Market Overview - The S&P 500 and Nasdaq-100 indices are currently about 10% and 13% below their respective peaks from 2025, indicating they are out of bear market territory [1] - Some index funds and actively managed ETFs remain in bear markets, defined as being 20% or more below their highs [1] Small-Cap Stocks - Small-cap stocks are trading at their lowest price-to-book valuations relative to large-cap stocks in over 25 years, with the gap widening since the start of 2025 [2] - The average stock in the Russell 2000 small-cap index has a price-to-book multiple of 1.8, compared to 4.6 for the typical S&P 500 stock [3] Investment Vehicles - The Vanguard Russell 2000 ETF (VTWO) is highlighted as a preferred investment option due to its low expense ratio of 0.07% and its diversified holdings across 2,000 small-cap stocks [4] - The Vanguard Real Estate ETF (VNQ) is currently 25% below its all-time high, affected by the rising-rate environment that has placed REITs in a technical bear market [5][6] Real Estate Sector - Elevated interest rates negatively impact REITs by making risk-free returns more attractive, increasing the cost of capital, and leading to declines in commercial property values [6] - There is potential for a turnaround in the real estate sector, with expectations of four 25-basis-point Federal Reserve rate cuts by year-end, alongside a 4.2% yield from the VNQ ETF [7] Technology Sector - The Ark Autonomous Technology & Robotics ETF (ARKQ) is an actively managed ETF that focuses on AI investment opportunities, differing from traditional AI index funds by not being top-heavy with big tech stocks [8][9] - The ETF is currently about 18% below its 2025 peak and 30% below its all-time high, presenting a potential investment opportunity for those interested in AI [10]

Core Viewpoint - CrowdStrike's stock has shown resilience after a significant drop due to new tariffs, with analysts divided on the impact of these tariffs on cybersecurity stocks [1][2][3] Group 1: Stock Performance and Analyst Opinions - CrowdStrike's stock price is currently $324.36, with a 52-week range between $200.81 and $455.59, and a P/E ratio of 636.01 [1] - The 12-month stock price forecast for CrowdStrike is $400.88, indicating a potential upside of 23.59% based on 44 analyst ratings [6] - Analysts have differing views on the impact of tariffs, with some suggesting it could lead to a sell-off of overpriced stocks, while others believe cybersecurity stocks will ultimately benefit [2][3] Group 2: Revenue and Business Strategy - CrowdStrike's Falcon platform has shown strong customer retention, with clients increasingly adding additional modules, contributing to year-over-year revenue growth [6] - Despite a recent reduction in year-over-year revenue growth from the low 30% range to around 25%, the company has achieved record revenue of over $1 billion in the last two quarters [8][9] - The company offered some Falcon modules at no cost following a significant outage, which is expected to impact net new annual recurring revenue by approximately $60 million in the second half of its 2025 fiscal year [7][8] Group 3: Market Sentiment and Future Outlook - The recent sell-off has caused CrowdStrike's stock to drop below key moving averages, and there may not be an immediate catalyst for recovery [10] - Analysts are beginning to view cybersecurity as a favorable sector for investment, with some initiating coverage on CrowdStrike with an Overweight rating and a price target of $450 [11] - Despite a Moderate Buy rating, CrowdStrike is not currently listed among the top stocks recommended by leading analysts [12]

Core Viewpoint - ASML Holding N.V. has experienced a significant stock price decline of 25.1% over the past year, underperforming the broader market and major semiconductor companies, despite its strong market position and financial performance [1][3]. Company Performance - ASML's stock underperformance is attributed to macroeconomic pressures and company-specific challenges, including a broader tech sector sell-off and weakening semiconductor demand [4][5]. - The Dutch government's export restrictions on ASML's advanced lithography tools to China have hampered growth prospects, as China accounted for 41% of ASML's lithography shipments in 2024 [6]. - ASML's forward P/E ratio stands at 27.92, which is higher than the Zacks Computer and Technology sector average of 23.92, raising valuation concerns among investors [7]. Technological Leadership - ASML maintains a near-monopoly on extreme ultraviolet (EUV) lithography, essential for producing advanced chips at 3nm and below, positioning it as a key enabler in semiconductor manufacturing [9][11]. - The company's High-NA EUV technology, designed for sub-2nm nodes, represents significant long-term potential, despite slower-than-expected adoption [10]. Financial Performance - ASML reported €9.26 billion in net sales for Q4 2024, a 24% year-over-year increase, with net income rising 30% to €2.69 billion and EPS growing 30% to €6.85 [12]. - The gross margin expanded by 90 basis points year-over-year to 51.7%, reflecting strong cost management and productivity improvements [13]. - For 2025, ASML expects a 15% revenue growth, driven by rising demand for EUV and DUV lithography systems, along with anticipated margin expansions [14]. Order Backlog and Revenue Visibility - ASML has a record-high order backlog of €36 billion, providing strong revenue visibility, with €7.1 billion in new orders booked in Q4 2024 [15][16]. - The demand for ASML's lithography tools is driven by the AI boom and the need for next-generation chip production [17][18]. Conclusion - Despite facing near-term challenges, ASML's technological leadership, robust financials, and substantial order backlog indicate strong long-term growth potential, making it a compelling hold for investors [19][20].

