Core Insights - The individual has retired after over 43 years in investment research, now operating independently to provide actionable investment insights [1] - The focus is on rules and factor-based equity investing strategies, emphasizing the use of numbers to inspire human intelligence-driven investment stories rather than solely relying on statistical studies [1] - The individual combines factor analysis with classic fundamental analysis to uncover the true story of companies and their stocks, highlighting the importance of future potential over past performance [1] Experience and Background - The individual has extensive experience covering a wide range of stocks, including large cap, small cap, micro cap, value, growth, and income [1] - Previous roles include managing a high-yield fixed-income fund and conducting research on quantitative asset allocation strategies, contributing to the development of Robo Advising [1] - The individual has authored two books on stock selection and analysis and has a passion for investor education, having conducted numerous seminars [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the optical module and related industries, particularly focusing on the demand for optical modules, PCBs, and other network-side products driven by significant growth in TOKEN users and Annual Recurring Revenue (ARR) [1][2][4]. Key Insights and Arguments - **Growth in AI Monetization**: From April to June, TOKEN usage increased four to five times compared to the beginning of the year, indicating a substantial rise in inference computing demand, which benefits the related supply chain [1][5]. - **Impact of Tariffs**: Current optical module products are not affected by U.S. tariffs, but potential 232 industry taxes could be a concern. A 25% tax increase would have limited impact on customers due to existing tariffs [4][12]. - **Market Performance**: North American cloud service providers reported better-than-expected revenue, and major model companies are seeing significant growth in TOKEN users and ARR, which is driving demand for optical modules and PCBs [2][5]. - **Future Demand Projections**: By 2025, demand for computing power will increasingly be driven by inference rather than training, with ASICs expected to account for a larger share of the market, significantly increasing the value of optical modules and PCBs compared to GPUs [1][6][8]. - **AI Revenue Growth**: AI-related revenues are projected to reach hundreds of billions to a trillion dollars by the end of the year, with companies like OpenAI and Anthropic showing rapid ARR growth [1][6][7]. Additional Important Points - **Market Valuation**: Current market valuations for leading companies are relatively low, not fully reflecting the growth potential of optical modules and PCBs. A PE ratio of at least 20 is suggested for these sectors [3][12][15]. - **Technological Developments**: The introduction of new technologies, such as the 1.6T optical module, is expected to accelerate growth in the industry, with significant releases anticipated in the coming quarters [5][14]. - **Cost Efficiency**: ASICs have a lower cost per Flops compared to GPUs, with a cost efficiency ratio of 2-3 times better, leading to a wide range of cost fluctuations [9][10]. - **Long-term Growth Predictions**: By 2026, the growth rate for optical modules and PCBs is expected to reach 20-30%, driven by the increasing share of ASICs in the market [10][11]. Conclusion - The optical module and PCB industries are poised for significant growth driven by advancements in AI, increased demand for inference computing, and favorable market conditions. The current market undervaluation presents potential investment opportunities, with a strong outlook for the coming years.

几天前，英伟达再一次创造了历史。 7 月 3 日，英伟达市值短暂攀上 3.92 万亿美元，超越了苹果此前保持的 3.915 万亿美元纪录，成为有史以来市值最高的上市公司。AI 算力的狂飙猛进，把 这家 GPU 厂商推向了前所未有的高点。 尤其是自 2024 年底，性能与能效双双跃进的 Blackwell 平台开始出货后的销售表现，打破了外界的疑虑，英伟达创始人兼 CEO 黄仁勋在最新财报电话会议 上表示，仅在 2025 年第一季度，这套新平台就已经贡献了英伟达数据中心收入的近七成。 但就在英伟达市值冲顶、光环加身之时，来自生态内部的裂缝也在浮现。最典型的例子，正是英伟达的重要客户—— OpenAI。几乎就在英伟达市值达到高 峰的同时，The Information 援引 OpenAI 内部人士称，OpenAI 正在使用谷歌自主研发的 TPU 芯片来为 ChatGPT 及其其他产品提供算力支持。 TPU 服务器，图/谷歌 虽然后续的回应中 OpenAI 刻意淡化了「转向」，强调是测试且「暂无大规模采用计划」。但对于一家曾亲手定义 AI 新时代的公司来说，哪怕只是「测 试」，也足以引发市场的高度敏感。 与此同时， ...

RT Will Manidis (@WillManidis)your soul is built for labor, that there's a reason god required the garden to be tended toand that by removing that labor we've made everyone genuinely insane. no physical activity, no meaningful labor, is a one way path to mass violence and we're about to pay the cost ...

Company Overview - Stockholm Taiko is a unique taiko drumming ensemble based in Sweden, blending Japanese taiko with Nordic folk music [1] - The group is led by Maki, a taiko artist from Japan, redefining the taiko experience with global influences [1] Performance Characteristics - Their signature approach combines the energy of Japanese taiko with Nordic instruments like the hurdy-gurdy and bagpipes [1] - Performances are a dialogue between Japanese and Nordic traditions, moving from Japan's festival spirit to Scandinavian landscapes [1] - Performances are built on strength, harmony, and movement, embodying Japanese and Nordic traditions [1] Mission - The company's mission is to break boundaries and unite people through rhythm [1]

लेडीज एंड जेंटलमैन, व्हाट वाज़ योर फेवरेट प्लेस इन योर स्कूल. योर फील्ड और द क्लास। नाउ स्लोली ओपन योर आईज। एंड टेल मी व्हाट वास् इट. द फील्ड ओर द क्लास। आई नो दट इट्स द फील्ड। सो टुडे आई एम गोइंग टू शेयर विद यू दैट हाउ स्पोर्ट्स चेंज्ड माय लाइफ। स्पोर्ट्स इज ऑफन सीन एस अ गेम, अ हॉबी और एन एक्स्ट्रा करिकुलर एक्टिविटी। बट व्हाट इफ आई टोल्ड यू, इट्स सो मच मोर। लेट मी टेक यू ऑन माई जर्नी ऑन हाउ स्पोर्ट्स चेंज्ड माइ लाइफ। एव्री एथलीट वेदर अ बिगिनर और अ चैंपियन लोंस दैट स्पोर्ट्स विद अ फेलियर बट आई स्टार्टेड विद ...

