Group 1 - Calpers has made significant adjustments to its investment portfolio, increasing its focus on artificial intelligence and clean energy [1][2] - The pension fund established a new position in Bloom Energy, purchasing 361,883 shares valued at approximately $30.6 million, which has since appreciated to about $341 million, reflecting a 326% increase in stock price this year [1] - Calpers also initiated a position in AeroVironment, acquiring 50,332 shares valued at around $15.8 million, with the current valuation slightly above $14 million, marking an 80% increase in stock price year-to-date [1] Group 2 - Calpers has significantly increased its holdings in Oracle, adding over 250,000 shares to reach a total of 3,021,454 shares, indicating confidence in the company's long-term competitiveness amid concerns over AI infrastructure spending [2] - The pension fund expanded its investments in major tech and AI beneficiary stocks, including increased holdings in Meta, Amazon, and Alphabet [2] - Notably, Calpers raised its stake in Nvidia from 64,728,856 shares to 66,062,378 shares, solidifying its position in a leading company in the AI sector [2] Group 3 - Calpers manages over $500 billion in assets for more than 2 million members, with a total portfolio value of $592.37 billion as of November 25, further establishing its status as a key long-term investor globally [3]

AI 芯片市场竞争格局 - Google 的 TPU 主要服务于其自身产品，如 YouTube、搜索和 Gemini [3][4] - NVIDIA 的 GPU 因其通用性和架构兼容性，在第三方客户和公共云工作负载中更受欢迎 [5][8] - 云供应商如 Amazon AWS 也在开发自己的 AI 芯片，如 Trainium 和 Inferentia，主要用于优化自身工作负载 [10][11] - 行业专家认为，目前 NVIDIA 在 AI 芯片市场占据主导地位，但云供应商自研芯片的长期影响尚不确定 [13][14] AI 芯片技术与应用 - TPU 适用于大规模 AI 任务，如视频推荐和 Reels，但需要高度定制 [3] - GPU 的通用性使其更易于在不同云环境中部署和编程 [5][8] - Inference 工作负载的增加使得云供应商自研的 Inferentia 芯片更具相关性 [11] - 行业正在探索 AI 中间件层，以实现跨不同云环境的效率和灵活性，避免为每个云环境编写特定代码 [15][16][17] 市场规模与未来趋势 - AI 芯片市场正经历一个巨大的扩张周期，预计到 2030 年市场规模将达到 7000 亿美元到 1 万亿美元 [13][14] - 多云和多 AI 云部署将成为企业趋势，企业希望在不同云环境中部署工作负载，并使用标准编程语言进行优化 [17] 公司动态 - Deere 通过提高设备价格来弥补关税成本，并预计这一趋势将持续到 2026 年 [1] - 市场猜测 Google 可能会将其 TPU 芯片出售给 Meta，但该交易的实际意义可能有限 [2]

And now Alphabet's up, Nvidia flat this week as investors latch on to the idea that it's not just Google's AI models catching up, but its AI chips, too. That coming after a report that Google might sell its specialized AI chips, TPUs, to Meta for its AI needs. But there might be a lot less to this Google chip deal than meets the eye if it happens.For more, let's bring in Ben Barren, CEO of Creative Strategies. Hey, Ben, good to see you. Happy Thanksgiving.Uh Google's chips are potentially useful to meta bec ...

Market Overview - Major stock indices are experiencing gains, with the Dow and S&P 500 up approximately 0.8% and the NASDAQ nearly 1% [2][3] - If the current trend continues, the NASDAQ could end a three-week losing streak, marking its first positive week in four weeks [3] - Cryptocurrency market shows a rebound, with Bitcoin rising 3.5% to around $90,000, indicating a significant recovery from last week [5] Federal Reserve Insights - The Federal Reserve's Beige Book indicates a slowdown in consumer spending and hiring, alongside rising prices [7][8] - Consumer spending has declined due to factors like the government shutdown, with retail sales also showing weaker performance [8] - The job market is showing signs of deterioration, with increased layoff announcements and hiring freezes [9] - Inflation is reported to have a moderate increase, with businesses facing higher costs due to tariffs [11][12] Global Investment Opportunities - Investors are encouraged to consider global markets, as non-US assets may benefit from a weakening dollar [15][17] - Emerging markets, particularly in Asia, are highlighted as potential areas for investment, especially in sectors linked to AI [19][21] - The AI sector remains a key focus, with expectations for continued growth and investment opportunities [27][29] Value Stocks and Investment Strategies - Value stocks are defined as those priced low relative to earnings, assets, or cash flow, presenting potential upside [33][34] - Caution is advised against value traps, where stocks appear cheap but are declining due to deteriorating business fundamentals [34][35] - A strategy for identifying value stocks includes using filters like price-to-earnings ratios and dividend yields [36][39] Company-Specific Insights - Zscaler reported a 26% growth in annual recurring revenue (ARR) and a strong free cash flow margin of 52% [80][81] - The company is focusing on cybersecurity, particularly in the context of AI, as enterprises seek to secure their AI applications [91][92] - Zscaler's competitive landscape is evolving, with a focus on zero trust architecture as a differentiator from traditional firewall solutions [88][89] AI and Technology Sector - The AI sector is experiencing significant demand, with companies like Nvidia leading the charge in chip production for AI applications [63][70] - Analysts express confidence in the long-term growth of AI, viewing it as a transformative technology across various sectors [27][66] - Companies are increasingly integrating AI into their operations, with tangible productivity improvements noted in customer support and software development [95][96]

Group 1 - AI stocks have experienced a significant drawdown recently, leading many to speculate that the AI bubble may have burst [1] Group 2 - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, which focuses on creating diversified portfolios to preserve and grow wealth [2] - The Pragmatic Investor covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies, providing resources for investors at all levels [2]

With Alphabet's record-breaking rally taking a pause and Nvidia bouncing, the two going head-to-head for AI chip partnerships with Nvidia customer Meta reportedly looking to strike a deal with Google. Joining me with his take on the entire AI space, CQG partners portfolio manager Brian Kershman. And Brian, it's great to to have you uh to check in on this take of yours where, you know, I think you've you've guys have believed that pe the market was over excited about the AI opportunity for a while.Now, the m ...

