Core Viewpoint - Apple is struggling to catch up in the artificial intelligence sector, leading to underperformance in its stock due to disappointing AI efforts [1][2]. Group 1: Current Performance - Demand for Apple's AI features and related hardware has been lackluster, with iPhone revenue declining in the quarter ending December [2]. - iPhone unit sales fell by 4.1% year-over-year during the same quarter, indicating a significant drop in consumer interest [2]. - Apple's AI-powered virtual assistant, Siri, has been reassigned to a new chief after being described as "ugly and embarrassing" by a senior director [2]. Group 2: Market Expectations - Analysts suggest that the market may have had unrealistic expectations for Apple's AI advancements in the short term [3]. - UBS analyst David Vogt warns that significant improvements in Apple Intelligence are not expected within the next 12 months, even with the upcoming iPhone 17 series [3]. Group 3: Future Growth Potential - Analysts foresee potential AI-driven growth for Apple once the company enhances the marketability of Apple Intelligence [4]. - The intelligent virtual assistant market is projected to grow at an annualized rate of 26% through 2033, indicating a promising future for AI technologies [4]. Group 4: Analyst Sentiment - The current 12-month consensus price target for Apple is $253.71 per share, reflecting a 15% increase from its current price, with most analysts rating the stock as a buy [5]. - A catalyst is needed to convince investors that Apple's AI initiatives are back on track, but there is a concern that it may be too late to invest once such a catalyst appears [5].

Group 1: Economic Outlook and Market Predictions - UBS Chief Strategist Bhanu Baweja warns that the "visibly tiring" US consumer may lead to an 8% drop in the S&P 500, with key economic indicators showing weakness [1] - Baweja projects the S&P 500 could fall to 5,300 points as profit estimates decline over the next three to four months, despite a recent two-week high [2] - Analysts forecast S&P 500 earnings growth to decrease from 12.5% to 9.5% in 2025, indicating a cautious outlook [4] Group 2: Performance of ETFs - The SPDR S&P 500 ETF Trust (SPY) has retreated 3.4% over the past month, while inverse S&P 500 ETFs like ProShares Short S&P500 ETF (SH) and ProShares UltraShort S&P500 (SDS) have gained 3.5% and 6.4%, respectively [3] - iShares Short Treasury Bond ETF (SHV) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) are recommended for investors, both yielding over 4% annually [6] Group 3: Bond Market Insights - Baweja has become more optimistic on bonds due to a slowing economy reducing inflationary concerns, favoring two-year US Treasuries over 10-year bonds [5] - The long end of the yield curve may lag due to declining foreign demand for US government debt, with iShares 20+ Year Treasury Bond ETF (TLT) losing 1.8% in the past month [6]

Summary of NVIDIA Corp Conference Call Company Overview - **Company**: NVIDIA Corp - **Date**: March 20, 2025 Key Industry Insights - **Data Center Revenue Growth**: NVIDIA anticipates its data center revenue could grow more than 2x from approximately $215 billion in 2025 to around $430 billion by 2028, suggesting an EPS of about $12/share during this period [2][2][2] - **Compute Intensity**: The company argues that advancements in reasoning models are increasing compute intensity, as machines need to "think for themselves" to resolve issues, necessitating faster inference [2][2][2] - **Infrastructure Focus**: NVIDIA emphasizes its role in the infrastructure sector, asserting that it is the only reliable option for customers planning large-scale deployments [2][2][2] Financial Highlights - **Revenue Projections**: - 2025: $130.5 billion - 2026E: $232.1 billion - 2027E: $263.7 billion - 2028E: $264.6 billion - 2029E: $299.2 billion - 2030E: $273.9 billion [4][4][4] - **EPS Growth**: - 2025: $3.00 - 2026E: $5.27 - 2027E: $6.22 - 2028E: $6.35 - 2029E: $7.21 - 2030E: $6.50 [4][4][4] - **Market Capitalization**: Approximately $2,880 billion as of March 19, 2025 [5][5][5] Technological Developments - **AI Memory Market**: Samsung projects AI memory revenues to exceed $826 billion by 2030, focusing on memory solutions for AI applications [10][10][10] - **Liquid Cooling Solutions**: Supermicro highlighted the advantages of liquid cooling over air cooling, including up to 89% reduction in electricity costs for cooling infrastructure and up to 80% space savings in data centers [16][16][16] Robotics and AI Innovations - **GR00T Model**: NVIDIA's new model for humanoid robotics, designed to run on accessible hardware, is trained on diverse datasets, including human videos and synthetic data [12][12][12] - **Closing the Sim-to-Real Gap**: Advances in accelerated computing are improving the ability to replicate real-world simulations, allowing robots to learn from experience rather than just programming [12][12][12] AI Agents in Enterprise - **Workflow Transformation**: AI agents enable dynamic software workflows, enhancing efficiency and automation in enterprise settings, with potential automation levels increasing from ~20% to ~70% [14][14][14] - **Challenges**: Adoption hurdles include the need for education on AI concepts, reimagining workflows, and ensuring safety and transparency [14][14][14] Inventory and Production Insights - **Inventory Build**: NVIDIA's inventory increased by 15-20% due to AI server components, with a focus on building full racks rather than holding GPUs in inventory [17][17][17] - **Production Capacity**: Hon Hai confirmed its ability to scale production in the US, with expectations to ship 30-50k racks over the next 12 months [17][17][17] Conclusion NVIDIA Corp is positioned for significant growth in the data center and AI sectors, with robust revenue projections and advancements in technology that support its infrastructure and robotics initiatives. The company is also addressing challenges in the enterprise sector through the adoption of AI agents, while maintaining a focus on efficient production and inventory management.

