Research

Comprehensive analysis of Blackwell GPU architecture. Key findings: 2.5x inference throughput vs H100, 25% lower power consumption. Production ramp ahead of schedule with Datacenter revenue guidance likely to increase 15-20%.

Azure AI services now represent 12% of cloud revenue, up from 8% last quarter. Copilot enterprise adoption exceeds expectations. Maintaining price target of $485 with Strong Buy rating.

Taiwan Semi capacity expansion on track. Leading-edge node utilization at 95%+. AI chip demand continues to outpace supply. Positive read-through for NVDA, AMD, and fabless designers.

Earnings season preview for mega-cap tech. Expect beats from NVDA (+12% vs consensus) and MSFT (+5%). Watch for GOOGL cloud commentary and META AI capex guidance.

Fed likely to hold rates through Q1 despite market pricing in cuts. Inflation remains sticky at 2.8%. Dollar strength may persist, creating headwind for multinationals. Recommend defensive positioning in rate-sensitive sectors.

Reality Labs losses narrowing faster than expected. Quest 3 adoption strong in enterprise. AI assistant integration driving engagement. Core advertising business remains robust with 22% YoY growth.

OPEC+ production cuts extended through Q2. Brent crude expected to range $75-85. US majors benefit from operational efficiency gains. Recommend overweight energy for income and inflation hedge.

Berkshire continued reducing AAPL stake, selling 15M shares in Q4. Cash position now exceeds $320B. Possible large acquisition signal or defensive positioning ahead of market uncertainty.

AWS margins expanding as AI workloads grow. Retail segment showing improved efficiency from automation investments. Prime membership growth stabilizing. Target price $225, Buy rating maintained.

Recent China stimulus package larger than expected. Positive for commodity demand and EM assets. Consider increasing exposure to copper miners and select EM equities. Risk: geopolitical tensions remain elevated.