Market Valuation & Earnings Season - Market multiples are considered high but justified by the market's resilience and strong corporate performance [1][2] - Approximately 80% of companies have exceeded EPS expectations, and 70% have surpassed revenue forecasts, indicating corporate growth supports current valuations [2] AI Investment & Future Technology - AI is seen as a significant driver for market growth over the next 5 to 10 years, influencing areas like quantum computing [3][4] - Major tech companies like Microsoft and Amazon are heavily investing in AI co-pilots and cloud AI services, suggesting future revenue expansion in these areas [4] - Investment in hardware by companies like Microsoft and Alphabet signals a focus on future technologies beyond AI, such as supercomputing and quantum computing, with potential 30% to 35% CAGR [5] Quantum Computing - Pure quantum computing companies are experiencing substantial revenue growth, with IonQ reporting an 80% increase and D-Wave a 500% increase [6] - These quantum computing companies are becoming more commercial, demonstrating tangible results and value [6][7] Defiance ETF - Defiance ETF's name originates from the founder's family history, specifically their heroic rescue of Jews during the war [8]

The mechanism actually doesn't even really matter. It's an inside a share sale that sets this valuation of $500 billion. But it feels like just yesterday that we broke the story on the last $300 billion valuation.Tell us about the jump. Tell us about what we're hearing from sources is going on. Yeah.I mean, it's a significant jump in valuation. More than two thirds of the last price tag, you know, the last round that we reported on, it finalized in March led by SoftBank. Since then, we've seen strong, you k ...

In half a trillion. Take that in. It's in talks with investors around a potential employee share sale.Mackenzie Sigalos digs into this for us in today's tech check. Mac. Hey there.Morgan. So I spoke to a person close to deal talks, and we know that the secondary will be bigger than that $1.5% billion. The amount of equity involved in the last employee share buyback.Now, part of why we're seeing that floor rise is simply timing. So OpenAI has a two year hold rule. As more time passes, more employees are elig ...

OpenAI now eyeing a staggering half a trillion dollar valuation after early stage talks with investors about an employee stock sale. Mackenzie Sagalos has that news for today's tech check. Hey Mac. Hey Leslie.So this deal, which would allow both current and former employees to sell vested shares, would put OpenAI ahead of SpaceX as the most valuable private company in the world and make it worth more than Netflix or Exxon Mobile, marking one of the fastest climbs to that level in tech history. Now, sources ...

Key Takeaways One-Month Price Return Performance Image Source: Zacks Investment Research This underperformance raises the question: Should investors cut their losses and exit, or is it worth holding CRWD stock? CrowdStrike's Premium Valuation: A Key Concern CRWD's lofty valuation make it vulnerable to further correction. CrowdStrike is currently trading at a high price-to-sales (P/S) multiple, far above the Zacks Security industry. CrowdStrike's forward 12-month P/S ratio sits at 21.38X, significantly highe ...

Talent Acquisition & Retention - OpenAI's valuation increase to $500 billion aims to reward current and former employees, addressing the talent war in Silicon Valley [1][4] - The strategy is designed to prevent talent poaching by companies like Meta, which are aggressively recruiting researchers [3][4] - Meta is offering substantial compensation packages, including offers up to $1 billion for individual employees, necessitating OpenAI to compete in this area [6] - Companies are offering hundreds of millions of dollars per year to attract top talent, intensifying competition [6] Competitive Landscape - Meta is aggressively pursuing talent, particularly from OpenAI and Google, to build its "superintelligence group" [3][5][6] - Mark Zuckerberg believes Meta is behind OpenAI and is investing heavily in talent acquisition to catch up [5] Valuation & Employee Incentives - OpenAI's move allows employees to sell their stock and cash in, providing financial incentives to stay with the company [3][4] - This approach contrasts with older startup practices that discouraged employees from cashing out their stock [2]

🚨 JUST IN: OpenAI is considering for secondary share sale at $500B valuation for current and former employees, up from the previous $300B, per Bloomberg. https://t.co/1BDFA5scF4 ...

some confirmation and it may get it at Jackson Hole. If the chair uses that platform to set the table I want to move and talk about the stock of the day because it's Palantir and it is at a record high. After beating on earnings, surpassing $1 billion in quarterly revenue for the first time ever.The stock has just ripped. We've mentioned it on so many occasions because of what's happened in the high beta universe, where most of those stocks have ripped, but this is the one that investors have continued to z ...

