Counterpoint Research says the race to build custom AI silicon is accelerating, with hyperscalers scaling internal chips to meet surging demand. Hyperscalers Ramp Custom AI Chips Leading cloud and AI providers, including Alphabet Inc.’s (NASDAQ:GOOGL) Google; Amazon.com, Inc.’s (NASDAQ:AMZN) Amazon Web Services; Microsoft Corp (NASDAQ:MSFT); OpenAI; ByteDance and Apple Inc (NASDAQ:AAPL), are rapidly expanding deployments of AI server compute Application-Specific Integrated Circuit (ASIC) based systems to handle specialized training and inference workloads, as per Counterpoint Research. Don't Miss: The AI Marketing Platform Backed by Insiders from Google, Meta, and Amazon — Invest at $0.85/Share If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Counterpoint Research projects that AI server compute ASIC shipments among the top 10 hyperscalers will triple between 2024 and 2027, fueled by surging demand for Google's Tensor Processing Unit (TPU) infrastructure supporting Gemini, continued scaling of AWS Trainium clusters, and volume ramps from Meta Platforms Inc.'s (NASDAQ:META) MTIA and Microsoft's Maia chips as they build out internal silicon portfolios. Broadcom Leads, Competition Intensifies Counterpoint expects Broadcom Inc (NASDAQ:AVGO) to remain the top AI server compute ASIC design partner, holding about 60% market share in 2027, despite competition from the growing Google–MediaTek alliance. At the same time, the firm sees Marvell Technology Inc (NASDAQ:MRVL) facing design-win pressure, with its design services share projected to slip to around 8% in 2027, despite shipments doubling over the same period. Trending: Blue-chip art has historically outpaced the S&P 500 since 1995, and fractional investing is now opening this institutional asset class to everyday investors. Google TPUs Anchor a Shifting Market Google's TPU fleet will continue to anchor industry volumes, according to Counterpoint, a...

The IOPC said: "We have decided it is not appropriate to make a decision on whether, in all the circumstances, it's fair and reasonable that Sergeant Blake should continue to face disciplinary proceedings, until we understand the impact of amendments to the use of force standard and any Home Office guidance."

受人工智能数据中心硬件需求激增的提振，芯片制造商的股价在周三反弹，而 德州仪器 和其他制造商的乐观业绩表明，这一发展势头正在超越英伟达的高端处理器而扩大。 德州仪器生产用于数据中心信号转换和电源管理的模拟芯片，与英伟达快速、高价的人工智能图形芯片不同，受益于科技公司为实现人工智能目标而加强计算基础设施的需求激增。 德州仪器股价上涨约8.5%。 希捷 大涨17.7%，而阿斯麦则下跌2.3%，当天早些时候的涨幅曾高达7.5%。其他与人工智能相关的芯片制造商，包括英伟达、 美光 、 AMD 和 英特尔 都在交易中走高，延续了整个行业的涨势。 费城半导体指数上涨了1.7%。 周三，德州仪器发布了乐观的季度财测 ，显示人工智能数据中心的蓬勃发展正在推动英伟达先进处理器之外的芯片需求，这凸显了该行业的发展势头。 欧洲芯片设备领军企业ASML也在周三公布了强劲的第四季度业绩。该公司的预订额几乎是分析师预计的两倍，同时还上调了2026年的收入展望。 数据存储巨头希捷周二上调了其预测，理由是近线产能现已全部分配至2026年，并且通过长期协议加强了至2027年的能见度。 LSEG的数据显示，科技行业的盈利受到人工智能热潮和美国企业第四季度整体增长的推动，预计增长约27%，而标普500指数公司整体增长9.2%。科技行业的营收增长率约为18%，而标普500指数的整体增长率为7.3%。 然而，全球内存芯片的短缺给个人电子产品的终端市场需求蒙上了一层阴影，研究人员预计智能手机和个人电脑（德州仪器的主要市场）的销售将受到影响。 不过， 摩根士丹利 认为，由于全球工厂利用率较低，德州仪器不太可能出现供应短缺，尽管地缘政治风险仍难以预测，而且以美国为中心的生产可能使德州仪器面临海外关税。 责任编辑：李桐

