Core Viewpoint - Following the investment strategies of billionaires, particularly in the AI sector, can provide valuable insights and potential investment opportunities [1][2]. AI Hardware - Chase Coleman III, head of Tiger Global Management, has identified seven stocks as key players in the AI trade, with a focus on hardware [3]. - The core AI hardware stocks include Nvidia, Taiwan Semiconductor, and Broadcom, which are essential for exposure to AI hardware [4]. - Nvidia is recognized as the largest company by market cap, driven by its GPUs that are foundational to generative AI technology, with expectations of significant growth in 2026 [5]. - Broadcom is emerging as a competitor to Nvidia by partnering with AI hyperscalers to develop custom computing units, potentially alleviating the bottleneck of Nvidia GPUs [6]. - Taiwan Semiconductor serves as a neutral party in the AI sector, benefiting from the ongoing investment in AI data centers [7]. AI Application - Microsoft is the largest component in Coleman's portfolio, excelling in its AI strategy by partnering with companies like OpenAI to enhance its cloud platform, Azure [8]. - Alphabet has achieved success with Google Cloud and its generative AI model, Gemini, which is gaining traction against ChatGPT [10]. - Amazon, while the largest cloud provider, has seen a recent acceleration in AWS growth to 20%, indicating increased adoption for AI workloads [11]. - Meta Platforms is investing heavily in AI to enhance its social media platforms, which has positively impacted ad performance and could lead to significant growth if it successfully enters the consumer hardware market [13]. Investment Recommendation - All seven identified stocks are projected to perform well by 2026, and it is recommended for investors to consider acquiring them in equal amounts as core AI holdings [14].

Core Viewpoint - Nebius, SoundHound AI, and IonQ are identified as stocks with potential for significant growth, particularly in 2026, as they are in the early stages of their growth trajectories [1][2]. Nebius - Nebius specializes in cloud computing infrastructure focused on artificial intelligence, with a significant increase in expected contracted power capacity from 1 gigawatt to 2.5 gigawatts by the end of 2026, indicating substantial revenue growth potential [3]. - If projections are met, Nebius's annualized run rate revenue could rise from $551 million in Q3 2025 to between $7 billion and $9 billion by the end of 2026, representing parabolic growth [5]. - The current market cap of Nebius is $25 billion, with a current stock price of $97.93 and a gross margin of -1312.43% [4][5]. SoundHound AI - SoundHound AI integrates generative AI with speech recognition, allowing clients to automate customer interactions, leading to a 68% year-over-year revenue increase in Q3 [7]. - The company has secured contracts with major clients, including three of the top 10 global financial services firms, which have expanded their agreements [7]. - Management projects organic growth of 50% or more for the foreseeable future, positioning SoundHound AI for potential parabolic growth [9]. IonQ - IonQ is a leading player in the quantum computing sector, which is at the beginning of its growth phase, with commercial viability expected around 2030 [10]. - The current market cap of IonQ is $18 billion, with a stock price of $49.45 and a gross margin of -747.41% [11]. - There is potential for significant stock movement if IonQ announces a major partnership or breakthrough in quantum computing technology [12].

Core Viewpoint - CoreWeave has experienced significant growth due to its focus on AI workloads, but recent challenges have led to a decline in stock performance [1][2]. Company Overview - CoreWeave operates in the GPU-as-a-service (GPUaaS) market, providing customers access to its fleet of GPUs, which helps save costs and time [3]. - The company has established a strong partnership with Nvidia, gaining early access to Nvidia's latest platforms, which has contributed to its revenue growth [4]. Financial Performance - CoreWeave's revenue increased by over 130% in the most recent quarter, reflecting the high demand for AI workload capacity [4]. - The company's stock has dropped more than 40% since November 1, primarily due to concerns over delays at a third-party data center and rising debt levels [2][6]. Recent Developments - CEO Michael Intrator sold approximately $4.7 million in CoreWeave shares as part of a pre-planned 10b5-1 trading plan, which is a routine procedure and not indicative of a loss of confidence [7][8]. - The sale should not alarm shareholders, as insiders often sell shares to realize gains or allocate funds for personal reasons [9][10].

Core Viewpoint - CoreWeave's share price has dropped over 50% from its 52-week high, raising questions about its future prospects in the AI sector and whether this presents a buying opportunity for investors [1][2]. Company Overview - CoreWeave operates in the neocloud segment of the cloud computing industry, focusing on data center infrastructure optimized for AI [3]. - Originally a cryptocurrency mining business, CoreWeave pivoted to leverage its investment in advanced semiconductor chips to meet the growing demand for AI computing power [3]. Market Demand - The demand for AI-optimized data centers has surged due to the significant computing capacity required for AI tasks, positioning CoreWeave as a key player in this market [4]. Financial Performance - CoreWeave reported a 134% year-over-year increase in third-quarter revenue, reaching $1.4 billion, with notable clients including OpenAI, Meta Platforms, and Microsoft [5]. - The company has a market capitalization of $40 billion, with a current share price of $80.14, down from a 52-week high of $187 [6][7]. Capital Expenditures and Debt - To sustain sales growth, CoreWeave incurred capital expenditures of $1.9 billion in Q3, leading to a total debt exceeding $14 billion by the end of the same quarter [7][8]. - The company reported a net loss of $110.1 million in Q3, indicating a precarious financial position [8]. Strategic Initiatives - CoreWeave has established a business unit focused on U.S. government sales, aligning with the government's prioritization of AI [8]. - A significant partnership with Nvidia, valued at $6.3 billion, includes a provision for Nvidia to purchase any excess data center capacity, providing a safety net against potential revenue losses [9]. Valuation Insights - The decline in CoreWeave's share price has led to a more reasonable valuation, as indicated by a lower price-to-sales (P/S) ratio compared to earlier in the year [10][12]. - Despite the improved valuation, the company's high debt levels and lack of profitability present ongoing risks for investors [12].

