5 Things to Know in Investing This Week - The It Just Doesn’t Matter Issue

Trump Helps/Hurts/Muddles PSKY Effort, Illustrating Ellison Antitrust Paradox

President Trump has said that the ownership of CNN must change, a potential sign that he is likely to instruct his DOJ to block the proposed NFLX purchase of WBD, as CNN is not part of the deal, while it would be part of a PSKY deal. In this quick note, we discuss how that comment illustrates the Ellison Antitrust Paradox we wrote about earlier this week.

Bible 3Q25 – Hyperscale & Cloud: 2026 capex expectations up another 17%, positive initial cue on 2027

Today, we are publishing the Hyperscale & Cloud section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. We will publish sections on Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Hyperscale revenues grew 16% YoY, with cloud services up nearly 30%. Capacity constraints are building up across compute, memory, networking, optics, final assembly & testing, and set t...

Thematic - 2026 Outlook - "5 More Years" (55pgs)

For access to the full note, please contact Naresh Chouhan ( ) With EU Pharma (ex-Novo) now having reached decade high valuations vs EuroStoxx600, we believe the sector has broken out & the sustainability of the growth profile will now generate continued strong performance. Consensus 5yr sales & EPS CAGR’s stand at 4% & 7% for 15x 2026 PE. We show there is upside to this from underestimated pipelines where cons. rarely fully models “monster” drugs & from M&A which we expect to be strong at JPM in Jan. We screen for ~50 potential takeout targets. We do however caution that 1) Mid-Jan to late F...