Platinum Asset Management, an investment management company, released its Q3 2025 investor letter for “Platinum International Technology Fund”. A copy of the letter can be downloaded here. The fund was up 6% in the third quarter, driven by strong performance from AI-oriented holdings. The portfolio holds around 30% of its stake in AI infrastructure stocks and is positioned to benefit from significant investment in the AI build-out. In addition, you can check the fund’s top 5 holdings to find out its best pi ...

Core Viewpoint - China's economic policies and technological advancements are creating opportunities for U.S.-listed Chinese companies, indicating a potential rebound in 2026 [2][3][8]. Economic Policy Changes - In December 2025, China's Politburo announced a shift to a moderately loose monetary policy for the first time since 2010, breaking a 14-year trend of cautious policy [3]. - The Central Economic Work Conference set a 4% budget deficit target and prioritized domestic demand for 2026 [3]. Financial Institutions' Outlook - Goldman Sachs raised its 2026 GDP forecast to 4.8%, while the IMF expects 4.5% growth, reflecting increased confidence in China's recovery plans [4]. Technology Sector Growth - China's technology sector is thriving, particularly in artificial intelligence and e-commerce, with the e-commerce market valued at approximately $2.42 trillion in 2025 and projected to grow at a CAGR of 8.9% to reach around $5.68 trillion by 2035 [5]. - Major companies like Alibaba and JD.com are leveraging AI to enhance customer experiences [5]. Manufacturing Advancements - Significant progress is being made in semiconductors and electric vehicles, with record sales of 1.82 million electric vehicles in November 2025, capturing 53% of the domestic market [6]. Government Investments - Beijing is heavily investing in green energy and advanced manufacturing technologies, with Alibaba committing over $50 billion for cloud and AI development [7]. Economic Indicators - Manufacturing activity reached a five-month high in November, and consumer prices rose to 0.7%, the highest in 21 months, indicating effective government stimulus measures [8]. Stock Performance and Opportunities - Tencent, Baidu, and Bilibili have seen recent stock declines of 13.5%, 9.3%, and 12.5% respectively, presenting potential entry points for investors [10]. - Tencent reported record gaming sales of $10 billion internationally, with a 15% revenue growth and a 43% surge in international gaming [11]. - Bilibili achieved a net profit of RMB469 million in Q3 2025, with a 233% year-over-year increase in adjusted net profit and 13 consecutive quarters of gross margin expansion [13]. - Baidu's AI capabilities are expanding, with a significant focus on semiconductor value and a projected earnings increase of 1.1% to $8.36 per share for 2026 [15][16].

Core Viewpoint - Nextdoor is being highlighted as a potential hidden opportunity in the artificial intelligence (AI) sector, with a hedge fund manager predicting a significant price increase for its stock based on its unique user base and data potential [3][11]. Company Overview - Nextdoor operates as an online forum focused on neighborhoods and local businesses, allowing users to engage in community discussions and share local information [5][6]. - The platform has approximately 100 million users, which is seen as a valuable asset for AI systems that require real-world data [11][12]. Investment Perspective - Eric Jackson, the founder of EMJ Capital, has set a price target of $374 for Nextdoor, suggesting an upside of over 15,500% from its current price of $2.39 [3]. - Jackson believes that Nextdoor's user base provides "raw input" necessary for developing agentic AI systems, positioning the company as more than just a social media platform [11][12]. - The valuation approach used by Jackson involves comparing Nextdoor to other platforms like Yelp and Reddit, suggesting a potential shift in its business model towards data analytics and professional services [13]. Market Dynamics - Jackson's previous successful investments indicate a potential for Nextdoor to attract attention from retail and institutional investors, which could lead to significant stock price movements [9][10]. - However, there are concerns that the stock may become a target for day traders, which could lead to volatility and risks for long-term investors [15][16].

