All right, everybody. Welcome back to the number one podcast in the world. Your favorite podcast, the all-in podcast with me again, the core four, the original four, David Freeberg, Jamal, Pololly, Hapatia, David Saxs are here.And there is a lot going on in the world. Gentlemen, how's everybody's week going. Anybody got big plans for next week.>> Jal, your ship has finally come in. Your invitation was not lost in the mail. >> What.Really. I bet >> you have been invited to Davos. >> What.I got to get my guit ...

Core Insights - Amazon.com Inc. is projected to exceed $1 trillion in revenue by 2028, becoming the fastest company to reach this milestone among major U.S. companies [1] Revenue Comparison - Amazon's revenue for this year is estimated at $720 billion, surpassing Walmart's $700 billion, which has held the title of the largest American company by revenue for a decade [2] - Walmart's revenue is expected to grow to $790 billion by 2028, while Apple Inc. is projected to reach $720 billion in three years with a current revenue of about $520 billion [2] Growth Potential - Nvidia Corp. is noted as a potential candidate to cross the $1 trillion revenue mark first due to its high growth rate, but its current revenue of $240 billion limits its ability to reach that figure by 2028, even with a 60% growth rate [3] Amazon's Revenue Streams - Amazon's e-commerce segment, which constitutes nearly 80% of its revenue, is growing at a rate of 10% year over year, while AWS (Amazon Web Services) is growing at a faster rate of 22% [4] AI Integration and Expansion - AWS is expected to benefit significantly from artificial intelligence, particularly due to a $38 billion deal with OpenAI, marking it as a major player in AI integration [5] - Amazon is also expanding its data center capabilities with a $100 billion investment, positioning itself as a leader in AI data center development [6] Revenue Growth Projections - With the integration of AI, Amazon's overall revenue growth could accelerate from its current pace of about 14%, potentially nearing $1 trillion by 2027 [7]

Summary of Nova (NasdaqGS:NVMI) FY Conference Call - January 14, 2026 Company Overview - **Company**: Nova (NasdaqGS:NVMI) - **Event**: 28th Annual Needham Growth Conference - **Key Speaker**: Guy Kizner, CFO Industry Insights - **Semiconductor Industry Growth**: The semiconductor industry is expected to reach $1 trillion in revenues by 2026, driven by demand from AI, data centers, automotive, and industrial sectors [4][5] - **Investment Trends**: Customers are making long-term capacity investments, particularly in advanced nodes and memory, with a focus on DRAM and advanced packaging [3][5] Financial Performance and Projections - **2026 Outlook**: Nova anticipates a growth year in 2026, with a second-half weighting due to project timing rather than demand [3][5] - **Revenue Target**: The company is on track to meet its $500 million cumulative revenue target from Gate-All-Around technology by 2026 [8] - **Advanced Packaging Growth**: Advanced packaging revenue is projected to grow from 10% in 2023 to around 20% in 2026, driven by both inorganic acquisitions and organic product adjustments [12][14] Market Segments - **Leading Edge Logic**: The transition from FinFET to Gate-All-Around is enhancing Nova's position in metrology, with significant growth expected from major players like TSMC, Intel, Samsung, and Rapidus [7][9] - **Memory Market**: DRAM is a key growth driver, with Nova well-positioned among top spenders. However, the NAND market is currently focused on upgrades rather than capacity expansions [15][16][17] - **China Market**: Nova's exposure to China is expected to decrease percentage-wise but increase in dollar terms. The company does not view China as a growth market for 2026 [18][19] Competitive Landscape - **Market Position**: Nova holds over 70% market share in integrated metrology and is growing in the optical CD standalone segment, competing with Onto and KLA [22][24] - **Chemical Metrology**: Nova has a strong presence in the backend of the process, while KLA dominates the front end [25] - **Chinese Competitors**: Local Chinese players are emerging, but Nova maintains a technological edge [26][27] M&A Strategy - **Capital Allocation**: Nova raised $750 million through convertible notes to fund M&A opportunities, focusing on companies that align with their financial model and offer clear synergies [29][30][31] - **Target Criteria**: The company seeks acquisitions that are accretive to EPS within 12 months and fit their operational and financial criteria [30][31] Long-term Goals - **Revenue Target for 2027**: Nova aims to achieve $1 billion in revenue by 2027, with a commitment to organic growth supplemented by potential acquisitions [32][33] - **Growth Trajectory**: The company plans to double revenues every five years, with a focus on maintaining long-term targets rather than adjusting based on short-term performance [35][36] Conclusion - Nova is positioned for significant growth in the semiconductor industry, with a strong focus on advanced technologies and strategic investments. The company is committed to achieving its long-term revenue targets while navigating competitive and market dynamics effectively.

