Summary of the Americas Thematic Focus List Conference Call Industry and Company Overview - **Industry**: The thematic focus is on various sectors across North America and Latin America, particularly in technology, energy, healthcare, and education. - **Companies Featured**: The focus list includes notable companies such as Amazon, Microsoft, NVIDIA, Eli Lilly, and Walmart, among others. Key Themes for 2026 1. **Tech Diffusion**: Emphasizes the rapid adoption of AI technologies across various sectors, with significant implications for productivity and competitive dynamics [12][14]. 2. **The Future of Energy**: Focuses on the increasing demand for energy driven by AI infrastructure and the transition to renewable energy sources [12][17]. 3. **The Multipolar World**: Highlights the shift towards localized supply chains and national economic security, impacting multinational corporations [12][13]. 4. **Societal Shifts**: Explores the implications of demographic changes, AI-driven employment disruption, and evolving consumer preferences [12][18]. Americas Thematic Focus List - **List Composition**: The focus list includes 18 high-conviction stock ideas, with a target holding period of 12-18 months [9][20]. - **Key Companies on the List**: - **Amazon (AMZN)**: Positioned as a leader in AI infrastructure, with a projected 32% upside to a price target of $238.18 [23]. - **Microsoft (MSFT)**: Expected to capture significant AI spending, with a 42% upside to a price target of $456.66 [23]. - **Eli Lilly (LLY)**: A leader in the GLP-1 market, with a 25% upside to a price target of $1,032.97 [23]. - **Walmart (WMT)**: Leveraging AI for operational efficiency, with a 13% upside to a price target of $119.20 [23]. Methodology and Specifications - **Focus List Size**: 15-20 stocks, with equal weighting upon construction [21]. - **Sector Weights**: No fixed sector weights, aiming for diversification [21][22]. - **Regional Weights**: Targeting 80-85% in the USA and 15-20% in Latin America [28]. Important Insights and Data - **Amazon's Growth**: Amazon's custom silicon strategy has grown 150% sequentially, indicating strong demand for its AI capabilities [29]. - **Eli Lilly's Market Potential**: The global diabesity market is projected to exceed $150 billion by the early 2030s, with significant growth opportunities for Eli Lilly [39]. - **NVIDIA's Dominance**: NVIDIA is positioned to capture a significant share of the projected $3-4 trillion in annual AI infrastructure spending by the end of the decade [53]. - **Walmart's AI Strategy**: Walmart's AI initiatives have led to a 50% automation rate in its supply chain, significantly reducing delivery costs [68]. Conclusion The Americas Thematic Focus List presents a strategic overview of high-conviction investment opportunities across key sectors, driven by transformative themes such as technology diffusion and energy transition. The insights provided highlight the potential for significant growth and the evolving landscape of investment in the Americas.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Nuclear Energy - **Theme**: Nuclear Renaissance, intersecting with global megatrends such as Tech Diffusion, Multipolar World, and Future of Energy [1][5][8] Core Insights and Arguments - **Nuclear Capacity Projections**: Global new nuclear capacity is projected to reach **586.8 GW** by **2050**, a **53%** increase from previous estimates [7][10][12] - **Investment Forecast**: Potential investment in the nuclear value chain through **2050** is estimated at **US$2.2 trillion**, up from **US$1.5 trillion** [7][11][12] - **Regional Growth**: China, the US, CEEMEA, and India are expected to lead in nuclear capacity growth, with Asia emerging as a key investment region [7][10] - **Stock Exposure**: The report identifies **63 stocks** that are exposed to the nuclear renaissance, expanding from an earlier list of **51 stocks** [8][17] Key Trends and Opportunities - **Tech Diffusion**: Nuclear power is seen as a premium energy source in the age of AI, emphasizing reliability and energy density. Key stocks include Talen Energy, Public Service Enterprise Group Inc, and Vistra Corp [9][19] - **Multipolar World**: South Korea and Japan are positioned to benefit in the global nuclear market amid competition from China and Russia. Notable companies include Doosan Enerbility and Samsung C&T [9][19] - **Future of Energy**: Small Modular Reactors (SMRs) and Fourth Generation reactors are highlighted as promising technologies, with companies like Curtiss-Wright and GE Vernova mentioned [9][19] Policy and Market Sentiment - **Investor Sentiment**: The proportion of global assets under management (AUM) excluding nuclear power has decreased to **2.3%**, indicating a shift in investor attitudes [14][51] - **Development Banks**: Institutions like the World Bank are reassessing their stance on nuclear energy, lifting bans on financing nuclear projects, which could enhance investment opportunities [51][52] Regional Insights - **China**: Fastest nuclear buildout, on track to reach **200 GW** by **2040**. The country is a pioneer in Gen-IV and nuclear fusion technology [23][38] - **India**: Ambitious target to expand nuclear capacity to **100 GW** by **2047**, with significant growth expected [40][38] - **CEEMEA**: Emerging as a significant market for nuclear energy, with Poland and Turkey leading the pipeline [39][10] Additional Noteworthy Points - **Technological Advancements**: The report discusses advancements in Gen-IV reactors and thorium-based technologies, with China and India making strides in these areas [20][21] - **Market Performance**: Nuclear stocks have outperformed the MSCI ACWI index year-to-date, indicating strong market interest [28][29] This summary encapsulates the key insights and projections regarding the nuclear energy sector, highlighting investment opportunities and regional dynamics that could shape the future of the industry.