This ETF has outperformed the S&P 500 handily over various multi-year periods.If you're like many investors, you either own or want to own the "Magnificent Seven" stocks, which are Apple, Amazon.com, (Google parent) Alphabet, (Facebook parent) Meta Platforms, Microsoft, Nvidia, and Tesla.You might also want to own companies that could become Magnificent-Seven-like -- in other words, terrific growth stocks. But which companies are the next great investments? It can be hard to know, which is why it's smart to ...

Core Viewpoint - The Vanguard Dividend Appreciation ETF is a well-balanced investment option that combines growth, income, and value stocks, making it appealing for investors seeking diversified exposure [2][10]. Investment Strategy - The ETF targets companies that are not only capable of paying dividends but also have a track record of growing their earnings, which supports future dividend increases [4][11]. - Unlike typical dividend-focused funds, the Vanguard Dividend Appreciation ETF includes tech giants like Broadcom, Apple, and Microsoft, which have low yields but strong growth potential [6][7]. Holdings Overview - The top holdings in the ETF include Broadcom (6.1% of the fund, 0.7% yield), Microsoft (5.2%, 0.6%), JPMorgan Chase (4.1%, 1.8%), and Apple (3.4%, 0.4%), among others [5]. - Eight of the ten largest holdings have yields under 1%, yet they represent industry leaders across various sectors, including technology, financials, and healthcare [5][8]. Valuation Comparison - The Vanguard Dividend Appreciation ETF has a price-to-earnings (P/E) ratio of 25.7 and a yield of 1.7%, which is more attractive compared to the Vanguard S&P 500 ETF's P/E of 27.8 and yield of 1.2% [9]. - The ETF's larger holdings consist of blue-chip stocks with higher yields and reasonable valuations, contributing to its overall attractive valuation [9]. Long-term Appeal - The ETF's focus on dividend quality over quantity is particularly appealing to long-term investors who prefer not to invest in lower-quality companies for higher yields [11]. - The fund is positioned as a balanced option for investors looking to gain exposure to both megacap growth stocks and blue-chip dividend-paying value stocks, potentially making it a better choice than the Vanguard S&P 500 ETF [12][13].

以下为全员信全文： 亲爱的团队， 国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 8月8日消息，针对特朗普要求辞职一事，Intel CEO陈立武发布全员信称，美国是我40多年来的家，我 热爱这个国家，我们正在与政府沟通，解决已提出的问题，并确保他们掌握事实。 陈立武表示，我完全赞同总统致力于推进美国国家和经济安全的承诺，我赞赏他在推进这些优先事项方 面所展现的领导力，并很自豪能够领导一家对这些目标至关重要的公司。 ***************END*************** 我知道今天有很多新闻，我想花点时间直接和大家谈谈。 首先，我想说：美国是我40多年来的家。我热爱这个国家，并深深感激它给予我的机遇。我也热爱这家 公司。在这个关键时刻领导Intel不仅仅是一份工作，更是一种荣幸。这个行业给予了我太多，我们公司 也扮演着如此重要的角色，能够与大家携手重振Intel的实力，创造未来的创新，是我职业生涯的荣幸。 Intel的成功对美国科技和制造业的领先地位、国家安全和经济实力至关重要。这正是我们在全球开展业 务的动力。这也是我加入这个团队的动 ...

