Core Insights - The article discusses the focus of The Pragmatic Investor on global macro trends, international equities, commodities, technology, and cryptocurrencies, aiming to guide investors in building diversified portfolios that preserve and increase wealth [1]. Group 1: Company Overview - The Pragmatic Investor is led by economist James Foord, who has a decade of experience analyzing global markets [1]. - The platform offers features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investors [1]. Group 2: Investment Strategy - The emphasis is on creating robust and diversified portfolios to ensure continuous wealth preservation and growth [1].

Core Insights - Arizona Gold & Silver Inc. has announced high-grade antimony samples from the Silverton gold-antimony project in Nye County, Nevada, indicating significant exploration potential for both gold and antimony [1][2][9] Exploration Focus - The company has initiated exploration specifically targeting the antimony potential of the Silverton project, as antimony is classified as a "critical metal" currently trading at US$57.50 per pound [2][9] Sampling Results - Recent chip sampling results show that 14 samples collected from stibnite-quartz veins yielded an average antimony grade of 1.38%, with the highest grade reaching 7.95% Sb from a 25.4-centimeter wide vein [5][8] - Historical data indicates that over 2000 rock samples were collected, with more than 25 samples containing over 1% antimony and 95 samples exceeding 1000 ppm Sb [9][10] Drilling Program - The US Bureau of Land Management has approved a drilling program consisting of 27 reverse circulation drill holes, allowing the company to commence road and drill pad construction and drilling at any time [13] Company Overview - Arizona Gold & Silver Inc. is focused on uncovering precious metal resources in Arizona and Nevada, with a commitment to sustainable practices and innovative exploration techniques [17]

Core Insights - The article emphasizes the importance of research in making informed investment decisions, highlighting the dynamic interplay between company operations and market conditions [1]. Group 1 - The author expresses a strong belief in the necessity of research as a critical component of investment decisions [1]. - There is a focus on the interesting dynamics of company adjustments in response to market conditions [1]. - The author enjoys writing about companies and managing a portfolio while learning about market trends [1].

Core Insights - Nebius Group N.V. (NBIS) is aggressively scaling to meet the rising demand for AI compute, positioning itself as a significant player in the global AI infrastructure market. The company has reported more than a doubling of revenues from the first quarter and has achieved EBITDA positivity in its core AI infrastructure business ahead of projections. The rapid expansion of data centers is crucial to Nebius' growth strategy [1][11]. Expansion Plans - By the end of this year, Nebius expects to secure 220 megawatts (MW) of connected power for GPU deployment, with major data centers in New Jersey and Finland. Two additional greenfield data center projects in the US are nearing completion, indicating the company's commitment to scaling aggressively to meet AI compute demand. Overall, Nebius aims to secure over 1 gigawatt (GW) of power by the end of 2026 [2][11]. - The company plans to launch its first major GPU cluster facility in the UK, located just outside London, expected to come online in early Q4. This facility marks a significant milestone in Nebius' global expansion, with the anticipation of being the first provider to deliver Nvidia's B300 GPUs to the UK market [3]. Strategic Partnerships - Nebius has closed a deal with Microsoft Corporation (MSFT) worth $17.4 billion, which involves providing dedicated GPU capacity from a new data center in Vineland, NJ, starting later this year through 2031 [4]. Market Position and Competitors - Nebius is building a global footprint with capacity in the United States, Europe, and the Middle East. In June, the company launched NVIDIA GB200 capacity in Europe and deployed Blackwell Ultra GPUs in the UK. By Q1 2025, Nebius plans to add three new regions, including a strategic data center in Israel [5]. - The company expects a sharp increase in sales by year-end due to the market entry of Blackwell GPUs and significant ramp-up in data center capacity. Consequently, Nebius has updated its year-end annualized run rate (ARR) guidance from the previous range of $700 million–$1 billion to a new range of $900 million–$1.1 billion [6]. Financial Performance - Shares of Nebius have surged 351% year to date, significantly outperforming the Internet – Software and Services industry's growth of 43.1% [12]. - In terms of valuation, NBIS shares are trading at a price/book ratio of 7.8X, compared to the industry's ratio of 4.66X [13]. - The Zacks Consensus Estimate for NBIS' 2025 earnings has seen an upward revision over the past 30 days [14].

