Alphabet (GOOGL) recently posted robust fourth-quarter and full-year results, with its annual revenue surpassing the $400 billion mark for the first time in its history. Growth accelerated across Alphabet’s core businesses, driven largely by artificial intelligence (AI)-led capabilities, while its backlog expanded meaningfully. While its strong Q4 performance should have propelled the stock higher, Alphabet’s share price instead lost steam. The primary reason is due to investor concern over capital expen ...

Group 1: Nvidia - Nvidia's stock rose by 2.4% with a trading volume of $37.199 billion, and Goldman Sachs set a target price of $250, anticipating Q4 revenue of $67.3 billion [1][11] - Goldman Sachs expects Nvidia to deliver a revenue "surprise" of $2 billion in Q4, with EPS forecasts exceeding market expectations by 5% and 9% for Q4 and Q1 respectively [1][11] - Analysts predict that the Rubin GPU will start shipping in Q3 2026, significantly increasing volume in Q4 and supporting strong growth until at least 2028 [1][11] Group 2: Tesla - Tesla's stock increased by 1.48% with a trading volume of $22.539 billion, and the company announced the mass production of the Tesla Cybercab at its Texas Gigafactory [2][12] - Tesla's Vice President revealed that the Full Self-Driving (FSD) technology rollout in mainland China is progressing, with a local training center established for adaptation [2][12] Group 3: Amazon - Amazon's stock fell by 0.76% with a trading volume of $18.912 billion, while STMicroelectronics announced a multi-year, multi-product collaboration with Amazon Web Services (AWS) [3][12] - The partnership positions STMicroelectronics as a strategic supplier of advanced semiconductor technologies for AWS, integrating high-bandwidth connectivity and energy-efficient solutions [3][12] Group 4: Microsoft - Microsoft's stock rose by 3.13% with a trading volume of $18.292 billion, but the company faced two downgrades in less than a week due to concerns over AI-related risks [3][13] - Melius Research downgraded Microsoft from "Buy" to "Hold," citing worries about capital expenditures and the performance of its Copilot AI software [3][13] Group 5: Micron - Micron's stock fell by 2.84% with a trading volume of $11.764 billion, as semiconductor research indicated that Micron may miss out on first-year orders for the Rubin architecture [4][13] - SemiAnalysis reported that Nvidia is likely to exclude Micron's HBM4 from initial production, favoring Korean suppliers instead [4][13] Group 6: SanDisk - SanDisk's stock decreased by 2.43% with a trading volume of $8.87 billion, but Bernstein raised its target price to $1000, reflecting a 72.4% increase from the previous target of $580 [5][15] - The new target price suggests a potential upside of about 50% from the current stock price, as SanDisk focuses on NAND flash memory and storage products [5][15] Group 7: AMD - AMD's stock rose by 3.63% with a trading volume of $8.255 billion, and the company appointed a new Chief Marketing Officer from Oracle [6][16] - Huatai Securities maintained a "Buy" rating for AMD with a target price of $300 [6][16] Group 8: Oracle - Oracle's stock increased by 9.64% with a trading volume of $7.721 billion, and DA Davidson upgraded its rating from "Neutral" to "Buy" based on reduced risks associated with its client OpenAI [6][16] - The report maintained a target price of $180 for Oracle, reflecting improved outlooks for the company's performance [6][16] Group 9: AppLovin - AppLovin's stock surged by 13.19% with a trading volume of $4.564 billion, driven by positive comments from multiple financial institutions regarding its business prospects [6][17] - The market sentiment is bolstered by AppLovin's AI-driven advertising engine, Axon, which is described as a leading machine learning advertising engine [6][17]

Core Viewpoint - Alphabet is positioned as a strong investment opportunity, particularly due to its anticipated benefits from artificial intelligence (AI) spending [1] Group 1: Capital Expenditures - Alphabet expects its capital expenditures for 2026 to range between $175 billion and $185 billion, indicating a commitment to significant investment in growth initiatives [1] Group 2: Investor Sentiment - J.P. Morgan reassures investors that they should not be concerned about Alphabet's plans for continued large-scale capital spending, suggesting confidence in the company's long-term strategy [1]

