Welcome to our brief overview of portfolio news from the past few days.

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Big Tech’s Space Race & AI Alliances

• Amazon’s Satellite Leap: Amazon is making a massive leap into satellite connectivity by acquiring Globalstar for $90.00 per share ($11.57billion). The FCC-approved deal allows Amazon to provide direct-to-device (D2D) services via its Leo satellite network starting in 2028, and includes an established partnership to provide satellite connectivity for Apple’s iPhone and Apple Watch features. This effectively leapfrogs Amazon into the D2D market that SpaceX’s Starlink has been targeting. While legal investigations into the deal’s valuation are ongoing, the operational synergy with Apple provides a massive, immediate subscriber base.

• Anthropic’s Valuation: Separately, Amazon-backed Anthropic is seeing a valuation surge, with offers as high as $800 billion as it explores a potential IPO.

• Alphabet’s Windfalls & Expansion: Alphabet is poised for a potential $122 billion windfall from its 6.11% stake in SpaceX, should the latter reach a $2 trillion valuation in an IPO. This SpaceX windfall represents a staggering return on early investment that significantly bolsters Alphabet’s financials. On the operational front, Google Cloud is deepening its agentic AI ecosystem through strategic partnerships with Thoma Bravo and Cadence, optimizing Gemini models for enterprise-scale AI transformations.

• New Google Integrations: Further expanding its AI applications, Google is negotiating an agreement with the Department of Defense that would allow the Pentagon to deploy its Gemini AI models in classified settings. In the consumer luxury space, Kering aims to launch smart glasses under the Gucci brand in partnership with Google next year, positioning it as the first major luxury brand to enter the AI-powered eyewear sector.

• Regulatory Headwinds: Despite these wins, Alphabet continues to face regulatory headwinds, including a new antitrust lawsuit from Aptoide regarding monopolizing Android app distribution and billing systems.

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Software & Specialized Services

• Adobe: Adobe launched its Firefly AI Assistant, which automates complex multi-step workflows across Creative Cloud apps like Photoshop and Premiere. In a notable move toward an open ecosystem, Adobe is also integrating third-party models, including Anthropic’s Claude, directly into its platform.

• Autodesk: Autodesk expanded its long-term partnership with Globant, which was named an Autodesk Tandem Digital Twin Solution Provider. This collaboration aims to accelerate digital twin implementation in global logistics and smart manufacturing.

Other Key Updates

• ASML: Analysts have significantly increased their price target to $1,846, citing “substantial AI demand”. Supporting this outlook, ASML posted strong first-quarter 2026 earnings of €7.15 per share, up 19.2% year over year. Total net sales were €8.77 billion, increasing 13.2% from the year-ago quarter. As a result, ASML raised and narrowed its full-year outlook, now expecting 2026 total net sales between €36 billion and €40 billion. The company is also planning to double its EUV production capacity by 2027 to meet expected sales growth driven by global memory shortages and advanced EUV adoption. Meanwhile, a surge in sales from South Korea, which hit 45% of the Q1 total, is helping offset headwinds from evolving export controls in China.

• Advanced Micro Devices: The company is expanding its footprint in the autonomous driving sector through a $60 million joint investment in Wayve. Additionally, Supermicro introduced three new edge AI systems powered by AMD’s EPYC 4005 series processors, targeting high-performance workloads in space-constrained environments such as retail stores, manufacturing sites, healthcare environments, where data is processed locally.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

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1. Breaking the SEA Border: Why Taiwan?

For the first time in its history, Grab is stepping outside Southeast Asia into its 9th market. CEO Anthony Tan described this as a natural next step, and the data supports this move as Taiwan it’s a logistics dream given its population density.

Taiwan’s urban density is 3.6x higher than Grab’s Southeast Asian average. High density means shorter delivery routes (so better efficiency) and higher “drops-per-hour,” meaning that margins are generally higher.

Additionally over 4 in 10 households are single-person residences. These households don’t usually cook, making them the highest-frequency users of delivery apps. What a gift for Grab!!

But they are not just solo. They have money to spend, as Taiwan has the second highest household income in Grab’s footprint, trailing only Singapore.

Source: Grab M&A presentation

As Grab’s CEO, Anthony Tan, puts it:

“Taiwan’s population of approximately 23 million also has a high demand for mobile-first services, similar to the Southeast Asian consumers who Grab serves every day.”

2. The Valuation: Did Grab Get a “Steal”?

Grab is paying $600 million for a business that generated $1.8 billion in GMV in 2025. This implies a 0.33x EV/GMV multiple, that stands at a 51% discount to its own trading multiple of approximately 0.68x GMV (including mobility GMV).

To add on this, Uber was willing to pay $950 million for the same asset just 22 months ago before regulators blocked it. However you slice it, Grab has done a good deal.

3. Uber - The Elephant in the Room

The main ‘concern’ relates to the relationship with Uber which remains a major strategic partner and a shareholder in Grab (a remnant of the 2018 SEA exit). Grab will now go head-to-head with Uber Eats in Taiwan creating a potential conflict. When asked about this, Anthony Tan gave the response needed from someone focused on shareholder value:

“Our primary fiduciary duty is to all our shareholders, and driving long-term value creation for our ecosystem in all the countries that we serve.”

Grab is here to win for their investors. Addressing concerns over regulatory hurdles, management clarified that they are entering Taiwan as a new competitor rather than a market consolidator like Uber. This distinction provides a significantly smoother path with the Taiwan Fair Trade Commission.

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4. Financial Impact

Grab is buying a business that is already profitable on an adjusted EBITDA basis (before group cost allocations). As such they expect the following:

• The deal to be accretive to Grab’s 2026 Revenue guidance of $4.04B - $4.10B.

• The transaction to contribute at least $60 million in incremental Adjusted EBITDA by 2028. That stands at 3.3% of current GMV; above Grab’s average of 2% in FY25 and slightly below its long-term target of 4%. Effectively, it’s buying a profitable asset with room for growth.

5. Final Thoughts

This deal is a masterclass in capital allocation. For the past year, the market has been obsessed with rumors of a Grab-GoTo merger, a deal that many expected to be significantly more expensive (at ~$7b) and complex.

Instead of chasing this multi-billion dollar merger in a lower-income market like Indonesia, Grab pivoted to a cleaner, higher quality asset by grabbing the #1 player in a high-density market at just 0.33x EV/GMV multiple.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

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Anthropic’s Security Push and Amazon’s Supplier Standoff

Amazon-backed Anthropic launched Project Glasswing, a major cybersecurity initiative, after its Claude Mythos Preview model was found to exceed skilled humans at detecting software vulnerabilities. The coalition is impressive, with Apple, Microsoft, Google, AWS, and others joining to use the model for defensive security work. The ability for an AI model to autonomously find critical vulnerabilities at scale has profound implications.

Away from the AI headlines, Amazon is refusing wholesale supplier requests to raise inventory prices. While this protects short-term margins, suppliers are forced to absorb higher tariff and oil-related costs. This dynamic is a double-edged sword that could squeeze selection if suppliers start redirecting inventory elsewhere.

Google: Gemini Rising & Waymo Expanding

Alphabet had a busy week across AI, autonomous vehicles, and cloud.

Alphabet signed a long-term agreement with Broadcom for custom Tensor Processing Units and AI rack components through 2031, a meaningful step toward hardware self-sufficiency. Waymo also launched fully driverless ride-hailing in Nashville with Lyft as its fleet management partner.

On the software front, Google updated its Gemini chatbot to surface a one-touch ‘Help is available’ interface for crisis support when conversations signal potential mental health distress. Additionally, Google Cloud shifted toward outcome-based, ROI-driven deployment models through a deepened enterprise AI partnership with Onix.

Massive Semiconductor Outlook Upgrade

In a new note to clients, Bank of America analyst Vivek Arya issued a massive upgrade to the firm’s global semiconductor outlook. He hiked its 2026 revenue target to $1.3 trillion, a $300 billion leap from the estimate the bank provided just four months ago. The bank expects the total semiconductor market to hit the $2 trillion milestone by 2030. This implies a 20% compound annual growth rate through the end of the decade. This is a very important development for our semi holdings like ASML and AMD.

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PayPal & Meta Integration

PayPal announced a partnership with Meta. The goal: one-tap shopping on Facebook. Users will be able to purchase products without leaving their feed, with Instagram integration coming soon. Users scroll through Facebook, see a product, and buy it with one tap. Given that both platforms have billions of users, the potential is massive. It is a good move, but if this isn’t shown in the underlying numbers, the price won’t move much.

Other Key Updates

• Evolution: Pareto Securities upgraded Evolution to Buy from Hold, raising its price target 17% to 700 SEK. This signals growing conviction in the live casino operator’s near-term earnings trajectory.

