Market Overview - The stock market performance in 2025 has exceeded expectations, continuing a multi-year rally with positive signs for the year ahead [1] - Inflation measures have significantly decreased from 2022 peaks, with December CPI showing a 0.3% monthly increase and a 2.7% annual increase, both aligning with expectations [1] - Core consumer prices rose 0.2% month-over-month and 2.6% year-over-year, marking the slowest annual inflation pace since March 2021 [2] Corporate Earnings and Economic Factors - A weakening U.S. dollar is positively impacting corporate earnings, and Treasury yields have decreased from their highs, creating favorable conditions for stock performance [3] - The earnings outlook remains strong, supported by a healthy U.S. consumer [7] Semiconductor Industry Insights - Semiconductor stocks, particularly Intel (INTC) and AMD (AMD), are experiencing upward momentum due to robust data center demand and tightening memory supply [8] - AMD has shown remarkable performance, with shares rising nearly 80% in 2025, driven by AI server revenue growth and data center dominance [10] - Intel has undergone a significant turnaround, with shares more than doubling from around $20 to nearly $50, supported by foundry progress and emerging AI PC traction [13] Strategic Developments - AMD's CEO highlighted the transformative scale of AI, predicting over 5 billion active AI users in the next five years, and emphasized the company's focus on AI-skilled roles [11] - Intel's narrative has shifted under the Trump administration's focus on domestic chip manufacturing, with a historic deal granting the U.S. government a 10% equity stake in exchange for $8.9 billion in funding [12] - Nvidia's acquisition of a $5 billion stake in Intel aims to foster joint AI infrastructure development, providing Intel with capital for foundry expansion [15] Future Outlook - The AI server market is in its early stages, with multi-year hyperscaler expansions providing visibility for growth [16]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Momentum Style Score - Nasdaq (NDAQ) currently holds a Momentum Style Score of A, indicating strong potential for momentum investing [3] - The Momentum Style Score is complemented by the Zacks Rank, with Nasdaq rated 2 (Buy), suggesting a favorable outlook for performance [4] Group 2: Price Performance - Over the past week, NDAQ shares increased by 1.63%, while the Zacks Securities and Exchanges industry rose by 2.39% [6] - In a longer timeframe, NDAQ shares have appreciated by 11.88% over the last three months and 30.51% over the past year, outperforming the S&P 500's gains of 6.77% and 21.08% respectively [7] Group 3: Trading Volume - NDAQ's average 20-day trading volume is 3,230,968 shares, which serves as a bullish indicator when combined with rising stock prices [8] Group 4: Earnings Outlook - In the last two months, five earnings estimates for NDAQ have been revised upwards, increasing the consensus estimate from $3.41 to $3.43 [10] - For the next fiscal year, four estimates have also moved higher, with no downward revisions noted [10] Group 5: Conclusion - Considering all factors, NDAQ is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a strong candidate for near-term investment [12]

Summary of Key Points Core Viewpoint - The total short interest in Nasdaq securities has increased slightly, indicating a growing bearish sentiment among investors as of December 31, 2025 Group 1: Nasdaq Global Market - Short interest in 3,498 Nasdaq Global Market securities totaled 15,183,396,236 shares at the end of December 31, 2025, up from 15,012,659,234 shares in the previous period [1] - The December short interest represents an average of 2.83 days, a decrease from 2.90 days in the prior reporting period [1] Group 2: Nasdaq Capital Market - Short interest in 1,671 securities on The Nasdaq Capital Market totaled 3,382,557,383 shares at the end of December 31, 2025, compared to 3,369,741,795 shares in the previous period [2] - This represents an average daily volume of 1.27 days, slightly down from 1.29 days in the prior reporting period [2] Group 3: Overall Nasdaq Securities - Total short interest in all 5,169 Nasdaq securities reached 18,565,953,619 shares at the December 31, 2025 settlement date, an increase from 18,382,401,029 shares in the previous period [3] - This reflects an average of 2.31 days of daily volume, down from 2.36 days in the prior reporting period [3] Group 4: Short Sale Definition - Open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers, regardless of their exchange affiliations [4]

Core Insights - Mike Selig has recently assumed the role of chairman at the U.S. Commodity Futures Trading Commission (CFTC) and is restructuring the agency with a new innovation committee focused on cryptocurrency insiders [1][2] Group 1: Innovation Committee Formation - The new Innovation Advisory Committee will include executives from prominent crypto firms such as Gemini, Kraken, Bitnomial, Crypto.com, and Bullish, which is the parent company of CoinDesk [2] - The committee's formation builds on a previous initiative by former Acting Chairman Caroline Pham, who had assembled a group of CEOs focused on innovative financial technology [2][3] Group 2: Committee Objectives and Leadership Vision - Selig emphasized the importance of modernizing financial systems through technologies like artificial intelligence, blockchain, and cloud computing, aiming to create regulations that are suitable for the evolving financial landscape [4] - The Innovation Advisory Committee will assist the CFTC in drafting new market structure regulations, becoming one of five external committees designed to guide the agency based on members' expertise [4] Group 3: Public Engagement and Future Steps - The CFTC is inviting the public to submit additional nominees for committee membership and suggest topics for consideration, with a deadline set for the end of January [5]

