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Globe and Mail
2 days ago
- Business
- Globe and Mail
Billionaires Stanley Druckenmiller and Stephen Mandel Both Exited Their Stakes in Nvidia and Have Piled Into This Leading Artificial Intelligence (AI) Stock Instead
Data is Wall Street's currency, and there's an abundance of it to go around. Between earnings season -- the six-week stretch each quarter where most S&P 500 companies report their operating results -- and economic data releases, there's an almost overwhelming amount of information for investors to absorb. Occasionally, something important can fall through the cracks. For example, May 15 marked the deadline for institutional investors overseeing at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission -- and you might have missed it. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » This filing, which is due no later than 45 calendar days following the end to a quarter, details which stocks, exchange-traded funds (ETFs), and (select) stock options Wall Street's brightest money managers purchased and sold in the latest quarter. It can offer big-time clues as to which influential stocks are garnering interest or falling out of favor. While Berkshire Hathaway 's Warren Buffett is the stock market's most-followed money manager, he's far from the only billionaire investor known to move markets. For instance, Duquesne Family Office's Stanley Druckenmiller and Lone Pine Capital's Stephen Mandel have exemplary investment track records of their own, along with billions of dollars in assets under management. What's particularly noteworthy about the first-quarter 13Fs from Druckenmiller's and Mandel's respective funds has been their approach to the artificial intelligence (AI) revolution. Both billionaires have dumped the preeminent AI stock on Wall Street in favor of a company that's critical to enterprise AI data centers. Billionaires Druckenmiller and Mandel have completely dumped their Nvidia stock With the analysts at PwC pegging the addressable market for artificial intelligence at $15.7 trillion by 2030, there's room for hundreds of businesses to get their piece of the pie. However, no company has been a more direct beneficiary of the evolution of AI than Nvidia (NASDAQ: NVDA). It's also the stock billionaires Stanley Druckenmiller and Stephen Mandel sent packing. Accounting for Nvidia's 10-for-1 forward split in June 2024, Duquesne Family Office held 9,500,750 shares in the June-ended quarter of 2023. Meanwhile, Lone Pine Capital possessed 6,416,490 shares of Nvidia, also at the end of June 2023. But over the following 15 months for Druckenmiller and 12 months for Mandel, both billionaires would oversee the complete purge of their respective fund's Nvidia holdings. While there's no denying that Nvidia's Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the preferred options in AI-accelerated data centers, and it's pretty clear that no other external competitors are particularly close to challenging Nvidia's hardware in terms of compute abilities, there are still viable reasons for Druckenmiller and Mandel to have cashed in their chips. One obvious reason to sell is simple profit-taking. Nvidia stock skyrocketed from early 2023 into late 2024, which increased its valuation by more than $3 trillion. We've never witnessed a megacap business add $3 trillion in market cap so quickly before, which may have encouraged these two billionaires to lock in their gains. But there might be more than just profit-taking behind this selling activity. For instance, it's only logical to expect competitive pressures to mount in the hardware arena. Even though Hopper and Blackwell hold most of the AI-GPU market share in high-compute data centers, external competitors are ramping up production of existing chips and bringing more energy-efficient hardware to market. What's more, many of Nvidia's top customers by net sales are developing AI-GPUs and AI solutions of their own. Even though these chips aren't going to be as fast as the Hopper or Blackwell, they're expected to be considerably cheaper and they won't be backlogged like Nvidia's hardware. This is a direct threat to the AI-GPU scarcity that's afforded Nvidia superior pricing power for its GPUs. History isn't exactly in Nvidia's corner, either. Despite AI supporting a lofty addressable market, every next-big-thing technology and innovation for more than three decades has endured an early stage bubble-bursting