Your questions answered Vol 2 - IM Private Clients

[KTF]

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

[av185]

AdamIM said:

av185 said:

Wonder how the 7th June 10 to 1 stock split and increased dividend announcements will affect the share price?

Re the split, technically almost nil. More liquidity makes the stock more accessible. Plenty of investors can't or won't buy $1k stocks due to lack of funds and ignorance (it's 1k and msft is $400 therefore it's expensive mentality).

The dividend- it's a token really. Many funds won't buy non dividend paying stocks.

Their net profit margin has scaled new heights. 58% is simply spectacular. MSFT comparative is 36% and Apple is 26%

Clearly over time this margin will revert to something closer to 50% but it sure is an indication of the demand/supply imbalance and total lack of competition. AMD and Intel are no where to be seen. We think this will continue to be the case indefinitely. When Nvidia is generating $24B in Data Centre revenue in 3 months(and growing significantly) and AMD hopes to deliver $4B in a year.

There is a lot to dive into from the call last night but the take away is clear. Every segment is experiencing super high growth, Blackwell is in full production. They are sold out through 2025. Blackwell-next rumoured to be called Rubin is ready for next year.

The company is on target in our opinion of circa $130B in this fiscal year ending jan 2025 with met income of around $72B. Listening to TSMC CEO CC Wei, they are adding capacity to conservatively grow supply CAGR 50% over 5 years which is an enormous ramp. What is fascinating is we actually think non DC revenue will be much bigger in the future. Robotics, ADAS, health and drug discover, Omniverse digital twins. software via Nvidia Enterprises.

Incredible company, incredible future in our opinion. They'll change the world and touch everything digital.

Great insight thanks Adam.

[Sheepshanks]

Apparently the dividend had to be increased because with the share split it’s 1c per share and that’s the minimum it can be.

Suggestions the lower price will increase volatility from retail investor activity.

Didn’t know about some funds not buying non-dividend stocks - seems an odd restriction bearing in mind how trivial the dividend can be.

[2Btoo]

AdamIM said:

IML/PHT isn't invested in the UK.

The likelihood of a Labour Govt has been an almost certainty for some time now so I would speculate that markets in the UK would already have reacted and maybe they are at the level they are due to this change in Govt.

Thanks Adam. No surprise there then, other than that IML/PHT don't have any UK footprint at all - I'd have thought they would have had something.

Nice write-up about Nvidia as well. Thanks.

[AdamIM]

2Btoo said:

AdamIM said:

IML/PHT isn't invested in the UK.

The likelihood of a Labour Govt has been an almost certainty for some time now so I would speculate that markets in the UK would already have reacted and maybe they are at the level they are due to this change in Govt.

Thanks Adam. No surprise there then, other than that IML/PHT don't have any UK footprint at all - I'd have thought they would have had something.

Nice write-up about Nvidia as well. Thanks.

Hi O,

IML did have some Equity. It hit its price target(s) maybe 12 months or so ago and was sold. In the longer target dated IML portfolio's we do hold some fixed income and MM products so yes we do hold some UK exposure but in terms of direct Equity, currently Nil. That may change.

I hope that helps.

Adam

[AdamIM]

There is so much coming out of AI and in particular Nvidia that over the next couple of weeks(after my holiday) I will start writing about some things that are not typically covered in the press. Just our views on what their long term plans are and what can appear to be less significant now, will drive significant earnings in the future. An on that think Apple App store. The company is developing NIMs which are accelerators (app accelerators) that customers can buy and instantly deploy their workload. And coupled with this is Nvidia Enterprise(NVE) which gives you access. NVE is a $4,500 royalty fee per GPU per year which guarantees support and continued development of existing hardware, via software updates. It future proofs your installation.

The company has a current TTM run rate exceeding $2B in relation to NVE. It will surely be almost pure profit and it is obvious this number can only grow much much higher.

Over the coming days we will see Wallstreet analysts start to upgrade their price targets.

[Steve H]

Well so far Nvidia is up over $100/share

That’s more than 10%



And $2.5 trillion value

[AdamIM]

Steve H said:

Well so far Nvidia is up over $100/share

That’s more than 10%



And $2.5 trillion value

Hi Steve, should it be less than Msft which has a valuation, circa 20% more with less margin and less growth. Msft is a fantastic business but…..

[toastyhamster]

KTF said:

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

I'm not getting them either. Briefly says "Request successful" when I request a verification code, but it never arrives at my phone.

[AdamIM]

toastyhamster said:

KTF said:

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

I'm not getting them either. Briefly says "Request successful" when I request a verification code, but it never arrives at my phone.

There is nothing wrong with the 2FA. You can contact me via the pm function if you would like some assistance

[toastyhamster]

AdamIM said:

toastyhamster said:

KTF said:

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

I'm not getting them either. Briefly says "Request successful" when I request a verification code, but it never arrives at my phone.

