Micron Technology is making a very “tell me you think demand stays hot without telling me” kind of move. The U.S. memory chip producer signed a letter of intent to buy Powerchip Semiconductor Manufacturing's P5 production plant in Tongluo, Taiwan, for $1.8 billion in cash, Reuters reported, causing Powerchip's stock price to rise dramatically. This isn't Micron "adding a little capacity." Micron is spending $1.8 billion to get ready for a memory market that it thinks will continue to be structurally tigh ...

Group 1 - The current state of IPOs in the consumer sector is being discussed, highlighting the trend of private companies taking longer to go public and the significance of liquidity [1] - Upcoming IPOs, such as SpaceX, are anticipated to follow a trajectory similar to that of Alibaba Group Holding Limited [1] - The potential for value creation through AI in the restaurant industry is also a focal point of the discussion [1] Group 2 - Don Duffy, a leading expert on IPOs and complex corporate transactions, has extensive experience advising companies on IPOs, mergers, and acquisitions [2] - ICR Capital, founded in 1998, has grown to become one of the largest independent strategic communications and advisory firms in North America, with over 400 team members [3]

Core Viewpoint - Advanced Micro Devices (AMD) stock has significantly outperformed Nvidia, with a 104% increase over the past 12 months, driven by enthusiasm for artificial intelligence (AI) [1][2] Stock Performance - AMD shares have risen 16.6% year-to-date as of January 21, 2026, while Nvidia's stock has declined [3] - Over the past six months, AMD stock surged more than 59%, compared to Nvidia's approximately 7% gain [3] - For the full year, AMD's stock has more than doubled, while Nvidia's has increased just over 30% [3] Growth Outlook - The rally in AMD stock follows a positive Financial Analyst Day, where management provided a strong growth outlook [4] - AMD is expected to see total revenue grow at a compound annual growth rate (CAGR) of over 35% in the next three to five years, driven by increasing AI demand [5] - The adjusted operating margin is projected to rise above 35%, up from approximately 24% in Q3 2025 [5] Earnings Projections - Rapid revenue growth and improving margins could lead to a significant increase in earnings [6] - Management anticipates earnings per share (EPS) could exceed $20 in the coming years, compared to the current analyst forecast of $3.13 for the ongoing fiscal year [6]

Financial Data and Key Metrics Changes - In Q4 2025, net income was $466 million, with earnings per share (EPS) of $2.42 and a return on average common equity of 15.4% [18] - Trust fees grew by 7%, net interest income (NII) increased by 14%, and revenue was up 9% year-over-year, excluding notable items [5][21] - For the full year, revenue rose by 7%, expenses grew by 5%, resulting in a pre-tax margin of 30% and a 14.8% return on equity [5][29] Business Line Data and Key Metrics Changes - Wealth Management saw assets under management (AUM) reach $507 billion, up 13% year-over-year, with trust fees increasing by 6% [22] - Asset Servicing reported assets under custody and administration of $17.4 trillion, reflecting an 11% year-over-year increase, with asset servicing fees totaling $730 million, an 8% increase [24] - Asset Management (NTAM) maintained strong liquidity flows, with AUM in liquidity reaching nearly $340 billion, marking the 12th consecutive quarter of positive flows [14][15] Market Data and Key Metrics Changes - The company experienced strong market conditions, contributing to the growth in trust fees and net interest income [6] - The international markets contributed significantly to the growth, with the Global Family Office (GFO) segment seeing a 15% increase in contributions from international markets [10] Company Strategy and Development Direction - The company is focused on executing its "One Northern Trust" strategy, which aims to enhance collaboration across business units and improve operational efficiency through AI-driven automation [7][9] - The strategy includes expanding private markets and capital markets penetration, which now contributes over one-third of enterprise revenue [7] - The company plans to raise its productivity target by 10% for 2026, supported by ongoing initiatives and broader AI deployment [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain strong financial performance and achieve double-digit EPS growth through cycles [17] - The effective tax rate is expected to remain stable at approximately 26%-26.5% in 2026, with a focus on generating positive operating leverage [19][31] - Management highlighted the importance of maintaining a strong capital position while pursuing organic growth and selectively considering acquisitions [61] Other Important Information - The company returned $1.9 billion to shareholders in 2025, including a record $1.3 billion in share repurchases, reducing the share count by 5% [6][30] - The company recorded $69 million in net unfavorable notable items in Q4, impacting overall financial results [20] Q&A Session Summary Question: Can you speak to your conviction in driving change across the organization and the timing of financial results? - Management expressed high conviction in the ongoing changes and expects to see consistent high performance as a result of these efforts [34][36] Question: What drove the lower cost on the interest-bearing side? - Management noted that the growth in non-interest-bearing deposits was influenced by seasonal factors and cash stockpiling due to the government shutdown [38][39] Question: What does the fee growth outlook look like for 2026? - Management anticipates mid-single-digit revenue growth, driven by strong performance in the Global Family Office segment and family office solutions [44][46] Question: How does the company view potential acquisitions in asset management? - Management is open to acquisitions but primarily focused on organic growth, particularly in alternatives and expanding distribution [50][51] Question: What is the outlook for the expense-to-trust-fee ratio? - Management indicated that they consider the expense-to-trust-fee ratio when pricing new business and continuously assess client profitability [63][65] Question: How sustainable is the NII growth outlook? - Management believes they can maintain a stable net interest margin (NIM) in the 170s for 2026, with various levers available to optimize the balance sheet [66][68]