event. In short, investors have a historically strong tendency to overestimate how quickly a new innovation will gain utility and be adopted on a mainstream basis. With artificial intelligence likely needing time to mature as a technology, it's the most-direct beneficiary, Nvidia, which could feel the pain if a bubble forms and bursts. This is the new AI apple of Druckenmiller's and Mandel's eye While Duquesne's and Lone Pine's billionaire chiefs pared down the number of stocks they're holding amid a volatile first quarter, there's one artificial intelligence stock both have been buying -- and it plays a vital role in the expansion of AI-accelerated data centers. The new AI apple of Druckenmiller's and Mandel's eye is none other than leading chip fabrication company Taiwan Semiconductor Manufacturing (NYSE: TSM), which is more commonly known as "TSMC." Duquesne more than quintupled its existing stake by adding 491,265 shares of TSMC during the March-ended quarter, while Lone Pine's 13F shows that 104,937 shares of TSMC were purchased in the first quarter of 2025. Most AI-GPU companies rely on Taiwan Semi's fabrication services, including industry leader Nvidia and key rival Advanced Micro Devices. TSMC is in the process of rapidly expanding its monthly chip-on-wafer-on-substrate (CoWoS) capacity from approximately 35,000 units in 2024 to an estimated 135,000 units monthly by 2026. CoWoS is a technology used to package high-bandwidth memory, which is necessary for high-compute data centers where software and systems are making split-second decisions. With demand for AI-GPUs overwhelming their supply over the last two years, TSMC has enjoyed a significant backlog for its chip fabrication services and has seen more its net sales skew toward high-performance computing, which can yield higher margins for the company. On a year-over-year basis, TSMC's net sales from high-performance computing surged from 46% to 59%, as of the March-ended quarter. Although the possible bursting of an AI bubble would be a concern for Taiwan Semiconductor Manufacturing, the company's order backlog and revenue diversification offers some semblance of protection. For instance, 28% of net sales in the first quarter derived from advanced chips used in smartphones. Apple prominently leans on TSMC for the chips used in the iPhone. The great thing about smartphones and wireless service access is they've both evolved into basic necessities for most Americans. Even though demand for smartphone chips isn't growing as quickly as it once did, the cash flow from this segment tends to be highly predictable for TSMC. Taiwan Semi has a long runway of opportunity in Internet of Things and automotive, as well. As homes and vehicles become more technology-dependent, companies like TSMC will be relied on to manufacture these advanced chips. Lastly, Druckenmiller and Mandel may have been encouraged by the dip in Taiwan Semiconductor's stock in the first quarter. Though TSMC stock isn't (currently) historically inexpensive, its shares did drop to a forward price-to-earnings ratio of nearly 15 during tail-end of the March quarter. This makes for an attractive multiple, when compared to Nvidia. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $651,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $828,224!* Now, it's worth noting Stock Advisor 's total average return is979% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025
Yahoo
4 days ago
- Business
- Yahoo
Big Tech Is Back in S&P 500 Driver's Seat as Profit Engines Hum
(Bloomberg) -- The same technology giants that helped drag the S&P 500 to the brink of a bear market in April are giving the recovery in US equities some legs. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania The Economic Benefits of Paying Workers to Move NYC Congestion Toll Brings In $216 Million in First Four Months Nvidia Corp. put a bow on a better-than-expected earnings season for Big Tech last week by delivering a strong outlook for revenue, despite US restrictions on sales of its chips in China. With Nvidia and Microsoft Corp. rallying back to the cusp of record highs, traders are betting the group is poised to lift the broader market. 'I feel really good about tech coming out of this earnings season,' said Brett Ewing, chief market strategist at First Franklin Financial Services. 