• Grab: Grab expects its new AI-powered “group ride” feature to tackle rising fuel costs and drive growth. The feature utilizes automated calculations to split fares more accurately, offering passenger savings of up to 40% per trip.

• Crocs: Shares are rising as traders rotate into unusually cheap, high-quality names. At just 7x forward earnings and 1.19x trailing revenue, the market is pricing in almost no growth.

• The stock market experienced a robust recovery today following a ceasefire agreement between Iran and the U.S.. Investors piled back into tech names, lifting Nasdaq 2.8% as geopolitical tensions eased and fear-driven trades reversed.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

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The Efficiency Drive: Layoffs & “AI-Driven” Shifts

Big tech continues to trim headcount, signaling a structural shift towards leaner operations, often quietly powered by AI.

• Amazon is reportedly planning a second phase of corporate layoffs, potentially affecting 30,000 employees. While CEO Andy Jassy frames this as a cultural shift for agility, Deepwater Asset Management's managing partner Gene Munster suggest AI is the quiet driver behind smaller teams.

• Autodesk is cutting 7% of its workforce (~1,000 jobs) as part of a restructuring plan, incurring up to $160M in charges.

We are seeing a ‘saving on Opex to spend on Capex’ trend. Companies are cutting operational costs to fund the massive infrastructure required for AI. For the broader economy, however, this signals potential headwinds as unemployment risks rise, a concern echoed by Anthropic’s CEO, who warned unemployment could reach 10% due to AI’s impact.

PayPal’s Future: Agents & Taxes

PayPal is aggressively expanding its ecosystem beyond simple payments.

• Agentic Commerce: PayPal agreed to acquire Cymbio, a platform to help merchants become discoverable on AI platforms. This supports their “Store Sync” agentic commerce service and the transaction is expected to close in H1 2026. That’s another move that positions PayPal for a future where AI agents do the shopping.

• Tax Season Utility: A new partnership with April allows PayPal Debit cardholders to file taxes for free (saving ~$160). This adds stickiness to the ecosystem.

Google: Gemini Rising

Alphabet is seeing tangible momentum with its AI models.

• Gemini’s share of generative AI traffic has surged from 5.3% a year ago to 22.0% today, firmly establishing itself as the clear runner-up to ChatGPT (whose share dropped from 86.6% to 64.6%).

Source: Similarweb

• Developer Demand: API requests for Gemini exploded from 35 billion in March to 85 billion in August, a bullish signal for Google Cloud revenue ahead of earnings.

• Waymo: The autonomous unit launched fully driverless ride-hailing in Miami, with 10,000 residents already signed up.

Other Key Updates

• Intel shares sank 17% after a disappointing outlook and supply disruptions. While they are optimistic about their external foundry efforts with its 14A process, meaningful volume production and thus revenue isn’t expected until late 2028.

• Fortinet: Up 5% after an upgrade to ‘Buy’ by TD Cowen ($100 target), citing steady business demand heading into fiscal 2026.

• Allegion: Schlage was named the “Most Trusted Door Lock” brand for the 7th consecutive year, with a high Net Trust Quotient of 117.0. A boring but beautiful reminder of their brand moat.

• Macro: Markets rebounded after Trump announced a framework deal regarding Greenland, suspending the tariffs that were set for Feb 1.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

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Alphabet’s Big Week: The Apple Deal & Personal Intelligence

Alphabet is solidifying its dominance with two major developments that validate its technology and leverage its ecosystem

• The Apple Deal: Apple and Google have entered a multi-year collaboration. The next generation of Apple Foundation Models (powering features like Siri) will run on Google’s Gemini models, with Apple reportedly paying $1 billion annually. This is a huge win for Google and the ultimate validation of who has the best AI stack. Google is now effectively paying ~$20B for distribution (Search) while Apple pays ~$1B for the Gemini models. It’s a symbiotic lock-in. Apple buys time to perfect its tech without sacrificing user experience, while Google secures its position as the infrastructure backbone for the world’s premium device ecosystem.

• Personal Intelligence: Google launched Personal Intelligence for Gemini in beta. This feature securely connects the AI to your apps—Gmail, Photos, YouTube—to provide answers based on your specific context. This leverages Google’s true unfair advantage: Distribution + Data. By using your data from Gmail, YouTube, and Search, they can provide a personalized experience that standalone chatbots simply cannot match.

Meta’s Pivot: A Wild Ride Ahead

Meta is undergoing a massive capital reallocation, shifting focus from the Metaverse to pure Compute.

• Meta Compute: Zuckerberg announced Meta Compute, a top-level initiative to build tens of gigawatts of infrastructure this decade. This is a massive CAPEX initiative—on top of what Meta is already spending—that will take years to play out. It is a huge bet that the demand for personal superintelligence will justify an infrastructure bill of this magnitude. Shareholders should expect a wild ride ahead as free cash flow comes under pressure to fund this vision.

• Reality Labs: According to Bloomberg Meta plans to cut 10% of jobs in Reality Labs. This segment has annualized operating losses of around $18B and has torched over $50B since 2021. We doubt Meta will ever see a sufficient return on investment for Reality Labs. Seeing the company shift resources to AI infrastructure while cutting here serves as confirmation that the original bet is not paying off. As Zuckerberg commits to expanding compute, we expect further cuts to this division.

The AI Supercycle: TSMC Confirmation

If anyone doubted the longevity of the AI trade, TSMC just silenced them. TSMC beat Q4 expectations ($33.7B revenue) and guided for a ~40% revenue growth in Q1 2026.

We are entering 2026 with no signs of investments in AI infrastructure slowing down. It is hard to support the narrative that the AI Bubble will burst anytime soon when the actual builders are guiding for ~40% growth.

Regulation & Trade: The China Chip Dance

The geopolitical landscape for Nvidia and AMD remains complex. The U.S. Department of Commerce stated it will allow limited exports of chips like the H200 and MI325X to China, provided U.S. demand is met first. However, reports indicate Beijing may instruct customs to block these imports anyway to support domestic alternatives and encourage local innovation.

Other Key Updates

• AWS Sovereign Cloud: Amazon launched its European Sovereign Cloud with a $9.1B investment in Germany. This is a defensive moat against EU regulation, ensuring European data stays in Europe.

• Wing Expansion: Alphabet’s Wing is expanding drone delivery to 150 more Walmart stores, with a plan to scale to 270 locations by 2027.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

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The AI Energy Rush: Going Nuclear

Meta Platforms is making the “physical reality” of AI undeniable by securing massive power capacity.

• The Vistra Deal: Meta signed 20-year agreements with Vistra for over 2,600 MW of nuclear energy.

• The Oklo Bet: A partnership with Oklo to develop a 1.2 GW nuclear campus in Ohio, targeting 2030 to complete the first phase.

• Meta is funding TerraPower to develop two new Natrium® units capable of 690 MW of firm power, with delivery as early as 2032. The deal includes rights for up to six additional units (2.1 GW), targeting 2035. Across 8 potential units, this represents 2.8 GW of baseload generation plus 1.2 GW of built-in storage.

Meta isn’t just buying power; they are actively building the grid of the future. By diversifying across three timelines, Vistra (Now/Existing), Oklo (2030/SMR), and TerraPower (2032/Advanced Sodium), they are hedging their bets against regulatory delays and technology risks. Securing ~6.6 GW of carbon-free, 24/7 power is a massive strategic moat that competitors will struggle to replicate without similar capital commitments.

AMD at CES: The “Yottascale” Era

AMD is aggressively expanding its portfolio to challenge Nvidia, unveiling a suite of products at CES 2026 under the banner of “AI for Everyone.”

• CEO Lisa Su declared we are entering the “Yottascale” era, where AI model deployment will require a 100x increase in global computing capacity.

• AMD projects the number of AI users to explode from 1 billion to 5 billion in just five years. This isn’t just about servers; it’s about putting AI in every hand.

• New Hardware & Benefits:

  • Ryzen AI 400 Series: Targeting the consumer PC market, these chips deliver tangible productivity gains: 1.3x faster multitasking and 1.7x faster content creation compared to peers.

  • Helios AI Server Rack: Featuring 72 MI455X GPUs, launching 2H 2026 to compete with Nvidia’s rack-scale solutions.

  • Ryzen AI Halo: A new platform for developers to build local AI apps, further democratizing access.

AMD is positioning itself as the engine for mass adoption as AMD’s “AI for Everyone” strategy targets the volume market.

PayPal’s Two-Pronged Attack

PayPal announced two major developments that target both user acquisition and high-margin monetization.

