Core Viewpoint - The competition between Broadcom and AMD to challenge Nvidia's dominance in the AI infrastructure market is intensifying, with both companies showing strong stock performance in 2025, particularly AMD with a year-to-date increase of over 70% compared to Broadcom's approximately 45% gain [1]. Summary by Company AMD - AMD is the second-largest player in the GPU market, focusing on the inference segment where cost-per-inference is crucial, and it has a competitive edge against Nvidia's CUDA software [3]. - Microsoft is developing a toolkit to convert CUDA code to AMD's ROCm, enhancing the use of AMD GPUs for inference, and AMD has partnered with OpenAI to deploy 6 gigawatts of GPUs, starting with 1 gigawatt next year, with OpenAI also acquiring a stake in AMD [4]. - In addition to GPUs, AMD is a leading provider of CPUs for computers and data centers, a rapidly growing market where it is gaining market share [5]. Broadcom - Broadcom approaches the AI chip market by designing custom AI ASICs, which are preprogrammed chips optimized for specific tasks, offering better performance and energy efficiency compared to traditional GPUs [6]. - The company has collaborated with Alphabet to develop Tensor Processing Units (TPUs), which have attracted other major data center operators as customers, with potential revenue from three key customers projected to exceed $60 billion by fiscal year 2027, and a $21 billion order from Anthropic for TPUs [7]. - Both AMD and Broadcom are trading at similar valuations, indicating a competitive landscape [8].

The evolution of the exchange-traded fund (ETF) brought innovative products to the fixed income marketplace. These don't just cater to buy-and-hold investors fixated on the long-term investment horizon. Ultra-short term bond funds appeal to investors looking to use the ETF wrapper to fulfill short-term cash obligations. It's what Morningstar's head of client solutions Ben Johnson referred to as "money market substitutes†in a recent episode of ETF Prime. In the same episode, Johnson picked the Vanguard 0-3 M ...

Financial Performance - Total revenue for the second quarter of fiscal year 2026 reached $1,558 million, an 18% increase compared to $1,317 million in the second quarter of fiscal year 2025[8] - Adjusted operating income for the second quarter of fiscal year 2026 was $649 million, a 21% increase compared to $538 million in the second quarter of fiscal year 2025[8] - Adjusted diluted EPS for the second quarter of fiscal year 2026 was $1.26, an 11% increase compared to $1.14 in the second quarter of fiscal year 2025[8] - For the six months ended November 30, 2025, total revenue was $3,097.6 million, an 18% increase[35] - For the six months ended November 30, 2025, adjusted operating income was $1,275.7 million, an 18% increase[35] - For the six months ended November 30, 2025, adjusted diluted EPS was $2.48, an 8% increase[35] Revenue Drivers - Management Solutions revenue increased by 21% from $963 million to $1,166 million[11] - PEO & Insurance Solutions revenue increased by 6% from $318 million to $337 million[11] - Interest on Funds Held for Clients increased by 51% from $36 million to $54 million[11] Fiscal Year 2026 Outlook - The company anticipates total revenue growth of 16.5% - 18.5% year-over-year[33] - The company anticipates adjusted diluted EPS growth of 8.5% - 10.5% year-over-year[33]

Core Insights - The MSCI Emerging Markets Index has gained nearly 31% year-to-date, while the MSCI India Index has only increased by 1% this year, indicating underperformance in Indian equities [1][2]. Group 1: Market Performance - The MSCI India Index's modest gain of 1% contrasts sharply with the overall emerging markets performance, suggesting potential future opportunities for investors [2]. - The underperformance of Indian stocks has led to more attractive valuations, with the market trading at 23.5 times earnings, down from a five-year average of 27 [5]. Group 2: Future Outlook - The potential easing of U.S. tariffs on India in 2026 could serve as a catalyst for Indian ETFs like the WisdomTree India Earnings Fund (EPI) and the WisdomTree India Hedged Equity Fund (INDH) [4]. - Analysts and asset managers currently view Indian stocks as a top hedge against AI trade risks, which may enhance their appeal moving forward [7]. Group 3: Economic Factors - The Indian government and the Reserve Bank of India (RBI) are implementing measures to stimulate the economy, including tax simplification and interest rate cuts, which have raised the RBI's growth estimate from 6.5% to 7.2% for the fiscal year [6]. - The consumption-driven nature of India's economy is regaining favor, with equity gains being primarily driven by banks, consumer firms, and services [8].

Despite the market continuing on an upward trajectory due to AI excitement and plenty of stocks being overvalued, I think there are a lot of solid deals still left in the market.Formerly known as "The Dividend Collectuh." Top 1% of financial experts on TipRanks. Contributing analyst to the iREIT+Hoya Capital investment group. Dividend Collection Agency is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purpose ...

18 December 2025 | 11:07AM EST Economics Research GLOBAL ECONOMICS ANALYST Macro Outlook 2026: Sturdy Growth, Stagnant Jobs, Stable Prices Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Dominic Wilson +1(212)902-5924 | dominic.wilson@gs.com Goldman Sachs & Co. LLC Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Vickie Chang +1(212)902-6915 | vickie.chang@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LL ...

December 18, 2025 05:02 AM GMT Cybersecurity | North America 2026 Outlook: Any More Room on the Platform? Platforms were the source of excess cybersecurity returns in 2025, despite profitable growth from multiple other names within the space. Continue to favor platforms, but with platforms having M&A to work through in 1H, we could see 20% + growth best-of-breed outperforming as well. Key Takeaways Platforms have seen the returns in 2025; we expect them to continue to outperform, but believe other opportuni ...

Analog Devices, Inc. ( ADI ) is set up for strong secular growth over the coming years as investments across the AI data center value chain pick up. From power generation, transmission, and distribution, to power management at theMonte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade in professional services working a ...

