The net return objective to the investor is 10.0% pa through capital growth over rolling five-year periods.
Material Price Sensitive Announcements October 20th to 27th 2025
Global Top 50 Technology Companies | October 2025
File
| Rank | Date | Company | Ticker | Type | Announcement Summary | Impact | Source URL |
|---|---|---|---|---|---|---|---|
| 1 | October 21, 2025 | Meta Platforms / Blue Owl Capital | META | Strategic Partnership / Financing | Meta announced $27 billion joint venture with Blue Owl Capital to develop and own the Hyperion data center campus in Louisiana. Blue Owl funds will own 80% interest while Meta retains 20%. The 2,250-acre campus will support 2+ gigawatts of AI compute capacity initially, potentially scaling to 5+ GW. Blue Owl contributed $7 billion cash and Meta received $3 billion one-time distribution. | Massive AI infrastructure investment keeps majority of debt off Meta's balance sheet through innovative SPV structure. Represents Meta's largest-ever private capital deal. Strategic financing enables rapid AI capacity expansion without balance sheet impact. Demonstrates Meta's commitment to AI infrastructure leadership competing with Microsoft, Google, and Amazon. Joint venture structure may become model for future hyperscale data center financing. | https://investor.atmeta.com/investor-news/press-release-details/2025/Meta-Announces-Joint-Venture-with-Funds-Managed-by-Blue-Owl-Capital-to-Develop-Hyperion-Data-Center/default.aspx |
| 2 | October 22, 2025 | Tesla Inc. | TSLA | Earnings Report | Tesla reported Q3 2025 financial results with record revenue of $28.1 billion (+12% YoY) and record deliveries of 497,099 vehicles (+7% YoY). However, non-GAAP EPS of $0.50 missed analyst expectations of $0.54 (-7.4% miss). Company achieved record energy storage deployment of 12.5 GWh (+81% YoY) and operating income of $1.6 billion with 5.8% operating margin (down from 10.8% YoY). Cash position strengthened to $41.6 billion. | Mixed results show strong top-line growth but margin compression from pricing pressure and competition. Record deliveries validate production ramp but profitability declining. Energy storage business emerging as major growth driver. Stock resilient in after-hours (+0.16%) despite earnings miss. Operating margin decline from 10.8% to 5.8% raises concerns about sustainable profitability. FSD v14 rollout and Robotaxi expansion provide long-term catalysts. | https://ir.tesla.com/_flysystem/s3/sec/000162828025045861/tsla-20251022-gen.pdf |
| 3 | October 20, 2025 | Amazon Web Services | AMZN | Service Outage | Amazon Web Services experienced major global outage lasting approximately 12 hours starting 3:00 AM ET October 20. Outage caused by DNS resolution failure for DynamoDB API endpoints in US-EAST-1 region (Northern Virginia). Disrupted 113 AWS services affecting hundreds of major websites and applications globally including Snapchat, Venmo, Roblox, Fortnite, Ring, Signal, Coinbase, ChatGPT, banking apps, and media organizations. Services fully restored by evening October 20. | Significant operational disruption highlighting centralized cloud infrastructure risks. AWS holds ~30% of global cloud computing market making this one of largest internet outages of 2025. Reputational impact as customers question reliability and redundancy. Emphasizes need for multi-cloud strategies. Financial impact likely minimal as AWS made $107 billion in 2024 (17% of Amazon revenue) but may accelerate customer diversification to Microsoft Azure and Google Cloud. Demonstrates fragility of internet infrastructure dependent on single provider. | https://www.aboutamazon.com/news/aws/aws-service-disruptions-outage-update |
