Getty Images It's hard to claim the market underestimates Alphabet Inc. ( GOOG , GOOGL , GOOG:CA), aka Google, with the stock nearly doubling over the past year, significantly outperforming the S&P 500 Index ( SP500 ) and its peers. However, I'm going to claim exactly that. Analyst estimates and the recent 20% pullback tell me that the market is way off on Alphabet's "New" growth trajectory in the...
Getty Images It's hard to claim the market underestimates Alphabet Inc. ( GOOG , GOOGL , GOOG:CA), aka Google, with the stock nearly doubling over the past year, significantly outperforming the S&P 500 Index ( SP500 ) and its peers. However, I'm going to claim exactly that. Analyst estimates and the recent 20% pullback tell me that the market is way off on Alphabet's "New" growth trajectory in the post-Gemini 2.5 era. I argue there's a lot of meat left on the bone here and maintain Google as my largest position, with a Strong Buy rating. The Investment Thesis Over the past year, market sentiment towards Alphabet shifted sharply, from perhaps the most significant AI loser to one of the clearest AI winners. Data by YCharts I predicted that last year's second quarter was going to be the tipping point , as all the baseless bearish arguments were going to be met with reality - Google Search wasn't dying; in fact, it was accelerating. Today, the setup is quite different. Google is tagged as a clear AI winner, and there are good reasons for it. However, there's still significant underestimated upside in the Google stock, which is why I remain extremely bullish and maintain Alphabet as my largest position. The upside should come from three angles - Underestimated Growth Trajectory; Nearing FCF Inflection, and; Two Huge "Free" Options. Underestimated Growth Trajectory I expect Alphabet to deliver accelerating revenue growth over the next few years, at a minimum of 16%, while consensus forecasts a slowdown. Seeking Alpha. It's rare for analysts, mainly sell-side analysts who are the ones behind the consensus we're all relying on, to underwrite stable or accelerating revenue growth. Usually, they forecast the coming year and automatically assume a gradual deceleration in the following years. That's where thorough individual long-term investors should get their edge. Created by the author based on data from Alphabet reports. All up, I estimate Alphabet's non-cloud businesses' g...
FabrikaCr/iStock via Getty Images By Elior Manier Traders are slowly returning from a well-deserved Easter break, with volumes set to recover fully tomorrow. With the week starting at a softer pace, the US dollar is taking a step back to leave some space for other FX currencies, Bitcoin (reaching $70,000!), and equities after having worked overtime until today. Optimism had made a sharp return thr...
FabrikaCr/iStock via Getty Images By Elior Manier Traders are slowly returning from a well-deserved Easter break, with volumes set to recover fully tomorrow. With the week starting at a softer pace, the US dollar is taking a step back to leave some space for other FX currencies, Bitcoin (reaching $70,000!), and equities after having worked overtime until today. Optimism had made a sharp return throughout last week as traders began to price in a proper truce in Iran, but this isn't such a given, as Iran reportedly still believes it can leverage the US's precipitated demands for a deal to tilt the scales in its favor. Stocks across the globe are still way off their war troughs, with market sentiment tilting more towards a short operation than a catastrophic long war, as observed in Vietnam, Afghanistan, and Iraq – enough to limit a prolonged bear trend. The war itself is advancing at a remarkable pace, but the main element of turmoil across the region remains the Strait of Hormuz and its link to global oil prices. It has been easy for participants to ignore the pricing of imminent rate hikes in upcoming meetings of global central banks, but this reality could hit like a train if WTI and Brent remain above $100 for much longer. Tomorrow will be decisive in that aspect, as the US president announced throughout the weekend that Tuesday evening (8:00 PM ET) will be the deadline for a deal – And Iran just rejected the proposed 45-day ceasefire deal that would lead to a longer-lasting peace. The Islamic regime is still persistent in maintaining its threatening ballistic missile program, which has caused damage all around the Middle East since the commencement of the War. To get ready for this week, which looks to be a heavy one (US CPI on Friday!), let’s examine the intraday charts and trading levels for the major US indexes: the Dow Jones, Nasdaq, and S&P 500. Current Session's Stock Heatmap Current picture for the Stock Market (11:52 AM ET) – Source: TradingView – April 6...