据Sensor Tower数据，TikTok美国区在宣布合资公司及政策更新后的五天内卸载量飙升约150%，Meta Platforms（META）和YouTube因此获得创作者更多关注。 责任编辑：张俊 SF065

A pilot programme aimed at diagnosing heart disease among people from ethnic minority backgrounds should be rolled out across the whole of the NHS, the doctors behind the initiative have urged. Aortic stenosis is a condition where the aortic valve, which controls blood moving from the heart to the body, starts restricting blood flow. This causes it to become narrow, resulting in symptoms such as shortness of breath and chest pain. Although about 300,000 people across England are estimated to be living with the condition, evidence suggests that people from ethnic minority backgrounds are less likely to receive treatment after diagnosis. Black patients were 48% less likely to undergo a procedure to replace their aortic valve than white patients, with south Asian patients 27% less likely, a study by researchers from the University of Leicester found. To address the disparity, two rapid access valve assessment clinics have been set up in south London in collaboration between Guy’s and St Thomas’ NHS foundation trust and King’s College hospital, in areas with a high population of people from ethnic minority backgrounds and also where treatment rates for valve disease were known to be low. Those identified as having a heart murmur by their GP or at a screening event were then referred to either clinic where they received treatment. “Despite significant advancements in valve disease treatments over the last 20 years, a lot of heart valve disease still goes undetected,” said Ronak Rajani, consultant cardiologist and professor of cardiovascular imaging, Guy’s and St Thomas’ NHS foundation trust and King’s College London. “This is particularly true for people from the global majority and living in economically deprived areas, where there is inequity of diagnosis and treatment.” Rajani added: “We launched the community rapid access valve clinics to close this healthcare gap by putting the clinics are in areas where treatment for valve disease is lower than expected. By bringin...

Eoneren/iStock via Getty Images The Market Calmly Ignores The Greenland Jitters It was only barely a week ago that President Donald Trump stunned the world with his Greenland bluster, which threatened to send stocks into a downward spiral, although that pessimism never really took hold. Dip buyers returned confidently to ignore these geopolitically-linked upheavals (read: opportunities), betting that some form of détente will return eventually to help calm the markets once more. And guess what? While the health insurers suffered a bruising Tuesday, as the pain from a " near-flat Medicare rate increase " for 2027 added onto the weak performance from UnitedHealth's Q4 2025 release and guidance ( UNH ), the tech-heavy Nasdaq ( QQQ ) ( NDX ) has recovered all the losses from last week, and gained further ground. As a result, it's all systems green again for growth and tech investors who ignored the noise from last week's downside volatility to add to their positions. I've been alerting such an opportunity to subscribers in my Investing Group: Ultimate Growth Investing to get their dry powder and take the opportunity to accumulate through an update on January 22, when the world was still awash with the media narrative that warns the world about the changing order that is about to unfold in front of our eyes: As I highlighted in yesterday evening's quick chat update, we have managed to retest (1st condition), and also bounce off (2nd condition) off the 50-period moving average (blue line). I've enunciated these are key milestones as the Nasdaq approached the inflection point this week, as investors attempted to price in a very hawkish Greenland headwind. Nevertheless, we've also learned to never fall into the trappings of geopolitical headwinds by simply reading from the headlines of the media, who are obviously looking for the clicks and baits. Rather, we focus on what truly matters, and that's often printed in the market tape. And the tape shows that buyers aren't prepa...

