Meta Platforms (META) suffered a setback late last week when it reported delays in the launch of its new foundational AI model, Avocado. According to reports, the company’s AI model underperforms leading competitors like Alphabet’s (GOOGL) Google, OpenAI, and Anthropic across multiple benchmarks, including writing, coding, and reasoning. Despite showing great improvements over its previous versions, Meta believes the model is not worthy of a launch right now. Meta Platforms said that it will need at least until May to launch Avocado. This is disappointing for META stock shareholders, as Meta was projected to spend $135 billion on AI investments in 2026, almost twice what it spent in 2025. The company also has a history of big failures, with its metaverse project registering more than $70 billion in operating losses. Having said that, this is a price worth paying when a company has the ambition of leading today’s open source AI developments. In the coming days, analysts will react to the impact of Meta's AI investments, and the company will need to compensate for the delays somewhere, bringing more clarity for shareholders. About Meta Platforms Stock Meta Platforms is the owner of popular social platforms like Facebook, Instagram, and WhatsApp. The company offers highly targeted advertising capabilities to businesses, based mainly on data collected from the billions of users that use its apps every day. Meta Platforms is headquartered in Menlo Park, California. META stock had a volatile 2025, and it has only returned 3% over the last 12 months. The stock has suffered mainly due to the uncertainty surrounding its AI investments, despite the fact that it was one of the few companies that had a measurable return on investment (ROI) on its AI investments in the early part of the AI revolution. The Avocado debacle shows why investors may be hesitant to back Meta’s AI bets, even when the company is in a strong financial position to do so. Wall Street has often criticized M...

The U.S. Securities and Exchange Commission issued an interpretation that clarifies how federal securities laws apply to certain crypto assets and transactions involving crypto, the regulator said on Tuesday. The Commodity Futures Trading Commission joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the SEC's view. "This interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws," said SEC Chairman Paul S. Atkins in a statement. "It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end." The new interpretation reversed the view of the Biden administration's SEC that most crypto assets are securities. SEC Chair Gary Gensler, Atkins' predecessor, has said that most crypto doesn't pass the Howey test, which determines an investment contract. That test says an asset that involves an investment of money in a common enterprise, with an expectation of profit resulting from the effort of others, qualifies the asset as an investment contract. The document is intended to serve as a bridge for entrepreneurs and investors as Congress strives to advance bipartisan market structure legislation, he added. The commission's interpretation: Provides a token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Addresses how a "non-security crypto asset" may become subject to, and how it may cease to be subject to, an investment contract. Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset. The document will be published on SEC.gov and in the Federal Register. The interpretation illustrates the Trump administration's lighter ...