Financial Data and Key Metrics Changes - ZEEKR Group achieved total sales of 500,000 vehicles in 2024, with a 46.9% year-over-year increase in total revenue reaching RMB75 billion [5][23] - Vehicle revenue grew by 63% year-over-year, totaling RMB55 billion, while vehicle gross margin improved to 17.3% in Q4 and 15.6% for the full year [6][24] - The net loss decreased from RMB82.6 billion in 2023 to RMB57.9 billion in 2024, marking a 30% year-over-year decline [26] - Free cash flow for 2024 reached RMB1.5 billion, setting a record high [27] Business Line Data and Key Metrics Changes - The ZEEKR brand delivered over 222,000 vehicles in 2024, an 87% year-over-year increase, making it the best-selling premium battery electric vehicle brand in China [6][22] - Lynk & Co brand delivered 280,000 units, a nearly 30% year-over-year increase, achieving the highest sales in its history [5][6] - The average selling price for the ZEEKR brand is close to RMB300,000, while Lynk & Co's average selling price reached over RMB200,000 [9][11] Market Data and Key Metrics Changes - ZEEKR Group aims to deliver 710,000 vehicles in 2025, with a target of 40% delivery growth [7][29] - The company plans for around 10% of annual sales to come from international markets in 2025 [16] - The Lynk & Co brand's new energy vehicle segment showed a rapid growth with over 58% penetration rate [11] Company Strategy and Development Direction - ZEEKR Group aims to become the world's leading premium new energy vehicle group with annual sales of 1 million units within two years [7] - The company plans to launch three new models for the ZEEKR brand and two for the Lynk & Co brand in 2025 [10][12] - The integration of Lynk & Co and ZEEKR brands is expected to enhance operational efficiency and reduce costs [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges intense competition in the Chinese energy vehicle market and plans to leverage synergies from the integration of Lynk & Co and ZEEKR [44][45] - The company is confident in achieving its sales targets backed by improved manufacturing efficiencies and gross margin [58] - Management expects to maintain a vehicle margin of around 15% for the full year 2025 [30] Other Important Information - R&D expenses for 2024 reached RMB9.7 billion, with a focus on improving operational efficiency [24] - The company aims to reduce R&D expense ratio to around 6% and SG&A ratio to around 8% in the next two years [30][31] - ZEEKR Group is the only company in the industry with full stack in-house development capabilities across various technological domains [13] Q&A Session Summary Question: What are the conditions for breakeven in 2025? - Management highlighted the importance of controlling costs and integrating Lynk & Co to achieve breakeven, while acknowledging market conditions are unpredictable [41][44] Question: What is the outlook for 2026? - Management aims to create a luxury brand group selling close to 1 million cars globally in the luxury new energy vehicle sector by 2026 [45] Question: How will the new models stand out in a crowded market? - The company plans to equip new models with advanced technologies and maintain competitive pricing to differentiate them [65][66] Question: What is the progress on autonomous driving technology integration? - Both brands will share a unified ADAS solution, with plans to integrate technologies as soon as possible [72][73] Question: Will Lynk & Co adopt ZEEKR's super electric hybrid technology? - Currently, there are no plans for Lynk & Co to use this technology, but both brands will share components for efficiency [76] Question: What is the current status of the export business? - The company targets that overseas sales will make up over 10% of global sales performance in 2025 [81] Question: What is the expected gross margin for Q1 2025? - Management targets a vehicle business gross margin of 15% for Q1 2025, with improvements expected from synergies [86][90]

