The European Commission has started proceedings to assist Alphabet's Google in complying with the EU's Digital Markets Act (DMA), it said in a statement on Tuesday. ...

Core Insights - The recent federal court ruling in September 2025, which determined that Alphabet would not have to sell its Chrome browser, has significantly boosted investor confidence in the company, allowing a renewed focus on its growing sales and profits [1] Group 1: Alphabet (GOOGL, GOOG) - Billionaire Philippe Laffont of Coatue Management has made substantial investments in Alphabet, acquiring 2,091,574 shares of Class C (GOOG) and increasing his stake in Class A (GOOGL) by 259%, adding 5,210,434 shares [2] - Alphabet's advertising channels remain a strong foundation, with Google holding approximately 90% of the global internet search market share and YouTube being the second-most-visited social media platform [8] - The company is well-positioned to capitalize on the AI revolution, with Google Cloud experiencing growth rates exceeding 30% due to the integration of generative AI solutions [9] - As of September, Alphabet had $98.5 billion in cash, cash equivalents, and marketable securities, generating over $112 billion in net cash from operating activities in the first nine months of 2025, allowing for aggressive investments in technology [10] Group 2: Broadcom (AVGO) - Laffont has consistently purchased shares of Broadcom throughout 2025, recognizing its potential in AI networking solutions and its role in connecting GPUs for enhanced computing capabilities [11] - Broadcom's application-specific integrated circuit (ASIC) technology is expected to drive foundational growth, while the company also plays a significant role in wireless chips for smartphones and IoT devices [12][13] Group 3: Microsoft (MSFT) - Laffont has increased his holdings in Microsoft, acquiring 663,073 shares in Q2 and 710,653 shares in Q3, totaling 4,643,050 shares as of September 30 [14] - Microsoft's Azure is the world's second-largest cloud infrastructure service platform, with a year-over-year growth rate nearing 40% driven by generative AI and large language model solutions [15] - The company ended September with $102 billion in cash and generated over $45 billion in net cash from operations in its fiscal first quarter, allowing for dividends, stock buybacks, and strategic acquisitions [17] - Microsoft's shares are currently valued at approximately 25 times forward-year earnings, representing a 16% discount compared to its average forward earnings multiple over the past five years [18]

Group 1: Amazon - Amazon is leveraging artificial intelligence (AI) across its core businesses—retail e-commerce, digital advertising, and cloud computing—to enhance revenue and profitability, with a non-GAAP operating margin increase of nearly 2 percentage points over the past year due to efficiency gains from generative AI tools [2] - Amazon Web Services (AWS) holds a dominant 41% market share in the cloud infrastructure and platform services market, with cloud revenue growth accelerating to 20% in Q3, driven by AI demand [3] - Retail e-commerce sales are projected to grow at 10% annually through 2030, ad tech spending is expected to increase at 14% annually, and cloud services spending is forecasted to rise at 22% annually, indicating strong growth drivers for Amazon's core businesses [4] - Wall Street consensus predicts Amazon's earnings will grow at 19% annually over the next three years, making its current valuation of 34 times earnings reasonable, with potential market value reaching $5 trillion by late 2028 if it continues to beat estimates [5] - Amazon's autonomous driving subsidiary Zoox has launched a ride-sharing service and plans to expand, which could lead to a higher P/E multiple if it gains traction [6] - Amazon's current market value is $2.6 trillion, requiring a 92% increase to reach $5 trillion by 2028, implying annual returns of 24% over the next three years [7] Group 2: Alphabet - Alphabet's Google is the largest ad tech company globally, utilizing platforms like Google Search and YouTube to engage users and collect data, while introducing AI features to adapt to changes in the search landscape [8] - New AI-powered advertising tools have been introduced, allowing for personalized ads, which could enhance Google's competitive edge in the advertising market [9] - Google ranks as the third largest public cloud provider, having gained market share due to its AI capabilities, with Forrester Research recognizing it as a leader in AI infrastructure [10] - Wall Street consensus forecasts Alphabet's earnings to grow at 15% annually over the next three years, with a current valuation of 32 times earnings, suggesting a potential market value of $5 trillion by 2028 if it continues to exceed earnings estimates [11] - If Alphabet maintains its current P/E ratio of 32, its market value could reach $6.7 trillion, supported by its leading position in autonomous driving through its subsidiary Waymo [12]

