Capital Conductor
In this edition of the Smart Investor newsletter, we spotlight the stock of the atom-scale architect of the AI era. We are not selling any positions today, as we haven’t seen sufficiently strong negative catalysts among our Portfolio holdings to warrant a change – though we are keeping a close eye on a few potential deletion candidates. But first, let’s dive into the latest portfolio news and updates.
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Portfolio News and Updates
❖ Canada has withdrawn its planned 3% digital services tax, which was set to take effect on June 30, 2025. The levy targeted U.S. tech giants including Amazon, Meta, Apple, Microsoft (MSFT), Alphabet (GOOGL), Uber (UBER), and others, and would have applied retroactively to 2022-2024 revenues, potentially costing these firms up to a combined amount of $3 billion. The reversal follows U.S. President Trump’s suspension of trade talks. Negotiations are set to resume ahead of a July 21 deadline.
In a less positive turn of events, the Senate killed a controversial effort to prevent U.S. states from regulating AI, marking a loss for Silicon Valley leaders like MSFT and GOOGL. Senators voted 99-1 to strip the language from President Donald Trump’s signature tax legislation during a marathon all-night voting session.
❖ Oracle (ORCL) is reporting a strong start to fiscal 2026, with MultiCloud database revenue growing over 100% and several major cloud service agreements signed. Among them is a landmark deal expected to generate more than $30 billion annually starting in FY2028 – the largest in Oracle’s history. While this agreement won’t impact FY26 guidance, CEO Safra Catz highlighted it as a sign of Oracle’s deepening role in hyperscale AI and enterprise infrastructure, citing OCI’s architectural advantages and competitive pricing.
On the heels of these developments, Stifel Nicolaus upgraded ORCL to “Buy” from “Hold,” raising its price target sharply to $250 from $180. The firm now expects high-30% cloud growth over the next two years, fueled by the company’s increased capital investment and strong remaining performance obligations (RPOs). Total revenue is projected to grow ~16% in FY26 and ~20% in FY27. While elevated capex may compress margins in the short term, Stifel emphasized Oracle’s tight cost control and scalable infrastructure model as key enablers of future earnings acceleration. By emphasizing scalable infrastructure over labor-intensive expansion, Oracle is positioned for faster top-line growth with improving profitability. With shares already up over 30% year-to-date, the firm sees further upside as Oracle’s cloud expansion gains visibility and longer-term monetization tailwinds begin to take hold.
❖ Jefferies has raised its price target on Broadcom (AVGO) to $315 from $300, reiterating a Buy rating – the latest in a string of upward revisions over the past two months as analysts grow more confident in Broadcom’s AI positioning. In a Monday note, Jefferies highlighted Broadcom’s continued traction in the custom AI ASIC market, serving major large language model developers. AVGO remains engaged with all seven global LLM players it targets – five of them in the U.S. – and does not foresee share loss despite market concerns. Jefferies also underscored a larger opportunity in AI networking, where AVGO’s scale-up solutions using Tomahawk and Jericho are being developed to rival Nvidia’s NVLink. The market for scale-up AI networking could be 5-10x larger than scale-out architectures, as hyperscalers increasingly shift toward tightly integrated systems that prioritize high bandwidth and low latency over simply adding more servers. Additionally, Broadcom is expected to begin ramping Google’s (GOOGL) Ironwood TPU in H2 2025 and will retain in-house control of HBM supply to ensure product integrity.
❖ According to media reports, Microsoft (MSFT) has delayed the launch of its next-generation Maia AI chip to 2026. The chip, originally slated for 2025, is facing design changes and staffing constraints. Maia is part of Microsoft’s broader strategy to develop custom silicon for Azure – reducing reliance on third-party providers like Nvidia for AI workloads. While the delay represents a short-term setback, Microsoft continues to scale its AI infrastructure through existing GPU partnerships and its internally developed Cobalt CPU. The company remains well-positioned to support growing demand from partners like OpenAI.
Analysts see the postponement as a reflection of the complexity involved in building proprietary AI hardware – not a strategic reversal. With cloud demand surging and Microsoft maintaining leadership in AI services, the chip delay is unlikely to materially impact its near-term momentum in the enterprise AI race. In recent days, several top Wall Street analysts have raised their price targets on MSFT, with Wedbush lifting its target by $85 to $600. The firm’s analysts described the AI cloud revolution as Microsoft’s “shining moment” – adding that, despite intensifying competition, Microsoft remains the clear front-runner in enterprise hyperscale AI.
