Financial Data and Key Metrics Changes - In 2025, Brookfield Infrastructure generated funds from operations (FFO) of $2.6 billion, reflecting a 10% increase compared to 2024 when normalized for asset sales and foreign exchange [4] - The fourth quarter FFO reached a record of $0.87 per unit, leading to a 6% increase in quarterly distribution to $1.82 per unit, marking the 17th consecutive year of distribution increases of at least 5% [4][5] Business Line Data and Key Metrics Changes - The transport segment generated FFO of $1.1 billion, consistent with the prior year after normalizing for $1.8 billion of capital recycling initiatives, with revenue growth in rail and toll road segments averaging 2% and 3% respectively [5] - The midstream segment's FFO increased by 7% year-over-year to $668 million, driven by higher volumes in Canadian natural gas operations and a newly acquired US refined products pipeline [6] - The data segment saw FFO of $502 million, a more than 50% increase compared to the previous year, attributed to new investments and strong organic growth in data storage [6] Market Data and Key Metrics Changes - The company reported record liquidity of $6 billion at the end of 2025, bolstered by $3.1 billion in asset sale proceeds [8] - The global data center platform has development potential of approximately 3.6 gigawatts, with contracted capacity exceeding 2.3 gigawatts [7] Company Strategy and Development Direction - Brookfield Infrastructure is focusing on AI infrastructure investing, leveraging sector tailwinds to create durable value for unitholders [2][10] - The company is applying a risk-focused approach to AI infrastructure, emphasizing long-term contracts and selective investment in strong counterparties [11][12] - The strategic initiatives include deploying approximately $1.5 billion into new investments and maintaining a robust pipeline of opportunities across sectors and geographies [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a constructive backdrop for infrastructure in 2026, driven by digitalization, decarbonization, and deglobalization trends [19] - The company anticipates returning to a growth target of 10% or higher per unit in 2026, supported by resilient cash flows and a strong capital deployment outlook [20] Other Important Information - The company completed approximately $16 billion in financings to de-risk operating company balance sheets [3] - The company has secured two transactions expected to generate attractive returns, including a sale of a Brazilian electricity transmission concession and a capital partnership for data centers in North America [9] Q&A Session Summary Question: Can you elaborate on your contract approach to mitigate technology risk in data centers? - Management explained that long-term contracts (15 years) help manage technology risk by ensuring that any necessary infrastructure changes are not at their cost, allowing them to focus on core infrastructure [24][28] Question: Can you provide details on the KKR acquisition of a stake in a portfolio of data centers? - Management stated they cannot disclose specific transaction details but confirmed joint ventures with institutional investors, including KKR, across various markets [32][34] Question: What is the expected inflation indexation across geographies in 2026? - Management indicated that inflation indexation in OECD markets is expected to average between 2% and 3%, while emerging markets like India and Brazil may see inflation pass-through in the range of 2%-4% [45] Question: Can you provide an update on the capital backlog and its drivers? - Management noted that the data center platform saw significant growth, with a backlog increase driven by new contracts and acquisitions, particularly in North America and Europe [49][51] Question: How does the Canada-Alberta MOU impact midstream investments? - Management stated it is too early to determine the MOU's impact but noted existing growth initiatives and a strong operational environment in Canada [64][66]

Core Viewpoint - Intel's stock has seen significant gains recently, but the company still lags behind its manufacturing competitor, TSMC, in terms of growth and profitability [1][4]. Intel Overview - Intel's stock has more than doubled in the last six months, despite a pullback after disappointing fourth-quarter earnings guidance [1]. - The U.S. government acquired a 9.9% stake in Intel, and Nvidia invested $5 billion, providing crucial capital for Intel's foundry business and AI product development [2][3]. - Under new CEO Lip-Bu Tan, Intel is focusing on cost-cutting, streamlining operations, and cultural changes to enhance competitiveness [3]. Financial Performance - In Q4, Intel's revenue fell 4% to $13.7 billion, with a GAAP loss of $591 million, although it was profitable on an adjusted basis [4]. - For Q1, Intel expects revenue between $11.7 billion and $12.7 billion, indicating a sharp sequential decline, with adjusted earnings per share projected to break even [5]. Comparison with TSMC - TSMC, with a market cap of $1.8 trillion, is the leading contract manufacturer of semiconductors, producing over half of the world's contract chips and 90% of advanced contract chips [6][7]. - TSMC's Q4 revenue rose 25.5% to $33.7 billion, with an operating margin of 54%, translating to $18.2 billion in operating income [7]. - TSMC generates 77% of its revenue from advanced chips (7nm or less) and has a price-to-earnings ratio of 32, making it slightly more expensive than the S&P 500 [8]. Future Outlook - Intel's future in the foundry business relies on advanced processes like 18A (1.8nm), but meaningful competition with TSMC is likely years away [10]. - TSMC is expected to grow revenue at a compound annual rate of around 25% through 2029, maintaining a strong operating income [11]. - Despite Intel's turnaround narrative, TSMC is viewed as a safer investment, especially amid the ongoing AI boom [11].

