Group 1 - Major stock indices futures are up, with Dow futures rising by 0.44%, S&P 500 futures increasing by 1.06%, and Nasdaq futures gaining 1.41% [1] - Star technology stocks are experiencing pre-market gains, with Tesla and Google up over 2%, and Meta, Amazon, and Microsoft rising by 1% [1] - Nvidia's stock has increased by 5.42%, reporting a record revenue of $57 billion for Q3 of fiscal year 2026, exceeding analyst expectations by over 3%. Revenue growth accelerated to 62% year-over-year, with net profit rising by 65% to approximately $31.9 billion [1] Group 2 - AMD's stock is up by 5.19% following the announcement of a joint venture with Saudi AI company Humain to build AI infrastructure in Saudi Arabia, targeting up to 1 GW capacity by 2030 [2] - Supermicro's stock has risen by 5.87% after launching a new air-cooled AI server equipped with AMD Instinct MI355X GPU, aimed at AI and inference workloads [2] Group 3 - Nuclear power stocks are generally rising, with Oklo up over 5% and Nano Nuclear up over 6% [3] - Kraken, a major cryptocurrency exchange, has secretly filed for an IPO with the SEC, planning to go public as early as Q1 of next year [3] - UBS has raised Micron Technology's price target from $245 to $275, maintaining a buy rating due to ongoing memory supply constraints expected to last until the end of 2026. Micron's revenue has grown by 48.85% over the past twelve months [3]

Core Insights - Saudi Arabia's Public Investment Fund (PIF) subsidiary HUMAIN has established multiple AI partnerships at the US-Saudi Investment Forum, collaborating with companies like AMD, Amazon AWS, and xAI [1] Group 1: Partnerships and Collaborations - HUMAIN, AMD, and Cisco will invest in a joint venture set to operate by 2026, aiming to deliver a cumulative 1GW of AI infrastructure by 2030, with an initial 100MW phase in Saudi Arabia utilizing AMD Instinct MI450 accelerators and Cisco's infrastructure solutions [3] - HUMAIN and Amazon AWS will set up an AI Zone data center in Riyadh, deploying NVIDIA GB300 superchips and Amazon's Trainium chips, while also accelerating AI applications in the public and private sectors and developing advanced Arabic language models [3] - HUMAIN will collaborate with xAI to develop a world-class GPU data center network, including a flagship facility with over 500MW capacity, marking xAI's first large-scale deployment of computing resources outside the US [3] - HUMAIN and Groq will expand the capacity of Groq's inference infrastructure in Saudi Arabia to over three times its current size, supporting the development of Groq's next-generation AI inference chips and rack-level systems [4] - HUMAIN and Adobe will collaborate on AI content creation tailored to the Arab region, with Adobe becoming HUMAIN's first global AI data center client using Qualcomm's rack-level solutions [5] - HUMAIN and Global AI, NVIDIA's cloud partner, plan to deliver large-scale AI data centers and computing capabilities in the US based on NVIDIA's latest computing and networking chips [6] - HUMAIN has invested in Luma AI, a multimodal GenAI startup, with Luma AI's flagship Ray 3 model and Dream Machi content generation platform set to run on HUMAIN's 2GW AI infrastructure in Saudi Arabia [6]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Technology, specifically focusing on large-cap tech stocks - **Key Findings**: Mega-cap tech stocks are currently the most under-owned in over 16 years, with a widening gap compared to the S&P 500 Core Insights - **Under-Ownership of Mega-Cap Tech Stocks**: - The gap in institutional ownership for mega-cap tech stocks compared to the S&P 500 increased to -148 basis points (bps) at the end of Q3 2025, up from -140 bps at the end of Q2 2025 [2][12] - Nvidia (NVDA) is identified as the most under-owned large-cap tech stock, followed by Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO) [1][2] - **Specific Stock Analysis**: - **Nvidia (NVDA)**: - Institutional ownership decreased by 20 bps quarter-over-quarter (QoQ), ending at -2.61% [9] - **Apple (AAPL)**: - Institutional ownership increased by 36 bps QoQ to 4.45%, while S&P 500 weighting rose by 90 bps, resulting in a widening gap of 53 bps to -2.19% [15] - The iPhone 17 cycle is expected to benefit from a longer replacement cycle and upgrades, with a price target of $305 [15] - **Microsoft (MSFT)**: - Institutional ownership increased by ~40 bps QoQ to 5.1%, but remains ~200 bps below its S&P 500 weighting of 7.1% [16] - The company is positioned well for growth beyond GenAI, with a focus on accelerating revenue growth and margin expansion [16] - **Amazon (AMZN)**: - Remains under-owned with a weighting approximately 144 bps below the S&P 500 [17] - AWS revenue growth is expected to accelerate, with a price target of $315 [17] - **Meta (META)**: - Under-owned with a weighting about 40 bps below the S&P 500, with a price target of $820 [19] - **Alphabet (GOOGL)**: - Under-owned with a price target of $330, driven by GenAI innovation and cloud business growth [17][19] Additional Insights - **Institutional Ownership Trends**: - The average active ownership for large-cap tech stocks is significantly lower than their S&P 500 weightings, indicating potential for future stock performance improvements [12] - The analysis suggests a statistically significant relationship between low active ownership and future stock performance, indicating potential upward price movement for under-owned stocks [12] - **Market Dynamics**: - The report highlights the importance of understanding the dynamics of institutional ownership as it relates to stock performance, particularly in the context of mega-cap tech stocks [12] - **Risks and Considerations**: - Rising commodity input costs may pressure margins for companies like Apple, but manageable due to better supply chain leverage [15] - Concerns regarding the broader return on investment for Nvidia's AI spending, despite strong demand indicators [25] Conclusion - The current landscape for mega-cap tech stocks presents a unique investment opportunity due to their under-ownership status, particularly for stocks like Nvidia, Apple, and Microsoft. The analysis indicates potential for upward price movement as institutional ownership adjusts to reflect their market performance.

