Core Viewpoint - KKR & Co. Inc. is facing downward pressure on its stock price despite announcing a significant investment in Global Technical Realty, indicating potential market concerns about the company's financial strategies and performance [1][2]. Investment Details - KKR disclosed an additional $1.5 billion equity investment in Global Technical Realty (GTR), a European data center platform, with Oak Hill Capital committing approximately $400 million as a new investor [1]. - The investment is primarily financed through KKR's Global Infrastructure Strategy, which has allocated around $34 billion in digital infrastructure across 24 investments and over $20 billion in power and renewables [2]. Portfolio and Market Expansion - KKR's portfolio includes five data center platforms across the U.S., APAC, and EMEA, with a development pipeline of 12 GW, 12 fiber platforms serving nearly 30 million homes, and over 130,000 wireless sites across Europe and APAC [3]. - The new investments will support GTR's expanding development pipeline, focusing on new greenfield projects and market expansion in Europe, driven by increasing demand for AI-ready, high-density data center and cloud infrastructure [3]. Recent Acquisitions - KKR completed a major real estate acquisition in South Korea, acquiring the Cheongna Logistics Center in Incheon, and announced a $220 million growth investment in Premialab, a provider of data, analytics, and risk management solutions for quantitative investing [4]. Stock Performance - KKR shares are currently down 1.99%, trading at $133.09 at the time of publication [4].

Core Insights - Impax US Sustainable Economy Fund underperformed the Russell 1000 in Q3 2025, returning 7.33% compared to the index's 7.99% due to a focus on lower-risk, high-quality factors [1] - The fund's top holdings include Broadcom Inc. (NASDAQ:AVGO), which has shown significant performance fluctuations [2][3] Fund Performance - The portfolio's performance was impacted by a risk-on market environment favoring high-risk and high-momentum stocks [1] - The fund's Institutional Class returned 7.33% in Q3 2025, lagging behind the Russell 1000's return of 7.99% [1] Broadcom Inc. (NASDAQ:AVGO) Insights - Broadcom Inc. experienced a one-month return of -16.76% but gained 49.91% over the last 52 weeks, closing at $343.77 per share with a market capitalization of $1.63 trillion on January 6, 2026 [2] - The company performed well due to record earnings and high demand for AI semiconductor solutions, bolstered by investor confidence in its leadership in custom AI accelerators and successful VMware integration [3] - Broadcom is primarily held for its exposure to themes such as Resource Efficiency, Digital Infrastructure, and Meeting Basic Needs, as semiconductors are essential for various everyday activities [3] Hedge Fund Interest - Broadcom Inc. ranks 12th among the 30 Most Popular Stocks Among Hedge Funds, with 183 hedge fund portfolios holding its stock at the end of Q3, up from 156 in the previous quarter [4] - While Broadcom is recognized for its potential, some analysts suggest that certain AI stocks may offer greater upside potential with less downside risk [4]

Core Insights - Riot Platforms, Inc. produced 460 Bitcoin in December 2025, marking an 8% increase from November 2025 but an 11% decrease compared to December 2024 [1][2] - The company will transition from monthly production updates to quarterly updates, focusing on overall business performance and data center strategy [4] Production Metrics - Bitcoin Produced: 460 in December 2025, up from 428 in November 2025, down from 516 in December 2024 [2] - Average Bitcoin Produced per Day: 14.8 in December 2025, up from 14.3 in November 2025, down from 16.6 in December 2024 [2] - Bitcoin Held: 18,005 at the end of December 2025, down 7% from November 2025 but up 2% from December 2024 [2] - Bitcoin Sold: 1,818 in December 2025, a significant increase of 375% from 383 in November 2025 [2] - Bitcoin Sales - Net: $161.6 million in December 2025, a 337% increase from $37.0 million in November 2025 [2] Financial Metrics - Average Net Price per Bitcoin Sold: $88,870 in December 2025, down 8% from $96,560 in November 2025 [2] - Total Power Credits: $6.2 million in December 2025, a 171% increase from $2.3 million in November 2025 [2] - All-in Power Cost - Total: 3.9 cents per kWh in December 2025, a slight decrease of 1% from 4.0 cents per kWh in November 2025 [2] Operational Metrics - Deployed Hash Rate: 38.5 E+H/s in December 2025, up 5% from 36.6 E+H/s in November 2025 [2] - Average Operating Hash Rate: 34.9 E+H/s in December 2025, a marginal increase of 1% from 34.6 E+H/s in November 2025 [2] - Fleet Efficiency: 20.2 J/TH in December 2025, down 1% from 20.5 J/TH in November 2025 [2] Company Overview - Riot is a leader in the Bitcoin-driven industry, focusing on large-scale data centers and Bitcoin mining applications [9] - The company operates Bitcoin mining facilities in Texas and Kentucky and is expanding into data center development [9] - Riot's mission is to empower the future of digital infrastructure, aiming for best-in-class execution and successful outcomes [8]