Core View - CoreWeave, Inc. (NASDAQ:CRWV) is being closely monitored by analysts as a significant player in the AI sector, with Cantor Fitzgerald maintaining an Overweight rating and a price target of $131.00, citing long-term growth potential from Blackwell GPU adoption and a favorable valuation compared to peers [1][4]. Revenue Estimates - Cantor Fitzgerald has adjusted its revenue estimates, shifting some revenue from Q4 2025 and Q1 2026 to Q2 2026 due to potential delays, while keeping overall projections for 2026 and 2027 relatively unchanged and slightly above consensus estimates [2]. Market Position and Demand - The company is well-positioned to benefit from the increasing demand for AI infrastructure and next-generation GPUs, with a significant portion of its fleet already utilizing Blackwell GPUs, expected to grow through 2026 and 2027 [3][4]. Valuation Metrics - CoreWeave shares are currently trading at approximately 3x C27, compared to Oracle at 6x and Microsoft at 9x, indicating a substantial discount in valuation. The EV/R/G ratio for CRWV shares stands at 0.05x C27, significantly lower than the infrastructure software average of 0.40x [4]. Future Revenue Potential - The company is projected to have a revenue run rate opportunity exceeding $30 billion for C28, with an anticipated revenue CAGR of over 80% from C25 to C28, supported by the full activation of its contracted 2.9 GW capacity [4].

GS Asia-Pacific Portfolio Strategy 2026 Outlook: Room to run, but a tighter leash January 2026 Timothy Moe, CFA Goldman Sachs (Singapore) Pte 65-6889-1199 timothy.moe@gs.com Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 Room to run, but a tighter leash 1) An equity-friendly macro backdrop: A blend ...

Core Insights - Oracle is poised to benefit from a significant business deal involving its partner, Oklo, which has contracted with Meta Platforms for energy supply to data centers [1][2] - Oracle's stock has been recognized by HSBC as one of the top U.S.-listed stocks expected to outperform in the upcoming earnings season, with a project backlog nearly ten times larger than the previous year [4] Business Developments - The deal between Oklo and Meta is not directly involving Oracle, but it enhances Meta's AI capabilities, which rely on Oracle's Cloud Infrastructure [2][3] - Oracle's involvement in the AI sector positions it as a key player in the ongoing AI revolution, making it an attractive investment opportunity [6] Market Performance - Oracle's share price increased by approximately 5% following the news of the business deal and its recognition by HSBC [1] - The company's market capitalization stands at $276 billion, with a 52-week price range of $45.66 to $83.03 [5][6]

Core Insights - Oracle has announced the resignation of two long-serving directors, George Conrades and Naomi Seligman, with no disputes cited as reasons for their departure [2] - The company has undergone a management change, replacing CEO Safra Catz with Clay Magouyrk and Mike Sicilia, who are focusing on expanding data centers for AI applications [3] - Oracle's stock experienced significant volatility, initially surging due to a 359% increase in remaining performance obligations, but later declining as investor confidence waned regarding the company's debt repayment capabilities and AI execution [4] Group 1 - George Conrades, 86, has served on Oracle's board for 18 years, while Naomi Seligman, 87, joined in 2005 [2] - The current board of Oracle now consists of 12 directors following these resignations [2] - Larry Ellison, Oracle's co-founder and CTO, remains on the board and continues to serve as executive chairman [5] Group 2 - The new management team is rapidly working to open data centers equipped with Nvidia GPUs to support generative AI models for clients like OpenAI and xAI [3] - The initial surge in Oracle's stock was attributed to expectations of accelerated revenue growth following the significant increase in remaining performance obligations [4] - The stock's decline in the fourth quarter reflects Wall Street's skepticism about Oracle's ability to manage debt while successfully delivering on AI initiatives [4]

Core Viewpoint - Amazon.com, Inc. has experienced a modest return of only 3% in 2025, raising concerns among investors, especially in comparison to the performance of the S&P 500 index [1] Group 1: Company Performance - Amazon's stock performance has been underwhelming, with a return of just 3% in 2025 [1] Group 2: Market Context - The performance of Amazon is being scrutinized in the context of broader market trends, particularly against the S&P 500 index [1]

Key Points AI is a major growth opportunity for both companies, but also a key risk. Amazon and Microsoft have seen their cloud businesses accelerate recently. Both tech companies are finding ways to integrate AI across their existing services. 10 stocks we like better than Amazon › AI (artificial intelligence) has become the most important growth theme in tech. But it has also created a problem for investors: many of the pure-play AI names are either unprofitable, hard to value, dependent on one ...