[Music] [Applause] Hello everyone. I'm Elsa, a grade seven student from YWIS Tong. Today I'm going to talk about how composing music can truly transform the dramatic arts by crafting emotional narratives that enrich storytelling.Before we dive deeper, I'm going to show you a short video that features a peaceful wildlife scene. As you watch, notice that although the visual stays the same, the mood shifts dramatically each time the music changes. [Music] Did Do you notice how this simple experiment shows the ...

[संगीत] [प्रशंसा] सो थैंक यू फर्स्ट ऑफ़ ऑल टेडक्स जीजीएसआई टीम फॉर हैविंग मी हियर इट्स अमेजिंग एंड आई होप यू गाइस हैव गन टुडे सो फर्स्ट ऑफ़ ऑल आई एम गोइंग टू स्टार्ट अप बाय टॉकिंग अबाउट माय लिटिल जर्नी दैट आई हैव हैड टिल नाउ आई स्टार्टेड लर्निंग म्यूजिक व्हेन एंड आई वास अराउंड फोर इयर्स ओल्ड। आई स्टार्टेड वि गुरुनी संगीत म्यूजिक बिकॉज़ माय मॉम वास वै स्पिरिचुअली कनेक्टेड एंड शी वांटेड मी टू स्टार्ट लर्निंग गुरबानी म्यूजिक देर आफ्टर आई वास अराउंड सिक्स इयर्स ओल्ड आई आल्सो स्टार्टेड लर्निंग हिंदुस्तानी क्लासिकल ...

Group 1: Nvidia Overview - Nvidia has experienced significant growth since the AI boom began, with earnings per share increasing by 1,690% and share price rising by 715% since January 2023 [1] - The company reported a 69% increase in revenue to $44 billion, driven by strong demand for AI infrastructure, while non-GAAP net income rose 33% to $0.81 per diluted share [4] - Nvidia's GPUs are highly sought after for AI applications, supported by its CUDA software platform, which is essential for many AI projects [7][8] Group 2: Hedge Fund Activity - Citadel Advisors sold 1.5 million shares of Nvidia, reducing its stake by 50%, while increasing its stake in Palantir by 204% [7] - Millennium Management sold 740,500 shares of Nvidia, cutting its stake by 7%, and increased its Palantir stake by 302% [7] Group 3: Future Outlook for Nvidia - Wall Street anticipates Nvidia's earnings to grow at an annual rate of 28% over the next three to five years, making its current valuation of 51 times earnings appear reasonable for long-term investors [8] - The company is well-positioned to benefit from the future growth of physical AI technologies, which will enable autonomous machines to navigate the real world [6] Group 4: Palantir Overview - Palantir reported a 39% increase in revenue to $884 million, with a 39% rise in customer count and a 124% increase in average spending per existing customer [9] - The company raised its full-year sales forecast, projecting a 36% increase in 2025 [9] Group 5: Palantir's Market Position - Palantir's analytics software is designed for both commercial and government sectors, with its AIP product recognized as a leader in AI and machine learning platforms [10][11] - Despite its strong business fundamentals, Palantir's stock is considered expensive, trading at 107 times sales, significantly higher than the average for software companies [12]

Group 1 - Renesas has recently announced the abandonment of its SiC power semiconductor production and disbanded its SiC chip production team at the Takasaki factory, leading to an expected loss of approximately $1.7 billion (about 250 billion yen) in the first half of the year [2][3][14] - The company has postponed its strategic goals set in 2022, including becoming one of the top three embedded semiconductor solution providers by 2030, exceeding $20 billion in sales, and increasing its market value sixfold by 2022, now aiming for 2035 [4][14] - The bankruptcy restructuring of its SiC partner, Wolfspeed, has significantly impacted Renesas, as Wolfspeed is a key supplier of SiC substrates [5][6][8] Group 2 - Renesas experienced a surge in revenue during 2021-2022 due to the global chip shortage and acquisitions, with 2022 revenue reaching 1.5 trillion yen, a 51% year-on-year increase, but growth has since slowed [23][25] - The company announced a major layoff of about 5% of its workforce, approximately 1,000 employees, and postponed salary increases due to performance pressures [24][29] - Financial results for the first quarter of 2025 showed a 12.2% year-on-year decline in sales to 308.8 billion yen, with automotive revenue also down 12.8% [26][27][41] Group 3 - The automotive semiconductor market is facing a downturn, with a projected 1.2% revenue decline in 2024, attributed to inventory adjustments by suppliers and OEMs [38] - Renesas has adjusted its strategy to focus on its core strengths in embedded processing and computing technologies, while also planning to increase investments in hardware and related peripherals [29][30] - The company is expected to continue its presence in the SiC market through design and outsourcing manufacturing, despite halting its own production [21][44]