Is there room for one more in the Old Boys' Club? Stanley Druckenmiller: 4.61% Ray Dalio: 6.91% Bill Ackman: 9.44% I/O Fund: 15.50%

Microsoft's $MSFT capex rose 74% YoY and 44% QoQ to $34.9 billion, compared to its forecast for over $30 billion, with "roughly half" going to short-lived assets such as GPUs and CPUs to support Azure demand. $AMZN $GOOG $NVDA $AMD

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Microsoft $MSFT reported 18% growth to $77.7 billion in revenue in fiscal Q1, ahead of estimates for $75.4 billion. Azure revenue grew 40% YoY and 39% in constant currency, compared to 39% growth last quarter. $AMZN $GOOG

Meta $META also slightly raised its capex guidance for 2025 to $70-72 billion, up from $66-72 billion previously, while adding that it expects capex dollar growth to be "notably larger in 2026" versus 2025. $NVDA $AVGO $AMD

Meta $META reported 26% revenue growth to $51.24 billion, ahead of estimates for 22% growth to $49.4 billion. EPS was $1.05, affected by a $6.20 impact related to a one-time non-cash income tax charge.

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Alphabet CEO Sundar Pichai: "Our first party models, like Gemini, now process 7 billion tokens per minute, via direct API use by our customers." $GOOG $MSFT $AMZN

Alphabet's $GOOG capex growth accelerated 13 points sequentially to 83% YoY in Q3 to $23.95 billion. Alphabet also raised its capex forecast from $85 billion to $91-93 billion, up 75% YoY. $MSFT $AMZN $NVDA $AVGO

Alphabet $GOOG reported 16% revenue growth to $102.3 billion, ahead of estimates for $100.1 billion. EPS of $2.87 beat estimates for $2.27 and represented growth of 35%. Google Cloud revenue grew 34% YoY to $15.2 billion, accelerating 2 points from 32% YoY in Q2. $MSFT $AMZN

Nvidia $NVDA is not a top performer for us in 2025 (so far), regardless we are having one of our best years ever YTD. The I/O Fund’s Q4 2025 report goes over the lesser known stocks that all AI investors must know about. Last quarter we highlighted Bloom Energy $BE, a stock

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Nvidia $NVDA is not a top performer for us in 2025 (so far), regardless we are having one of our best years ever YTD. The I/O Fund’s Q4 2025 report goes over the lesser known stocks that all AI investors must know about. Last quarter we highlighted Bloom Energy $BE, a stock

Oracle $ORCL recently unveiled its OCI Zettascale10 cluster, the largest AI supercomputer in the cloud claiming to offer 16 zettaFLOPS of performance with deployments of up to 800K Nvidia $NVDA GPUs. Oracle is planning to offer multi-gigawatt deployments to customers.

HSBC recently raised its expectations for Nvidia’s $NVDA fiscal 2027 data center revenue to $351 billion, nearly $100 billion ahead of consensus at $258 billion, fueled by surging CoWoS allocation to ~800K wafers.

AMD $AMD is reportedly investing $270 million to establish a silicon photonics R&D hub in Taiwan and exploring two-phase immersion cooling, coming shortly after Nvidia $NVDA partnered with Meta $META and Oracle $ORCL to deploy its Spectrum-X Ethernet silicon photonics switches.

Read the full $NVDA analysis here:

Is a $500B data center for $NVDA by 2027 big news? For my free newsletter readers, it is not. Here is what our free article stated last month. "Analysts don’t see Nvidia hitting the milestone of a $500B data center until after 2033, but I believe it can arrive much earlier by

Nvidia $NVDA CEO Jensen Huang said that 6 million Blackwell GPUs have shipped over the last four quarters, per CNBC. He also said Nvidia expects $500 billion in sales for its Blackwell and Rubin GPUs combined.

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For comparison, JP Morgan believes AMD's $AMD Helios platform will reach $20 billion per GW and subsequent platforms up to $25 billion, highlighting its willingness to undercut Nvidia $NVDA on pricing.

JP Morgan estimates that Nvidia’s $NVDA upcoming Rubin platform could cost $30 billion per GW, with Rubin Ultra rising to the mid-$30 billion per GW range.

Microsoft $MSFT and OpenAI have reached an agreement to finalize its for-profit restructuring, with Microsoft holding a 27% stake worth $135B in OpenAI Group PBC. OpenAI will also make a new $250B commitment to Azure and give Microsoft access to its models through 2032. $ORCL

PayPal $PYPL has partnered with OpenAI to bring its wallet to ChatGPT starting in 2026, letting users purchase items instantly and offering payment processing for merchants on OpenAI Instant Checkout.

Tomorrow I am going to spoil I/O Fund Members with a 43+ page report on the Top 15 AI Stocks for Q4 2025. This in-depth report ranks key names that are leading the three most powerful trends in AI. Link in bio.