Financial Data and Key Metrics Changes - Annual revenue reached a record high of $31.8 million, a 20% increase from 2023, with 97% attributed to data collection [9][22] - Adjusted EBITDA for 2024 was a record $9.4 million, up from $5.2 million in 2023 [9][27] - Non-IFRS gross margin for the full year 2024 grew to 77% from 74.3% in 2023 [23] - IFRS net profit for 2024 increased to $5.8 million from a net loss of $5.6 million in 2023 [26] Business Line Data and Key Metrics Changes - Data collection revenue for Q4 2024 was $7.2 million, a 6.8% increase from Q4 2023 [22] - Data collection revenue for the full year 2024 reached $30.9 million, up 45.2% from $21.3 million in 2023 [22] Market Data and Key Metrics Changes - The data collection segment accounted for 97% of total revenues in both quarterly and annual metrics, up from 80% in 2023 [22] - The company experienced volatility in demand due to competition between AI platforms and traditional websites [12][39] Company Strategy and Development Direction - The company has fully executed its strategic vision to focus solely on data collection, phasing out other activities [8] - Investments were made to expand the IP network and enhance infrastructure to support massive data traffic [14] - The company aims to be a data enabler for AI-driven companies, positioning itself for long-term growth [17][33] Management's Comments on Operating Environment and Future Outlook - Management highlighted a "once in a generation inflection point" due to the AI revolution reshaping the data landscape [14] - The company is navigating a period of adjustment as the industry evolves, with short-term revenue growth expected to be lower [30] - Management emphasized the importance of patience and a long-term approach to capitalize on future opportunities [18] Other Important Information - The company recorded financial income of $300,000 for the full year 2024, compared to a financial expense of $300,000 in 2023 [25] - Shareholders' equity doubled to a record of $26.4 million from $13.2 million on December 31, 2023 [28] Q&A Session Summary Question: Can you describe the period of adjustment as the industry evolves? - Management noted that large companies are approaching them for cooperation, indicating a shift in strategy due to competition between AI platforms and websites [38][39] Question: Is the decline in net retention rate related to customer usage? - Management confirmed that the decline in net retention rate is indeed related to customer usage fluctuations as they reevaluate their strategies [45][46] Question: How has the engagement with a Fortune 200 company evolved? - The company reported increased usage from the Fortune 200 customer, with an annual run rate exceeding $500,000 [48] Question: What is the opportunity with large customers in the future? - Management sees significant potential for both regular and strategic customers, especially those aiming to become major players in AI [51][52] Question: What are the plans for new product launches versus M&A? - The company is focusing on internal development for new products but remains open to acquisitions if unique opportunities arise [57][60]

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Core Viewpoint - Nvidia's stock experienced a decline due to uncertainties surrounding potential tariffs and export controls from the Trump administration, despite reporting better-than-expected quarterly profits [1][2]. Financial Performance - Nvidia reported a revenue increase of 78% to $39.33 billion, surpassing expectations, although there was a slight decrease in margins as production of new Blackwell AI chips ramped up [3]. - The company projected sales of $43 billion for the current quarter, which was higher than consensus estimates but still perceived as "slightly underwhelming" by some analysts [4]. Market Sentiment - Wall Street is anxious about macroeconomic factors, particularly as President Trump increases pressure on China, which has contributed to Nvidia's stock volatility [2][5]. - Nvidia shares fell alongside the Nasdaq Composite Index, which was down about 1% in early trading [5]. Demand and Future Outlook - Nvidia's CEO Jensen Huang highlighted strong demand for the new Blackwell chips, predicting significant growth in AI development [3][7]. - Analyst Dan Ives expressed confidence in Nvidia's position, suggesting that the "AI revolution thesis" remains robust despite market uncertainties, and projected that Nvidia could reach a $4 trillion market cap this year [6]. Regulatory Environment - The potential for new tariffs, including a proposed 10% tariff on China and a possible 25% or higher tariff on computer chips, adds to the uncertainty surrounding Nvidia's operations [4][5]. - Top officials in the Trump administration have indicated a desire to tighten export controls on Nvidia's chips, which are crucial for AI advancements in China [10][11].