Core Insights - The Nasdaq-100 index has proven to be an excellent investment over the past decade, significantly outperforming other benchmarks like the S&P 500 [1][2]. Performance Summary - A $1,000 investment in the Invesco QQQ Trust, which tracks the Nasdaq-100, would have grown to $6,280 over the last 10 years, reflecting a remarkable annualized total return of 20.2% [2]. - The Nasdaq-100 has outperformed the S&P 500 by 218 percentage points during the same period [2]. Factors Contributing to Performance - The Invesco QQQ Trust's success is attributed to its tracking of the Nasdaq-100, which has a significant concentration in large technology companies [4]. - The "Magnificent Seven" companies, which constitute only 7% of the index, account for 42% of the ETF's assets, highlighting the weight of major tech firms like Nvidia and Microsoft, each representing about 9% of the ETF [4]. - The concentrated portfolio of the Nasdaq-100 allows for a larger weight of large-cap tech stocks compared to the S&P 500, exemplified by Nvidia's 9.2% weight in the Invesco QQQ ETF versus less than 8.1% in the Vanguard S&P 500 ETF [6]. Future Outlook - The future performance of the Invesco QQQ ETF remains uncertain, but ongoing trends such as the AI boom may present interesting opportunities for investors [7].

Group 1 - Credo Technology (NASDAQ: CRDO) has seen a significant stock price increase, gaining nearly 90% since June 3 and almost 187% over the past six months [1] - The company's stock surged 20% in one week following strong first-quarter earnings that exceeded Wall Street expectations, highlighting its growing role in the AI sector [3] - Credo's active cable technology is being rapidly adopted, providing more efficient connections between data center servers and network switches compared to traditional cabling [3] Group 2 - Major tech firms such as Amazon, Microsoft, and Elon Musk's xAI are now customers of Credo, each contributing over 10% to the company's revenue [4] - Analysts are optimistic about Credo's future, with TD Cowen raising its price target for CRDO from $140 to $160 [6] - The company anticipates fiscal 2026 revenue between $230 million and $240 million, projecting a year-over-year growth of approximately 120% [6]

Group 1 - The presentation is part of Citi's Global TMT Conference, focusing on technology, hardware, and tech supply chain [1] - Cricut's management team includes CFO Kimball and SVP of Finance and Treasury and IR Jim Suva [1] - The session encourages audience participation for questions, indicating an interactive format [2]

Group 1 - The company reported record revenue exceeding $9 billion for the recent quarter, indicating strong financial performance [4] - The demand environment has improved compared to six months ago, suggesting a positive trend in business conditions [4] - The company recently closed a deal with Juniper, which is expected to enhance its market positioning [2] Group 2 - The CFO emphasized the importance of reviewing SEC filings for a comprehensive understanding of risk factors associated with the business [3] - The discussion included topics on product and platform developments as well as capital allocation strategies [2] - The company expressed satisfaction with the earnings results, indicating a solid quarter overall [4]

