My pick right now: 🥇 Google Super quarter. Cloud growth accelerated, Gemini monetisation is gaining traction, and Search remains a cash machine. Rare mix of growth + profitability + AI upside. US$400 is realistic if momentum holds. 🥈 Amazon AWS acceleration looks real. Anthropic tie-up + Trainium + enterprise AI demand give Amazon strong infrastructure leverage. 🥉 Meta I would buy dips, not exit. Core ads remain elite, but US$145B capex shocked markets. Risk is ROI timing, not business weakness. 4️⃣ Microsoft Still strong, but Azure expectations are very high. Team GOOG + AMZN for cleaner near-term risk/reward.

Short answer: not materially in the near term, but the moat may narrow at the edges over time. Why NVIDIA still leads: 1. CUDA remains the moat Software lock-in is powerful. Enterprises have built workflows around CUDA, cuDNN, NCCL and Nvidia’s full AI stack. Switching cost is very high. 2. Best-in-class full stack Google TPU and Amazon Trainium are strong, but mostly internal workload optimisers, not broad ecosystem platforms at Nvidia’s scale. 3. Inference is the battleground Custom silicon can win in narrow inference tasks where cost per token matters. That can chip away at some share. Where risk is real: hyperscalers reserve proprietary chips for their own fleets compression / quantisation lowers compute intensity competitor ecosystems mature Where Nvidia stays dominant: frontier model

My read: this looks more like a short-term shakeout than a clean trend reversal. Why: 1. The quarter was objectively strong SanDisk beat on revenue, EPS, and guidance. Datacentre revenue surged over 3x YoY, management signed multi-year supply agreements worth tens of billions, and announced a US$6B buyback. Fundamentally, that is not reversal behaviour.  2. Expectations became extreme After Seagate Technology reset sector expectations higher, the market priced perfection into SanDisk. Even a strong beat can disappoint when positioning is crowded. 3. AI storage thesis remains intact Enterprise SSD demand, NAND pricing power, and AI data-centre storage intensity are still trending up. This is a broad stack tailwind, not a one-company story.  Key level: US$1,000 Holds ~US$1,000: hea

Alphabet Inc. just delivered the kind of quarter that changes narrative, not merely numbers. My view: Why the market re-rated GOOG 1. Cloud acceleration is real Google Cloud grew 63% to ~US$20B, materially ahead of expectations, while backlog surged past US$460B. That signals demand visibility, not a one-quarter spike.  2. Gemini is monetising meaningfully Management highlighted 40% QoQ growth in Gemini Enterprise paid MAUs, and enterprise AI solutions are now Cloud’s primary growth driver. This is important because AI is shifting from cost centre to revenue engine.  3. Search remains a fortress Search revenue still grew 19%, easing fears that AI chat products would cannibalise Google’s core cash machine. That combination, legacy cash flow + new AI monetisation, is powerful. 

The bigger signal is not the hold, but the deep division inside the Federal Reserve. With a rare 8-4 split, the widest dissent since 1992, policy is becoming less predictable under incoming chair Kevin Warsh. Higher oil, sticky inflation, and geopolitical shocks make quick cuts harder.  My take: • Base case: higher-for-longer, mildly hawkish. That caps valuation expansion, especially for richly priced growth stocks. • Bull case: if inflation cools without recession, stable rates become supportive for equities, especially AI, industrials, and financials. • Bear case: if energy-driven inflation persists, markets may need to price out cuts or even consider hikes. Bottom line: New Fed leadership is more likely a volatility amplifier than an immediate liquidity catalyst. Stocks can still r

SNDK breaking US$1,000 is possible, but holding it depends on guidance, not just a beat. Bull case: • If AI storage demand remains strong, enterprise SSD pricing and margins can continue moving up. • LTAs / prepayments would confirm hyperscaler urgency and materially strengthen earnings visibility. • If management guides confidently, Street EPS revisions could continue higher. Risk: • Seagate Technology has raised expectations sharply. A simple beat may not be enough. • Any sign of weaker NAND pricing, softer capex discipline, or cautious guidance could trigger profit-taking. My take: Beat + strong guide = US$1,000 breaks and sticks. Beat only = spike, then fade. The conference call matters as much as the headline numbers.

