And a new note today is calling out the best way to play the cyber AI theme. Let's bring in the man behind it, Dan Ies. He's global head of technology research at Wedbush.Dan, it's great to see you. Welcome to >> be here. >> Give me, you know, on a zero to 10 your excitement level about Nvidia, Tesla, and then cyber security in kind of ranked order or is it just going to be an uh, you know, rising tide lifts all boats next year.Why does Crowd Strike in particular jump out to you. Yeah, look I mean to me it' ...

Hey, Kelly. So, this is a win-win for both Amazon and OpenAI. Now, for Amazon, it is about redemption.Anthropic had been its marquee AI partner, running its cloud models on Amazon's in-house AI chips. But lately, the startup has been signing new compute deals with Microsoft and Google, and that's been a reputational hit for Amazon and especially for its trrenium chips, which still are viewed, which are still not viewed as best-in-class on performance. Now, as for what OpenAI gets out of this, it's all about ...

Core Insights - The semiconductor investment thesis is evolving, particularly with the rise of application-specific integrated circuits (ASICs), presenting unique structural opportunities for investors [1] - The shift in the AI market is moving from general-purpose hardware to custom silicon designed for specific needs, as major hyperscalers like Alphabet, Meta, and Amazon adopt a "do-it-yourself" model [2] Industry Trends - The demand for bespoke efficiency in AI hardware is increasing, leading to a focus on specialized design firms that connect software giants with physical manufacturing [3] - Global Unichip Corp (GUC) is positioned as a key player in this transition, acting as a specialized ASIC design partner for tech giants [4] Company Analysis - GUC supports ASIC design and advanced packaging for custom chip development, crucial for hyperscale and cloud AI programs [4] - GUC's strategic relationship with Taiwan Semiconductor Manufacturing Company (TSMC), which owns approximately 35% of GUC, provides production security and technical synergy [5] Investment Opportunities - There is a concentration risk in AI-related investments, with many portfolios heavily weighted towards Nvidia and TSMC, while exposure to the specialized ASIC ecosystem remains limited [6] - The ROBO Global Artificial Intelligence ETF (THNQ) offers investors access to GUC, enabling diversification within the semiconductor investment landscape [7]

Morning. Christina Parts Neville joins us with how Wall Street sees the AI trade right now and Sim Modi has a closer look at how some of these widening bond yields for Oracle and some other hyperscalers might be a warning sign for a bubble. Let's begin with KP. Morning KP. >> Good morning Carl. Well, the Magnificent 7's grip on the market is loosening through November. The mega cap tech cohort accounted for roughly 43% of the S&P 500 gains, but that influence is fading. Investors are questioning the sustain ...

Core Insights - Nvidia reported a strong Q3 earnings on November 19, yet its stock fell 12.6% from October 31 to November 28 due to growing concerns about an AI bubble [1][2] - The release of Google's AI model, Gemini 3, raised questions about Nvidia's dominance in the AI chip market, as Gemini 3 was trained using Google's own chips, TPUs, which are cheaper to produce and run [3][4] - Despite fears, Nvidia's Q3 earnings showed significant growth, with gross margins comparable to those of a Software as a Service (SaaS) company, indicating strong demand for its products [5][6] Market Sentiment - Investor sentiment has been cautious, with concerns about the sustainability of Nvidia's position in the AI boom and the overall impact of AI on the real economy [7][8] - Nvidia's stock has seen a slight recovery in December, rising approximately 4.3%, but skepticism remains regarding the long-term growth trajectory and valuation based on current market conditions [7][8]