Core Viewpoint - Meta Platforms is expected to report strong fourth-quarter 2025 results driven by advertising revenue growth, despite challenges from rising expenses and losses in its Reality Labs division [2][5][10]. Financial Performance Expectations - Meta anticipates total revenues between $56 billion and $59 billion for Q4 2025, with a Zacks Consensus Estimate of $58.40 billion, reflecting a 20.7% increase year-over-year [2][3]. - The consensus estimate for earnings per share is $8.15, indicating a 1.6% growth from the previous year [3]. Advertising Revenue Growth - The advertising revenue for Q4 2025 is projected at $56.85 billion, suggesting a 21.5% year-over-year growth, driven by increased advertiser spending and improved AI capabilities [5]. - Meta's platforms, including Facebook, WhatsApp, Instagram, Messenger, and Threads, reach over three billion users daily, contributing to its significant share of the digital ad market [6]. AI and User Engagement - Meta is leveraging AI to enhance user experience and engagement, with over one billion users currently utilizing Meta AI [7][8]. - The company’s AI-powered ad tools have an annual run rate exceeding $60 billion, indicating strong demand and effectiveness in ad targeting [5]. Financial Challenges - Rising expenses related to AI development and Reality Labs are expected to pressure profit margins, with the operating income for the Family of Apps estimated at $29.78 billion, a 5.1% year-over-year increase [9]. - Reality Labs is projected to incur a loss of $6.31 billion in Q4 2025, wider than the previous year's loss of $4.97 billion [10]. Stock Performance and Valuation - Meta shares have decreased by 0.2% over the past year, underperforming the Zacks Computer & Technology sector, which has appreciated by 28.4% [11]. - The current valuation of Meta is considered stretched, with a forward price/sales ratio of 6.98X, higher than the industry average of 4.58X [12]. Capital Expenditure and Future Outlook - Meta's capital spending for 2025 is expected to be between $70 billion and $72 billion, reflecting increased investment in AI and infrastructure [14]. - Despite the potential long-term benefits of these investments, the company faces challenges from a competitive ad market and regulatory issues [15][16].

Core Insights - Google Cloud has officially launched a new "cloud region" in Thailand, as announced by Karthik, the Chief Product and Business Officer [1] - This initiative is part of a $1 billion (310 billion THB) investment aimed at expanding world-class technological infrastructure in Thailand [1] - The new cloud region is expected to generate $41 billion (1.4 trillion THB) in economic value for Thailand over the next five years and create an average of 130,000 jobs annually [1] Investment and Economic Impact - The $1 billion investment will enhance high-performance Google Cloud services in Thailand [1] - The initiative aims to provide businesses with a competitive edge, improve employee productivity, and elevate government service levels [1] - The projected economic value of $41 billion over five years indicates significant potential for growth in the local economy [1] Job Creation - The establishment of the cloud region is anticipated to create approximately 130,000 jobs each year [1] - This job creation is expected to contribute positively to the employment landscape in Thailand [1]

Industry Trends - The EU's revised Cybersecurity Law is expected to maintain a shortage of storage chips until 2027, with improvements anticipated in 2028[12] - Storage chip prices are projected to rise by approximately 20% in Q2 2026, following significant increases in Q1 2026 (DRAM up 55-60%, NAND Flash up 33-38%) due to strong AI demand[13] - The global storage chip market is forecasted to reach $551.6 billion in 2026, a 134% year-on-year increase, and $842.7 billion in 2027, a 53% increase[13] Financial Performance - Intel's Q4 2025 revenue was $13.7 billion with a non-GAAP gross margin of 37.9%, but Q1 2026 revenue is expected to decline to between $11.7 billion and $12.7 billion due to supply constraints[24] - OpenAI's annual revenue for 2025 has surpassed $20 billion, a significant increase from $6 billion in 2024, driven by expanded computing capabilities[15] - Anthropic's annual revenue has increased from approximately $4 billion in mid-2025 to over $9 billion by the end of 2025[16] Market Developments - Major companies like OpenAI, Apple, and ByteDance are actively developing AI applications, with OpenAI planning to test ads in ChatGPT and launch its first AI device in late 2026[18][19] - Alibaba is considering spinning off its chip design subsidiary, T-Head, into an independent company to enhance its competitiveness in the AI sector[29] - The Gemini API usage by Google has more than doubled to 85 billion calls, with enterprise subscriptions reaching 8 million, indicating strong growth in AI model applications[30]

