Brilliant result last night with a very strong guide. The stock popped after hours. It’s my anniversary, back Monday :). Full analysis then

Interesting to see AI agents gaining traction, and why not. It's obvious we are on the cusp of a pervasive AI based customer support roll out. Calling a bank, utility or telco fills most customers with dread. I can see interactions in the near future being via an App and verbal, not necessarily initiated by a phone call. Think about a machine that will know a lot more about your use case and the services offered-far more than any human can. [image: 1756886913004-screenshot-2025-09-03-at-09.03.43.png]

Breaking news On September 2, 2025, U.S. District Judge Amit Mehta’s remedies ruling in the United States v. Google LLC (2020) antitrust case delivered a significant win for Google, lifting the threat of a breakup. The ruling rejected the DOJ’s push to divest Chrome or Android, preserving Google’s ecosystem and ~$175B ad revenue machine. Instead, it imposed lighter measures: ending exclusive default search deals (e.g., $20B/year to Apple), allowing multiple defaults, and sharing limited anonymised data with rivals. This avoids disruption while letting Google redirect funds to AI and cloud growth**. Investors cheered, sending Alphabet’s stock up ~7% after hours**, reflecting relief from the breakup overhang that loomed since the August 2024 liability ruling. The decision’s leniency, Google’s appeal plans, and focus on traditional search (not AI) signal limited immediate impact on its dominance, boosting confidence in its long-term value despite ongoing ad tech scrutiny. GOOG now sit's at an all time high. GOOG was the subject of our investment committee meeting last week. We took the decision then and rebalanced on Monday, taking our holding to the highest weight to date, citing the companies superior earnings record, clear pathway to further growth and relatively low PE. Easily the cheapest of the Mag 7. We have held the stock a relatively long time and only recently has it burst forth(the stock). A pleasing piece of news

This is in regards to Blackwell chips [image: 1756630643870-screenshot-2025-08-31-at-09.56.49-resized.png]

No fees other than the 0.35% annual management fee, applied monthly

Today's KLA weakness. After hitting an all time high it dropped 5% after hours due to 'sector sympathy'. Applied Materials which is in the same sector although completely different business issued a soft outlook (China). It is completely illogical but this is what happens when trading is algho based. Same sector = sell. AMAT’s weaker outlook is mostly a China mature-node + export licence story. KLA is riding a completely different wave – process control intensity for AI and packaging nodes – and that’s why they’ve guided higher despite seeing the same macro headlines. To be ignored Amat issued weak guidance (a contraction). two weeks ago KLA issued record guidance-go figure.

quai undertaking maintenance.

Further, yesterday Micron's Chief Business Officer said the following. Basically they are 'sold out' until Dec 26. What companies like Micron do is the bulk of the product will now be under contract. Micron will reserve some inventory to also sell on the spot market at potentially, much higher prices and of course they will likely increase yield through efficiency. HBM4 is a key component in Rubin architecture (Blackwell-Next) [image: 1754998342363-screenshot-2025-08-12-at-12.29.43-resized.png]

Thanks for taking the time to reply Adam << thumbs up thingy>>

Our weight changes regularly. On a fundamentals basis the stock is not over valued imo so I am not so much concerned about the multiple. I can't comment on anyones personal Extra-Portfolio holdings. The ideas im working on at the moment factor. As mentioned it's all about relative opportunities.

Thanks Adam

@2BToo Snap

It’s probably just anticipating Trump being Trump every few minutes

Yep....me , just landed and invested in time for the usual Friday drop ( Quick edit: as thought complete 720 RAS added 31July wiped out 1 August . Talk about Tariffs and nuclear war sure helps )

It seems to do that from time to time, sometimes they come through later, sometimes not at all.

Yeah I'm currently not paying anything into my ISA each year, but that's sat at around £110k, with my pension pots amounting to around £225k. Wanted to get a chunk more into my pension until that is on track to grow comfortably with just my workplace contributions, then look to focus a bit more on the ISA to bridge any potential gap and leave some flexibility if I decide to change careers as I begin to wind down.

