Event Focus - Bloomberg Tech event in London will address how Europe can secure its place in the digital landscape [1] - Discussions will cover the next phase of AI and building resilient digital infrastructure in Europe [1] Event Details - The event will be held in London on October 21st [1]

Core Insights - Apollo-managed funds have agreed to acquire a majority interest in Stream Data Centers, positioning SDC to execute a multi-gigawatt development pipeline and deploy billions into U.S. infrastructure [1][2][3] - Stream Data Centers has delivered over 20 campuses and controls over 4 gigawatts of long-term powered land, with plans to scale development to meet demand from hyperscale cloud and AI providers [2][3] - Apollo estimates that data centers will require several trillion dollars of global investment over the next decade, with approximately $38 billion already deployed into next-generation infrastructure investments since 2022 [3] Company Overview - Stream Data Centers builds, leases, manages, and operates hyperscale data center campuses, with over 90% of its inventory leased to Fortune 100 customers [2][8] - The company has a robust near-term pipeline and aims to accelerate site development for 650 MW of near-term power capacity across campuses in metro Chicago, Atlanta, and Dallas [4] - Stream Data Centers has established a strong operational model based on collaborative customer relationships and is focused on delivering exceptional data center experiences [3][8] Investment and Growth Strategy - Apollo Funds and Stream Realty Partners will commit new capital to accelerate the development of Stream's existing data center land fund [4] - The transaction is expected to be completed in 2025 and will enhance SDC's ability to meet the accelerating demand for data center solutions [4] - Apollo's investment strategy includes significant scaling in renewable energy, digital platforms, and compute capacity, leveraging SDC as a key operating platform [3]

Investment & Acquisition - Apollo Global agreed to acquire a majority stake in Stream Data Centers [1] - This marks Apollo Global's first such acquisition in the digital infrastructure sector [1] Market Trend - The acquisition is driven by booming demand for digital infrastructure [1]

Financial Data and Key Metrics Changes - Ares Management reported a quarterly AUM increase to $572 billion, representing a quarter-over-quarter organic growth of 19% on an annualized basis [7] - The company declared a quarterly dividend of $1.12 per share, a 20% increase compared to the same quarter last year [3] - Management fees reached a record $900 million, reflecting a 24% year-over-year increase [32] - Fee-related earnings (FRE) grew by 26% year-over-year, with FRE margins at 41.2% [34] Business Line Data and Key Metrics Changes - The second quarter deployment in the U.S. was $27 billion, slightly higher than the previous year despite market pauses [8] - The FPAUM increased to $350 billion, representing quarter-over-quarter organic growth of 17% [8] - The secondaries business saw a 29% increase in AUM to nearly $34 billion [15] - The real estate segment raised $2.4 billion in capital during the quarter, primarily from non-traded REITs [12] Market Data and Key Metrics Changes - Approximately 55% of fundraising was from products, with 30% into commingled funds and 25% into SMAs [10] - International demand accounted for more than one-third of year-to-date flows, with strong traction in Europe and Asia [19] - The European direct lending strategy raised over $1.1 billion from new SMAs and $800 million in the wealth channel [12] Company Strategy and Development Direction - Ares Management is focused on scaling its fundraise and expanding its global wealth distribution network, now partnering with over 80 firms globally [19] - The company anticipates significant growth in its data center asset management business and global industrial development [9] - Ares is positioned to capitalize on the growing demand for alternative investments, particularly in the wealth channel [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the transaction market environment strengthening into the third quarter, supported by lower short-term rates and record amounts of private equity dry powder [27] - The integration of the GCP acquisition is progressing well, with expectations of enhanced fund performance and additional revenue streams [30] - The company remains confident in its ability to generate unique investment opportunities and maintain strong deployment across various market conditions [62] Other Important Information - The net accrued performance income balance increased by 8.5% to $1.1 billion, reflecting strong investment results [9] - Ares anticipates that perpetual capital will continue to represent a significant percentage of AUM growth, providing greater visibility in revenue growth and profitability [23] - The company is experiencing strong demand for its sports media and entertainment strategy, with significant commitments raised [11] Q&A Session Summary Question: Discussion on private credit and institutional demands - Management noted that private credit fundraising has not outpaced other alternative asset classes, but they continue to see institutional appetite for private credit [49] - They emphasized that fee pressure has not been significant, and they maintain a strong position in the market [50] Question: Opportunities in the alternative market - Management expressed enthusiasm for the democratization of alternatives and is prepared to offer products as the market opens [58] Question: Update on deployment pipelines - Management indicated confidence in the growing pipelines across various business segments, including direct lending and real estate [66] Question: Comparison of European and U.S. direct lending markets - Management highlighted that European markets are becoming more attractive due to different rate trajectories and increased investor appetite [70] Question: Retail distribution and international flows - Management confirmed ongoing investments in product development and distribution, with expectations for continued growth in international markets [78]