The artificial intelligence infrastructure race is heating up, and Broadcom (AVGO) is projected to retain its leadership as an AI server compute ASIC design partner with 60% market share in 2027, according to Counterpoint Research. As tech giants like Alphabet (GOOGL) (GOOG), Amazon (AMZN), Microsoft (MSFT), and Meta (META) accelerate their shift toward custom AI chips, the entire ASIC market is poised for explosive growth. AI server compute ASIC shipments are expected to triple by 2027 as hyperscalers build out massive infrastructure to support their AI ambitions. This surge is driven by the rampant demand for specialized chips that power everything from Google's Gemini models to Amazon's Trainium clusters and Microsoft's Maia processors. What makes this trend particularly compelling for investors is the structural shift happening across the industry. “In-house AI Server Compute ASIC design growth is validating the in-house custom XPU era, where AI accelerators are tailor-made for special and specific workloads,” explained Counterpoint analyst Neil Shah. As power and space constraints intensify, hyperscalers are increasingly turning to custom silicon solutions, and Broadcom is at the center of this transformation as the dominant design partner enabling it. Broadcom Stock Is Poised to Benefit From the AI Megatrend Broadcom is cementing its position as a dominant player in the booming artificial intelligence infrastructure market. In fiscal 2025 (ended in October), Broadcom reported AI sales of $20 billion, up 65% year-over-year (YoY). It expects AI revenue to double in fiscal Q1 of 2026 to over $8 billion. Notably, CEO Hock Tan's compensation incentives are tied to growing AI revenue to over $120 billion by 2030. Broadcom has a comprehensive product portfolio in the AI data center segment. Beyond custom AI accelerators, it provides critical networking components, including Tomahawk switches, digital signal processors, optical components, and PCI Express switches. Th...

Raheem Sterling is looking to revive his career after departing Chelsea by mutual consent. The 31-year-old winger was the club’s highest earner but has been out of favour since the summer of 2024. Sterling had 18 months left on a deal worth £325,000 a week. Sterling struggled to produce his best form after joining from Manchester City in 2022. He was the first player to arrive under the Todd Boehly-Clearlake Capital ownership and was hailed as a marquee signing. However Sterling’s time at Chelsea has been a disappointment. He was inconsistent during his first two seasons and was loaned to Arsenal last season. Chelsea were keen to move him on after a shift in transfer policy led them to target young players on heavily incentivised long-term deals. Quick Guide How do I sign up for sport breaking news alerts? Show Download the Guardian app from the iOS App Store on iPhone or the Google Play store on Android by searching for 'The Guardian'. If you already have the Guardian app, make sure you’re on the most recent version. In the Guardian app, tap the Profile settings button at the top right, then select Notifications. Turn on sport notifications. Was this helpful? Thank you for your feedback. Sterling’s wages and reluctance to move to a team away from London made him difficult to sell. He has not played this season and has trained away from the first team. Fulham, Crystal Palace and West Ham have shown interest this month but Sterling is now understood to be open to leaving London. It has been a sad decline for one of the most prominent players in English football’s recent history. The former Liverpool academy graduate won multiple honours at City and played a key role in Gareth Southgate’s revival of the England team. Sterling scored three times at Euro 2020 as England’s men reached the final of a major tournament for the first time since 1966. He has also been a major voice in the fight against racism and was awarded an MBE in 2021. He has not played for England since...

当地时间1月28日，荷兰芯片设备制造商阿斯麦（ASML）控股公司(asml holding nv（ASMH）)首席执行官克里斯托夫.富凯在一份声明中表示，公司计划裁员约1700人，裁员主要集中在技术部门与信息技术部门。此次裁员对象主要位于荷兰，部分在美国，且主要涉及管理层，裁员人数约占公司员工总数的4%。(央视新闻)