GOOG’s beat looks more fundamental than sentiment-driven. Why: • Strong Google Cloud growth suggests enterprise AI spend is converting into real revenue, not just capex promises. • Search ads holding firm means Gemini is likely enhancing monetisation rather than cannibalising core search. • The sharp divergence versus Meta shows markets are rewarding visible AI ROI, not AI spending alone. Can Google hit US$5T? Yes, but execution matters. That requires sustained Cloud acceleration, Gemini enterprise adoption, and defending search economics against AI-native rivals. My view: US$4T is achievable first, US$5T is possible if Gemini becomes a durable earnings engine rather than a feature showcase.

My year-end base case for SNDK is US$1,300 to US$1,450, bull case US$1,600+ if LTAs and prepayments are confirmed. Why: • Seagate Technology’s EPS jump from $17.50 to $32 suggests Street models may still be underestimating storage cycle earnings power. • If SanDisk’s $48 cycle EPS is real, upside revisions toward $55 to $60 are possible on richer enterprise SSD mix and firmer pricing. • The key is LTA prepayments. If hyperscalers prepay to lock NAND supply, that signals structural tightness, boosts visibility, and supports a re-rating from $1,100 thinking toward $1,500+. Bottom line: Beat on earnings = good. LTA prepayments = narrative shift. That is the true catalyst.

1) Closing price (Friday): SGD 51 DBS Bank has been resilient on strong NIM, wealth inflows, and capital return appeal. Unless guidance disappoints sharply, downside may be cushioned. 2) Q1 net profit beat estimate? Yes, slight beat is my lean. Higher fee income and treasury contribution could offset some margin compression concerns. Key watchpoint: forward guidance. A beat with softer outlook can still pressure shares. A beat + confident FY guidance could push DBS higher.

Yes, but I would separate bounce from durable recovery. A dovish Federal Reserve signal would likely trigger an immediate relief rally in rate-sensitive tech, especially long-duration names like NVIDIA, Tesla and software multiples. Lower discount-rate expectations mechanically support valuations. The catch is supply-side inflation. If price pressures are being driven by energy, tariffs, labour tightness, or supply bottlenecks, the Federal Reserve has limited room to ease aggressively. That caps how far valuation expansion can run. What matters most is Powell’s tone: • Dovish pivot → sharp short squeeze / risk-on rally • Data-dependent neutral → brief bounce, fade risk • Sticky inflation concern → semis and high-PE AI names may see another leg lower My base case: tradable rebound, not full

My read: the clearest near-term margin conversion is likely from Microsoft, followed by Alphabet. 1) Microsoft (best positioned) Azure AI demand is already monetising via enterprise contracts, Copilot attach rates, and pricing power. High capex, yes, but operating leverage can emerge fastest if cloud growth re-accelerates. 2) Alphabet Strong case via both sides: Google Cloud} margin expansion + Search ad efficiency from AI-driven targeting. TPU vertical integration may also improve cost economics over time. 3) Meta Meta monetises AI quickest in ads through better engagement and ARPU, but Reality Labs drag still clouds group margin optics. 4) Amazon Amazon has huge upside if AWS AI workloads inflect sharply, though depreciation from heavy infra build may delay visible margin lift. 5) Apple

NVIDIA can hold the narrative, but the bar is now extremely high. Three things must happen for $300 this year to be credible: 1. Big Tech capex beats again If Microsoft, Amazon, Alphabet and Meta all raise AI infrastructure guidance, NVDA’s backlog story strengthens materially. 2. Margins stay elite At $5T+, the market is paying for continued scarcity economics, not normal semiconductor margins. 3. Competition remains edge pressure, not core pressure Advanced Micro Devices, Google TPU and custom silicon can nibble at the edges, but hyperscaler demand is still expanding fast enough for NVDA to dominate the core. My view: Base case: $240 to $270 Bull case: $300+ if capex guides sharply higher and Blackwell supply ramps cleanly. Bear case: sell-the-news if hyperscaler spend merely meets lofty

Alphabet at $400 this year is plausible, but earnings must validate three things: 1. Cloud acceleration: If Google Cloud sustains ~high-30s to 40%+ growth, the market will reward it with a higher multiple. 2. TPU monetisation: TPU 8t/8i is strategically strong. Google is now attacking both training + inference, with better performance-per-dollar and lower latency, directly strengthening its AI moat.  3. Ad resilience: Core Search margins still fund everything. If AI Overviews lift engagement without hurting monetisation, upside remains open. My view: Base case: $360 to $390. Bull case: breaks $400. Risk is classic sell-the-news, especially after a fresh ATH, if Cloud growth merely meets expectations. Still, among mega caps, Google may have one of the cleanest AI full-stack stories: ch

META likely converts first. Its AI spend already feeds ad targeting, Reels ranking and ARPU, so margin uplift can appear faster without waiting for enterprise AI adoption. MSFT is second: Azure demand is strong, but Copilot monetisation must prove scale. GCP may show the fastest growth, but Google faces Search disruption and capex scrutiny. AWS remains profitable, yet AMZN’s AI ROI may look more like capacity investment than near-term margin expansion. AAPL is the weakest AI scorecard: supply chain, iPhone demand and succession uncertainty matter more than AI capex ROI for now. My ranking: META > MSFT > GOOGL > AMZN > AAPL. The market will reward not the biggest AI spend, but the cleanest evidence that AI is improving margins now.

