Meanwhile, that August 1st deal deadline still about a week away. Sectoral tariffs could be coming down at any time. Let's dive in with Tobin Marcus.He's head of policy and politics at Wolf Research. And Tobin, I do wonder if this market reaction is telling us something even as people are tallying up the damage, the effect on corporate America, which is bearing the brunt of this so far. It's almost like the market is willing to look past that.Why. Yeah, certainly we're not seeing a lot of market reaction to ...

So joining me now is Tony Wong, Troll Price Science and Tech Fund portfolio manager. Top holdings include Alphabet and IBM which both report this week. So Tony, it's great to have you back on and let's start right there.What are you watching from Alphabet. Yeah. So I think that uh you know Google is at a crossroads here with a new technology coming out generative AI.I think of it as like, you know, Google search like a librarian goes and looks through the books and gives you a bunch of books and then you ha ...

Nvidia, the company hits, it's a $4 trillion valuation or market cap for the first time ever. That is a big valuation ahead of a quarter. Nvidia now priced perfection, but keep in mind their last quarter was not good and the market didn't like it initially.If you look among all the AI stocks, it's probably one of the cheaper ones now. The valuation looks looks pretty good to me and I think they've got pretty smooth sailing I think through the end of the year. The black hole supply for them has kind of opene ...

Investment Rating - The report maintains a "Buy" rating for several companies in the tech hardware and semiconductors sector, including ASE, Hon Hai Precision, MediaTek, and TSMC, among others [8]. Core Insights - The outlook for AI adoption remains strong, with significant momentum in enterprise AI, leading to supply constraints for major customers [2][3]. - TSMC aims to double its CoWoS capacity year-over-year in 2025, despite facing gross profit margin dilution due to overseas expansion [3]. - Samsung reports robust memory demand, particularly from PC and smartphone sectors, supporting DDR pricing [4]. - The report highlights a value bias within the APAC tech sector, indicating a preference for certain stocks over others [5]. Summary by Sections AI and Technology Hardware - AI-related developments are driving enterprise adoption, with Microsoft noting strong demand from large customers [2]. - The ramp-up of Blackwell rack assembly is on track, with Quanta expecting to meet server test cycle targets by the end of Q2 2025 [2]. Semiconductor Industry - TSMC's gross margin is negatively impacted by NTD appreciation against USD, with a 40-basis point decline for every 1% appreciation [3]. - MediaTek maintains its Q2 gross margin guidance at 47% despite foreign exchange pressures [3]. - ASE targets $1.6 billion in revenue from advanced packaging and testing in 2025, up from $600 million in 2024 [30]. Market Dynamics - Samsung anticipates strong demand for memory products, which is expected to support pricing in the DDR segment [4]. - The report notes a potential decline in revenue for certain ICs, indicating a cooling off from earlier pull-ins [3]. Company-Specific Insights - ASE is focused on expanding its advanced packaging and testing business, targeting significant revenue growth [30]. - MediaTek is aggressively pursuing the N2 process migration, with expectations of reaching $1 billion in cloud ASIC revenue by 2026 [39]. - Quanta's server business is expected to grow, with AI servers making up a significant portion of sales [24]. Preferred Companies - The report lists preferred companies in the APAC tech sector, highlighting those with strong growth potential and favorable valuations [8].

Special Report 1 May 2025 From macro to markets How AI will shape the asset landscape We examine the impact of large technological breakthroughs on productivity cycles, return on investment, capital share of income and growth, and the pattern of global diffusion of AI gains to draw expectations on equities, bonds and the dollar. Non-linear effects from technological progress: Adoption of new technologies is rarely linear. A period of slow initial progress is succeeded by an exponential phase of growth. Late ...