Core Viewpoint - Alphabet's Google Gemini is positioned to surpass ChatGPT in the consumer AI chatbot market, making GOOGL stock an attractive buy for medium- and long-term investors [1] Group 1: Company Performance - GOOGL stock is expected to benefit from the success of its cloud, chip, and subscription businesses, with strong fourth-quarter results indicating high overall performance [2] - As of February 6, GOOGL had a market capitalization of $3.9 trillion and a forward price-earnings ratio of 29.6 times, with the stock advancing 3% since the beginning of 2026 [4] Group 2: Market Position and Growth - Google Gemini's market share in the AI platform website and AI app markets increased to 24.8% and 14.3%, respectively, up from 22.5% and 13.2% the previous month, with January 2024 figures at 6.4% and 9.8% [6] - The number of monthly active users of the Gemini app has surpassed 750 million, showcasing its rapid growth and popularity [6] Group 3: User Reception - Tech experts and users have praised Gemini, with comparisons highlighting its superiority over ChatGPT in reasoning and overall usefulness [7]

Alphabet全球发债融资创纪录，拟发行百年期债券支持AI投资。 2月9日周一，Alphabet通过美元债券发行筹资200亿美元，高于最初计划的150亿美元，并同时首次在瑞 士和英国市场发债。此次美元债券发行吸引了超过1000亿美元的认购订单。 Alphabet此次英镑债券发行包含期限从3年到100年不等的债券品种，交易最快可能周二定价。英镑债市 场一直是寻求进行较长期融资的发行人的首选，因英国养老基金和保险商的需求强劲。 华尔街见闻此前提及，Alphabet上周宣布今年资本支出计划最高达1850亿美元，超过其过去三年支出总 和。摩根士丹利预计，云计算巨头今年将借入4000亿美元，推动投资级债券发行总额达到创纪录的2.25 万亿美元。 部分信用策略师警告，这种大规模发行可能推高企业债券利差。摩根士丹利美国信贷策略主管Vishwas Patkar表示，这类似于1997-98年或2005年的情形，"信用表现不佳，但不是'周期末期'"。 百年期债券重现市场 100年期债券市场由政府和大学等机构占据主导，对于企业而言，并购、商业模式过时和技术淘汰等不 确定性，意味着发行这一期限的债券极为罕见。 大多数科技巨头发行期 ...

Market Outlook - The market is expected to experience volatility for the next several months due to ongoing policy changes and uncertainty surrounding the Federal Reserve's actions [2][3][4] - Despite the volatility, the consumer remains resilient, and the labor market shows strength, indicating that a recession may not be imminent [6][7] - Earnings for the S&P 500 are projected to remain strong, suggesting a stock pickers market where individual company performance will be crucial [7][8] Consumer Behavior - The high-end consumer market, particularly brands like LVMH, continues to thrive, driven by international buyers and sustained spending [10][11][13] - The middle segment of the economy has been negatively impacted, but high-end goods are still in demand, indicating a K-shaped economic recovery [10][11] - Interest rates may influence consumer spending patterns, with potential for increased buying activity if rates decrease [12] Company Insights - Alphabet is viewed as a strong investment opportunity, particularly due to its vertical integration in AI, which sets it apart from competitors [15][16] - Cybersecurity companies like CrowdStrike and Fortinet are expected to benefit from the growing need for advanced security solutions as AI technology expands [17][18] - The overall market for cybersecurity is anticipated to grow, driven by the necessity for enhanced security measures [18][19]

Core Insights - Sterling Capital Management launched the Sterling Capital Hedged Equity Premium Income ETF (SCEP) to combine AI-driven stock selection with human portfolio construction, aiming for tax-efficient income and reduced downside risk [1] Fund Overview - SCEP began trading on December 12 and currently manages $214.1 million in assets with a management fee of 0.65% [1] - The ETF structure was chosen for its tax efficiency, intraday trading capability, and lower costs compared to traditional mutual funds [1] Investment Strategy - The fund aims to deliver tax-efficient monthly income, better risk-adjusted returns through AI-driven stock selection, and reduced downside risk via protective options trading [1] - Guardian Capital, the fund's sub-adviser, has utilized AI in equity strategies since 2018 and manages over $4 billion in assets [1] AI Stock Selection - AI models forecast key investment variables such as earnings growth and dividend growth, creating a shortlist of companies with durable earnings potential [1] - The fund focuses on quality (sustainability of cash flow) and growth (consistent high-quality earnings and revenue growth) [1] - Current top holdings include Alphabet Inc. (6.37%), Apple Inc. (6.09%), NVIDIA Corp. (5.77%), Microsoft Corp. (5.07%), and Amazon.com, Inc. (4.58%) [1] Options Strategy - SCEP employs a dynamic options overlay strategy, writing covered call options on up to 100% of its portfolio and buying protective put options to cushion against market declines [1] - Protective puts are structured to guard against a 10% to 30% market decline, aiming to protect income-focused investors from large drawdowns [1] - The fund maintains around 21% exposure to midcap stocks, which may provide better valuations compared to large-cap alternatives [1] Tax Efficiency - The fund's structure aims to deliver more tax-efficient income by offsetting gains with losses on individual securities and options [1] - Return of capital distributions may allow investors to defer taxes until they sell their position, potentially years into the future [1]

