The word “record” gets thrown around a lot these days, but at least in the ETF industry, it’s for good reason. Inflows have already surpassed $1.25 trillion so far this year and are on track to top $1.4 trillion by year’s end, already exceeding last year’s record of $1.1 trillion. The growth was driven primarily by active fixed-income products, according to two recent reports from State Street and Janus Henderson. The reports predict high active fixed-income inflows next year following uncertainty around ...

National Storage Affiliates Trust (NYSE:NSA) is included among the 15 Dividend Stocks Paying 4%+ Yield in 2025. Mizuho Updates REIT Coverage, Lowers NSA Price Target to $30 On December 5, Mizuho lowered the firm’s price target on National Storage Affiliates Trust (NYSE:NSA) to $30 from $34 and kept a Neutral rating on the shares. The update came as part of the firm’s broader coverage of the REIT sector. National Storage Affiliates Trust (NYSE:NSA) distinguishes itself because of its business model that ...

Summary of GE Vernova Investor Update - December 09, 2025 Company Overview - **Company**: GE Vernova (NYSE: GEV) - **Industry**: Energy and Electrification Key Themes and Insights 1. **Growth Opportunities**: The company is experiencing accelerated growth driven by several factors including AI, U.S. reindustrialization, global industrial growth, electrification of buildings, and transportation [6][22][24] 2. **Infrastructure Challenges**: The transition to a larger market will take time due to the complexities of infrastructure development, permitting, and construction [6][7] 3. **Market Position**: GE Vernova is well-positioned with the largest installed base, providing over 50% of the electrons consumed in the U.S. and a third globally (excluding China) [7][8] 4. **Energy Market Dynamics**: The global energy market is valued at over $1.5 trillion, with only 20% currently from electric power. This proportion is expected to grow significantly [9][10] 5. **Contract Wins**: The company secured 18 gigawatts of new gas contracts in the current quarter, with expectations to end the year with approximately 80 gigawatts on contract [10][11] Financial Outlook 1. **Revenue Projections**: GE Vernova projects at least $52 billion in revenue by 2028, with an adjusted EBITDA margin of 20% [17][38] 2. **Free Cash Flow**: Cumulative free cash flow is expected to reach $22 billion from 2025 to 2028, after investing $10 billion in capital expenditures and R&D [17][34] 3. **Capital Allocation**: The company plans to return $3.6 billion to shareholders in 2025, primarily through stock buybacks, and has increased its buyback program from $6 billion to $10 billion [20][35] Segment Performance 1. **Gas Power**: The gas power segment is expected to achieve a run rate of 20 gigawatts annualized by mid-2026, with significant productivity improvements anticipated [26][27] 2. **Electrification**: This segment is projected to grow mid-20% in 2025, with a backlog that has increased fourfold since the end of 2022 [18][30] 3. **Wind Energy**: While wind revenue is expected to decline, the company anticipates improved EBITDA losses in 2026 due to productivity gains [27][33] Strategic Initiatives 1. **Acquisitions**: The planned acquisition of Prolec GE is expected to enhance the company's capabilities in low voltage and grid reliability solutions [8][19] 2. **Nuclear Investments**: GE Vernova is actively working with the U.S. government to re-establish a nuclear industry, with a memorandum of understanding for up to $100 billion in small modular reactor (SMR) industrialization [14][48] 3. **Innovation and R&D**: The company is investing in new technologies such as carbon capture and solid-state transformers, with expectations for commercialization in the coming years [50][51] Cultural and Operational Focus 1. **Workforce Development**: GE Vernova emphasizes the importance of attracting young talent and fostering a strong company culture to drive future growth [52][53] 2. **Lean Operations**: The company is implementing lean practices across its manufacturing processes to enhance productivity and reduce costs [32][31] Conclusion - GE Vernova is positioned for significant growth in the energy sector, with a strong focus on electrification, gas power, and innovative technologies. The company aims to leverage its market position and operational efficiencies to achieve its ambitious financial targets by 2028 and beyond [58][59]