Raheem Sterling has left Chelsea by mutual consent after reaching an agreement to end his contract early. The 31-year-old had 18 months remaining on his £325,000‑a‑week deal. Sterling leaves after three-and-a-half seasons at Stamford Bridge following his move from Manchester City for £47.5m in 2022. "We thank Raheem for the contribution he made while a Chelsea player and wish him well for the next stage in his career," Chelsea said. The England international made 81 appearances for the Blues but had not played a competitive match for Chelsea since May 2024. He had been training separately with the so‑called "bomb squad" at the club's Cobham base after failing to secure a move in the summer. Several clubs, including Juventus and Bayer Leverkusen, explored a deal for the England winger, while a potential switch to Fulham did not materialise. It is understood that Sterling, who started his career at Liverpool and has won 13 trophies in total, is keen to remain in London but is open to playing anywhere, either at home or abroad.

iQoncept/iStock via Getty Images As the first month of 2026 comes to an end this week and earnings season accelerates, b elow is a list of the top 10 healthcare stocks with market capitalizations of $10B or more, ranked by their one-month price performance percentage. The list includes companies operating across various healthcare industries, such as Biotechnology, Life Sciences Tools and Services, Health Care Equipment, Health Care Services, and Pharmaceuticals. The list is topped by Moderna ( MRNA ), which showed an impressive 45.67% one-month performance. Revolution Medicines ( RVMD ) and Revvity ( RVTY ) follow, with strong performance percentages of 23.62% and 18.46%, respectively. Among the top 10 performers, two stocks carry particularly strong quantitative recommendations. Gilead Sciences ( GILD ) and Guardant Health ( GH ) both currently hold a Quant Rating of Strong Buy, with scores of 4.61 and 4.88, respectively. Here is the list: Moderna ( MRNA ), 1 month performance percentage: 45.67% Revolution Medicines ( RVMD ), 1 month performance percentage: 23.62% Revvity ( RVTY ), 1 month performance percentage: 18.46% Bio-Techne ( TECH ), 1 month performance percentage: 15.21% Penumbra ( PEN ), 1 month performance percentage: 13.39% Gilead Sciences ( GILD ), 1 month performance percentage: 13.05% Illumina ( ILMN ), 1 month performance percentage: 12.70% Guardant Health ( GH ), 1 month performance percentage: 11.27% DexCom ( DXCM ), 1 month performance percentage: 9.03% Elanco Animal Health ( ELAN ), 1 month performance percentage: 8.94% Health Care ETFs: ( XLV ), ( VHT ), ( IHI ), ( IXJ ), ( IYH ), ( FHLC ), and ( FXH ). More on healthcare stocks CMS Rates Proposal Shatters Health Insurance Stocks: What Investors Must Know (& Do) Insurers Brace For Extended 'Managed Retreat' Following 2027 MA Proposal XLV Vs. BME: Total Return Or Income, Which Healthcare Strategy Wins? ETFs in focus: UnitedHealth Group selloff ripples across health care funds Oppenheimer sees st...

中国科学院新疆理化技术研究所潘世烈团队在真空紫外非线性光学晶体材料领域取得突破，将在精密制造、前沿科研等领域发挥重要作用。团队经过长期探索与创新，成功研制出氟化硼酸铵（ABF）晶体，并攻克了大尺寸晶体生长与器件加工技术难题。采用双折射相位匹配技术，团队首次实现直接倍频真空紫外激光158.9nm输出，为紧凑、高效的全固态真空紫外激光器提供了关键材料体系。（财联社）

