Core Insights - Dell Technologies Inc. reported earnings, providing insights into the AI infrastructure build-out process [1] - The company is considered one of the top three picks for investment in 2024, focusing on undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is emphasized as a reliable driver of returns [1] Financial Performance - Dell's earnings report highlights the company's financial health and its strategic positioning in the AI sector [1] - The focus on profitability metrics suggests a commitment to long-term growth rather than short-term valuation [1] Investment Strategy - The investment approach prioritizes a balance between growth and dividend income, indicating a strategy that appeals to both growth-oriented and income-focused investors [1] - The management of portfolios on platforms like eToro reflects a trend towards transparency and real-time investment decision-making [1]

Financial Data and Key Metrics Changes - The company reported record revenue of $187 million for FY 2025, an increase of $42 million from the previous quarter, primarily driven by Bitcoin mining revenue of $180 million [12] - The company achieved 10 times EBITDA growth year on year, with an adjusted EBITDA close to $650 million from Bitcoin mining operations [6][30] - Operating expenses increased to $114 million due to overheads and depreciation costs associated with expanded data center platforms [13] Business Line Data and Key Metrics Changes - The Bitcoin mining capacity increased to 50 exahash, generating over $1 billion in annualized revenue [8][30] - AI cloud revenue reached $7 million during the quarter, with expectations of $200 million to $250 million in annualized revenue from AI cloud business expansion by December [13][19] - The company expanded its Bitcoin mining capacity by 400% and increased contracted grid-connected power by over a third to nearly 3 gigawatts [6][8] Market Data and Key Metrics Changes - The AI cloud business is scaling rapidly, with more than 10,000 GPUs online or being commissioned [7] - Industry reports indicate that the percentage of organizations leveraging AI in more than one business function grew from 55% to 78% in the last twelve months [15] - The company is uniquely positioned to meet the increasing demand for AI infrastructure, with significant near-term grid-connected power and data centers engineered for next-generation compute [16] Company Strategy and Development Direction - The company’s strategy focuses on scaling across the full AI infrastructure stack, from grid-connected transmission lines to digital compute [8] - The construction of Horizon 1, a direct-to-chip liquid cooling AI data center, is underway, with plans for further expansion to Horizon 2 [10][25] - The company aims to capture a broad and growing addressable market in AI, leveraging its vertical integration to control key bottlenecks [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the AI cloud market, citing strong demand signals and the ability to scale operations rapidly [15][16] - The company expects to continue delivering strong margins in its AI cloud business, supported by low power costs and full ownership of its data centers [20] - Management highlighted the importance of flexibility in monetizing data center capacity, allowing for a mix of cloud and colocation strategies [108] Other Important Information - The company completed its transition to a US domestic issuer status and reported results under US GAAP for the fiscal year [12] - The company closed the financial year with approximately $565 million in cash and $2.9 billion in total assets, indicating a strong balance sheet [13] Q&A Session Summary Question: Efficiency at sites and backup generation - Management noted that the PUE at British Columbia sites is 1.1, with expectations of slightly higher efficiency after liquid cooling installation [38] - Redundancy is being introduced across the GPU fleet to enhance customer service, driven by customer demand [40] Question: GPU capability and financing impact - The company has introduced flexibility for a wider range of rack densities to accommodate various GPU types, including future generations [44] - Financing structures allow for operational flexibility, with options to return equipment or acquire it at the end of lease terms [71] Question: Cloud business contract duration - The company has a range of contract lengths, with newer equipment often leading to longer-term contracts [49] - Management is evaluating opportunities in both colocation and cloud, aiming to maximize risk-adjusted returns [51] Question: Horizon one and two capacity utilization - The company can monetize data center capacity through a combination of cloud and colocation, maximizing risk-adjusted returns [108] - There is flexibility in how capacity is utilized, allowing for adjustments based on market conditions [108]

Mira 也建基金会了，最近有点项目方发币潮的意思在过去几个月里 Mira 构建了 AI 基础设施和 Mira Flows、Verify API 共识框架希望开盘可以博弈一下Mira Foundation (@miraFND):https://t.co/pFfTe9kM1v ...

