Core Viewpoint - Nvidia's stock is projected to potentially reach $350 in the coming years, supported by significant earnings growth and a strong position in AI and computing markets [2] Revenue Growth Potential - Nvidia's revenues have nearly doubled in the past year, with an average annual growth rate of about 69% over the last three years, and could continue to grow at approximately 60% annually for the next two years, reaching around $486 billion by FY'28 [3][4] - The company has secured major AI-related agreements, including a $100 billion partnership with OpenAI and a $19.4 billion contract with Microsoft, which will enhance its revenue streams [4] Market Trends and Innovations - The evolution of AI from text-based models to multimodal capabilities is driving demand for more computing power and GPU shipments, positioning Nvidia favorably in the market [4] - The potential development of Artificial General Intelligence (AGI) could significantly increase global GDP growth and create substantial demand for Nvidia's high-performance computing solutions [4] Profitability and Margins - Nvidia's net margins have improved from approximately 25% in FY'19 to around 51% in FY'25, benefiting from economies of scale and a favorable product mix [5][6] - The introduction of high-end products is expected to maintain stable margins, allowing for a potential 3.7x increase in earnings alongside revenue growth [6] Valuation and Earnings Multiples - If earnings increase by 3.7x, the price-to-earnings (PE) multiple could stabilize around 32x, suggesting a potential stock price increase to over $350 [7] - The timeline for achieving this growth is flexible, as long as Nvidia maintains its revenue growth trajectory and stable margins [7]

Core Insights - Advanced Micro Devices (AMD) has formed a strategic partnership with OpenAI, similar to a recent deal made by Nvidia, which has positively impacted AMD's stock and the broader AI market [1][2]. Company Developments - AMD will supply 6 gigawatts of its Instinct series GPUs to OpenAI for its next-generation AI infrastructure, with the first deployment of 1 gigawatt set to begin in the second half of 2026 [3]. - AMD has issued OpenAI a warrant for up to 160 million shares of its common stock, representing about 10% of AMD's total shares, which is valued at approximately $26.7 billion based on AMD's market cap of $267 billion prior to the announcement [4]. Industry Context - The partnership is expected to generate tens of billions of dollars in revenue for AMD and is anticipated to significantly enhance AMD's non-GAAP earnings per share [6][7]. - The deal is seen as a win-win for both AMD and OpenAI, as it secures a long-term supply of GPUs for OpenAI while providing AMD with a substantial customer base [5][6]. - The recent deals in the AI chip market, including those by Nvidia and AMD, are likely to accelerate the development towards artificial general intelligence (AGI) and artificial superintelligence (ASI) [8].

Group 1 - The AI market continues to thrive following the introduction of OpenAI's ChatGPT, with Alphabet's Gemini emerging as a significant player in this space [2][3] - Alphabet's Gemini achieved a groundbreaking outcome by becoming the first AI model to win a gold medal in an international computer programming competition, showcasing its ability to solve complex real-world calculations [4][5] - The achievement of Gemini is seen as a crucial step towards artificial general intelligence (AGI), indicating that AI is progressing towards capabilities akin to human thinking [5][8] Group 2 - Gemini's milestone is compared to IBM's Deep Blue defeating a human chess champion, marking a pivotal moment in the evolution of artificial intelligence [6][7] - The breakthrough of Gemini signals the beginning of a new era in AI development, as it approaches the capacity for original thought, which could have significant implications for the broader AI industry [7][8]

Streetwise: AI investors are exposed to many risks as they chase one big bet: artificial general intelligence. https://t.co/m4xnaWxEhm ...

Streetwise: AI investors are exposed to many risks as they chase one big bet: artificial general intelligence https://t.co/Z2TkwaUPKC ...

Core Insights - Amazon.com Inc. is recognized as a top stock to buy on NASDAQ, particularly favored by hedge funds [1] - The resignation of Karthik Ramakrishnan, a key figure in the development of artificial general intelligence and the Alexa voice assistant, marks a significant change in Amazon's AI leadership [2][3] - Amazon is increasing its investment in AI, having invested approximately $8 billion in Anthropic, which develops the Claude model used in Alexa and an internal chatbot [3] Company Developments - Karthik Ramakrishnan's departure follows other senior AI leadership exits, including Vasi Philomin and Jon Jones, indicating a trend of turnover in Amazon's AI division [2][3] - Amazon's business model includes retail sales of consumer products, advertising, and subscription services through both online and physical stores [4] Investment Context - Despite the potential of Amazon as an investment, there are opinions suggesting that other AI stocks may offer greater upside potential with less downside risk [5]

Tether may become the world’s most profitable company if the stablecoin issuer continues its explosive growth trajectory, according to Bitwise Chief Investment Officer Matt Hougan. In a September 29 investor memo, Hougan suggests that Tether could surpass even Saudi Aramco’s record-breaking $120 billion profit from 2024, which is the most lucrative year in corporate history. Hougan’s analysis hinges on Tether reaching $3 trillion in assets, which would represent approximately 3% of the global money suppl ...