Core Viewpoint - The tech giant is addressing concerns regarding the impact of data centers on electricity costs in certain communities [1] Group 1 - The company is responding to rising electricity costs attributed to data centers [1]

Core Insights - Albemarle Corporation's shares reached a 52-week high of $169.62, closing at $169.33, with an 83.6% increase over the past year, significantly outperforming the Zacks Chemical - Diversified industry's 21.2% decline [1][6]. Group 1: Stock Performance - Albemarle's stock has surged 83.6% in the last year, driven by a rebound in lithium prices and improving demand from the electric vehicle (EV) and energy storage markets [1][6]. - The company's shares have outperformed the broader industry, which has seen a decline of 21.2% during the same period [1][6]. Group 2: Market Drivers - The increase in stock value is attributed to a combination of fundamental factors, including a rebound in lithium prices due to tightening supply and strong global demand, particularly from China [4]. - Demand forecasts from EVs, grid-scale energy storage, and new battery applications related to AI and data centers have positively influenced market sentiment [4]. Group 3: Operational Improvements - Albemarle has optimized its cost structure, expecting to achieve approximately $450 million in cost and productivity improvements by the end of 2025, having already realized $300–$400 million in annual savings through workforce reductions and efficiency gains [5]. - The company is expanding its global lithium conversion capacity through high-return projects, which has enhanced productivity and met strong customer demand [6][7]. Group 4: Project Progress - Key projects, such as the Salar yield improvement initiative in Chile and the Meishan conversion plant in China, are progressing well, with the latter ramping up ahead of schedule [7].

Core Viewpoint - The surge in AI and data center-related stocks, particularly SanDisk, has created significant value, with SNDK stock increasing over 60% in early 2026 after substantial gains in the previous year [1][2]. Company Overview - SanDisk, headquartered in Milpitas, California, specializes in the development and manufacturing of storage devices utilizing NAND flash technology, including SSDs, embedded products, removable cards, and wafers [3]. Financial Performance - For Q1 2026, SanDisk reported a 21% year-on-year revenue growth to $2.31 billion, with GAAP operating income soaring by 878% to $176 million [4]. - The company experienced a 26% year-on-year growth in data center end market revenue, indicating strong demand driven by AI [5]. Market Outlook - A report suggests that SanDisk may double the price of 3D NAND for enterprise SSDs, which could significantly enhance growth, EBITDA margins, and cash flows in 2026 and beyond [2]. - SanDisk is engaging with five major hyperscale customers, positioning itself for robust growth in the data center and AI markets, with investments expected to exceed $1 trillion by 2030 [5]. Cash Flow and Financial Health - SanDisk reported an adjusted free cash flow of $448 million for Q1 2026, a significant improvement from a negative adjusted free cash flow of $150 million in Q1 2025 [6]. - The company ended Q1 2026 with a strong cash buffer of $1.4 billion, indicating improved credit health and potential for future investments [6].