AI Model Releases and Advancements - Anthropic released Claude for Chrome as a research preview, allowing Claude to control the Chrome browser [1] - Nvidia released Neatron Nano 9B V2, a 9 billion parameter reasoning model, achieving a score of 43 on the artificial analysis intelligence index [1] - Google released Nano Banana, a Gemini 2.5% Flash Image model, demonstrating superior performance in image editing [1] - Nouse Research released Hermes 4, an open-source hybrid reasoning model in 70 billion and 405 billion parameter versions, emphasizing creativity and uncensored interaction [2] - Microsoft released Vibe Voice, an open-source text-to-speech model, with performance on par with advanced voice mode [20][21] Talent Movement and Company Strategy - Meta Super Intelligence Labs experienced departures of key staff, including researchers and engineers, following Meta's push to compete with OpenAI and Google [1] - Bert Mayor, who spent 12 years at Meta and helped develop PyTorch, joined Anthropic [1] - Apple is in talks to use Google's Gemini AI to power a revamped Siri [3][4] AI Infrastructure and Economic Impact - AI infrastructure spending is propping up the economy, with global spending projected to reach $375 billion in 2025 and $500 billion the following year [16][17] - Nvidia is publishing papers on making LLM inference 50+ times faster through post-neural architecture search [9] Agentic Coding and Flight Search - Grock Code, a small version of Grock, is available in coding platforms like Windsurf and Cursor at $0.20 per million input tokens and $1.5 per million output tokens [2] - Kiwi.com released a flight search MCP server, allowing agents to search for flights with detailed parameters [6][7] AI in Weather Prediction - Google's AI model accurately forecasted the strongest Atlantic storm this year, potentially becoming the gold standard for predicting severe weather [13]

Financial Data and Key Metrics Changes - Total revenue for Q2 2026 was $46.7 billion, exceeding expectations and showing sequential growth across all market platforms [6][30] - Data center revenue grew 56% year over year, with a sequential increase despite a $4 billion decline in previous revenue [6][30] - GAAP gross margin was 72.4%, and non-GAAP gross margin was 72.7%, benefiting from previously reserved inventory [30][32] Business Line Data and Key Metrics Changes - Data center revenue was significantly driven by the Blackwell platform, which grew sequentially by 17% [7][8] - Gaming revenue reached a record $4.3 billion, a 14% sequential increase and a 49% year-over-year jump, driven by Blackwell GeForce GPUs [25][26] - Professional visualization revenue increased by 32% year over year, reaching $601 million, fueled by high-end RTX workstation GPUs [27] - Automotive revenue, including in-car compute revenue, was $586 million, up 69% year over year, primarily due to self-driving solutions [28] Market Data and Key Metrics Changes - China represented a low single-digit percentage of data center revenue, with significant revenue from Singapore, accounting for 22% of billed revenue [25] - The European Union plans to invest €20 billion to establish AI factories, indicating a growing market for AI infrastructure [19] Company Strategy and Development Direction - The company is focusing on AI infrastructure, anticipating $3 to $4 trillion in AI infrastructure spending by the end of the decade [7][43] - The transition to the new GB 300 architecture is expected to enhance performance and efficiency, with widespread market availability anticipated in the second half of the year [9][10] - The company aims to maintain its leadership in AI technology and compete globally, emphasizing the importance of developer support [11][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the rapid growth in AI infrastructure investments, driven by various factors including reasoning agentic AI and enterprise AI adoption [14][96] - The geopolitical environment remains a concern, particularly regarding shipments to China, with potential revenue of $2 billion to $5 billion in Q3 if issues are resolved [12][46] - The company expects total revenue for Q3 to be around $54 billion, with continued growth driven by data center and gaming segments [32][33] Other Important Information - The company returned $10 billion to shareholders through share repurchases and dividends, with a new $60 billion share repurchase authorization approved [31] - The company is on track for significant growth in sovereign AI revenue, expecting over $20 billion this year, more than double from the previous year [19] Q&A Session Summary Question: What is the vision for growth into 2026? - Management emphasized the evolution of reasoning agentic AI as a key growth driver, with significant increases in computational requirements [39][40] Question: What needs to happen for H20 shipments to China? - Management indicated that geopolitical issues need resolution, and there is potential for $2 billion to $5 billion in shipments if licenses are approved [48][49] Question: How does NVIDIA view the competitive landscape with ASICs? - Management noted that while many ASIC projects are initiated, few reach production due to the complexity of accelerated computing compared to general-purpose computing [50][51] Question: What is the opportunity for Spectrum XGS? - Management highlighted that Spectrum XGS is crucial for connecting multiple data centers and AI factories, with significant potential for revenue growth [73][78] Question: How does the company view the long-term prospects in China? - Management estimated a $50 billion opportunity in China this year, with expectations for 50% annual growth, emphasizing the importance of addressing this market [67][68]