Core Insights - The current wave of capital investment in AI infrastructure is expected to continue growing, with significant benefits for chipmakers and suppliers [2][4][5] Group 1: AI Capital Expenditure Trends - BlackRock's chief investment strategist predicts that AI-driven capital spending is accelerating, with major tech firms competing aggressively for market dominance [2][3] - The firm estimates that global AI capital expenditure could reach between $5 trillion to $8 trillion by 2030, with the U.S. leading this growth [5] Group 2: Beneficiaries of AI Investment - Suppliers of AI infrastructure, including chipmakers, energy producers, and copper-wire manufacturers, are identified as primary beneficiaries of the ongoing capital influx [2][4] - The hyperscalers are increasing their spending aggressively, driven by the belief that anything less than market leadership could jeopardize their positions [4] Group 3: Future Outlook and Execution - The next phase of AI investment will focus on execution capabilities rather than just spending, with success depending on infrastructure readiness and project management [7] - Concerns about a potential AI bubble persist, particularly regarding whether demand will justify the sector's high valuations [6]

Summary of Dycom Industries Conference Call Company Overview - **Company**: Dycom Industries (NYSE: DY) - **Industry**: Telecommunications Infrastructure - **Focus**: Wireline and wireless infrastructure for major telecommunications and cable customers, with recent expansion into data center power solutions [3][57] Key Highlights - **Growth Year**: Dycom experienced significant growth in 2025, with ongoing opportunities in fiber-to-the-home construction across the U.S. [3][5] - **Market Potential**: Approximately 125 million homes are expected to be passed with fiber, representing about 80% of total homes in America [4][18] - **Revenue Model**: Dycom's pricing is based on the distance of fiber laid (per foot) rather than the number of homes passed, indicating potential for revenue growth even as the number of homes passed increases [5][6] Fiber-to-the-Home Construction - **Continued Demand**: Major customers like AT&T, Verizon, and T-Mobile are ramping up fiber deployment, contradicting the belief that growth is slowing [4][5] - **Construction Complexity**: The shift towards more complex builds (e.g., buried fiber vs. aerial) is expected to increase costs and revenue opportunities [8][10] - **Rural Expansion**: Smaller carriers and cooperatives are also contributing to fiber deployment, particularly in rural areas, despite some slowdowns due to funding challenges [12][13] BEAD Program Impact - **Funding Flow**: The Broadband Equity, Access, and Deployment (BEAD) program is anticipated to start generating revenue in 2026, with an addressable market of around $18 billion for fiber-to-the-home projects [34][45] - **Market Dynamics**: The program is expected to create additional pressure on the skilled workforce due to simultaneous projects across states [37][38] Cable Industry Engagement - **Significant Work**: Dycom is heavily involved with major cable companies like Comcast and Charter, focusing on network upgrades and expansions [20][21] - **CapEx Trends**: While some cable companies are decelerating their capital expenditures, others are increasing investments in fiber and DOCSIS 4.0 upgrades [23][24] Labor and Skilled Workforce - **Labor Challenges**: The skilled workforce is a critical concern, with competition for labor expected to intensify as multiple sectors (fiber, data centers) ramp up hiring [33][39] - **Strategic Investments**: Dycom is investing in workforce development to ensure a steady supply of skilled labor for upcoming projects [34][36] Permitting and Regulatory Environment - **Permitting Bottlenecks**: Permitting remains a significant challenge, with local municipalities often lacking the resources to expedite processes [41][42] - **Policy Changes**: There are ongoing discussions at the federal level aimed at improving permitting processes, which could alleviate some bottlenecks [44][45] Long-Haul Fiber and Data Center Opportunities - **Market Size**: The long-haul fiber market is estimated at $20 billion over the next five years, primarily driven by data center connectivity needs [48][49] - **Infrastructure Demand**: There is a growing need for infrastructure to support increased data consumption, independent of AI-related projects [56][57] M&A Strategy - **Future Acquisitions**: Dycom plans to pursue additional mergers and acquisitions, particularly in the data center and telecommunications sectors, while maintaining a focus on organic growth [58][59] Conclusion - Dycom Industries is well-positioned to capitalize on the growing demand for fiber infrastructure and data center connectivity, with strategic investments in workforce development and a proactive approach to market opportunities. The company anticipates significant growth driven by both fiber-to-the-home projects and long-haul fiber needs over the coming years.