NVIDIA at US$5T is still powerful, but risk/reward is more balanced. At ~20x CY27, execution must stay near flawless: Blackwell ramp, Rubin timing, and inference demand scaling. Upside remains, but multiple expansion is harder from here. Next likely challengers: • Advanced Micro Devices if MI-series keeps winning share • Broadcom via custom AI chips • Micron Technology if HBM remains tight • Alphabet if TPU becomes a cloud moat 70% to 60% AI share? Likely 2027 to 2028. CUDA lock-in, software moat, and ecosystem depth still protect NVDA. Share erosion should be gradual, not sudden.

Palantir Technologies falling 7% looks more like a healthy reset than a confirmed trend reversal, but the next earnings print is crucial. Here is the core debate: 1. Expectations are extremely high PLTR is priced for repeated beats. A mere beat may not be enough. It likely needs strong upside plus raised guidance. 2. Valuation is stretched At current multiples, even small cracks in growth, margin, or commercial deal velocity can trigger sharp de-rating. 3. Fundamentals still look intact Government contracts, enterprise AI deployment, and sticky software economics remain supportive. This is not the same as a weak cyclical software name. 4. Technical setup A 7% flush after a sharp run can reset sentiment, shake out weak hands, and create a healthier base, assuming support holds and buyers re

Intel’s turnaround looks increasingly real, but US$100 is ambitious. It is achievable if execution stays strong, AI server CPU demand expands, and margins continue recovering. That said, much optimism is already priced in, so further upside needs clear earnings beats. On CPU vs Memory, I would not call it a replacement cycle. CPUs are becoming critical as the “brains” for AI orchestration and inference, while memory, especially HBM/DRAM, remains the bandwidth backbone. Both can run, but leadership may rotate. My pick: • Near term momentum: CPU • Higher upside torque: Memory • Safer long-term compounder: CPU Intel at a new ATH? Possible. Intel above US$100? Possible, but execution must be near flawless.

Tesla, Inc. beat, but durability is the question. • 19.2% margin: If helped by one-offs, it is unlikely to be a clean run-rate. Sustainable upside needs lower production costs and higher software contribution, not temporary boosts. • 50K inventory: Broad price cuts may lift deliveries, but hurt margins. More stock-friendly is selective incentives, financing deals, and export balancing while holding headline pricing firm. • H2 catalyst: Robotaxi > new vehicle launches. New models help volume, but Robotaxi could re-rate Tesla as an AI/autonomy platform, which changes valuation entirely. My view: Near-term, watch inventory and margin quality. Long-term, Robotaxi remains the bigger upside driver, if execution is real.

Palantir Technologies is at an interesting junction. Fundamentally, the setup still looks strong. Its last quarter delivered ~70% revenue growth, commercial momentum remained powerful, and fresh government wins such as a new USDA agreement reinforce backlog visibility.  The concern is valuation. PLTR still trades at a very rich multiple, so even strong execution may already be partly priced in. That makes the stock vulnerable when software sentiment weakens, especially if recent rallies were driven by short covering rather than durable institutional buying. Can PLTR beat again? Yes. History suggests it often does. The bigger question is whether guidance meaningfully rises enough to justify the premium. My read: • If earnings beat + guidance raised → sharp rebound likely • Beat, but ca

$Intel(INTC)$  Intel posting its strongest profitability metrics in years is meaningful because it suggests more than a temporary beat. If CPU scarcity is real and product competitiveness is improving, sentiment could shift sharply. Can Intel reach $100 this year? Possible, but demanding. That would require: • sustained margin expansion • clear server CPU share recovery • foundry execution improving credibility • no major competitive reset from Advanced Micro Devices or ARM-based challengers Stocks that could benefit from a CPU revival: • Micron Technology, stronger DRAM/HBM attach rates • Samsung Electronics, memory demand uplift • Taiwan Semiconductor Manufacturing Company, broader semiconductor capex tailwind • Dell Technologies and HP Inc