Core Insights - Novo Nordisk's stock experienced a 1% increase on a generally down day for the market, contrasting with a 1.1% decline in the S&P 500 [1] - UBS analyst Jo Walton reiterated a buy recommendation for Novo Nordisk with a price target of 750 Danish kroner ($110) per share [2] - Novo Nordisk remains a leader in the GLP-1 drug market, with Wegovy being the most recognized product for weight loss [3] Product and Market Position - Wegovy is the first obesity medication approved by the U.S. FDA, followed by Eli Lilly's Zepbound, giving it a significant first-mover advantage in the market [4] - The success of Wegovy has attracted interest from other pharmaceutical companies and biotechs, indicating potential competition in the obesity medication space [5] Competitive Landscape - The main concern for Novo Nordisk is the sustainability of its market advantage as competitors, such as Viking Therapeutics with its investigational VK2735, are developing similar products [5]

Core Points - The article discusses the expertise of Ernest Hoffman in the field of crypto and market reporting, highlighting his extensive experience and contributions to media and economic news [2] Group 1 - Ernest Hoffman has over 15 years of experience as a writer, editor, broadcaster, and producer [2] - He began working in market news in 2007 and established a fast web-based audio news service [2] - Hoffman produced economic news videos in partnership with MSN and the TMX [2]

Core Viewpoint - Blackstone's stock price increased nearly 5% following an upgrade from UBS analyst Brennan Hawken, who raised the recommendation to buy with a price target of $180 per share, indicating a potential upside of almost 22% from current levels [1][2]. Group 1: Analyst Upgrade - UBS analyst Brennan Hawken upgraded Blackstone's recommendation from neutral to buy, setting a price target of $180 per share [2]. - The upgrade reflects a belief that the recent market sell-off was unjustified, leaving Blackstone's shares attractively valued [3]. Group 2: Company Operations - Blackstone has been active in its property operations, recently raising $8 billion for its Real Estate Debt Strategies V fund, which will be invested in North America, Europe, and Australia [4]. - The company's Blackstone Real Estate Investment Trust (BREIT) is viewed as a valuable asset that has faced unwarranted negative attention [3]. Group 3: Market Sentiment - The recent sell-off in Blackstone's stock is perceived as overly harsh, with no significant crisis to justify such pessimism [5]. - Current trading levels are considered relatively low, suggesting it may be an opportune time for investors to consider buying the stock [5].

Core Viewpoint - Tesla's stock has faced significant pressure, declining nearly 5% to $238 per share, despite a broader market recovery, indicating ongoing challenges for the electric vehicle maker [1][2]. Group 1: Stock Performance - Tesla shares dropped nearly 5% to $238, marking the lowest end-of-week level since the week before the election [1]. - The stock is down 41% year-to-date, making it the second-worst performer among S&P companies [6]. - Despite the recent decline, Tesla stock is still up 7% from the previous Monday [7]. Group 2: Analyst Forecasts - Mizuho analysts lowered their price target for Tesla shares by $85 to $430 and reduced their 2025 vehicle delivery forecast from 2.3 million to 1.8 million, a cut of over 20% [3]. - Other major firms like Goldman Sachs, JPMorgan, and UBS have also slashed their delivery forecasts for Tesla [6]. Group 3: Sales Performance - Tesla's U.S. sales fell 2% year-over-year, while the broader EV market grew by 16% [5]. - Sales in China plummeted 49%, despite an 85% increase in overall EV sales in the country [5]. - In Germany, Tesla's sales dropped 76%, while the EV market expanded by 31% [5]. Group 4: Brand Perception and Competition - Analysts attribute Tesla's sales challenges to weakening brand perception in the U.S. and EU, deteriorating geopolitics, and increasing competition from domestic EV firms in China [4]. - A CNN poll indicated that 53% of respondents hold a negative opinion of Elon Musk, contrasting with 35% who view him positively [6].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: March 17, 2025 UBS Group AG (Registrant's Name) Bahnhofstrasse 45, 8001 Zurich, Switzerland (Address of principal executive office) Commission File Number: 1-36764 UBS AG (Registrant's Name) Bahnhofstrasse 45, 8001 Zurich, Switzerland Aeschenvorstadt 1, 4051 Basel, Switzerland (Address of principa ...