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In trading on Tuesday, shares of Niq Global Intelligence plc Ordinary Shares (Symbol: NIQ) entered into oversold territory, hitting an RSI reading of 29.3, after changing hands as low as $11.16 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 41.5. A bullish investor could look at NIQ's 29.3 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of NIQ shares: Looking at the chart above, NIQ's low point in its 52 week range is $10.29 per share, with $20.39 as the 52 week high point — that compares with a last trade of $11.23. Find out what 9 other oversold stocks you need to know about » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In trading on Tuesday, shares of Inspire Medical Systems Inc (Symbol: INSP) entered into oversold territory, hitting an RSI reading of 29.2, after changing hands as low as $54.82 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 41.5. A bullish investor could look at INSP's 29.2 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of INSP shares: Looking at the chart above, INSP's low point in its 52 week range is $53.11 per share, with $172.95 as the 52 week high point — that compares with a last trade of $55.15. Find out what 9 other oversold stocks you need to know about » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.25%, the Dow Jones Industrial Average ($DOWI) (DIA) closed up +0.10%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.51%. March E-mini S&P futures (ESH26) rose +0.26%, and March E-mini Nasdaq futures (NQH26) rose +0.52%. Stocks finished higher on Tuesday amid strength in chipmakers and travel stocks. Also, lower bond yields were supportive of stocks, as the 10-year T-note yield fell -2 bp to 4.20% after the ADP weekly employment change for the four weeks ended February 28 increased by +9,000, the smallest increase in five weeks, a sign of a slowdown in hiring by US employers. Stocks also found some support after Tuesday’s report showed US Feb pending home sales unexpectedly rose +1.8% m/m, stronger than expectations of a -0.6% m/m decline. Stocks were undercut on Tuesday as crude oil prices rose after Iran renewed attacks on key energy infrastructure in the Middle East. WTI crude oil (CLJ26) rose more than +2% on Tuesday after operations were suspended at the Shah gas field in the United Arab Emirates (UAE), while Iranian drones and missiles also targeted an Iraqi oil field. Also, crude loadings from the UAE’s port at Fujairah were halted again after Iranian drone attacks. The war with Iran is in its eighteenth day with no end in sight. Late Monday, President Trump said he will delay his summit later this month with Chinese President Xi Jinping in China until early May, saying it was important for him to remain in Washington to oversee the military operations against Iran. Meanwhile, Mr. Trump renewed calls for other nations to help secure the Strait of Hormuz and threatened to expand strikes to Iranian oil infrastructure if Iran keeps up attacks on other Persian Gulf energy producers. Crude oil prices remain high despite attempts to boost global supplies. The IEA last Wednesday released 400 million barrels from emergency oil stockpiles and said the war against Iran is disrupting 7.5% of global oil supply, ...

bfk92/E+ via Getty Images Euroseas ( ESEA ) said post-market Tuesday it signed a contract for the construction of two specialized 2,800 TEU, high-reefer containerships to be built at Huanghai Shipbuilding in China for a combined $92.7M. The vessels are scheduled to be delivered in June and August 2028, and the newbuilding contract provides Euroseas ( ESEA ) with the option to order up to four additional vessels of similar size, with high reefer plugs or conventional, within a short period of time. "With the outlook of the global refrigerated container shipping market remaining quite positive and the limited availability of modern vessels with significant reefer capacity, we believe that this measured diversification into the specialized high-reefer segment creates an attractive opportunity within this niche market," Chairman and CEO Aristides Pittas said. After the delivery of four intermediate and two feeder containership newbuildings in 2027 and 2028, respectively, Euroseas's ( ESEA ) fleet will comprise 27 vessels with a total carrying capacity of 84,676 TEU. More on Euroseas Euroseas: Still Deeply Undervalued Despite Cycle Concerns Euroseas: Gap Between Contract Earnings And Spot Valuation Euroseas Q4 2025 Earnings Call Presentation

In trading on Tuesday, shares of Comstock Holding Companies, Inc (Symbol: CHCI) crossed above their 200 day moving average of $12.95, changing hands as high as $14.60 per share. Comstock Holding Companies, Inc shares are currently trading up about 21.5% on the day. The chart below shows the one year performance of CHCI shares, versus its 200 day moving average: Looking at the chart above, CHCI's low point in its 52 week range is $6.41 per share, with $18.99 as the 52 week high point — that compares with a last trade of $14.31. Click here to find out which 9 other stocks recently crossed above their 200 day moving average » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Taiwan Semiconductor Manufacturing (NYSE:TSM) Share Performance And Valuation Debate Kalkine Media