AI-focused cloud stocks Arista Networks (ANET)  and CoreWeave (CRWV)  have been on a tremendous rally again as investors rotate back into AI infrastructure plays with major chipmakers — especially Nvidia (NVDA) — signaling stronger long-term demand for data center capacity.After being hit hard during the late-year AI bubble scare at the end of 2025, CoreWeave shares have spiked +40% in the last month, seeing a sharp reversal and an extended rebound following the announcement of a new partnership with Nvidia ...

Core Viewpoint - A noticeable split is forming within the technology sector, with blockchain and digital asset companies significantly outperforming traditional tech leaders in early 2026 [1] Performance Comparison - The Amplify Blockchain Technology ETF (BLOK) has increased by 11.78% year-to-date as of January 27, 2026, while the State Street Technology Select Sector SPDR ETF (XLK) has only risen by 2.83% during the same period [1] Reasons for BLOK's Outperformance - BLOK's active management and exposure to dynamic segments of the digital asset market contribute to its strong performance [1] - The crypto market revival, particularly the renewed strength of Bitcoin and Ethereum, has positively impacted companies supporting the crypto ecosystem [1] - BLOK includes companies applying blockchain technology to enterprise use cases, which are seeing growing institutional adoption [1] - Unlike XLK, BLOK has a broader exposure to smaller, faster-growing companies, reducing concentration risk and allowing individual winners to significantly impact performance [1] Key Holdings Contributing to BLOK's Performance - Cipher Mining (CIFR) - 3.73% weight, focused on industrial-scale bitcoin mining [1] - Robinhood Markets (HOOD) - 3.74% weight, benefiting from increased retail crypto trading volumes [1] - CleanSpark (CLSK) - 3.77% weight, known for sustainable bitcoin mining practices [1] - Hut 8 Corp. (HUT) - 4.08% weight, expanding into high-performance computing and AI data center hosting [1] - Galaxy Digital (GLXY) - 5.00% weight, providing investment banking and asset management services in the digital asset space [1] Key Themes to Monitor - Mining stocks are a major performance driver, with three of the top five holdings directly tied to bitcoin production [1] - Companies like Hut 8 and Galaxy Digital are diversifying into AI infrastructure and data center services, adding a second growth narrative [1] - BLOK's active management strategy allows it to focus on outperforming infrastructure plays while capping individual positions around 5%, avoiding top-heavy exposure typical of traditional tech ETFs [1]

Core Viewpoint - A strategic alliance has been formed between American Intelligence & Power Corporation (AIP Corp), Caterpillar Inc., and Boyd CAT to develop the Monarch Compute Campus, a large-scale power generation platform aimed at providing reliable power solutions for data centers [1][4]. Group 1: Project Overview - The Monarch Compute Campus is designed to deliver long-term, high-reliability power solutions specifically for hyperscale and enterprise data center customers [1][2]. - AIP Corp has placed an order for 2 gigawatts (GW) of fast-response natural gas generator sets to support the initial phase of the Monarch project, with deliveries scheduled from September 2026 to August 2027 [2][3]. - The project aims to have 2 GW of power online by 2027, with additional phased expansions planned over time [3]. Group 2: Technology and Infrastructure - The fast-response generation equipment will be complemented by battery energy storage systems to manage load fluctuations typical of AI data centers [3]. - The Caterpillar G3516 natural gas generator sets are designed for rapid start capability and high reliability, capable of ramping from zero to full load in approximately seven seconds [4]. - Monarch will utilize advanced monitoring and control systems to ensure high availability and operational resilience, generating power onsite without requiring additional utility infrastructure [5]. Group 3: Strategic Collaboration - AIP Corp and Caterpillar have established a strategic alliance to optimize equipment, plan phased expansions, and ensure long-term lifecycle performance [6]. - The alliance includes vendor equipment financing through Caterpillar Financial, aligning with equipment delivery to support efficient project execution [6]. Group 4: Company Profiles - American Intelligence & Power Corporation focuses on building integrated power and compute platforms for AI workloads, with the Monarch campus serving as its flagship project [7]. - Caterpillar Inc. reported sales and revenues of $64.8 billion in 2024, operating across multiple segments including Power & Energy, and is committed to sustainable practices [8]. - Boyd CAT, an authorized Caterpillar dealer, has over twenty locations and provides equipment and services across various industries, emphasizing quality and reliability [9].