Core Viewpoint - Australia has become the first country to implement strict legislation prohibiting minors under 16 from using social media platforms, with penalties of up to AUD 49.5 million for non-compliance [1][2]. Group 1: Legislative Impact - The new law requires social media platforms to implement measures to prevent access by users under 16, or face significant fines [1]. - The legislation has garnered support from leaders in other countries, including the UK, France, Denmark, and Norway, who are considering similar measures [1][2]. - A significant portion of the Australian population, 77%, supports the ban on minors using social media [5]. Group 2: Social and Psychological Concerns - The law is partly a response to tragic incidents of cyberbullying, such as the case of a 15-year-old girl who took her own life due to online harassment [3]. - Research indicates that excessive social media use among teenagers is linked to higher risks of depression, anxiety, and eating disorders [4]. - Parents express relief at the ban, feeling it alleviates the pressure of monitoring their children's social media use [5]. Group 3: Implementation Challenges - Social media companies are expected to use technology such as facial recognition and user data to verify ages, but the effectiveness of these measures is uncertain [7]. - Despite the ban, children are finding ways to circumvent age verification, indicating potential challenges in enforcement [11]. - The government acknowledges that some accounts may be missed in the initial enforcement phase, and ongoing checks will be necessary [11]. Group 4: Global Context and Comparisons - Other countries are exploring age verification technologies, with Malaysia planning to implement a similar ban by 2026 [1]. - The Australian approach contrasts with practices in the US and Europe, where parental consent is often required for minors to use social media [14]. - Discussions around the balance between protection and freedom in social media use continue globally, with various countries adopting different strategies [16].

Group 1: Nvidia - Nvidia's stock has surged over 21,000% in the past decade, making it the world's most valuable company with a market cap of $4.3 trillion, primarily driven by sales of data center GPUs for AI tasks [4][6] - The company controls over 90% of the discrete GPU and data center GPU markets, with nearly all top cloud and AI companies utilizing its chips, supported by its proprietary CUDA programming platform [5] - Analysts project Nvidia's revenue and adjusted EPS to grow at a CAGR of 46% and 29% from fiscal 2025 to fiscal 2028, indicating strong growth potential despite a high valuation of 23 times next year's earnings [8][9] Group 2: Meta Platforms - Meta Platforms' stock has increased over 500% in the past decade, resulting in a market cap of $1.6 trillion, largely due to the growth of its social media platforms, which serve 3.54 billion daily active users [10][12] - The company holds a near-duopoly in digital advertising with Alphabet's Google, and its ad impressions and prices are consistently rising despite competition from TikTok [11] - From 2024 to 2027, analysts expect Meta's revenue and EPS to grow at a CAGR of 18% and 12%, respectively, as it expands its user base and enhances its AI capabilities [13][14]

So any big surprises here. No, not exactly. A little faster, honestly, than I thought.If you remember when we chatted with Adam Mosseri in October, he kind of hinted that this was something they were looking toward. Here we are just two months later. They do have this app that they're debuting.The one thing I'll point out is that this is just for the Amazon fire TV right now. I imagine that they want to create this app for all those different smart TV platforms. So, you know, sort of limited in scope at the ...

Core Insights - Reddit (RDDT) and Meta Platforms (META) are prominent players in the digital advertising space, with RDDT emerging as a community-driven platform and META dominating through established platforms like Facebook and Instagram [1][2] Digital Advertising Market Overview - The global digital advertising market was valued at $488.4 million in 2024 and is projected to reach $1,164.25 million by 2030, with a CAGR of 15.4% from 2025 to 2030, benefiting both Reddit and META [2] Reddit (RDDT) Performance - Reddit is experiencing strong user engagement, with a 20% year-over-year increase in daily active users (116 million) and weekly active users (444 million) [5] - Advertising revenues for Reddit surged 74% year over year to $549 million in Q3 2025, driven by expanding advertiser relationships and a diversified customer base [4][12] - The company is enhancing its advertising tools, including Dynamic Product Ads and Reddit Pixel, which are contributing to increased advertiser adoption [3] Meta Platforms (META) Performance - Meta's advertising revenues increased by 25.6% year over year to $50.08 billion in Q3 2025, accounting for 97.7% of total revenues [8][12] - AI integration across platforms like Facebook and Instagram is driving user engagement, with a 5% increase in time spent on Facebook and a 30% increase on Threads [9] - Meta is leveraging its vast user data to enhance AI-powered creative tools, which are now available in over 200 countries [10] Stock Performance and Valuation - Over the past six months, Reddit's shares have surged 73.1%, while Meta's shares have declined by 7.8% [13] - RDDT shares are currently trading at a forward Price/Sales ratio of 14.14X, compared to META's 7.03X, indicating that both stocks are considered overvalued [16] - The Zacks Consensus Estimate for RDDT's 2025 earnings is $2.35 per share, reflecting a 170.57% year-over-year increase, while META's estimate is $23.43 per share, indicating a 1.80% decline [18] Conclusion - Reddit is positioned for greater upside potential due to rapid revenue growth and an expanding advertiser base, while META faces challenges in monetizing its AI investments amid stiff competition [21][22]