Financial Data and Key Metrics Changes - In Q2, the company achieved a 7% year-over-year revenue growth, with adjusted earnings per share (EPS) increasing by 19% to $4.82 [25][29] - Adjusted operating income grew by 17%, supported by margin expansion of 60 basis points [25][29] - The company raised its adjusted EPS outlook for the fiscal year to a range of $17.80-$19, reflecting strong operational execution and revenue quality actions [8][29] Business Line Data and Key Metrics Changes - FedEx Express (FEC) revenue increased by 8% year-over-year, with adjusted operating income growing by 24% [7][25] - FedEx Freight revenue declined by 2%, primarily due to lower average daily shipments, with adjusted operating income decreasing by $70 million [17][26] - B2B services contributed nearly half of the revenue growth, with significant wins in healthcare and automotive sectors [20][17] Market Data and Key Metrics Changes - International export volumes declined, particularly on the China to U.S. lane, but were partially offset by growth in U.S. international outbound revenue [18][19] - The company reduced its trans-Pacific capacity by about 25% year-over-year and decreased third-party capacity by nearly 35% [9][10] - The company is experiencing a challenging environment in the LTL sector, consistent with broader industry trends [26][18] Company Strategy and Development Direction - The company is on track to spin off FedEx Freight as a separately listed public company by June 1, 2026, with a strong belief in the value that will be unlocked from this separation [6][34] - A focus on high-value segments, particularly B2B and healthcare, is driving growth and offsetting headwinds from global trade policy changes [13][20] - The company is scaling AI adoption across its workforce to enhance operational efficiency and customer service [14][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate external headwinds, including the grounding of the MD-11 fleet and global trade policy changes [5][16] - The company anticipates continued revenue momentum in the second half of the fiscal year, despite challenges in the LTL market and the impact of MD-11 groundings [29][31] - Management emphasized the importance of maintaining high service levels and operational integrity during peak season [11][12] Other Important Information - The company has closed more than 150 facilities as part of its ongoing transformation efforts [12] - Capital expenditures for the fiscal year are targeted at $4.5 billion, focusing on fleet maintenance and facility enhancements [27] - The company plans to implement a fuel surcharge adjustment to mitigate costs associated with maintaining service quality [23] Q&A Session Summary Question: Dynamics of volume share and pricing in domestic U.S. business - Management confirmed capturing profitable market share and emphasized a focus on B2B strategies and rate discipline [37][38] Question: Breakdown of B2B revenue growth - Management indicated that B2B contributed nearly half of the revenue growth, driven by new business acquisition and revenue quality strategies [39][40] Question: Cost of service and Network 2.0 transformation - Management acknowledged additional costs associated with service improvements but emphasized the long-term benefits of quality service [41][42] Question: Impact of spin-off costs on financial outlook - Management clarified that a portion of the EBIT decline is due to separation costs, with ongoing costs being a factor as well [43][45] Question: MD-11 aircraft return to service - Management expects the MD-11 aircraft to return to service in Q4, with incremental costs anticipated in Q3 due to peak season [46][47] Question: Breakdown of $600 million headwind in the second half - Management detailed the components of the headwind, including LTL softness, MD-11 grounding costs, and increased variable compensation [48][49] Question: Future growth prospects in the domestic parcel market - Management expressed confidence in maintaining growth in high-value segments, viewing competitive threats as manageable [55][56] Question: Consolidation in the LTL sector - Management noted potential consolidation in the truckload business, which could benefit the LTL sector in the long run [58][60]

Market Overview - Stocks are rising as investors react to easing inflation pressures indicated by the latest Consumer Price Index (CPI) report [1][8] - The Dow is up 62 points, while the NASDAQ Composite has increased by more than 1% [2][3] - The bond market shows a slight decrease in yields, with the 10-year Treasury yield at 4.12% and the 30-year at 4.80% [3] Sector Performance - Consumer discretionary stocks are leading the market, driven by record highs in companies like Tesla [5][6] - Technology stocks are also performing well, with notable gains from major players such as Alphabet, Nvidia, and Microsoft [7] - In contrast, the energy sector is down by 1.5%, along with minor losses in staples, real estate, and financials [6] Economic Indicators - The CPI report indicates a cooling inflation trend, which may influence the Federal Reserve's decision on interest rates [9][11] - Predictions suggest a potential reduction in interest rates to around 3.5%, which could stimulate earnings growth in the coming year [11][12] Earnings Outlook - 82% of S&P 500 companies exceeded earnings expectations in Q3, indicating strong profit growth [16] - Forecasts predict an average earnings growth of 18% for the "MAG 7" companies and around 13% for the broader market in 2026 [17][20] - The implementation of AI technologies is expected to enhance labor productivity and profit margins for companies [18] Investment Opportunities - Companies like Amazon, GE Aerospace, and United Rentals are highlighted as having strong market positions and growth potential [27][29][32] - The merger of Trump Media and Technology Group with TAE Technologies aims to capitalize on the growing demand for nuclear energy, despite the challenges associated with the pivot from media to energy [33][34] AI and Energy Sector - The nuclear fusion project by TAE Technologies is ambitious, with plans to construct a 50 megawatt power plant by 2026 [43][44] - The potential for fusion technology to address energy demands, particularly in relation to AI growth, is emphasized [56][58] - Regulatory environments for fusion are expected to be less stringent than traditional nuclear, potentially accelerating development timelines [56] Retail and Consumer Trends - Chipotle is launching a high-protein menu in response to changing consumer preferences, aiming to attract customers looking for value [94][96] - Other food companies, such as Sweet Green and Starbucks, are also introducing high-protein options to meet consumer demand [100][101]