Core Insights - Bridgewater Associates significantly reduced its stake in Vistra Corp by nearly 59%, decreasing its shares from 817,614 to 338,335, which amounts to a reduction of 479,279 shares, leaving a value of approximately $66.3 million in Vistra stock, representing 0.26% of its total portfolio [1] Group 1: Stock Performance and Market Dynamics - Vistra's stock experienced a remarkable increase of over 650% over three years, driven by rising electricity demand from AI data centers, but subsequently pulled back about 25% from its September highs to $164 [2] - The volatility in Vistra's stock price throughout 2025, despite strong fundamentals, may have influenced Bridgewater's decision to trim its position [4] Group 2: Company Strategy and Growth - Vistra is focusing on growth, particularly through its nuclear power capacity, owning the second-largest fleet of nuclear plants in the U.S. [6] - The company secured a significant 20-year agreement with Meta Platforms to supply 2,600 megawatts of carbon-free nuclear power, which CEO Jim Burke described as a "major milestone" [6] - Vistra has been actively acquiring assets, including seven natural gas plants from Lotus Infrastructure Partners for $1.9 billion, adding approximately 2,600 megawatts of capacity across multiple regions [9] Group 3: Valuation Considerations - Vistra's valuation peaked at nearly 37 times earnings, which is considered expensive even for a company benefiting from the AI infrastructure boom, prompting profit-taking among investors [7]

Quick Read WisdomTree Quality Growth Fund (QGRW) has delivered 148% returns since its December 2022 launch. NVIDIA represents 14% of QGRW while Microsoft and Alphabet combine for another 17%. Semiconductor exposure totals 24% of holdings and drives much of the portfolio’s volatility. Investors rethink ‘hands off’ investing and decide to start making real money Most investors want growth. Fewer understand that not all growth is worth buying. Some companies expand revenue but burn cash. Others grow ...

We came across a bullish thesis on TeraWulf Inc. on The Analyst's Journal’s Substack by A_Capital. In this article, we will summarize the bulls’ thesis on WULF. TeraWulf Inc.'s share was trading at $13.79 as of January 26th. WULF’s forward P/E was 29.76 according to Yahoo Finance. BigBear (BBAI) Soars 18% on Swing to Profit, AI Expansion TeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. WULF represents a highly speculative but potentially ...

Core Insights - Nebius Group NV (NASDAQ:NBIS) is identified as a promising large-cap stock under $100 with significant upside potential, with analysts estimating over 33% upside based on a price target of $126 [1][2] - The company is well-positioned to expand its long-term margins and generate free cash flows due to its scalable operations and strong fundamentals, including a robust software platform and diverse customer base [2] - Northland Securities has reaffirmed an Outperform rating for Nebius Group NV, estimating a price target of $211, indicating a potential upside of over 123%, supported by strong visibility into power sourcing and a $17 billion AI infrastructure partnership with Microsoft [3] Company Overview - Nebius Group NV builds full-stack infrastructure for the global AI industry, designed to handle immense AI workloads, offering large-scale GPU clusters, cloud platforms, and developer tools through its own servers and data architecture [4] - The company operates additional businesses under the brands TripleTen, ClickHouse, Toloka, and Avride, contributing to its diversified operations [4]

Core Insights - Nebius Group N.V. (NBIS) and Amazon.com, Inc. (AMZN) present distinct investment profiles in the AI cloud sector, with NBIS focusing on high growth and direct exposure to AI infrastructure demand, while AMZN offers stability and diversification through its established AWS platform [1][2] Group 1: Nebius Group N.V. (NBIS) - Nebius operates in a supply-constrained AI infrastructure market, targeting a contracted power capacity increase to 2.5 gigawatts by 2026 from 1 gigawatt, with 800 megawatts to 1 gigawatt expected to be operational by the end of 2026 [3] - The company has secured significant long-term contracts with Microsoft, valued between $17.4 billion and $19.4 billion, and with Meta, up to $3 billion, with revenue contributions anticipated to begin in Q4 2025 [4][9] - Nebius is expanding its global data center footprint, planning to enhance existing facilities in the U.K., Israel, and New Jersey, while targeting $7–$9 billion in annual recurring revenue (ARR) by 2026 [6][9] - The company has raised its capital expenditure outlook from approximately $2 billion to about $5 billion for 2025, which increases execution risk if revenue growth does not align with capital-intensive strategies [7] Group 2: Amazon.com, Inc. (AMZN) - Amazon continues to lead in e-commerce and cloud computing, with innovations like AI-powered shopping assistants enhancing customer engagement and driving sales [10] - AWS remains a key growth driver, offering extensive infrastructure and AI-focused services that simplify the deployment of AI models, reinforcing Amazon's leadership in cloud-based AI [11][12] - Amazon's substantial investments in AI infrastructure, including custom chips and AI clusters, position the company to meet rising demand for AI workloads, although these investments also strain financial resources [13] Group 3: Comparative Analysis - Over the past month, NBIS shares have increased by 6.3%, while AMZN stock has risen by 2.8% [14] - Valuation analysis indicates that Nebius is currently overvalued, while Amazon is considered undervalued, with respective Value Scores of F and B [15] - Analysts have significantly revised earnings estimates upward for NBIS, while there has been a marginal downward revision for AMZN [20][21] - In terms of Zacks Rank, NBIS holds a Rank 3 (Hold), whereas AMZN has a Rank 2 (Buy), suggesting that AMZN may be a more favorable investment at this time [21]