watch now VIDEO 1:08 01:08 Artemis II crew set to swing around moon and begin trip home Squawk Box With the moon now filling their windows, the Artemis II astronauts set a record Monday as the farthest humans from Earth during a lunar flyby promising magnificent views of the far side never before witnessed. The six-hour flyby is the highlight of NASA's first return to the moon since the Apollo era...
watch now VIDEO 1:08 01:08 Artemis II crew set to swing around moon and begin trip home Squawk Box With the moon now filling their windows, the Artemis II astronauts set a record Monday as the farthest humans from Earth during a lunar flyby promising magnificent views of the far side never before witnessed. The six-hour flyby is the highlight of NASA's first return to the moon since the Apollo era with three Americans and one Canadian — a step toward landing boot prints near the moon's south pole in just two years. First came a prize — and bragging rights — for Artemis II. NASA Artemis II crew members Jeremy Hansen, Reid Wiseman, Christina Koch, and Victor Glover answer questions from reporters during the first downlink event of their mission April 2, 2026. NASA TV | Via Reuters Less than an hour before kicking off the fly-around and intense lunar observations, the four astronauts surpassed the distance record of 248,655 miles (400,171 kilometers) set by Apollo 13 in April 1970. They kept going, hurtling ever farther from Earth. Before it was all over, Mission Control expected Artemis II to beat the old record by more than 4,100 miles (6,600 kilometers). "It is blowing my mind what you can see with the naked eye from the moon right now. It is just unbelievable," Canadian astronaut Jeremy Hansen radioed ahead of the flyby. He challenged "this generation and the next to make sure this record is not long-lived." Moments after breaking Apollo 13's record, the astronauts asked permission to name two fresh lunar craters already observed. They proposed Integrity, their capsule's name, and Carroll in honor of commander Reid Wiseman's late wife who died of cancer in 2020. Wiseman wept as Hansen put in the request to Mission Control, and all four astronauts embraced in tears. "Such a majestic view out here," Wiseman radioed. The astronauts started the momentous day with the voice of Apollo 13 commander Jim Lovell, who recorded a wake-up message just two months before his deat...
Matthew Bartolini, global head of research strategists at State Street Investment Management, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." SPDR Portfolio S&P 500 ETF (ticker: SPYM) has surged past $120 billion in assets after years in obscurity. (Source: Bloomberg)
Matthew Bartolini, global head of research strategists at State Street Investment Management, joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." SPDR Portfolio S&P 500 ETF (ticker: SPYM) has surged past $120 billion in assets after years in obscurity. (Source: Bloomberg)
Micron Technology stock rose after a KeyBanc analyst reiterated his price target and rating, citing continued demand for memory. Shares of Micron, up 490% over the past 12 months, have been riding a surge of demand for memory chips for use in artificial-intelligence servers. KeyBanc analyst John Vinh sees more gains ahead.
Micron Technology stock rose after a KeyBanc analyst reiterated his price target and rating, citing continued demand for memory. Shares of Micron, up 490% over the past 12 months, have been riding a surge of demand for memory chips for use in artificial-intelligence servers. KeyBanc analyst John Vinh sees more gains ahead.
Big Pharma Forced To Yank COVID Vaxx Study Due To Lack Of Participants Authored by Ben Sellers via Headline USA , Two of the major pharmaceutical companies connected with the controversial COVID vaccines were forced to abandon a new research study after failing to garner enough participants. Pfizer and German vax maker BioNTech had sought to research an updated version of the vaccine in adults age...