Core Insights - Pinterest, Inc. (PINS) is experiencing significant growth in user engagement, with a record 600 million global monthly active users (MAUs) in Q3, reflecting a 17% year-over-year increase driven by strong traction across various regions [1][8] User Engagement and Content Strategy - The company is implementing initiatives to enhance actionable content from diverse sources, leading to improved engagement metrics such as sessions, impressions, and saves [2] - Integration of advanced AI models is aimed at enhancing relevancy and personalization on the platform [2] - A partnership with Amazon is established to leverage the commercial intent of users and increase shoppability [2] User Base and Market Expansion - In the U.S. and Canada (UCAN) region, Pinterest reported 103 million users, a 4% year-over-year increase, while also witnessing rapid growth outside this region with 500 million users globally [3][8] - The expansion indicates rising global awareness and product market fit in previously unmonetized international markets [3] Market Outlook - The global social media market, valued at $185.26 billion in 2024, is projected to grow at a compound annual growth rate of 12.3%, reaching $208.8 billion by 2029, positioning Pinterest to benefit from this trend [4] Competitive Landscape - Pinterest faces competition from META Platforms, Inc. (META) and Snap, Inc. (SNAP), with META reporting 3.54 billion daily active users (DAP), a 7.6% year-over-year increase, and SNAP reaching 477 million daily active users (DAU), an 8% year-over-year increase [5][6] Financial Performance and Valuation - Pinterest shares have declined by 16.9% over the past year, contrasting with the industry's growth of 1.6% [7] - The company trades at a forward price-to-sales ratio of 3.62, below the industry average of 4.75 [9] - Earnings estimates for 2025 and 2026 have decreased over the past 60 days, indicating a downward trend in expectations [10][11]

Core Insights - Meta is launching its first Instagram for TV app, aiming to compete with YouTube by providing autoplay reels tailored to user preferences [1] - The app will initially be ad-free but plans to incorporate advertisements in the future [1] Group 1: Market Dynamics - There is a growing trend of users enjoying short-form content on TVs, indicating a shift in viewing habits towards larger screens [2] - YouTube has reported more viewing on TVs than on mobile devices, highlighting the increasing value of connected TV advertising [3] Group 2: Advertising Potential - Ads on connected TVs are significantly more valuable, costing two to three times more than mobile ads, with over 90% of viewers completing these ads [3][4] - E-marketer estimates that connected TV ad spending will reach $33 billion this year, with projections to grow to $43 billion by 2027, surpassing linear TV ad spending [4] Group 3: Competitive Landscape - The rise of short-form videos on TVs poses challenges for Netflix, which is contending that it competes not only with traditional media giants but also with social platforms for viewer attention [5]

Group 1 - Instagram has introduced a new privacy setting that defaults all new and existing underage accounts to an automatic private mode [1] - The company is testing its Instagram for TV app in the U.S. via Amazon Fire TV, aiming to expand its video platform capabilities beyond smartphones [2] - The Instagram for TV app will feature TikTok-like Reels videos, which are produced by individual creators and recommended to users [3] Group 2 - Meta is focusing on providing a great user experience for the TV app before considering monetization strategies [4] - The company plans to expand the TV app to other device makers in the future, although specific names were not disclosed [3] - Instagram's strategy includes enhancing content delivery for mobile users in a way that is designed for TV [4]