Core Viewpoint - The fourth quarter of 2025 experienced a sharp 5% sell-off followed by a quick recovery, with global stocks reaching all-time highs, influenced by concerns over a potential AI bubble and subsequent strong earnings from NVIDIA [4][5]. Portfolio Performance & Attribution - The Polen Global Growth Composite Portfolio returned -2.5% gross of fees and -2.7% net of fees in Q4 2025, underperforming the MSCI All Country World Index, which returned +3.3% [7]. - Top relative contributors included Eli Lilly, Alphabet, and Shopify, while Oracle, Paycom Software, and CoStar Group were the largest detractors [7][8]. - Eli Lilly's stock rallied over 40% in Q4 due to strong financial results and a favorable agreement on drug pricing, despite earlier concerns [8]. - Oracle's performance reversed from the previous quarter, primarily due to skepticism regarding its future revenue tied to OpenAI, impacting its stock negatively [9]. Portfolio Activity - New positions were initiated in Tencent Holdings and Spotify, while positions in Sage Group, Willis Towers Watson, ICON Plc, and Workday were eliminated to fund these investments [10][11]. - Tencent has shown consistent earnings growth of over 30% annually for the past three years, and its valuation is considered reasonable for sustainable revenue growth [11]. - Spotify is viewed as a leading streaming network with significant growth potential, expecting over 20% annual free cash flow growth for the next five years [12]. Outlook - The datacenter capital expenditure cycle is expected to continue, driven by increasing demand and supportive government policies, suggesting a favorable environment for growth in revenues and earnings for key players [17]. - The portfolio is positioned to deliver above-average earnings growth, with a focus on sectors outside of the AI and datacenter themes, ensuring resilience regardless of market drivers [18].

SYDNEY--(BUSINESS WIRE)---- $III #ISGProviderLens--Enterprises across Asia Pacific are adopting Oracle Cloud Infrastructure (OCI) to embed intelligence into core business operations, ISG says. ...

International News - US natural gas futures prices saw a significant increase, with intraday gains reaching up to 30%, currently reported at $5.083 per million British thermal units, after previously recording increases of 29%, 28%, and 27% [1][7] - Precious metals market showed a downward trend, with spot gold prices dropping below $4820, $4810, $4800, and $4790 per ounce, with daily declines of 0.25%, 0.44%, 0.64%, and 0.86% respectively [1][7] - Spot silver also faced pressure, falling below $93, $92, and $91 per ounce, with daily declines of 1.68%, 2.93%, and 3.74% respectively [1][7] - US stock market performed strongly, with all three major indices closing up over 1%, the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16% [1][7] Individual Stocks - Intel shares rose over 11%, reaching a four-year high; AMD increased by 8.3%, SanDisk by over 10%, Western Digital by over 8%, and Micron Technology by over 6% [2][8] - The Nasdaq Golden Dragon China Index rose by 2.22%, with notable gains from individual stocks such as New Oxygen up 14.93%, Baidu up 8.20%, and Century Internet up 7.17% [2][8] - OpenAI's CEO Sam Altman is meeting with top investors in the Middle East to pursue a new round of financing of at least $50 billion, with a post-funding valuation expected between $750 billion and $830 billion [2][8] - Apple plans a major overhaul of Siri, transforming it into a built-in chatbot with new features expected to launch later this year [2][8] Company Dynamics - French dairy company Lactalis announced a recall of multiple batches of infant formula in 18 countries, including China, due to potential contamination with Bacillus cereus toxin [3][9] - Ubisoft canceled the development of six games, including the remake of "Prince of Persia: The Sands of Time" and four unannounced titles [3][10] - The American Petroleum Institute (API) reported an increase of 3 million barrels in US API crude oil inventories last week, compared to a previous increase of 5.278 million barrels [3][10] - President Trump expressed hope for the retention of Kevin Hassett in his current position, with the shortlist for the Federal Reserve chair narrowing to two or three candidates [3][10]

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Core Viewpoint - A class action lawsuit has been filed against Oracle Corporation regarding the issuance of senior notes, alleging that the Offering Documents contained misleading statements about the company's financial needs for AI infrastructure [1][4]. Group 1: Lawsuit Details - The lawsuit claims that Oracle failed to disclose the need for significant additional debt to build its AI infrastructure at the time of the Offering, which raised concerns about the creditworthiness of the bonds [4]. - Investors are encouraged to join the class action lawsuit, which allows them to seek compensation without upfront costs through a contingency fee arrangement [2][5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for securities class action settlements in 2017 [3]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone, and has consistently ranked in the top 4 for securities class action settlements since 2013 [3].

Core Viewpoint - Rosen Law Firm has initiated a class action lawsuit against Oracle Corporation, alleging that the company misled investors regarding its business operations and financial needs related to AI infrastructure [1][2]. Group 1: Allegations - The lawsuit claims that the Offering Documents contained false or misleading statements and failed to disclose that Oracle would need significant additional debt to develop its AI infrastructure [3]. - It is alleged that Oracle was already organizing to raise this additional debt, which could jeopardize the creditworthiness of the bonds issued [3]. Group 2: Legal Representation - Investors may be eligible to participate in the class action against Oracle Corporation, with representation provided on a contingency fee basis, meaning shareholders incur no fees or expenses [4]. Group 3: About Rosen Law Firm - Rosen Law Firm is recognized for its commitment to shareholder rights litigation, having recovered over $1 billion for shareholders since its inception [5].