| 4 | October 24, 2025 | Alphabet / Anthropic | GOOGL | Strategic Partnership | Google Cloud announced major expansion of partnership with Anthropic to provide up to 1 million TPU chips for training future Claude AI models. Deal provides Anthropic with over 1 gigawatt of compute capacity by 2026. Multibillion-dollar partnership estimated between $1-10 billion range. Anthropic will use Google Cloud's tensor processing units, Vertex AI platform, and Google Cloud Marketplace to scale Claude models and serve enterprise customers. | Strategic AI infrastructure deal positions Google Cloud as major AI provider competing directly with Microsoft-OpenAI alliance and Amazon-Anthropic relationship. Validates Google's TPU technology against NVIDIA GPUs for AI training. Provides Google with premier AI customer as Anthropic targets $26 billion revenue in 2026. Expands Google's gigawatt-scale AI data center buildout. Strengthens Google's position in enterprise AI market through Anthropic's Claude integration. Demonstrates AI infrastructure arms race among hyperscalers. | https://www.tomshardware.com/tech-industry/artificial-intelligence/anthropic-signs-deal-with-google-cloud-to-expand-tpu-chip-capacity-ai-company-expects-to-have-over-1gw-of-processing-power-in-2026 |
| 5 | October 22, 2025 | NVIDIA Corporation | NVDA | Market Milestone | NVIDIA shares hit all-time highs near $195 in early October 2025, valuing company at approximately $4.4-$4.5 trillion, becoming first company ever to reach $4 trillion market capitalization. Stock subsequently pulled back to ~$180 following profit-taking but remains up ~30% YTD vastly outperforming S&P 500. Trading at 50x earnings and 20x+ sales. Competition heating with AMD securing 6GW OpenAI deal and Oracle deploying 50,000 AMD MI450 GPUs. | Historic milestone as world's most valuable company driven by AI infrastructure boom. Maintains dominant position in AI accelerator market despite growing competition from AMD and custom chips. High valuation reflects expectations for sustained AI spending from hyperscalers (Meta raising capex to $64-72B, Microsoft $80B, Alphabet $75B, Amazon $105B). Upcoming Blackwell Ultra chips (H2 2025) and Rubin GPUs (2026) provide growth pipeline. Valuation leaves little margin for error; any AI demand slowdown could trigger significant correction. Stock volatility reflects market debate over sustainability of AI infrastructure buildout. | https://ts2.tech/en/nvidias-blockbuster-october-2025-ai-gold-rush-4-trillion-highs-stock-whiplash/ |
| 6 | October 20, 2025 | Intel Corporation | INTC | Product Launch / Manufacturing | Intel announced volume production start of Core Ultra 3-series 'Panther Lake' processors using 18A manufacturing node, marking first 2nm-class (1.8nm) process in global high-volume production, preceding TSMC's N2 node by weeks or months. 18A features RibbonFET gate-all-around transistors and PowerVia backside power delivery. First Panther Lake model ships before year-end with broad market availability January 2026. | Critical technology milestone for Intel's foundry strategy and credibility. Successfully implementing two major innovations (RibbonFET and PowerVia) simultaneously in production node. Demonstrates Intel can compete with TSMC in advanced manufacturing. However, delayed from original 2025 timeline suggesting yield or ramp challenges. Slower-than-expected volume ramp (first model only shipping in Dec 2025, full lineup in Q1 2026) raises concerns about defect density and performance variability. Success crucial for attracting external foundry customers and validating Intel's '5 nodes in 4 years' roadmap. | https://www.tomshardware.com/pc-components/cpus/intels-18a-production-starts-before-tsmcs-competing-n2-tech-heres-how-the-two-process-nodes-compare |
