Core Viewpoint - Erste Group downgraded Advanced Micro Devices (AMD) from Buy to Hold, resulting in a 2% decline in shares during Thursday's session [1] Group 1: Company Performance - AMD is expected to see growth in 2025 due to increasing demand for high-performance CPUs and GPUs in data centers [1] - Operating margins for AMD remain below sector averages, with EBIT margin reported as slightly negative in the most recent quarter [1] - AMD's return on equity is weaker than its peers, leading to a perception that the current valuation is elevated [1]

Core Viewpoint - Trian Fund Management commends Solventum Corporation for the sale of its Purification & Filtration business to Thermo Fisher Scientific, viewing it as a significant step in the company's value creation journey [1][2] Group 1: Sale Details - Solventum's Purification & Filtration business was sold to Thermo Fisher Scientific, with Trian noting the high valuation multiple attracted by the division's differentiated technology and material science [1] - Thermo Fisher anticipates that the acquisition will be accretive by $0.28, indicating strong cost synergies from replacing Solventum's allocated segment costs with lower costs within Thermo Fisher [2] Group 2: Financial Performance and Growth Potential - Trian highlighted that Solventum has the opportunity to right-size costs and achieve higher margins while reinvesting in growth [3] - Historically, while part of 3M, Solventum achieved 3-4% organic growth and a 26-27% EBIT margin, and Trian believes that as a standalone company, Solventum can deliver faster organic growth and higher margins [4]