Investment Rating - The report does not explicitly provide an investment rating for the luxury goods industry. Core Insights - The luxury goods industry on Douyin has seen rapid growth in Q1 2024, particularly through short videos, livestreams, and searches [2] - The introduction of Douyin's luxury product tag enhances consumer confidence and promotes a seamless luxury shopping experience [22] - Collaborations with festival IPs and innovative advertising strategies have significantly boosted sales and engagement for luxury brands [20][24] Summary by Sections Industry Overview - The luxury goods industry is experiencing a surge in engagement on Douyin, with significant increases in livestreaming and video content [2] - The report highlights the importance of leveraging social media platforms for brand visibility and consumer interaction [2] Fashion Shows - Seven luxury brands conducted live fashion shows on Douyin in Q1 2024, showcasing a new style of engagement with audiences [10] - The Douyin Fashion Show x DIOR collaboration exemplifies innovative approaches to fashion presentation [11] Trending Content - Gucci's Ancora Red has gained immense popularity, driven by strategic advertising and trending topics on Douyin [13] - The report notes that luxury brands are increasingly utilizing celebrity endorsements and trending hashtags to enhance brand visibility [19] Advertising Strategies - The launch of Douyin's luxury product tag aims to improve the shopping experience by highlighting official flagship stores [22] - Creative advertising campaigns, such as the CNY "Not Just 1 Screen" initiative, have effectively increased engagement rates and consumer searches [20][21] Festivals and Events - Collaborations with festival IPs have generated buzz and increased sales for new product launches, particularly during the Chinese New Year [23][24] - The report emphasizes the role of cultural events in driving consumer interest and engagement with luxury brands [23] Trending Hashtags and Searches - The report lists several trending hashtags related to luxury goods, indicating a strong consumer interest in fashion and luxury items [27] - Popular search keywords reflect the growing engagement with luxury brands on Douyin, highlighting the effectiveness of targeted marketing strategies [26] Brand Performance - The report identifies top trending luxury brands on Douyin, including Louis Vuitton, Gucci, and Dior, based on e-commerce search intent [35] - The luxury goods landscape is characterized by significant year-over-year growth in content views across various categories, including apparel and accessories [35]

Investment Rating - The report highlights 16 Buy-rated stocks across sectors exposed to the US data center power demand surge [7][8][49]. Core Insights - The report forecasts that global data center power demand will more than double by 2030, driven by AI and broader demand, leading to a 2.4% CAGR in US electricity demand through the end of the decade [2][6][49]. - Data centers are expected to comprise approximately 8% of total US power demand by 2030, up from about 3% currently, with a projected 160% increase in data center power demand from 2023 to 2030 [11][49]. - The report estimates that about $50 billion in capital investment will be required for new power generation capacity in the US to support this growth, with a 60/40 split between gas and renewables [2][11][49]. Summary by Sections Data Center Power Demand - Data center power demand is projected to grow at a 15% CAGR from 2023 to 2030, contributing approximately 90 basis points to the overall US power demand CAGR [6][49]. - The report anticipates that data centers will account for 8% of total US power demand by 2030, translating to a 16% CAGR for data centers from 2023 to 2030 [11][49]. Investment Opportunities - The report identifies underappreciated equity investment opportunities in utilities, renewable generation, and industrials that will support the anticipated growth in data center power demand [2][7]. - It emphasizes that investor interest in the data center growth is not new, but differentiation among enablers and beneficiaries will be crucial for future investment strategies [8][49]. Infrastructure and Capacity Needs - An estimated 47 GW of incremental power generation capacity will be required to support US data center power demand growth cumulatively through 2030 [6][11]. - The report discusses potential bottlenecks in generation and transmission, highlighting the importance of expediting the permitting process for new projects to alleviate constraints [6][20]. AI's Role in Power Demand - AI is expected to represent about 20% of overall data center power demand by 2030, with a projected increase of around 200 TWh in power demand from AI between 2024 and 2030 [22][29]. - The report notes that new AI innovations are increasing computing speed while also raising power consumption per server, indicating a complex relationship between demand and efficiency [31][38].