| 7 | October 20, 2025 | AMD / Intel | AMD / INTC | Partnership Discussions | AMD in early-stage talks with Intel Foundry Services to manufacture chips at Intel's fabs, according to Semafor report. If deal materializes, would mark significant validation of Intel's foundry business and confidence from AMD to manufacture with its biggest x86 competitor. Unclear how much AMD manufacturing would shift to Intel or whether deal includes direct investment. Intel currently lacks technology to produce AMD's most advanced chips. AMD stock up 1%+, Intel shares rose 7% on news. | Potential watershed moment for Intel's struggling foundry business which hasn't secured tier-one customer at meaningful scale. Would provide crucial external validation and revenue for IFS which is burning billions quarterly. For AMD, represents supply chain diversification beyond TSMC dependence amid geopolitical Taiwan risks and U.S. government push for domestic chip manufacturing. Likely limited to mature nodes initially as Intel 18A not yet competitive with TSMC N4P/N3 for high-performance products. Demonstrates shifting semiconductor ecosystem and 'chip nationalism' trend. Success could attract more customers to Intel fabs. | https://www.cnbc.com/2025/10/01/intel-stock-amd-chips.html |
| 8 | October 21, 2025 | OpenAI / Atlas Browser | Private | Product Launch | OpenAI launched Atlas, a new web browser leveraging ChatGPT's generative AI with chat-first interface. Atlas allows users to browse websites, complete tasks, and maintain conversational context. Product poses direct challenge to Google Search and Microsoft Copilot as AI-native browsing experience. | Strategic expansion beyond chat interface into browser market. Direct threat to Google's $200+ billion search advertising business and Microsoft's browser/Copilot strategy. Represents OpenAI's push into consumer applications beyond API. Could accelerate AI disruption of traditional web search. Timing coincides with AWS outage affecting competing services. May drive user acquisition if browsing experience superior to traditional search. Intensifies AI competition among Microsoft (OpenAI backer), Google, and independent AI companies. | https://investingnews.com/top-tech-news/ |
| 9 | October 24, 2025 | Microsoft / Neocloud Partners | MSFT | Infrastructure Partnership | Microsoft announced $33 billion in deals with 'neoclouds' including Nebius and CoreWeave to expand AI data center capacity. Part of broader $80 billion fiscal 2025 infrastructure investment. Agreements provide Microsoft with rapid access to GPU capacity without building data centers from scratch. Addresses Azure AI compute bottleneck as cloud revenue growth accelerates. | Innovative approach to AI infrastructure expansion through external partnerships rather than only internal buildout. Provides faster time-to-market for Azure AI services as GPU capacity is critical constraint. Demonstrates Microsoft's aggressive commitment to AI infrastructure leadership competing with AWS and Google Cloud. Should support continued Azure growth (recently +39% YoY). Reduces capital intensity by leveraging specialized data center operators. Validates emerging 'neocloud' business model. Stock trading up 23% YTD outperforming market. | https://www.tomshardware.com/tech-industry/artificial-intelligence/anthropic-signs-deal-with-google-cloud-to-expand-tpu-chip-capacity-ai-company-expects-to-have-over-1gw-of-processing-power-in-2026 |
| 10 | October 27, 2025 | Alphabet / Microsoft / Meta / Apple / Amazon | GOOGL / MSFT / META / AAPL / AMZN | Earnings Week Preview | Five of Magnificent 7 companies scheduled to report Q3 2025 earnings: Alphabet and Microsoft on Wednesday October 29 after market close, with Meta also reporting October 29; Apple and Amazon scheduled for Thursday October 30. Market expects Alphabet EPS $2.28 (+7.5% YoY) on revenue $100B (+13.2% YoY), Microsoft EPS $3.66 on revenue $74.96B (+11% YoY). Key focus areas: AI infrastructure spending levels, cloud growth sustainability, capex guidance, and AI monetization progress. | Highest concentration of mega-cap tech earnings in single week for Q3 2025 season. Combined market cap of ~$13 trillion means results will significantly impact overall market direction. Critical test of whether AI infrastructure investments are generating returns. Cloud growth rates (Azure +38%, Google Cloud +29% expected) will indicate AI demand sustainability. Capex spending decisions (Meta $64-72B, Microsoft $80B, Alphabet $75B, Amazon $105B) signal confidence in AI buildout. Any guidance cuts could trigger sector-wide correction given high valuations. Earnings will set tone for Q4 2025 and provide visibility into 2026 AI spending trends. | https://www.forex.com/en-us/news-and-analysis/week-ahead-magnificent-7-earnings-microsoft-apple-alphabet/ |