Gene Munster to you. Um the guidance is going to be key. How big does the number have to be beyond what the street expects.The so-called whisper number. >> Yeah, Christina nailed it. Uh it's 55.5% is kind of the whisper number for the guidance for July.The imprint number 53.5%. I went back and checked. There's 42 analysts that cover Nvidia.18 of them, only 18 have changed their estimates after the July update for the curves. And so that's why that whisper number is higher for uh for October. And the answer ...

Your next guest says a new record could be coming. Tim Orbanowitz is chief investment strategist at Innovator Capital Management. Tim, good to have you on set. >> Great to be with you, Brian. >> Man, we've been waiting for the small cap breakout for a long time. Hasn't It's happened a little bit, but we're still not at a record high. Should we be bullish? >> I think there are catalysts, Brian. And and if you look at this and take a step back, we we've had this valuation gap, small caps to large caps, for a ...

Core Insights - Broadcom (AVGO) is experiencing growth in semiconductor sales driven by an expanding product portfolio, including the Jericho4 Ethernet fabric router capable of interconnecting over one million AI accelerators across data centers [1][10] - The company anticipates a significant increase in AI revenues, projecting a 60% year-over-year growth to $5.1 billion for Q3 fiscal 2025, alongside a 25% growth in semiconductor revenues to $9.1 billion [3][10] Product Developments - In June, Broadcom shipped the Tomahawk 6, the first Ethernet switch with a capacity of 102.4 Terabits/sec [2] - The Tomahawk Ultra, announced in mid-July, achieves a switch latency of 250ns at full throughput of 51.2 Tbps, supporting up to 77 billion packets per second [2] Market Position and Competition - Broadcom is a significant player in the semiconductor market but faces strong competition from NVIDIA and AMD [5] - NVIDIA's data center business is thriving due to rising demand for AI infrastructure, with key orders from major tech companies [6] - AMD is expanding its AI market presence with new products, including the Instinct MI350 Series GPUs, which offer substantial AI compute gains [7] Financial Performance - Broadcom shares have increased by 26.8% year-to-date, outperforming the broader Zacks Computer and Technology sector, which has returned 12.5% [8][10] - The Zacks Consensus Estimate for fiscal 2025 earnings is $6.63 per share, indicating a 36.1% growth from fiscal 2024 [13] Valuation Metrics - Broadcom's stock is trading at a forward Price/Earnings ratio of 36.85X, higher than the sector average of 27.64X, reflecting a premium valuation [15]

Market Trend - China's stock rally is not a repeat of 2015 [1] - The focus is on AI infrastructure [1] Investment Focus - The stock market has entered a new phase [1]

$TRWA establishing itself as a blue chipRoyal families of Dubai & the UAE are coming together to invest trillions into AI infrastructure & RWATharwa is going to be the glue to make it all come togetherTharwa (@TharwaUAE):Tharwa × Office of Sheikh Maktoum Suhail Al Maktoum × Al Maktoum TechnologiesTharwa has entered a landmark alliance with the Office of Sheikh Maktoum Suhail Al Maktoum, a member of Dubai’s ruling Al Maktoum family (https://t.co/7Qlo3R8Xee), and Al Maktoum Technologies to bring https://t.co/ ...