Core Insights - The growth of data centers and the oil and gas sector is expected to drive significant demand expansion for electricity, with data centers representing about 60% of Xcel's anticipated retail sales growth through 2030 [4][6] - Xcel has raised its five-year capital spending plan to $60 billion, which includes investments in renewable energy, gas generation, energy storage, and wildfire mitigation [5] - The U.S. economy is experiencing mixed signals, with a cooling labor market but strong investment in AI and data centers [3] Group 1: Demand and Growth - Electric demand in the U.S. has grown about 0.5% annually over the last 10 to 15 years, primarily due to population growth [2] - The oil and gas sector, particularly in the Texas panhandle and southeastern New Mexico, is also contributing to electric demand through electrification and decarbonization efforts [7] - Data center developers have announced new construction plans totaling about $600 billion in capital spending, which will create competition for resources needed for infrastructure development [16] Group 2: Infrastructure and Supply Chain - Supply chain issues are affecting the procurement of electrical equipment, with lead times for transformers increasing from one year to nearly three years [8] - Construction timelines for combustion turbine gas plants have extended from 18 months to 4-5 years [9] - The need for proactive planning and collaboration with regulators and stakeholders is emphasized to address supply chain delays [10] Group 3: Energy Sources and Costs - Nuclear energy is highlighted as a preferred energy source for data centers, providing about 50% of the U.S.'s carbon-free electricity [14] - The U.S. nuclear fleet is aging, and there is a call for revitalization as a national initiative [15] - Engineering, procurement, and construction costs have seen a price increase of 30% to 40% over the last couple of years due to competition for labor and materials [18]

That's the societal thing that has me focused on Bitcoin because I believe capitalism is ending and people don't want to hear that but I believe it's ending because artificial intelligence and Mark Andre talks about this. This is the most unbelievable technology investment like scene I've seen. But the competition is intense [music] and the ability of getting a moat around your business is impossible.You need more storage. You need more places to run these things. The hyperscalers need data centers [music] ...

Core Insights - Meta Platforms has entered into 20-year agreements to purchase power from three Vistra nuclear plants in the US and is collaborating with two companies to develop small modular reactors (SMRs) [1][4][10] Group 1: Agreements and Power Supply - The agreements will provide up to 6.6 gigawatts of nuclear power by 2035, with Meta purchasing power from Vistra's Perry and Davis-Besse plants in Ohio and Beaver Valley plant in Pennsylvania [3][7][10] - Meta's partnership with Oklo aims to develop up to 1.2 gigawatts of energy in Ohio as early as 2030, supporting early procurement and development [11] - The company will also help fund TerraPower's development of two reactors to generate up to 690 megawatts of power as early as 2032 [8] Group 2: Industry Context and Implications - The move is part of a broader strategy by Meta and other Big Tech companies to secure long-term electricity supplies as demand from artificial intelligence and data centers rises for the first time in two decades [3][4] - Meta's agreements, along with a previous deal with Constellation to keep an Illinois reactor operating for 20 years, position the company as a significant corporate purchaser of nuclear energy in American history [5] - Critics express concerns that SMRs may struggle to achieve economies of scale similar to current large reactors, and there are currently no US SMRs in commercial operation [5][7]

Group 1 - The core viewpoint is that Vistra (VST) is well-positioned to benefit from the growth of artificial intelligence (AI) and the increasing demand for energy from data centers [1][3] - Vistra is the largest power producer and seller in the U.S., with a diverse portfolio including nuclear, coal, natural gas, solar, and energy storage assets [2] - The company recently acquired Cogentrix Energy for $4.7 billion to meet the surging energy demand, adding 10 natural gas facilities to its operations [3] Group 2 - Vistra's current market capitalization is $51 billion, with a recent price of $150.60 and a day's change of -2.59% [4] - The company has a gross margin of 38.78% and a dividend yield of 0.60%, but its forward-looking price-to-earnings (P/E) ratio of 17 is significantly above its five-year average of 12 [5] - For investors seeking exposure to the energy sector, an energy-focused exchange-traded fund (ETF) like the Vanguard Energy Index ETF (VDE) may offer a more attractive valuation compared to individual stocks [6]