wildpixel Listen below or on the go on Apple Podcasts and Spotify U.S. businesses are absorbing two-thirds of tariff costs so far - Goldman. (00:23) Nvidia (NVDA), AMD to pay 15% of China AI chip sales to the U.S. - report. (01:27) C3.ai shakes up global sales team after slashing revenue outlook by 33%. (02:24) This is an abridged transcript. The cost of tariffs is being borne mostly by U.S. companies so far, according to analysis by Goldman Sachs. Scott Lincicome, vice president for economy and trade at th ...

The company's CEO has hinted that he's open to making a big move. Tim Cook hints at M&A to speed up its AI strategy There are so many chatbots and AI-powered products and services in the market these days that it can be difficult to keep up. Apple has been playing catch-up, and while it has been introducing AI features for its iPhones, it delayed some until next year, particularly for its Siri assistant. The problem is that by then, it risks falling even further behind its rivals. Apple (AAPL 4.24%) has bee ...

Apple's management isn't saying much about two areas of intense interest to its investors. Is Apple (AAPL 4.24%) an underdog? That might seem like a silly question to ask about a company with a market cap of roughly $3.3 trillion and sales that will almost certainly top $400 billion this year. However, many investors view Apple as an underdog in a critical arena: artificial intelligence (AI). Rumors have floated recently, though, that Apple could be investing heavily in developing AI glasses and is consider ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China PCB (Printed Circuit Board) sector**, highlighting a **47% rally** in the sector over the past three months driven by increasing demand for **artificial intelligence (AI)** applications [1] - The demand for **High Layer Count (HLC) PCB** and **High Density Interconnect (HDI)** is particularly strong due to growth in **cloud service providers' (CSP)** AI capital expenditure budgets and ASIC server projects [1] Core Insights and Arguments - **Demand Dynamics**: - Strong demand from sectors such as **automotive**, **home appliances**, and **industrial applications** supports low-to-mid range order momentum, while demand for **smartphones** and **PCs** remains lukewarm, limiting growth for **Flexible Printed Circuit (FPC)** and **Substrate-Like PCB (SLP)** [1] - The **PCB production value** is expected to grow **6% in 2025E**, following a decline of **15%** in 2023 and a recovery of **7%** in 2024 [9] - The sector is anticipated to enter a mild **AI-driven upcycle**, with a **5% CAGR** from 2024 to 2029, compared to **2%** from 2018 to 2023 [9] - **Substrate Market**: - **BT (Bismaleimide-Triazine)** substrate makers in China are experiencing a dip in utilization rates, but a mild recovery is expected due to tariff-induced demand [2] - **ABF (Ajinomoto Build-up Film)** substrate demand is recovering globally, which is accelerating domestic semiconductor qualifications from local suppliers [2] - **Copper Clad Laminate (CCL)**: - Leading CCL makers in China are operating at full capacity, with a **10-15% price increase** expected in H225E due to rising raw material costs [3] - Demand for high-end CCL is driven by AI server projects and general-purpose server replacements [3] Stock Preferences and Recommendations - **Stock Ratings**: - Total EPS for the coverage is raised by **12%/14%/19%** for 2025-27E due to higher utilization and pricing from robust AI demand [4] - Price targets for companies in the sector have been increased by **47%–118%** based on higher EPS and upcycle PE multiples [4] - Preferred stocks include **Shennan** and **Shengyi Tech** due to their visibility in AI orders, while **FastPrint** has been downgraded to Neutral with a significant EPS cut due to delayed breakeven in ABF [4] Additional Insights - **Market Trends**: - The **server/data storage** segment is projected to grow at a **12% CAGR** from 2024 to 2029, becoming the largest and fastest-growing downstream application by output value [11] - The **automotive sector** is expected to see a **4% CAGR**, driven by electrification and smartification trends [11] - The **consumer electronics** segment is mixed, with near-term strength from subsidies but overall sluggish demand [9] - **Geopolitical Factors**: - Current US tariffs have limited direct exposure for PCB and CCL companies, which have a globally diversified manufacturing footprint [9] - The tariffs may expedite capacity expansion for Chinese producers in Southeast Asia due to the sector's upstream and highly pollutive nature [9] - **AI and Technology Adoption**: - The demand for AI servers is expected to significantly increase, with Nvidia projecting a **100x increase** in compute requirements for inference demand [17] - The introduction of new Nvidia GPUs is anticipated to drive down costs for AI training and inference, further boosting demand for high-end PCBs [17] Conclusion - The China PCB sector is poised for growth driven by AI demand, with specific segments like HLC PCB and HDI expected to outperform. Stock preferences reflect a bullish outlook on companies with strong AI order visibility, while geopolitical factors and market dynamics will continue to shape the landscape.

The "Magnificent Seven" is a term coined by CNBC's Jim Cramer that includes some of the leading tech companies in the market. The cohort consists of: All of these companies (except for Nvidia) have reported results, and investors may be curious as to which ones look like solid buys. I think all of these stocks are growing more interesting each day, but of the seven, I think five are a buy and two are to be watched. The "Magnificent Seven" stocks are still some of the best buys in the market. I'm keeping an ...