Financial Data and Key Metrics Changes - The company reported revenues of $2.77 billion, which was $56 million above the midpoint of the business outlook range, with automotive revenues slightly below expectations but offset by higher revenues in personal electronics and industrial [6][5] - Gross margin was 33.5%, in line with the midpoint of the business outlook range, but decreased by 660 basis points year over year due to unfavorable product mix and lower manufacturing efficiency [18][20] - Net income for Q2 was a loss of $97 million compared to a profit of $353 million in the same quarter last year, with diluted earnings per share at negative $0.11 compared to positive $0.38 [20][21] Business Line Data and Key Metrics Changes - Automotive revenues grew approximately 14% sequentially, driven by Asia Pacific excluding China and the Americas, but overall automotive revenues declined by about 24% year over year [16][17] - Industrial revenues exceeded expectations with strong sequential growth and year-over-year improvement, confirming that Q1 was the bottom [10][11] - Personal electronics and communication equipment revenues were above expectations, driven by increased content in personal electronics and the expanding low earth orbiting satellite market [13][14] Market Data and Key Metrics Changes - Year-over-year sales to OEMs decreased by 15.3%, while distribution sales also saw a decline [17] - The automotive market is projected to grow, with a total of 90 million vehicles expected, of which 30 million are battery electric and hybrid electric vehicles [42][54] - The company noted that inventory levels in distribution are returning to normal, with improvements seen in Asia Pacific and China [11][115] Company Strategy and Development Direction - The company is focused on car electrification and digitalization, with significant wins in silicon carbide and automotive microcontrollers [8][9] - The strategy includes reshaping the manufacturing footprint and resizing the global cost base, with expected annual cost savings in the high triple million dollar range by the end of 2027 [25][26] - The company aims to maintain its net CapEx plan between $2 billion and $2.3 billion for 2025 to support manufacturing reshaping [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged uncertainty in the automotive market due to trade and tariff situations but expects sequential growth in Q3 compared to Q2 [7][25] - The company anticipates Q3 revenues to be around $3.17 billion, representing a 14.6% sequential increase but a 2.5% year-over-year decrease [23][25] - Management expressed confidence in the strength of the product portfolio and customer base, despite specific customer dynamics affecting automotive revenues [43][54] Other Important Information - The company received recognition for sustainability, ranking 25th in the Time World's Most Sustainable Companies list and achieving an A-list rating for climate change tracking [14][15] - The company maintained a solid financial position with a net financial position of $2.67 billion as of June 28, 2025 [22] Q&A Session Summary Question: Can you clarify the impact of the manufacturing reshaping program on Q3 gross margin guidance? - Management indicated that the gross margin for Q3 is negatively impacted by approximately 140 basis points due to currency effects and nonrecurring costs related to the manufacturing reshaping program [30][31] Question: Have there been any changes in customer order patterns due to geopolitical uncertainties? - Management noted that all verticals are expected to grow sequentially in Q3, except for automotive due to specific customer dynamics, but overall customer demand remains positive [40][41] Question: What is the outlook for Q4 revenues and potential impacts from new U.S. rules on EVs? - Management expects Q4 revenues to grow sequentially and potentially year-over-year, with no significant impact from new U.S. rules on EVs anticipated at this time [62][65] Question: Can you provide insights on the pricing environment for general-purpose microcontrollers? - Management confirmed that pricing for general-purpose microcontrollers remains stable, with low single-digit pricing observed [104] Question: What is the current status of inventory levels in the distribution channel? - Management reported that inventory levels in distribution have improved, with excess inventory declining by about one month on average [114][115]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $4.4 billion, representing a 9% sequential increase and a 16% year-over-year increase [5] - Gross profit was $2.6 billion, or 58% of revenue, with a sequential gross profit margin increase of 110 basis points [10] - Operating profit was $1.6 billion, or 35% of revenue, up 25% from the previous year [10] - Net income was $1.3 billion, or $1.41 per share, which included a $0.02 benefit not in the original guidance [10] - Cash flow from operations was $1.9 billion for the quarter and $6.4 billion on a trailing twelve-month basis [11] - Free cash flow on a trailing twelve-month basis was $1.8 billion [12] Business Line Data and Key Metrics Changes - Analog revenue grew 18% year-over-year, while Embedded Processing grew 10% [5] - The Other segment grew 14% from the year-ago quarter [5] - The industrial market increased upper teens year-over-year and mid-teens sequentially [8] - The automotive market increased mid-single digits year-over-year but decreased low-single digits sequentially [8] - Personal electronics grew around 25% year-over-year and upper single digits sequentially [8] - Enterprise systems grew about 40% year-over-year and about 10% sequentially [8] - Communications equipment grew more than 50% year-over-year and was up about 10% sequentially [8] Market Data and Key Metrics Changes - Customer inventories remain at low levels, indicating a cyclical recovery [6][7] - The industrial market showed broad recovery across all sectors, while automotive recovery has been shallow [20][32] - China saw a 19% sequential increase and a 32% year-over-year increase in revenue, with industrial leading the growth [51] Company Strategy and Development Direction - The company is focused on maintaining flexibility to navigate geopolitical and tariff-related challenges [6][22] - Continued investment in competitive advantages such as manufacturing and technology is emphasized [14] - The company aims to deliver long-term free cash flow per share growth through disciplined capital allocation [14] Management's Comments on Operating Environment and Future Outlook - Management noted that tariffs and geopolitics are reshaping global supply chains, and they are prepared for future changes [6][22] - The cyclical recovery is ongoing, with four out of five markets showing recovery, but automotive is lagging [20][106] - Management expressed caution regarding the automotive market, which has not yet fully recovered [20][82] Other Important Information - Capital expenditures for the year are expected to be around $5 billion, with depreciation estimates for 2025 between $1.8 billion and $2 billion [41][42] - The company returned $6.7 billion to shareholders over the past twelve months through dividends and stock repurchases [12] Q&A Session Summary Question: Change in tone regarding cyclical recovery - Management acknowledged a cautious tone due to ongoing tariff and geopolitical uncertainties, but noted that industrial markets are recovering [18][22] Question: Gross margins guidance - Management indicated that gross margins are expected to be flat despite higher depreciation, with other income and expense impacting the outlook [24] Question: Improvement in turns business - Management confirmed that the turns business grew sequentially in Q2, with low customer inventories supporting this trend [30] Question: Impact of tariffs on industrial segment - Management stated that the industrial segment showed broad recovery, despite concerns about tariffs affecting trade [32] Question: CapEx and depreciation framework - Management reiterated that CapEx plans remain consistent, with no changes expected for 2025 and 2026 [41][42] Question: End market performance and potential softening - Management noted that industrial markets ran hotter than expected in Q2, while automotive has not shown significant recovery yet [70][82] Question: Future exposure to AI markets - Management highlighted strong growth in the data center segment, with opportunities in application-specific markets expected to grow in the future [111]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $4.4 billion, representing a 9% sequential increase and a 16% year-over-year increase [4] - Gross profit was $2.6 billion, or 58% of revenue, with a sequential gross profit margin increase of 110 basis points [9] - Operating profit was $1.6 billion, or 35% of revenue, up 25% from the previous year [9] - Net income was $1.3 billion, or $1.41 per share, including a $0.02 benefit not in original guidance [10] - Cash flow from operations was $1.9 billion for the quarter, with a trailing twelve-month cash flow of $6.4 billion [10] - Free cash flow for the trailing twelve months was $1.8 billion [11] Business Line Data and Key Metrics Changes - Analog revenue grew 18% year-over-year, while Embedded Processing revenue grew 10% [4] - The Other segment grew 14% year-over-year [4] - Industrial market revenue increased upper teens year-over-year and mid-teens sequentially [7] - Automotive market revenue increased mid-single digits year-over-year but decreased low-single digits sequentially [7] - Personal electronics grew around 25% year-over-year and upper single digits sequentially [7] - Enterprise systems grew about 40% year-over-year and about 10% sequentially [7] - Communications equipment grew more than 50% year-over-year and was up about 10% sequentially [7] Market Data and Key Metrics Changes - The industrial market showed recovery across all sectors, while the automotive market's recovery was shallow [5][7] - Personal electronics and enterprise systems demonstrated strong growth, indicating robust demand in those segments [7] - China saw a significant increase in industrial revenue, up about 19% sequentially and 32% year-over-year, while automotive remained consistent with overall results [49] Company Strategy and Development Direction - The company is focused on maintaining flexibility to navigate geopolitical disruptions and supply chain challenges [5][21] - Continued investment in competitive advantages such as manufacturing and technology, broad product portfolio, and diverse positions is emphasized [14] - The company aims to deliver long-term free cash flow per share growth through disciplined capital allocation [14] Management's Comments on Operating Environment and Future Outlook - Management noted that the semiconductor cycle is continuing, with customer inventories remaining low [5] - The company is prepared for a range of scenarios as it transitions into 2025 and beyond, emphasizing the importance of flexibility [13] - Management expressed cautious optimism regarding the cyclical recovery, with four out of five markets showing positive trends [103] Other Important Information - Capital expenditures for the quarter were $1.3 billion, with a total of $4.9 billion over the last twelve months [11] - The company returned $6.7 billion to shareholders in the past twelve months through dividends and stock repurchases [12] - Total debt outstanding is $14.15 billion, with a weighted average coupon of 4% [12] Q&A Session Summary Question: Change in tone regarding cyclical recovery - Management acknowledged the cyclical recovery but noted the impact of tariffs and geopolitical factors, leading to a more cautious outlook for Q3 [16][21] Question: Gross margin guidance for next quarter - Management indicated that gross margins are expected to be flat despite higher depreciation and other expenses impacting the outlook [22][23] Question: Growth in turns business - Management confirmed that the turns business saw sequential growth in Q2, with low customer inventories contributing to this trend [28] Question: Impact of tariffs on automotive market - Management stated that the automotive market has not yet recovered, with customers being cautious due to tariffs and geopolitical uncertainties [19][78] Question: CapEx and depreciation framework - Management reiterated that CapEx for 2025 is expected to be $5 billion, with depreciation estimates remaining consistent [40][41] Question: Exposure to AI markets - Management highlighted strong growth in the data center segment, with opportunities in AI expected to increase in the future [106]

