Core Insights - The global digital economy is rapidly expanding, driven by artificial intelligence, cloud computing, and data-intensive services, leading to increased demand for data centres [1] - Malaysia is emerging as a leading data centre hub in Asia, expected to surpass India in capacity by 2029, despite India's advantages [1][2] Malaysia's Rise - Malaysia attracted approximately $43 billion in data-centre investments from 2021 to 2024, with an annual growth rate of over 22% in installed capacity [2] - Johor has transformed from a palm-oil plantation area to a global AI-infrastructure hotspot, benefiting from demand spillover from Singapore [2][4] - The country has streamlined power planning and approvals, reducing the time for power approvals from 3-4 years to about 12 months [4] Policy and Regulatory Framework - Malaysia's policy coordination includes predictable frameworks for incentives, permitting, and infrastructure, with a Data Centre Task Force established in 2025 to harmonize approvals [5][6] - A Sustainable Data Centre Framework is being developed to enforce energy and water efficiency standards, with a target of 31% renewable energy by 2025 [6][7] India's Position and Challenges - India has the second-largest data-centre capacity in Asia, projected to reach 4,500 MW by 2030, driven by strong demand fundamentals [8] - Despite favorable policy intent, execution remains a challenge, with long approval timelines for land and utility connections [9][11] - Power supply is a significant bottleneck, with data centres projected to consume 3% of India's power by 2030, facing hurdles in securing long-term green power [10] Competitive Landscape - India's data-centre growth is influenced by state-level initiatives, with Maharashtra and Tamil Nadu facing saturation, while Telangana and Andhra Pradesh offer competitive advantages [12] - Malaysia's success highlights the importance of prioritization, sequencing, and stability in planning and execution [13] Recommendations for India - India should implement tiered sustainability standards and ensure power certainty through early-stage grid access and renewable energy commitments [14][15] - Unified planning and site-zoning rules are necessary to streamline approvals and minimize conflicts [15] - Establishing a multi-stakeholder task force is critical for coordinating planning, grid expansion, and water management [15] Conclusion - India's opportunity in the data centre sector is significant but requires improved execution to compete effectively against Malaysia and other emerging markets [16]

Core Insights - Infrastructure is viewed as the future of crypto and artificial intelligence, with significant investments being made in land to support these sectors [1][5] - A substantial portion of the investment portfolio is allocated to crypto-related assets, indicating a strong belief in the sector's potential [2] Group 1: Investment Strategy - The investor controls 26,000 acres of land across various regions, with plans to power infrastructure for AI, cloud computing, and crypto [1] - The strategy involves acquiring land and power, then leasing it to companies for development, rather than building data centers directly [4] - The investor believes that many announced data centers will not be built due to a lack of prepared land, suggesting a significant opportunity in land acquisition [4] Group 2: Market Perspective - The investor has expressed skepticism about the broader crypto market, focusing instead on Bitcoin and Ether as the primary assets of interest for institutional capital [6] - Recent developments in exchange-traded funds (ETFs) have attracted retail capital, but the investor believes they hold little significance for institutional investors [6] Group 3: Infrastructure Value - Power contracts in certain locations are considered more valuable than Bitcoin, especially those with low pricing, highlighting the importance of infrastructure over tokens in the long term [5] - The acquired lands are being developed with full utilities in mind, including power, water, fiber, and air rights, to support energy-intensive operations [4]

Industry Overview - The global drone industry is experiencing significant growth, with a projected CAGR of 14.3% from 2025 to 2030, driven by adoption in commercial, government, and military sectors [1] - The integration of drones with AI, cloud computing, and edge processing is enhancing their adoption across various verticals [1] Ondas Holdings (ONDS) - Ondas Autonomous Systems (OAS) is transitioning into a high-growth segment, benefiting from increased deployments of Iron Drone Raider and Optimus platforms, along with revenue from acquired businesses like Apeiro Motion [3] - The company expects strong results in the counter-unmanned aerial systems (C-UAS) segment, with momentum in ground robotics offerings [4] - Preliminary financial results for Q4 2025 indicate revenues between $27 million and $29 million, a 51% increase from prior targets, with a backlog of $65.3 million, up 180% from previous reports [5] - For 2026, Ondas raised its revenue outlook to $170-$180 million, a 25% increase from the previous target, reflecting improved backlog and revenue visibility [6] - Concerns exist regarding heavy reliance on OAS for revenue growth and potential risks from customer delays or cancellations [7] Red Cat Holdings (RCAT) - Red Cat specializes in robotic hardware-software integration for military and commercial applications, with a focus on expanding into the maritime sector [8][9] - Preliminary results for Q4 2025 show expected revenues between $24 million and $26.5 million, significantly up from $1.3 million in the prior year, with 2025 revenues projected at $38-$41 million, a 153% increase from 2024 [10] - The company is experiencing solid demand from defense clients and is expanding production capabilities with new facilities [11] - However, RCAT faces challenges with rapidly expanding operating costs and significant capital expenditures, particularly in its Blue Ops division [13] Financial Performance and Valuation - Over the past month, ONDS and RCAT have seen stock gains of 41.6% and 56.3%, respectively [16] - ONDS has a forward 12-month price/sales ratio of 33.37X, significantly higher than RCAT's 9.92X [17] - Analysts have revised earnings estimates for ONDS by 3.5% over the past 60 days, while RCAT's estimates have remained unchanged [18][20] Investment Comparison - Both ONDS and RCAT are positioned to benefit from the growing drone market, but Ondas is viewed as the better investment due to its larger scale, higher revenue visibility, and stronger balance sheet compared to RCAT [22]

