To The Moon

Hi Tigers~[Happy]

On Wednesday's close(ET) , U.S. equity markets finished with mixed performance, $S&P 500(.SPX)$ ended essentially flat, edging down less than 0.1%. $Dow Jones(.DJI)$ ticked up modestly by around 0.02%. $NASDAQ(.IXIC)$ posted a small gain of around 0.2%. According to statistical analysis of TradingView data, 29 companies of the S&P 500 with market capitalizations exceeding 20 billion USD hit all-time highs.

Overview of Market Drivers:

• Federal Reserve Holds Rates Steady: The Federal Reserve’s FOMC decision kept the federal funds rate in the 3.50%–3.75% range, pausing further reductions after several cuts in 2025. This was largely expected by markets and resulted in relatively subdued trading. Commentary from officials emphasized uncertainty on the path of future cuts.

• Tech Earnings and Financial Leadership: Investors remained focused on earnings from major technology companies (“Magnificent Seven”) as a key near‑term driver of sentiment. Strong results or outlooks from these large cap firms have underpinned market resiliency despite mixed sector performance.

• Sector Divergence & Commodities Rally: While equity performance was muted, commodities such as gold, copper, and silver rallied sharply, hitting record highs amid a softer U.S. dollar and safe‑haven demand. Precious metals strength reflected broader macro uncertainty and dollar weakness narratives.

• Dollar and Bond Market Dynamics: The U.S. dollar showed some volatility, trading significantly weaker at times, a factor that bolstered commodity prices and impacted currency‑sensitive sectors. Treasury yields also played into market psychology, with bond markets adjusting to the Fed’s policy pause and inflation expectations.

Data Breakdown:

• 17 companies posted year-over-year EPS growth exceeding 30%: $Monolithic Power(MPWR)$ $Western Digital(WDC)$ $Micron Technology(MU)$ $Bloom Energy Corp(BE)$ $Johnson & Johnson(JNJ)$ $Comfort Systems USA(FIX)$ $C.H. Robinson(CHRW)$ $Royal(RGLD)$ $Seagate Technology PLC(STX)$ $Lam Research(LRCX)$ $Technipfmc Plc(FTI)$ $KLA-Tencor(KLAC)$ $AST SpaceMobile, Inc.(ASTS)$ $Nu Holdings Ltd.(NU)$ $RTX Corp(RTX)$ $Keysight(KEYS)$ $Analog Devices(ADI)$

• 4 companies with negative EPS growth: $SanDisk Corp.(SNDK)$ $Williams(WMB)$ $Exxon Mobil(XOM)$ $Teradyne(TER)$ $Newmont Mining(NEM)$ $Medline Inc(MDLN)$ $COHERENT(COHR)$

In this article, we will specifically break down the key drivers behind the record highs of the top 10 companies by market capitalization.

Note from Tiger: Information and data are sourced from public markets. Views are for discussion and reference only and do not constitute investment advice.

The following is a compilation of key drivers behind the record-high stock prices of the top 10 companies, based on publicly available information. This is for discussion purposes only.

1. $Exxon Mobil(XOM)$

Core Business: Exxon Mobil is a global integrated energy giant operating through four segments: Upstream (oil and gas exploration/production), Energy Products (fuels and aromatics), Chemical Products (petrochemicals like olefins and polyolefins), and Specialty Products (lubricants, waxes, and elastomers under the Exxon, Esso, and Mobil brands).

Financial Highlights: In Q4 2025, Exxon Mobil reported revenue of $79.3 billion, net income of $8.2 billion ($1.85 EPS, adjusted $1.78 EPS beating estimates), generated $13.1 billion in operating cash flow, maintained production of 4.5 million barrels of oil equivalent per day, and distributed $9.5 billion to shareholders through dividends and buybacks, while full-year 2025 earnings reached $34.1 billion with $38 billion returned to shareholders.

