If you've been on Twitter or YouTube over the last few weeks, you've heard the narrative. The Clarity Act is almost here. The influencers are telling you that this is the bullish catalyst we've been waiting for.They're saying 2026 is the year the floodgates open, the year that Wall Street money finally pours in and the year that your bags will finally go to the moon. But while everyone is celebrating the green candles, almost nobody is reading the fine print. Because if you actually look at the text of HR 3 ...

Core Insights - Mobileye Global Inc. announced a $900 million acquisition of Mentee Robotics, expanding its focus into "physical AI" for industrial fleets [1][3] - The company is positioning robotaxis as a key growth area, with plans for a Level 4-ready vehicle by February 2026 and a driverless launch in the U.S. in the second half of 2026 [1][6] Robotics Deal - The acquisition of Mentee Robotics is seen as a strategic move into "physical AI," building on existing autonomous driving technology [3] - Mobileye aims for near-term robotics deployments in structured environments like factories, with production expected by 2028, and plans to enter unstructured environments by the end of the decade [4] Core Automotive Business - Mobileye reported strong progress in its core Advanced Driver Assistance Systems (ADAS) business, winning approximately 95% of RFQs with its top-10 automaker customers in 2025 [5] - The company has a design pipeline valued at $24.5 billion through 2033, with most contracts awarded in the last three years [5] - Mobileye's chips currently power around 230 million vehicles globally [5] Robotaxis and Autonomy Programs - The company is advancing its robotaxi initiatives through partnerships with Volkswagen and MOIA, targeting a Level-4-ready vehicle in early 2026 [6] - Plans include launching driverless services in the U.S. later in 2026, with subsequent expansions to multiple cities [6] Cost Reduction and Autonomy - Mobileye is focused on reducing system costs for advanced driver assistance while enhancing higher-level autonomy towards near-zero human intervention, supported by its simulation-driven autonomy stack [7]

Group 1 - US oil companies' shares surged following President Trump's promise to tap into Venezuela's oil reserves after the ousting of Nicolas Maduro, with Chevron rising by 5.8% and ExxonMobil increasing by 2.5% [1][6][29] - Oil prices have seen an uptick, with Brent crude rising by 1.5% to $61.70, reflecting market optimism about increased production from Venezuela [1][37] - The Dow Jones Industrial Average reached a new high of 49,134.78, driven by gains in energy stocks, particularly Chevron [6][11] Group 2 - The FTSE 100 index closed above 10,000 points for the first time, buoyed by the removal of Maduro and the subsequent rise in energy and mining stocks [3][15][68] - Copper prices hit a record high of $13,000 per tonne due to tightening global supplies amid concerns over Trump's tariffs [2][35] - Analysts predict that Venezuela's oil production could triple within a decade following Maduro's removal, potentially increasing output from 800,000 barrels per day to 2.5 million barrels per day [21][23] Group 3 - Venezuelan bonds are expected to react positively to the political changes, with Morgan Stanley forecasting price increases of up to 5 points as markets anticipate a higher likelihood of debt restructuring [19][20] - The removal of Maduro is seen as a significant step towards stabilizing Venezuela's economy, which has suffered a 70% contraction in GDP since 2013, largely due to the decline in oil production [33][34] - The US's control over Venezuela's oil market could reshape global energy flows, particularly affecting China's access to Venezuelan oil, which has been a significant source for them [55][59][61]

Ford’s Electric Vehicle Disaster and CopperFord Motor Company (NYSE: F), the 121-year-old car maker, announced a $19.5 billion write off of its electric vehicle (EV) segment. That’s an enormous amount of cash to send to money heaven.This was bad news for the U.S. EV market. Ford targeted electric trucks, to capitalize on its super popular F-150 model. However, the government killed the EV tax break. That curbed interest of U.S. car buyers on the higher end EV models like trucks.But don’t think Ford’s proble ...

Core Viewpoint - Lockheed Martin Corporation (NYSE:LMT) has been downgraded by JP Morgan and Morgan Stanley due to concerns over long-term cash flow estimates and pension-related outflows, despite a bullish outlook for the aerospace and defense sector through 2026 [2][3]. Group 1: Downgrades and Price Targets - JP Morgan downgraded Lockheed Martin's rating to Neutral from Overweight, citing that anticipated pension-related outflows next year could limit cash flow growth, making the expected 8% growth seem optimistic [2]. - Morgan Stanley also downgraded Lockheed Martin to Equal Weight from Overweight and reduced its price target from $630 to $543 as part of a broader sector outlook for 2026 [3]. - JP Morgan raised its price target for Lockheed Martin from $465 to $515, reflecting a positive outlook despite the downgrade [2]. Group 2: Analyst Consensus and Market Position - As of December 22, Wall Street analysts have a consensus Hold rating for Lockheed Martin, with a one-year average share price target of $524.93, indicating a potential upside of 9% [4]. - Lockheed Martin is recognized as one of the largest defense contractors globally, known for manufacturing significant military aircraft such as the F-35 [4].

