Summary: With 2026 right around the corner, two of our 24/7 Wall St. ...

Meta Platforms ( NASDAQ:META ) has delivered outstanding performance compared its hyperscaler peers such as Apple ( NASDAQ:AAPL ), Amazon ( NASDAQ:AMZN ), Alphabet ( NASDAQ:GOOG )( NASDAQ:GOOGL ), and Microsoft ( NASDAQ:MSFT ). ...

Key Points Alphabet topped $100 billion in revenue in Q3 2025 and had $24.5 billion in free cash flow. Its robust finances enable it to invest heavily in AI. Alphabet's full-stack AI approach is a key competitive advantage that could help it outperform the market. 10 stocks we like better than Alphabet › The tech sector is home to several of the largest publicly traded companies. One of the most successful is Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), which recently reached a market cap of $4 trilli ...

Market Overview - The market this week was driven by two main themes: the investigation rumors surrounding Federal Reserve Chairman Jerome Powell and the fluctuating geopolitical situation regarding Iran, impacting gold, silver, and oil prices [2][3] - The US dollar index faced initial pressure due to political uncertainty but later strengthened, supported by better-than-expected economic data and reduced rate cut expectations, aiming for a third consecutive week of gains [2] - Gold prices reached a historical high of $4642.85 per ounce before settling at $4583 per ounce, while silver peaked at nearly $93.70 per ounce, marking a nearly 30% increase this year [3] Federal Reserve Insights - Concerns over the independence of the Federal Reserve have led to speculation that it may adopt a more hawkish stance, as indicated by various financial institutions [5] - Multiple Federal Reserve officials emphasized the need to maintain independence and base decisions on data rather than political pressure, with some suggesting that current economic data does not support immediate rate cuts [12][13] Geopolitical Developments - The geopolitical situation in Iran has seen a temporary easing, with the US indicating a reduced likelihood of large-scale military action, although military readiness remains [14][15] - Diplomatic efforts from Middle Eastern countries have contributed to the de-escalation of tensions, with the US maintaining a stance of observing Iran's actions closely [15] Investment Strategies - The introduction of dynamic margin requirements for precious metals by CME is expected to increase market volatility, particularly affecting high-leverage traders [16] - The National Grid of China plans to invest 4 trillion yuan in the construction of a new power system during the 14th Five-Year Plan, marking a 40% increase from the previous plan [21] Corporate Earnings - Major banks such as Goldman Sachs and Morgan Stanley reported strong quarterly earnings, driven by a rebound in investment banking activities and robust trading revenues [27] - TSMC reported a record net profit of NT$505.7 billion (approximately $16 billion) for Q4 2025, with a 35% year-on-year increase, attributed to strong demand for AI-related chips [24]

Key Points Less than a year ago, investors were discounting Alphabet's earnings due to concerns about its long-term growth path. Now, Alphabet commands a premium valuation thanks to the rapid improvements it has made with its Gemini large language model. 10 stocks we like better than Alphabet › On Tuesday, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) hit a new all-time high as its market capitalization surpassed a $4 trillion. Last year, Microsoft and Apple each briefly joined the $4 trillion club. But ...

Core Insights - Google stock (Alphabet) has shown significant rallies, achieving over 30% gains in less than two months multiple times, particularly in 2010 and 2024, with two instances of over 50% rallies in 2025, indicating potential for considerable upside for investors [2] Catalyst Summaries - **Catalyst 1: Cloud AI Backlog Converting to Revenue and Margin Expansion** - Google Cloud is expected to accelerate revenue growth beyond consensus estimates of 30%+, with operating margins projected to rise toward 30% from 23.7%. The cloud backlog increased by 46% sequentially to $155 billion in Q3 2025, and operating income soared 85% year-over-year [9][10] - **Catalyst 2: Gemini-Driven Monetization in Core Services** - The Gemini app has exceeded 650 million monthly active users, with search queries tripling in a quarter. New revenue sources are anticipated from premium AI features in Search and Workspace, enhancing user engagement and ad pricing power [9][10] - **Catalyst 3: Expansion of Aggressive Capital Return Program** - There is a significant increase in buyback authorization or dividends expected, which will boost EPS growth and attract new investors. The trailing twelve months free cash flow reached $73.6 billion, and a recent dividend program initiation indicates a shift in capital allocation strategy [9][10] Financial Performance - Revenue growth for Alphabet is reported at 13.4% for the last twelve months, with a three-year average of 11.0%. The company has a free cash flow margin of nearly 19.1% and an operating margin of 32.2% for the last twelve months. The stock trades at a P/E multiple of 32.4 [10]

Futures are higher, and trading near record territory, led by tech as this year’s great rotation shows no sign of slowing, broadening the base of names driving Wall Street’s push back towards all time highs. As of 8:00am, S&P 500 futures were 0.3% higher with Nasdaq 100 contracts up 0.4% as the latest wave of enthusiasm for technology stocks carried into Friday. Overnight headlines were mostly muted. Pre-market, Mag 7 are mostly higher led by NVDA +1.1%; AI names (AMD +3.2%, AVGO +1.3%, MU +2%) continued th ...