'There's still more gas in this tank.' The S&P 500 Index is within 4% of its February record high with much of the rebound being fueled by easing tensions between the US and its trade partners, as well as Big Tech results that showed demand for things like cloud-computing services, software, electronic devices and digital advertising remain intact even as the threat of higher tariffs on sales lingers. Tesla Inc. is up 56% since the benchmark bottomed out on April 8, while Nvidia and Microsoft have gained 40% and 30%, respectively. As a result, a Bloomberg gauge of the so-called Magnificent Seven stocks — Nvidia, Microsoft, Tesla, Apple Inc., Alphabet Inc., Inc. and Meta Platforms Inc. — is outperforming the S&P 500 over the past eight weeks — a critical shift for the benchmark considering the group accounts for a third of the index. The cohort is responsible for nearly half of the S&P 500's 19% rally from the April bottom, according to data compiled by Bloomberg. Despite the strong performance, the group is still trailing the S&P 500 for the year — a rare occurrence in the past decade. Shares of Apple and Amazon, which face greater risks from tariffs due to products imported, are weighing the cohort down and lag the overall market. 'Buying the tech dip will be a theme throughout the year,' said Ewing. 'There's still a lot of money on the sidelines and it has to be put to work.' Recovery Risks Tariffs and other Trump policies remain a big market overhang. On Friday, the benchmark sank more than 1% after Trump accused China of violating an agreement with the US to ease tariffs and a news report that the US plans to place broader restrictions on the country's tech sector. The S&P 500 managed to recoup most of those losses by the end of the day. Another hurdle will be Big Tech's hefty valuations. Bloomberg's Magnificent Seven gauge is priced at 30 times projected profits, according to data compiled by Bloomberg. Meanwhile, the S&P 500 is trading at 21 times earnings projected over the next 12 months, up from a low of 18 times in April and well above the average of 18.6 times over the past decade. Barry Knapp, managing partner at Ironsides Macroeconomics, said he's wary of Big Tech's rich valuations even though the group looks attractive from a fundamental perspective. He's 'modestly underweight' the sector and has relatively more exposure to industrials, materials, energy and financials in anticipation of a capital spending recovery in the second half of the year. 'Being overweight on tech here borders on recklessness, because you would have such a huge proportion of your portfolio in this one sector, and that leaves you vulnerable,' Knapp said. Market Catalyst Truist Advisory Services' Keith Lerner, however, sees Big Tech leading the broader market higher in the last half of 2025 with spending on artificial intelligence computing continuing to climb. Meta Platforms raised its forecast for capital expenditures this year and Microsoft said it plans to increase spending in its next fiscal year, alleviating concerns that the companies might pull back on such outlays after two years of largesse. 'Our view is that earnings could still be maybe flatter but likely have less downside than what we would have thought heading into the earnings season,' said Lerner, who is Truist's co-chief investment officer and chief market strategist. The Magnificent Seven profit estimates in 2025 have stayed steady over the past two months. The group is projected to deliver profit growth of 15%, roughly in-line with analysts' expectations before the reporting season began in mid-April and twice the expansion projected for the S&P 500, according to data compiled by Bloomberg Intelligence. 'Investors are going to be drawn back toward these names with secular growth,' said Lerner. Tech 'could be that catalyst later on to actually see the market re-accelerate later in the year.' YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
6 days ago
- Business
- Bloomberg
Earnings Show ‘Uncertainty' Is the Only Sure Thing for Investors
Earnings season is finally over, and for investors one thing is certain: Corporate executives and Wall Street analysts are deeply concerned about the 'uncertainty' sparked by President Donald Trump's combative trade plans. 'As we look to the rest of the year, there is still uncertainty related to tariff levels, timing and countries involved in addition to the potential actions of others in the industry, as well as the potential reaction of American consumers,' Corie Barry, chief executive officer of Best Buy Co., said during the company's earnings call Thursday.