1. The Paychex Partnership

• PayPal is collaborating with Paychex to add a PayPal direct deposit option to the Paychex Flex Perks platform. This allows employees of Paychex clients to receive their wages directly into their PayPal balance. Most importantly, this offers access to pay up to two days early.

The promise of early wages is a strong hook for adoption. By capturing the paycheck at the source, PayPal gets fresh capital into its ecosystem regularly. New users come for the early access, but once the money is in the wallet, PayPal can monetize it through spending, crypto, or savings products.

2. Transaction Graph Insights (The Ad Play)

• PayPal launched a new ad platform that leverages its unique data advantage: it sees the actual purchase. Unlike Google (search intent) or Meta (social interest), PayPal knows exactly what you bought. Early tests with Ulta Beauty showed a 20% lift in transaction spend.

This is potentially huge. Advertising is a high-margin business that could significantly move the needle on profitability. If PayPal can scale this without degrading the user experience, it unlocks a new valuation multiple for the stock.

Greggs: A “Transition Year” Testing Patience

Greggs shares fell ~5% after a trading update that, while solid on the surface, reset expectations for 2026.

• The Good (Revenue Acceleration): What we liked was the acceleration in revenue. Q4 underlying sales grew 2.9%, a clear improvement from the 1.5% growth seen in the previous quarter.

• The Bad (Store Openings & Margins): Previously, the target was 150 net new stores per annum. The new guidance of 120 net new shops for 2026 implies a slowdown, although this comes with a more cautious capex approach.

• The Margins: While operational costs were controlled (delivering £13m in efficiencies) and cost inflation is expected to lower in 2026, the new Derby facility is creating headwinds. The fixed costs associated with bringing this capacity online are weighing on margins, leading to “weak” guidance for operating profit to remain flat year-over-year.

Investors (including us) were expecting operating leverage to kick in, expanding margins for 2026. Instead, we are getting flat profit guidance due to the costs of bringing new supply chain capacity online.

• Valuation View: While the “peak Greggs” narrative is circulating, we disagree. The Derby facility is a necessary fixed-cost investment to support future growth (short-term pain, long-term gain). Even adjusting for lower 2026 expectations, our valuation model suggests the target price is still above current levels. However, with flat profits on the horizon, the stock likely faces a “show me” period, it may be dead money until execution improves in 2027.

Other Key Updates

• Anthropic: Reports of a $10B raise at a $350B valuation confirm the extreme capital intensity of the AI race.

• Defense: Lockheed Martin surged on calls for a 50% US military budget increase.

• Samsung/Google: Doubling its AI-enabled devices to 800 million this year, effectively making Google’s Gemini the default AI for a massive chunk of the global population.

• Gmail AI: New summarization and “Help Me Write” features are rolling out, bringing AI utility directly into the daily workflow of millions.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days. Before we begin, please note the following:

Amazon’s Drone Retreat & Cloud Stumbles

Amazon is pulling back on its drone ambitions in Italy while facing heat over cloud reliability.

The Drone Drop: Amazon has halted its commercial drone delivery program in Italy, citing a regulatory framework that doesn’t support its long-term goals.

AWS Outage: On Christmas Eve, AWS suffered a significant disruption, reportedly its third large-scale crash of the year, taking down tens of thousands of websites and sparking user complaints.

The drone news is a reminder that regulation remains a massive “hidden tax” on innovation, technology is ready, but the rules aren’t. Meanwhile, frequent AWS outages are a genuine risk; reliability is the cloud’s core promise, and repeated failures could open the door for Microsoft Azure or Google Cloud to steal frustrated enterprise customers.

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Samsung’s Strategic Shift

Samsung is taking more control over its destiny with the upcoming Galaxy S26.

In-House GPU: The company will debut its first in-house mobile GPU design in the Exynos 2600 chip, slated for early 2026.

While Samsung designed the layout, the underlying architecture remains licensed from AMD.

“Remaining licensed” means Samsung is still paying AMD to use the fundamental blueprints (RDNA architecture) but is customizing how those blueprints are built (the layout) to optimize for power and heat. This is a “middle ground” step towards full independence. For us, it signals that owning the silicon stack is now table stakes for AI-enabled hardware, where efficiency is everything.

The AI Energy War: Google’s $4.75B Power Play

Alphabet is making a massive move to secure the one thing AI needs most: energy.

Google agreed to acquire Intersect for $4.75 billion. The deal includes “multiple gigawatts” of energy and data center projects.

This allows Google to build power generation in “lockstep” with new data centers, rather than waiting for slow utility providers.

This is a brilliant move. Power cooling and availability are now the primary bottlenecks for AI scaling. By vertically integrating energy infrastructure, Google gains a structural speed and cost advantage over rivals who are still at the mercy of the public grid.

Other Key Updates

• Alibaba & AMD: Reports suggest Alibaba is weighing a purchase of 40,000–50,000 of AMD’s MI308 AI accelerators. If confirmed, this validates AMD as a serious alternative to Nvidia in the restrictive Chinese market.

• Waymo’s Resilience: Waymo is updating its fleet after a massive San Francisco power outage tested its systems. While service was paused, the vehicles successfully navigated 7,000 “dark signals”.

• OpenAI Ads: OpenAI is officially exploring ads in ChatGPT. This was inevitable. The real test isn’t if they do it, but how, if they clutter the experience, users might flee. If they nail it, Google Search has a new, serious rival for ad dollars. Of course, this was the main risk from the beginning.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

PayPal’s Banking Ambition

PayPal is making a strategic pivot by applying to establish “PayPal Bank”, an industrial bank in Utah.

The bank would offer interest-bearing savings accounts and small business loans while pursuing direct membership with U.S. card networks.

This is a shift from “disruptor” back to the “banking system,” but it makes strategic sense. By holding deposits directly and controlling the lending capacity without third-party bank spreads, PayPal can protect margins and reduce dependency. It also allows for faster processing, lower fees (fewer intermediaries), and better credit risk assessment using its vast transaction data. This move is defensive (protecting margins) but also offensive (expanding its offering and potentially revenue per user).

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Fortinet’s Strategic Moves

Fortinet announced two key developments reinforcing its position in the AI era.

• Secure AI Data Center: A new solution built with Arista Networks to deliver a scalable, zero-trust architecture for AI data centers. This combines Fortinet’s security with Arista’s high-performance networking, aiming to speed up AI deployment.

• Nvidia Integration: Fortinet launched a firewall integration with Nvidia’s BlueField DPUs. This allows core security functions to run on the DPU instead of the host CPU, securing AI environments without slowing down critical workloads.

These partnerships are strategic moves to solve the “AI Security Paradox”, securing massive data flows without killing performance. These are the benefits:

• AI training requires ultra-low latency. By integrating with Arista, Fortinet ensures security doesn’t become the choke point in high-speed clusters.

• Offloading security tasks to Nvidia’s DPU frees up expensive CPUs and GPUs to focus purely on AI workloads, directly improving the customer’s ROI on hardware.

• Instead of being displaced by cloud-native trends, Fortinet is successfully embedding itself into the “AI Infrastructure Stack,” ensuring long-term relevance.

The AI Capital Race: Waymo & OpenAI

The race for capital in the AI and autonomous sectors is accelerating.

• Waymo Fundraising: Alphabet’s Waymo is in talks to raise over $15 billion at a valuation of roughly $100 billion. This valuation is more than double the company’s $45 billion valuation in October 2024, a surge driven by significant milestones, including surpassing 127 million autonomous miles, primarily in Phoenix and San Francisco. This growth is just the beginning, as Waymo has already expanded operations into additional states and is poised for international expansion.

• Amazon & OpenAI: Amazon is discussing a $10 billion investment in OpenAI, potentially valuing the startup at over $500 billion. Additionally, OpenAI intends to use Amazon’s Trainium AI chips.

The funding needs for AI are massive. For Amazon, this is a strategic win: getting OpenAI to use Trainium validates its custom silicon and shows ASICs can win share from GPUs. Meanwhile, bubble fears persist, with Senator Bernie Sanders calling for a halt to new AI data centers, warning the boom is driven by billionaires rather than public interest.

Meta’s Regulatory & Fraud Woes

Meta Platforms faces scrutiny over its handling of fraudulent ads.

A Reuters report alleges Meta was aware of fraudulent practices by Chinese advertisers but failed to take meaningful action, prioritizing the billions in ad revenue. In 2024, ~19% of its $18 billion in annual revenue from China reportedly came from ads linked to scams, gambling, and pornography. This is a governance failure that could lead to fines and reputational damage. While Meta created an anti-fraud team that reduced problematic ads by half, the allegation that they ignored the issue to protect revenue is concerning.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

Adobe: Proving the AI Skeptics Wrong

Adobe reported another strong quarter, beating both revenue and earnings estimates.

