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Bull Vontier has inherited a proven business system of disciplined capital allocation and continuous improvement from its former parent companies, Danaher and Fortive. u The spinoff from Fortive will allow Vontier to redeploy capital to its business, as its former parent invested less than 5% of its total M&A capital in Vontier.

Super Micro Computer (SMCI) has been a prominent player in the tech and AI infrastructure space, making waves with its innovative approach to high-performance computing solutions. The company carved out a unique space in the rapidly expanding AI infrastructure market by focusing on energy-efficient, high-density server solutions—a strategic advantage that helped SMCI grow significantly over the last few years.

Catalysts Robust Revenue Growth : In the third quarter of 2024, SMCI reported impressive revenue growth. Their revenue reached $3.85 billion, which represents a remarkable 200% year-on-year increase .

This narrative is primarily based on Ben Thompson's (Stratechery) view that Apple has transitioned from being a product-driven company to a services-oriented one. While the iPhone remains central to Apple's business, hardware differentiation has plateaued.

Key Takeaways Apple will dominate thanks to brand, installed user base, and ecosystem of products More revenue from Services will increase gross and net margins Apple Silicon is paving the way for it to gain market share in the PC space More parts being developed in-house should increase product margins Biggest risks are manufacturing challenges and reliance on emerging markets growth (India) Catalysts Apple’s Brand leads to sticky revenues and increasing installed device base Apple has become more than a tech hardware and software company, it has become a lifestyle product. It has embedded itself into the lives of billions of people around the world, many of whom say they couldn’t live without their iPhone.

Key Takeaways Over-reliance on new market penetration could prove to be unfruitful, while the world continues to grapple with cost-of-living pressures. Poor emerging market strategy could lead to failure in India and South America due to prohibitive costs.

My main narrative for ANET: Young company (founded 2004, IPO 2014), disrupting CISCO in the High Speed Switch Market (for Datacenter, Cloud and AI) Very successful introduction of Fast Internet Switches for Brokerage (High Speed Trading) Internet Speed will continuously increase to meet “tactile internet” capabilities (control robots or vehicles over distance (through internet) with nearly no delay) Perfect fit of Arista HW and Arista SW, as known from Apple devices, leads to high customer satisfaction and customer binding I focus also on: More equity than debt. Ratio is at 0%.

Key Takeaways Cisco's AI and security focus, including Splunk integration, drives significant product revenue growth and enhances profitability. Efforts in infrastructure modernization and operational efficiencies sustain growth and improve gross and operating margins.

Key Takeaways Declining sales in transportation and medical sectors and slow industrial recovery could impact short-term revenue and margins. Reduced R&D spending and acquisition-related debt may hinder innovation and slightly dilute short-term EPS, affecting long-term growth.