Core Viewpoint - The escalating trade war between the U.S. and China poses challenges for Amazon, particularly due to increased tariffs on goods sourced from China, but the company's overall profitability may remain resilient due to diverse revenue streams beyond e-commerce [1][2]. E-commerce Impact - Amazon's e-commerce platform is significantly affected by tariffs, with 71% of surveyed third-party sellers sourcing products from China, potentially leading to price hikes and reduced consumer spending [3][4]. - Despite the challenges in e-commerce, most of Amazon's profits do not stem from this segment, as the profit margins from online sales and third-party services are relatively low compared to other business areas [4][5]. Revenue Breakdown - In Q4, Amazon's online stores and third-party seller services generated $123.1 billion in revenue, while ad and subscription services contributed $28.8 billion. Estimated profit margins suggest that ad and subscription services are far more profitable than commerce [7][8]. - The estimated profits from the commerce segment would be $3.7 billion at a 3% margin, while ad and subscription services could yield $10 billion at a 35% margin, indicating a strong reliance on these higher-margin services [7][8]. Cloud Computing Division - Amazon Web Services (AWS) is a crucial part of Amazon's profitability, accounting for 58% of operating profit margin while only representing 17% of sales in 2024 [9]. - The shift from local servers to cloud computing and the increasing demand for AI capabilities are driving growth in AWS, which is less susceptible to tariff impacts [10][11][12]. Long-term Growth Potential - The long-term growth trends in cloud computing and advertising suggest that Amazon's profits are likely to continue growing, even if e-commerce revenue faces challenges due to tariffs [12].

Core Viewpoint - The Trade Desk is currently undervalued despite its strong long-term growth prospects, making it a top investment opportunity in the market [1]. Company Performance - The Trade Desk experienced a disappointing Q4, missing its revenue guidance for the first time in its history due to a transition to a new platform [6]. - The stock price fell over 30% following the earnings report, compounded by a broader market sell-off, resulting in a 65% decline from its all-time high [7]. Market Position - The Trade Desk operates solely as an ad buyer, differentiating itself from competitors like Alphabet and Meta, which handle both ad buying and selling [2][3]. - The company focuses on growing areas such as connected TV and podcasts, which have seen significant increases in advertising dollars [4]. Future Growth Prospects - Despite weak guidance for Q1, Wall Street anticipates 18% growth for 2025 and 20% growth for 2026, driven by the shift from linear TV to connected TV [9]. - The transition to connected TV is expected to enhance revenue for The Trade Desk over the coming years [10]. Profitability and Valuation - The Trade Desk reported a 25% profit margin in Q4, indicating it is a profitable company, not solely reliant on growth [10][12]. - The stock is currently valued at 28 times forward earnings, which is reasonable given the expected growth [14].

Core Viewpoint - The report from CICC indicates that the valuation of domestic internet companies has seen some recovery this year due to the AI wave, but recent external tariff changes have led to a valuation pullback. Overall, the domestic internet sector remains in a reasonably low valuation range with a safety margin still present [1] Industry Overview - The online advertising market grew by 14% year-on-year in Q4, driven by e-commerce promotional activities and the gradual implementation of AI technology in ad material generation and efficiency optimization [2] - The Chinese gaming market saw a 16% year-on-year growth in Q4, with a seasonal decline of 5% quarter-on-quarter, while Tencent's older games performed well during the Spring Festival [2] - BOSS Zhipin-W reported a 15% year-on-year revenue growth in Q4, with a historical high in daily active users, and AI technology is enhancing matching efficiency and review effectiveness in the recruitment sector [2] AI Impact on Internet Industry - Domestic internet companies have reached near-international advanced levels in model capabilities, optimizing iteration strategies through self-developed and open-source models [3] - AI Agents are becoming a significant development direction, with companies like ByteDance and Tencent building intelligent ecosystems and rapidly growing user bases for dialogue robots [3] - AI is empowering productivity tools and cloud computing services, with products like Meitu Design Studio and Kuaishou-W achieving commercial breakthroughs, driving revenue growth through deep integration of cloud computing and AI [3] - AI is enhancing existing businesses, particularly in advertising and gaming, with companies like Tencent, Kuaishou, and Baidu integrating AI to improve ad targeting and game development efficiency [3] - Domestic internet companies are entering an AI investment cycle, significantly increasing capital expenditures focused on reasoning capabilities, which is expected to drive future commercial growth [3] 2025 Outlook - CICC recommends Tencent as a core investment due to its strong gaming business, organic growth in advertising through video accounts, and a recovering payment business, with a low valuation and strong shareholder return capability [4] - Kuaishou is highlighted for its high profit growth certainty in 2025, with overseas profitability and domestic growth, alongside improved profit margins and a stabilizing e-commerce market [4] - Keling is recognized as a leading global video generation model with mature application scenarios and commercialization models, expected to show strong growth potential [4] - NetEase-S is suggested for long-term attention due to its historically low valuation and long-term content innovation capabilities in the gaming sector [4]

As filed with the U.S. Securities and Exchange Commission on April 16, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ___________________________________ Yorkville Acquisition Corp. (Exact name of registrant as specified in its charter) ___________________________________ | Cayman Islands | 6770 | N/A | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I ...

Netflix unveils its first-quarter results Thursday afternoon. The report will kick off a rather momentous earnings season for media amid churning stock markets and recession jitters prompted by the Trump administration’s global tariffs. Traditionally the company that fires the starting gun for entertainment and tech numbers every three months, Netflix may be a calming place to start this time. As tariffs cast a pall across business sectors including media, the streaming giant may be Wall Street‘s top stock ...

NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- Magnite (NASDAQ:MGNI), the largest independent sell-side advertising company, today announced an agreement with Western Union to support growth of the financial services company's new Media Network business. In doing so, Magnite will provide Western Union with technology to buy media as an advertiser and monetize its owned media. To further increase direct access to streaming inventory, Western Union Media Network is the first commerce media company to leverage M ...

2025 First Quarter April 15, 2025 Highlights Revenue Business update Income Capital allocation (i) See Non-GAAP reconciliations on pages 17 - 20. 2 • Q1 2025 organic revenue growth of +3.4% • Led by strong growth in Media & Advertising and Precision Marketing (together 68% of revenue growing +7.0% organic) • Omnicom is the only company to be named Leader in The Forrester Wave for all 3 marketing services reports: – Marketing Creative and Content Services (Mar 2025) – Media Management Services (Nov 2024) – C ...

Group 1: Market Overview - The market experienced a sharp rebound due to President Trump's announcement of pausing tariffs and implementing a flat 10% rate, except for China, but the Nasdaq remains in a bear market, defined as a 20% drop from its all-time high [1] - Despite the bear market, there are still investment opportunities available, with Amazon and The Trade Desk highlighted as top buys for the next three to five years [2] Group 2: Amazon - Amazon is often viewed as vulnerable due to its reliance on Chinese goods, but this perspective overlooks its diverse revenue streams [3] - The company has multiple segments, including e-commerce, advertising services, and Amazon Web Services (AWS), with the latter two being less affected by potential tariff increases [4] - In 2024, AWS accounted for 58% of Amazon's operating profit while only representing 17% of sales, indicating the strength of its ancillary segments [6] - The advertising segment is estimated to have generated $11.2 billion, contributing significantly to Amazon's overall profitability [6][7] - The current market conditions present a favorable opportunity to invest in Amazon, as its core profit-generating segments remain robust [7] Group 3: The Trade Desk - The Trade Desk's stock has declined over 50% in 2025 due to both internal challenges and broader market sell-offs, leading to a significant drop in stock price [8][9] - Despite missing revenue guidance for the first time and providing a weak outlook, The Trade Desk is expected to grow revenue at an 18% pace in 2025 and 20% in 2026, making it an attractive investment opportunity [9][11]

Market Overview - The stock market experienced a rapid sell-off, leading to perceptions of a crash due to President Trump's tariff announcements [1] - Stocks initially recovered after Trump announced tariff relief for all countries except China, but continued to decline [1][2] Tariff Impact - The prevailing market sentiment suggests that tariffs will have a negative effect on the market [2] - Short-term effects of tariffs are acknowledged, but long-term impacts are expected to diminish over time [3] Investment Strategy - A shift in mindset from short-term fears to long-term optimism is recommended, allowing for the purchase of undervalued stocks [4] - Ten companies are highlighted as strong investment opportunities, expected to perform better in five years [4] Chip Manufacturers - Taiwan Semiconductor Manufacturing (TSM) is the leading contract chip producer, with AI-related chip revenue projected to grow at a 45% compound annual rate over the next five years [5] - ASML Holding is the sole provider of extreme ultraviolet lithography machines essential for chip production, indicating strong future demand for its technology [6] AI Hardware - Nvidia and Broadcom are positioned well in the AI market, with significant growth anticipated due to increased capital expenditures in data centers [7] - Both companies have seen stock price declines, presenting buying opportunities despite their critical roles in AI [8] AI Hyperscalers - Amazon, Meta Platforms, and Alphabet are major investors in AI, expected to see substantial returns on their investments in the coming years [11] - These companies have experienced significant stock price drops, making them attractive investment options [12] International Exposure - MercadoLibre operates in Latin America and has become a leading fintech and e-commerce company, yet its stock has declined alongside the broader market [14][15] Other Notable Stocks - The Trade Desk has faced a significant stock price drop due to missed revenue guidance, presenting a buying opportunity as it leads in advertising services [16][17] - CrowdStrike, a cybersecurity provider, is expected to maintain its revenue despite potential growth challenges, making it a strong investment in a critical industry [18][19] Conclusion - A long-term investment perspective reveals numerous attractive buying opportunities in the current market [20]

Core Insights - Warner Bros. Pictures and Hologram Media Network (HMN) are launching exclusive hologram content in 4 Macerich Malls and 30 Simon® malls across the U.S. to promote the upcoming A Minecraft Movie [1][4] - Snapchat has partnered with Warner Bros. and HMN to introduce four AR Lens experiences called Blockify Your World, enhancing the promotional strategy for the movie [3][4] Company and Industry Overview - Warner Bros. Pictures is part of Warner Bros. Motion Picture Group, known for collaborating with top storytellers to produce a wide range of films for global audiences [6] - Hologram Media Network specializes in immersive, 3D holographic experiences and aims to create a nationwide network of 200 premium hologram displays within two years [8] - Proto Inc. is recognized as a leader in hologram technology and AI spatial computing, providing devices and services across various industries [8] - Simon Property Group, the parent company of Simon® malls, is a major player in the real estate investment trust sector, focusing on premier shopping and entertainment destinations [8] - Pretty Big Monster is an award-winning digital marketing agency that has worked with iconic brands, providing services in AR, VR, and experiential activations [9]