Core Insights - Equinix Inc. reported a second-quarter 2025 adjusted funds from operations (AFFO) per share of $9.91, exceeding the Zacks Consensus Estimate of $9.19 and reflecting a 7.5% year-over-year increase [1][9] - The company experienced higher revenues and expanding margins due to strong demand for digital infrastructure and services, with total quarterly revenues reaching $2.26 billion, surpassing estimates by 0.03% and increasing 4.5% year over year [2][4] Financial Performance - Recurring revenues amounted to $2.14 billion, a 5.9% increase from the previous year, while non-recurring revenues decreased by 16.3% to $113 million [4] - Adjusted EBITDA was reported at $1.13 billion, up 9% year over year, with an adjusted EBITDA margin of 50% [5] - The company had $8.5 billion in available liquidity and total gross debt of approximately $18.1 billion as of June 30, 2025, with a net leverage ratio of 3.5 [6] Market Position and Outlook - CEO Adaire Fox-Martin expressed confidence in Equinix's market position, highlighting its diverse ecosystems and global presence as key differentiators [3] - The company added 6,200 interconnections in the quarter, bringing the total to over 492,000, driven by cloud and AI expansion [2] Dividend and Guidance - Equinix announced a quarterly cash dividend of $4.69 per share, payable on September 17, 2025 [7] - The company raised its 2025 guidance for AFFO per share to a range of $37.67 to $38.48, indicating an 8-10% increase from the previous year [11] - Total revenue guidance for 2025 was also increased to a range of $9.233 billion to $9.333 billion, reflecting a growth of 6-7% from 2024 [12]