Core Viewpoint - IBM is set to report its fourth-quarter 2025 earnings on January 28, 2026, with consensus estimates for sales at $19.21 billion and earnings per share (EPS) at $4.33 [1][7]. Earnings Estimates - Earnings estimates for 2025 remain stable at $11.38, while estimates for 2026 have increased by 0.3% to $12.19 per share over the past 60 days [1][2]. - The current EPS estimate for Q1 is $4.33, and for Q2 is $1.77, with no change in the full-year estimates for 2025 and a slight increase for 2026 [2]. Earnings Surprise History - IBM has achieved an average earnings surprise of 8.1% over the last four quarters, consistently beating estimates, with the last quarter showing a surprise of 8.6% [3][4]. Factors Influencing Upcoming Results - New AI-driven partnerships with S&P Global Inc. and Microsoft Corporation are expected to enhance revenue in the Software and Consulting segments [7][8][9]. - IBM's partnership with S&P Global aims to integrate AI tools into supply chain management, potentially generating incremental revenue [8]. - The extended partnership with Microsoft will enhance IBM's consulting capabilities, likely leading to additional revenue [9]. Competitive Landscape - Despite growth in cloud and AI, IBM faces significant competition from Amazon Web Services and Microsoft Azure, along with challenges in transitioning its business model to the cloud [11]. - The company is experiencing pricing pressure that is eroding margins, and profitability has been declining over the years [11]. Price Performance - Over the past year, IBM's stock has increased by 30.5%, while the industry has risen by 93.5%, outperforming peers like Microsoft and Oracle [12]. Valuation Metrics - IBM is currently trading at a forward price/earnings ratio of 23.8, which is higher than the industry average of 17.96 and its own historical mean of 14.78 [14]. Investment Considerations - IBM aims to capitalize on the growing demand for hybrid cloud and generative AI solutions, which are expected to drive growth in its Software and Consulting segments [15][18]. - However, frequent acquisitions have raised integration risks and negatively impacted the balance sheet, leading to high levels of goodwill and intangible assets [16]. Long-term Growth Outlook - The company anticipates that analytics, cloud computing, and security services will be key drivers of growth, supported by improved operating leverage and investments in growth opportunities [18].

Core Insights - Sandisk has emerged as a top-performing stock in the S&P 500, with a market capitalization of $61 billion and a 74% gain in 2026, outperforming larger tech companies like Nvidia and Palantir Technologies [1] Company Overview - Sandisk, originally acquired by Western Digital in 2016, was spun off as a separate public company in February 2025, focusing on NAND flash technology and solid-state drives (SSDs) [4][5] - The company specializes in data storage devices, edge computing, and has significant opportunities in the fast-growing data center market [2] Business Performance - In Q1 of fiscal 2026, Sandisk reported revenue of $2.3 billion, a 23% increase year-over-year, exceeding company guidance [7] - The net income for the same period was $112 million, reflecting a 587% increase from the previous quarter but a decrease from $211 million year-over-year [7] - Diluted earnings per share were reported at $0.75, down from $1.46 a year ago [7] Growth Opportunities - The edge component of Sandisk's business is currently the main revenue driver, with significant growth potential in the data center market, particularly in supplying storage systems to hyperscalers for cloud computing and AI applications [6]

Core Viewpoint - Oracle's stock has experienced significant volatility, dropping 50% from its peak due to concerns over its debt and geopolitical tensions, despite a strong cloud contract backlog of $523 billion [3][13]. Financial Performance - Oracle is a $515 billion company generating $61 billion in revenue with an 11% growth rate and a solid 32% operating margin [9]. - The company's debt-to-equity ratio stands at 0.24, and its cash-to-assets ratio is only 0.1, indicating potential financial strain [9]. Market Reaction - The stock fell by 6% recently due to geopolitical concerns and a lawsuit from bondholders regarding losses from its debt-driven AI infrastructure expansion [2]. - Despite a strong backlog, Oracle's stock has dropped 26% over the past six months, reflecting market skepticism about its balance sheet stability [3]. Historical Context - During the 2008 financial crisis, Oracle's stock decreased by 41%, but it recovered fully in 16 months [5]. - In the 2020 COVID crash, Oracle's stock fell by 29%, rebounding in under four months [6]. - However, in 2022, Oracle's stock dropped by 41% compared to a 25% decline in the S&P 500, indicating vulnerability during inflationary periods [7]. Future Outlook - Analysts suggest a fair valuation of $295 for Oracle, indicating over 60% potential upside from current prices [13]. - The critical question remains whether Oracle can effectively monetize its $523 billion backlog while managing its debt without compromising profitability [10]. Investment Considerations - Investors who purchased Oracle at $180 may face concerns about further declines, with historical trends suggesting potential recovery if conditions mirror past crises [11]. - The prevailing pessimism around Oracle may be excessive, as the market has been penalizing the company for its debt concerns for months [13].