Globe and Mail
29-05-2025
- Business
- Globe and Mail
Billionaires Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel All Share the Same No. 1 Holding -- and It's Not Nvidia
For many investors, earnings season is the pinnacle of each quarter. It's a six-week period that provides an under-the-hood look at how well a majority of the most-influential public businesses driving the stock market higher or lower have performed. But it can be argued that the quarterly filing of Form 13Fs with the Securities and Exchange Commission (SEC) is just as important. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » A 13F is a required filing no later than 45 calendar days following the end to a quarter for institutional investors overseeing at least $100 million in assets under management. May 15 marked the deadline for money managers to file their 13F with the SEC. This filing details which stocks and exchange-traded funds (ETFs) Wall Street's brightest asset managers have been buying and selling. Even though 13F data can be stale for active hedge funds, they're nevertheless insightful in helping investors weed out which stocks, industries, sectors, and trends have the attention of the world's smartest fund managers. Based on first-quarter 13Fs, an interesting quirk emerged: One stock stood out as the largest holding for billionaires Philippe Laffont of Coatue Management, Chase Coleman of Tiger Global Management, Terry Smith of Fundsmith (aka, " Britain's Warren Buffett"), and Stephen Mandel of Lone Pine Capital. Four different investing styles converge on one stock -- and it's not Nvidia With thousands of publicly traded companies and ETFs to choose from, there's a statistically small probability that four prominent billionaire money managers are going to settle on the same stock as their respective fund's top holding. Things get even weirder when you realize that all four fund managers have differing investment styles: Philippe Laffont oversees $22.7 billion at Coatue Management and is prominently known for his focus on large-cap growth stocks and Wall Street's hottest trends, such as artificial intelligence (AI). Chase Coleman is managing roughly $26.6 billion at Tiger Global and also favors growth stocks, but with more of flair for small caps. Terry Smith is guiding the investment of $22 billion in capital at Fundsmith and is known as a diehard value investor, much like Warren Buffett. Stephen Mandel is managing close to $11.6 billion at Lone Pine and tends to put his fund's capital to work in a mix of growth stocks and companies exacting turnarounds. Most investors would probably be inclined to believe that AI colossus Nvidia (NASDAQ: NVDA) is the company all four billionaires have settled on as their top holding. Nvidia touches on Laffont's love for hot Wall Street trends; it's a growth stock that Coleman and Mandel can rally around; and its shares dipped to a forward price-to-earnings (P/E) ratio of 19 during the stock market's first-quarter swoon, which is its cheapest forward P/E in years (i.e., Terry Smith would possibly be interested). Furthermore, Nvidia offers a seemingly sustainable moat that top-tier money managers love to put their capital behind. Its Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the leading options deployed in AI-accelerated data centers. No direct AI-GPU developer has come particularly close to matching the compute abilities or innovation timeline of Nvidia. But Nvidia isn't the correct answer. However, the stock in question is most definitely "Magnificent." The No. 1 holding of four prominent billionaires has gained 1,570% since its IPO Few companies check all the right boxes for billionaires Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel -- but social media maven Meta Platforms (NASDAQ: META), which is a member of the " Magnificent Seven" alongside Nvidia, fits the mold. Based on the latest round of 13F filings, Meta was the clear No. 1 holding by market value for all four billionaires and respectively accounted for: Coatue Management: 9.55% of invested assets Tiger Global Management: 16.18% of invested assets Fundsmith: 10.19% of invested assets Lone Pine Capital: 8.75% of invested assets Since its initial public offering (IPO) in May 2012, shares of Meta Platforms have increased by 1,570%, as of this writing. These gains have been made possible by four factors, all of which have probably played at least some role in making Meta the No. 1 holding for four highly successful billionaire asset managers. The first variable working in Meta's favor is its foundational social media platforms. Collectively, the company's family of apps, which includes Facebook, WhatsApp, Instagram, Threads, and Facebook Messenger, helped lure an average of 3.43 billion daily active people during March 2025. No other social media company comes remotely close to this figure, which affords Meta a superior level of ad-pricing power. Secondly, but building on this first point, Meta's operating performance and stock tend to ebb-and-flow with the health of the U.S. economy. Almost 98% of the company's net sales can currently be traced to advertising. Since the average U.S. economic expansion lasts considerably longer than the typical recession, Meta's ad-driven core is well-positioned to thrive over long periods. The third variable likely luring all four billionaire investors is Meta's addressable market for artificial intelligence. It's already deploying generative AI solutions into its ad platforms to allow businesses to tailor unique message(s) to users of its apps. But Meta is also investing aggressively in the future, which more than likely includes the company acting as a leading on-ramp to the metaverse -- the 3D digital world where people can interact with each other and their surroundings. CEO Mark Zuckerberg has a knack for holding back on monetizing new innovations until the time is right. The fourth and final reason Philippe Laffont, Chase Coleman, Terry Smith, and Stephen Mandel likely piled into Meta stock is the company's cash-rich balance sheet. Meta ended March with north of $70 billion in cash, cash equivalents, and marketable securities, and generated $24 billion in net cash from its operating activities through just the first three months of the year. It can invest in higher-growth initiatives and take risks that few other companies can match. With Meta Platforms expected to sustain a mid-teens sales growth rate, its forward P/E ratio of 22 remains quite attractive. Should you invest $1,000 in Meta Platforms right now? Before you buy stock in Meta Platforms, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Meta Platforms wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,389!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $830,492!* Now, it's worth noting Stock Advisor 's total average return is982% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of May 19, 2025 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Sean Williams has positions in Meta Platforms. The Motley Fool has positions in and recommends Meta Platforms and Nvidia. The Motley Fool has a disclosure policy.