Financial Data and Key Metrics Changes - Second quarter revenue increased 11.3% sequentially, supported by strong demand for three nanometer and five nanometer technologies, with a 17.8% increase in U.S. dollar terms to $30.1 billion, exceeding guidance [7][20] - Gross margin decreased by 0.2 percentage points sequentially to 58.6%, primarily due to unfavorable foreign exchange rates and margin dilution from overseas fabs [7][14] - Operating margin increased by 1.1 percentage points sequentially to 49.6%, with EPS up 60.7% year over year and ROE at 34.8% [8][10] Business Line Data and Key Metrics Changes - Revenue by technology: three nanometer contributed 24% of wafer revenue, five nanometer 36%, and seven nanometer 14%, with advanced technologies (seven nanometer and below) accounting for 74% of wafer revenue [8] - Revenue contribution by platform: HPC increased 14% quarter over quarter to 60%, smartphone increased 7% to 27%, IoT increased 14% to 5%, automotive remained flat at 5%, and DCE increased 30% to 1% [9] Market Data and Key Metrics Changes - The company ended the second quarter with cash and marketable securities of NT$2.6 trillion (approximately $90 billion) [10] - Current liabilities decreased by $1 billion quarter over quarter, mainly due to a decrease in accrued liabilities [10] Company Strategy and Development Direction - The company plans to invest a total of $165 billion in advanced semiconductor manufacturing in the U.S., including six advanced wafer manufacturing fabs in Arizona [24][25] - The expansion will enable TSMC to scale up production faster to support leading-edge customers in smartphone, AI, and HPC applications [26][28] - The company aims to maintain a competitive position through technology leadership, manufacturing excellence, and customer trust [22][23] Management's Comments on Operating Environment and Future Outlook - Management expects strong demand for semiconductor technology, particularly in AI and HPC, with a projected 30% increase in full-year 2025 revenue in U.S. dollar terms [22] - There are uncertainties regarding tariff policies and their impact on consumer-related markets, but overall semiconductor demand remains robust [21] - Management remains cautious about the potential impact of macroeconomic factors on future performance [21][47] Other Important Information - The company anticipates gross margin dilution from overseas fabs to be between 2% to 3% annually in the early stages, widening to 3% to 4% in later stages [15] - The sensitivity of revenue to the NT dollar exchange rate is nearly 100%, with a 1% appreciation reducing reported NT revenue by 1% [17][19] Q&A Session Summary Question: Demand outlook for AI and data center - Management noted that AI demand is getting stronger, and they are working to narrow the supply-demand gap [40][42] Question: Gross margin sustainability - Management expressed confidence in maintaining a gross margin of 53% and higher despite structural headwinds from foreign exchange rates and overseas fab dilution [51][76] Question: AI accelerator growth and market potential - Management indicated that while it is too early to revise growth targets, the potential for increased demand from China is positive [54][80] Question: CapEx guidance and future expansion - Management stated that CapEx is aligned with business opportunities and macro uncertainties, with expectations for potential increases in future years [94][95] Question: Advanced packaging and technology prioritization - Management emphasized the importance of customer demand in developing advanced packaging technologies and maintaining flexibility in technology transfer [103][106]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is positioned as a leading player in the artificial intelligence (AI) sector, providing significant returns to investors and achieving new all-time highs in stock performance [1][2]. Company Positioning - TSMC operates as a chip foundry, producing chips for various companies involved in the AI race, including major clients like Nvidia, Tesla, Broadcom, and Apple [4]. - The company is not in competition with its customers, as it does not sell its own products, which alleviates concerns regarding intellectual property conflicts [5]. Technological Advancements - TSMC is recognized for being a pioneer in launching cutting-edge technologies, with its 3-nanometer (nm) chip node achieving high production yields [6]. - The company plans to introduce a 2nm node later this year and a 1.6nm node next year, ensuring continuous innovation and client retention [6]. Growth Metrics - TSMC has experienced rapid growth, with a year-to-date revenue increase of 40% year over year, indicating strong expansion despite a competitive market [11]. - The company reported a 26.9% revenue increase in June, following strong results in the preceding months [10]. Market Comparison - TSMC is the ninth-largest company globally and is growing at a rate comparable to Nvidia, which is notable for a company of its size [13]. - Management anticipates a five-year compound annual growth rate (CAGR) approaching 20%, suggesting sustained growth in the future [13]. Investment Sentiment - TSMC is viewed as a top stock for long-term investment, capitalizing on the AI race and maintaining strong sales to both Nvidia and potential competitors [14].

