Market Overview - The stock market rebounded last week, with the Nasdaq ending a five-week losing streak, rising 1.9% due to strong performances from major tech companies like Meta Platforms, Nvidia, and Amazon [1] - The S&P 500 increased by 1.1%, breaking a two-week decline, aided by a Supreme Court ruling against President Trump's emergency tariffs [1] Supreme Court Ruling - The Supreme Court ruled 6-3 against Trump's tariffs, stating that no president had previously used the statute to impose tariffs of such magnitude, requiring clear congressional authorization for such actions [1] - Following the ruling, the S&P 500 rose 0.7%, although some companies like Nike experienced a decline due to ongoing tariff concerns [1] Big Tech Performance - Major tech stocks saw significant gains, with Meta up 2.5% and Nvidia up 3.8% after Meta announced plans to use Nvidia's chips in its data centers, highlighting strong AI demand [1] - Amazon's shares surged 5.6% after a regulatory filing revealed that Bill Ackman's Pershing Square increased its position in the company [1] - Alphabet's stock initially lagged but later rallied to end the week up 3% [1] Private Credit Concerns - Concerns in the private credit market arose from Blue Owl Capital's decision to restrict withdrawals from its private debt fund, causing a nearly 6% drop in its shares [1] - Major private asset managers like Ares Management and Blackstone faced significant declines, with Ares down 8% and Blackstone down 6.6% [1] - Despite these concerns, BlackRock's exposure to private credit did not raise alarms, as its shares only dropped 1% before recovering [1] Portfolio Adjustments - Capital One was the only financial stock traded last week, with additional shares purchased [1] - The company exited its position in Texas Roadhouse due to concerns over ongoing beef inflation issues [1]

Core Viewpoint - Dan Niles recommends Nvidia (NVDA) and Broadcom (AVGO) as the two key stocks for investors looking to capitalize on the AI spending boom, suggesting that owning both provides comprehensive exposure to the sector [1][3]. Investment Insights - Niles has extensive experience in the tech sector, having witnessed multiple tech booms and busts, and currently manages a portfolio at Niles Investment Management [2]. - Major fund managers, including Cathie Wood's ARK Invest and Ken Griffin's Citadel, have increased their stakes in Nvidia and Broadcom, indicating strong institutional support despite broader market weaknesses [2][3]. Performance Comparison - Nvidia and Broadcom have shown significant performance differences over various time frames: - 1 Month: Nvidia +0.90% vs. Broadcom -5.04% [6] - 6 Months: Nvidia +6.98% vs. Broadcom +13.25% [6] - Year-to-Date: Nvidia +0.75% vs. Broadcom -3.50% [6] - 1 Year: Nvidia +34.96% vs. Broadcom +46.02% [6] - 3 Years: Nvidia +778.53% vs. Broadcom +460.77% [6] - 5 Years: Nvidia +1,158.83% vs. Broadcom +581.67% [6] Market Dynamics - Niles highlights a significant shift in market expectations regarding hyperscaler AI capital expenditures, which have risen from an estimated growth of 25%-30% to nearly 60% [7]. - Nvidia is recognized as the leading supplier of high-end GPUs essential for AI training and inference, while Broadcom specializes in custom ASICs for hyperscalers [8]. Valuation Metrics - Nvidia's stock is currently trading at 25 times forward earnings, which is only slightly above the S&P 500's valuation of approximately 23 times [8].

Group 1 - Phemex has completed the full integration of Ondo Finance's tokenized equity suite, positioning itself as a leader in the Real-World Asset (RWA) revolution [1] - The platform now offers its 10 million global users seamless access to a diverse selection of 14 traditional blue-chip assets in tokenized form, including major companies like NVIDIA, Tesla, Apple, and Amazon [1] - This strategic initiative emphasizes Phemex's commitment to accelerating the convergence of Traditional Finance (TradFi) and Web3, enhancing capital efficiency and portfolio diversification for users [1] Group 2 - Phemex, founded in 2019, is a user-centric cryptocurrency platform trusted by over 10 million traders worldwide, offering spot and derivatives trading, copy trading, and asset management products [1] - The platform aims to provide reliable tools, inclusive access, and evolving opportunities for traders at all levels, prioritizing user experience, transparency, and innovation [1]

Core Viewpoint - Nvidia has experienced significant stock price appreciation, rising over 750% in the past three years due to its pivotal role in the AI sector [1] - Despite strong business momentum, the stock may not deliver extraordinary returns in the next five years as the market has already priced in high demand [2] Business Performance - Nvidia's revenue for the fiscal third quarter of 2026 reached $57.0 billion, a 62% year-over-year increase, accelerating from a 56% increase in the previous quarter [4] - The data center business, crucial for growth, saw a 66% year-over-year revenue increase to $51.2 billion [5] Industry Trends - Major tech companies are planning substantial capital expenditures, with Amazon projecting $200 billion, Meta Platforms estimating $115 billion to $135 billion, and Alphabet forecasting $175 billion to $185 billion for 2026, indicating ongoing investment in AI [6][7] - These budgets signal that hyperscalers are aggressively expanding capacity, with GPUs remaining essential for this growth [7] Long-term Outlook - The AI hardware market is expected to stabilize after initial capacity expansion, raising questions about Nvidia's future pricing power as customers seek to diversify suppliers [8] - Amazon's internal chip programs, such as Trainium and Graviton, are gaining traction, with a combined annual revenue run rate exceeding $10 billion and growing at a triple-digit rate [9] Stock Valuation - Current stock price is approximately $188, with potential future prices estimated at $303 with 10% annual compounding and $331 with 12% [12] - Nvidia's shares are trading at about 47 times earnings, indicating a premium valuation [12]

Applied Digital Corporation (APLD) is standing squarely at the epicenter of the artificial intelligence (AI) surge. As a developer and owner of AI-focused data centers, the company is riding the infrastructure wave that powers the boom. In just the past year, the stock delivered a three-digit return, firmly placing it among the year’s standout performers. However, on Wednesday, Feb. 18, APLD stock slipped 4.9% after SEC filings revealed that NVIDIA Corporation (NVDA) had sold its entire stake. The AI chi ...