Yahoo
22-05-2025
- Business
- Yahoo
Magnificent Seven Shareholder Meetings On Tap: Taking Stock of the Economy
Investors can pause to catch their breath after a wild last few months. Cooler heads appear to have prevailed in the trade war, the Q1 earnings season was better than expected, and (for now) economic data is hanging in there. According to Econoday, the last few US payrolls reports point to a slowing, but not halting, labor market. Warning! GuruFocus has detected 4 Warning Signs with TAP. The US unemployment rate has been steady around the 4.2% mark, while average hourly earnings have drifted down to 3.8% on a year-on-year basis. Moreover, CPI inflation data from February through April were largely below estimates. Now more than ever, though, both company-specific and economy-wide data are seen as less relevant. Last week's Retail Sales report, while light, didn't raise recession flags, and next week's April Personal Consumption Expenditure (PCE) Price Index print (which comes alongside the Personal Income and Outlays report) won't fully reflect the impact of tariffs. Mark your calendar for several macro updates, according to Wall Street Horizon's new Economic Calendar data. First, the minutes from the May 6-7 Fed meeting are set to be released on Wednesday, May 28th. Following that, the June FOMC gathering could be livelier as we'll get fresh forecasts from voting members via the Summary of Economic Projections (SEP) and the always-revealing Fed dot plot. Lastly, recession fears have ebbed in the last few months but be on guard for possible volatility around the second look at Q1 GDP, which hits the tape on Thursday, May 29. Yes, plenty of macro volatility catalysts are in the offing, but don't sleep on the long list of key shareholder meetings ahead. Specifically, several Magnificent Seven companies have Annual General Meetings (AGM) over the coming weeks. Beyond those glamour stocks, a handful of other large-cap bellwethers host events to update equity owners on company performance, strategic plans, and firm-specific and macro conditions they see. At the events, investors exercise their voting rights and engage with management, usually friendly but sometimes hostile. We detailed notable shareholder meeting events in April when volatility was near its zenith. Today, as panic has subsided and with the carrot of tax cuts dangling and hopes revived for deregulation, there could be a more upbeat tone. Here are the headline shareholder meetings scheduled: May 20: JPMorgan Chase & Company The Financials sector faces challenges and opportunities. On the positive side, last week's major IPO, eToro (ETOR), was quite encouraging for capital markets. Shares soared on their first day of trading, while the day before, fintech company Chime filed for a Nasdaq IPO.1 Moreover, KKR (KKR) received an upgrade from Morgan Stanley, and fellow capital markets company Carlyle (CG) got a boost from TD Cowen.2 And all of a sudden, M&A is kicking up in the shoe space (see: Skechers and Foot Locker). Good news for the JPM Investment Banking department. Unfortunately, last week's quarterly report on household debt from the Federal Reserve Bank of New York underscored a deterioration in consumer finances, including lower collective credit scores as household debt swells.3 JPM is arguably the most important global financial institution, headed by Jamie Dimon, dubbed America's banker. Investors should pay attention to what transpires today at JPM's AGM. May 21: Amazon Turning to the Mag 7, Amazon (NASDAQ:AMZN) had a load lifted off its back when the US and China chose to roll back most tariffs earlier this month. Shares soared by more than 8% on Monday last week, though they remain far below their $242 all-time high notched in February. The company also confirmed a small workforce reduction, adding to the list of recent layoff announcements. Still, its most recent earnings report was solida double beatwith Amazon Web Services (AWS) growing 17% YoY.4 Be on the lookout for any updates from CEO Andy Jassy this Wednesday. May 28: Meta Platforms Next week, before the PCE report and three-day weekend, Meta Platforms (NASDAQ:META) welcomes shareholders to its virtual event. It, too, beat Q1 sales and earnings estimates, helping to lift shares off their April 21 low under $500. META is the top-performing mega-cap tech stock year to date, with some arguing that it is executing the best on AI strategy. Despite fears of reduced ad spending amid all the macro uncertainty, it grew profits by 35% in the first quarter and