Leadership Transition - Riot Platforms has appointed Jason Chung as CFO, effective March 1, 2026, succeeding Colin Yee, who will transition to a senior advisor role until January 1, 2028 [1][3] - Yee will receive an annual base fee of $500,000 for the first twelve months post-transition, adjusting to $20,000 monthly thereafter, along with $2,000,000 in service-based restricted stock units [2] Executive Compensation Adjustments - Chung's annual base salary has been increased from $500,000 to $550,000, while COO Stephen Howell's salary rose from $400,000 to $500,000 [4] - CEO Jason Les and Executive Chairman Benjamin Yi's annual base salaries have increased from $600,000 to $900,000, with their target award level under the annual incentive plan rising from 100% to 125% [5] Changes to Incentive Plans - Riot has restructured its 2026 annual incentive plan to focus on digital infrastructure, removing the bitcoin yield metric and introducing data center revenue and net operating income as key performance metrics [6] - The new data center metrics will each carry a 15% weighting in performance evaluations, with payouts ranging from 0% to a maximum of 200% based on achievement [6]

Group 1 - Equinix, Inc. will hold its quarterly conference call on February 11, 2026, at 5:30 p.m. ET to discuss fourth-quarter results for the period ended December 31, 2025, and the full year of 2025 [1] - The conference call can be accessed live by dialing 1-517-308-9482 and referencing the passcode (EQIX) [2] - A replay of the call will be available one hour after the call through March 31, 2026, by dialing 1-866-360-7719 and entering the passcode (2026) [2] Group 2 - Equinix, Inc. is recognized as a digital infrastructure company that enhances connectivity globally [3] - The company's digital infrastructure and data center footprint support innovations that improve work, life, and the planet [3] - Equinix connects various economies, countries, organizations, and communities, delivering seamless digital experiences and advanced AI solutions [3]

Core Insights - Full Truck Alliance Co. Ltd. is a leading digital freight platform in China, utilizing technology to efficiently connect shippers and truckers, which provides a competitive edge in the logistics sector [1] - The company focuses on digitalization and value-added services to enhance growth and operational efficiency [1] Company Performance - Full Truck Alliance reported third-quarter revenue of approximately $472 million, reflecting an increase of nearly 11% year over year, driven by a 39% surge in transaction services [6] - Fulfilled orders increased by over 22%, and average shipper monthly active users (MAUs) rose almost 18%, indicating strong platform engagement [6] - However, net income declined by 18% year over year due to higher operating costs and increased investments in technology and ecosystem development [7] Market Position and Investor Activity - As of the end of the third quarter, Highlander Partners sold 260,000 shares of Full Truck Alliance, reducing its position by $1.65 million, leaving it with 1.23 million shares valued at $15.93 million [3][4] - Despite the reduction, Full Truck Alliance still constitutes 5.56% of Highlander's 13F assets under management (AUM), making it the fund's fifth-largest holding [2] Strategic Outlook - Management has guided for fourth-quarter revenue to be slightly below last year's level, indicating a moderation in growth despite strong engagement metrics [7] - The trimming of the position by Highlander Partners suggests a disciplined approach rather than a loss of confidence in the company, especially after a volatile period for Chinese equities [5]

Core Viewpoint - SoftBank Group Corp. has agreed to acquire DigitalBridge Group Inc. for $4 billion, including debt, as part of its strategy to invest in digital infrastructure driven by the AI boom [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of $16 per share for DigitalBridge, confirming earlier reports [1]. - The deal represents a 15% premium over DigitalBridge's closing share price on December 26 [4]. - The transaction is expected to close in the second half of 2026, pending regulatory approvals [4]. Group 2: Market Context - There has been a surge in demand for digital infrastructure, leading to significant transactions in the sector, including BlackRock's $40 billion purchase of Aligned Data Centers and Oracle's agreement to supply OpenAI with computing power valued at up to $300 billion [3]. - DigitalBridge is one of the largest investment firms in digital infrastructure, managing approximately $108 billion in assets as of the end of September [3]. Group 3: Market Reaction - DigitalBridge shares rose over 9.7% shortly after the acquisition announcement, trading slightly below the sale price [4]. - Prior to the announcement, shares of DigitalBridge had increased by 45% on December 5, when acquisition talks were first reported, with a market value of about $2.5 billion [5]. Group 4: Strategic Implications - The acquisition will enhance SoftBank's relationships with investors interested in the data center industry [6]. - DigitalBridge's portfolio includes several digital infrastructure operators, such as AIMS, AtlasEdge, DataBank, Switch Inc., Vantage Data Centers, and Yondr Group [6]. - SoftBank is also exploring a potential acquisition of Switch, which is valued at around $50 billion, including debt [7].