Investment Strategy - The company focuses on identifying high-potential winners before they break out, emphasizing asymmetric opportunities with an upside potential of 2-3 times outweighing the downside risk [1] - The investment methodology includes leadership and management analysis, market disruption and competitive positioning, financial health and risk management, valuation and asymmetric risk/reward, and portfolio construction and risk control [1] Leadership & Management Analysis - Proven track record in scaling businesses is essential, along with smart capital allocation and insider ownership [1] - Consistent revenue growth and credible guidance are critical factors for evaluation [1] Market Disruption & Competitive Positioning - A strong technology moat and first-mover advantage are key competitive advantages [1] - Network effects that drive exponential growth and market penetration in high-growth industries are prioritized [1] Financial Health & Risk Management - Sustainable revenue growth with efficient cash flow is a focus area [1] - Maintaining a strong balance sheet and long-term survival runway is crucial [1] - Avoiding excessive dilution and financial weakness is emphasized [1] Valuation & Asymmetric Risk/Reward - Revenue multiples compared to peers and DCF modeling are used for valuation [1] - Institutional backing and market sentiment analysis are part of the evaluation process [1] - Ensuring downside protection while maximizing upside potential is a priority [1] Portfolio Construction & Risk Control - Core positions (50-70%) consist of high-confidence, stable plays [1] - Growth bets (20-40%) are allocated to high-risk, high-reward opportunities [1] - Speculative investments (5-10%) are made in moonshot disruptors with massive potential [1]

Summary of Hisense Home Appliances Group (000921.SZ) 2Q25 Earnings Call Company Overview - **Company**: Hisense Home Appliances Group - **Ticker**: 000921.SZ - **Period**: 2Q25 Key Financial Metrics - **Total Revenue**: Rmb49,340 million in 1H25, +1% YoY - **Net Profit**: Rmb2,077 million in 1H25, +3% YoY - **2Q Performance**: Revenue and net profit declined by -3% and -8% YoY respectively, which was below expectations [1][8] Core Business Insights - **Central AC Impact**: Central air conditioning (AC) sales experienced a significant decline of 10%+ in 2Q25, attributed to a weak property market and reduced support from trade-in programs [3][4] - **Legacy White Goods**: Sales of washing machines and refrigerators grew by +5% and +14% YoY respectively in 1H25, aligning with expectations [3] - **Regional Performance**: Overseas sales maintained resilience with +12% YoY growth in 1H25, while domestic sales were flat YoY, indicating a sequential decline in 2Q due to central AC pressures [3] Margin Analysis - **Gross Profit Margin (GPM)**: Increased by 0.6 percentage points to 21.5% in 2Q25 - **Operating Profit Margin (OPM)**: Remained stable at 4.8% in 2Q25 - **Core EBIT Growth**: Excluding non-recurring items, core EBIT grew by 7% in 2Q25 [3] Management Focus Areas - Upcoming earnings call expected to address: 1. Channel breakdown of 2Q decline and outlook for central AC business 2. Trade-in stimulus impacts on domestic legacy white goods 3. Competition intensity in split AC market 4. Updates on export orders and tariff impacts 5. Potential for margin expansion [4] Investment Thesis - **Rating**: Buy - **Rationale**: 1. High earnings growth visibility supported by 2024 ESOP target 2. Attractive dividend yield 3. Undemanding forward P/E valuation against high single-digit profit growth expectations - **Future Drivers**: 1. Growth in the VRF business through Hisense-Hitachi JV 2. Margin improvement in legacy white goods 3. Operational improvements at Sanden with rising EV contributions [5] Valuation and Price Target - **12-month Target Price**: Rmb34 for A-shares and HK$29 for H-shares, based on 14x/11x 2027E P/Es for Hisense-Hitachi JV and legacy white goods respectively [6] Key Risks 1. Weaker-than-expected demand for white goods due to global macroeconomic conditions 2. Further property market slowdown affecting VRF demand 3. Increased competition from domestic players threatening Hisense-Hitachi JV's position 4. Margin dilution from higher developer channel penetration 5. Below-expected integration of Hisense-Hitachi JV 6. Underperformance of legacy white goods business [7]