issued solid guidance for the balance of the year. The kicker was a significant increase in its FY 2025 capex forecast.5 We'll see if executives, including CEO Mark Zuckerberg, discuss those plans in more detail next Wednesday. June 5: Netflix Netflix (NASDAQ:NFLX), while not officially a member of the Magnificent Seven, is among 2025's best stocks. Through last Wednesday, shares were up 29% on the year, ranking it 13th best among all S&P 500 companies YTD. The Movies and Entertainment industry company within the Communication Services sector ruffled some feathers a month ago when it was reported that a $1 trillion market cap was targeted by co-CEO Ted Sarandos.6 That doesn't seem so out of line today, with NFLX knocking on the door of a $500 million equity valuation. Last week, the firm said its ad tier now has 94 million monthly active users, up 34% just since November and higher by a whopping 135% from 12 months ago.7 Seen as a recession-resistant and tariff-buffered asset-light company, investors will surely be upbeat heading into the June AGM. June 6: Alphabet The Mag 7 is not a monolith. Alphabet (NASDAQ:GOOGL) has struggled in 2025, with the stock down by more than 10%, a strong Q1 report notwithstanding. Earlier this month, news broke that Apple's (AAPL) Eddy Cue testified that Safari searches were down for the first time in 22 years.8 That was bad news for Alphabet since its search engine is the default for Apple products. It will be critical to hear from CEO Sundar Pichai and other top executives on not just search, but also ongoing Justice Department probes and how the $2 trillion market cap company plans to make inroads into AI as the competition grows fiercer. June 25: NVIDIA Last but not least, NVIDIA (NASDAQ:NVDA) has been on a heater in the past several weeks. Through May 21, the stock was up by more than 50% from the April nadir. CEO Jensen Huang appears to be in President Trump's good graces as he joined the POTUS and other tech leaders in a pivotal business trip to the Middle East. To wit, BofA noted that NVIDIA was among the top beneficiaries from deals inked in Saudi Arabia last week.9 The bulls hope such capital investments and new orders will be the next leg of the AI boom. Expect to hear more about the broader outlook on June 25, and NVIDIA reports quarterly results on Wednesday night next week. The bulk of Q1 earnings season is in the books, and we have some stability on the trade front. That makes upcoming shareholder meetings all the more important as investors look ahead to the year's second half. There are individual company stories and macro trends that shape capital project plans and dictate shareholder-friendly initiatives like stock buybacks and dividends. Be sure to take detailed notes during the Mag 7 AGM season. 1 Stock trading app eToro pops 29% in Nasdaq debut after pricing IPO above expected range, CNBC, Samantha Subin, May 14, 2025, Morgan Stanley Upgrades KKR (KKR), Nasdaq, George Maybach, May 14, 2025, As student loan default rate spikes, some borrowers face grave consequences,' New York Fed says, CNBC, May 13, 2025, Announces First Quarter Results, Amazon Inc, May 1, 2025, Meta Reports First Quarter 2025 Results, Meta Inc., April 30, 2025, Netflix aims to be a trillion-dollar company, says co-CEO, TechCrunch, Lauren Forristal, April 23, 2025, Netflix says its ad tier now has 94 million monthly active users, CNBC, Sara Salinas, May 14, 2025, Searches on Safari dipped for the first time in 22 years, Apple's Eddy Cue admits, and it's because more people are using AI instead of Google, Fortune, Sasha Rogelberg, May 8, 2025, Nvidia, AMD 'top beneficiaries' from Saudi deals, but Broadcom and Marvell will benefit: BofA, Seeking Alpha, Chris Ciaccia, May 14, 2025, Copyright 2025 Wall Street Horizon, Inc. All rights reserved. Do not copy, distribute, sell or modify this document without Wall Street Horizon's prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this publication, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This publication is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities, including any listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this publication. This publication shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, and TSX Venture Exchange are the trademarks of TSX Inc. and are used under license. Wall Street Horizon is the trademark of Wall Street Horizon, Inc. All other trademarks used in this publication are the property of their respective owners. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