Core Insights - AMD, Cisco, and Saudi AI startup Humain announced a joint venture to build AI data centers in the Middle East, aiming for a maximum capacity of 1 gigawatt by 2030, with the first phase of 100 megawatts expected to start construction in 2026 [2][3][4] Group 1: Joint Venture Details - The joint venture will leverage Humain's modern data center capabilities, AMD's Instinct™ MI450 series GPUs, and Cisco's critical infrastructure [3][7] - Humain has secured its first customer, Luma AI, which will purchase the entire 100 megawatt capacity [3][4] - The project is part of a broader collaboration announced during former President Trump's visit to Saudi Arabia [4] Group 2: Strategic Importance - The joint venture targets markets in Asia, Europe, India, the Middle East, and Africa, encompassing a total population of approximately 4.5 billion [6] - AMD and Cisco will share the project's profits and losses, with Humain acting as the lead partner [4][5] Group 3: Infrastructure and Technology - The initial 100 megawatt phase will utilize renewable energy sources, with Cisco providing networking equipment and AMD supplying MI450 AI chips [7][8] - Cisco plans to leverage its sales team's experience to help market the data center's computing power [8][9]

Core Insights - Cisco Systems is joining an international consortium to build AI infrastructure, which has positively impacted its stock performance [1][2][5] Group 1: Partnership and Project Details - Cisco is collaborating with AMD and Saudi Arabia-based Humain to deploy AI infrastructure in the Middle East, with operations expected to start in 2026 [2][3] - The joint venture aims to develop 1 gigawatt of AI infrastructure by 2030, utilizing hardware from both Cisco and AMD in Humain's data centers [3] Group 2: Financial and Market Impact - Cisco's market capitalization stands at $306 billion, with a current stock price of $78.39, reflecting a 1.32% increase [4] - The collaboration is anticipated to boost Cisco's revenue in the long term, although specific financial details have not been disclosed [5]

Market Overview - The Dow Jones Industrial Average increased by 5.67 points, or 0.0123%, reaching 46097.41, indicating a stable but mixed trading session [1] - Dow Futures showed a slightly positive sentiment, up 37.00 points, or 0.0801%, at 46221.00 [1] - The market's performance was driven by optimism in select technology and industrial sectors, countered by pullbacks in other areas [1] Key Gainers - Nvidia (NVDA) was the top gainer, rising 1.83% to $184.65, reflecting strong investor confidence in the technology sector [2] - Johnson & Johnson (JNJ) increased by 1.36% to $202.675, and Caterpillar (CAT) saw a 1.33% rise to $554.08 [2] - Cisco Systems (CSCO) and Sherwin-Williams (SHW) both advanced by 1.28% [2] Key Decliners - Boeing (BA) was the biggest loser, down 2.97% to $184.125, facing significant selling pressure [3] - Salesforce (CRM) experienced a drop of 2.36% to $227.75, while UnitedHealth Group (UNH) declined by 1.93% to $307.12 [3] - Merck & Co. (MRK) fell 1.62% to $94.72, and Microsoft (MSFT) decreased by 1.47% to $486.27 [3] - The performance divergence among these stocks indicates a selective market environment influenced by company-specific news and sector rotations [3]

All right, Stacy Rascan, Malcolm Ethridge, Dan [music] Greenhouse, Lauren Goodwin, Sher Paul, that's who's joining us on Closing Bell today, 3:00 Eastern time. It'll [music] be the final stretch, the final stretch into Nvidia's earnings in overtime. So, we got a lot to talk about and I hope you'll join us then 3:00.Bin, I know you'll be watching because you own Nvidia. What's your final trade. Definitely free port, but you can also sell the February 45 calls, collect $2.15%.If it gets called away, it would ...

