total loan growth for the year reached $2 billion, a 5.8% increase, with strong performance in commercial loans [6][17] - Mortgage loan balances increased by $114 million in the fourth quarter, driven by home purchase activity [13] - Non-interest income remained flat at $165 million compared to the previous quarter, with the sale of the daily car rental business expected to impact future non-interest income [20][21] Market Data and Key Metrics Changes - The unemployment rate in Puerto Rico is currently at 5.4%, with consumer spending showing healthy trends, including a 5% increase in combined credit and debit card sales [12][13] - Passenger traffic at San Juan International Airport increased by 10% in the fourth quarter compared to the same period in 2023, indicating a strong tourism sector [14] Company Strategy and Development Direction - The company plans to continue its transformation efforts to meet changing customer needs and generate sustainable value for shareholders [43][44] - The ongoing disbursement of federal funds is expected to support economic activity in Puerto Rico for several years [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Puerto Rican economy's stability and the company's position to support clients in the coming years [15][44] - The company anticipates consolidated loan growth of 3% to 5% in 2025, with NII expected to increase by 7% to 9% [27][28] Other Important Information - The company resumed share buybacks with a $500 million authorization, repurchasing approximately $220 million worth of shares in 2024 [9][30] - The effective tax rate for the fourth quarter was 20%, with expectations for 2025 to be in the range of 19% to 21% [24] Q&A Session Summary Question: Trends in funding costs and deposit balances - Management noted an increase in deposits in the fourth quarter, with non-public deposits rising by about $600 million [50][52] Question: Margin expectations for the year - Management indicated that NIM is expected to continue expanding in 2025, driven by lower deposit costs [56][58] Question: Credit card portfolio charge-offs - Management acknowledged an increase in charge-offs but expressed optimism about recent performance trends [60] Question: Seasonal deposit inflows - Management confirmed that the outlook includes estimates of potential outflows but emphasized efforts to retain deposits [66][68] Question: Changes in underwriting standards for credit cards - Management stated that underwriting criteria have been tightened, with higher FICO scores for new originations [155]

Investor Presentation Fourth Quarter 2024 Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including without limitation those regarding Popular's business, financial condition, results of operations and future plans, objectives, performance, earnings and expenses. These statements are not guarantees of future performance, are based on the current expectations of Popula ...

Popular (BPOP) came out with quarterly earnings of $2.51 per share, beating the Zacks Consensus Estimate of $2.04 per share. This compares to earnings of $1.94 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 23.04%. A quarter ago, it was expected that this company that runs Banco Popular and other banks in Puerto Rico and the U.S. Would post earnings of $2.33 per share when it actually produced earnings of $2.16, delivering a ...

Exhibit 99.1 Popular, Inc. Announces Fourth Quarter 2024 Financial Results SAN JUAN, Puerto Rico – (BUSINESS WIRE) – Popular, Inc. (the "Corporation," "Popular," "we," "us," "our") (NASDAQ:BPOP) reported net income of $177.8 million for the quarter ended December 31, 2024, compared to net income of $155.3 million for the quarter ended September 30, 2024. Ignacio Alvarez, Chief Executive Officer, said: "Our financial results for the fourth quarter were solid, with net income of $178 million. We achieved stro ...