Market Overview - The market this week was influenced by two main themes: the investigation rumors surrounding Federal Reserve Chairman Jerome Powell and concerns over the "independence of the Federal Reserve," impacting the dollar and interest rate expectations; and fluctuating geopolitical news related to Iran, leading to volatility in gold and oil prices [1] - The dollar index faced pressure early in the week due to political uncertainty but later strengthened supported by better-than-expected U.S. economic data and reduced expectations for recent rate cuts, aiming for a third consecutive week of gains [1] - Gold prices initially surged to a historical high of $4642.85 per ounce due to geopolitical tensions and uncertainty regarding Federal Reserve policies, but later entered a consolidation phase, closing at $4583 per ounce [1] - Silver saw a significant increase, peaking at nearly $93.70 per ounce, with a year-to-date rise of nearly 30%, although it experienced extreme volatility [1] Non-U.S. Currencies - The "high market trading" led to the Japanese yen falling below the 159 mark against the dollar, reaching its weakest level since July 2024; the euro and pound showed slight weakness while the Australian dollar remained relatively stable [2] - Oil prices were primarily driven by news related to Iran, initially rising due to concerns over internal unrest but later retracing gains as U.S. political statements eased tensions [2] Investment Bank Insights - Lloyds Bank suggested that the Federal Reserve might become a scapegoat for the weak U.S. job market; UBS indicated that concerns over the Fed's independence could lead to a more hawkish stance [5] - Goldman Sachs noted that the Fed would continue to make decisions based on data, unaffected by investigation pressures; Morgan Stanley stated that inflation remains above target, insufficient to support a rate cut in January [5] Major Events - Trump criticized Powell again, claiming he is either incompetent or corrupt, amidst a backdrop of a criminal investigation into Powell, which has drawn support for him from global central bank leaders [6] - The Senate Majority Leader questioned the investigation's legitimacy, emphasizing the importance of the Fed's independence [7] - The December CPI data indicated a strong signal of cooling inflation, leading to increased market bets on early rate cuts, although Fed officials warned against premature easing [8] Corporate Developments - TSMC reported a record net profit of NT$505.7 billion (approximately $16 billion) for Q4 2025, a 35% year-on-year increase, driven by strong demand for AI-related chips [24] - Apple and Google reached a potential $5 billion AI partnership, opting for Google's Gemini model over OpenAI, impacting the competitive landscape in AI technology [26] - Tesla announced a shift from a one-time purchase model for its Full Self-Driving (FSD) feature to a subscription model, aiming to create a more stable revenue stream and lower entry barriers for consumers [28]

行 业 研 究 传媒 2026 年 01 月 16 日 英伟达 GPU VS 谷歌 TPU：哪些产业链竞争激烈？ 投资要点： 一、先进制程+封装：台积电领先，CoWoS 产能紧缺 行 业 动 态 跟 踪 英伟达和谷歌均高度依赖台积电 CoWoS 先进封装。台积电 CoWoS 是当前 AI 芯片产业链最关键的"卡脖子"环节。英伟达和博 通（代工谷歌 TPU）将竞争台积电 CoWoS 产能分配，并直接影响英伟 达和谷歌的 AI 芯片出货能力。据台积电 2025Q4 法说会，由于 AI 需 求强劲， 2026 年资本支出预计在 520 -560 亿美元，同比 2025 年增 长 27%~37%。 台积电因 CoWoS 产能满载，将部分先进封装订单转给外包封测 大厂安靠（Amkor）与日月光（ASE）等 OSAT 厂商，缓解产能压力。 其中英伟达表示在 2026-2029 年会与安靠合作，扩大在美国的产能布 局。2025 年 10 月，安靠宣布其位于美国亚利桑那州的先进封装测试园 区扩大投资至 50 亿美元，未来达到 70 亿美元，2028 年初投产，成为 首个美国大批量先进封装工厂。 三星、英特尔积极提升先进制程能 ...

不过这笔交易的本质，并非外界认为的 "谷歌接管 Siri"，而是一种类似"代工"的合作模式。 简单来说，谷歌的 Gemini 模型将扮演 "老师" 的角色，在训练环节帮助苹果优化和强化其自研的 Apple Foundation Models。而最终在用户设备上运行、与 用户直接交互的，依然是苹果自己的模型。 从效果来看，苹果借助谷歌在大模型领域的顶尖技术，快速补齐了生成式 AI 的能力短板，让新版 Siri 能够处理更复杂的语义和指令。另一方面，苹果依 然可以守住自己的隐私底线，让用户的数据存储在本地或苹果私有云里，谷歌完全接触不到任何用户隐私数据，只是通过授权模型赚取技术服务费。 这其实和苹果选用台积电芯片的逻辑是一样的，核心产品的主导权始终牢牢掌握在自己手中。 在科技行业，从来没有永恒的敌人，只有永恒的利益。 2026 年初，就在华尔街还在为各大AI公司的股价波动提心吊胆时，苹果决定与谷歌联手，将谷歌Gemini大模型，接入新一代Siri和Apple Intelligence战 略。该消息一出，直接让谷歌股价飞涨，也有很多人认为苹果已经在 AI 竞赛中 "认输"，但抛开情绪化的标签来看，这次的合作其实是两 ...