10
Total Announcements
$39B+
Total Deal Value
7
Top 50 Global Tech Companies
6
Days Period
Global Top 50 Tech Companies October 2025
File
| Rank | Company Name | Ticker Symbol | Market Cap (USD) | Country | Sector | Description | Website URL |
|---|---|---|---|---|---|---|---|
| 1 | Nvidia Corporation | NVDA | $4.57T | United States | Semiconductors | Leading AI/GPU company designing chips for AI training and inference | https://www.nvidia.com |
| 2 | Apple Inc. | AAPL | $3.83T | United States | Consumer Electronics | Consumer electronics services iPhone iPad Mac | https://www.apple.com |
| 3 | Microsoft Corporation | MSFT | $3.80T | United States | Software | Software infrastructure cloud computing AI | https://www.microsoft.com |
| 4 | Alphabet Inc. | GOOGL | $2.98T | United States | Internet Services | Search engine cloud computing AI | https://www.alphabet.com |
| 5 | Amazon.com Inc. | AMZN | $2.34T | United States | E-commerce | E-commerce cloud computing AWS | https://www.amazon.com |
| 6 | Meta Platforms Inc. | META | $1.79T | United States | Social Media | Social media VR/AR metaverse | https://www.meta.com |
| 7 | Broadcom Inc. | AVGO | $1.60T | United States | Semiconductors | Semiconductor and infrastructure software | https://www.broadcom.com |
| 8 | Taiwan Semiconductor | TSM | $1.52T | Taiwan | Semiconductors | Global chip manufacturing foundry | https://www.tsmc.com |
| 9 | Tesla Inc. | TSLA | $1.43T | United States | Electric Vehicles | Electric vehicles energy storage | https://www.tesla.com |
| 10 | Oracle Corporation | ORCL | $816B | United States | Software | Database software cloud computing | https://www.oracle.com |
| 11 | Palantir Technologies | PLTR | $311.79B | United States | Software | Data analytics software | https://www.palantir.com |
| 12 | Cisco Systems | CSCO | $271.62B | United States | Networking | Communication equipment networking | https://www.cisco.com |
| 13 | IBM Corporation | IBM | $267.34B | United States | IT Services | Information technology services | https://www.ibm.com |
| 14 | Salesforce Inc. | CRM | $257.36B | United States | Software | Cloud-based CRM software | https://www.salesforce.com |
| 15 | Advanced Micro Devices | AMD | $223.61B | United States | Semiconductors | CPU and GPU semiconductors | https://www.amd.com |
| 16 | Intuit Inc. | INTU | $217.76B | United States | Software | Financial software TurboTax QuickBooks | https://www.intuit.com |
| 17 | ServiceNow Inc. | NOW | $209.17B | United States | Software | Enterprise software applications | https://www.servicenow.com |
| 18 | Texas Instruments | TXN | $195.86B | United States | Semiconductors | Analog and embedded semiconductors | https://www.ti.com |
| 19 | Uber Technologies | UBER | $195.80B | United States | Software | Ride-sharing platform mobility | https://www.uber.com |
| 20 | Qualcomm Inc. | QCOM | $178.23B | United States | Semiconductors | Mobile chips wireless technology | https://www.qualcomm.com |
| 21 | Adobe Inc. | ADBE | $160.90B | United States | Software | Creative software digital media | https://www.adobe.com |
| 22 | Applied Materials | AMAT | $152.48B | United States | Equipment | Semiconductor equipment materials | https://www.appliedmaterials.com |
| 23 | Micron Technology | MU | $136.86B | United States | Semiconductors | Memory chips data storage | https://www.micron.com |
| 24 | Palo Alto Networks | PANW | $134.57B | United States | Software | Cybersecurity network security | https://www.paloaltonetworks.com |
