KC1028

Alphabet at +6.6% — Cloud finally putting up the numbers, Search resilient, ad rebound real. This is the "boring reliable Mag7 name finally re-rates" moment I've been calling for two quarters. Honestly, GOOGL is now the lowest-drama Mag7 holding for a SGD-based investor on a 3-year view.

Recently, $Oracle(ORCL.US)has been quite interesting, with market sentiment clearly swinging. On one hand, AI orders continue to increase, with enterprise customer demand being quite strong. According to media reports, Oracle’s backlog of AI-related orders and contract scale are expanding, indicating high visibility for future revenue. On the other hand, the market is starting to worry again about its heavy spending on AI infrastructure. It’s said that the scale of data center investment over the next few years is huge, and it will need to raise tens of billions of dollars. My own view is: this is typical valuation volatility for a ‘growth infrastructure stock’. Short-term cash flow pressure is high, but long-term, if AI computing demand truly persists, the OCI cloud business will gradually release profits. Moreover, the financial report is due on March 10th, and at this current price level, it feels like a lot of capital is waiting for the earnings to provide direction. Either the story gets disproven, or a new round of the AI narrative begins. I’m currently holding a small position, waiting for the earnings report to see the growth in cloud and AI orders. If OCI continues its high-speed growth, then this stock’s story isn’t over yet.

Disney’s move could be a hedge against rising production costs. Smart use of IP!

$NVIDIA(NVDA.US)honestly, the usage of AI will only increase, and it’s everywhere in our daily lives

聊聊 $Circle(CRCL.US)为什么是这一轮稳定币监管风口最受益的标的之一不太爱追热点，但 Circle 这个公司最近确实有几件事值得认真说一下。 1️⃣，监管风向变了。美国的 GENIUS Act（稳定币监管框架法案）通过之后，对透明度和合规性要求高的监管型稳定币需求大增，USDC 是最直接的受益者。Visa、Mastercard、BlackRock 都已经在用 USDC 做结算，这不是小打小闹。2️⃣，USDC 的流通量在 2025 年底达到 753 亿美元，同比增长 72%。更关键的是 Q4 的链上交易量达到了约 12 万亿美元，同比增长了 247%。3️⃣，Circle 还拿到了条件批准，要成立一家叫 First National Digital Currency Bank 的信托银行，如果最终批下来，公司对储备金的控制力会更强，同时也会打开全新的银行业务空间。 当然风险也要说清楚：收入结构比较单一，美联储降息预期下储备利息收入承压；另外 IPO 后大量期权和 RSU 的稀释也是个问题。综合来看，当前估值不便宜，但如果你相信稳定币是未来全球支付基础设施的一部分，CRCL 是极少数能在美股直接交易这个主题的方式，稀缺性很强。目前 20 个分析师平均目标价 $123.5，现价 $115，上行空间不算大，但故事逻辑还在。