Company Performance - Nvidia reported a strong third quarter for 2025, with sales of $57.1 billion, representing a 62% increase year-over-year (YOY) [1] - Earnings per share (EPS) rose 60% to $1.30, surpassing the consensus estimate of $1.26 [1] - The data center segment, the largest revenue driver, grew 66% YOY to $51.2 billion [1] - Operating cash flow increased to $23.8 billion from $17.6 billion in the previous year, while free cash flow rose 65% to $22.1 billion [6] Market Position - Nvidia is the largest chip company globally, with a market capitalization of $4.3 trillion [3] - The company is expected to see revenue growth driven by AI, with projections for chip companies' revenue to rise from $220 billion in 2025 to over $550 billion by 2028 [4][5] Future Guidance - For the December quarter, Nvidia anticipates revenue around $65 billion, indicating a growth rate of approximately 65.4% from the previous year [7] - Analysts have a "Strong Buy" consensus rating for Nvidia stock, with a mean target price of $255.78, suggesting an upside potential of about 40% from current levels [8] Other Semiconductor Companies - Astera Labs, valued at $31 billion, reported revenues of $230.6 million, more than doubling from $113.1 million the previous year [10] - Micron Technology's revenues surged 56% YOY to $13.6 billion, with earnings rising 167% to $4.78 per share [15][16] - Micron expects revenue for fiscal Q2 2026 to be between $18.3 billion and $19.1 billion, indicating a YOY growth rate of 132% [17]

Company Overview - Procore Technologies, Inc. (NYSE:PCOR) is an enterprise software company that provides a cloud-based platform for managing project planning, site safety, and financial tracking in the construction industry [2]. Market Position and Competition - Procore is facing significant pressure from competitors who believe they can replicate its software offerings using AI technologies, such as Claude from Anthropic [1]. - Despite competition and concerns about soft construction demand, Procore has been able to secure new contracts and expand existing ones, particularly in non-residential segments like datacentres, manufacturing, and healthcare [2]. Financial Outlook - Procore is expected to see revenue growth re-accelerate towards high-teens percentage as overall construction demand improves and industry digitization drives technology adoption [2]. - The company is well-positioned to increase its market share in new geographies and segments, which could further enhance its growth prospects [2].

Q4 2025 Earnings Presentation J a n u a r y 2 2 , 2 0 2 6 Forward-looking Statements and Additional Information members of its board of directors and senior management teams. Investors and security holders are cautioned that such statements are predictions, and are not guarantees of future performance. Actual events or results may differ materially. Expected financial results or other plans are subject to a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are ...

Core Viewpoint - The Alerian MLP ETF offers a compelling investment opportunity by providing high yields without the tax complications associated with master limited partnerships (MLPs) [1][2]. Distribution and Performance - The Alerian MLP ETF has a 30-day SEC yield of 8.1% and a distribution yield just below 8% over the past year, with significant distributions from its MLP holdings [3]. - The ETF has maintained an average yield of over 6.6% since its inception in August 2010 and has paid distributions for 61 consecutive quarters [4]. - The annual expense ratio of the ETF is 0.85%, which is higher than most index ETFs, but the distributions compensate for this cost [4]. Growth Potential - The Alerian MLP ETF has achieved an impressive annualized total return of 25.7% over the last five years, with expectations for growth in 2026 and beyond [6]. - A key growth driver for the MLPs in the ETF's portfolio is the surge in data center construction, with Energy Transfer LP signing agreements to supply natural gas to major data centers [7]. - Other holdings, such as Enterprise Products Partners LP, are investing significantly in capital projects, with $5.1 billion under construction, driven by increasing demand for liquid natural gas (LNG) and artificial intelligence (AI) [8].

Company Overview - Constellation Energy Corporation (NASDAQ:CEG) is involved in the production and supply of electricity, natural gas, and sustainable energy solutions through various assets including nuclear, wind, solar, natural gas, and hydro [2]. Stock Performance - The stock has experienced significant growth, increasing over 175% in the last two years, but has recently declined from $353 to $322 [2]. - The current price-to-earnings ratio is 28 times this year's earnings, indicating that the stock may be considered expensive for a utility [2]. Market Sentiment - The company is favored by large hyperscalers due to its focus on clean energy, particularly as it is recognized as the nation's most visible nuclear-powered utility [2]. - Despite its popularity, there are concerns regarding the stock's valuation, with indications that it may not have bottomed out and could be dangerously expensive [2].

Company Overview - Alkermes plc (NASDAQ:ALKS) is a biopharmaceutical company focused on developing and selling medicines for schizophrenia, bipolar I disorder, and addiction to alcohol or opioids [2]. Recent Developments - On January 6, Alkermes announced that the FDA granted Breakthrough Therapy designation to its alixorexton therapy for narcolepsy type 1, following positive results from phase 1 and phase 2 studies [2]. - The clinical trial involved 92 patients and demonstrated that the oral orexin 2 receptor agonist achieved its primary endpoint, showing statistically significant, dose-dependent improvements in wakefulness [2]. - Craig Hopkinson, M.D., emphasized that alixorexton could significantly improve treatment for narcolepsy type 1, addressing unmet medical needs in the community [2]. - The company plans to advance alixorexton into phase 3 development later this quarter [2]. Market Sentiment - Jim Cramer expressed skepticism about Alkermes, suggesting it is a hold, possibly a weak one, indicating a lack of strong recommendation for the stock [1].