❖ MasTec (MTZ) has secured a $1.9 billion amended revolving credit facility and a new $600 million unsecured term loan, enhancing its financial flexibility. The revised credit agreement replaces the 2021 facility, extends maturity by five years, and removes certain financial restrictions. The term loan matures in three years and includes leverage ratio requirements. Proceeds will be used to refinance existing debt and support general corporate needs. The moves strengthen MasTec’s liquidity position and reduce refinancing risk – a strategic shift as the company navigates major infrastructure and energy projects across North America.
In other company news, Jefferies raised its price target on MasTec to $213 from $193, maintaining a “Buy” rating. The firm highlighted MTZ’s solid Q2 momentum, driven by strong end-market demand, a robust backlog, and improved margins. Jefferies views MasTec as one of the most compelling opportunities within its coverage universe. Additionally, Roth Capital has initiated coverage on MasTec with a “Buy” rating and $210 price target, describing the company as “one of the best-positioned to support the acceleration of the electrical infrastructure buildout.” Over the past two months, MTZ has seen a flurry of activity from analysts raising their price targets on the stock.
❖ Parker Hannifin (PH) announced its agreement to acquire Curtis Instruments from Rehlko for approximately $1 billion in cash. Curtis, a specialist in motor speed controllers, instrumentation, and traction systems for electric and hybrid vehicles, is expected to contribute around $320 million in sales for fiscal year 2025. This acquisition aligns with Parker’s strategy to enhance its electrification capabilities, particularly in off-highway and industrial mobility sectors. The deal is anticipated to close by the end of 2025, pending regulatory approvals.
❖ JPMorgan Chase (JPM) and Morgan Stanley (MS), along with all other top U.S. banks, have successfully passed the Federal Reserve’s 2025 stress tests, demonstrating strong capital resilience under a hypothetical severe recession scenario. The tests, which simulated over $550 billion in losses across 22 major U.S. banks, confirmed that both institutions maintained capital levels well above regulatory requirements. JPMorgan’s and Morgan Stanley’s common equity Tier 1 (CET1) capital ratios stood at 14.2% and 13.8%, respectively – both ranking among the highest reported in the 2025 stress test.
These results pave the way for increased shareholder returns, including dividend hikes and expanded share buyback programs. JPMorgan has already announced that its board intends to increase the quarterly common stock dividend to $1.50 per share, up from $1.40, beginning in the third quarter of 2025. It has also approved a new $50 billion common share repurchase program. Morgan Stanley similarly plans to raise its quarterly dividend from $0.925 to $1.00 per share starting in Q3 and has authorized a multi-year common equity repurchase program of up to $20 billion.
❖ Bank of New York Mellon Corporation (BK) has also emerged as one of the strongest performers in the Federal Reserve’s 2025 stress tests, receiving the minimum possible Stress Capital Buffer (SCB) of 2.5%. This low SCB reflects one of the smallest projected capital declines under the Fed’s severely adverse scenario and highlights the bank’s low-risk business model, strong risk management, and capital resilience. The Fed confirmed that all tested banks remained well above regulatory minimums, with BNY Mellon demonstrating particularly robust stability. Following the results, BK announced plans to increase its quarterly common stock dividend by 13% – from $0.47 to $0.53 per share – beginning in Q3 2025. The bank also stated its intention to continue repurchasing shares under its existing common stock repurchase program, reinforcing its commitment to shareholder returns alongside prudent capital management.
❖ BlackRock (BLK) has completed its $12 billion acquisition of HPS Investment Partners, significantly expanding its footprint in private credit. The all-stock deal adds approximately $148 billion in assets, bringing BlackRock’s total private credit AUM to around $220 billion. HPS CEO Scott Kapnick will lead a newly formed private financing solutions unit within BlackRock. The transaction is expected to boost fee-paying assets by 40% and management fees by 35%. The move positions BlackRock to compete more aggressively in the growing private credit market, targeting institutional clients across insurance, pensions, sovereign wealth funds, and wealth management channels.
❖ President Donald Trump’s FY2026 defense budget, passed by the Senate on July 1, reflects a strategic realignment in U.S. military priorities – boosting funding for advanced missile systems, drones, and submarine capabilities, while scaling back investments in traditional platforms such as the F-35 fighter jets.