Financial Data and Key Metrics Changes - The company reported fee-related earnings (FRE) of $0.23 per share and distributable earnings (DE) of $0.21 per share for the second quarter [4] - FRE revenues grew by 29%, FRE increased by 23%, and DE rose by 20% year over year on a last twelve months basis [7] - The company raised $14 billion of new capital during the quarter, totaling a record $55 billion over the last twelve months, representing 28% of assets under management a year ago [6][7] Business Line Data and Key Metrics Changes - In alternative credit, the company closed a private offering of $850 million for a new interval fund, reflecting strong investor confidence [8] - The digital infrastructure strategy saw a final close of its third flagship fund at a $7 billion hard cap, with over half the capital already soft circled for investment [9] - The real estate credit strategy deployed over $3 billion year to date, with significant activity in the insurance channel [9] Market Data and Key Metrics Changes - Capital raised from EMEA and APAC investors increased to 23% from 14% two years ago, indicating ongoing globalization of the business [12] - The company raised $5.8 billion of equity in credit during the second quarter, marking a record quarter for the credit platform [24] - The direct lending portfolio gross returns were 3% in the second quarter and 13.5% over the last twelve months, with strong credit quality maintained [26] Company Strategy and Development Direction - The company is focused on expanding its product offerings to meet varying investor needs across the risk-return spectrum, leveraging its scale and incumbency [7] - A new strategic partnership with Voya aims to deliver private market strategies tailored for defined contribution retirement plans, broadening access to alternative investments [20] - The company plans to grow FRE management fees to over $5 billion and FRE to over $3 billion, indicating a strong long-term growth trajectory [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their investor base despite market disruptions, highlighting the secular demand for their strategies [12] - The company noted that the investments made over the past year are beginning to bear fruit, with a steady and predictable financial profile [33] - Management emphasized the importance of the current macro environment for direct lending, indicating optimism for future transaction volumes [84] Other Important Information - The company completed the listing of its technology-focused BDC, OTF, which is now the second largest publicly traded BDC by net assets [22] - The company has raised $3.5 billion of capital across strategies that did not exist two years ago, reflecting strong reception for new offerings [10] - The net lease pipeline continues to grow, with nearly $41 billion of transaction volume under letter of intent [28] Q&A Session Summary Question: Can you discuss the asset origination channel and the scaling opportunity in asset-backed finance? - Management highlighted the significant opportunity in asset-backed finance and the integration of their asset-backed business with direct lending, emphasizing their strong origination capabilities [36][40] Question: What are the thoughts on the build-out of a target date fund with Voya? - Management discussed the importance of democratizing access to alternative investments for 401(k) participants and the potential for innovation in this area [50][54] Question: What should be expected regarding the integration and scaling of recently acquired businesses? - Management indicated that integration benefits are already being realized, with strong fundraising numbers and a diversified business model [60][66] Question: Can you comment on the competitive environment in the triple net lease market? - Management stated that their leadership in the net lease market has accelerated, with a growing pipeline and strong trust built with partners [75] Question: How is the direct lending business performing, and what are the expectations for the third quarter? - Management noted strong credit quality and a positive macro environment for direct lending, with signs of increased activity in the market [84]

Group 1: Investment Trends - Buy-and-hold investors often favor blue-chip stocks, which are large-cap and mega-cap stocks with mature business models, known for their stability and reliable dividends [1] - Conservative investors should keep an eye on emerging megatrends such as artificial intelligence (AI), digital infrastructure, and energy security, which are expected to reshape the global economy by 2025 [2] - Some lesser-known stocks are outperforming major tech stocks in 2025, indicating potential investment opportunities beyond traditional mega-cap names [2][3] Group 2: Cameco Corporation - Cameco Corp. is one of the largest uranium producers globally, contributing to the long-term demand for nuclear power, with a current stock price of $78.68 and a 12-month price forecast of $80.65, indicating a potential upside of 2.51% [4] - The company has long-term contracts with utility companies and has restarted production capacity to meet rising demand, bolstered by a 49% stake in Westinghouse Electric Company [7] - Cameco's stock has increased by 53% in 2025, approaching its consensus price target, with analysts raising their price targets reflecting the company's strong balance sheet [8] Group 3: Comfort Systems USA - Comfort Systems USA Inc. plays a crucial role in data center infrastructure, with a current stock price of $695.85 and a 12-month price forecast of $635.60, indicating a potential downside of 8.66% [9] - The company reported a year-over-year revenue growth of 19.8% and earnings growth of 74.5%, leading to a 22% increase in stock price, which is up 62% in 2025 [11] - Analysts have raised their price targets for Comfort Systems following the earnings report, with the most bullish target set at $810 [12] Group 4: Fortinet Inc. - Fortinet Inc. is known for its hardware firewalls and is expanding its offerings to include next-generation cloud-compatible firewalls and endpoint security, with a current stock price of $100.99 and a 12-month price forecast of $107.00, indicating a potential upside of 5.95% [13] - The company utilizes custom-built ASICs to deliver enterprise-grade security with better performance and lower costs compared to software-only competitors, making it attractive for companies with hybrid infrastructures [15] - Fortinet's stock is up 10% in 2025 and is trading near its consensus price target, although analysts remain cautious about its future performance [16]