Core Insights - Bolt Data and Energy, co-founded by former Google CEO Eric Schmidt, is negotiating a deal to start construction on a large data center project in West Texas [1][2] - Google is considering a commitment of 250 megawatts for this project, although the exact size of the potential transaction is still under discussion [2][3] - The deal underscores the competitive landscape among Big Tech companies to secure necessary resources for AI development, despite the associated costs and risks [4] Company Developments - Bolt completed its first funding round in December, raising $150 million, including $50 million from Texas Pacific Land Corporation (TPL), which owns significant land in West Texas [8] - TPL's land will provide Bolt with access to essential resources like power and water, which are increasingly strained due to the surge in data center developments [9] - Bolt's initial plan includes a 250 megawatt facility, with potential expansion to a 5 gigawatt campus in increments of 250-500 megawatts [9] Industry Trends - The AI race has prompted several large-scale data center projects in Texas, including an 11-gigawatt campus planned by Fermi, co-founded by former Texas governor Rick Perry [10] - Major banks have faced challenges in selling off $38 billion in loans for data center construction due to concerns over Oracle's credit amid its AI spending [12] - Oracle plans to raise up to $50 billion in debt and equity by 2026 to support its AI initiatives while maintaining a solid investment-grade balance sheet [13] - Alphabet, Google's parent company, announced plans to spend between $175 and $185 billion on capital expenditures in 2026, primarily for AI infrastructure [13] - A significant wave of spending on AI has been reported by major tech companies, with Amazon planning to spend $200 billion this year alone [14]

Google Goes Long With 100-Year Bond Sale. We've Seen This Before. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Google Goes Long With 100-Year Bond Sale. We've Seen This Before.By [Martin Baccardax]ShareResize---ReprintsIn this article[GO ...

Core Viewpoint - Sterling Capital Management launched the Sterling Capital Hedged Equity Premium Income ETF (SCEP), which combines artificial intelligence for idea generation and human intelligence for portfolio construction to provide a U.S. equity allocation while employing options strategies for income generation and market protection [1][3]. Fund Overview - The fund began trading on December 12 and currently manages $214.1 million in assets with a management fee of 0.65% [2]. - The ETF structure was chosen for its tax efficiency, intraday trading capability, and lower costs compared to traditional mutual funds [2]. Investment Strategy - SCEP aims to deliver tax-efficient monthly income, better risk-adjusted returns through AI-driven stock selection, and reduced downside risk via protective options trading [3]. - The fund's sub-adviser, Guardian Capital, has utilized AI in equity strategies since 2018 and manages over $4 billion in assets using similar investment processes [3]. AI Utilization - Guardian's AI models forecast key investment variables, including earnings growth and dividend growth, using machine learning and deep learning techniques [4]. - The AI narrows the investment universe to a shortlist of companies with a higher probability of durable earnings and dividend growth [5][6]. Portfolio Composition - The fund's top holdings include Alphabet Inc. (6.37%), Apple Inc. (6.09%), NVIDIA Corp. (5.77%), Microsoft Corp. (5.07%), and Amazon.com, Inc. (4.58%), identified for their strong balance sheets and growth potential [7]. - The fund maintains around 21% exposure to midcap stocks, which may provide better valuations compared to large-cap alternatives [11]. Options Strategy - SCEP employs a dynamic options overlay strategy, writing covered call options on up to 100% of its portfolio to boost income while buying protective put options to cushion against market declines [8][9]. - Protective puts are structured to guard against a 10% to 30% market decline, aiming to protect income-focused investors from large drawdowns [9][10]. Tax Efficiency - The fund's structure seeks to deliver more tax-efficient income by finding losses on individual securities and options to offset gains, potentially allowing for return of capital distributions [13]. - Return of capital distributions are generally not taxable in the year received, deferring taxes until the shares are sold, which may result in a higher capital gain [14][15].