Core Insights - The third quarter performance of the selected stocks was strong, with 14 out of 18 stocks finishing in positive territory, and 12 of those achieving double-digit gains [2][3] - Notably, four stocks have doubled in value year-to-date, while 13 stocks have recorded double-digit gains [2] - The report provides a ranking of the 18 stocks based on their year-to-date returns and offers insights into their outlook for the fourth quarter [2] Stock Performance Summary - **Beam Therapeutics (BEAM)**: Q3 gain of 42.68%, YTD return of 4.03% [3] - **Bloom Energy (BE)**: Exceptional Q3 gain of 253.55%, YTD return of 309.14% [3] - **Boeing (BA)**: Q3 gain of 3.01%, YTD return of 23.12% [3] - **Carvana (CVNA)**: Q3 gain of 11.95%, YTD return of 90.70% [3] - **CF Industries (CF)**: Q3 loss of 2.50%, YTD return of 6.03% [3] - **Coinbase Global (COIN)**: Q3 loss of 3.71%, YTD return of 50.98% [3] - **Dell Technologies (DELL)**: Q3 gain of 15.64%, YTD return of 26.09% [3] - **Deutsche Bank (DB)**: Q3 gain of 20.94%, YTD return of 108.91% [3] - **Ezcorp (EZPW)**: Q3 gain of 37.18%, YTD return of 49.39% [3] - **LendingClub (LC)**: Q3 gain of 26.27%, YTD return of -6.38% [3] - **Nebius Group (NBIS)**: Q3 gain of 102.91%, YTD return of 356.10% [3] - **Opera (OPRA)**: Q3 gain of 9.21%, YTD return of -2.85% [3] - **Rocket Lab (RKLB)**: Q3 gain of 33.94%, YTD return of 108.99% [3] - **Roku (ROKU)**: Q3 gain of 13.93%, YTD return of 39.22% [3] - **Sea (SE)**: Q3 gain of 11.75%, YTD return of 73.99% [3] - **SEI Investments (SEIC)**: Q3 loss of 5.58%, YTD return of 3.18% [3] - **SoFi Technologies (SOFI)**: Q3 gain of 45.09%, YTD return of 65.62% [3] - **STMicroelectronics NV (STM)**: Q3 loss of 7.07%, YTD return of 16.54% [3] - **Total Gain**: Cumulative YTD return of 1322.80% across all stocks [3] Notable Stock Insights - **Nebius Group NV (NBIS)**: Strong performance in the AI sector, with 10% of the stock's float sold short [3] - **Bloom Energy Inc (BE)**: Benefiting from the data center boom, with a significant Q3 gain [4] - **Rocket Lab Corp (RKLB)**: Showing bullish potential despite a recent stock sale [5] - **Deutsche Bank AG (DB)**: A solid performer in the banking sector, demonstrating value investing characteristics [5] - **Carvana Co (CVNA)**: Positive momentum following earnings, with decreasing short interest [6] - **Sea Limited (SE)**: Consistent performance with three consecutive profitable quarters [6] - **SoFi Technologies (SOFI)**: Testing support levels, with potential for further gains [7] - **Coinbase Global Inc (COIN)**: Continues to face skepticism from analysts despite its crypto focus [8] - **Ezcorp Inc (EZPW)**: Positive bounce off its 200-day moving average, indicating potential growth [8] - **Roku Inc (ROKU)**: Reinventing itself after being oversold [9] - **Dell Technologies Inc (DELL)**: Monitoring external factors like chip imports and tariffs [9] - **Boeing Co (BA)**: Currently in a channel of higher highs, indicating potential for recovery [9] - **STMicroelectronics NV (STM)**: Struggling to recover from a post-earnings gap [10] - **CF Industries (CF)**: Upcoming earnings report to be closely watched [10] - **Beam Therapeutics Inc (BEAM)**: Trading at its highest level since March, showing signs of recovery [10] - **SEI Investments Co (SEIC)**: Facing downward pressure, testing its 200-day moving average [10] - **Opera Ltd (OPRA)**: Struggling to capitalize on previous positive ratings [11] - **LendingClub Corp (LC)**: Despite being the worst performer, still showing resilience with a recent quarterly gain [11] Market Sentiment - Several stocks, including BEAM, COIN, DELL, NBIS, ROKU, and STM, have high Relative Strength Indexes, indicating potential overbought conditions [12] - Despite the strong performance, there are still bullish cases to be made for all 18 stocks listed [12]