Big Pharma Forced To Yank COVID Vaxx Study Due To Lack Of Participants Authored by Ben Sellers via Headline USA , Two of the major pharmaceutical companies connected with the controversial COVID vaccines were forced to abandon a new research study after failing to garner enough participants. Pfizer and German vax maker BioNTech had sought to research an updated version of the vaccine in adults ages 50 to 64, but were unable to generate the data needed due to the low enrollment in the trials, Reuters reported . The study was needed in order to meet new guidelines imposed by the Food and Drug Administration that require the pharmaceutical companies to provide data on the efficacy of the vaccine in comparison with a placebo. However, it marks a peculiar coda to the pandemic era, when mass formation psychosis swept the globe forcing individuals to forgo their civil liberties en masse and to inject the experimental, gene-altering serum into their DNA under extreme social duress. Since then, vaccine injuries including strokes, myocarditis , turbo cancers and miscarriages have all been linked, either clinically or anecdotally, to the drugs, which were fast-tracked by the FDA under the previous Trump and Biden administrations with backing from dubious medical authorities like COVID czar Anthony Fauci . In addition to the potential harm the caused, others have noted that the vaccines had little benefit since they did not prevent transmission of the COVID virus. The pandemic ultimately dissipated as the result of natural immunity and evolution, with weaker variants rendering the vaccines unnecessary and redundant. The stricter FDA guidelines under current Health and Human Services Sec. Robert F. Kennedy Jr. stand in stark contrast with the early days of the Biden presidency, when Kennedy’s far-left counterpart, Xavier Becerra , oversaw unconstitutional mandates pressuring government workers and various private industries to submit to the demands of Big Pharma. Jeffrey Tucker,...
Sean Gallup/Getty Images News On April 1st, Intel ( INTC ) announced that it is buying back the 49% equity interest in its Fab 34 joint venture in Ireland from Apollo ( APO ) for $14.2 billion. This is the same stake that Intel sold to Apollo in 2024 for $11.2 billion. So Apollo pockets a $3 billion profit in less than two years. Good trade for Apollo. But for Intel, I’m not so sure. The market re...
Sean Gallup/Getty Images News On April 1st, Intel ( INTC ) announced that it is buying back the 49% equity interest in its Fab 34 joint venture in Ireland from Apollo ( APO ) for $14.2 billion. This is the same stake that Intel sold to Apollo in 2024 for $11.2 billion. So Apollo pockets a $3 billion profit in less than two years. Good trade for Apollo. But for Intel, I’m not so sure. The market read this as positive. The stock popped over 8% the day after the announcement. The narrative is that Intel is showing confidence, buying back what it sold under duress, and recommitting to its manufacturing vision under the new CEO. And I get the appeal of this narrative. Data by YCharts It sounds like they are back on their feet, flexing some muscle. But when I look at the actual numbers, the foundry losses, and the yield trajectory, all I see is that they are doubling down on their most expensive and least profitable business. So, Intel sold 49% of Fab 34 to Apollo in 2024 for $11.2 billion. It is now buying that same stake back for $14.2 billion. Now, the management said that: "The agreement reflects Intel's continued business momentum underpinned by the growing and essential role CPUs play in the era of AI." I will come back to the "continued business momentum" and "growing role of CPUs" parts later because both of those come with their own set of problems that I think the market is overlooking. But first, let's look into the financials of this deal. Its "Accretive" Intel's press release also said that: "The transaction is expected to be accretive to ongoing EPS while strengthening Intel's credit profile in 2027 and beyond." Now I don't see how this transaction is going to be "accretive" in any meaningful operational sense. The repurchase is being funded through cash on hand and about $6.5 billion in new debt. And as of the end of FY25, they carried $44.3 billion in long-term debt plus another $2.5 billion in short-term. So $46.8 billion in total debt. Now they are addin...
Sean Gallup/Getty Images News On April 1st, Intel ( INTC ) announced that it is buying back the 49% equity interest in its Fab 34 joint venture in Ireland from Apollo ( APO ) for $14.2 billion. This is the same stake that Intel sold to Apollo in 2024 for $11.2 billion. So Apollo pockets a $3 billion profit in less than two years. Good trade for Apollo. But for Intel, I’m not so sure. The market re...