There is nothing wrong with the 2FA. You can contact me via the pm function if you would like some assistance

Thanks for the reply Adam, I generated two codes earlier and neither of them arrived, but I just tried again and it worked, 20 day gap since my last login, so all my devices were signed out. Possibly the SMS gateway was/is having issues.

[AdamIM]

toastyhamster said:

AdamIM said:

toastyhamster said:

KTF said:

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

I'm not getting them either. Briefly says "Request successful" when I request a verification code, but it never arrives at my phone.

There is nothing wrong with the 2FA. You can contact me via the pm function if you would like some assistance

Thanks for the reply Adam, I generated two codes earlier and neither of them arrived, but I just tried again and it worked, 20 day gap since my last login, so all my devices were signed out. Possibly the SMS gateway was/is having issues.

Thanks for letting my know

[Steve H]

AdamIM said:

Steve H said:

Well so far Nvidia is up over $100/share

That’s more than 10%



And $2.5 trillion value

Hi Steve, should it be less than Msft which has a valuation, circa 20% more with less margin and less growth. Msft is a fantastic business but…..

That’s a question for you to answer Adam .

I guess longevity and stability plays a part in what people are willing to pay?

Nvidia has been remarkable recently and your commentary clearly sees it going further but a mainstream computer company that has been at the front since computers became mainstream has a hell of a head-start.

But if you think Nvidia has another 20+% to go that’s ok with me!

[AdamIM]

Steve H said:

AdamIM said:

Steve H said:

Well so far Nvidia is up over $100/share

That’s more than 10%



And $2.5 trillion value

Hi Steve, should it be less than Msft which has a valuation, circa 20% more with less margin and less growth. Msft is a fantastic business but…..

That’s a question for you to answer Adam .

I guess longevity and stability plays a part in what people are willing to pay?

Nvidia has been remarkable recently and your commentary clearly sees it going further but a mainstream computer company that has been at the front since computers became mainstream has a hell of a head-start.

But if you think Nvidia has another 20+% to go that’s ok with me!

HI Steve,

I'm not suggesting Nvidia has 20% more to appreciate. I'm suggesting that a company with a 20% higher net margin AND a growth rate 2-3X higher is worth a greater multiple, other things being equal. Presently Nvidia is being valued at roughly the same multiple as Microsoft and Apple. A multiple is not to be confused with market cap or valuation. Rather multiples can be used to derive the intrinsic value.

Cheers

Adam

[superlightr]

It has been great timing by IM for adding Meta in the other week. Well done ! PHT is like a rocket the last 6 mths.

[toastyhamster]

toastyhamster said:

AdamIM said:

toastyhamster said:

KTF said:

Mrkevuk said:

Hi I’m trying to log into my account but don’t seem to be receiving the sms texts. I’ve tried calling you but keep getting an answer phone saying you’re phones are to busy. Can anyone help please. Thanks in advance

I just logged in now and got the code in seconds.

I'm not getting them either. Briefly says "Request successful" when I request a verification code, but it never arrives at my phone.

There is nothing wrong with the 2FA. You can contact me via the pm function if you would like some assistance

Thanks for the reply Adam, I generated two codes earlier and neither of them arrived, but I just tried again and it worked, 20 day gap since my last login, so all my devices were signed out. Possibly the SMS gateway was/is having issues.

My missing codes turned up just after 3am this morning!

[-Cappo-]

AdamIM said:

There is nothing wrong with the 2FA. You can contact me via the pm function if you would like some assistance

Could the web goblins perhaps make it easier to check the "retain for 14 days" option after you enter a code, on the mobile version? That slider is VERY difficult to initiate. You can't actually slide it, because that would slide your phone screen across, and if you tap it, it seems very un-sensitive, so you sometimes end up stabbing the screen 20 or 30 times before it will move. Maybe a simple checkbox would be easier?

[xerawh]

For those that didn't get the SMS, how did you resolve it or did it just sort itself out?

Dropped an email to IM but no texts since yesterday.

[leef44]

xerawh said:

For those that didn't get the SMS, how did you resolve it or did it just sort itself out?

Dropped an email to IM but no texts since yesterday.

I just give up and try another day. Although probably not the best advice you're looking for.

I once got my three attempts text late in the evening when I tried to log in the morning.

[GR_TVR]

-Cappo- said:

Could the web goblins perhaps make it easier to check the "retain for 14 days" option after you enter a code, on the mobile version? That slider is VERY difficult to initiate. You can't actually slide it, because that would slide your phone screen across, and if you tap it, it seems very un-sensitive, so you sometimes end up stabbing the screen 20 or 30 times before it will move. Maybe a simple checkbox would be easier?

A quick double tap does the job for me on iPhone.