Core Insights - The Nasdaq-100 Index (NDX) has historically provided strong long-term gains primarily due to its large-cap technology stock exposure, but it is not known for income generation [1] - The NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) offers a significant distribution rate of 9%, which is a substantial improvement over NDX's 0.45% yield, while also providing downside protection [2] Performance and Protection - QQQH has a track record of lower volatility, with an average annualized volatility of 13.4% over the past three years, compared to 20.1% for the largest NDX-tracking ETF, and its largest drawdown was 760 basis points lower than that of NDX [3] - Despite its hedging properties, QQQH has still managed to return nearly 87% over the past three years, indicating that it does not completely sacrifice upside potential [4] Market Relevance - With the ongoing momentum in the artificial intelligence (AI) sector, QQQH could attract a wide range of investors, especially if there are fluctuations in AI adoption and productivity gains across sectors [5][6]

Core Insights - Advanced Micro Devices (AMD) has significantly improved its market position, with stock rising 78% year-to-date as it transitions from being seen as "the alternative" to a key player in the AI sector [1] - The focus has shifted from Nvidia's dominance to AMD's potential market share capture in the AI chip space [2] - AMD enters 2026 with strong momentum, long-term customers, and a growing AI revenue base, but faces the challenge of meeting high expectations set by its stock price [3] Major Partnerships and Deals - AMD secured major AI partnerships in 2025, including a multiyear deal with OpenAI to deploy 6 gigawatts of AMD Instinct GPUs, with the first gigawatt expected in the second half of 2026 [5][6] - Oracle expanded its partnership with AMD, planning to create a publicly available AI supercluster featuring 50,000 MI450 GPUs starting in Q3 2026 [6] - AMD also entered a $1 billion partnership with the Department of Energy and Oak Ridge National Laboratory to build supercomputers, alongside a $3 billion agreement with Sanmina for manufacturing [6] Financial Performance - AMD's earnings have shown significant growth, with Q3 2025 revenue reaching $9.25 billion, up 35.59% year-over-year, and beating expectations by $487.48 million [9] - In Q2 2025, revenue was $7.69 billion, up 31.71% year-over-year, also beating expectations [9] - Q1 2025 saw revenue of $7.44 billion, up 35.90% year-over-year, exceeding expectations by $318.31 million [9] - The financial performance indicates a strong bull case for AMD's AI initiatives [8]

Core Insights - Alphabet has recently made significant moves, including a $4 billion investment from Berkshire Hathaway and the acquisition of Intersect for $4.75 billion, which has led to a surge in its stock price to all-time highs [1][2]. Group 1: Acquisition Details - Alphabet announced a definitive agreement to acquire Intersect, a company specializing in data center and energy infrastructure solutions, for $4.75 billion [2]. - The acquisition aligns with Alphabet's strategy to enhance its capabilities in artificial intelligence (AI) and energy management, which are critical for the future of its operations [2][8]. Group 2: Importance of Intersect - Intersect develops utility-scale renewable energy solutions for data centers, utilizing various power generation sources like wind, solar, and battery, which allows for efficient energy management [5][6]. - The rising costs of energy are a significant concern for AI developers, and Intersect's expertise in energy management can help Alphabet mitigate these costs as AI workloads increase [6][7]. Group 3: Strategic Implications - By acquiring Intersect, Alphabet aims to gain control over its future energy costs, improving efficiency in accessing data center capacity compared to relying on external utility providers [8]. - This move is consistent with Alphabet's vertically integrated business model across its various sectors, including search, cloud, advertising, and consumer electronics [9].

Group 1: Market Overview - The equity market rally continued in Q3 2025, driven by strong corporate earnings, rising AI investment, and expectations of economic support from US fiscal policy and lower interest rates [1] - Artisan Value Fund's Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 0.83%, 0.91%, and 0.90% respectively, underperforming the Russell 1000 Value Index which returned 5.33% [1] Group 2: Salesforce, Inc. (NYSE:CRM) Performance - Salesforce, Inc. reported a one-month return of 14.28% but experienced a 20.75% decline in share value over the last 52 weeks, closing at $266.08 per share with a market capitalization of $253.308 billion on December 26, 2025 [2] - In Q3 2025, Salesforce was highlighted as a new purchase by Artisan Value Fund, alongside Accenture and Elevance Health, despite concerns about being disrupted by AI [3] Group 3: Investment Insights - Artisan Value Fund believes fears regarding AI disrupting established companies like Salesforce are overblown, attributing growth slowdowns to broader macroeconomic conditions rather than AI [3] - Salesforce's revenue for Q3 2026 was reported at $10.26 billion, reflecting a 9% year-over-year increase and an 8% increase in constant currency [4]

