Group 1 - The technology sector experienced a significant rise, with the Nasdaq 100 index increasing nearly 1% at one point, driven by strong performances from Nvidia, AppLovin, and Microsoft [2][3] - Gold prices reached a new high, pushing the market value of U.S. Treasury's gold holdings to over $1 trillion [3] - Major tech stocks such as Applovin, Micron Technology, Nvidia, and AMD saw notable gains, with Applovin up by 5.80% and Nvidia up by 2.36% [4] Group 2 - Market attention is focused on the upcoming non-farm payroll report to assess labor market resilience, which will influence the Federal Reserve's decisions on potential interest rate cuts [5] - There are concerns regarding a possible government shutdown, which could delay the release of important economic data, as Congress struggles to pass a short-term spending bill [5][6] - Analysts express uncertainty about the impact of a government shutdown on the market, noting that past shutdowns have not had lasting effects [7] Group 3 - The U.S. Bureau of Labor Statistics announced that it will suspend all operations and economic data releases during a government shutdown, complicating the Federal Reserve's ability to justify further rate cuts [9] - The upcoming Federal Reserve meeting is scheduled for October 28-29, and the lack of new government data may hinder decision-making [9]

Performance Overview - Baron Fifth Avenue Growth Fund gained 24.9% in Q2, outperforming the Russell 1000 Growth Index (17.8%) and the S&P 500 Index (10.9%) [2][4] - Year-to-date performance shows the Fund up 8.2%, compared to 6.1% for the Russell 1000 Growth Index and 6.2% for the S&P 500 Index [2][4] Annualized Performance - The Fund's annualized performance for various periods shows strong returns, with 1-year performance at 25.15% for Institutional Shares, compared to 17.22% for the Russell 1000 Growth Index [3] - Over the last 3 years, the Fund achieved 28.45% annualized returns, significantly higher than the 25.76% for the Russell 1000 Growth Index [3] Stock Selection and Sector Performance - The Fund's outperformance in Q2 was driven by stock selection, contributing 743 basis points, while sector allocation had a modest negative impact [5] - Notable performance in Information Technology (34.0% gain) and Consumer Discretionary (23.6% gain), outperforming the Index in these sectors [5] Key Contributors and Detractors - Top contributors included NVIDIA (4.07%), Cloudflare (2.86%), and Meta Platforms (2.23%) [14] - NVIDIA's stock rose 45.8% in Q2, driven by strong demand for AI infrastructure [14] - Key detractors included argenx SE (-0.23%) and Eli Lilly (-0.12%), with argenx facing lower-than-expected sales and Eli Lilly impacted by competitive concerns [17][18] Recent Activity and Portfolio Adjustments - The Fund added to positions in Eli Lilly, Samsara, Illumina, TSMC, ASML, Datadog, KKR, and Trade Desk during Q2 [24] - The largest addition was Eli Lilly, focusing on its GLP-1 medications for diabetes and obesity, which are expected to drive significant revenue growth [26] Market Outlook and Investment Philosophy - The company emphasizes a long-term investment approach, focusing on fundamentals rather than short-term market volatility [38] - The outlook suggests a wide range of potential outcomes, indicating that extreme market volatility is likely [38] Portfolio Structure - As of June 30, 2025, the top 10 holdings represented 58.0% of the Fund's net assets, with a total of 32 investments in the portfolio [22] - The portfolio is heavily weighted in Information Technology, Consumer Discretionary, Communication Services, Health Care, and Financials, comprising 98.0% of net assets [22]

LAWRENCEVILLE, Ga.--(BUSINESS WIRE)-- #Collaboration--Silicon Creations, a leading supplier of high- performance analog and mixed-signal intellectual property (IP), has been recognized as the 2025 TSMC Open Innovation Platform® (OIP) Partner of the Year in the Mixed Signal IP category. This marks the ninth consecutive year Silicon Creations has received this prestigious recognition, underscoring their unwavering commitment to quality, customer support, and innovation. Together with TSMC, Silicon Creations h ...

台积电(TSM.US)涨超1.7%，报278.1美元。消息面上，台积电重申，公司并未就潜在的投资或合作与任 何企业进行过谈判，并驳斥了此前一则称英特尔已接触台积电寻求投资或合作的报道。(格隆汇) ...