Sean Gallup/Getty Images News On April 1st, Intel ( INTC ) announced that it is buying back the 49% equity interest in its Fab 34 joint venture in Ireland from Apollo ( APO ) for $14.2 billion. This is the same stake that Intel sold to Apollo in 2024 for $11.2 billion. So Apollo pockets a $3 billion profit in less than two years. Good trade for Apollo. But for Intel, I’m not so sure. The market read this as positive. The stock popped over 8% the day after the announcement. The narrative is that Intel is showing confidence, buying back what it sold under duress, and recommitting to its manufacturing vision under the new CEO. And I get the appeal of this narrative. Data by YCharts It sounds like they are back on their feet, flexing some muscle. But when I look at the actual numbers, the foundry losses, and the yield trajectory, all I see is that they are doubling down on their most expensive and least profitable business. So, Intel sold 49% of Fab 34 to Apollo in 2024 for $11.2 billion. It is now buying that same stake back for $14.2 billion. Now, the management said that: "The agreement reflects Intel's continued business momentum underpinned by the growing and essential role CPUs play in the era of AI." I will come back to the "continued business momentum" and "growing role of CPUs" parts later because both of those come with their own set of problems that I think the market is overlooking. But first, let's look into the financials of this deal. Its "Accretive" Intel's press release also said that: "The transaction is expected to be accretive to ongoing EPS while strengthening Intel's credit profile in 2027 and beyond." Now I don't see how this transaction is going to be "accretive" in any meaningful operational sense. The repurchase is being funded through cash on hand and about $6.5 billion in new debt. And as of the end of FY25, they carried $44.3 billion in long-term debt plus another $2.5 billion in short-term. So $46.8 billion in total debt. Now they are addin...
Bloomberg Intelligence's Vincent Piazza joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." They discuss the VanEck Oil Refiners ETF (ticker: CRAK), which is outperforming the broader market amid the Iran War. The fund only holds $136 million in assets. (Source: Bloomberg)
Bloomberg Intelligence's Vincent Piazza joins Scarlet Fu and Eric Balchunas on "Bloomberg ETF IQ." They discuss the VanEck Oil Refiners ETF (ticker: CRAK), which is outperforming the broader market amid the Iran War. The fund only holds $136 million in assets. (Source: Bloomberg)
Hall's late-night show gave hip-hop a home on TV and helped propel Bill Clinton to the White House. "I wanted to do this show that didn't exist when I was a kid," he says. Hall's memoir is Arsenio . (Image credit: Kevin Winter)
Hall's late-night show gave hip-hop a home on TV and helped propel Bill Clinton to the White House. "I wanted to do this show that didn't exist when I was a kid," he says. Hall's memoir is Arsenio . (Image credit: Kevin Winter)
J Studios/DigitalVision via Getty Images The Invesco S&P 500 Equal Weight ETF ( RSP ) tracks the SP500 Equal Weight Index, which holds all 500 current S&P companies at approx. 0.2% each. Every March, June, September, and December, the index will reset all positions to equal weight. In a way, the fund treats the management like you would with strategic asset allocation, but instead of rebalancing a...
J Studios/DigitalVision via Getty Images The Invesco S&P 500 Equal Weight ETF ( RSP ) tracks the SP500 Equal Weight Index, which holds all 500 current S&P companies at approx. 0.2% each. Every March, June, September, and December, the index will reset all positions to equal weight. In a way, the fund treats the management like you would with strategic asset allocation, but instead of rebalancing asset classes, they are rebalancing their equity positions weight. When allocation drift occurs, the rebalance sells what's appreciated over target and buys what has drifted below it. Over the 2003-2022 period, the rebalancing factor contributed to equal weight outperforming a cap-weighted index by about 1.5% annually . I am initiating RSP as a strong buy, as the cap weight vs. equal-weight divergence has reached the most extreme level in over 50 years of data, even exceeding the dot-com peak. You are buying the same 500 companies at a 23% forward P/E discount while the rotations have already seemed to lean in equal weights favor. How Equal Weight Creates Alpha Rebalancing can reshape sector exposure in a way that matters for the current environment we are in. Since equal weight reduces mega-cap tech dominance when investing in a cap-weighted index, RSP’s sector allocation is dramatically more diversified. Financials sit at 15.45%; Industrials sit at 15.07%; Tech sits at 14.85% (compared to 33.09% in SPY ), with healthcare at 11.65% and consumer cyclical at 10.03%. This means that RSPs forward returns are driven by the broad economy rather than just the MAG7. One important nuance to this is that because the holdings mirror the S&P 500 list, the composition of RSP will shift whenever the index adds or removes names. Recent additions will go into RSP at the 0.2% weight, while in SPY they immediately assume the market-cap weight. Due to this, RSP avoids the problem of buying new additions while relatively expensive; that typically can plague cap-weighted indices when hot IPOs e...