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Dilution is a variable many investors overlook. ServiceNow issues a lot of stock-based compensation. So much so, that 43.84% of FCF is diluted by SBC. FCF Yield: 4.40% SBC Adj FCF Yield: 2.47% $NOW

Google's private corporate exposure is becoming hard to ignore. Major holdings: - Anthropic: ~14% stake - SpaceX: ~7% stake Other holdings: - Physical Intelligence: Lead investor - Databricks: Minority stake - Stripe: Co-lead investor $GOOGL $GOOG

ServiceNow just raised AI guidance. AI/Now Assist grew by +130% YoY last quarter, with deals including 3+ Now products increasing by 70%. New Guidance: $1.5B (raised +50%) $NOW

SoFi CEO thinks the company can 50X. "I mean, I don't see why we can't be a trillion dollar company." – Anthony Noto, CEO $SOFI

Who is the better investor? - Chris Hohn sold Microsoft. - Chris Hohn bought Google. - Bill Ackman sold Google. - Bill Ackman bought Microsoft. $GOOGL $MSFT

At what point does Microsoft become too cheap to ignore? 5Y EPS: 18% CAGR Forward Valuation: 22.6x Disconnects like this don't last forever. $MSFT

6. $MA – Mastercard Since 2013: - Stock: +914% - Dividend/share: +2517% - Shares outstanding: -27.4%

5. $JPM – JPMorgan & Chase Since 2013: - Stock: +597% - Dividend/share: +334% - Shares outstanding: -27.6%

Great stocks return value to shareholders. Six dividend compounding machines that are buying back shares rapidly. 1. $CAT – Caterpillar Since 2013: - Stock: +882% - Dividend/share: +194% - Shares outstanding: -30%

Meta has compounded earnings by 30%, while price has stayed flat. 19 months ago: - EPS: $21.23 - Price: $595/share Today: - EPS: $27.50 - Price: $607/share $META

Amazon AWS will add more than 1 million Blackwell and Rubin GPUs this year. At 75 GPUs per rack, they're adding ~13,888 server racks. That's between $30-40 billion worth of chips. $AMZN $NVDA

Nvidia: "We plan to return ~50% of FCF to shareholders this year." - Dividend Increase: $0.01 to $0.25. - Approved Share Repurchase: $80 billion. This company is a free cash flow machine. $NVDA

Nvidia just confirmed, it's true. Vera CPU's will open Nvidia up to a new, un-touched $200B TAM – $20B worth of CPUs will ship this year. That will make the company the leading CPU provider globally. $NVDA

Microsoft may very be oversold. Forward Earnings: 22x "Microsoft, a company we have followed for many years now offered at a highly compelling valuation... we establish our position at a valuation of 21x forward earnings." – Bill Ackman $MSFT

Google Search has transformed into an AI native search engine. - AI Mode: +1 Billion Active MAUs - AI Overviews: 2.5 Billion MAUS Google now processes 3.2 Quadrillion tokens per month. In 2024, it was merely 9.7 trillion per month. $GOOGL $GOOG

Micron is seeing massive structural demand for their high bandwidth memory. The HBM market was worth $35B in 2025. Micron projects this TAM to grow to $100B by 2028, suggesting a wild 40% CAGR. Reminder: 7x forward multiple. $MU

Meta has increased their North American APRU by 90% in three years. They now book $60.33 on average per user. Meanwhile, the market priced the stock to fail. - Meta's Multiple: 21.2x earnings - S&P 500 Multiple: 31.8x earnings $META $SPY