Group 1 - Nine U.S. stocks have a market cap above $1 trillion, with four exceeding $3 trillion, largely driven by AI spending [2] - Visa is currently the 14th largest U.S. company with a market cap of $650 billion, benefiting from the shift to digital payments [4] - Visa's revenue grew 14% year-over-year to $10.2 billion, with a net income of $20 billion and free cash flow of $22 billion over the last 12 months [5][6] Group 2 - Visa's growth is supported by a 7% year-over-year increase in total cards in circulation, reaching 4.8 billion [6] - Visa operates with a price-to-earnings ratio of 33, indicating high-quality business with little competition [7] - ASML is positioned as a key beneficiary of AI spending, providing essential lithography machines for semiconductor manufacturing [8] Group 3 - Visa is expected to surpass a $1 trillion market cap by 2030 due to its steady growth trajectory [9] - ASML remains undervalued despite its critical role in the AI sector [9]

Market Overview - The stock market has experienced significant volatility, with the S&P 500 index rising over 10% on April 9 due to a tariff pause announcement by the Trump administration, but subsequently falling the next day [1][2] American Express - American Express has a strong brand presence and focuses on affluent customers, leading to steady revenue growth, with over half of its revenue derived from credit card swipe fees [3] - The company has successfully acquired 12.2 million and 13 million net new cardholders in 2023 and 2024, respectively, with an average spend per cardmember of nearly $25,000 [4] - Despite potential earnings challenges during a recession in 2025, American Express is well-positioned due to its affluent customer base, which showed resilience during the inflation scare of 2022 [5] - The management is committed to growing dividends and repurchasing stock, with a long-term revenue growth target of 10% per year and even faster earnings per share growth [6] Visa - Visa operates as a payments network for banks and does not issue credit cards, which has allowed it to become a major player in global payment transactions, with 4.7 billion cards in circulation [7] - The company may face reduced spending during a recession, but is expected to grow with inflation and the shift towards digital payments, reporting a 9% year-over-year growth in total payments volume [8] - Visa has impressive operating margins of 66% and has seen its earnings per share grow by 317% over the past decade, with expectations for continued growth [9] - Currently, Visa trades at a high trailing price-to-earnings ratio of 33.5, making it less attractive as an entry point, but it remains a stock to watch for potential future buying opportunities [10]