Amazon.com, Inc. (NASDAQ:AMZN) is one of the must-buy AI stocks to invest in. On December 22, Amazon Web Services (AWS), a subsidiary of Amazon.com, Inc. (NASDAQ:AMZN), announced that the Options Clearing Corporation (OCC) had successfully completed a comprehensive security assessment of its AWS cloud environment. OCC is the world’s largest equity derivatives clearing organization. AWS stated that the assessment was an OCC-AWS partnership, and that it evaluated OCC’s cloud security controls against key reg ...

Core Insights - The global AI infrastructure market is facing a severe supply shortage, particularly for GPUs, with an expected order volume of 2 million units this year against only 700,000 available units [1] - The demand for self-developed ASICs by cloud service companies is projected to grow at a rate of 44.6%, surpassing the 16.1% growth rate for GPUs, indicating a structural shift towards ASIC adoption due to GPU supply constraints [1] - The supply chain risks for GPUs are expected to peak this year, with production processes and high bandwidth memory (HBM) being interlinked, meaning any bottleneck could disrupt overall supply [1] Group 1 - TSMC is expanding its advanced packaging production lines, crucial for AI accelerators, but the gap between rapidly growing order volumes and actual shipments will persist due to the time required for capacity expansion [2] - ASIC chips, initially led by Google's TPU, are gaining attention as they are designed for specific AI workloads, offering advantages in energy efficiency, performance, and total cost of ownership (TCO) in the long run [2] - The AI accelerator market for ASIC users is expected to maintain a compound annual growth rate (CAGR) of approximately 28% until 2030, with the generative AI ASIC market projected to grow from about $24.9 billion in 2024 to approximately $186.7 billion by 2032, reflecting an annual growth rate of around 28.6% [2] Group 2 - This year is viewed as a critical turning point for the ASIC market, with industry executives noting that the current GPU supply shortage is a short-term issue but will have long-term implications on decision-making [3] - Major tech companies are increasingly viewing GPUs as strategic assets rather than stable commodities, leading to a shift towards reducing GPU dependency and increasing the share of ASICs in new data center investment plans [3]

英伟达首席执行官黄仁勋在10月份举行的英伟达人工智能峰会上。 肯特·西村/彭博新闻社 受人工智能爆炸式增长的推动，全球最大的半导体公司在2025年的总销售额超过4000亿美元， 创下芯片行业有史以来最高的销售纪录。而明年有望更加火爆。 然而，首席执行官和分析师所说的对计算能力的"永无止境的需求"所推动的迅猛增长，也带来了 一系列挑战，从关键组件的短缺到人工智能公司如何以及何时才能产生足够可靠的利润来继续购 买芯片等问题。 像英伟达这样的硬件设计公司，其营收同比增长超过一倍，是这场新数字淘金热背后的主要技术 供应商。但英伟达正面临着来自Alphabet旗下谷歌和亚马逊等公司的日益激烈的竞争，而市场格 局也在悄然发生变化。 上周，英伟达与芯片初创公司Groq签署了一项价值200亿美元的授权协议。Groq致力于设计芯 片和软件，以加速人工智能推理——即训练好的人工智能模型对提示做出响应的过程。如果说人 工智能竞赛的上一阶段主要取决于训练，那么如今科技巨头们正在竞相提供最快、最具成本效益 的推理方案。 伯恩斯坦的分析师在英伟达最近宣布达成交易后写道："推理工作负载更加多样化，可能会开辟 新的竞争领域。" After ...

Key Points Although nine publicly traded American companies have achieved a valuation of $1 trillion or more, only four have graduated into the $3 trillion club. Amazon is an incredibly diverse technology company, with a dominant market position in industries like e-commerce, cloud computing, and more. The tech titan could join the $3 trillion club in 2026 thanks to a combination of its attractive valuation and its strong earnings growth. 10 stocks we like better than Amazon › Nine publicly trad ...