Core Viewpoint - Hainan Telecom is playing a crucial role in the digital infrastructure of Hainan Free Trade Port, with significant investments in data centers and computing power to support the secure and orderly flow of data across various industries [2][4]. Group 1: Infrastructure Development - The China Telecom Hainan (Haikou) International Information Park is planned to cover approximately 390 acres, with a final capacity of about 41,000 racks, currently having completed phase 1 with 6,000 racks [2][3]. - Hainan Telecom has built a large-scale computing power cluster, including the Haikou and Sanya International Information Parks, establishing a "North-South dual-core" data center network [4][5]. Group 2: Service Capabilities - The data center provides comprehensive intelligent information services for various sectors, including government, transportation, education, and healthcare, enhancing digital transformation across industries [3][5]. - Hainan Telecom has established a data product supermarket, the first of its kind in the country, which has attracted over 2,000 market participants and achieved a data transaction scale exceeding 1.2 billion [5]. Group 3: Technological Resilience - The data center demonstrated its resilience during extreme weather conditions, maintaining uninterrupted operations despite power and water outages caused by Typhoon "Mojia" [3]. - Advanced monitoring and maintenance systems are in place to ensure optimal operating conditions for computing equipment, including real-time temperature and humidity adjustments [3]. Group 4: Connectivity and Expansion - Hainan Telecom has built 11,700 5G base stations, achieving continuous coverage in urban and rural areas, with a 100% optical network access rate in administrative villages [4]. - The company is enhancing international connectivity with new submarine cables linking to Southeast Asia, facilitating cross-border data flow and international business expansion [4].

The generative AI boom and a broad push towards digital infrastructure are driving demand for Dell Technologies Inc. (NYSE: NYSE: DELL ). After undergoing a PC downturn in 2023, the company is now on a positive uptrend especially Kennedy is a GARP-themed investor with a bias towards companies with aggressive growth prospects, en route to becoming highly profitable in 1-2 years.His investment philosophy emphasizes long-term discipline, consistent alpha, and a pinch of salt (risk).He writes to empower the und ...

Core Insights - Sika achieved a global growth of 1.6% in local currencies during the first half of 2025, despite a challenging economic environment and a significant foreign currency impact due to the weaker US dollar [2][4] - The company reported an increase in its EBITDA margin to 18.9%, supported by stable input costs and efficiency gains, while raising its synergy targets for MBCC by CHF 20 million [5][7] - Sika's strategic investments included acquisitions and the expansion of production capacities, positioning the company for future growth [7][9] Financial Performance - Sika's net sales in Swiss francs amounted to CHF 5.68 billion, a decrease from CHF 5.83 billion in the previous year, reflecting a -2.7% change [4][14] - The EBITDA for the first half of the year reached CHF 1,070.4 million, slightly down from CHF 1,092.9 million the previous year, primarily due to foreign currency effects [5][14] - Operating free cash flow decreased significantly to CHF 181.9 million from CHF 401.3 million, attributed to increased net working capital and higher investments [6][15] Regional Performance - In the EMEA region, Sika experienced a sales growth of 1.9% in local currencies, with a notable recovery in construction markets [10] - The Americas region saw a 3.5% increase in local currency sales, although growth was tempered by mixed signals in US trade policy [11] - The Asia/Pacific region faced a slight decline of -1.7% in local currency sales, mainly due to challenges in the Chinese construction sector [12] Strategic Initiatives - Sika made targeted acquisitions, including Elmich (Singapore), Cromar (UK), HPS (USA), and Gulf Additive (Qatar), to strengthen its market position [7][9] - The company expanded its global production capacity with new factories in multiple countries, enhancing its ability to meet customer demands [7][8] - Sika confirmed its strategic medium-term targets for sustainable, profitable growth by 2028, despite uncertain market conditions [13]