Core Insights - Nvidia Corp. (NVDA) remains a focal point of discussion among analysts, highlighting its significance in the current investment landscape [1] Group 1: Company Overview - Nvidia is recognized for its strong performance and potential in the tech sector, particularly in areas related to data-driven investment strategies [1] - The company is positioned as a leader in the semiconductor industry, with a focus on high-conviction investment opportunities [1] Group 2: Investment Philosophy - The investment approach emphasizes the importance of holding idiosyncratic positions, suggesting that successful investing often requires taking unconventional risks [1] - The concept of "information alpha" is introduced, indicating a strategy to identify trends before they become mainstream [1]

I was on the Investing Experts Podcast this week, and, as with any time a group of young analysts meet, we talked about Nvidia Corp. ( NVDA ). Not only is it stillNewsletter Author | Investment Advisor | Top 5% of Experts on TipRanks | Long Signal, Short Noise | The Macro Obsession newsletter is a weekly brief on current events and trends in finance, tech, and the real economy. I am a macro-oriented and data-driven investor who obsesses over connecting dots that others don't see (or want to see), expressing ...

以下文章来源于More Than Semi ，作者mofan 横轴是"光离芯片有多近"，纵轴是"价值链的层级"，从最底层的原材料（Layer 0）一直到最上层的完 整系统（Layer 5）。 不过，看懂地图和看到地图是两回事。在列公司名字之前，我想先说清楚这个市场里埋着的三个结构性 规律。搞明白这三点，以后无论看到什么新闻，你都能自己判断它在整个局里的位置。 一、垂直整合 vs. 专业化：谁能跨层作战？ 你会发现地图上有些公司的名字跨了好几行。比如 Broadcom，它同时出现在 Layer 3、4、5。这就 是典型的垂直整合玩家。相比之下，大部分公司只占一两个格子，专注做好一件事。 More Than Semi . More Than SEMI 半导体行业研究 我们都知道光互联的三代技术演进路径：可插拔模块、CPO、OIO。 技术脉络已经清楚了，但接下来的问题更关键——在这张地图上，谁站在哪里？ 理解这个市场，其实只需要一张图。 这里有个规律： 技术转型期，垂直整合有结构性优势。 为什么？因为层与层之间的接口——光信号怎么传、电信号怎么格式化——这些标准还没定下来。没有 标准，那些能跨多个层级设计、把整个技 ...

Core Insights - Nvidia insiders have sold over $105 million worth of company stock in 2026, with a total of 575,280 shares sold, primarily through automatic sales in January and early February [1][5]. Insider Sales Activity - Colette Kress, Nvidia's CFO, executed four transactions, selling shares at prices ranging from $172.40 to $188.85 between January 2 and February 4, 2026 [2][4]. - Ajay Puri reported two significant sales of 200,000 shares each on January 7 and January 21, 2026, at prices of $187.25 and $180.04 respectively [2][4]. - Donald Robertson sold 80,000 shares on January 2, 2026, at $188.85 per share [3][4]. Overall Insider Sales Trend - The last 12 months have seen no insider purchases, with total sales amounting to approximately $1.79 billion across 15 executives, contributing to a 24-month total of about $2.88 billion [5]. Context of Sales - The insider sales are attributed to routine diversification, option exercises, and personal financial planning rather than indicating any doubts about the company's future [6]. Strategic Moves in AI - Nvidia is reportedly in advanced discussions to invest up to $30 billion in OpenAI, which is valued at $730 billion pre-money, as part of a funding round that could raise up to $100 billion [7]. - A multiyear partnership with Meta Platforms was announced on February 17, 2026, to enhance AI infrastructure, involving the deployment of millions of GPUs and CPUs [8]. Upcoming Financial Performance - Investors are anticipating Nvidia's fourth-quarter fiscal 2026 earnings report on February 25, with expected revenue of approximately $65 billion and earnings per share of $1.52, following a record $57 billion in Q3 revenue [9].

Core Viewpoint - Nvidia is expected to significantly influence the stock market on February 26, following its earnings report, due to its large market capitalization and integration into major indices [1][2]. Group 1: Nvidia's Market Influence - Nvidia constitutes approximately 7.1% of the S&P 500 index and over 13% of the Nasdaq Composite index, making it a key player in these important market indices [2]. - In the Dow Jones Industrial Average, Nvidia represents 2.3% as it is a price-weighted index [2]. - A strong performance from Nvidia could lead to positive movements in the broader market, affecting competitors like Broadcom and AMD, as well as suppliers such as Taiwan Semiconductor [4][5]. Group 2: Earnings Outlook - The market has been neutral towards Nvidia's stock over the past six months, but expectations are high for a strong earnings announcement on February 26 [2]. - Nvidia's stock currently trades at 23.6 times forward earnings, indicating it has not been at an extreme premium or discount since the AI boom began in 2023 [6].