Amazon - Amazon has deployed over 1 million robots in its warehouses, projected to save up to $4 billion annually in fulfillment costs, with expectations of significantly lifting operating margins for the retail segment by 2030 [1] - The company is investing heavily in AI, with planned capital expenditures projected at $125 billion in 2025, focusing on custom silicon chips to enhance performance and reduce costs compared to competitors [2] - Amazon's advertising segment is the fastest-growing, with annualized revenue expected to exceed $60 billion in 2025, potentially approaching $100 billion annually in the coming years [3] - Amazon Web Services (AWS) remains the primary profit engine, accounting for approximately 30% of the global cloud infrastructure market [4] - In Q3 2025, Amazon reported revenue of $180.2 billion, a 13% year-over-year increase, with net income rising 38% to $21.2 billion [7] Vertex Pharmaceuticals - Vertex Pharmaceuticals has a trailing-10-year return of around 90%, driven by its cystic fibrosis drug franchise and expansion into the rare disease market [8] - The company is diversifying its portfolio with late-stage clinical programs targeting kidney disease, pain management, and type 1 diabetes, supported by a solid balance sheet and substantial free cash flow [9] - Vertex is launching Casgevy, a gene-editing therapy for sickle cell disease, and Journavx, a non-opioid medicine for pain management, with significant market interest and regulatory approvals [10][11] - The company reported revenue of over $3 billion in Q3 2025, an 11% increase from the previous year, and is positioned for significant growth through innovation and diversification [14] TJX Companies - TJX Companies has seen a nearly 150% increase in stock value over the last five years, attributed to its effective off-price retail model [15] - The company plans to expand its store footprint to 7,000 globally, enhancing its physical presence in existing and new markets [16] - TJX's business model encourages frequent shopper visits due to its ever-changing inventory and unique product offerings, appealing to cost-conscious consumers [17] - In Q3 2026, TJX reported earnings per share of $1.28 on $15.1 billion in revenue, reflecting year-over-year increases of 12% and 7% respectively [19]

Core Insights - Oracle's positioning in the AI infrastructure market presents both opportunities and challenges as it faces unprecedented demand and rising capital requirements [1] Financial Performance - Cloud infrastructure revenues increased by 68% year over year, reaching $4.1 billion, with GPU-related revenues soaring by 177% due to AI workload demands [2] - Total remaining performance obligations surged by 438% to $523 billion, primarily driven by commitments from major tech companies like Meta and NVIDIA [2] - Oracle's projected capital expenditures for fiscal 2026 are approximately $50 billion, up from a previous estimate of $35 billion and significantly higher than the prior year's $21.2 billion [3] - Free cash flow turned negative by around $10 billion in the November quarter, exceeding analyst expectations [3] Strategic Initiatives - Oracle's collaboration with the Department of Energy and the Stargate supercluster project with OpenAI highlight its ambitions in AI infrastructure [4] - The newly introduced Zettascale10 system aims to provide multi-gigawatt AI capacity by connecting hundreds of thousands of GPUs across distributed data centers [4] Competitive Landscape - Microsoft and Amazon are also heavily investing in AI infrastructure, with Microsoft projecting $120 billion in capital expenditures for 2026 and Amazon planning $125 billion for 2025 [6] - Both companies have stronger balance sheets compared to Oracle, which is currently in a leveraged position [6] Stock Performance and Valuation - Oracle's shares have declined by 6.1% over the past six months, underperforming the Zacks Computer and Technology sector's growth of 20.4% [7] - The Zacks Consensus Estimate for Oracle's fiscal 2026 earnings is $7.33 per share, indicating a 21.56% growth compared to fiscal 2025 [12] - Oracle's stock is trading at a trailing 12-month Price/Earnings ratio of 34.77x, which is above the industry average of 34.19x [13]

Core Insights - Amazon is reportedly in early discussions to invest approximately $10 billion in OpenAI, which could value OpenAI at over $500 billion, highlighting the strategic importance of AI in the tech industry [1] - The investment aligns with Amazon's previous commitment of at least $8 billion in OpenAI competitor Anthropic, indicating a strong interest in generative AI [2] - Amazon Web Services (AWS) has been developing its own AI chips, such as Inferentia and Trainium, to meet increasing demand for AI infrastructure [3] Investment and Market Position - The potential investment in OpenAI could redefine Amazon's competitive stance in the cloud market and enhance demand for its custom AI infrastructure [4] - Amazon operates a diverse range of businesses, including cloud services, digital streaming, and advertising, contributing to its market capitalization of $2.4 trillion [5] - Despite its strong market position, Amazon's stock has shown relatively muted performance, with a 1.82% increase over the past 52 weeks and a year-to-date return of 3.6%, underperforming compared to the S&P 500 Index [6]