Economic Forecast and Labor Market - The debate around the economic forecast for 2026 is heavily influenced by inflation, tariffs, and jobs, with a potential bright spot emerging for the new year [1] - Morgan Stanley's report indicates that inflation in 2023, particularly in Q3, shows that companies managed to pass on tariff costs, which helped preserve profits and mitigate layoffs [2][3] - The report suggests that the US corporate sector has made significant progress in recovering tariff costs, leading to reduced downside risks for the labor market and lower recession probabilities for 2026 [2] Tariff Impact on Profits and Employment - In Q2, tariffs negatively impacted profits, contributing to soft payroll growth over the past two quarters, but companies managed to reduce unit labor costs and increase prices sufficiently to enhance profits [3] - If companies are unable to raise output prices due to consumer resistance, they may resort to further reducing labor costs, potentially leading to layoffs [4] - The easing of tariff inflation could align with a job recovery in the second half of the year if Morgan Stanley's predictions hold true [4] Consumer Behavior and Pricing Power - There is a risk that consumers may react to higher prices, which could affect overall economic dynamics; however, the analysis reflects average company performance, with some faring better than others under tariffs [5] - Companies have shown the ability to adjust their supply chains to mitigate effective tariff costs, indicating they possess the pricing power to pass on these costs to consumers, which has implications for consumer sentiment [8]

Key Highlights: Stock futures were flat to slightly higher Sunday evening in a New Year's holiday-shortened week, after Trump and Zelensky held "productive†talks on a Russia-Ukraine peace plan. Last week, US stocks hovered near record highs in thin holiday trade, with the S&P 500 ending little changed and the Nasdaq 100 slipping 0.1% as materials and tech outperformed while consumer discretionary and energy lagged. Nvidia (NASDAQ:NVDA) gained on an AI licensing deal, and precious metals surged to fresh reco ...

Group 1: Bitfarms - Bitfarms is transitioning from Bitcoin mining to high-performance computing (HPC) and AI infrastructure, aiming for completion by 2027 [2] - The stock has a forward P/E ratio of 84.04 for 2026, which is nearly four times its trailing ratio, indicating high investor optimism [4] - Bitfarms has experienced a 62% stock decline since early October 2025 and has missed EPS estimates for three consecutive quarters, with a Q3 2025 EPS of negative 0.08 [4] Group 2: Robinhood - Robinhood is expanding into prediction markets, which are rapidly growing, and has seen its share prices surge by as much as 300% in 2025 [6] - The company reported a Q3 2025 EPS of 0.61, beating expectations by nearly 20%, and has shown consistent EPS growth for three consecutive quarters [6] - Robinhood's prediction market has become its fastest-growing product, allowing users to bet on real-world events [6][8] Group 3: Comparative Analysis - Bitfarms' growth narrative is seen as overly optimistic and lacking a solid foundation, while Robinhood's earnings pattern and market expansion suggest a more stable growth story [8]

Core Viewpoint - Netflix, Inc. (NASDAQ:NFLX) is positioned as a strong investment opportunity following its announcement to acquire Warner Bros for $82.7 billion, marking it as one of the best quality stocks to buy before 2026 [1] Group 1: Acquisition Details - The acquisition of Warner Bros is noted as the second-largest merger/acquisition in the post-pandemic period internationally [2] - The deal is expected to take over a year to start showing results for Netflix [2] Group 2: Analyst Perspectives - Kevin Simpson, CEO of Capital Wealth Planning, believes that trimming Netflix's stock at this point would be a mistake due to the potential value of the acquisition [2] - Huber Research downgraded Netflix from Neutral to Underweight with a price target of $102.82, citing the company's historical success in developing its own content and questioning the need for large acquisitions [3] - Baird acknowledges initial investor hesitation but sees long-term benefits from the acquisition that may outweigh near-term risks [4]

Core Insights - 2025 was a significant year for Apple, achieving record revenue and selling a high volume of their latest iPhone, while also reaching a $4 trillion market cap, joining Nvidia as the only other company to do so [1][2] Company Developments - Apple is experiencing a transitional phase with several key executives retiring, including the head of AI and legal counsel, indicating preparations for a post-Tim Cook era [3][5] - John Turnis, a VP of hardware engineering, is being groomed as a potential successor to Tim Cook, although this does not guarantee his appointment as the next CEO [4][5] Future Innovations - Anticipation is building for a foldable iPhone expected in 2026, with the iPhone Air seen as a precursor to this innovation [6][7] - The foldable iPhone is expected to carry a premium price similar to existing high-end foldable models from competitors like Samsung [8]

Company Overview - Patterson-UTI Energy, Inc. (NASDAQ:PTEN) provides drilling and completion services for oil and gas companies, including hydraulic fracturing, power and logistics solutions, and supplies for oilfield tools [1] - The company reported an average of 93 drilling rigs operating in the U.S. during November 2025, with an average count of 94 rigs earning revenue under drilling contracts for the two months ending November 30, 2025 [1] Market Sentiment - Jim Cramer expressed a negative outlook on oil and gas stocks, stating that the show has not recommended these stocks for a long time and will not do so this year [1] Investment Comparison - While Patterson-UTI Energy has potential as an investment, certain AI stocks are considered to offer greater upside potential and less downside risk [2]