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TSMC does not break down AI chip revenue explicitly, but the numbers imply it is coming close to matching that predicted growth. The company's financials results appear to ease concerns over the company's geopolitical risks.

Amadeus IT Group remains a buy despite a 30% stock decline driven by AI-related fears, which are viewed as overblown. AI is more an opportunity than a threat for AMADY, leveraging its vast operational data and high switching costs in Airline IT and GDS. Operational metrics are improving: sales and margins are expanding, with EBITDA CAGR of 8% and free cash flow CAGR of 5.2% from 2024.

Philip Morris delivers an enviable, profitable growth trend, driven by the improving pricing power/growing volumes in the smoke-free segment and the excellent price elasticity of its combustible segment. The smoke-free segment drives top- and bottom-line growth, now comprising over 41% of revenues while delivering gross margins of 69.5% in FY2025, supporting its premium P/E valuation. PM already guides excellent net…