Core Insights - Quantum computing presents a significant opportunity for investors, particularly through established tech giants rather than pure plays [1][2][3] - Major tech companies are heavily investing in infrastructure to support AI and are also exploring quantum computing as a complementary technology [2][19] Company Summaries Alphabet - Alphabet is recognized as a leading opportunity among major AI stocks, with a diverse ecosystem that includes internet search, advertising, cloud computing, and custom chip design [6][19] - The company is investing in quantum computing through its quantum processor, Willow, which is currently used for simulations against supercomputers [9][10] - Alphabet's integration of AI across its services positions it well to commercialize quantum computing applications in the future [10][19] Nvidia - Nvidia is a key player in the AI movement, providing GPUs and software that are central to generative AI development [11][19] - The company is exploring quantum AI opportunities with products like NVQLink and an alternate version of CUDA for hybrid computing environments [13][14] - Nvidia's strategy focuses on bridging traditional and quantum computing rather than investing heavily in supercomputers [14][19] Amazon - Amazon's AI ecosystem mirrors that of Alphabet, with significant revenue from e-commerce, cloud computing, and advertising [16][19] - Amazon Web Services (AWS) is the largest cloud platform and is a primary source of AI growth for the company [17][19] - The company has developed its own quantum processing chip, Ocelot, and offers a quantum computing architecture called Amazon Bracket within AWS [18][19] Investment Themes - The analysis emphasizes that Alphabet, Nvidia, and Amazon have established successful AI businesses, allowing them to explore quantum computing without it being a core growth strategy [19][20] - AI is expected to drive growth for these companies in the coming years, providing a dual upside for investors as quantum applications are developed [20][21]

Core Insights - Amazon enters 2026 in a stronger and more diversified position, with cloud computing, advertising, and AI driving its economic engine alongside retail [1][2] AWS Performance - AWS regained momentum in 2025, becoming Amazon's most important profit engine with revenue growth in the mid to high teens, driven by rising enterprise demand and AI workloads [4][5] - The company focused on custom silicon strategies, such as Trainium and Inferentia, to provide cost-efficient options for AI training and inference [5][6] - AWS's strategy involved powering the backend of AI adoption rather than competing for consumer-facing AI attention, enhancing customer stickiness and long-term opportunities [6] Advertising Growth - Amazon's advertising business became its fastest-growing segment in 2025, with annualized ad revenue exceeding $60 billion, surpassing retail and AWS [7][8] - The shift to an ad-supported tier for Prime Video and integration with Fire TV helped scale Amazon's streaming ads [8] - Expansion of partnerships with Netflix, Roku, and third-party publishers allowed Amazon to sell targeted ads beyond its own properties, positioning it as a broader adtech player [9] Retail Performance - Retail growth moderated in 2025 due to increased competition from Walmart, Temu, and Shein, but still showed strategic importance [10][11] - U.S. e-commerce revenue rose 11% in Q3 2025, while international markets like India and Brazil grew at 14% year-over-year [11] Expectations for 2026 - AWS is expected to enter an AI-driven acceleration phase, with AI workloads representing a larger share of revenue and strong demand for training and inference [13] - Advertising is anticipated to remain a key growth driver, with expansion in retail media, connected TV, and off-Amazon adtech [15] - Retail is expected to focus on efficiency rather than growth, with automation and improved personalization through AI [16][17] - Overall profitability could improve with stronger contributions from AWS and advertising, even if retail growth remains modest [17][18]

Core Insights - The market has shifted focus from companies like Nvidia, which build the "Brains" of generative AI, to those like Marvell Technology, which build the "Nervous System" [1] - Marvell's recent earnings report revealed a record revenue of $2.08 billion, with Data Center sales increasing by 37% year-over-year, indicating a potential "Optical Supercycle" [3][10] - Marvell's Data Center segment now constitutes 73% of total revenue, confirming a shift in capital expenditure from hyperscalers like Amazon, Google, and Microsoft towards optical and custom chips [10] Company Overview - Marvell has transitioned from a company focused on hard drive controllers and 5G carrier chips to a leader in optical technology [5] - The company dominates the Digital Signal Processor (DSP) market, essential for converting electricity to light in optical cables, positioning it as a critical player in the data center ecosystem [11] Market Positioning - Marvell is trading at approximately 10 times sales, significantly lower than competitors like Astera Labs at 30 times and Broadcom at 29 times, suggesting a valuation opportunity as the market recognizes its growth potential [12] - The company is seen as a "Blue Collar AI stock," focusing on the essential infrastructure needed for AI data centers rather than the more glamorous aspects of AI technology [13] Competitive Landscape - Marvell's strategy allows customers like Amazon to retain intellectual property while benefiting from Marvell's custom chip designs, contrasting with Broadcom's more integrated approach [12] - The company is actively leading research and development in co-packaged optics, positioning itself to adapt to potential industry shifts [17]