• The Numbers: Revenue reached $6.19 billion (+10% YoY) with non-GAAP EPS up 14%. Operating margin expanded to 36.5%. RPO grew 13%, signaling that demand is not drying up despite the “AI disruption” narrative.

• FY26 Guidance: The company guided for 9.4% revenue growth, 10.2% ARR growth and 11.7% EPS growth.

The sentiment remains negative due to perceived existential risks from AI, but the data suggests otherwise as the company continues to deliver double digit growth. Adobe is positioning itself not as a competitor to models, but as the platform layer where AI assets (whether from Firefly or OpenAI) are created, edited and finalized.

In terms of valuation, it trades at a 5.5% FCF yield (net of SBC). If FCF continues to grow in the 10% range, we believe this investment can compound at a 15% IRR without any multiple expansion.

Ashtead: Signs of Acceleration

Ashtead reported Q2’26 results showing continued momentum.

• Performance: Revenue grew 1%, but excluding the impact of last year’s hurricane season, growth was 3%—marking the third consecutive quarter of sequential improvement.

• Outlook: Management reaffirmed full-year guidance for rental revenue growth (0-4%) and Free Cash Flow ($2.2B–$2.5B).

The non-residential construction environment is stabilizing (new starts are now at equilibrium with completions), with mega-project activity remaining strong. We valued Ashtead at £55.50 per share in September; at current levels (~£47.85), it implies ~16% upside.

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Google: Gemini Gaining Ground

• Market Share Shift: According to Sensor Tower data, Gemini mobile app MAUs surged 30% (to 346M) between August and November, outpacing ChatGPT’s 5% growth. Gemini taking share from ChatGPT while AI usage proving to be incremental to commercial search queries is a huge win for Google.

• Regulatory Headwind: The European Commission has opened a formal probe into whether Google gives itself preferential access to web/YouTube content for AI training. The Commission will assess whether Google uses the content on unfair terms to publishers and creators. Reportedly, the fine can be as high as 10% Google’s total revenue.

• DoD Contract: Gemini will power GenAI.mil, a new AI platform for the U.S. Department of Defense. This is a validation of the model’s security and capability for enterprise/government use.

Other Industry & Portfolio Updates

• China Exports: Trump said on Truth Social the U.S. may allow Nvidia to ship H200 chips to China, provided Washington receives a 25% cut. While the highly advanced Blackwell/Rubin chips remain banned, this could reopen a significant revenue stream for Nvidia and possibly AMD. However, this also depends whether China will allow those purchases.

• Fed Rate Cut: The Federal Reserve cut interest rates by 0.25% (the third cut of the year), signaling a continued easing cycle, though the outlook for 2026 remains more muted with only one projected cut.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

Meta’s Pivot: Zuckerberg Gives Investors What They Want

According to Bloomberg, Meta’s CEO Mark Zuckerberg has discussed budget cuts as high as 30% for the company’s metaverse division next year. The stock responded positively, rising 3% on the news.

Once again, Mark Zuckerberg demonstrates that he knows exactly what investors want to hear. Reality labs had operating losses of $18 billion over the last twelve months. By reigning in spending on the currently loss-making metaverse project, Meta is signaling a continued focus on efficiency, aligning its capital allocation with market expectations.

Amazon Unveils Trainium3: Another Threat to Nvidia?

Amazon announced the general availability of Trainium3 UltraServers, powered by its new custom AI chip. The new system delivers up to 4.4x more compute performance and 4x greater energy efficiency than its predecessor. Customers like Anthropic are reportedly reducing training costs by up to 50% using Trainium.

Hyperscalers like Amazon and Google are releasing viable alternatives to Nvidia GPUs at a rapid pace. These ASIC solutions provide more cost-efficient alternatives for specific workloads. If compute consumption increasingly shifts toward these custom chips, hyperscalers could begin to claim meaningful market share from Nvidia over time, potentially threatening its hefty margins.

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AMD: Major Partnerships

AMD had a number of positive developments this week:

• Vultr Supercluster: Vultr will launch an AI supercluster powered by 24,000 AMD Instinct MI355X GPUs. While this deal could bring over $500M in revenue, we note that AMD co-led Vultr’s funding round last year, highlighting the increasingly circular nature of AI financing.

• HPE Partnership: HPE will be one of the first to adopt AMD’s “Helios” rack-scale AI architecture.

• No Bubble: At the UBS conference, Su dismissed “AI bubble” fears, stating we are early in a 10-year super cycle. On the ASICs Vs GPUs debate, she estimates ASICs (like Google’s TPUs) can capture 20-25% market share, with GPUs remaining the majority due to flexibility.

Leslie’s Q4’25 results : Anatomy of an Investment Mistake

Leslie’s reported Q4 and FY25 results that beat revenue and EBITDA guidance, but the bigger picture remains challenging.

• Results: Q4 sales fell 2.2% to $389.2M, while Adjusted EBITDA rose slightly to $45.2M. Management announced the closure of 80-90 non-profitable stores (resulting in a $180M impairment) and is targeting a 10% inventory reduction in FY26 alongside cost cuts.

• FY26 Guidance: The company guides for $1.175 billion in sales at the mid-point (implying -5% growth) with a slight uptick in Adjusted EBITDA to $65M.

• Liquidity & Viability: While store closures were necessary, they may not be enough. With annual interest expenses of ~$63M and a cash position falling to $23M (plus ~$150M available in the revolving facility), Leslie’s must increase Free Cash Flow (FCF) to cover interest payments. This appears achievable in FY26 given the EBITDA guidance and targeted $100M inventory reduction, but profitability must improve meaningfully thereafter for the business to be sustainable.

Leslie’s has been one of our investment mistakes. We assumed the company could return to pre-COVID profitability after over-earning during the pandemic. Instead, the opposite occurred, and management’s execution has fallen short of our expectations.

Other Industry & Portfolio Updates

• Anthropic IPO? Reports suggest Anthropic (backed by Amazon and Google) has hired law firm Wilson Sonsini to explore a potential IPO, possibly as early as next year.

• Greggs Upgrade: J.P. Morgan initiated coverage on Greggs with an “Overweight” rating and ~35% upside, citing sector-leading margins, strong unit economics and major catalysts from 2026 as new distribution centres come online. It appears the Street is finally beginning to recognize that Greggs is undervalued.

• Evolution vs Black Cube: In a new court filing, Black Cube presented an affidavit claiming Evolution’s games remain accessible in sanctioned jurisdictions like Iran and Russia, seeking dismissal of Evolution’s lawsuit. The New Jersey court must now decide whether to dismiss the case or allow litigation to proceed.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

Short on time? If you don’t want to read the full report, this infographic gives you the high-level picture of everything that follows.

The AI Chip War Heats Up: Meta Eyes Google TPUs

Reports indicate that Meta is considering spending billions on Google’s Tensor Processing Units (TPUs) for its data centers starting in 2027, with cloud capacity rental potentially beginning as early as 2026. This would be a major strategic shift, validating Google’s ASIC TPUs as a cost-effective alternative to traditional GPUs.

• Impact on Google: If Google successfully deploys TPUs directly in customer facilities and penetrates other hyperscalers, it could capture significant market share in AI Infrastructure. Coupled with the positive reception of Gemini 3, this fuels the narrative that Google will be a major long-term AI winner.

• Nvidia’s Reaction: Following the report, Nvidia issued a defensive post stating its technology is a “generation ahead” and is the “only platform that runs every AI model.” This rare public defense from the world’s largest company suggests they are actively trying to prevent stock price pullback and acknowledge the competitive threat.

AMD’s Hardware Validated by Major Training Milestone

AMD announced that Zyphra has developed ZAYA1, the first large-scale Mixture-of-Experts (MoE) foundation model trained entirely on AMD’s GPU and networking platform. Using Instinct MI300X GPUs and the ROCm open software stack, the model matched or exceeded the performance of leading models like Llama-3-8B and Gemma3-12B.

This is a critical validation point. It proves that AMD’s hardware is not just theoretical but is executing effectively on production-scale AI workloads, further solidifying its roadmap as a viable alternative to Nvidia.

Autodesk Delivers Strong Beat & Raise

Autodesk delivered excellent Q3’26 results, beating expectations on both the top and bottom lines.

• Revenue: $1.855 billion, up 18% YoY (12% excluding the new transaction model).

• Billings: $1.853 billion, up 21% YoY (16% excluding the new transaction model).

• Margins: Non-GAAP operating margin expanded +100 bps to hit 38% (management targets 41% by FY29).

• Guidance: The company raised its full-year revenue outlook to $7.150-$7.165 billion (from $7.025-$7.075B) and non-GAAP operating margin guidance to approximately 37.5%.