Market Overview - U.S. stock markets closed higher on November 26, 2025, with all three major indexes posting gains, reflecting a broad-based rally across various sectors [1][9] - The S&P 500 rose approximately 0.8%, the Dow Jones Industrial Average gained around 0.8% (adding roughly 395 points), and the Nasdaq Composite advanced about 0.9% [2] - The three-day rally has been partly fueled by hopes for another interest rate cut next month, with the CBOE Volatility Index (VIX) down 9.6% to 18.56, indicating easing investor caution [2] Economic Data - The consumer confidence index for November fell sharply to 88.7, missing the Zacks Consensus Estimate of 93.2, marking its lowest level since April [5] - Initial weekly jobless claims totaled 216,000, below expectations of 225,000, while September durable goods orders rose 0.5%, surpassing consensus forecasts of 0.3% [5] - The Fed's Beige Book is expected to be released, and the November 2025 Consumer Price Index (CPI) data is anticipated in mid-December [5] Federal Reserve Focus - Investors are focused on the Federal Reserve's monetary policy, with the next policy meeting scheduled for December 9 and 10 [4] - Market participants are increasingly confident about another interest rate cut, with probabilities for a 25-basis-point reduction currently around 79% [4] Corporate Earnings and Stock Movements - Nvidia (NVDA) shares rose by 1.8% after a previous decline, amid concerns about competition from Meta Platforms (META) and Google's (GOOGL) AI chips [6] - Urban Outfitters (URBN) stock soared by 10% following strong third-quarter results and an optimistic holiday outlook [7] - Robinhood Markets (HOOD) jumped 11.1% after announcing plans for a futures and derivatives exchange next year [8] Notable Stock Performance - Dell Technologies (DELL) climbed 6% in post-earnings trading after reporting record orders for AI servers [6] - Workday (WDAY) sank 9% despite better-than-expected third-quarter results, while Deere & Co. (DE) dropped 4.5% after issuing a downbeat forecast for 2026 [12] - HP Inc. (HPQ) fell 2% after beating earnings expectations but providing a downbeat fiscal 2026 guidance [12]

Core Insights - AI stocks have shown exceptional performance in 2023, with expectations for continued momentum into 2024, supported by a projected global AI market growth to US$2,407.02 billion by 2032, reflecting a 30.6% CAGR starting in 2025 [1]. Company Analysis - NVIDIA Corporation (NVDA) and Micron Technology, Inc. (MU) are identified as top profitable AI stocks for 2026 and beyond, attributed to their high net income ratios [3][9]. - NVDA has a 12-month net profit margin of 53%, indicating strong profitability [7][9]. - MU has a 12-month net profit margin of 22.9%, also reflecting solid profitability [8][9]. Profitability Metrics - The net income ratio is a key indicator of a company's profitability, representing the percentage of net income relative to total sales revenues, with a higher ratio indicating better revenue generation and expense management [4]. - Additional screening parameters include Zacks Rank 1 (Strong Buy), trailing 12-month sales and net income growth higher than the industry, and a strong buy percentage rating greater than 70% [5][6]. Screening Results - The screening process narrowed down over 7,685 stocks to 15, highlighting NVDA and MU as qualified candidates based on their strong financial metrics [6][9].

Core Viewpoint - The recent dip in artificial intelligence (AI) stocks presents a buying opportunity, as the sector is expected to grow significantly by 2026 despite concerns of a bubble [1][2]. Nvidia - Nvidia is a leader in the AI space, with its GPUs dominating the artificial intelligence accelerator market [3]. - Recent quarterly results showed a 62% revenue increase to $57 billion, with diluted earnings per share (EPS) rising by 67% [6]. - The company forecasts global data center capital expenditures could reach between $3 trillion and $4 trillion by 2030, indicating strong future growth potential [7]. AMD - AMD has improved its position in the AI accelerator chip market, with its CEO predicting a 60% compound annual growth rate for its data center division through 2030 [9]. - The overall compound annual growth rate for AMD is projected to be about 35%, making it a strong investment opportunity [11]. Broadcom - Broadcom is focusing on custom AI chips, partnering with hyperscaler clients to develop application-specific integrated circuits (ASICs) [12]. - The company reported a 63% year-over-year revenue increase to $5.2 billion, with expectations to rise to $6.2 billion in Q4 [14]. Taiwan Semiconductor - Taiwan Semiconductor is a key player in the AI hardware supply chain, benefiting from the growth of companies like Nvidia and AMD [15]. - The company reported a 41% year-over-year revenue increase, driven by strong demand for AI computing hardware [16].

Angela, what do you what do you make of this sort of race between Alphabet and in video that we've seen play out over the last couple of days, the narrative shift that, hey, wait a second, Alphabet with a ten year old product might actually have something that could compete with in videos, GPUs. Do you buy it. Yeah, and thanks for having me, Tim.The way I look at this, it is Listen, Nvidia has had the 90% plus market share in the compute side, right, with their GPUs. Our view the whole time was that they we ...