Summary of NVIDIA's Q1 Fiscal 2026 Conference Call Company Overview - **Company**: NVIDIA - **Fiscal Quarter**: Q1 of Fiscal 2026 - **Date of Call**: May 28, 2025 Key Industry Insights - **Data Center Revenue**: Reached $39 billion, a 73% year-on-year growth driven by AI workloads transitioning to inference and AI factory build-outs [2][3] - **Export Controls Impact**: New U.S. export controls on the H20 GPU, specifically designed for the China market, resulted in a $4.5 billion inventory write-down and a loss of $2.5 billion in potential revenue for Q1 [2][13] - **China Market**: The loss of access to the China AI accelerator market, projected to grow to nearly $50 billion, poses a significant risk to NVIDIA's business [2][19] Financial Performance - **Revenue Breakdown**: - Q1 recognized $4.6 billion in H20 revenue before export controls [2] - Anticipated total revenue for Q2 is $45 billion, with a significant decline in China data center revenue expected [11][12] - **Gross Margins**: GAAP gross margin at 60.5%, non-GAAP at 61%. Excluding the $4.5 billion charge, non-GAAP gross margins would have been 71.3% [11] - **Shareholder Returns**: NVIDIA returned a record $14.3 billion to shareholders through share repurchases and dividends [11] Product and Technology Developments - **Blackwell Architecture**: Contributed nearly 70% of data center compute revenue, with significant improvements in manufacturing yields and ramp-up rates [3][4] - **Inference Demand**: Strong demand for inference, with Microsoft processing over 100 trillion tokens in Q1, a five-fold increase year-on-year [4] - **AI Factory Deployments**: Nearly 100 NVIDIA-powered AI factories in operation, doubling year-on-year, with significant growth in GPU usage per factory [5] Strategic Partnerships and Market Position - **Collaborations**: Partnerships with major companies like Microsoft, OpenAI, and Yum Brands to enhance AI capabilities across various sectors [6][10] - **Networking Solutions**: Revenue from networking grew 64% quarter-over-quarter to $5 billion, with significant adoption of Spectrum X among major cloud service providers [7][28] Future Outlook - **Guidance for Q2**: Expected revenue decline in China data center revenue, with a loss of approximately $8 billion in H20 revenue anticipated [11][18] - **Long-term Growth**: NVIDIA's roadmap extends through 2028, with a focus on AI infrastructure, enterprise AI, and industrial AI [4][30] - **AI as Infrastructure**: The company emphasizes the importance of AI as essential infrastructure, similar to electricity and the internet, with a significant build-out expected globally [22][25] Additional Insights - **Export Control Concerns**: The U.S. export restrictions are seen as detrimental to American competitiveness in the global AI market, potentially benefiting foreign competitors [13] - **Emerging AI Technologies**: The introduction of reasoning AI models is driving a surge in inference demand, with significant implications for compute requirements [14][19] - **Investment in Manufacturing**: NVIDIA is investing in onshore manufacturing capabilities to strengthen its supply chain and support AI infrastructure development [15][26] This summary encapsulates the critical points discussed during NVIDIA's Q1 Fiscal 2026 conference call, highlighting the company's performance, strategic direction, and the broader implications for the AI industry.

Company Overview - Taiwan Semiconductor Manufacturing Company (TSMC) is currently valued at $1.14 trillion and aims to reach $2 trillion by 2030, requiring a 75% increase over the next five years, translating to an 11% compound annual growth rate (CAGR) [1] - TSMC is the world's leading contract chip manufacturer, providing chip production services to major tech companies rather than selling chips directly [4] Market Position - TSMC is a key supplier for major companies like Apple and Nvidia, recognized for its advanced technologies and high chip yields, which help maintain competitive pricing [5] - The company has a strong forward-looking perspective as chip orders are often placed years in advance, with its Arizona factory already sold out through 2027 [5] Revenue Growth Projections - Management anticipates a 45% CAGR in AI-related revenue over the next five years, contributing to an overall CAGR of nearly 20% [6] - If revenue growth translates to stock price appreciation, TSMC is well-positioned to achieve a $2 trillion market cap [6] Valuation Analysis - TSMC's stock is currently trading at 23.3 times forward earnings, which is comparable to the S&P 500's valuation of 22.8 times forward earnings, indicating a reasonable market price [10] - Despite being historically expensive, the stock remains attractively priced relative to its growth potential [11] Investment Outlook - TSMC is considered a top investment pick due to its growth prospects, particularly in the AI sector, as all AI hyperscalers will likely utilize TSMC chips for their workloads [12]