Core Insights - The top performer for the GreensKeeper Value Fund in 2025 was Alphabet Inc. (GOOG), achieving a return of +64.8% [2] - Alphabet experienced a volatile year, with its shares finishing the year 120% above their starting point [2]

Core Insights - The Value Fund achieved a return of +0.4% for 2025, significantly impacted by a -4.3% drag from currency headwinds due to a weakening U.S. dollar [1][2] - The fund underperformed compared to broader market indices, with the S&P/TSX returning +31.7%, S&P 500 +12.5%, and DJIA +9.7% [4][5] - The "Magnificent Seven" tech stocks contributed 42% of the S&P 500's gains, highlighting a concentration of performance among a few large-cap names [5] Currency and Market Dynamics - The fund maintains a long-term strategy of not hedging against currency fluctuations to avoid high transaction costs, despite short-term volatility [3] - The performance of the S&P 500 was driven by a few key companies, indicating a lack of broad market participation [4][5] Investment Philosophy - The fund emphasizes discipline in investment strategy, avoiding overvaluation despite market trends, and prioritizing capital preservation [7][8] - The fund's management acknowledges the challenges of being a value investor in a market characterized by high valuations and irrational risk-taking [9] Portfolio Performance - Alphabet Inc. was the top performer in 2025 with a return of +64.8%, driven by its strong position in web search and advancements in AI technology [15][20] - American Express contributed +24.7% to the fund, benefiting from strong revenue growth and a premium consumer base [21][22] - Compagnie Financière Richemont gained 41.8%, with positive sales growth in China and a strong luxury market position [23][24] Underperformers - Fiserv Inc. was the worst performer, declining by 67.3% due to deteriorating fundamentals and a reassessment of growth quality [27][28] - Lululemon Athletica fell 45.7%, facing challenges in growth sustainability and external shocks from U.S. trade policy [32][34] Strategic Adjustments - The fund has adopted a defensive posture entering 2026, with cash and equivalents representing 14.7% of the portfolio [14] - The fund actively managed its portfolio, selling out of four positions and initiating three new ones, reflecting a focus on valuation disparities [36] Future Outlook - The fund remains optimistic about Alphabet's future, citing its ability to leverage AI across its product suite and maintain a competitive edge [20] - The management team is focused on long-term ownership and disciplined investment strategies, with an average portfolio turnover of just 12.4% over the past five years [41]

Core Insights - Apple has chosen to partner with Google for the next generation of its voice assistant, Siri, after evaluating options with Anthropic and OpenAI [1][2][3] Group 1: Partnership Details - Apple declined to partner with Anthropic due to their request for "several billion dollars annually over multiple years" [2] - OpenAI opted out of a deal with Apple as both companies are becoming competitors in the AI space [2] - The partnership with Google involves Apple paying "billions of dollars over the life of the deal" to utilize Google's Gemini and cloud technology for Siri [3][4] Group 2: Future Developments - Apple plans to enhance Siri's capabilities, transforming it into an AI chatbot later this year, with Google providing the custom AI model [4] - Apple will maintain its AI system, Apple Intelligence, on its devices while ensuring privacy standards are upheld [4] - Reports indicate that Apple had previously considered using AI models from Anthropic or OpenAI for Siri, but ultimately decided against it [5] Group 3: Competitive Landscape - There are indications that Apple and OpenAI are competing in various business areas, including AI search tools [6] - OpenAI is reportedly planning to collaborate with manufacturers that supply Apple for its own device production [6]

Both indexes hit their highest levels in more than a week and registered their longest string of advances since December. Gains in a handful of mega-cap names did most of the heavy lifting for the S&P 500, with Apple, Microsoft , Alphabet, Meta and Broadcom offering the ‌benchmark's top boosts. Apple, Meta, ‌Microsoft and Tesla are slated to report quarterly results later this week, setting up a key test for a rally powered by euphoria around AI. Investors will look for signs of measurable payoffs from Liv ...