Lockheed Martin (LMT), the primary contractor for the F-35 program, faces a potential setback with the budget requesting only 47 F-35 jets, down from 68 in the previous year. However, LMT’s substantial involvement in missile systems, such as the Joint Air-to-Surface Standoff Missile (JASSM) and the Long Range Anti-Ship Missile (LRASM), aligns with the budget’s increased focus on missile capabilities.
RTX Corp (RTX), known for its missile systems including the Tomahawk and SM-6, stands to benefit from the budget’s emphasis on advanced munitions and missile defense systems. Additionally, RTX’s role in producing engines for the F-35 through its Pratt & Whitney unit may experience some impact due to the reduced F-35 procurement.
Leidos Holdings (LDOS) and Howmet Aerospace Inc (HWM) are expected to experience minimal impact. LDOS’s focus on defense IT, cybersecurity, and autonomous systems aligns with the budget’s priorities, while HWM’s diversified aerospace components business mitigates potential risks associated with changes in specific defense programs.
❖ Lockheed Martin (LMT) has been awarded a sole-source, 10-year indefinite-delivery/indefinite-quantity contract with a ceiling of $2.97 billion to continue as the Combat Systems Engineering Agent (CSEA) for the Aegis Ballistic Missile Defense system. The work, led by Lockheed’s RMS division, will support U.S. Navy destroyers, Aegis Ashore, Guam systems, and the upcoming Glide Phase Intercept capability. The contract covers design, integration, sustainment, and software development through 2035. Though not large relative to Lockheed’s total revenue, the award reinforces the company’s central role in U.S. and allied missile defense. It ensures recurring high-margin engineering revenue and secures Lockheed’s long-term positioning in one of the Pentagon’s most critical layered defense architectures. The work also deepens Lockheed’s lead in next-generation missile defense, including hypersonic threat interception.
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Portfolio Stocks Under Review
❖ We are removing Leidos Holdings (LDOS) from under review and reaffirming its position in the portfolio. The stock has rebounded from its early-June lows, tracking with broader strength across the defense sector. This recovery coincides with a supportive FY2026 defense budget, which prioritizes modernization, software-enabled capabilities, and multi-domain innovation – all areas where Leidos is competitively positioned.
Analyst sentiment has firmed. Stifel reiterated its “Buy” rating, citing Leidos as well-positioned to benefit from a structural shift in defense toward rapid innovation and software-enabled solutions. In early June, Wells Fargo and RBC Capital raised their price targets on the stock, with the consensus now implying ~10% upside, according to TipRanks. Importantly, LDOS still trades at a moderate valuation relative to peers – supporting further rerating potential as execution continues.
Operationally, Leidos remains solid. It ended Q1 with a $46.3 billion backlog and reported a 7% YoY revenue gain. The company continues to secure high-value defense tech contracts, including a NATO-wide IT modernization initiative and a DIU-backed program to develop GPS-independent quantum navigation. With no negative catalysts and a favorable macro backdrop, we see no further reason to keep LDOS under review.
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❖ We continue to keep LPL Financial (LPLA) under review. Despite strong fundamentals – including continued advisor additions, rising advisory assets, and efficient capital deployment – the stock has declined over the past month, diverging from broader financial sector trends. This pullback follows a more than 30% rally from April lows, suggesting potential profit-taking.
LPL’s May 2025 monthly activity report showed total advisory and brokerage assets reaching $1.85 trillion, a 3.7% increase from April. Organic net new assets were $6.5 billion, translating to a 4.4% annualized growth rate. However, client cash balances decreased by $2.6 billion (5.0%) compared to April, and organic net new brokerage assets were negative $1.8 billion.
While these data points are not alarming in isolation, they may have contributed to near-term sentiment shifts. Given the recent stock performance and these metrics, we are monitoring whether this reflects a temporary sentiment shift or a more lasting reassessment of near-term growth expectations. We continue to view LPLA as a high-quality wealth management platform – but will watch closely before lifting it from review.
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Portfolio Earnings and Dividend Calendar
❖ The Q1 2025 earnings season is over and the Q2 one is yet to begin, with no Portfolio companies scheduled to post their results in the coming week.
