Market Volatility and Currency Intervention - The People's Bank of China (PBOC) has reduced shorting costs to halt the Yuan's recent rally, which reached its strongest levels since mid-2023, potentially threatening the export-led recovery [2] - Analysts believe Beijing is trying to create a "slow bull" market to avoid historical boom-bust cycles in Chinese equities [2] Regional Performance and Record Highs - The Hang Seng Index (HSI) is facing its steepest monthly decline since October, down 3.2% in February, driven by concerns over AI disruption affecting traditional sectors [3][9] - Malaysia's FBM KLCI index fell over 1% to 1,722.34 points, its lowest since late January, but remains nearly 10% higher than a year ago due to growth in financial services and utilities [4] - Hyundai Motor (HYMTF) shares surged over 6% to a record high, driven by a 60 trillion won proposal for hydrogen fuel cell infrastructure in Canada and optimism surrounding its robotics division [5][9] Geopolitics and Domestic Policy - Russia has warned Britain against deploying troops to Ukraine, stating it could lead to a large-scale military confrontation [6] - A meeting between President Trump and New York City Mayor Zohran Mamdani focused on a proposal for 12,000 housing units at Sunnyside Yards, indicating potential federal-local cooperation on urban development [7] Commodities and Corporate Trends - Copper prices are rising, supported by positive global demand and industrial growth prospects, as Chinese firms seek foreign expertise for global expansion [10]

Group 1 - Foreign investors are returning to Indian stocks at the fastest pace in eight months, with nearly $2.1 billion of local shares purchased in February, indicating strong inflows since June [1][2] - The recent US trade deal has removed uncertainty for the $5.2 trillion Indian market, contributing to the positive momentum in corporate earnings and stock performance [2][3] - The MSCI India Index gained 8.1% last year, supported by local investors, despite foreign investors cutting exposure in 2025 [3] Group 2 - Indian equities have underperformed compared to the MSCI Asia Pacific Index, which surged 25% in 2025, leaving Indian valuations relatively low, trading about 4% below their five-year average price-to-earnings ratio [4] - Earnings for FTSE India Index companies rose 10% year-on-year in the December quarter, with net income climbing 13%, indicating a recovery in corporate earnings [5] - Consensus estimates suggest fiscal 2027 earnings growth of 16% for over 250 companies, supported by recovery in nominal GDP growth, private capex, and consumption [5][6] Group 3 - Financial companies are among the top picks for global investors, with increased interest in metals and capital goods sectors [6] - Some investors caution against viewing the latest inflows as the beginning of a structural bull run, as concerns over AI's impact on software and tech firms have led to significant market value losses [6] - Foreign funds' buying is partly tactical, influenced by softer US yields and emerging-market appeal, with a cautious but clear global positioning toward India [7]

Group 1 - NTT Data plans to increase its workforce in India by 5,000 employees this year, focusing on software programming, consulting, and IT support [1] - The company has seen a doubling of large IT contracts exceeding $100 million in the past year, particularly in manufacturing, logistics, and the public sector [1] - NTT Data is currently constructing four data centers in India as part of a $1.5 billion investment, with a current workforce of 40,000 in the country [2] Group 2 - The Indian data center market is attractive due to the country hosting 20% of the world's data but having less than 6% of global data center capacity [2] - Clients' technology budgets are projected to increase by 7% to 9% this year, up from 6% to 7% last year, driven by investments beyond AI [3]

