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M&A is back in the rig space. Shelf Drilling being bought out has set fire to the sector.

Key Takeaways Coca-Cola is the leading global brand, and it has endured numerous market downturns with its tested business model. The firm's stability, which includes over six decades of raising its dividend and a share price that is half as volatile as the average market, appeals to a certain investor population.

Key Takeaways The CRM landscape is shifting to specialized CRMs for different use cases There is room to increase its market share to 20%. Most efficiency gains have been made, and excess capital will return to shareholders Salesforce will leverage its cloud to create an attractive value proposition.

Key Takeaways Well-diversified drug pipeline with 52 drugs in late-stage approval - a good hedge for its patent expirations Kenvue spin off allows JNJ to focus on its more profitable Medical Devices and Pharmaceuticals segments Continued dividend increases and buybacks are affordable and will help capital returns Post Kenvue, I expect JNJ to grow revenues by 7.5% p.a. from its new baseline of $84B, and at higher margins Some risks around litigation, patent expiry and drug success are present Catalysts Robust Drug Pipeline: 52 Drugs Racing To The Finish Line In Late-Stage Approval The key threat to a pharmaceutical stock is the patent expiration of their high value assets. Should a company lack a product pipeline to bolster its future product portfolio, then losing exclusivity to any one drug can be a hit to the business.

Key Takeaways PayPal is the online payments household brand benefiting from the positive trend in the E-commerce industry. Venmo’s sub-brand is a growth driver, which could reach over $2 billion in annual revenue by 2027.

Key Takeaways Tesla’s auto market share will grow but less than investors expect The semi will contribute $17.5B if its value proposition matches that of ICE trucks Energy revenues will reach $16.7B in 2028 as industry tailwinds support continued growth If FSD wins, it’s at risk of being shared by government safety mandates PE will re-rate lower in long term to be similar to current auto peers Business has great growth prospects, but even they don’t justify current price Catalysts Tesla’s TAM and Market Share Has Limitations In the last 4 quarters ending Q2’23, Tesla has delivered 1,638,123 vehicles. Approximately 46.8% of total sales are made in the U.S. and we can use this as a basis to estimate the number of vehicles sold in the U.S., which comes out to 766,478.

Key Takeaways Core retail business facing limited expansion room, already has a significant market share in the U.S. Ad and streaming businesses are growing and have the potential to be major drivers of future growth. The ad business is well-positioned to capitalize on the growth of e-commerce.

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.

Key Takeaways Revenue growth will improve and then slow due to cyclical nature of chip demand There will be an inevitable plateau in AI investment Competition between CPU and GPU producers will intensify due massive long term potential This will result in very high R&D spend by all three, particularly AMD AMD’s revenue growth accelerates then falls into single digits by 2028 Catalysts Industry Catalysts CPU Demand Will Accelerate in 2024 and 2025, but Decelerate Again by 2028 CPU sales for the client segment is likely to accelerate rapidly as inventories have fallen and a new replacement cycle is overdue. Within the datacenter segment growth will be more measured.