I don't mind disclosing the following with the caveat, everyone's situation is different by virtue of their: age appetite for volatility time to retirement total liquid assets lifestyle and cash requirements For example, we do have clients of advanced years(80+) with 100% of their assets with us in Tech. I happen to know that number represents less than 10% of their liquid funds. Conversely we have JISA accounts where their trustee has chosen MM or bonds. The point being, investment selection is based on many factors which you must weigh. Investment decisions should not be made based on a poll. If anyone wants to discuss their investment choices myself or Nik are happy to discuss. Our guidance service is FOC. Total assets under management % split and 3 year rank(1-5) performance: Lifestyle 40% (2) Tech 18%(1) IMOP 12%(4) PHE 8.5%(5) Index 8%(3) Other

An incredible result from GOOG, $28B net income for a 13 week quarter. The stock has done well lately but there is still an overhang from sentiment that the company has anti trust issues and is spending too much on AI. I think these fears are materially overblown. GOOG reported its second-quarter 2025 earnings on 23 July 2025, showing robust financial performance driven by strong growth in Search, YouTube, and Cloud segments, underpinned by advancements in artificial intelligence (AI). Despite a significant increase in CapEx, the company exceeded analyst expectations, though investor sentiment was mixed due to concerns over rising expenditure (always!)and regulatory challenges.Key Financials (Q2 2025)Revenue: $96.43 billion, up 13.8% year-over-year (YoY), surpassing estimates of $94 billion. Revenue (ex-TAC-traffic acquisition cost): $81.2 billion, compared to expectations of $79.6 billion. Earnings Per Share (EPS): $2.31 (adjusted), a 22% YoY increase, beating estimates of $2.18. Net Income: $28.2 billion, up 19% YoY. Operating Income: $31.3 billion, up 14% YoY, with an operating margin of 32.4% (flat YoY despite legal settlement costs). Google Cloud Revenue: $13.62 billion, up 32% YoY, exceeding estimates of $13.11 billion. YouTube Advertising Revenue: $9.8 billion, up 13% YoY, slightly above estimates of $9.56 billion. Search Revenue: $54.1 billion, up 11% YoY, surpassing expectations of $52.7 billion. Traffic Acquisition Costs (TAC): $14.71 billion, in line with expectations. Conference call highlights AI-Driven Growth:Pichai emphasised that “AI is positively impacting every part of the business, driving strong momentum.” Search saw double-digit revenue growth, fuelled by AI features like AI Overviews (1.5 billion monthly users) and AI Mode (100 million monthly active users). Google’s Gemini AI model has grown to 450 million monthly users, reinforcing Alphabet’s competitive edge in AI against rivals like ChatGPT. Google Cloud’s 32% YoY revenue growth was driven by demand for AI infrastructure and generative AI solutions, with an annual revenue run-rate exceeding $50 billion. Capital Expenditure :Alphabet announced a $10 billion increase in its 2025 CapEx guidance, raising the total to $85 billion from $75 billion, reflecting strong demand for cloud and AI infrastructure. CFO Anat Ashkenazi noted that Q2 CapEx was $22.4 billion, significantly above estimates of $18.2 billion, primarily for servers and data centres(nice). The increase is driven by a “tight supply environment” for chips needed to train and run AI models. Ashkenazi highlighted that CapEx is expected to rise further in 2026 due to ongoing demand, but Alphabet is focused on efficient allocation to mitigate profitability concerns. A “highly rigorous process” ensures optimal use of resources. The increased CapEx raised investor concerns about near-term profitability(we can see profit headwinds NOT), as depreciation costs are expected to accelerate in 2025 due to prior and ongoing infrastructure investments. Positive Developments:Search: AI Overviews and AI Mode have boosted user engagement, enabling Alphabet to address more complex queries and maintain its dominance despite competition from AI-powered chatbots. Search revenue grew 11% YoY, outperforming expectations. YouTube: The platform’s ad revenue grew 13% YoY, driven by increased viewership on Connected TV and Shorts monetisation, which now matches or exceeds traditional in-stream ads in key markets. YouTube’s shift to television as its primary consumption medium is eroding traditional network market share. Google Cloud: The segment’s profitability improved, with an operating margin of 20.7% (up from 17.1% in Q1 2025), reflecting strong demand for AI and core cloud products. Subscriptions and Other Bets: Subscription platforms (YouTube, Google One) grew 19% YoY to $10.4 billion, with 270 million paid subscribers globally. Waymo, Alphabet’s autonomous vehicle unit, is scaling, serving over 150,000 paid rides weekly. Talent and Innovation: Pichai downplayed concerns about AI talent wars, stating that retention and new talent acquisition metrics remain “healthy.” The company continues to innovate rapidly, with over 1,000 new cloud products and features launched in the past eight months. After an initial soft after hours reaction, the stock rose a few dollars and futures are up nicely overall.

At least they haven't named one Skynet, yet

Thanks Steve- Yes, PM means in pre-market trading. You have pre and post market trading for those that can't get enough. These are official, regulated markets albeit not on the respective official exchange. They are run by large broker dealers on the ATS-alternative trading system. Main facilitators being: Interactive Brokers Charles Schwab Fidelity Investments E*TRADE (Morgan Stanley) Webull Robinhood NB: Not to be confused with T212 or any other platform offering 24hr trading which is completely closed market where they offer you whatever price they think you will pay/sell at. In my opinion, to be avoided as the naive will not strike a good bargain!