上周有报道称，英特尔已接触台积电，讨论制造领域的投资或合作事宜。在该消息传出后，台积电的美 国存托凭证(ADR)在美股市场下跌，原因是投资者担心此类交易可能会削弱客户信任，并强化竞争对 手。此外，分析师警告称，与英特尔合作可能给台积电带来技术泄漏风险。 智通财经APP获悉，台积电(TSM.US)重申，该公司并未就潜在的投资或合作与任何企业进行过谈判， 并驳斥了此前一则称英特尔(INTC.US)已接触台积电寻求投资或合作的报道。 与此同时，英特尔则获得了美国政府、日本软银以及英伟达的支持，其首席执行官陈立武正努力推动这 家陷入困境的芯片制造商重振旗鼓。 媒体援引台积电的一份声明称，台积电强调，该公司从未讨论过组建合资企业、授权或转让技术的问 题，这与董事长魏哲家此前在被问及与英特尔合作的可能性时的言论相呼应。 ...

Core Viewpoint - The article discusses the current state of Intel and its attempts to seek partnerships, particularly with TSMC, amidst financial struggles and competition in the semiconductor industry [4]. Group 1: Intel's Financial Situation - Intel has revealed unstable financial conditions and is actively seeking partners and investors to stabilize its situation [4]. - Recently, Intel received a significant cash influx of $2 billion and is awaiting an additional $5.7 billion from the CHIPS and Science Act in exchange for a 10% equity stake [4]. - The company has also been cutting costs, including laying off over 12,000 employees, which is approximately 20% of its workforce [4]. Group 2: Partnership Attempts - Reports indicate that Intel is looking to collaborate or invest with TSMC and is also in discussions with Apple regarding potential partnerships [4]. - TSMC has denied any ongoing negotiations with Intel, indicating a reluctance to engage with a competitor that has its own foundry capabilities [5]. Group 3: Market Challenges - Intel faces challenges in consumer demand, particularly with the slow adoption of its Lunar Lake processors, as buyers show little interest in AI chips [4]. - Due to increased demand for "outdated" chips, Intel has raised prices on its previous generation Raptor Lake processors [4].

If the goal is to boost U.S. semiconductor output, TSMC taking equity stakes or forming joint ventures is far less efficient than directly expanding its U.S. capacity. That should be obvious—and it’s why TSMC has had no equity- or JV-related discussions with any company to date and has repeatedly denied related market rumors.https://t.co/jVetrcuKbR ...

站在提升美國半導體產出的角度，台積電入股或合資的效率，遠遠不及其直接投入在美產能擴張。這是顯而易見的事實，這是台積電至今沒有跟任何公司有入股或合資相關討論、並持續否認多次市場相關傳言的原因。https://t.co/bFsku1XCIU https://t.co/ck8uRGriJ6 ...

Key Points Taiwan Semiconductor is the world's leading semiconductor manufacturer. TSMC should directly benefit from increased spending in AI infrastructure. 10 stocks we like better than Taiwan Semiconductor Manufacturing › It has been a good year for Taiwan Semiconductor Manufacturing (NYSE: TSM), both from a business and stock standpoint. Through Sept. 25, the stock is up over 39% year to date and nearly 54% in the past 12 months. Considering its stock price run, investors may be wondering if t ...

Core Viewpoint - Qualcomm is transitioning to TSMC's advanced 2nm N2P process for its Snapdragon 8 Elite Gen 6 and Gen 7 chipsets, moving away from the 3nm process, which indicates a significant investment in manufacturing technology [1][2]. Group 1: Technology Transition - Snapdragon 8 Elite Gen 5 is the last flagship chipset made using the 3nm process, with future models adopting the 2nm N2P process [1]. - TSMC's 2nm N2P architecture offers a 5% performance boost or a 5% reduction in power consumption at the same clock speed compared to the previous generation [2]. Group 2: Strategic Partnerships - There is uncertainty regarding Qualcomm's potential collaboration with Samsung for utilizing its 2nm GAA process, which could provide Qualcomm with better negotiation leverage for wafer pricing [2]. - Qualcomm and MediaTek reportedly paid up to 24% more for 3nm wafers, highlighting the need for a dual-sourcing strategy to mitigate rising costs as TSMC is expected to increase prices for 2nm wafers by 50% [2]. Group 3: Future Outlook - Qualcomm's strategy appears to focus on maximizing performance through increased core frequency while maintaining efficiency with the new N2P process [2]. - Samsung has completed the foundational design for its second-generation 2nm GAA process, indicating potential future opportunities for Qualcomm to collaborate with Samsung [2].