Financial Performance - Net interest income from financial instruments measured at fair value through profit or loss increased by 87% to USD 7,061 million in 2024, compared to USD 3,770 million in 2023[597]. - Net fee and commission income rose by USD 4,568 million to USD 26,138 million, primarily due to the consolidation of Credit Suisse revenues for the full period[598]. - Fees for portfolio management and related services increased by USD 1,650 million to USD 12,323 million, largely driven by the consolidation of Credit Suisse revenues and positive market performance[599]. - Total revenues increased by USD 2,960m, or 14%, to USD 24,516m, driven by the consolidation of Credit Suisse revenues and higher recurring net fee income[640]. - Total comprehensive income attributable to shareholders was USD 3,388 million, reflecting a net profit of USD 5,085 million and negative other comprehensive income of USD 1,698 million[617]. - Total revenues increased by USD 2,245 million, or 26%, to USD 10,948 million, with underlying total revenues rising by 23% to USD 9,958 million[687]. Expenses and Cost Management - Personnel expenses increased by USD 2,419 million to USD 27,318 million, largely due to the consolidation of Credit Suisse expenses for the full period[607]. - General and administrative expenses decreased by USD 32 million to USD 10,124 million, primarily due to a reduction in litigation-related expenses[608]. - Operating expenses rose by USD 2,663m, or 15%, to USD 20,608m, including a USD 785m increase in integration-related expenses[646]. - The cost/income ratio improved to 84.8%, down from 95.0%, reflecting higher total revenues despite increased operating expenses[626]. - The cost/income ratio increased to 84.1% from 83.2%, while the underlying cost/income ratio improved to 79.5% from 81.3%[647]. Taxation - The effective tax rate for 2024 was 24.6%, compared to 3.1% in 2023, with total income tax expenses recognized at USD 1,675 million[613]. - The Group expects the 2025 full year effective tax rate to be materially less than the structural rate of 23% due to projected reorganization-related tax benefits[616]. Credit and Risk Management - Total net credit loss expenses in 2024 were USD 551 million, a decrease from USD 1,037 million in 2023, reflecting net releases of USD 99 million related to performing positions[605]. - Net credit loss releases were USD 16m, a significant improvement from net credit loss expenses of USD 166m in 2023[645]. - Credit loss expenses decreased to USD 97 million from USD 190 million in 2023, reflecting improved credit conditions[694]. - The total credit-impaired exposure, gross, was USD 6.637 billion as of December 31, 2024, with stage 3 impairments at USD 5.300 billion[788]. - Total allowances and provisions for expected credit losses amounted to USD 2.507 billion, with stage 1 allowances at USD 487 million[788]. Asset Management - Total revenues for the Asset Management division increased by USD 496m, or 18%, to USD 3,182m, reflecting the consolidation of Credit Suisse revenues[674]. - Net management fees in Asset Management rose by USD 367m, or 14%, to USD 2,921m, attributed to the consolidation of Credit Suisse net management fees and positive market performance[675]. - Total net new money in Asset Management reached USD 44.6 billion, a significant increase from USD 15.7 billion in the previous year[672]. Market and Geopolitical Risks - Geopolitical and macroeconomic risks remain significant, impacting business activities and financial results[718]. - Cyber risks have increased due to geopolitical trends, necessitating enhanced operational resilience measures[718]. - Sustainability and climate risks are a focus for UBS, with enhanced methodologies and updated guidelines on sustainable finance to address emerging risks[720]. Integration and Future Outlook - Integration of Credit Suisse is progressing, with client account migrations completed in Hong Kong, Singapore, Japan, and parts of Europe[716]. - The company aims for a fully integrated risk framework by the end of 2025, incorporating legacy Credit Suisse models into UBS's risk management[716]. Risk Governance and Compliance - The Group Chief Risk Officer is responsible for developing the risk management framework for various risk categories, including credit and market risks[730]. - The Group Chief Compliance and Governance Officer oversees the framework for non-financial risks, including financial crime and operational risks[731]. - The risk governance framework operates along three lines of defense, ensuring accountability and effective risk management processes[721]. Loans and Advances - Total loans and advances to customers, gross, decreased from USD 317,137 million in 31.12.23 to USD 295,856 million in 31.12.24, a decline of approximately 6.5%[795]. - Residential real estate loans decreased from USD 111,755 million in 31.12.23 to USD 106,124 million in 31.12.24, a decline of about 5.9%[795]. - Total allowances for loans and advances increased from USD 181 million in 31.12.23 to USD 221 million in 31.12.24, an increase of about 22.1%[795].