Core Viewpoint - The current decade presents a once-in-a-decade investment opportunity in generative AI and quantum computing, with specific stocks in quantum computing being highlighted as potential long-term investments [2]. Group 1: Alphabet - Alphabet has significantly benefited from the rise of mobile phones and social media, with its Google Cloud division experiencing substantial growth due to the shift to cloud computing and the rise of generative AI [3]. - The Google Quantum AI unit achieved quantum supremacy in October 2019, marking a significant milestone in quantum computing [4]. - In 2023, Google Quantum AI demonstrated the first logical qubit prototype, indicating progress in reducing quantum computing errors and increasing qubit numbers [5]. - Predictions suggest that Google Quantum AI will build a large, error-corrected quantum computer with at least 1 million qubits in the coming years [6]. Group 2: Microsoft - Microsoft shares similarities with Alphabet, being a technology giant and a top-tier cloud service provider, benefiting from generative AI [7]. - The company has developed a unique approach to quantum processing, distinguishing it from competitors [7]. - In February 2025, Microsoft introduced the Majorana 1 quantum chip, utilizing a topological superconductor, which could potentially allow for over 1 million qubits on a single chip [9]. - If successful, Microsoft's topoconductor technology could position the company as a leading player in the quantum computing industry for the next decade [10]. Group 3: IonQ - IonQ currently has a market cap of approximately $18 billion, making it a smaller player compared to Alphabet and Microsoft [11]. - The company employs a trapped-ion architecture for quantum computing, which aims to reduce quantum errors and enhance qubit coherence [12]. - IonQ is also developing quantum networking, sensing, and security solutions, positioning itself as a unique quantum platform company [14]. - Despite being riskier and currently unprofitable, IonQ could offer greater long-term returns if its R&D efforts succeed [15].

Core Insights - Khaveen Investments is a global investment advisory firm that serves high-net-worth individuals, corporations, associations, and institutions, providing a range of services from market research to wealth management [1] - The firm operates a Macroquantamental Hedge Fund with a diversified portfolio across various asset classes, geographies, sectors, and industries [1] - Khaveen Investments employs a multifaceted investment approach that integrates global macro, fundamental, and quantitative strategies, focusing on disruptive technologies such as AI, Cloud Computing, 5G, and more [1] Company Overview - Khaveen Investments is a registered investment adviser with the Securities Exchange Commission (SEC) [1] - The firm specializes in comprehensive services including business valuation and wealth management [1] - The flagship hedge fund maintains exposure to hundreds of investments, indicating a broad investment strategy [1] Investment Focus - The core expertise of Khaveen Investments lies in disruptive technologies that are transforming modern industries [1] - Key areas of focus include Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Company Overview - Khaveen Investments is a global Investment Advisory Firm focused on serving the investment needs of high-net-worth individuals, corporations, associations, and institutions [1] - The firm is a registered investment adviser with the Securities Exchange Commission (SEC) [1] - It offers a range of services including market and security research, business valuation, and wealth management [1] Investment Strategy - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio with exposure to hundreds of investments across various asset classes, geographies, sectors, and industries [1] - The investment approach integrates top-down and bottom-up analysis, utilizing three core strategies: global macro, fundamental, and quantitative [1] Core Expertise - Khaveen Investments specializes in disruptive technologies that are transforming modern industries [1] - Key focus areas include Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

Market Overview - The S&P 500 is reaching new highs, but the CAPE ratio is nearly 40, the highest in over a decade, indicating higher valuations and making it harder to find bargains [1] Company Analysis: Amazon - Amazon is investing over $125 billion in AI development by 2026, following a similar investment in 2025, focusing on upgrading chips, large-language models, and services like the Bedrock platform [3] - The company is experiencing growth across its core e-commerce, AWS cloud business, and advertising, with the addition of AI expected to enhance overall business performance [5] - Amazon's stock trades at less than 34 times trailing-12-month earnings, with only a 6% increase over the past year, but strong growth potential remains [6] Company Analysis: Taiwan Semiconductor Manufacturing - Taiwan Semiconductor is a key player in AI production, responsible for 85% of global start-up semiconductor prototypes and collaborating with major AI technology companies [6] - The company reported a 21% year-over-year sales increase in Q4 2025, with a 54% operating margin, indicating strong profitability and growth [7] - Taiwan Semiconductor's stock trades at only 32 times trailing-12-month sales, showing potential value for growth investors despite a 60% stock gain over the past year [9]