Qualcomm Inc. stock outperforms competitors on strong trading day MarketWatch

Aryna Sabalenka says she may never return to compete at the Dubai Tennis Championships after she and Iga Swiatek were harshly criticised by the tournament director for their withdrawals from the tournament last month. “I think it’s ridiculous,” Sabalenka said during her pre-tournament press conference at the Miami Open. “I don’t think he showed himself in the best way possible. For me it’s actually so sad to see that the tournament directors and the tournaments are not protecting us as a player. They just care about their sellings, about their tournament and that’s it. His comment was ridiculous. I’m not sure if I ever want to go there after his comment. For me it’s too much.” After the top two players withdrew from the tournament shortly before it began, the tournament director Salah Tahlak argued that top players should receive stronger penalties for last-minute withdrawals from events, including ranking points deductions. “I think there should be a harsher punishment on the players, not just fines, they should be docked ranking points.” In her press conference on Tuesday at the Miami Open, however, the women’s No 1 said her decision not to compete in February was based on her determination to remain physically and mentally sound in a “crazy” tennis schedule. Sabalenka opted not to compete at all in February, withdrawing from both the Dubai and Doha WTA 1000 events, both of which took place before the US-Israel war on Iran and the subsequent crisis in the region. Sabalenka’s decision paid off last week as she won the Indian Wells title for the first time in her career. “Going into this season, we decided we were going to prioritise my health and make sure that we have these little gaps in the schedule where I can just reset, recharge, work and be better prepared for bigger tournaments. I feel like scheduling is going crazy and I feel like that’s why you see so many players are injured, always taped and not delivering the best quality matches because it’s almost im...

Seeking Alpha More on DocuSign Docusign: Earnings Preview For An Anti-Bubble Poster Child Docusign: It's Not The E-Signatures, It's The Integrations (And I'm Buying) Docusign: We Should See Growth Acceleration Soon Docusign ticks up after Q4 results and outlook surpass estimates DocuSign Non-GAAP EPS of $1.01 beats by $0.06, revenue of $836.86M beats by $8.64M

UBS AG (AMUB) Trigger Autocallable Notes linked to AMD due 2029 Stock Titan

Key Points First Majestic Silver is a precious metals company tilted toward silver production. The company states that it is "leveraging high silver prices," but that probably won’t have much impact on the stock price. 10 stocks we like better than First Majestic Silver › Shares of First Majestic Silver (NYSE: AG) have risen by more than 230% over the past year, but are also down nearly 30% from their 52-week high. That's an important dichotomy to consider as you examine this precious metals miner. In three years, the company will likely be better positioned as a business, but that doesn't mean the stock will be an attractive investment. Silver is First Majestic Silver's big story First Majestic Silver is very clear that it is the precious metals miner with the most exposure to silver. The metal accounted for around 58% of revenues in 2025, with all precious metals totaling 90% of revenues. Silver accounts for more of the company's top-line than it does for any of its closest precious metals peers. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » First Majestic Silver's exposure to silver has been a big positive for the stock over the past year, as the metal's price has skyrocketed. In fact, the price of silver has risen even more dramatically than the price of gold. That is a double edge sword, however, because silver has also fallen more dramatically as investor enthusiasm for precious metals has cooled off. It is fairly normal for silver to be more volatile than gold over time. That's the industry backdrop you need to keep in mind as you consider where First Majestic Silver's stock will be in three years. First Majestic is "leveraging high silver prices" To the company's credit, it is attempting to capitalize on high silver prices. And it is rewarding shareholders, as well. For example, it is in...

Fidji Simo, CEO of Instacart Inc., speaks during an interview in San Francisco, March 3, 2022. David Paul Morris | Bloomberg | Getty Images OpenAI is focusing employee and investor attention on its enterprise business as the artificial intelligence startup gears up to go public, potentially by the end of the year, CNBC has learned. Fidji Simo , OpenAI's CEO of Applications, held an all-hands meeting with staffers last week and said the company is committed to helping businesses, and is "orienting aggressively" towards high-productivity use cases. OpenAI kickstarted the generative AI boom with the launch of ChatGPT in 2022, and the chatbot now supports more than 900 million weekly active users. But the company is still racing to grab market share, particularly in the enterprise, away from rivals like Google and Anthropic , which is also weighing an IPO. "Our opportunity now is to take those 900 million users and turn them into high-compute users," Simo said, according to a partial transcript of the meeting reviewed by CNBC. "We'll do that by transforming ChatGPT into a productivity tool." The Wall Street Journal was first to report the all-hands meeting. OpenAI's IPO could land as soon as the fourth quarter of this year, according to a person familiar with the matter. The exact timing is still subject to change, said the person, who asked not to be named because the details are confidential. CFO Sarah Friar is building out OpenAI's finance team ahead of a market debut, hiring Ajmere Dale, the former chief accounting officer at Block, and Cynthia Gaylor, the former CFO of DocuSign , earlier this year. Gaylor will oversee investor relations as part of her role, according to a LinkedIn post . In December, OpenAI declared a "code red" effort to improve ChatGPT in the face of increasingly stiff competition from Google and Anthropic. The company temporarily pulled back on other investments in areas like health, shopping and advertising. Simo said during the March all-hands...