| 25 | Arista Networks | ANET | $128.76B | United States | Hardware | Computer networking hardware | https://www.arista.com |
| 26 | Lam Research | LRCX | $126.42B | United States | Equipment | Semiconductor equipment materials | https://www.lamresearch.com |
| 27 | CrowdStrike Holdings | CRWD | $123.65B | United States | Software | Cybersecurity endpoint protection | https://www.crowdstrike.com |
| 28 | Analog Devices | ADI | $121.92B | United States | Semiconductors | Analog and mixed-signal semiconductors | https://www.analog.com |
| 29 | ASML Holding | ASML | $300B+ | Netherlands | Equipment | Semiconductor lithography equipment | https://www.asml.com |
| 30 | Samsung Electronics | 005930.KS | $300B+ | South Korea | Electronics | Consumer electronics semiconductors | https://www.samsung.com |
| 31 | Tencent Holdings | TCEHY | $400B+ | China | Internet Services | Internet services gaming WeChat | https://www.tencent.com |
| 32 | Netflix Inc. | NFLX | $200B+ | United States | Media | Streaming entertainment services | https://www.netflix.com |
| 33 | PayPal Holdings | PYPL | $80B+ | United States | Fintech | Digital payments financial services | https://www.paypal.com |
| 34 | Intel Corporation | INTC | $200B+ | United States | Semiconductors | CPU semiconductors processors | https://www.intel.com |
| 35 | HP Inc. | HPQ | $40B+ | United States | Hardware | Computer hardware printers | https://www.hp.com |
| 36 | Dell Technologies | DELL | $80B+ | United States | Hardware | Computer hardware enterprise solutions | https://www.dell.com |
| 37 | Snowflake Inc. | SNOW | $50B+ | United States | Software | Cloud data platform analytics | https://www.snowflake.com |
| 38 | Datadog Inc. | DDOG | $40B+ | United States | Software | Monitoring and analytics platform | https://www.datadoghq.com |
| 39 | MongoDB Inc. | MDB | $25B+ | United States | Software | Database software NoSQL | https://www.mongodb.com |
| 40 | Zoom Video | ZM | $20B+ | United States | Software | Video conferencing communications | https://www.zoom.us |
| 41 | Shopify Inc. | SHOP | $80B+ | Canada | E-commerce | E-commerce platform solutions | https://www.shopify.com |
| 42 | Block Inc. | SQ | $50B+ | United States | Fintech | Digital payments Square Cash App | https://www.block.xyz |
| 43 | Workday Inc. | WDAY | $60B+ | United States | Software | Enterprise cloud applications HR | https://www.workday.com |
| 44 | Autodesk Inc. | ADSK | $50B+ | United States | Software | Design software CAD 3D modeling | https://www.autodesk.com |
| 45 | Okta Inc. | OKTA | $15B+ | United States | Software | Identity and access management | https://www.okta.com |
| 46 | Splunk Inc. | SPLK | $25B+ | United States | Software | Data analytics machine learning | https://www.splunk.com |
| 47 | HubSpot Inc. | HUBS | $30B+ | United States | Software | Marketing automation CRM | https://www.hubspot.com |
| 48 | Zscaler Inc. | ZS | $25B+ | United States | Software | Cloud security zero trust | https://www.zscaler.com |
| 49 | Fortinet Inc. | FTNT | $40B+ | United States | Software | Cybersecurity network security | https://www.fortinet.com |
| 50 | VMware Inc. | VMW | $50B+ | United States | Software | Virtualization cloud infrastructure | https://www.vmware.com |
The watch list is for informational purposes only and that does not actually represent the actual assets of the Fund
While technology and the innovation that surrounds new technologies has been the flavor of recent years, it has been an area of vast opportunity for decades.
Now, with the world having entered the digital age, digital transformation across all industries is of paramount focus for all boards and CEOs.
This is producing unprecedented opportunities for investors through identifying both successful disruptors and industries where there is significant disruption to traditional means of conducting commercial activities.