Core Insights - Nebius Group's stock experienced significant growth, rising over 25% in August and 64.3% in September, driven by a major contract with Microsoft [1][3][4] Company Developments - Nebius announced a $17.4 billion agreement with Microsoft to provide dedicated capacity for AI workloads from its New Jersey data center, effective for five years starting later this year [3][4] - The CEO of Nebius indicated that this deal is indicative of future contracts with leading AI labs and tech companies, highlighting the strong performance of its core AI cloud business [4] Analyst Sentiment - Analysts have responded positively to the Microsoft deal, with several firms raising their price targets significantly: BWS Financial increased its target to $130 from $90, DA Davidson to $125 from $75, and Northland to $206 from $77, reflecting a bullish outlook on Nebius stock [6][7][8] - Despite the stock's high valuation at 122 times sales, analysts suggest that the momentum may continue, although some investors may seek better buying opportunities elsewhere [6][9]

Group 1 - Nebius Group is currently the top-performing large-cap AI stock in 2025, with a year-to-date gain of over 350% [2] - The company focuses on AI infrastructure and operates seven large-scale GPU clusters across Europe, the U.S., and the Middle East [3] - Nebius Group serves notable clients such as Cloudflare and Shopify, along with various AI start-ups [4] Group 2 - In addition to AI infrastructure, Nebius has subsidiaries that develop autonomous driving technology and an online education platform for technology workers [5] - The company holds equity stakes in Toloka, which provides curated data for AI, and ClickHouse, which offers an open-source database management platform [6] - Nebius is positioned as an early entrant in a rapidly growing market, with CEO Arkady Volozh highlighting its technological expertise and scale [8]

Core Viewpoint - The artificial intelligence (AI) infrastructure spending is projected to reach up to $4 trillion by the end of the decade, driven by increasing demand from companies for AI capabilities [2][3]. Group 1: AI Infrastructure Spending - Jensen Huang, CEO of Nvidia, predicts significant growth in AI infrastructure spending, indicating a robust market opportunity [2]. - Major companies like Meta Platforms and Alphabet are ramping up capital spending to enhance their AI capabilities, supporting Huang's forecast [3]. Group 2: Investment Opportunities - Despite rising stock prices, there are still opportunities to invest in certain companies as the AI infrastructure buildout continues [4]. - Nebius Group has experienced explosive revenue growth, with a 625% year-over-year increase to approximately $105 million, driven by demand for high-powered GPUs [5][8]. - Taiwan Semiconductor Manufacturing Company (TSMC) is positioned to benefit from the AI infrastructure buildout, manufacturing chips for multiple major companies, which diversifies its revenue sources [9][10]. Group 3: Company Strategies - Nebius Group offers cloud-based GPU rental services, allowing customers to save time and money while accessing necessary AI resources [6][7]. - TSMC has made significant investments in U.S. manufacturing, totaling $165 billion, to support its operations and mitigate tariff impacts, enhancing its market position [11]. - TSMC reported a 38% revenue increase in the recent quarter, indicating strong demand for AI chips and a favorable outlook for future growth [12].

Group 1 - Nebius Group (NASDAQ: NBIS) is positioned as a potential leader in the rapidly growing artificial intelligence (AI) market, which is expected to exceed $2 trillion in the coming years [1][2] - The company has recently signed a multibillion-dollar deal with Microsoft to provide AI infrastructure, contributing to a revenue surge of over 600% in the recent quarter, with shares projected to increase by more than 350% this year [2][8] - Nebius forecasts an annualized revenue run rate for its AI business of $900 million to $1.1 billion by the end of this year, an increase from a previous estimate of $750 million to $1 billion [8] Group 2 - The current AI market is seeing significant investments from major tech companies like Microsoft, Alphabet, and Meta Platforms, all of which are expanding their AI infrastructure needs [5][6] - Nebius provides access to essential AI compute resources, such as GPUs, allowing a wide range of companies to either rent or supplement their existing infrastructure [6][7] - The demand for AI compute resources is expected to continue growing as AI applications become more prevalent in real-world scenarios, indicating sustained revenue growth for Nebius [7]

Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach to risk and return [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] Stock Selection Criteria - The investor screens thousands of stocks, primarily in the US, looking for those that have undergone recent sell-offs, especially when insiders are purchasing shares at lower prices [1] - Professional background checks are conducted on insiders who buy shares post-sell-off, adding a layer of due diligence to the investment process [1] Technical Analysis - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts, employing multicolor lines for clarity [1] - Trend lines are occasionally drawn in multicolor patterns to assist in visualizing market movements [1]