2. $Johnson & Johnson(JNJ)$

Core Business: Johnson & Johnson (JNJ) is a leading healthcare company that operates in three key segments: Pharmaceuticals, Medical Devices, and Consumer Health. Its pharmaceutical division focuses on areas like oncology, immunology, and neuroscience. The medical devices segment provides products for surgery, orthopaedics, and vision care, while the consumer health segment offers well-known brands in skincare, baby care, and over-the-counter products.

Financial Highlights: In Q4 2025, Johnson & Johnson reported revenue of $23.7 billion, reflecting a 6% increase compared to the same quarter in the previous year. The pharmaceutical division led growth, with sales of $13.2 billion driven by strong demand for immunology and oncology treatments. The medical devices segment grew by 4%, while the consumer health division saw a modest increase of 2%. Adjusted earnings per share for the quarter were $2.58, beating analyst expectations. For the full fiscal year, JNJ raised its outlook, anticipating continued strong performance across its key business areas.

3. $Micron Technology(MU)$

Core Business: Micron Technology is a leading semiconductor company founded in 1978, designing and manufacturing memory and storage products including DRAM, high-bandwidth memory, NAND flash, and solid-state drives through four business units: Cloud Memory, Core Data Center, Mobile and Client, and Automotive and Embedded. The company markets products under the Micron and Crucial brands, serving data center, PC, mobile, automotive, and industrial markets globally.

Recent Financial Highlights: In FY2025 (ended August 2025), Micron reported $37.4 billion in revenue (up 56.7% YoY), $8.5 billion in net income ($7.59 EPS), $17.5 billion in operating cash flow, and $1.7 billion in free cash flow, achieving a significant turnaround from the prior year's loss while maintaining $9.6 billion in cash and trading at ~41x trailing earnings with a 0.11% dividend yield.

4. $Lam Research(LRCX)$

Core Business: Lam Research Corporation, founded in 1980 and headquartered in Fremont, California, designs, manufactures, and services semiconductor processing equipment used in fabricating integrated circuits. The company offers deposition systems (ALTUS, SABRE, SPEED, Striker, VECTOR), etch products (Flex, Vantex, Kiyo, Syndion, Versys), and cleaning solutions (Coronus, Da Vinci) for wafer processing, serving chipmakers globally across the United States, China, Korea, Taiwan, Japan, and Europe.

Recent Financial Highlights: In FY2025 (ended June 2025), Lam Research generated $18.4 billion in revenue (up 23.7% YoY), $5.4 billion in net income ($4.15 EPS), $6.2 billion in operating cash flow, and $5.4 billion in free cash flow, while returning $4.6 billion to shareholders through $3.4 billion in share repurchases and $1.1 billion in dividends, trading at ~49x trailing earnings with a 0.43% dividend yield and maintaining $6.4 billion in cash.

5. $RTX Corp(RTX)$

Core Business: RTX Corporation is a leading aerospace and defense company formed from the merger of Raytheon and United Technologies, operating through three segments: Collins Aerospace (aerospace systems, cabin interiors, and aftermarket services), Pratt & Whitney (commercial and military aircraft engines), and Raytheon (defense systems, missile defense, and cybersecurity solutions).

Financial Highlights: Q4 2025 reported revenue of $21.3 billion, net income of $1.4 billion ($1.05 EPS, adjusted $1.32 EPS beating estimates), generated $3.1 billion in operating cash flow, achieved 10% organic sales growth with strong demand in defense and commercial aerospace, and raised full-year 2026 guidance while maintaining a $192 billion backlog.

6. $Applied Materials(AMAT)$

Core Business: Applied Materials is the world's largest semiconductor equipment company founded in 1967, providing materials engineering solutions through two segments: Semiconductor Systems (etch, deposition, chemical mechanical planarization, and inspection equipment) and Applied Global Services (spares, upgrades, and factory automation software).