Drew and Jonathan Scott, the twin brothers and stars of HGTV’s "Property Brothers," comment on Paramount Skydance reaching a deal in to acquire Warner Bros. Discover. (Source: Bloomberg)

NVIDIA Rally? The Market Hasn’t Seen Anything Yet MarketBeat

primeimages/iStock via Getty Images Markets are settling into a cautious holding pattern as Middle East tensions continue to roil global energy prices, with investors widely expecting the Federal Reserve to hold steady on interest rates. Seeking Alpha analyst Andrew Hecht noted that “markets are in a wait-and-see mode as the hostilities in the Middle East and Iran’s strategy to broaden the regional war with economic consequences continue.” According to Hecht, “Crude oil prices ( CL1:COM ), ( CO1:COM ), trading around the $100-per-barrel pivot point, have become the barometer for markets across all asset classes.” The analyst emphasized that “markets continue to face highly uncertain economic and geopolitical landscapes in mid-March 2026.” Given these conditions, Hecht said the “Fed is likely to leave the Fed Funds Rate unchanged at tomorrow’s FOMC meeting.” He warned investors to “expect volatility in markets until the dust clears and some degree of certainty returns,” adding they should “approach new risk positions with a clear, well-defined plan for risk-reward dynamics.” Charlie Bilello, chief market strategist at Creative Planning, echoed the rate expectations, stating the Fed will hold “interest rates steady at 3.50-3.75%.” According to the strategist, the central bank “needs to see further downward progress on inflation before cutting again.” The ripple effects of elevated oil prices are already working through the economy, according to Joseph Brusuelas, principal and chief economist at RSM US. “With diesel costs surpassing $5 per gallon, that will result in those costs being passed along downstream,” he said. The economist warned that rising transportation costs “will show up in food prices in the near term,” urging that “it is important that the American public be prepared for the second round of the price shock that is working its way through the economy.” More on the markets This Week's Dichotomy/Bifocals Needed - Weekly Blog # 932 Monetary Policy Rules Su...

格隆汇3月18日｜俄罗斯国家原子能公司谴责针对伊朗布舍尔核电站园区的袭击，呼吁局势降级。

Aegea Saneamento e Participacoes SA shareholder Itausa SA said it expects the sanitation company to fetch a valuation above its current 40.5 billion reais ($7.8 billion) as it prepares for an initial public offering in coming months. “We believe the company is worth more than that,” Itausa Chief Financial Officer Priscila Grecco said Tuesday in an interview, after the conglomerate reported fourth-quarter results . Itausa, one of Brazil’s biggest investment holdings with a portfolio valued at 209.9 billion reais ($40.4 billion) at year-end, counts members of the Setubal and Villela families as controlling shareholders. It owns about 13% of Aegea, which could go public by early June, Itausa Chief Executive Officer Alfredo Setubal said earlier Tuesday. Grecco also said that Aegea is considering buying a stake in state-controlled water utility Cia de Saneamento de Minas Gerais , known as Copasa, calling it an “interesting asset.” Itausa owns a controlling stake in Itau Unibanco Holding SA , Brazil’s biggest bank, which paid record dividends last year as its shares surged 45%. That, in turn, boosted payouts for Itausa shareholders. Read More: Brazil Utility’s Privatization Gains Interest From Several Firms The conglomerate also owns stakes in footwear maker Alpargatas SA , known for its famed Havaianas sandals, as well as industrial and energy businesses. With borrowing costs high in Brazil, Itausa has no immediate plans for new investments, Grecco said, even though it keeps analyzing opportunities. “We want to see interest rates that make new investments viable,” she said.

