Global Community

Strong Start to FY2025: Record Revenues and EPS Growth Qualcomm (QCOM) started off on a strong note in Fiscal Year 2025 by posting historic revenues of $11.7 billion, up 18% year-on-year (YoY). The company's top-line performance was driven by strong performances by its key business units, led by revenues of $10.1 billion by QCT (Qualcomm CDMA Technologies).Read more

Key Takeaways Amazon’s earnings power is much higher than its reported profits - driven by 3P sellers, Advertising and AWS More growth to come from best-in-class customer experience, cross-selling and industry growth trends Continued reinvestment will suppress short to medium-term cash flows and hide profitability Operating leverage will drive revenue growth higher than fixed cost growth, and operating margins will increase. That growth will come from Online retail (and 3P), Cloud computing and advertising revenues Catalysts Business Catalysts Refocusing On The Core Businesses And Opportunities Will Improve Profitability Andrew Jassy’s 2nd shareholder letter from the 2022 annual report outlined the fact that Amazon is choosing to refocus on the core businesses and opportunities that they have long term conviction in.Read more

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.Read more

Catalysts Strong Market Tailwinds: The current addressable market is estimated at around SEK 25 billion annually, while the company’s full-year revenue for 2024 stands at approximately SEK 1.8 billion. This significant market gap highlights substantial upside potential as defense spending continues to rise globally, particularly in Europe and North America where defense budgets are expanding.Read more

Catalysts That Could Drive Value Urbanization Trends: As more people move to cities, demand for Balder's residential and commercial properties is likely to increase. Economic Recovery: Post-pandemic economic growth can boost occupancy rates and rental incomes.Read more

Key Takeaways NVIDIA facing challenges, 30% data center market share at risk from chiplets AMD, Samsung, Intel entering GPU manufacturing race at cheaper price points Largest customers producing own chips, limits market for NVIDIA Generative AI cloud solutions introduces revenue cannibalization risk Gaming market revenue share at risk of stagnating Catalysts Company Catalysts Accelerating GPU Performance Will Reduce Profitability There is an argument to be made that the rapidly accelerating performance of GPUs will unlock markets in the next 3 to 5 years, but the same technology can lead to oversupply of compute power in the long term. As recently as 2021, there was a shortage of compute power for use cases like cryptocurrency mining, which was promoted as a key growth avenue.Read more

Catalysts New product launches, such as Pro-B3, D30, and the upcoming film industry product, could drive sales and earnings growth. Industry tailwinds in professional lighting and imaging could help, however currently no such signs in the reports.Read more

Catalysts Industry Tailwinds: Demographic Shift, an aging population with increasing financial needs and a desire to stay active is driving demand for part-time and flexible work options. Regulatory Support, policy initiatives promoting longer working lives and flexible scheduling are creating an environment favorable to staffing solutions tailored for older workers.Read more

Key Points SoundHound has developed over two decades of moat in an industry that just started getting traction. With shrinking electronics and communication with machines becoming more mainstream, I believe the company can capture much of this growth.Read more