Key Takeaways Visa is a very high-quality business with an enviable market share and margins. New initiatives like Visa Direct will offset the loss of momentum from legacy growth drivers EPS growth will be driven by ‘higher for longer’ inflation, slightly wider margins, and buybacks.Read more

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.Read more

Key Takeaways Premium revenue to be kept in check by competition and market saturation. Gross margin will improve, but remain below 30%.Read more

Key Takeaways Market has low expectations for Intel due to a series of strategic errors in recent years. Market is underestimating Intel’s aggressive strategy to regain product leadership.Read more

Key Takeaways Banks are being forced to offer higher rates to keep deposits. Lending will remain slow, which will squeeze net interest margins.Read more

Key Takeaways Payments industry is likely going to become increasingly competitive. PYPL's margin trouble will likely persist - too many competing firms + high incentive to offer lower fees.Read more

Key Takeaways Netflix ad-supported plans will drive new revenue Revenue per user will decrease in short term from ad plans, but increase longer term Margins will continue to improve as costs grow slower than revenue (operating leverage) User growth expected from password sharing crackdown I believe these 3 catalysts will result in $52bn in revenue and $12.5bn profit by 2028 Catalysts Industry Catalysts There is Room For More Than One Streaming Platform The video streaming industry has become very competitive, and the market has been hyper focused on the question of “who will win the streaming war.” I don’t think this is a winner takes all situation, and there is room for a handful of platforms. There are pros and cons to each platform and many households end up subscribing to two or three platforms.Read more

Key Takeaways Oil supply will remain tight leading to a higher and more volatile oil price. Volatility will favor large well capitalized energy companies.Read more

Key Takeaways Coca-Cola’s PE ratio has risen to the high 20s due to a recent revival in profit growth. However, several non-recurring factors have driven these improvement in margins and growth.Read more