曾力挺美國總統特朗普的，國家反恐中心主任肯特，成為首位抗議美軍打擊伊朗，繼而辭職的美國高級官員。他認為伊朗沒有對美國，構成即時威脅，無法違背良心去支持戰爭，特朗普強調伊朗是威脅，又稱肯特表現軟弱，離職可能是好事。 美國國家反恐中心主任肯特，周二在社交網站公開辭職信，稱在深思熟慮決定辭職，即日生效，外界視他是自上月底，美國及以色列聯手打擊伊朗後，首位不滿特朗普政府開戰，繼而辭職的美國高層官員。 45歲的肯特在辭職信中提到，本來支持總統特朗普，首個任期政策實施的方針，打敗極端組織「伊斯蘭國」，他相信特朗普明白到，中東戰爭只是一場陷阱，奪走愛國者的生命，耗盡國家財富及繁榮。 肯特提到特朗普重返白宮後，以色列高層官員，與美國媒體具影響力人士，發動錯誤資訊宣傳，不僅徹底削弱「美國優先」政策，並散播支持戰爭的情緒，以鼓動美國對伊朗開戰。肯特強調，伊朗對美國沒有構成即時威脅，他無法違背良心去支持這場戰爭，美國發動戰爭的原因，只是受到以色列，及強大遊說力量施壓所致。肯特促請特朗普反思，美國在伊朗所做一切，以及是為誰而戰，並且採取果斷行動，為國家開創新道路。 肯特曾在軍隊服役20年，11次到前線作戰，2018年退役後，一度加入中情局，他的第一任妻子香農，曾任海軍密碼技術員，2019年在敘利亞工作期間，遇到自殺式襲擊身亡。 特朗普周二在白宮見記者，認為肯特辭職可能是好事，他說：「當我看到他(肯特)的聲明，我認為他離辭是好事，他稱伊朗不是威脅，伊朗就是威脅，每個國家意識到伊朗是威脅。」 特朗普又稱，他認為肯特是好人，但在安全問題的表現很軟弱。

美国商品期货交易委员会发布说明，为非托管加密货币钱包提供商开展交易业务提供明确指引。(智通财经) 免责声明： 风险提示：本文内容仅供参考，不代表同花顺观点。同花顺各类信息服务基于人工智能算法，如有出入请以证监会指定上市公司信息披露平台为准。如有投资者据此操作，风险自担，同花顺对此不承担任何责任。

Boyd Gaming currently trades at $81.18 per share and has shown little upside over the past six months, posting a small loss of 2%. Is there a buying opportunity in Boyd Gaming, or does it present a risk to your portfolio? Get the full stock story straight from our expert analysts, it’s free. Why Do We Think Boyd Gaming Will Underperform? We're cautious about Boyd Gaming. Here are three reasons we avoid BYD and a stock we'd rather own. 1. Long-Term Revenue Growth Disappoints Examining a company’s long-term performance can provide clues about its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Boyd Gaming grew its sales at a 13.4% compounded annual growth rate. Although this growth is acceptable on an absolute basis, it fell short of our standards for the consumer discretionary sector, which enjoys a number of secular tailwinds. Boyd Gaming Quarterly Revenue 2. Cash Flow Margin Set to Decline Free cash flow isn't a prominently featured metric in company financials and earnings releases, but we think it's telling because it accounts for all operating and capital expenses, making it tough to manipulate. Cash is king. Over the next year, analysts predict Boyd Gaming’s cash conversion will fall. Their consensus estimates imply its free cash flow margin of 9.5% for the last 12 months will decrease to 6.9%. 3. New Investments Fail to Bear Fruit as ROIC Declines ROIC, or return on invested capital, is a metric showing how much operating profit a company generates relative to the money it has raised (debt and equity). We like to invest in businesses with high returns, but the trend in a company’s ROIC is what often surprises the market and moves the stock price. Over the last few years, Boyd Gaming’s ROIC has unfortunately decreased significantly. Paired with its already low returns, these declines suggest its profitable growth opportunities are few and far between. Final Judgment We see the value o...