Tokenization Trend & Market Opportunity - Tokenization of every asset is underway and 2025 was a clear signal for its future [1] - The current represented asset value on chain is around $400 billion, while the value that actually moves on chain is approximately $19 billion, indicating the early stage of the market [3] - JP Morgan CEO highlights tokenization, stating blockchain is real, faster, cheaper, and RWA (Real World Assets) is inevitable, estimating a $10 trillion market [5] - DTCC (Depository Trust & Clearing Corporation) holds $100 trillion in assets and aims to tokenize them, with plans to tokenize securities worth $2 quadrillion annually [24][28] - Predictions estimate over $10 trillion on-chain by 2030, more than double the current market cap of the entire crypto space [38] Key Players & Infrastructure - JP Morgan launched its first tokenized money market fund with $100 million using Ethereum [7] - Ethereum is currently the most utilized network for tokenized RWAs and stablecoins, but this may shift over time [8] - Coinbase is positioned to be a leader in tokenization of every asset, partnering with BlackRock to tokenize their funds [17][19] - DTCC received SEC approval to tokenize assets and is launching a tokenization service in the second half of 2026 [27][29] - Swift is now utilizing blockchain technology [12] Benefits & Future Outlook - Tokenization offers core benefits such as real-time settlement, improved liquidity and accessibility, and higher efficiency by reducing bureaucracy and friction [14] - The industry is moving towards a faster, more digital-based system, with digital-based fiat currency in the form of stablecoins and deposit tokens [31][33] - XRP ledger is suited for RWA tokenization due to its characteristics and features, including SPVS, DEX, AMM, and lending protocols [33][34] - The new financial system is evolving, with the potential to revolutionize the world's rails that move money [31][32]

Core Viewpoint - City shares have increased nearly 3%, reaching levels not seen in over 17 years, with expectations of being the top performer among big banks next year [1] Group 1: Company Performance and Strategy - City is undergoing a multi-year turnaround, simplifying its business and exiting certain countries, which is expected to improve its return on equity (ROE) from a bottom-tier position to average [2] - The stock has performed well this year, breaking through tangible book value, which has historically been a ceiling for the last 10 to 15 years [2] - Earnings revisions for the largest banks have increased by 16% year-on-year, which is double that of smaller banks, indicating strong performance for larger institutions like City [4] Group 2: Market Expectations and Valuation - Expectations for capital return have risen by approximately 30% compared to the previous year, with an additional 100 to 200 basis points of excess capital yet to be factored into projections [3] - The potential for City’s stock price to increase by 65% to 70% is discussed, although this is considered aggressive; a more conservative estimate suggests a significant upside remains [5] - City’s target for next year is a return of 10% to 11%, with an important investor day scheduled for May 7, where medium-term targets are expected to be discussed [6][7] Group 3: Competitive Landscape - The regional banks are viewed selectively, with a focus on those building competitive companies through acquisitions, although historical performance suggests that stocks may not necessarily outperform during this process [8] - Citizens Bank is highlighted as a strong investment opportunity due to its expected ROE improvement from 10% to 15-16% over time, alongside capital markets exposure [9][10] - The largest banks, including JP Morgan and Goldman Sachs, have strong international components, with capital markets tailwinds being robust globally, while City is positioned as an international player [12]

They're growing month over month. I mean, if you look at some of the public reports, their revenue has been increasing by billion dollars ARR every single month. And so, as they continue to grow, they need additional compute to keep up with the demand of their users.And so, they're one of the fastest growing companies in the world right now. >> How important was it that Google backs stopped all this. >> Critical.I mean, without Google, we would not be able to get JP Morgan and Goldman Sachs to commit the ba ...

Strategic Partnerships & Financial Backing - Hut 8 emphasizes the importance of creditworthy counterparties, viewing Google as a highly credible investment-grade partner due to its diverse business operations and cash flow [2] - Google serves as a financial backstop for a 15-year commitment, providing confidence in data center construction and deployment for various tenants [3] - JP Morgan and Goldman Sachs are partners, providing project global financing up to 85% at SOFR plus 225, indicating strong credit counterparty assessment [8][9] Business Diversification & Infrastructure Development - Hut 8 is building an energy infrastructure platform supporting both Bitcoin and AI compute, diversifying its revenue streams [3] - The company spun out American Bitcoin as a separate public entity, continuing to operate data centers for both AI and Bitcoin compute [4] - Hut 8 is developing a 1 gigawatt project in Corpus Christie (Lawn Hill), initially underwritten for Bitcoin compute, but now attracting interest from AI customers [6] Market Demand & Competitive Advantage - Hut 8 perceives distinct demand types for Bitcoin and AI compute, with Bitcoin data centers willing to locate in areas with curtailment options [4][5] - The demand from American Bitcoin allows Hut 8 to underwrite new megawatts that might not be feasible for AI data centers alone [5] - Securing competitive financing terms (SOFR plus 225) and a high loan-to-cost (LTC) percentage demonstrates the attractiveness of the credit counterparty [8][9]

>> ALL RIGHT. JP MORGAN RESEARCH NUMBER ONE BY EXTEL. CONGRATULATIONS ON THAT.>> THANK YOU SCOTT. >> IT'S GOOD TO HAVE YOUR VIEWS AND GET YOUR OUTLOOK DUBRAVKA. WE'LL SEE YOU SOON.ALL RIGHT NOW TO OUR PANEL. LET'S BRING IN SOPHIE ZILLIZ THOMAS NEW YORK LIFE INVESTMENTS LAUREN GOODWIN MORGAN STANLEY WEALTH MANAGEMENT ELLEN ZENTNER IT'S GREAT TO HAVE EVERYBODY HERE ON THE DESK WITH US. ALL RIGHT, LIZ, YOU FIRST.WHAT DO YOU THINK ABOUT WHAT MR. LAKOS HAD TO SAY. BASE CASE 7500, BULL CASE 8000.>> SO WHEN I LOOK ...