Core Insights - Dycom Industries Inc. has completed the acquisition of Power Solutions, LLC for approximately $1.63 billion in cash and about 1.0 million shares of Dycom common stock, enhancing its position in the digital infrastructure market [1][9] - The acquisition is expected to be immediately accretive to adjusted EBITDA margins, adjusted diluted earnings per share (EPS), and free cash flow, while also diversifying services and expanding execution capacity [3][4] Company Overview - Power Solutions is a leading electrical contractor in the Mid-Atlantic region, particularly focused on data centers, with a projected 2025 revenue of about $1 billion and a four-year revenue CAGR of 15% [4][9] - The company has a strong financial profile, with EBITDA margins in the mid- to high teens and a backlog exceeding $1 billion [4] Strategic Growth - Dycom's acquisition strategy is a key pillar of its growth, complementing organic growth and expanding into new markets and product categories [5] - The company has a successful track record of integrating acquisitions, which preserves the culture and local leadership of acquired businesses while leveraging Dycom's operational strengths [6] Financial Performance - Dycom's stock has gained 27% over the past three months, significantly outperforming the Zacks Building Products - Heavy Construction industry's 6.9% rise [7] - The combined company is expected to reduce net leverage to around 2x within 12 to 18 months, indicating strong financial discipline [3] Market Outlook - The company remains optimistic about long-term growth prospects, driven by sustained demand for fiber infrastructure and robust activity from carrier partners [8]

Core Insights - Investor focus on artificial intelligence (AI), semiconductors, and digital infrastructure has significantly influenced capital flows in technology markets in 2025, leading to strong performance among specialized exchange-traded funds (ETFs) [1] Group 1: Top Performing ETFs - The CoinShares Bitcoin Mining ETF (WGMI) has seen a year-to-date gain of 68.95%, closing at $37.49, with assets under management reaching approximately $207 million [2][4] - The VistaShares Artificial Intelligence Supercycle ETF (AIS) achieved a 50.91% increase, closing at $35.99, and managing around $94.5 million in assets [6][5] - The Strive U.S. Semiconductor ETF (SHOC) gained 44.50%, ending at $66.15, focusing on U.S.-based chip designers and manufacturers [7] - The First Trust Nasdaq Semiconductor ETF (FTXL) recorded a 43.86% increase, closing at $125.12, with total assets of about $1.25 billion [8] - The Roundhill Generative AI & Technology ETF (CHAT) posted a 43.60% gain, closing at $58.10, and holding roughly $982.9 million in assets [10] Group 2: Market Drivers - Improving margins among Bitcoin miners and the increasing use of mining hardware for AI workloads have driven strong investor interest in the CoinShares Bitcoin Mining ETF [3][4] - Sustained corporate spending on AI solutions and accelerating cloud adoption have supported the holdings of the VistaShares Artificial Intelligence Supercycle ETF [5] - Strong earnings growth and improved forward guidance in the semiconductor sector have reinforced confidence, benefiting the Strive U.S. Semiconductor ETF [7] - Aggressive capital expenditure plans and persistent AI-driven demand have supported the performance of the First Trust Nasdaq Semiconductor ETF [8] - The rapid commercialization of generative AI across various industries has fueled strong inflows into the Roundhill Generative AI & Technology ETF [10]

Core Insights - Portolan Capital Management increased its stake in DigitalBridge Group by nearly 2.4 million shares, raising its total holdings to approximately 5.5 million shares valued at about $64 million as of September 30 [2][3][6] - DigitalBridge Group's shares have appreciated by about 18% over the past year, slightly outperforming the S&P 500's gain of 16.5% during the same period [4] - The company reported a revenue of $86.1 million and a net income of $12.8 million for the trailing twelve months [5] Investment Overview - Portolan Capital's investment in DigitalBridge now represents 3.5% of its reported U.S. equity assets under management (AUM) [4][6] - DigitalBridge specializes in digital infrastructure assets, including cell towers, data centers, fiber, small cells, and edge infrastructure [8][12] - The company generated $94 million in fee revenue in the third quarter, reflecting a 22% year-over-year increase, while fee-related earnings rose by 43% to $37.3 million [10] Market Position - DigitalBridge's fee-earning equity under management reached $40.7 billion, a 19% increase year-over-year, driven by organic fundraising and co-investment activities [10] - The company's strategic positioning in digital infrastructure is viewed as a structural growth opportunity rather than a speculative investment, with a measured approach to asset allocation [9][11]