Core Insights - Hewlett Packard Enterprise (HPE) reported better-than-expected results for Q3 fiscal 2025, with shares rising 2% in extended trading [1] - Non-GAAP earnings were 44 cents per share, beating the Zacks Consensus Estimate by 2.3%, but down 12% year over year [1] - Revenues increased 19% year over year to $9.1 billion, surpassing the Zacks Consensus Estimate by 4.1% [2] Revenue Performance - HPE's revenue growth was driven by the Server, Hybrid Cloud, and Financial Services segments, particularly due to increased sales in artificial intelligence and GreenLake [2] - The Server segment saw a 16% year-over-year increase in sales, reaching $4.94 billion, with strong demand for AI servers [3] - Networking division revenues surged 54% year over year to $1.73 billion, while the Hybrid Cloud division's sales rose 12% to $1.48 billion [4][5] Segment Analysis - The Financial Services segment reported revenues of $886 million, a 1% increase year over year, with a net portfolio asset increase to $13.2 billion [6] - The Server segment's operating profit margin was 6.4%, down 440 basis points year over year but up 50 basis points sequentially [3] - The Hybrid Cloud division's operating profit margin improved to 5.9%, reflecting controlled operating expenses [5] Operating Results - Non-GAAP gross profit was $2.73 billion, up 11.5% year over year, with a gross margin of 29.9% [7] - Non-GAAP operating profit increased 0.8% year over year to $777 million, with an operating margin of 8.5% [7] Cash Flow and Balance Sheet - HPE ended the fiscal third quarter with $457 million in cash, down from $11.67 billion in the previous quarter [8] - The company generated $1.3 billion in cash from operational activities during the quarter and returned $171 million to shareholders [9] Guidance - For Q4 fiscal 2025, HPE forecasts revenues between $9.7 billion and $10.1 billion, with non-GAAP earnings per share estimated at 56-60 cents [10] - For fiscal 2025, HPE raised its revenue growth outlook to 14-16%, up from the previous guidance of 7-9% [11]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the asset allocation and performance of major Emerging Market (EM) funds as of the end of July 2025, based on a survey of 56 fund managers conducted by EPFR Global [7][12]. Core Insights 1. **Increased Allocation to Korea and China**: - EM funds have increased their allocation to Korea, with net overweights rising to 3 from 2. - Foreign investors were net buyers of US$4.5 billion in Korean equities in July, marking the highest monthly total since February 2024 [5][22]. - China and Hong Kong saw significant inflows of US$4.3 billion and US$3.8 billion, respectively, in July, with consensus reducing net underweights in China+HK to 8 from 12 [5][22]. 2. **Domestic Investor Influence**: - The equity rally in China was primarily driven by domestic investors, with southbound investors net buying US$14.3 billion of HK-listed equities in August, maintaining a participation rate of approximately 28% in HK turnover [5][22]. 3. **Reduced Exposure in LatAm and ASEAN**: - Consensus cut exposure in Latin America and ASEAN regions, with net overweights in Brazil and Mexico decreasing to 20 from 23 and 5 from 8, respectively [5][22]. - EM funds increased net underweights in Indonesia, Thailand, the Philippines, and Malaysia to 9, 24, 27, and 41 from 4, 23, 25, and 37, respectively [5][22]. 4. **Performance Metrics**: - The MSCI EM index rose by 1% over the past month, with the median fund outperforming the benchmark by 90 basis points [5][22]. - Sectors that significantly outperformed included Brazil Financials, South Africa Materials, and China IT [22]. 5. **Fund Performance Trends**: - The number of funds outperforming the benchmark increased over the past month, with a rise in the dispersion of six- and twelve-month returns [15][22]. - The median beta of EM funds is currently below its five-year average, indicating lower volatility compared to historical performance [15][22]. Additional Important Insights 1. **Cash Allocation**: - Local fund managers in Malaysia reduced cash allocation to approximately 10.3%, deploying 1.3% of cash [5][22]. 2. **Market Sentiment**: - Price momentum, net analyst revision, and size were identified as outperforming quant factors, while reversion, beta, and volatility were key underperformers [22]. 3. **Historical Fund Flows**: - Historical net inflows and outflows from EM funds were noted, with a significant net outflow of US$31.3 billion in 2024 and a year-to-date outflow of US$5.4 billion in 2025 [11]. 4. **Sector Performance**: - The report highlighted that Brazil Consumer Staples, Colombia, Chile, and Turkey also showed strong performance in the past month [22]. 5. **Market Classification Issues**: - There were potential misclassifications of China stocks as Hong Kong, which may affect the combined weight for Hong Kong and China [3][9]. This summary encapsulates the key findings and insights from the conference call, providing a comprehensive overview of the current state of the emerging markets and the performance of various funds.

Summary of Key Points from the Conference Call Industry Overview - The report discusses the **Postmodern Cycle** in equity markets, highlighting the transition from previous secular bull markets to a new investment environment characterized by elevated valuations and margins, with limited room for interest rate declines [6][35][36]. Core Insights and Arguments - **Historical Context**: Since World War II, equity markets have experienced three long secular bull runs, each followed by periods of weak returns, known as 'super cycles' [6][8][11]. - **Current Market Environment**: The Postmodern Cycle is marked by high valuations and margins, suggesting lower absolute returns moving forward. However, this environment presents opportunities for alpha generation as the disparity between winners and losers widens across sectors [6][35][36]. - **Technology's Role**: Technology, particularly AI, is identified as a key growth driver. Its impact is evolving, necessitating infrastructure upgrades, which creates investment opportunities in both digital and physical assets across various sectors [6][35][36]. - **Diversification Needs**: Investors are encouraged to diversify geographically, sectorally, and by factors to capitalize on alpha opportunities in a 'pick & mix' market [6][35][36]. Important but Overlooked Aspects - **Structural Changes**: The report notes a shift towards less global economic integration and higher tariffs, which may slow world trade growth and impact corporate profit margins [39][40]. - **Demographic Trends**: The decline in fertility rates in developed countries is expected to increase government obligations and pressure on long-term interest rates, affecting corporate profits [73][76]. - **Defence Spending**: Increased government spending on defence and infrastructure is highlighted as a significant trend, particularly in Europe, which may benefit the Aerospace and Defence sector [68][69][70]. - **Investment Focus**: Investors are advised to target companies that can specialize and dominate in their export markets, particularly in services, to mitigate the impact of rising competition from high-end Chinese manufacturing [91][92]. Valuation Insights - **Current Valuations**: US equities are trading above a 20x P/E ratio, indicating high valuations compared to historical averages. In contrast, non-US markets are trading below a 15x P/E [45][46]. - **Future Returns**: The report anticipates less meaningful annualized returns at broad index levels compared to previous super cycles due to high valuations and changing macroeconomic conditions [52][53][54]. Conclusion - The Postmodern Cycle presents a complex investment landscape where traditional drivers of returns are shifting. Investors must adapt to these changes by diversifying their portfolios and focusing on sectors and companies that can thrive in this new environment [35][36][39][40].