Performance Overview - Baron International Growth Fund gained 16.91% during Q2 2025, outperforming its benchmark MSCI ACWI ex USA Index, which appreciated 12.03% [3] - The Fund has exceeded both the Benchmark and Proxy Benchmark on a one-year trailing basis [3] Annualized Performance - For the 1-year period ended June 30, 2025, the Fund's Institutional Shares returned 19.72%, compared to 17.72% for the MSCI ACWI ex USA Index [4] - Over the last 3 years, the Fund's Institutional Shares returned 10.34%, while the Benchmark returned 13.99% [4] Market Catalysts - The U.S. trade/tariff policy pivot and strong momentum towards a pro-growth tax reduction and fiscal spending bill were key drivers of global capital markets [5] - Despite tariff deferrals, there remains a risk of retaliation and a weaker U.S. dollar, which could shift capital flows towards non-dollar assets [5] Sector Performance - The Energy sector, particularly investments in Waga Energy SA, was the largest contributor to the Fund's relative performance [6] - Strong stock selection in Consumer Staples and Industrials sectors also contributed positively, while Health Care sector allocation detracted from performance [6] Country Contributions - Overweight positioning in Korea, particularly in shipbuilding, significantly contributed to relative performance [7] - Positive stock selection in France, India, and Israel also bolstered results, while China showed modest adverse stock selection effects [7] Top Contributors - HD Korea Shipbuilding & Offshore Engineering Co., Ltd. contributed 1.66% to returns, driven by improving profit margins and backlog growth [8] - Waga Energy SA and ODDITY Tech Ltd. also made significant contributions, with returns of 1.48% and 1.01% respectively [9] Top Detractors - Alibaba Group Holding Limited detracted 0.26% from performance due to results that fell short of investor expectations amid geopolitical uncertainty [12] - Full Truck Alliance Co. Ltd. and Argenx SE also detracted from performance due to revised earnings guidance and sales below expectations, respectively [13][14] Recent Activity - New investments were made in Centum Electronics Limited and XP Inc., focusing on global security and fintech disruption themes [22][24] - Increased exposure to existing positions, including AMG Critical Materials N.V. and SK hynix Inc., while exiting several positions to concentrate on higher conviction investments [26] Outlook - The Fund anticipates continued relative outperformance of non-U.S. equities, driven by changing U.S. priorities and fiscal expansion in the EU [30] - The focus remains on sectors and companies positioned to benefit from geopolitical shifts and technological advancements, particularly in Korea and India [32]

Core Insights - An Amazon vice president overseeing a significant project in artificial general intelligence is resigning, as confirmed by the company following a Reuters inquiry [1] Group 1 - The resignation is related to one of Amazon's highest profile projects, indicating the importance of leadership in this area [1]

Core Insights - Alphabet, the parent company of Google, has significant growth opportunities ahead, particularly in artificial intelligence (AI), self-driving technology, healthcare, and quantum computing [10][11][12] Company History and Growth - Google was founded in 1998 by Sergey Brin and Larry Page, quickly becoming a dominant player in internet search and generating substantial advertising revenue, which still constitutes nearly 75% of Alphabet's total revenue [4][5] - The company has successfully developed or acquired several key products, including Android, Chrome, Gmail, Google Maps, and YouTube, enhancing its market position [6] Revenue Streams - Google Cloud, launched in 2008, is now the fastest-growing major cloud services provider, contributing 14% to Alphabet's total revenue [7] - Advertising remains the primary revenue source, with a strong foundation established since the company's IPO in 2004 [5] Future Opportunities - Alphabet is exploring new markets, particularly in AI, with a focus on agentic AI and artificial general intelligence (AGI), which could revolutionize technology [10] - The Waymo unit is a leader in self-driving car technology, currently operating autonomous ride-hailing services in five cities [10] - In healthcare, Alphabet's initiatives like AlphaFold and Calico aim to advance drug discovery and extend human lifespan, while Verily focuses on precision health [11] - Google Quantum AI is making strides in quantum computing, with ambitions to develop a large-scale quantum computer by the end of the decade [12] Investment Potential - Alphabet's current market cap is approximately $3 trillion, and for a $10,000 investment to grow to $1 million, the company would need to reach a market cap of $300 trillion, which is considered improbable [13] - However, a larger initial investment, such as $100,000, could yield millionaire status over the next 20 years, driven by advancements in AI, robotaxis, and quantum computing [14]