Core Viewpoint - Salesforce reported strong fiscal fourth-quarter results with revenue and adjusted earnings per share exceeding analysts' expectations, alongside a $50 billion share repurchase authorization [1][2] Financial Performance - Total fiscal 2026 revenue increased by 10% year over year to $41.5 billion, with Q4 revenue growth accelerating to 10% on a constant-currency basis from 8% in the previous quarter [4] - Operating cash flow for fiscal 2026 rose by 15% to $15.0 billion, while free cash flow increased by 16% to $14.4 billion, reflecting strong cash generation capabilities [5] - Remaining performance obligations (RPO) reached $72.4 billion, up 14% year over year, with the current portion expected to be recognized over the next 12 months totaling $35.1 billion, up 16% [6] AI and Growth Drivers - The Agentforce suite, which includes autonomous AI agents, achieved $800 million in annual recurring revenue, marking a 169% year-over-year increase, indicating a positive impact from AI initiatives [7] - Despite strong RPO growth and Agentforce momentum, the company's guidance did not reflect a significant acceleration in overall growth trends [8] Guidance and Outlook - Management provided fiscal 2027 revenue guidance of $45.8 billion to $46.2 billion, implying approximately 11% growth at the midpoint, but this includes about three points from the acquisition of Informatica, suggesting underlying growth is in the high single digits [9] - For Q1 fiscal 2027, Salesforce expects revenue of $11.03 billion to $11.08 billion, representing a year-over-year increase of 12% to 13%, but this also includes contributions from Informatica [10] - Management anticipates organic revenue reacceleration in the second half of fiscal 2027, although the overall full-year guidance is viewed as disappointing [11] Valuation Considerations - The stock is currently trading at approximately 26 times earnings, reflecting expectations for high-single-digit to low-double-digit earnings-per-share growth in the coming years, which may not provide much room for error if growth slows [12][13] - Despite strong cash flow and an aggressive buyback program, the unimpressive growth outlook leads to a perception that the stock is fairly valued rather than undervalued [13]

Core Viewpoint - Nintendo is planning to unwind strategic shareholdings, which will involve companies such as MUFG Bank and the Bank of Kyoto selling shares of the company [1] Group 1 - The unwinding of shareholdings indicates a potential shift in investment strategy for Nintendo [1] - The involvement of major financial institutions like MUFG Bank and the Bank of Kyoto suggests significant market implications [1]

Core Viewpoint - Advanced Micro Devices, Inc. (AMD) is experiencing accelerating growth in its data center segment, which supports a positive outlook for the company [1]. Group 1: Company Performance - AMD has seen a third consecutive reiteration of a buy rating, indicating strong confidence in its future performance [1]. - The growth in the data center segment is a key driver for AMD's positive outlook [1]. Group 2: Market Position - The partnership mentioned in the article suggests that AMD is actively engaging in strategic collaborations to enhance its market position [1].

Investment Summary - Nvidia invested approximately $7.93 billion in Intel Corporation (INTC) during the October-to-December quarter of 2025, resulting in a stock price increase from $24.21 to $46.51, a gain of roughly 92% [1] - Nvidia also invested around $1.08 billion in Nokia (NOK), with the stock rising from $4.23 to $7.57, marking a gain of approximately 79% [2] - However, Nvidia's investment in Synopsys Inc. worth about $2.26 billion saw a decline of around 24% since September 2nd [2] Existing Investments Performance - The value of Nvidia's stake in CoreWeave decreased from $3.32 billion to $1.58 billion, a drop of nearly 50% [3] - Nvidia's investment in Nebius fell from $133.65 million to approximately $99.65 million [3] Divestments - Nvidia divested its entire stakes in four firms: Arm Holdings, Applied Digital Corporation, Recursion Pharmaceuticals, and WeRide Inc., with a combined worth of $387.64 million [4]

Core Argument - The narrative that AI will destroy the software industry is misleading; instead, AI is enhancing the software sector by integrating into existing platforms and driving demand for established software companies [2][10]. Group 1: The Myth vs. Reality - The pessimistic view suggests that AI will commoditize software, leading to a decline in customer bases for major software companies as businesses opt for cheaper DIY AI solutions [3]. - Contrary to this belief, the software industry is experiencing significant growth, with companies like ServiceNow reporting record sales of AI-powered tools [4]. Group 2: Business Trends - Large enterprises are not abandoning their trusted software for standalone AI; they are willing to invest more in integrating AI into their existing systems [5]. - Atlassian's experience shows that as developers utilize AI to enhance productivity, they are actually increasing their usage of management software, leading to more tasks and team expansions [6][7]. Group 3: Barriers to Entry - Established software companies maintain a competitive edge due to significant barriers, or "moats," that protect them from new entrants, such as rigorous security and compliance requirements [8]. - The complexity of replacing foundational software systems, like ServiceNow, underscores the challenges new AI startups face in displacing established players [8]. Group 4: Investment Perspective - The debate surrounding the future of SaaS is often framed too simplistically; the success of AI does not necessitate the failure of existing software companies [9]. - The key takeaway is that AI serves as an upgrade rather than a replacement for software, benefiting both AI developers and established software firms that effectively integrate AI into their operations [10].

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...