onurdongel/iStock via Getty Images Palantir Technologies Inc. ( PLTR ) is a leading provider of artificial intelligence, and the stock price has gained over 100% over the past year. However, since my last report , the stock is down 10%. In this report, I discuss the company’s risks and opportunities, expectations for Q4 2025 earnings on February 2nd , and update my price target with a deeper look on how to determine a reasonable premium for an elite growth name. The Opportunities And Risks For Palantir Technologies Opportunities for Palantir Technologies are big as AI can be leveraged throughout governments and commercial enterprises to optimize businesses. A major application opportunity is injection of AI into the analysis and decision layer of complex defense weapon systems. The Golden Dome project is one example of that. What we quite often see is that Palantir Technologies by some investors is considered a replacement to prime defense contractors such as Lockheed Martin ( LMT ), Northrop Grumman ( NOC ), Boeing ( BA ), RTX ( RTX ) and General Dynamics ( GD ). That possibly is driven by CEO Alex Karp’s style with a critical tone on the broader defense-industrial establishment. However, despite that tone Palantir Technologies is positioned somewhat differently than many would think. Rather than competing with prime defense contractors, Palantir Technologies partners with primes such as Boeing, Lockheed Martin, RTX, General Dynamics and Northrop Grumman. Instead of competing, Palantir Technologies partners with the industry and I believe those opportunities are driven by Karp’s criticism on the industry. So, the tone and criticism does not reflect strategic positioning it is part of a strategy to drive a certain outcome. That outcome is partnering with the industry. Risks are also there. From investor point of view, the valuation is high and driven by optimism on AI. If that optimism deflates for instance when the market goes in risk-on mode or growth evaporates, ...

Palantir Technologies: I’ll Show You How To Value Elite Growth (NASDAQ:PLTR) Seeking Alpha

Sunan Wongsa-nga/iStock via Getty Images I previously covered Trulieve Cannabis Corp. ( TCNNF ) in October 2022, discussing how the stock might underperform in the intermediate term, attributed to the uncertain path to US federal cannabis legalization, the minimal profitability, and the elevated long-term debts. Combined with the elevated SBC expenses, the ongoing shareholder equity dilution, and the potentially painful stock price correction from prior highs, I had rated the stock as a Hold then In this article, I shall discuss why I am reiterating my Hold rating for the TCNNF stock here, despite the resilient operations, the healthier balance sheet, the management's strategic focus on medical cannabis use, and the compelling valuations. My caution is attributed to the potential volatility arising from the likely to be bumpy cannabis rescheduling path, despite the bottom-line tailwinds from the upcoming 280E tax relief. TCNNF's Tailwinds From Upcoming Rescheduling TCNNF 1Y Stock Price (Trading View) Since my last coverage, the cannabis and Multi-State Operators [MSO] sectors have been rather volatile indeed, with TCNNF also losing much of its value while entering penny stock levels of $3s in late 2023 and mid 2025, before gaining the upward momentum to retest the prior resistance levels of $11s in December 2025. Much of its tailwinds are attributed to the US President Donald Trump finally signing "an executive order to classify marijuana as a less dangerous drug" on December 18, 2025, with the rescheduling from Schedule I to Schedule III of the Controlled Substances Act "marking a turning point in the U.S. cannabis space." 1. Tax Relief The most immediate tailwind upon finalization will be the MSOs likely to report improved bottom-lines, with it freeing "the $32 billion legal U.S. cannabis industry from 280E of the Internal Revenue Code , promising near-immediate benefits in the form of federal tax relief." For reference, readers may want to note that TCNNF reports...

NEW YORK, January 28, 2026--(BUSINESS WIRE)--Outtake, a digital trust platform protecting organizations from AI-driven impersonation, today announced a $40M Series B led by ICONIQ, with participation from CRV, S32, and a group of leading technology and security executives as angel investors, including Satya Nadella, CEO of Microsoft, Nikesh Arora, CEO of Palo Alto Networks, Bill Ackman, CEO of Pershing Square Holdings, Shyam Sankar, CTO of Palantir, Trae Stephens, Co-Founder of Anduril, Bob McGrew, Former VP of Research at OpenAI, Guillermo Rauch, CEO of Vercel, and John Donovan, Former CEO of AT&T. The funding will accelerate Outtake's mission to become the unified platform enterprises rely on to establish and defend trust across the AI-native web. Digital identity is rapidly eroding as AI dramatically lowers the cost and complexity of cybercrime. What once required coordinated criminal groups and weeks of preparation can now be executed by individuals in hours. AI has enabled attackers to industrialize deception, driving a surge in identity-based abuse across every digital channel where organizations engage the public. In 2024 alone, organizations experienced a 703% increase in credential theft and a 250% surge in account takeovers. Attacks no longer occur in isolation; they are continuous, cross-channel campaigns, yet most security teams are still forced to respond using fragmented tools and manual workflows. The result is significant financial loss, reputational damage, and targeted abuse of customers and employees. Outtake was built to address this new reality. The company provides a single, unified protection layer across all digital identity surfaces, enabling security teams to detect, investigate, and disrupt identity-based threats as coordinated campaigns, not disconnected incidents. Outtake partners closely with enterprises to design tailored workflows that increase operational velocity, accelerate investigation and prioritization, reduce time to takedown,...