Group 1: AI Impact on Economy and Capital Markets - Artificial Intelligence (AI) presents both significant opportunities and threats to the economy and capital markets, with the potential to enhance productivity and create new industries while also posing risks of labor displacement [2][6][8] - In 2025, AI-related companies like NVIDIA, Palantir, and Alphabet saw substantial stock gains, indicating strong market interest and investment in AI technologies [4][12] - AI's ability to automate tasks and improve efficiency could lead to a productivity boost, which is crucial for economic growth, especially in aging economies [6][7] Group 2: Market Valuations and Concentration - The S&P 500 Index shows a high concentration, with the top ten companies accounting for nearly 40% of the index, raising concerns about overvaluation and lack of diversification for investors [11][12][13] - The average price-to-earnings (P/E) ratio for the top ten S&P 500 companies is significantly higher than historical averages, suggesting that these stocks may be overvalued [12][15] - Elevated valuations could lead to lower future returns, as higher purchase prices for earnings result in diminished return on investment [15] Group 3: Financing and Investment Risks - AI companies are engaging in vendor financing arrangements, creating a feedback loop where investments are made based on projected growth, which raises concerns about sustainability and profitability [16][17] - The reliance on private credit markets for financing AI initiatives has increased, with many companies borrowing significant amounts, which could lead to risks if these companies fail to generate expected revenues [18][19] - The mismatch between the rapid evolution of technology and the long-term nature of private credit loans poses additional risks, as companies may struggle to keep up with advancements while repaying older debts [20][21] Group 4: Global Investment Opportunities - Despite concerns in the US market, there are attractive investment opportunities in undervalued assets globally, particularly in emerging markets and specific sectors like technology and healthcare [24][25] - Emerging markets are benefiting from positive demographics and structural growth, making them compelling investment options compared to developed markets [25] - The potential for a weaker dollar could further enhance the attractiveness of non-US investments, providing a hedge against domestic economic challenges [24]

Core Insights - Oracle's multicloud AI strategy is fostering sustainable growth by enhancing AI adoption beyond its cloud ecosystem and integrating more deeply into enterprise AI workflows [1] Multicloud Strategy - Oracle is establishing itself as a cloud-neutral AI and data layer, allowing customers to operate Oracle databases and AI workloads across AWS, Azure, and Google Cloud, which is expected to support multicloud momentum and reduce single-vendor dependency [2] - In the second quarter of fiscal 2026, multicloud database consumption increased by 817% year over year, indicating a significant rise in enterprise adoption [2] New Initiatives - Oracle launched two key multicloud initiatives in the fiscal second quarter: Multicloud Universal Credits for consistent pricing across any cloud and a reseller program for purchasing through preferred partners, which simplifies deployment and enhances customer retention [3] Revenue Visibility - The sustainability of Oracle's multicloud approach is bolstered by increasing long-term contract commitments, providing clearer visibility into future demand and reinforcing confidence in ongoing cloud expansion [4] - Cloud revenues account for approximately 50% of total revenues, with rising Remaining Performance Obligations (RPOs) indicating improved multi-year revenue visibility [4] Revenue Growth Projections - The Zacks Consensus Estimate anticipates total revenues to grow by 16.7% in fiscal 2026 and 27.5% in fiscal 2027, reflecting the positive impact of Oracle's multicloud AI strategy on top-line growth [5] Competitive Landscape - Amazon (AMZN) maintains a significant advantage over Oracle in cloud strategy, with AWS experiencing around 20% growth and a $132 billion run rate, supported by a $200 billion backlog [6] - Microsoft (MSFT) is a strong competitor, with Azure achieving about 40% growth and Microsoft Cloud revenues increasing by 26%, benefiting from a rich data ecosystem and partnerships [7] Stock Performance and Valuation - Oracle's shares have declined by 34% over the past three months, underperforming the Zacks Computer and Technology sector's growth of 4.2% and the Zacks Computer - Software industry's decline of 14.1% [8] - Currently, Oracle's stock trades at a forward Price/Earnings ratio of 22.81x, lower than the industry average of 26.77x, indicating potential valuation opportunities [12] - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is projected at $7.42 per share, reflecting a 23.05% growth compared to fiscal 2025 [15]

每经AI快讯，1月21日，甲骨文公司股价跌至逾七个月以来的低点，最新下跌2.2%。 ...

迪富奇指出，对于愿意放眼长期，而非仅关注未来几个季度的投资者而言，甲骨文是一只罕见的"值得持有十年的股票"，目前仅处于起步阶段，未来十 年有望为投资者带来巨大收益。 对于债务偿还问题，他认为，甲骨文正逐步成为AI（人工智能）基础设施的领先供应商，公司利润将以"超高速率"增长，并产生"瀑布般"强劲的自由现 金流。 1月20日，伴随着科技股主导的广泛抛售，甲骨文公司股价下跌约6%至183.10美元。21日，该股开盘后继续下跌。在过去4个月中，甲骨文市值下跌近 4000亿美元，接近自去年6月初以来的最低水平。由于市场担心其负债能力以及信用评级预期不佳，投资者目前对甲骨文股票持谨慎态度。 即便如此，仍有分析师看好该股。著名证券公司古根海姆（Guggenheim Securities）近日将甲骨文列为2026年"首选推荐"，重申"买入"评级及400美元目 标价，较当前股价高出两倍以上。 根据1月20日的公开报告，古根海姆认为，当前市场对甲骨文的债务偿还能力以及其对OpenAI过度依赖的担忧被夸大，这些担忧反而使得投资者忽视了 其长期上涨的巨大潜力。 据悉，OpenAI占甲骨文未来履约合同收入的60%，双方合作收入预计在 ...