Investment Rating - The report does not explicitly provide an investment rating for the semiconductor industry or specific companies involved in EUV technology Core Insights - The US initially played a significant role in semiconductor technology development but has lost its competitive edge, particularly in EUV technology, to ASML and Asian manufacturers [1][2] - ASML Holding NV has established a monopoly on EUV machines, which are critical for advanced chip production, with a market capitalization exceeding $350 billion [2] - The transition to EUV technology was fraught with challenges, requiring substantial investment and collaboration among major chipmakers [5][8] - Intel's misjudgment regarding the viability of EUV technology has led to a significant decline in its market position compared to competitors like TSMC and Nvidia [12] Summary by Sections Industry Background - The semiconductor industry has evolved from using visible light to ultraviolet light for chipmaking, with a focus on achieving near-atomic scale transistors [3][4] - The development of EUV technology began in the 1980s, with significant investment from US national laboratories and private companies [4][5] Technological Challenges - EUV technology involves complex processes, including generating plasma from tin droplets and requires extremely smooth mirrors for effective operation [6][7] - Initial optimism about EUV's commercial viability proved misplaced, delaying its market introduction until 2018 [8] Competitive Landscape - TSMC has overtaken Intel in technological capabilities by successfully implementing EUV technology, while Intel struggled with alternative methods [9][10] - The geopolitical implications of EUV technology are significant, as it has enabled Chinese companies to access advanced chips, raising national security concerns for the US [10][11] Future Directions - Intel is now focusing on the next generation of EUV technology, High Numerical Aperture, to regain its competitive edge [12]

Investment Rating - The report does not explicitly provide an investment rating for the microelectronics industry. Core Insights - The microelectronics industry is critical for the U.S. economy and national security, with significant investments from the bipartisan CHIPS Act aimed at revitalizing domestic manufacturing and enhancing the R&D ecosystem [14][26]. - The strategy outlines four interconnected goals to strengthen the microelectronics sector over the next five years, focusing on research advancements, infrastructure support, workforce development, and innovation ecosystem creation [16][20]. Summary by Sections Introduction - The microelectronics revolution has transformed modern life, impacting various sectors such as communications, healthcare, and transportation, making it essential for U.S. economic and national security [21][23]. - The U.S. share of global semiconductor manufacturing has significantly declined, necessitating action to increase domestic capacity and workforce training [21][24]. Goals and Objectives - **Goal 1**: Enable and accelerate research advances for future generations of microelectronics, focusing on materials, circuit design, processing architectures, and manufacturing tools [16][22]. - **Goal 2**: Support and bridge microelectronics infrastructure from research to manufacturing, enhancing access to design tools and fabrication resources [17][22]. - **Goal 3**: Grow and sustain the technical workforce for the microelectronics ecosystem, emphasizing education and public engagement [18][22]. - **Goal 4**: Create a vibrant microelectronics innovation ecosystem to facilitate the transition of R&D to U.S. industry, fostering collaboration among stakeholders [19][22]. Microelectronics Innovation Ecosystem - The microelectronics innovation ecosystem is complex and capital-intensive, with limited access to leading-edge capabilities for researchers, which constrains innovation [34][35]. - The CHIPS Act investments aim to enhance access to advanced infrastructure and support workforce development [35][36]. Future Directions - The report emphasizes the need for a comprehensive approach to R&D across the full stack of microelectronics technology, addressing challenges in fabrication, testing, and integration [31][32]. - International collaboration and tech diplomacy are crucial for leveraging resources and ensuring supply chain security in the global semiconductor landscape [33][36].

US equity opportunities beyond the Magnificent Seven March 2024 Chris Galipeau Senior Market Strategist Key takeaways • High earnings expectations combined with a slowing economy may make the stock market prone to disappointments in 2024. Samir Sinha Senior Analyst • The “dot-com” period, which featured similar index concentration and falling interest rates, offers clues to trends this year. • We see attractive potential in areas that would allow investors to diversify their US equity portfolios beyond the ...