❖ The ex-dividend date for Cisco Systems (CSCO), Progressive (PGR), JPMorgan Chase (JPM), and Roper Technologies (ROP) are coming in the next several days.
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New Buy: Applied Materials (AMAT)
Applied Materials, Inc. provides materials engineering solutions that underpin nearly every advanced chip and display manufactured today. The company develops process equipment and integrated systems used to fabricate semiconductors at the atomic scale, enabling performance gains in logic, memory, and power devices across the industry. Its technologies span deposition, etch, metrology, and packaging, supporting key device inflections such as gate-all-around transistors, backside power delivery, 3D DRAM, and high-bandwidth memory. Applied Materials plays a foundational role in scaling energy-efficient computing for AI workloads, with tools designed to meet the precision, complexity, and throughput demands of cutting-edge nodes. Serving leading foundries, IDMs (integrated device manufacturers), and systems companies globally, the company’s capabilities extend from unit processes to integrated materials solutions. As semiconductor architectures evolve, Applied Materials remains deeply embedded in the industry’s roadmap, enabling next-generation devices and driving long-term growth in wafer fab equipment demand.
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Origins of Precision
Applied Materials was founded in 1967 as a pioneer in chemical vapor deposition, but its transformation into a cornerstone of the modern semiconductor supply chain has been defined by relentless innovation and strategic expansion – particularly over the past five years. Historically focused on enabling transistor scaling through materials engineering, the company has increasingly positioned itself at the center of next-generation chipmaking, where performance, energy efficiency, and 3D integration are redefining the industry roadmap.
Over the last half-decade, Applied has aligned its portfolio with the rise of AI, high-performance computing, and advanced packaging. It has invested heavily in enabling inflections like gate-all-around (GAA) transistors, backside power delivery, and high-bandwidth memory (HBM) – all of which increase the value of materials-enabled process steps and expand the company’s served available market (SAM). These architecture shifts have structurally raised Applied’s content per wafer and deepened customer reliance on its tools.
Key to its momentum has been a focus on co-optimized, integrated solutions. Through platforms like Integrated Materials Solutions (IMS) and AIx™, Applied has moved beyond unit processes to deliver system-level innovation that accelerates yield and node adoption. The company has also continued to lead in process diagnostics and control, where its SEMVision and Cold Field Emission technologies support advanced metrology needs for EUV-era production.
Applied has leaned into internal innovation as its primary growth engine. Instead of relying on large-scale acquisitions, the company has deepened its competitive edge through sustained R&D investment, technology leadership, and close collaboration with leading chipmakers. In 2023, Applied unveiled plans for its Equipment and Process Innovation and Commercialization (EPIC) center – a 180,000-square-foot facility in Silicon Valley, scheduled to open in 2026. EPIC is designed to accelerate materials engineering breakthroughs through high-velocity co-development with customers and partners, addressing the increasing interdependence of equipment, processes, and device architectures.
Applied has also strengthened its government and strategic supply chain positioning. Its expanding role in U.S. and allied semiconductor initiatives has helped secure its place in long-term capacity planning and sovereign technology programs. The company’s geographically diversified manufacturing footprint and resilient global supply chain were key advantages during recent trade and export restrictions, particularly involving China.
Taken together, these developments have reinforced Applied Materials’ role not just as a tool supplier, but as a foundational enabler of the semiconductor industry’s most critical transitions. With the complexity of chip fabrication rising sharply, its strategic relevance – and market share opportunity – continue to grow.
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Core to the Core
Applied Materials enables the physical creation of semiconductors – providing the precision tools needed to build advanced chips at atomic dimensions. As the world’s largest supplier of wafer fabrication equipment, AMAT sits at the core of semiconductor production, partnering with foundries and IDMs to push forward logic, memory, and packaging technologies critical to AI, cloud, and high-performance computing.
Its business spans three main segments. Semiconductor Systems contributes roughly 74% of revenue and includes etch, deposition, and inspection tools used in leading-edge chip production. Within that, 65% of segment sales are tied to foundry and logic customers, who are expanding capacity for AI accelerators and advanced processors. The remaining 35% supports memory, which can be cyclical but appears poised for recovery as demand for high-bandwidth and energy-efficient memory resurfaces.
Applied Global Services (AGS), comprising around 23% of total revenue, offers recurring sales through maintenance, parts, and performance enhancements across AMAT’s installed base. This segment has proven resilient, even during downcycles, and helps smooth out the volatility often seen in chip capex. The smaller Display segment (~3%) focuses on advanced flat panel manufacturing equipment.