But one of our next guests sees the S&P 500 falling next year with a target of 6,500. Joining us now, Steve Sausnik, chief strategist at Interactive Brokers and Bridge Corana, Wellington Management, fixed income portfolio manager. Great to have you both here on set.We have a full house. Um Steve, I'm going to start right there with you because you are a bit at a consensus here with what you expect for stocks next year. How much of this does hinge on what we are seeing right now in the bond market and as we ...

Oracle Corporation (NYSE:ORCL) is one of the AI Stocks on the Market’s Radar. On December 4, TD Cowen reiterated its “Buy” rating on the stock with a $400.00 price target. The rating affirmation comes ahead of the company’s second-quarter earnings report scheduled for December 10. TD Cowen believes that there are two key factors that can reverse the recent negative sentiment surrounding the stock. These factors are Oracle Cloud Infrastructure (OCI) growth acceleration and clarification on capital expendit ...

Economic Growth and Investment - The economy is performing well, with second-quarter growth at 8%, and a forecast of 3.5% to 4% growth for the third quarter [2][3] - There is a significant capital expenditure (capex) boom driven by policies that allow full expensing, contributing to a building boom [3][9] - Investment spending is at a multi-decade high, which is expected to enhance the economy's supply-side potential [9] Interest Rates and Monetary Policy - The neutral interest rate is likely lower than market expectations, suggesting that rates should be lower to stimulate economic activity [1] - High interest rates are currently impacting the economy, but there are concerns that cutting rates too much could lead to excessive debt issuance and potential market bubbles, particularly in AI [4][5] - The yield curve remains flat, indicating that inflation expectations are well-anchored, and a capex boom could be disinflationary [6] Inflation and Wages - Inflation is primarily seen in services, with expectations that prices will decrease due to falling rents and increased housing supply [5][6] - Real blue-collar wages have increased by 1% in the first nine months of the year, marking one of the strongest performances for any new administration [12] - Policies such as the working families tax cut are expected to raise wages through capital investment, which will help address cost of living issues [10][12]

