1. Apple's valuation has recently corrected downwards due to trade war concerns and smartphone market saturation, but its free cash flow and stock buybacks remain strong investment points. 2. Apple has a strong track record in stock buybacks, with $95.0B worth of shares repurchased in FY 2024. 3. Despite risks of stalled iPhone growth, Apple's brand loyalty and potential new stock buyback plans make it a decent value at current valuations.

1. Recent quarters show strong RPO growth, bolstering confidence in SMCI's $40 billion revenue outlook for FY26; 2. Stock expectations reflect margin erosion concerns, but this is seen as a positive sign due to bad news being priced in; 3. Valuations have dropped significantly, making the stock attractive with high growth potential; 4. The stock's performance against the SPX500 suggests potential for alpha generation; 5. A trend of result surprises below consensus is not ideal, but market expectations are not excessive; 6. Elevated net working capital intensity, particularly due to low payable days, is a risk to monitor.

1. AMD's stock decline from $211 to $99 seems excessive; 2. Wall Street analysts remain bullish, while Seeking Alpha analysts offer more moderate optimism; 3. AMD's diversified business includes Data Center, Client, Gaming, and Embedded segments, with Data Center showing the most promise; 4. Financially strong, AMD expects high double-digit growth in revenue and EPS; 5. Fair Value estimated at $129.1, suggesting a 30% upside.

1. Nebius' peer CoreWeave filed for an IPO in the US with a valuation over $35 billion; 2. CoreWeave's IPO could be bullish for Nebius; 3. We provide Nebius' valuation based on CoreWeave's IPO valuation; 4. We summarize upcoming catalysts for Nebius.

1. Palantir's 2024 strong results, including 38% YoY revenue growth and a $1.25 billion adjusted FCF, justify upgrading it back to a BUY. 2. The company's commercial revenue surged by 54%, balancing its reliance on government contracts and driving future growth. 3. Palantir's software, especially Palantir Prix, continues to deliver high margins and strong customer results, enhancing its valuation justification. Despite a lofty valuation, Palantir's rapid growth and AI-driven market demand make it a compelling investment opportunity for the decade.

1. The author revisits the valuation of Nebius Group, previously estimated at $8.8 billion. 2. A detailed analysis of the U.S. robotaxi market and Avride's potential within it is conducted. 3. Avride is projected to potentially hold the 2nd or 3rd position in the U.S. robotaxi market. 4. Potential investors are identified as Uber, Hyundai, Lyft, German automakers, and venture capital funds. 5. A new valuation for Avride of $3.4 billion is proposed, leading to a revised valuation for Nebius Group of $11.2 billion.

1. Grab Holdings has strengthened its competitive advantage by transitioning from inelastic demand for its services to demonstrating a strong moat. 2. The strong moat is supported by high synergy between product offerings, allowing GRAB to grow consistently while reducing marketing and incentive expenditures. 3. Despite improved fundamentals, GRAB's valuation remains high compared to UBER, suggesting patience and a potential buy at the $3.75 support level.

1. The company has a robust revenue and profitability outlook with a large backlog and strong pursuit of multi-million-dollar deals. 2. The cash flow conversion profile is impaired due to high receivables from major government customers. 3. The P/E valuations are at a discount, but distorted by delays in cash flow conversion compared to revenue recognition. 4. Technical analysis shows a bullish trend but at a key resistance area, potentially muted outperformance against the S&P500.

1. S&P Global's current EV/EBITDA multiple of 25 is overly optimistic; 2. Analysts' growth estimates of 12% are likely unrealistic; 3. Rising operational costs and debt could hinder future growth.

➀ Kioxia is set to receive approval for its listing on the Tokyo Stock Exchange at a valuation of $4.84 billion. The company's valuation has dropped sharply from its previous cancelled IPO in October, where it was seeking a valuation of $10.3 billion.➁ Kioxia has faced various offers and acquisitions over the years, including a $30 billion offer from Foxconn in 2017, a $18 billion acquisition by a Bain-led consortium in 2018, and a $20 billion offer from Western Digital in 2022.➂ The Bain consortium owns 56% of Kioxia, Toshiba owns 41%, and the Japanese government bail-out funds INCJ and DBJ control 16.7% of the voting rights.

➀ Kioxia is expected to file for an IPO on the Tokyo Stock Exchange in H1 2025 using a new listing process. The company decided not to proceed with a planned listing in October due to unfavourable market conditions. The new process allows the company to engage with potential investors before the IPO is approved, making the valuation less susceptible to market fluctuations.➁ Kioxia aims to achieve a valuation of $6.5 billion at its listing next year, down from the $10.3 billion it was seeking before the cancelled October IPO.➂ The company has a complex ownership structure with Bain consortium and Toshiba owning significant stakes, and Japanese government funds controlling a portion of the voting rights.

1. ACM Research develops equipment for cleaning and polishing semiconductor devices; 2. Despite sector fears, ACMR's essential products and diverse client base position it for long-term growth; 3. ACMR is valued at only 15 times earnings, offering an opportunity compared to its competitors.

1. Western Digital is rebounding from a market downturn, leveraging cost reductions and manufacturing improvements; 2. The upcoming split into HDD and SSD entities could unlock value; 3. Despite optimistic sales and profit forecasts, risks remain due to unpredictable demand and low valuation norms in memory chips.

1. Chinese monetary stimulus acts as a strong re-rating catalyst for Alibaba; 2. Signs of a paradigm shift in market sentiment with David Tepper investing heavily in China-related assets; 3. BABA stock valuation is attractive and no longer a value trap, with a catalyst for a material re-rating; 4. Bullish technicals relative to the S&P 500 and potential for outperformance; 5. Expecting a rebound in Chinese retail sales and monitoring US Fed's policy decisions for clues on Chinese rate decisions.

1. Meta Platforms is recommended as a buy due to its AI success, attractive valuation, clean balance sheet, and potential in VR technology; 2. Recent earnings showed strong growth with a 22% revenue increase and 73% EPS growth, driven by effective cost management and AI investments; 3. Despite risks from AI investments and Reality Labs losses, Meta's core business remains highly profitable, making it a compelling investment.

1. PayPal's stock price shows signs of breaking out of a consolidation pattern post-Q2 2024 earnings report. 2. The company's strong revenue growth and cost control strategies have improved operating margins. 3. PayPal's free cash flow and owner's earnings significantly exceed its accounting EPS, indicating a true earning power and valuation discount. 4. The stock's valuation is attractive, with a P/FCF ratio of 11x and a double-digit profit growth projection.

1. Salesforce's Q2 earnings exceeded expectations with $2.56 in EPS and $9.33B in revenue, driven by double-digit growth in core segments. 2. The company generated $755M in free cash flow, showing 20% Y/Y growth, and raised its FY 2025 earnings outlook. 3. Salesforce's valuation is attractive with a P/E ratio of less than 24X, cheaper than its historical average and relative to other software companies.

1. Snowflake reported softer-than-expected FY25 Q2 results, leading to continued negative sentiment. 2. The bear thesis focuses on increasing competition, decreasing margins, slowing revenue growth, high valuation, and significant stock-based compensation. 3. Despite these concerns, the company's strong growth prospects and recent product launches suggest a potential turnaround, making the current valuation a good risk/reward opportunity.

1. Super Micro's gross margin decline significantly impacted its stock performance post-earnings; 2. Management anticipates margin improvement as supply chain issues ease; 3. The stock is now trading at a more reasonable valuation, maintaining the investment thesis intact.