• Valuation: The company continues to execute flawlessly on its strategy; however, we believe this is fully reflected in the current price. Assuming it hits 30% GAAP EBIT margin (derived from ~40% Non-GAAP margin less ~10% for SBC and amortization) by FY29 on a 10% revenue CAGR, the company trades at 22x FY29 forward EV/EBIT.

Straumann Capital Markets Day: Confidence in Growth

At its Capital Markets Day, Straumann presented its strategic vision for 2026-2030.

• Growth Targets: The company aims for a 10% average revenue CAGR and a core EBIT margin expansion of 40-50 basis points per annum.

• Market Share: They plan to increase implant market share by mid-single digits (from 35%) and clear aligner share by low double-digits (from 3%).

The revenue targets align with our deep dive model, but the consistent annual margin expansion target is a positive surprise, signaling strong operating leverage ahead.

Other Industry & Portfolio Updates

• Amazon’s Massive Capex Continues: Amazon announced a $50 billion data center investment to expand AI capabilities for U.S. government customers (AWS Top Secret/GovCloud) and a separate $15 billion for data centers in Indiana. Big Tech capital expenditure shows no signs of deceleration.

• Trump Administration & Nvidia: Reports suggest the Trump administration may permit Nvidia to sell its H200 AI chips to China. If approved, this would unlock a massive, previously restricted market opportunity for both Nvidia and AMD.

• Evolution Merger Delay: Evolution AB and Galaxy Gaming have extended the timeline for their merger due to pending regulatory approvals, now expecting it to close in mid-2026 (originally expected to close during the second half of 2025).

That’s a wrap. See you soon.

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P.S. On December 4-5, our co-founder Adamos Hadjiantoniou will be joining the FatAlpha online conference to pitch a high-conviction stock idea. If you are interested in seeing the pitch live alongside other investors, tickets are available starting at €99. We’ve set up a discount code STOCKN10 for our readers to get 10% off.

Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

The AI Race: Investments Surge, but Bubble Fears Persist

The technology sector continues to be defined by massive AI investments, even as market jitters around a potential bubble intensify.

• Nvidia reported another blockbuster quarter, with Q3 revenue jumping 62% year-over-year to $57.0 billion, beating estimates. The company also issued strong guidance for Q4 revenue of $65 billion. CEO Jensen Huang described demand for the new Blackwell chips as “off the charts” and dismissed bubble concerns, emphasizing Nvidia’s leadership across all phases of AI. However, the stock fell over 3% post-earnings. The market reaction likely reflects concerns over the quality of earnings. Accounts receivable jumped by about $5.6 billion from the previous quarter and $15.7 billion from a year earlier, an 89% increase year-over-year against 62% revenue growth. This disconnect has fueled speculation that revenue may have been pulled forward to meet consensus and quell AI fears. Additionally, risks remain regarding customer concentration, as a large portion of data center revenue still comes from a handful of hyperscale buyers.

• Google unveiled Gemini 3, its “most intelligent” AI model yet, designed to handle complex tasks with less prompting. Early benchmarks suggest it performs ahead of key rivals and signals that Google isn’t trailing in the AI race anymore.

• Amazon plans to invest at least $3 billion in a new data center campus in Mississippi to support its cloud and AI technologies, signaling that hyperscalers have no intention of slowing down their capital expenditures.

• Michael Burry, famous for “The Big Short,” has reportedly placed a $1 billion bet against Nvidia and Palantir, signaling his belief that the sector is inflated and vulnerable to a correction.

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Google Targets Travel & The Autonomous Transport Race

• Google’s Travel Push: Google launched new AI features in Search, including a “Canvas” tool to curate detailed travel plans and an upgraded Flight Deals feature. This caused shares of travel companies like Booking Holdings to fall. While a potential threat, Booking’s strong moat, with over 50% of bookings coming from loyal Genius members and 60% being direct, provides significant resilience against this competitive threat.

• Waymo’s Expansion: Alphabet’s Waymo is pushing its robotaxi expansion, adding New Orleans, Minneapolis, and Tampa to its development pipeline while beginning service in Miami. The company also expects to roll out operations soon in Dallas, Houston, San Antonio, and Orlando.

• Amazon’s Zoox: Amazon’s robotaxi unit, Zoox, has started offering free rides in San Francisco, marking the first time it is competing directly with Waymo in the same market.

Other Industry & Portfolio Updates

• Adobe agreed to acquire Semrush for approx. $1.9 billion ($12.00/share). The move is designed to unlock Generative Engine Optimization (GEO) for marketers, a critical capability as consumers shift to AI-based search. While the price is below the 52-week high, it represents a 77.5% premium over Tuesday’s close and a forward P/E of roughly 30x. It’s not a cheap deal, but it strategically secures Adobe’s place in the evolving digital marketing landscape.

• Meta Platforms won a major legal victory as a federal judge rejected antitrust accusations regarding its acquisitions of Instagram and WhatsApp. However, the company faces significant leadership headwinds. Chief AI Scientist Yann LeCun is leaving to start his own company after 12 years, and Chief Revenue Officer John Hegeman is stepping down after 17 years with the firm. Losing long-tenured leaders in such critical roles is a blow to Meta’s stability during the AI race.

• AMD scored a major win by powering France’s first exascale supercomputer, showcasing its growing influence in high-performance computing.

• Macro Headwinds: The Nasdaq hit a two-month low after a labor report showed the unemployment rate rising to 4.4%, the highest level since October 2021. This fuels economic uncertainty alongside ongoing AI bubble fears.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

AMD Financial Analyst Day Highlights

At its Financial Analyst Day, AMD outlined a path to a $1 trillion data center TAM by 2030. The company set ambitious long-term targets, including a >35% revenue CAGR and a >35% non-GAAP operating margin in the next three to five years. This growth is predicated on a >60% data center revenue CAGR (and >80% for AI), with goals to capture >50% server CPU revenue share and >40% client revenue share. The strategy is supported by the MI350 Series (fastest ramping product in the company’s history) and the future release of its MI400 Series and the Helios rack-scale solution which are expected to launch in 2026. We will cover AMD’s Investor Day in more detail next week.

Adyen Investor Day Highlights

At its Investor Day, Adyen laid out its new financial targets, projecting revenue to grow at a ~20% CAGR and its EBITDA margin to expand to >55% by 2028 (up from 50% currently). Management’s confidence is based on its massive addressable market, which it estimates at €26 trillion for payments (of which it has ~5% share) and a separate €127 billion annual revenue opportunity in Financial Products. We will cover Adyen’s Investor Day in more detail next week.

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PayPal KBW Conference Highlights

At the KBW Fintech Payments Conference, PayPal outlined its growth strategy, focusing on omnichannel expansion and AI. The “PayPal Everywhere” initiative is gaining traction, with a repositioned debit card offering 5% cashback and a new NFC tap-to-pay solution launched in Germany. A key new initiative, “PayPal World,” aims to create a global wallet network, expanding PayPal’s reach from 500 million to over 2 billion customers.

Management also highlighted Venmo’s 20% revenue growth (tracking toward $1.7B in 2025 and targeting $2 billion by 2027) and stated they will be the first wallet integrated with OpenAI and other AI platforms for agentic commerce. In terms of BNPL, management highlighted that it is expected to generate $40 billion in TPV this year. Additionally, customers who use BNPL drive a 30% increase in checkout TPV and 5x the ARPA compared to checkout-only customers. BNPL penetration is still very low, at only 5-10% of the customer base, representing a significant opportunity.

Allegion Baird Conference Highlights

At the Baird conference, Allegion management provided an update on its market outlook. The non-residential business remains resilient, with stable mid-single-digit growth in its core institutional vertical. Within the commercial vertical, management is seeing early signs of recovery, and the data center segment, though small, continues to grow. The main headwind remains the residential market (20-25% of total revenue), which has been flat to down low single-digits for the past three years.

Management also highlighted the accelerating adoption of electronic locks, a trend supported by strong partnerships with Apple, Google, and Samsung to integrate digital credentials into smartphone wallets. Management reiterated that its “Unique specification writing capability” remains a core competitive advantage that creates durable end-user demand.

Other Industry & Portfolio Updates

• Alphabet’s Waymo has begun offering public robotaxi rides on freeways in the San Francisco Bay Area, Los Angeles, and Phoenix. This demonstrates the Waymo’s ability to safely handle high-speed routes, which enables faster, longer-distance travel.

• Amazon unveiled its new “Amazon Business Assistant” at its Reshape conference. Powered by AWS Bedrock, this AI tool provides conversational support to help organizations discover savings and automate purchasing tasks.

• The AI CAPEX race continues as Anthropic announced a $50 billion investment in AI infrastructure, aiming to build custom data centers coming online in 2026.