AMAT’s technology portfolio is closely aligned with the most capital-intensive transitions in the industry – including gate-all-around transistors, backside power delivery, high-bandwidth memory, and advanced packaging. These shifts favor integrated, materials-intensive approaches, expanding Applied’s share of wallet within customer fabs.
While the company maintains significant business in China, ongoing U.S. export restrictions limit sales of advanced tools to that region. Applied has navigated this carefully, emphasizing global diversification, long-standing customer relationships in Korea, Taiwan, and the U.S., and product offerings aligned with less-restricted nodes. Management has signaled no major drop in demand so far, but it remains an area to monitor.
With new fabs breaking ground under the CHIPS Act and global AI infrastructure scaling rapidly, AMAT is uniquely positioned. The industry appears to be entering a cyclical upswing, with customers resuming investment after a multi-quarter pause. AI demand, advanced node transitions, and strategic government funding are combining to lift wafer fab equipment orders – and AMAT is a key beneficiary. It provides exposure to the physical backbone of computing – a layer of the tech stack that is essential, underpenetrated in most portfolios, and increasingly central to strategic supply chains.
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Material Advantage
Applied Materials delivered a strong fiscal Q2 2025, with results that affirm both the resilience of its core business and its positioning for the next semiconductor upcycle. Revenue rose 7% YoY to $7.10 billion, driven by strength in logic and foundry demand, and outperforming consensus expectations. GAAP EPS hit a record $2.63, up 28% YoY, while non-GAAP EPS reached $2.39, a 14% increase – also a company record and ahead of analyst forecasts.
Profitability remained robust. GAAP operating margin expanded by 1.7 points YoY to 30.5%, and GAAP net income rose 24% to $2.14 billion. Non-GAAP gross margin improved to 49.2%, while non-GAAP operating margin climbed to 30.7%, reflecting solid product mix and scale leverage.
Free cash flow came in at $1.06 billion, down 7% YoY due to higher capital expenditures ($510 million this quarter vs. $257 million a year ago), but still reflecting strong conversion. Over the trailing six months, AMAT generated $2.5 billion in operating cash flow and maintained strong free cash flow conversion, even as capital expenditures increased to support future growth.
The Semiconductor Systems segment (AMAT’s largest) posted revenue of $5.26 billion, with 65% tied to foundry/logic and the remaining 35% to memory (27% DRAM, 8% NAND). Operating margin in this segment expanded to 36.4% on a non-GAAP basis, up from 34.9% a year earlier. Importantly, management noted that revenues from advanced DRAM customers are expected to grow over 40% in 2025, driven by investments in DDR5 and high-bandwidth memory – both essential to AI infrastructure buildouts.
Applied Global Services – the company’s recurring revenue engine – generated $1.57 billion in sales, up modestly YoY. Operating margin held steady at 28.5%. With a large installed base and demand for support across mature and advanced nodes, this segment remains a stabilizer in volatile markets.
Looking ahead, AMAT guided Q3 revenue to $7.2 billion ± $500 million, non-GAAP gross margin to 48.3%, and non-GAAP EPS to $2.35 ± $0.20. This implies high-single-digit YoY growth at the midpoint – a solid trajectory given macro constraints. Analysts view the guide as deliberately conservative, with potential upside from stronger DRAM recovery, faster AI-driven logic ramp-ups, or loosening of geopolitical frictions. AMAT’s track record of execution and demand visibility across multiple nodes suggest it may outperform this baseline if industry trends accelerate into late 2025.
In sum, Applied’s financials show a company not just navigating turbulence, but capitalizing on secular demand shifts – from AI to chip sovereignty. Its expanding margins, record earnings, and accelerating DRAM tailwinds position it well for multi-quarter strength.
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Circuit of Returns
Applied Materials’ stock followed the broader trend in the Semiconductor Equipment & Materials group – reaching all-time highs in June of last year, then retreating as the industry faced expanding trade restrictions with China and a cyclical downturn in semiconductor capital spending. After a brief rally in late 2024 and early 2025, the so-called “tariff tantrum” knocked the Semi Equipment stocks down again, with all of them – including AMAT – registering steep losses. However, Applied’s stock has staged a spectacular rally from its trough on April 4, surging by over 45%.