Summary of ScanSource Conference Call (December 09, 2025) Company Overview - **Company**: ScanSource (NasdaqGS:SCSC) - **Industry**: Technology Hardware Distribution Key Points and Arguments Company Evolution - ScanSource has transformed from a traditional technology hardware distributor to a more diversified business model since 2016, focusing on higher-margin recurring revenue streams [4][12][15] - The company initially operated on single-digit margins but maintained 10% gross margins for many years [6][10] - In 2016, ScanSource identified a new channel of partners called agents, which allowed them to tap into recurring revenue models [13][14] Strategic Direction - The company is focusing on the convergence of hardware, software, and services, aiming to provide a comprehensive solution to end users [16][18] - ScanSource is working to educate its partners on selling converged solutions, which include both hardware and recurring services [19][23] Competitive Environment - The competitive landscape includes various partners, with ScanSource often working with only one of them, indicating a fragmented market [21] - The company aims to differentiate itself by being a unique distributor that combines hardware and recurring revenue services, unlike its competitors [29][30] Financial Segments - ScanSource has two main segments: Specialty Hardware and Intelisys, each with different sales models and margin profiles [24][26] - Specialty Hardware has traditional hardware margins (3%-4% EBITDA margins), while Intelisys has high gross margins (almost 100%) and EBITDA margins between 30%-40% [26][27] - Intelisys now contributes approximately 25% of gross profit dollars, highlighting its importance to the overall financial health of the company [27] Market Demand and Trends - Recent demand has been disappointing, with larger orders being broken into smaller chunks due to IT budget constraints, particularly influenced by AI projects [36][37] - Price increases due to tariffs have generally benefited the channel, but there are concerns about the long-term impact on demand [39][40] Growth Outlook - Key growth areas include physical security (IP-enabled cameras) and networking, with expectations for continued demand in these sectors [42][43] - The company is focused on gross profit dollar growth of 5%-6% over the next three years and aims to improve EBITDA margins [47][48] Capital Allocation and M&A - ScanSource is actively repurchasing shares and pursuing small acquisitions to enhance its product offerings, such as the recent acquisition of DataZoom [52][53] - The company sees potential for further investments in the Intelisys channel, which is attracting private equity interest [54] Investor Messaging - The company believes its Intelisys business is undervalued compared to the broader market, with potential for significant growth driven by private equity investments [54] Additional Important Insights - The transition to a cash culture has improved inventory management, allowing ScanSource to buy only what is necessary [41] - The company is adapting its sales strategies to align with the new recurring revenue model, which requires changes in compensation structures for sales personnel [31][34]

Moelis & Company Conference Summary Company Overview - **Company**: Moelis & Company (NYSE: MC) - **CEO**: Navid Mahmoodzadegan, who took over the CEO role two months prior to the conference and is a co-founder of the company established in 2007 [1][3] Key Points and Arguments Leadership Transition - The transition to the new CEO has been seamless, with a strong internal culture and excitement among employees [4][6] - The firm emphasizes talent development as a foundational pillar, successfully promoting from within [4][6] Strategic Focus Areas - **Culture**: The firm maintains a collaborative culture, which is crucial for its success as it grows from a small founding group to 1,400 employees globally [6][7] - **Growth Initiatives**: Four major growth initiatives since COVID-19: 1. Capital markets team expansion 2. Technology team build-out 3. Oil and gas team development 4. Private Capital Advisory (PCA) business expansion, which has shown promising early returns [7][8][10] Talent Acquisition - The firm is focused on identifying major market opportunities and filling gaps in sector coverage, particularly in healthcare and industrials [17][18] - Hiring efforts will continue to target high-potential areas within existing sectors [17][18] Impact of AI - The firm is actively exploring AI tools to enhance productivity and efficiency, with no immediate plans to reduce headcount despite potential changes in job functions [19][21][27] - Integration of historical data with AI tools is a priority to improve business outcomes [20][28] Macro Economic Outlook - General optimism about the macro economy for 2026, with confidence in interest rates and inflation being contained [29][30] - M&A activity is expected to remain strong, particularly in strategic transactions, with a positive outlook for middle-market deal activity [30][31] Regulatory Environment - The current administration is more accommodating of larger strategic transactions compared to previous administrations, which is expected to facilitate more M&A activity [35][36] Sector Trends - Broad-based optimism across various sectors, including technology, healthcare, and industrials, with expectations for increased transactional activity [37][41] - Europe is lagging in M&A vibrancy but remains a critical market for the firm, with ongoing investments to strengthen capabilities [41][42] Restructuring Business - The restructuring franchise, which includes liability management and out-of-court restructuring, has seen a decline in revenues compared to a particularly strong previous year [58][59] - The firm is focusing on enhancing its capabilities on the creditor side of restructuring [58][62] Financial Outlook - The firm aims to reduce its compensation ratio while continuing to invest in growth, targeting a normalized ratio in the low 60s [63][66] - A strong cash position with no debt allows for a focus on share repurchases over special dividends as a method of returning capital to shareholders [68][70] Conclusion - The firm is positioned well for future growth, with a positive macro outlook and strong internal culture, setting the stage for a successful 2026 [71][72]