That’s a wrap. See you soon.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

The AI Race Accelerates

The high stakes competition to build the next generation of AI continues to intensify, with new massive deals and strategic moves.

• Amazon announced a $38 billion, seven-year partnership with OpenAI. AWS will provide the computing infrastructure, including hundreds of thousands of Nvidia chips, to support OpenAI’s AI workloads. Full capacity is expected to be deployed by the end of 2026. This is yet another massive deal for OpenAI as it scales its infrastructure.

• Google is reportedly considering a significant new investment in Anthropic, which could value the AI startup at over $350 billion. This follows Google’s existing commitment of over $3 billion (for a 14% stake) and a separate deal to provide up to one million of its custom TPU chips. Anthropic itself is projecting an aggressive growth path, forecasting up to $70 billion in revenue by 2028.

• Apple will use Google’s 1.2 trillion parameter AI model to power its new version of Siri. This is a significant validation and another major win for Google’s strategy in the AI era.

• Amid all this investment, Nvidia CEO Jensen Huang issued a warning that China is poised to surpass the U.S. in AI. He cited cheaper energy and looser regulations as key advantages for Beijing. This highlights a critical bottleneck: if energy constraints are not resolved, the pace of AI innovation could be forced to pause despite the massive capital being deployed.

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Other Portfolio Updates

• Amazon and Nubank announced a partnership to integrate NuPay into Amazon’s Brazil website. This will provide customers with special payment options, including extra credit and more installment choices. This is a key strategic move that could be a catalyst for Amazon to win significant market share from competitors in Brazil.

Earnings Wrap-Up

• Advanced Micro Devices: AMD reported a strong Q3, beating expectations with adjusted EPS of $1.20 (vs. $1.17 consensus) and revenue of $9.25 billion (vs. $8.76B consensus). Growth was led by the Data Center segment ($4.3B) and Client/Gaming ($4.0B). The Q4 revenue guide of $9.6B (+- $300M) was also above the $9.21B consensus. We will publish a detailed review in the coming days.

• Fortinet: Fortinet delivered a solid Q3, with non-GAAP EPS of $0.74 (beating $0.63 consensus) and revenue of $1.725B (beating $1.705B estimates). Product revenue accelerated to 18% Y/Y, and the FortiSASE solution was a standout with 100% Y/Y billings growth. The company also hit a record non-GAAP operating margin of 37%. The main concern appears to be the guidance. We will publish a full analysis in the coming days.

• Airbnb: Airbnb reported Q3 gross bookings growth of 14% to $22.9B, with room nights up 9%. This is comparable to Booking Holdings, which saw 8% room night growth (though 10% in its alternative accommodation segment). For Q4, while revenue guidance of 7-10% growth was provided, management expects adjusted EBITDA to be flat-to-down slightly Y/Y, with a margin decline. This is driven by investments in new growth and policy initiatives.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

Meta Partners with Blue Owl for Data Center Financing

Meta Platforms has entered into a joint venture with funds managed by Blue Owl Capital to develop and own the massive Hyperion data center campus in Louisiana. Blue Owl funds will own 80% and contribute approximately $7 billion in cash, while Meta retains 20% ownership and contributes land and construction assets previously held for sale. Meta will manage the construction and operation, leasing the facilities back under a four-year initial term with extension options.

Partnering with an infrastructure investment expert like Blue Owl allows Meta to spread the significant capital investment (approx. $27 billion total cost) and risk associated with building the massive infrastructure required for its long-term AI ambitions. It also represents efficient use of assets previously held for sale.

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LVMH Reportedly Considers Fenty Beauty Stake Sale

LVMH is reportedly exploring the sale of its 50% stake in Fenty Beauty, the cosmetics brand co-owned with Rihanna, potentially valuing the brand between $1-$2 billion. Fenty Beauty logged $450 million in net sales in 2024.

While Fenty Beauty had a strong launch ($550 million sales in first 15 months - by the end of 2018) and reportedly doubled revenue in 2022, the 2024 sales figure suggest a downtrend. The lower valuation of what was initially estimated to worth around $2.8 billon also implies slower growth than expected. LVMH’s potential exit aligns with our investment thesis: focusing resources on its core portfolio of iconic, enduring luxury houses rather than potentially more trend-driven, celebrity-anchored brands.

OpenAI Launches “Atlas” AI Browser

OpenAI unveiled ChatGPT Atlas, a new AI-powered web browser built around a conversational interface and agentic capabilities. Atlas allows users to chat directly with websites and automate tasks like filling forms. The launch immediately puts OpenAI in competition with other AI browsers and presents a new challenge to Google’s dominance in search and browsing.

While the announcement contributed to a dip in Google’s stock price, it reinforces the strategic importance of the browser as the gateway to search. Google is currently ahead in integrating generative AI directly into Search (AI Overviews, AI Mode) while Atlas’s key differentiator appears to be its “Agent Mode”. However, such agentic capabilities may face regulatory scrutiny around data privacy and security, as current AI models often have limitations on interacting with external sites and handling personal data.

Here’s how AI Mode responded when we asked it to fill out a form for us:

“No, you cannot delegate online tasks like filing a form to me or any other AI assistant. I cannot access or interact with external websites and online systems, and I cannot handle, store, or transmit personal and sensitive data like the information on a form. This is a fundamental security and privacy limitation built into my design.”

Evolution vs. Playtech Legal Battle Escalates

Evolution intends to add Playtech as a defendant in its ongoing defamation case related to a 2021 report allegedly commissioned by a Playtech subsidiary, which reportedly paid Black Cube £1.8 million to produce it.

Playtech denies that the report was part of a “smear campaign” but confirmed it commissioned an investigation into concerns regarding Evolution’s activities. However, the report’s anonymous origin and the use of covert tactics over four years, including secretly recording conversations, raise questions about Playtech’s true intent.

In our view, this was an attempt to divert Evolution’s focus toward legal matters rather than the lucrative live casino market. Despite this, Evolution has continued innovating and remains the clear market leader. Playtech now faces potential damages.

Other Industry & Portfolio Updates

• Amazon Web Services experienced a significant outage in its US-EAST-1 region, causing widespread disruption before services were restored. The incident highlights AWS’s critical role in internet infrastructure but also underscores the risk for Amazon, as outages can prompt customers to diversify their cloud providers, even partially.

• Waymo School Bus Probe: The US National Highway Traffic Safety Administration (NHTSA) opened a preliminary investigation into Waymo after a report that one of its vehicles failed to properly yield to a stopped school bus. Waymo stated it has already implemented software improvements. While negative news, incidents like this are expected during the complex rollout of autonomous technology.

• PayPal is increasing its investment in German e-commerce platform Shopware, raising its stake from ~11% to ~41% by acquiring Carlyle Group’s stake. A PayPal representative confirmed the agreement, calling Shopware a “longtime and important partner in Europe”. This move aligns with PayPal’s strategy to embed itself more deeply within the e-commerce infrastructure, expanding its role beyond just payment processing.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

Waymo’s Momentum Continues with DoorDash Partnership

Alphabet’s autonomous driving unit, Waymo, continues its expansion, announcing a new partnership with DoorDash to launch an autonomous delivery service in Metro Phoenix. The service will begin with deliveries from DoorDash’s own DashMart store, with plans for a broader commercial launch later this year.

This move into delivery logistics follows Waymo’s recent announcement of its plans to launch ride-hailing services in London by 2026, showcasing the company’s dual strategy of expanding both its use cases and its geographical footprint. By securing partnerships with major platforms like DoorDash, Waymo continues to strengthen its position as the clear leader in the autonomous vehicle space.

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Amazon Expands Telehealth Services to Pediatrics

Amazon is deepening its push into healthcare by expanding its One Medical Pay-per-visit telehealth service to treat common health conditions for children aged 2 to 11. The service is designed for maximum convenience, offering message-based visits starting at $29 and video consultations at $49, with no insurance, Prime membership, or One Medical membership required.

This is Amazon doing its thing. Identifying a major friction point for customers and offer a convenient, affordable, and integrated alternative. By linking the service directly to Amazon Pharmacy for prescription fulfillment, Amazon continues to build a seamless, end-to-end healthcare ecosystem.

LVMH Returns to Growth

In the third quarter, LVMH returned to organic growth with a 1% increase in revenue, despite a significant negative 5% currency impact that resulted in a 4% decline in reported sales. This improvement was visible across most business groups, with all divisions posting positive organic growth. The Fashion & Leather Goods division, while still down 2% organically, showed the greatest sequential improvement from Q2. Selective Retailing was a standout performer, growing 7% organically, driven by strong results at Sephora.