Core Insights - Warren Buffett's actions with Berkshire Hathaway's balance sheet signal caution amid elevated stock market valuations [1][2] - The company has significantly increased its cash position while halting share buybacks, indicating a more conservative approach [3][5] Group 1: Cash Position and Share Buybacks - Berkshire Hathaway's cash and equivalents reached $344 billion, surpassing the market capitalizations of all but 27 publicly traded companies [3] - Buffett has reduced his stock holdings, including a decrease in his position in Apple to $267 billion, suggesting more capital is sidelined than invested [4] - Share repurchases have been completely halted in Q2 2025, contrasting with previous years when billions were spent on buybacks [5] Group 2: Valuation Metrics - The price-to-book (P/B) ratio for Berkshire Hathaway has risen to a 10-year high of nearly 1.8, indicating that Buffett does not see the stock as a bargain [6] - The S&P 500 index currently trades at a P/E ratio of 30, significantly above its long-term average, with high-growth stocks like Nvidia at 59 and Walmart at 42 [8] Group 3: Investment Strategy - Buffett's historical pattern shows he increases cash positions and exits stocks when valuations are overheated, as seen in past market cycles [8] - The current market environment makes it challenging for Buffett to find bargain stocks, leading him to prefer cash equivalents for guaranteed interest income [9] - Investors are advised to consider Buffett's cautious approach, especially older investors who may be drawing down funds for retirement [12][14]

[Music] Welcome to the Vergecast, the flagship podcast of testing cursed technology. I'm your friend V Song and I'm here with a special Sunday bonus episode. Yay.We're calling this AI for normies. So, here's the concept. AI can be so open-ended, it's really hard for the average person to know what it's good for.And if you ask me, I don't think big tech is doing such a great job at explaining that either. But we here at the verge. com are a bunch of giant nerds and we test all of this stuff for a living.So I ...

Group 1 - Apple has committed an additional $100 billion over four years to U.S. manufacturing as of August 6, 2025 [1] - Invictus Origin, founded by Oliver Rodzianko in May 2025, aims to deliver among the highest annual returns globally through innovative portfolio strategies [1] - The flagship High-Alpha Black Swan Portfolio, also known as the Invictus Hydra Portfolio, is designed to significantly outperform leading indices like the Nasdaq-100 [1] - The Invictus Hydra Portfolio maintains approximately 20% in dynamic cash reserves, allowing for strategic value investing during market disruptions [1] Group 2 - Oliver Rodzianko has extensive experience as a macro-focused investment analyst, specializing in public equities and emphasizing fundamental valuation and long-term market cycles [1] - The investment process of Invictus Origin integrates U.S. market specialization with comprehensive international market awareness [1] - Oliver has established a strong reputation through contributions to platforms such as Seeking Alpha, TipRanks, and GuruFocus, providing actionable insights to sophisticated investors [1] Group 3 - As CEO of Invictus Origin, Oliver leverages his expertise to create a firm characterized by resilience, performance, and disciplined capital stewardship [1] - The firm is also developing a complementary family office structure dedicated to lower-volatility capital preservation [1]

Core Viewpoint - Apple is significantly increasing its domestic investment in the U.S. to adapt to changing political and trade environments, committing $600 billion over the next four years to bolster its manufacturing presence and supply chain resilience [2][5]. Group 1: Investment and Commitment - Apple has pledged $600 billion in domestic investment over the next four years, building on a previous commitment of $500 billion made earlier this year [2]. - The new American Manufacturing Program aims to repatriate production by Apple's suppliers and partners, expecting to create 20,000 new jobs directly and support additional employment throughout its supply network [2][3]. Group 2: Strategic Manufacturing Initiatives - Apple plans to establish a U.S.-based chip supply chain, with expectations to produce over 19 billion chips by 2025 across 24 factories in 12 states [3]. - The initiative aligns with U.S. government efforts for semiconductor independence and involves partnerships with companies like Corning, Texas Instruments, and Amkor Technology [3]. Group 3: Challenges and Market Dynamics - Industry experts highlight challenges such as higher labor costs, a shortage of skilled workers, and the concentration of key suppliers in Asia, making large-scale electronics assembly in the U.S. difficult [4]. - Apple is likely to focus on manufacturing high-value components domestically while continuing to assemble final products overseas, a compromise accepted by the Trump administration [4]. Group 4: Political and Economic Implications - Apple's exemption from Trump's reciprocal tariffs, including a 25% levy on Indian imports, protects its key product lines from immediate cost increases [5]. - This strategic repositioning may enhance Apple's political standing in Washington and reshape its global supply network over the long term [5].

Core Viewpoint - Apple's announcement to increase its U.S. investment by $100 billion, totaling $600 billion over the next four years, aims to boost sales and leverage recent positive earnings momentum [1][12]. Investment and Manufacturing Strategy - The announcement coincides with new tariffs imposed by the White House, raising concerns for Apple as most iPhones are manufactured in China [2]. - While the announcement does not include plans to build smartphones in the U.S., it outlines partnerships to manufacture several iPhone components domestically through Apple's American Manufacturing Program [3]. - Initial partners in this program include Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor Technology, and Broadcom [4]. - Specific partnerships involve using Corning glass products for iPhones and Apple Watches, and sourcing VCSEL lasers from Coherent for facial recognition [5]. Financial Performance - Apple's fiscal third-quarter earnings report showed a revenue increase of 10% to $94 billion and earnings per share up 12% to $1.57, with product sales rising 8.2% [12]. - Despite the positive earnings, Apple stock has been relatively flat, rising less than 2% over the past 12 months, while competitors like Nvidia and Microsoft have surpassed Apple in market capitalization [8][10]. Market Reaction - Following the announcement, Apple stock experienced a 5% increase, indicating positive market sentiment [6]. - The company's recent commitment to U.S. manufacturing is seen as a strategy to mitigate tariff-related risks and maintain customer loyalty [15].