Financial Highlights: FY2025 reported revenue of $28.4 billion (up 4.4% YoY), net income of $7.0 billion ($8.66 EPS), generated $8.0 billion in operating cash flow and $5.7 billion in free cash flow, invested $2.3 billion in R&D, returned $6.3 billion to shareholders through $4.9 billion in share repurchases and $1.4 billion in dividends, while maintaining $8.6 billion in cash and achieving record AI-related equipment sales.

7. $KLA-Tencor(KLAC)$

Core Business: KLA Corporation (formerly KLA-Tencor) is a leading provider of process control and yield management solutions for the semiconductor industry, operating through three segments: Semiconductor Process Control (wafer inspection, metrology, and review systems), Specialty Semiconductor Process (etch, deposition, and wafer processing technologies), and PCB and Component Inspection (direct imaging and quality control systems for advanced packaging).

Financial Highlights: FY2025 reported revenue of $12.2 billion (up 23.9% YoY), net income of $4.1 billion ($31.89 EPS), generated $4.1 billion in operating cash flow and $3.7 billion in free cash flow, returned $3.0 billion to shareholders through $2.1 billion in share repurchases and $905 million in dividends, achieved 61.3% gross margins, and trades at ~51x trailing earnings with a 0.47% dividend yield while maintaining $4.7 billion in cash.

8. $Southern Copper Corp(SCCO)$

Core Business: Southern Copper Corporation is one of the world's largest integrated copper producers, engaged in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile. The company operates open-pit mines including Toquepala and Cuajone in Peru, and La Caridad and Buenavista in Mexico, along with associated concentrators, smelters, refineries, and SX-EW plants, producing copper, molybdenum, zinc, silver, and gold.

Financial Highlights: Q4 2025 Southern Copper reported revenue of $3.1 billion, net income of $980 million ($1.20 EPS, adjusted $1.15 EPS), generated $1.2 billion in operating cash flow, produced 258,000 tons of copper (up 8% YoY), declared a $1.00 per share quarterly dividend plus 0.85% stock dividend, and maintained 2026 production guidance of 1.0 million tons while benefiting from higher copper prices averaging $4.25/lb.

9. $Analog Devices(ADI)$

Core Business: Analog Devices is a leading semiconductor company specializing in high-performance analog, mixed-signal, and digital signal processing (DSP) integrated circuits. The company designs and manufactures data converters, amplifiers, power management solutions, and sensor technologies serving industrial, automotive, communications, and consumer markets globally.

Financial Highlights: FY2025 reported revenue of $9.4 billion, net income of $2.3 billion ($4.53 EPS), generated $4.8 billion in operating cash flow and $4.3 billion in free cash flow, returned $4.1 billion to shareholders through $2.2 billion in share repurchases and $1.9 billion in dividends, and trades at ~38x trailing earnings with a 1.7% dividend yield while maintaining $2.5 billion in cash.

10. $Newmont Mining(NEM)$ .

Core Business: Newmont Mining Corporation is the world's largest gold mining company, engaged in the exploration, acquisition, development, and production of gold and copper properties across North America, South America, Australia, and Africa. The company operates a portfolio of world-class assets including mines in Nevada, Colorado, Canada, Peru, Argentina, Ghana, and Australia.

Financial Highlights: Q4 2025 Newmont reported revenue of $4.2 billion, net income of $580 million ($0.72 EPS, adjusted $0.85 EPS), generated $1.1 billion in operating cash flow and $680 million in free cash flow, produced 1.75 million attributable gold ounces at all-in sustaining costs of $1,380/oz, declared a $0.25 per share quarterly dividend, and maintained 2026 production guidance of 6.0 million gold equivalent ounces while advancing its Tanami Expansion 2 project in Australia.

Call to Action

We invite you to explore these companies further and consider their potential impact on your investment portfolio or business strategy.

Join the conversation and share your insights on these market leaders. What do you think will be the next big trend driving their growth? Let us know in the comments below.

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