Dividend stocks are finally making a comeback in 2026, but not all dividend ETFs should be viewed the same. It's 2026 and we're not just talking about tech stocks anymore! The market has broadened considerably and we're seeing previously unloved areas of the market, such as energy and small caps, finding new life again. More importantly for income seekers, dividend stocks have also begun outperforming the S&P 500 (^GSPC 0.08%). That doesn't mean every dividend ETF looks attractive right now. Strategies that focus on durable, quality stocks are probably built better for this environment if we begin seeing a slowdown. Funds that rely on high yielders or those companies whose payouts are less reliable should still be approached with caution. For me, there's one particular ETF that fits each category. Buy hand over fist: Vanguard Dividend Appreciation ETF The Vanguard Dividend Appreciation ETF (VIG 0.32%) is an old favorite for many investors. After applying a few liquidity screens, it targets U.S. companies that have increased their annual dividend for at least 10 straight years. Then it eliminates the top 25% of yields to avoid some of the issues I mentioned earlier. That ends up producing a strong core of dividend payers backed by strong cash flows and healthy balance sheets that can serve as a portfolio cornerstone. Expand NYSEMKT : VIG Vanguard Dividend Appreciation ETF Today's Change ( -0.32 %) $ -0.71 Current Price $ 223.74 Key Data Points Day's Range $ 223.61 - $ 224.50 52wk Range $ 169.32 - $ 225.97 Volume 27K With the labor market cooling and geopolitical tensions rising, we've already seen investors positioning their portfolios more defensively. The composition of returns in the early stages of 2026 suggests a regime change from what's driven the market over the past few years. This ETF is positioned to capture that. One thing to be aware of with this fund: technology is still its top sector holding at 27%. I've discussed before about how I don't really like ...

manassanant pamai Former Kansas City Fed President Esther George said she firmly opposes the Federal Reserve’s last rate cuts and maintains that the central bank cannot afford to overlook its inflation target. In an interview with CNBC, George reiterated that she would not have voted for the 25-basis-point cut in December, emphasizing that with inflation running well above target for nearly five years, the Fed must remain vigilant. “The truth is that the inflation target cannot be ignored,” George stated. The former Fed official acknowledged that the committee has signaled a pause after implementing three rate cuts, noting their stated concern about supporting the labor market. However, she stressed that the inflation landscape will be shaped by numerous economic movements in the year ahead that warrant close attention. George said she would be watching how the Fed judges the risk—whether it sees a “two-sided risk” that justifies a wait-and-see approach. Sentiment surveys from both consumers and businesses are sending clear signals about economic anxiety. “High prices are a problem. People don’t like high prices,” she said, adding that the combination of elevated prices and limited hiring activity has soured public sentiment even as the broader economy appears to be moving forward. When asked about proposals to cut rates to improve consumer affordability through cheaper car loans and mortgages, George cautioned against such intervention. “There is a high cost of good intentions as well,” she warned, explaining that the cost would come in the form of creating more demand when inflation is already elevated. George argued that stimulating additional demand through rate cuts would ultimately become “an attack against the purchasing power of the very consumer that you are trying to help.” Rather than heavy intervention, she advocated for allowing market dynamics to play out naturally. The long-term remedy, according to George, requires calibrating interest rate policy to...