Join us for an exclusive deep dive into Pixel Watch 4. We're joined by Francis Hoe, the Product Manager of the new watch, to discuss the groundbreaking "shaped by water" design, the innovative dome display, and the new ultra-fast charging system. Discover how user feedback shaped the development of Pixel Watch 4, and get a behind-the-scenes look at the challenges and triumphs of creating the most advanced Pixel smartwatch yet. #PixelWatch4 #MadeByGoogle #TechPodcast Subscribe to our Channel: https://www.you ...

Core Viewpoint - A recent U.S. court ruling has positively impacted shares of Alphabet Inc and Apple, allowing their ongoing $20 billion search deal to continue without restrictions, which analysts view as a significant win for both companies [1][2]. Group 1: Analyst Reactions - Wedbush analyst Dan Ives described the ruling as a "massive win" for both Apple and Google, removing a $25 billion overhang on Alphabet's stock [2]. - JPMorgan's Samik Chatterjee noted that the ruling was "better than feared," indicating only modest headwinds for Google, with exclusive deals not permitted going forward [2][3]. - Bank of America analyst Wamsi Mohan stated that there would likely be no immediate changes to Apple's revenue from Google, as users can still change their default search engine [4]. Group 2: Future Prospects - Analysts suggest that Apple and Google may expand their partnership, potentially leading to a larger AI-related collaboration following the resolution of the DOJ case [2]. - Chatterjee expects a "robust" agreement between Apple and Google to continue, even without exclusivity [3]. - The ruling has increased confidence in Apple's Services segment for future revenue growth [4]. Group 3: Stock Performance - Apple shares rose 2.6% to $235.58, with a year-to-date decline of 3.4% in 2025 [5]. - Alphabet shares increased by 8.3% to $228.88, achieving a year-to-date gain of 20.9% in 2025 [5]. Group 4: Price Targets - Wedbush maintains an Outperform rating on Apple with a price target of $270 [6]. - JPMorgan holds an Overweight rating on Apple with a price target of $255 [6]. - Bank of America raised its price target for Apple from $250 to $260 while maintaining a Buy rating [6].

克雷西 发自 凹非寺 量子位 | 公众号 QbitAI 苹果又失去了四名AI研究员，其中三人是华人。 彭博社长期跟踪苹果公司的古尔曼称， 苹果机器人 研究小组首席AI研究员Jian Zhang将跳槽到Meta，且消息已获Meta证实。 除了已经实锤的Jian Zhang，古尔曼还爆料，基础模型团队也有三人即将离职。 苹果AI进展缓慢，让团队成员失去信心，接二连三地选择离职。 包括负责人庞若鸣在内， 苹果AI已经在数周时间内失去了10名成员 。 苹果四名AI研究员离职 Jian Zhang 离职的消息除了获得Meta证实之外，其本人的领英主页也更新了相关信息。 在苹果时，他担任的职务是AIML团队下的机器人研究主管，这个机器人研究小组与苹果的机器人产品开发部门是两个不同的部门，后者已于 今年早些时候并入苹果的硬件工程部门。 Jian Zhang在苹果期间主导的研究聚焦机器人智能与人机交互，先后推出多项具有代表性的开放论文与原型系统，奠定了苹果机器人方向从 感知-运动到情感表达的完整技术栈。 Jian Zhang本科和博士分别毕业于浙江大学和美国普渡大学，博士毕业后留校任教一年，其间选择加入苹果，至今已有十年。 ...