Despite the recent gains, AMAT’s valuations are still very attractive. Its P/E multiples – both forward and TTM – carry notable discounts to the Technology sector’s median. Moreover, Applied’s P/E ratios are lower than those of its peers in the industry, such as Lam Research and KLA Corp., as well as those of less-direct comps such as ASML and Teradyne.
Importantly, AMAT scores well on less general – and more telling – valuation metrics as well. Its forward and TTM EV/EBITDA ratios are the lowest in the peer group, while its EV/Sales and Price/Cash Flow multiples rank near the bottom of the valuation scale. Its PEG ratio is on the high side for its expected growth, but not dramatically out of line with peers. All major players in the group are trading at elevated PEGs due to expectations for a multi-year rebound in semiconductor equipment demand (AI, data center, advanced packaging). It’s not that AMAT is expensive relative to the group – it’s that the whole group is priced for a recovery.
Applied Materials’ stock offers additional perks beyond the potential for price appreciation. The company aims to return approximately 85-100% of free cash flow to shareholders over time through a combination of dividends and share repurchases. This policy has been consistently applied: in fiscal Q2 2025 alone, AMAT returned $2.0 billion to shareholders – comprising $1.67 billion in buybacks and $325 million in dividends – emphasizing this disciplined approach as a way to balance investment in future growth with shareholder returns.
Applied has been paying dividends for nearly 20 years, with the payout growing at a fast clip over the past decade. Although its dividend yield of 1.1% may look modest compared to the broad market’s high yielders, it is almost twice the Technology sector’s average. In FQ2, the dividend was increased by 15%.
AMAT’s buyback activity is more than impressive: the company has been retiring 3–5% of its share count annually. The Board approved a $10 billion repurchase program in March 2025, adding to a previous authorization, which had approximately $7.6 billion remaining at the end of fiscal Q1 2025. As of the end of fiscal Q2 2025, the total remaining buyback capacity stood at $8.33 billion.
To summarize, Applied Materials combines high-quality fundamentals and alignment with major tech trends that are likely to see continued investment, with reasonable valuations and hefty shareholder compensation. These strengths underscore its confidence in long-term earnings power – and provide a compelling cushion against volatility in the chip cycle.
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Investing Takeaway
Applied Materials is a critical enabler of next-generation semiconductor innovation, supplying the tools that power atomic-scale chip fabrication. With deep ties to logic, memory, and packaging transitions, AMAT sits at the core of AI infrastructure and global capacity buildouts. Its integrated solutions, long-term customer alignment, and materials engineering leadership position it for durable growth across market cycles. The company benefits from secular drivers like advanced DRAM, backside power delivery, and 3D integration – all of which expand its market share opportunity. A conservative financial profile, strong margins, and disciplined capital return policy support resilience amid macro uncertainty. For investors seeking targeted exposure to the capital equipment layer of the semiconductor value chain, Applied offers a rare combination of strategic relevance, operational strength, and valuation support.
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Smart Investor’s Winners Club
The 30% Winners Club includes stocks from the Smart Investor Portfolio that have risen at least 30% since their purchase dates.
Markets have ebbed and flowed, but our Winners list has remained unchanged, still holding 13 stocks: GE, AVGO, ORCL, HWM, ANET, EME, TSM, APH, IBKR, TPL, PH, CRWD, and IBM.
The first contender for the Club’s entry is still UBER with a 28.75% gain since purchase. Will it gain the rite of passage, or will another stock outrun it to the finish line?
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Disclaimer
The information contained in this article represents the views and opinions of the writer only, and not the views or opinions of TipRanks or its affiliates and should be considered for informational purposes only. TipRanks makes no warranties about the completeness, accuracy, or reliability of such information. Nothing in this article should be taken as a recommendation or solicitation to purchase or sell securities. Nothing in the article constitutes legal, professional, investment and/or financial advice and/or takes into account the specific needs and/or requirements of an individual, nor does any information in the article constitute a comprehensive or complete statement of the matters or subject discussed therein. TipRanks and its affiliates disclaim all liability or responsibility with respect to the content of the article, and any action taken upon the information in the article is at your own and sole risk. The link to this article does not constitute an endorsement or recommendation by TipRanks or its affiliates. Past performance is not indicative of future results, prices, or performance.