Lam’s new technologies, such as the Aether dry resist extreme ultraviolet (EUV) patterning solution and the Akara conductor etch system, have been gaining traction with leading-edge chipmakers as well. These advanced technologies improve pattern precision and process efficiency, which is essential for the ongoing transition to next-generation nodes like gate-all-around transistors. The company’s strong position in etch and deposition tools, which are critical for smaller and more complex transistor designs, has made it a key supplier to major foundries. Lam Research’s Systems segment revenues are likely to have registered strong growth in their Q2 of FY'26 (ends June), mainly driven by the strength of its foundry business which continues to benefit from rising investments in advanced chip manufacturing, especially for AI and HPC applications. While the lithography laser light show of ASML often grabs the WFE headlines, the transition to Gate-All-Around (GAA) transistors and HBM4 (High Bandwidth Memory) is where Lam’s etch and deposition dominance becomes the primary bottleneck solver. It looks like most of these analysts were stuck in their Sep quarter narratives -- before the Micron and Sandisk DRAM and NAND flash memory/storage explosion -- with average targets below $200! Since then, there have been a flurry of investment bank analyst actions, including raising EPS estimates and price targets... And it didn't hurt that two weeks ago TSMC revealed expanded capex plans for their "fabs" in Arizona and Taiwan and Micron broke ground on a $100 billion leading-edge memory manufacturing complex in Onondaga County, New York, which will include up to four fabs capable of producing advanced memory to support the rising demand for artificial intelligence systems and devices. As with many semiconductor companies, from chip designers like NVIDIA and Advanced Micro Devices to the foundries like Taiwan Semi and Intel, the bull case for wafer fabrication equipment (WFE) companie...

Image source: The Motley Fool. Jan. 28, 2026 9:30 a.m. ET CALL PARTICIPANTS Chairman and Chief Executive Officer — Ronald James Kruszewski Chief Financial Officer — James Marischen Need a quote from a Motley Fool analyst? Email [email protected] TAKEAWAYS Firm-Wide Revenue -- $5.5 billion, up 11%, surpassing $5 billion for the first time in company history. -- $5.5 billion, up 11%, surpassing $5 billion for the first time in company history. Q4 Revenue -- $1.56 billion, a 9% sequential increase, exceeding consensus by $50 million, and up 14% year over year. -- $1.56 billion, a 9% sequential increase, exceeding consensus by $50 million, and up 14% year over year. EPS (Excluding Q1 Legal Accrual) -- $7.92 for the full year; Q4 record EPS of $2.63. -- $7.92 for the full year; Q4 record EPS of $2.63. Return on Tangible Common Equity -- 25% for the year and over 31% in Q4. -- 25% for the year and over 31% in Q4. Pretax Margin -- 21% for the year, exceeding 22% in Q4. -- 21% for the year, exceeding 22% in Q4. Global Wealth Management Revenue -- $3.5 billion, highest ever, marking the 23rd consecutive record year. -- $3.5 billion, highest ever, marking the 23rd consecutive record year. Institutional Revenue -- $1.9 billion for the year, up 20%, with Q4 revenue at $610 million, up 28% year over year. -- $1.9 billion for the year, up 20%, with Q4 revenue at $610 million, up 28% year over year. Investment Banking Revenue -- Q4 revenue of $456 million, up 50% year over year, with advisory revenue up 46% to $277 million. -- Q4 revenue of $456 million, up 50% year over year, with advisory revenue up 46% to $277 million. Equity Capital Raising Revenue -- $95 million in Q4, double the prior year, led by health care, financials, and industrials. -- $95 million in Q4, double the prior year, led by health care, financials, and industrials. Fixed Income Underwriting -- Record $76 million in Q4, up 23%, driven by public finance and corporate issuance. -- Record $76 million in Q4, up 23...