Oklo press release ( OKLO ): FY GAAP EPS of -$0.72 misses by $0.10 . For the years ended December 31, 2025 and 2024, the company's total operating expenses were $139.3 million and $52.8 million, respectively. The company expects its total cash used in operating expenses for 2026 to be in the range of $80 million to $100 million and its total cash used in investing activities to be in the range of $350 million to $450 million. Shares -1.54% AH. More on Oklo Oklo Q4 Earnings Preview: Fairly Valued, Earnings Still Far Out Oklo: Priced Beyond Perfection Despite Capital Intensity And Fuel Constraints Oklo: High Expectations, Limited Near-Term Fundamentals Oklo wins first NRC license approval and DoE OK for Aurora nuclear safety design Oklo Q4 earnings on deck: What to expect

François Poirier, CEO of TC Energy, says the Canadian pipeline and energy firm could invest billions of more dollars in the US. He talks about the importance of having energy flow freely between the US and Canada. He speaks on Bloomberg The Close. (Source: Bloomberg)

格隆汇3月18日｜议程显示，委内瑞拉反对派领导人马查多将于下周参加在休斯敦举行的CERAWeek会议。

In trading on Tuesday, shares of Consolidated Water Co Ltd (Symbol: CWCO) crossed below their 200 day moving average of $33.66, changing hands as low as $30.55 per share. Consolidated Water Co Ltd shares are currently trading down about 8.4% on the day. The chart below shows the one year performance of CWCO shares, versus its 200 day moving average: Looking at the chart above, CWCO's low point in its 52 week range is $22.69 per share, with $39.12 as the 52 week high point — that compares with a last trade of $31.37. Click here to find out which 9 other energy stocks recently crossed below their 200 day moving average » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In trading on Tuesday, shares of Mesa Laboratories, Inc. (Symbol: MLAB) crossed above their 200 day moving average of $80.00, changing hands as high as $83.34 per share. Mesa Laboratories, Inc. shares are currently trading up about 4.5% on the day. The chart below shows the one year performance of MLAB shares, versus its 200 day moving average: Looking at the chart above, MLAB's low point in its 52 week range is $55.45 per share, with $131.20 as the 52 week high point — that compares with a last trade of $82.00. Click here to find out which 9 other stocks recently crossed above their 200 day moving average » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

adventtr/iStock via Getty Images This is my first coverage of Applied Materials ( AMAT ). In this article, I will analyze their business model, how their recent partnerships and advances in technology will impact their moat, their recent Q1 2026 results, and valuation. Due to a strong moat and projected growth, I am issuing a ''Strong Buy'' rating. Introduction For those unfamiliar with the company, Applied Materials is one of the largest producers of semiconductor manufacturing equipment. To be more specific, their areas of expertise are deposition, etching, metrology, and inspection. This is becoming more complex as the transistor size is becoming smaller, which, in my opinion, expands their moat and consequently their margin. To understand their moat, one must understand their peers, specifically ASML ( ASML ) and Lam Research ( LRCX ), and how they share the semiconductor manufacturing market. Comparison with ASML, Lam Research, and Moat In my opinion, understanding the competitors is the first step to determining Applied Materials' moat. Without recognizing the strong moat that they have, the current PE multiple would be too expensive to justify my ''Strong Buy'' recommendation. Let’s start with ASML. The company is the largest semiconductor equipment supplier in the world, but they are not a competitor. ASML deals with lithography, while Applied Materials’ machinery specializes in material deposition and etching, making them natural partners. Currently, there is no evidence that ASML is diversifying into AMAT’s area of expertise. I would argue that the opposite is true, as transistor sizes get even smaller, there is a need to move to Gate-All-Around architectures, which are actually much more difficult to manufacture, requiring additional complexity in deposition and etching machinery. This will, in my opinion, increase the collaboration between the companies and further increase the moat Applied Materials has. I believe margins will follow. I will not go into...