Geographically, the recovery was led by key markets, as both the United States and Asia (excluding Japan) turned positive during the quarter. A highlight was the recovery in China, where local sales in the mainland turned positive, growing in the mid-to high single-digit range. Looking ahead, executives expressed caution for Q4, noting it will face a “tougher” comparative base, but remained confident about 2026.

Other Industry & Portfolio Updates

• TSMC’s Strong Earnings: TSMC reported a strong beat on both Q3 earnings and revenue, and provided Q4 revenue guidance that also surpassed analyst estimates. As the world’s leading chip foundry, TSMC’s results are a powerful indicator that demand from the AI sector remains robust.

• Allegion’s Innovation in Access Control: Zentra, a brand of Allegion, has become the first to offer resident key capability in Google Wallet. This allows apartment residents to unlock doors throughout their community with a simple tap of their Android phone or smartwatch, a move that enhances the resident experience and can increase net operating income for property managers. This is a great example of the company remaining at the forefront of innovation.

• PayPal’s blockchain partner, Paxos, experienced a significant technical issue this week, accidentally minting $300 trillion in PYUSD stablecoins. The firm quickly identified the “internal technical error” and corrected it by burning the excess supply. This highlights the operational risks that can threaten stability across digital assets.

• ASML Earnings: ASML also reported earnings this week. A full review is available here.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

a. OpenAI’s Custom Silicon Strategy Takes Shape with Broadcom and Arm

The AI arms race continues to accelerate, with OpenAI announcing a strategic collaboration with Broadcom to deploy 10 gigawatts of custom AI accelerators. This multi-year plan targets initial deployments in the second half of 2026.

This partnership marks a major strategic evolution for OpenAI, moving it from a pure consumer of AI chips to a designer of its own custom silicon. By designing its own hardware, OpenAI can optimize performance for its specific models, potentially unlocking new capabilities.

Furthering this strategy, reports by The Information, indicate that OpenAI is also in talks with Arm Holdings to use a custom Arm-designed CPU for its server chips. This move suggests two key motivations. First, it shows a clear intent to reduce long-term reliance from Nvidia and AMD, giving OpenAI more control over its hardware roadmap and supply chain. Second, given the massive compute deals already announced, it also suggests that the existing market capacity may not be sufficient to meet OpenAI’s vast needs.

These moves highlight the industry’s increasing reliance on OpenAI’s strategic decisions, creating a potential vulnerability where the direction of the entire AI ecosystem is heavily influenced by the actions of one company. It also reinforces the central question: how will all of this compute capacity be financed?

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b. Google Launches Gemini Enterprise to Compete with Microsoft

Google Cloud has officially launched Gemini Enterprise, its comprehensive AI platform for the workplace. The core value proposition is to offer a single, unified platform that acts as a “front door for AI” for every employee, connecting to a company’s data, workflows, and applications. As Google Cloud’s CEO Thomas Kurian puts it, while some competitors offer “the pieces, not the platform,” Gemini Enterprise is designed as a complete, end-to-end solution. This launch places Google in direct competition with Microsoft’s Co-pilot for the enterprise AI market.

c. AMD

Deepens AI Moat with Oracle Partnership

AMD continues its strong momentum in the AI data center market, announcing an expanded partnership with Oracle. Oracle Cloud Infrastructure (OCI) will be the launch partner for the first publicly available AI supercluster powered by AMD’s upcoming Instinct™ MI450 Series GPUs. The initial deployment will consist of 50,000 GPUs starting in the third quarter of 2026.

This deal is another win that strengthens AMD’s competitive moat. By securing large, multi-year commitments from key cloud players, AMD is locking in future revenue streams and validating its technology.

“Helios” Open AI Platform

At the OCP Global Summit 2025, AMD unveiled “Helios”, a rack-scale AI reference platform built on the Open Rack Wide (ORW) standard contributed by Meta. The design extends AMD’s open hardware philosophy from silicon to system to rack, combining Instinct™ GPUs, EPYC™ CPUs, and Pensando™ networking with open standards such as OCP DC-MHS, UALink, and UEC architectures.

Showcased as a reference design, Helios aims to help OEMs, ODMs, and hyperscalers adopt and customize open AI systems more efficiently. By promoting interoperability and scalability over proprietary alternatives, AMD positions Helios as a strategic step toward an open, high-performance ecosystem for next-generation AI infrastructure.

d. Other Industry & Portfolio Updates

• Alphabet’s Data Center Investments: Google plans to invest $15 billion over five years to establish an AI data center hub in India and $9 billion through 2027 to expand its data center presence in South Carolina.

• Amazon’s Strong Holiday Season Outlook: Amazon announced it is hiring 250,000 workers in the US for the upcoming holiday season. To put this in perspective, this single seasonal hiring push in the US represents ~16% of its global full and part-time workforce, which stood at roughly 1.5 million as of Q2 2025. This indicates for a healthy holiday shopping season.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

a. Amazon Expands Pharmacy Services with In-Office Kiosks

Amazon is pushing further into the $500 billion prescription drug industry with the launch of Amazon Pharmacy Kiosks. This new service places automated kiosks directly inside select One Medical offices, allowing patients to pick up their medications within minutes of their appointment.

The value proposition is clear: it aims to solve the “last mile” problem in healthcare, where nearly one-third of prescriptions in the US are never filled because of the inconvenience of a separate trip to the pharmacy. The process is simple: after an appointment, a doctor sends the prescription to Amazon Pharmacy, the patient selects “kiosk pickup” in the Amazon app, pays, and receives a QR code to scan at the kiosk. For support, patients can connect with a licensed pharmacist via video or phone.

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b. PayPal

Launches Ads Manager for Small Businesses

PayPal is making a move into the lucrative digital advertising space with the launch of PayPal Ads Manager. The new platform allows the tens of millions of small and medium-sized businesses (SMBs) on its network to monetize their store traffic by selling ad space on their own websites, effectively turning each one into a mini retail media network.

PayPal is leveraging its core strengths: a massive global merchant base, 25 years of payment experience, and a proprietary “transaction graph” that allows advertisers to target shoppers based on actual buying behavior, not just browsing history. For SMBs, the process is streamlined: they can opt in and integrate the service in minutes, set their preferences (e.g., block competitor ads), and start earning passive revenue from ads that PayPal serves automatically.

The benefit is twofold: it allows PayPal to capture a share of the advertising market by offering advertisers valuable new inventory, while also creating stickiness with merchants by giving them another monetization tool. As more merchants join, this creates a flywheel effect that strengthens the entire network.

Push with BNPL Rewards

PayPal announced that US customers will earn 5% cash back on all Buy Now, Pay Later (BNPL) purchases until the end of the year. This move is timely, as reports indicate 60% of shoppers are feeling increased financial stress heading into the holidays. The offer provides flexibility for customers while driving better conversion for merchants during this critical period.

This is a shrewd customer acquisition strategy: the 5% cashback offsets PayPal’s BNPL fee, effectively turning potential revenue into a marketing expense. It attracts first-time users, encourages repeat usage, and may reduce holiday ad spend.

c. Fortinet Report: AI is a Double-Edged Sword in Cybersecurity

Fortinet’s 2025 Global Cybersecurity Skills Gap Report highlights the growing crisis in the industry and AI’s complex role. In 2024, 86% of organizations faced at least one breach, with over half blaming a lack of skilled personnel.

Key insights:

• Widespread Adoption: 97% of organizations use or plan to use AI security tools.

• Critical Skills Gap: 48% of IT leaders cite insufficient AI expertise; notably, 76% of heavily attacked organizations already had AI tools.

• Boardroom Blind Spot: Only 49% of boards fully understand AI-related risks.

The takeaway: cybersecurity’s future depends not just on AI tools, but on investing in talent to manage them effectively.

d. Evolution Wins Battle to Unmask Secret Client

Evolution has secured a final victory in its multi-year legal battle to unmask the mysterious client who commissioned the damaging Black Cube report in 2021. This is a reputational win for Evolution, which has always denied operating in sanctioned markets. CEO Martin Carlesund reiterated the company’s stance: “We block those countries and don’t want any traffic from there — we do everything that we should do.”

This legal victory should help restore investor confidence in Evolution’s compliance safeguards, which have long been an overhang.

e. Portfolio Update: Trimming Our AMD Position

This week, we made the tactical decision to reduce our AMD position to 5% of the portfolio. To be clear, our long-term investment thesis on AMD has not changed. However, the stock’s performance has been exceptional, delivering a 110% return in just 7 months. This represents roughly five years’ worth of our expected gains pulled forward into a very short period. Given this rapid appreciation, we believe it is prudent to realize some of these profits.