Core Viewpoint - The introduction of Google's Gemini 3, trained on its own TPUs, poses a challenge to Oklo's business model, which relies on the assumption of increasing energy demand from AI data centers [4][5]. Group 1: Stock Performance - Oklo's stock experienced a significant decline, dropping as much as 35.4% from October 31, ultimately finishing November down 31.2% [2]. - In contrast, the S&P 500 saw a slight increase of 0.1% during the same period, while the Nasdaq Composite fell by 1.5% [2]. Group 2: Company Overview - Oklo is focused on developing small modular reactors (SMRs), which are expected to meet the energy demands of future AI data centers [3]. - The company's market capitalization stands at $16 billion, with a current stock price of $2.09 [3]. Group 3: Market Implications - Google's Gemini 3's training on TPUs, which are more energy-efficient than traditional GPUs, could lead to reduced energy consumption for AI, thereby diminishing the projected demand for Oklo's SMRs [4][5]. - If other companies, like Meta, follow Google's lead in adopting TPUs, the overall energy demand from AI could be significantly lower than anticipated [5]. Group 4: Valuation Concerns - Oklo's stock is considered overpriced, driven by speculative beliefs about future energy demand from AI, raising questions about the sustainability of its current valuation [7]. - Despite the potential of SMRs, the uncertainties surrounding their market adoption make Oklo's current valuation difficult to justify [8].

The ground just shifted around Nvidia… why Luke Lango says there are now two camps within AI… what does all this mean for Nvidia?… getting on the right side of this split with the American Dream 2.0VIEW IN BROWSERLast week, Google fractured the AI landscape.Yesterday, Amazon deepened the split.For the last three years, “AI” has moved as a single block. If you owned the major players, you captured the trend. The rising tide lifted everything.This is changing – and it has major implications for your portfolio ...

Meta Platforms Inc (NASDAQ:META) just suffered its fourth straight losing month, slipping 1.6% in November and leaving investors wondering if the AI trade has run out of steam. But beneath the red ink sits a narrative the bulls won't shut up about: Meta's stock is falling because its AI ambition is exploding.Track META stock here.META’s Losing Streak Tests Wall Street's NervesMeta is still up more than 9% over the past year, but the stock remains well below its 52-week high of $796 after months of relentles ...

Core Viewpoint - NVIDIA Corporation remains a leading player in the AI chip market despite increasing competition, with Bank of America maintaining a positive outlook on the stock alongside AMD and Broadcom [1][2]. Group 1: Market Position and Competition - Bank of America reports that Meta is considering using Google's TPUs in addition to its current Nvidia GPU supply, which could heighten competition for Nvidia and AMD [2]. - Nvidia asserts its leadership in the market, claiming it is a generation ahead of competitors and the only platform capable of running every AI model across various computing environments [4]. - Despite the competitive landscape, Nvidia is expected to maintain a dominant market share of approximately 75%, down from the current estimated 85% [4]. Group 2: Company Overview - NVIDIA specializes in AI-driven solutions, providing platforms for data centers, self-driving cars, robotics, and cloud services [5].

Core Insights - Alphabet Inc's shares have increased by 67% year-to-date, outperforming NVIDIA's 32% rise as of November 25, 2025 [1] - Berkshire Hathaway has taken a new position in Alphabet, making it the 10th largest equity holding in its portfolio as of the end of Q3 2025 [2] - Alphabet is part of the "Magnificent Seven" group, which includes major tech companies known for their AI initiatives, and has shown strong revenue and earnings growth [4] Financial Performance - Alphabet's stock has surged 18.3% in the past month, contrasting with NVIDIA's 4.7% decline [1] - Alphabet's forward price-to-earnings (P/E) ratio is 26.68X, lower than the tech sector's 30.75X and the S&P 500's 24.03X, indicating a cheaper valuation compared to peers like Microsoft, which trades at 32.31X [11] Strategic Moves - Alphabet is expanding into AI chip production, potentially competing with NVIDIA [6] - Meta Platforms is reportedly in discussions to utilize Google's AI chips, which could enhance Alphabet's market position [7][8] - Google has secured a deal to supply up to 1 million tensor processing units (TPUs) to Anthropic, suggesting growing interest in its AI chip technology [10] Market Position - Alphabet has a strong Growth score of "B" and a Momentum Score of "A," positioning it well within the top 13% of its sector and top 33% of its industry [12] - The stock has solid exposure to various exchange-traded funds (ETFs), making it an attractive option for investors following Berkshire's investment strategy [13]