Core Insights - Nasdaq and CME Group have unified their crypto indexing efforts, reintroducing the Nasdaq Crypto Index as the Nasdaq-CME Crypto Index [1][9] - The new index aims to serve as a foundational benchmark for investors seeking diversified exposure in the crypto market as regulatory clarity and institutional participation grow [3][4] Index Structure and Purpose - The Nasdaq-CME Crypto Index combines two established market standards to provide governance and diversification comparable to traditional asset classes [4] - It tracks a basket of major digital assets, including Bitcoin, Ether, XRP, Solana, Chainlink, Cardano, and Avalanche, reflecting a broader market rather than focusing solely on Bitcoin [4][5] - The index is designed to align with institutional risk and compliance expectations, featuring a governance structure overseen by a joint committee and a published methodology [6][7] Market Trends and Future Applications - There is a growing trend among investors towards index-based exposure in the crypto market, similar to the evolution seen in equity and commodity markets [5][6] - The index is expected to support a wider range of regulated products, including exchange-traded funds and structured investment vehicles [8][9]

Core Viewpoint - Walmart Inc. will be added to the Nasdaq-100 Index and related indices, replacing AstraZeneca PLC, effective January 20, 2026 [1][2]. Group 1: Index Changes - Walmart Inc. will replace AstraZeneca PLC in the Nasdaq-100 Index, the Nasdaq-100 Equal Weighted Index, and the Nasdaq-100 Ex-Tech Sector Index [2]. - AstraZeneca PLC will also be removed from multiple other indices, including the Nasdaq-100 ESG Index and the Nasdaq-100 Low Volatility Index, prior to market open on January 20, 2026 [2]. Group 2: Nasdaq-100 Index Overview - The Nasdaq-100 Index tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market, covering various industries such as technology, retail, healthcare, and media [3]. - The index is recognized globally and reflects the dynamics of the 21st-century economy [3]. Group 3: Nasdaq Global Indexes - Nasdaq Global Indexes has been a leader in market-driven index solutions since 1971, offering a range of indexes that reflect today's dynamic markets [4]. - The mission of Nasdaq Global Indexes is to create innovative opportunities for financial product sponsors and asset managers [4]. Group 4: Nasdaq Company Overview - Nasdaq is a leading global technology company that serves various financial market participants, aiming to enhance liquidity, transparency, and integrity in the global economy [5]. - The company provides a diverse range of data, analytics, and software solutions to help clients optimize their business strategies [5].

Core Insights - The market has experienced a significant turnaround, with the Nasdaq Composite rising 50% in under a year, shifting from panic to discussions of an AI bubble [2][12] - Paul Tudor Jones compares the current market to 1999, suggesting that there may still be substantial growth potential ahead, similar to the Nasdaq's doubling between 1999 and 2000 [3][4] - The Federal Reserve's interest rate cuts are seen as a positive catalyst for the market, with historical data indicating that markets tend to rise after such cuts [5][7] Market Trends - The current bull market, which began after the initial panic from tariff announcements, is still in its early stages, with the average bull market lasting about four years [4] - AI-related gains are expanding beyond hardware and infrastructure to include software companies, exemplified by partnerships like Figma and Shopify with OpenAI [5][6] Investor Sentiment - Despite significant stock price increases, investor sentiment remains neutral, as indicated by the CNN Fear/Greed indicator, and there is a substantial amount of cash, approximately $7 trillion, in low-risk money market funds [9][10] - The fear of missing out (FOMO) is expected to drive sidelined cash back into the market, further fueling growth [10] Valuation Considerations - The S&P 500's P/E ratio is currently at 23x, which, while high, is not as extreme as the 40x peak seen in 2000, suggesting that investors may still be willing to pay a premium for innovative companies [11] Investment Opportunities - Four stocks have been identified as having significant upside potential for Q1 2026, selected from a broader pool of companies due to their strong growth prospects [8][12]

Core Viewpoint - The dominance of mega-cap technology stocks in market returns raises concerns about concentration risk [1] Group 1 - The performance of the market is heavily influenced by a small number of large technology companies [1] - Investors are increasingly wary of the potential risks associated with this concentration in the technology sector [1] - The reliance on a few mega-cap stocks for market gains could lead to volatility if these stocks underperform [1]

Core Viewpoint - Nasdaq and CME have announced a deepened collaboration to reintroduce the Nasdaq Crypto™ Index as the Nasdaq CME Crypto™ Index, aimed at serving as a benchmark for regulated crypto investment products such as ETFs, structured products, and actively managed funds [1] Group 1 - The new index will be overseen by a joint governance committee and calculated by CF Benchmarks [1] - The initiative aims to promote the indexation and institutional allocation of crypto assets [1]

Core Viewpoint - Nasdaq reported its monthly volumes for December 2025, along with quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ending December 31, 2025 [1] Group 1: Monthly and Quarterly Volumes - The report includes detailed statistics on trading volumes for December 2025 and the entire quarter [1] - Nasdaq provides a data sheet with this information available on its Investor Relations website [1] Group 2: Company Overview - Nasdaq is a global technology company that serves corporate clients, investment managers, banks, brokers, and exchange operators [1] - The company aims to enhance liquidity, transparency, and integrity in the global economy through its diverse offerings [1] - Nasdaq's services include data, analytics, software, exchange capabilities, and client-centric solutions to help clients achieve their business goals [1]