Currently, the AI narrative is running hot, and we feel that the market has priced in major near-term catalysts, including the landmark OpenAI partnership. While the stock could certainly continue to climb, we are choosing to de-risk by trimming our position.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

AMD and OpenAI Announce Landmark AI Partnership

AMD and OpenAI have announced a multi-year strategic partnership to power OpenAI’s next-generation AI infrastructure, sending AMD stock 35% higher pre-market. Under the agreement, OpenAI will deploy 6 gigawatts of AMD GPUs across multiple generations of the AMD Instinct family. The initial 1 gigawatt deployment, featuring the upcoming AMD Instinct MI450 Series GPUs, is set to begin in the second half of 2026.

For AMD, the financial implications are massive. The company expects the partnership to deliver tens of billions of dollars in revenue to its data center business.

Lisa Su :

“this partnership will enable additional revenue from existing and new customers deploying at scale and has the potential to generate well over $100 billion in revenue over the next few years”

“MI450 is a significant, significant step up, very competitive from a technology standpoint. This is a huge milestone for us. We’ve said that we believe that our data center AI revenue could be tens of billions of dollars going forward. You guys have often asked me when. I think we have a clear line of sight to this being achieved in 2027.”

Beyond a simple hardware purchase, the deal is structured as a deeply integrated partnership. To align strategic interests, AMD has issued OpenAI a warrant for up to 160 million shares of AMD (approximately 10% of shares capital). While this may initially seem like a high cost to acquire a customer, the vesting of these shares is tied to specific deployment milestones and AMD achieving certain share-price targets, creating win-win incentive structure.

On the negative side, this deal also highlights the vicious capital cycle powering the AI boom, echoing Nvidia’s previously announced 10-gigawatt and $100 billion investment plan with OpenAI.

AMD and IBM Collaborate on AI Infrastructure

AMD and IBM announced a collaboration to provide AI infrastructure to Zyphra, an open-source AI research company. Under the multi-year agreement, IBM will deliver a large cluster of AMD Instinct MI300X GPUs on IBM Cloud for Zyphra to use for training its frontier multimodal foundation models.

This is the first large-scale, dedicated training cluster on IBM Cloud to use AMD’s full-stack platform, including its advanced compute and networking hardware like AMD Pensando Pollara 400 AI NICs and AMD Pensando Ortano DPUs.

The deal marks a significant win for AMD, as it showcases the company’s ability to deliver a full-stack solution for large-scale AI training, not just inference. By proving its capability to handle end-to-end training for frontier models, AMD is better positioned to compete for billion-dollar datacenter contracts and capture market share from Nvidia.

OpenAI’s Sora 2 Sets a New Bar for Generative Video

OpenAI has released Sora 2, its latest and most powerful video generation model. The update marks a significant leap in quality, featuring more physically accurate and realistic video, along with new capabilities like synchronized dialogue and sound effects.

Alongside the model, OpenAI launched a new, invite-only social iOS app called “Sora,” which allows users to create and share short-form videos. This appears to be another “ChatGPT moment” for OpenAI, as the app’s launch was a massive success, immediately shooting to the No. 1 spot on the U.S. free App Store and displacing both Google’s Gemini and OpenAI’s own ChatGPT app.

This release intensifies the competitive pressure on Meta and Google, both of whom are developing their own generative video tools. The launch of Sora 2 just one week after Meta’s “Vibes” sets a new, very high benchmark for the industry, leaving Meta playing catch-up once again.

Currently, Sora aims to monetize the app by requiring users to pay for extra video generations, but it wouldn’t be surprising to see an advertising model introduced if the app gains massive adoption. What happens next remains to be seen, but one thing seems certain: compute demand will continue to increase exponentially while competition for consumers’ time in the social media space intensifies.

Greggs Q3 Trading Update

Greggs reported total sales growth of 6.1% for the third quarter, with company-managed like-for-like (LFL) sales up 1.5%. The company noted that trading improved in August and September after performance in July was held back by unusually high temperatures.

This LFL growth reflects a deceleration from the 2.6% first half of the year. Our bull thesis on the company is predicated on LFL sales accelerating above inflation, which is key to sustaining profitability margins. Adding to concerns about growth saturation, the company lowered its net new shop opening guidance for 2025 to around 120, citing the “timing of opportunities”. However, it’s difficult to judge based on one year’s performance, especially considering the UK’s macroeconomic weakness and cost inflation.

Despite these challenges, the stock price closed 6% higher after the results, indicating that much of the pessimism may have already been baked in.

On a positive note, management highlighted that the outlook for cost inflation has marginally improved. Key supply chain investments in Derby (planned to open in 2026) and Kettering (operational in 2027) are progressing as planned.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.

Welcome to our brief overview of portfolio news from the past few days.

PayPal: BNPL momentum continues

PayPal announced a two-year agreement where Blue Owl Capital will purchase approximately $7 billion of its U.S. “Pay in 4” Buy Now Pay Later (BNPL) receivables.

Paypal is offloading credit risk from its balance sheet while BNPL momentum continues. BNPL volume was $33 billion in FY24, up 21% YoY and Q2’25 still grew by 20% YoY. Paypal’s distribution network remains a key advantage, with its BNPL solutions available nearly everywhere PayPal is accepted, giving it a significant edge over standalone BNPL providers.

Alphabet: Waymo Expansion and EU Regulatory Pressure

Waymo is launching “Waymo for Business” targeting corporate travel. The new service allows organizations like employers, universities, and event organizers to partner with Waymo to help streamline their transportation needs for employees, students, and guests. This expansion is built on a foundation of rapid growth. During its Q1’25 earnings call, the company reported that it was already safely serving over 0.25 million paid passenger trips each week, a fivefold increase from the prior year.

On another note regulatory challenges persist in Europe for Alphabet. Reports indicate that Google is likely to face a second fine under the EU’s Digital Markets Act in the coming months. The charges are related to allegations that Google favors its own services, such as Google Shopping and Google Flights, over those of its rivals. This follows a recent €2.95 billion fine for similar anti-competitive practices in its ad-tech business.

Amazon Settles FTC Prime Lawsuit

Amazon has agreed to a $2.5 billion settlement to resolve the Federal Trade Commission (FTC) lawsuit accusing it of deceiving customers into signing up for its Prime subscription and intentionally complicating the cancellation process. The agreement, one of the largest in FTC history, includes $1 billion in fines and $1.5 billion in compensation for affected customers.

While the figure is substantial, this settlement is a net positive for the company. It resolves a significant legal challenge and removes the uncertainty that has been an overhang on the stock.

AMD Expands Enterprise AI Push with Cohere

AMD is deepening its collaboration with Cohere, a security-first enterprise AI company. Under the expanded partnership, Cohere’s full suite of AI models will be available on infrastructure powered by AMD Instinct GPUs. In a vote of confidence, AMD will also integrate Cohere’s North platform into its own internal AI portfolio to be used for engineering workloads.

This strategy, albeit at a smaller scale, it mirrors the playbook of Nvidia, which recently announced a landmark letter of intent to invest up to $100 billion in OpenAI. By securing partnerships with top AI developers, chipmakers are looking to lock in key players and build a competitive moat around their hardware ecosystems.

Other Updates

• Crocs: Shares rose after the company’s HeyDude brand launched a new marketing campaign featuring actress Sydney Sweeney as the “Director of Dudes”. The move reflects marketing strategy to leverage popular influencers to drive brand awareness and sales.

• Semiconductor Policy: The Trump administration is reportedly considering a new policy to accelerate the reshoring of semiconductor manufacturing. The proposal would require chipmakers to match the volume of chips their customers import with domestic production or face significant tariffs. This policy could directly benefit chipmakers with significant U.S. manufacturing capacity, such as Intel.

One last thing, our September deep dive is coming out a bit late, but we expect to release it by the beginning of next week.

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Disclaimer: The team does not guarantee the accuracy or completeness of the information provided in the newsletter. All statements express personal opinions based on own financial and business analysis. Any estimates or forward looking statements made are inherently unreliable. No statement of opinion is an offer or solicitation to buy or sell the financial instruments mentioned.

The content of our newsletter is not a trading or investment advice and we do not provide any personal investment advice tailored to the needs of any recipient. The information provided should not be considered as a specific advice on the merits of any investment decision. Securities trading involve risk and you might lose your capital and/or incur other damages. Investors should make their own research and consult their registered investment advisor or financial advisor before taking any investment decision.

Neither the team nor any of its affiliates accept any liability whatsoever for any direct or indirect loss however arising, from any use of the information contained herein. Any unauthorized copy of this newsletter or its contents is illegal.

Our posts may contain affiliate links, which means that we might get a commission if you decide to sign-up using any of these links. No extra cost is charged to you.

By subscribing / reading our newsletter or any affiliated social media accounts, you indicate your unconditional acceptance to the above and your unconditional acceptance to our terms and conditions.