Core Insights - A joint venture between AMD, Cisco, and HUMAIN aims to establish up to 1 GW of AI infrastructure by 2030, starting with a 100 MW deployment in Saudi Arabia [2][3][6] - The collaboration seeks to enhance Saudi Arabia's position as a leading provider of AI solutions for both regional and global markets [2][5] Company Collaboration - AMD, Cisco, and HUMAIN will act as founding investors and exclusive technology partners in the joint venture, combining HUMAIN's data centers with AMD and Cisco technologies [3][6] - The first phase of the project will focus on building 100 MW of AI infrastructure, utilizing AMD Instinct™ MI450 Series GPUs and Cisco's critical infrastructure solutions [4][6] Strategic Goals - The initiative is part of a broader ambition to create a dynamic, AI-driven economy in Saudi Arabia, addressing the urgent need for scalable, high-performance AI infrastructure [5][7] - Cisco's AI Readiness Index indicates that while 91% of Saudi organizations plan to deploy AI agents, only 29% currently possess robust GPU capacity, highlighting the necessity for advanced data center infrastructure [5][7] Future Operations - The joint venture is expected to commence operations in 2026, with plans to expand capacity to multiple gigawatts as part of HUMAIN's overall strategy [6][7] - The collaboration aims to localize innovation, talent, and technology within Saudi Arabia, strengthening the foundations of the digital economy [7]

Core Insights - Cisco Systems (CSCO) shares increased by 34.6% over the past 12 months, driven by a strong focus on AI and growing security capabilities [1] - The company's stock performance outpaced the broader Zacks Computer & Technology sector and competitors like Hewlett Packard Enterprise (HPE) and Arista Networks (ANET) [1] AI Infrastructure Growth - AI infrastructure orders from webscale customers reached $2 billion in fiscal 2025, doubling initial expectations [6] - In Q1 fiscal 2026, product orders from service providers and cloud customers surged by 45% year-over-year, with hyperscaler AI infrastructure orders hitting $1.3 billion [6][7] - Cisco anticipates $3 billion in AI infrastructure revenues from hyperscalers in fiscal 2026, supported by a robust pipeline exceeding $2 billion for high-performance networking products [6][7] Networking and Security Demand - The first-quarter fiscal 2026 results were bolstered by strong demand for AI infrastructure and campus networking solutions [7] - Networking product orders grew in the high teens for five consecutive quarters, driven by hyperscale infrastructure and enterprise routing [7][8] - The industrial IoT portfolio benefited from increased AI workloads, with orders growing over 25% year-over-year in Q1 fiscal 2026 [9] Product Innovations - Cisco introduced the Cisco 8223 routing system and the P200 chip, aimed at enhancing network capacity and security for AI workloads [10] - New features in Cisco AI Assistant and enhancements to the Webex Customer Experience portfolio are set to improve organizational efficiency [11] Strategic Partnerships - Cisco's collaboration with NVIDIA enhances networking capabilities for AI clusters, driving enterprise AI orders [12] - The Cisco Secure AI factory with NVIDIA aims to provide secure AI-ready data centers for various providers [12] Financial Outlook - For fiscal 2026, Cisco expects revenues between $60.2 billion and $61 billion, up from $56.7 billion in fiscal 2025 [13] - The Zacks Consensus Estimate for fiscal 2026 revenues is $60.81 billion, indicating a year-over-year growth of 7.34% [14] Valuation Concerns - Cisco shares are considered overvalued, with a Value Score of D and a forward price/sales ratio of 5.01X, higher than industry peers [15] - The stock is currently rated as a Hold, suggesting a cautious approach for investors [18][19]

Group 1: Economic Insights - Bank of Canada Deputy Governor Sharon Vincent highlighted the urgency of Canada's weak productivity, describing it as a systemic issue that creates a vicious circle affecting economic goals [2][8] - Vincent emphasized that higher productivity is essential for increasing incomes and maintaining stable inflation, linking labor costs and productivity to inflationary pressures [2][8] Group 2: U.S. Job Market Developments - The U.S. Bureau of Labor Statistics canceled the October 2025 Employment Situation Release and rescheduled other key jobs reports, leading to a decline in market expectations for a December Fed rate cut [3][8] Group 3: Corporate Investments - Novartis AG announced a $23 billion investment in U.S. infrastructure over the next five years, including a new manufacturing hub in North Carolina aimed at producing 100% of its key medicines domestically [4][8] - Saudi Aramco signed 17 MOUs and agreements with U.S. companies, with a potential value exceeding $30 billion, focusing on sectors such as LNG and advanced materials manufacturing [5][8] - A joint venture was launched by AMD, Cisco, and Humain to build 100MW data centers [5][8]