MicroStrategy, now rebranded as Strategy (MSTR), has evolved from a modest business intelligence firm into the most audacious Bitcoin investment vehicle on the planet. With over 600,000 BTC under management and a new 42/42 capital strategy aiming to raise $52 billion more by 2027, MSTR now trades almost entirely on the future of Bitcoin.

But is this high-risk, high-reward play sustainable? Or is MSTR’s valuation bubble waiting to burst?

In this exclusive thematic report, CFRA Research breaks down:

• The flywheel behind MSTR’s 1.9x premium to its Bitcoin holdings
• Risks of BTC price stagnation or decline on MSTR’s liquidity and valuation
• How convertible debt, preferred equity, and meme-stock dynamics amplify both upside and downside
• What it would take for MSTR’s capital-raising model to succeed—or collapse

Get clarity on one of the boldest financial experiments in market history. Our analysts dissect MSTR’s BTC yield math, equity dilution model, and why this bet might either redefine corporate finance—or self-destruct under its own leverage.

Access CFRA’s in-depth research to uncover the real investment thesis and risk behind Strategy’s Bitcoin empire.

As growth in Canada slows and domestic markets saturate, Canada’s largest banks are looking abroad and not all are equally prepared. In CFRA’s latest thematic research, “Canadian Banks: Northern Giants, Global Dreams,” equity analyst Alexander Yokum breaks down which banks are positioned to win from international expansion and which may stumble.

From RY’s capital markets strength and U.S. turnaround to NA’s booming Cambodian operations and CM’s push to diversify beyond housing, this report uncovers hidden growth drivers and looming risks across geographies. Meanwhile, TD’s regulatory constraints, BNS’s emerging market credit risk, and BMO’s U.S. integration struggles are red flags investors shouldn’t ignore.

Inside this report:

• Why international expansion is critical as Canadian domestic growth stalls
• Which banks—like RY, CM, and NA—are positioned to benefit from global diversification
• What risks TD, BNS, and BMO face from regulation, acquisition missteps, and emerging market exposure
• How macroeconomic trends in Canada are fueling the global shift
• What investors should watch across key geographies including the U.S., Cambodia, and Latin America
• Bank-by-bank analysis on capital markets strength, asset allocation, and regional performance

Download the full report to uncover which Canadian banks are best positioned for long-term outperformance—and which may face turbulence as the global push intensifies.

All winners, no losers. That’s the story coming out of CFRA’s in-depth review of the 2025 Federal Reserve Bank Stress Tests. With all 22 participating banks clearing the hurdles and capital requirements falling across the board, this year’s test marks a significant shift in regulatory tone—and a meaningful inflection point for investors and financial institutions alike.

In this report, CFRA Analyst Alexander Yokum, CFA, breaks down how a less severe macroeconomic scenario and proposed changes to the Fed’s stress testing framework led to a dramatic improvement in Common Equity Tier 1 (CET1) ratios, opening the door for increased capital returns. From M&T Bank’s bold voluntary participation to Wells Fargo’s post-cap removal momentum, this research identifies the super regional banks best positioned to accelerate dividends, share buybacks, and long-term growth.

But not all is without caution. The report also dives into potential risks including transparency concerns and the possibility of under preparedness in the face of future economic shocks.

Inside this report:

• Which banks gained the most from reduced capital requirements
• Exclusive insights on M&T Bank, PNC, Truist, USB, and Wells Fargo
• Breakdown of the Fed’s relaxed stress test scenarios
• Analysis of proposed regulatory changes and capital planning flexibility
• Forward-looking outlook on dividends and share buybacks
• Risks tied to stress test transparency and market overconfidence

Download the full thematic report to see which banks are primed for outperformance, how proposed regulatory shifts could reshape the sector, and what investors should watch as capital returns ramp up in 2025 and beyond.

The economics of compute are undergoing a seismic shift. With NVIDIA’s Blackwell architecture reducing total cost of ownership by over 85%, and newer models like Rubin poised to scale GPU density even further, compute capacity is becoming dramatically cheaper to deploy. Meanwhile, the rise of advanced reasoning AI agents and compact SLMs (small language models) is fueling an explosion in inferencing workloads. These agents require 100x to 1,000x more compute than traditional GenAI models.

As demand soars, spending is diversifying. While the Big Four (Amazon, Microsoft, Alphabet, Meta) still lead compute capex, emerging hyperscalers like Tesla, CoreWeave, and OpenAI are quickly scaling their infrastructure. National governments are also entering the race, launching Sovereign AI projects to secure local capacity.

With compute usage projected to double by 2028 and valuations across semiconductors and hyperscalers still compelling, this report explores who stands to gain most from the insatiable demand ahead

Inside this report:

• Why compute demand is accelerating beyond GenAI workloads
• How NVIDIA’s Blackwell & Rubin architectures are reshaping TCO
• Which emerging hyperscalers are building their own data centers
• Why DeepSeek and SLMs are catalyzing a surge in inferencing
• Who benefits most as data center spend crosses the $1 trillion mark

Download the full report to understand why computing is becoming the new oil of the AI era, how to position your portfolio as the next compute supercycle takes shape, and what risks (like oversupply or tariffs) investors should monitor.

The private equity monetization machine—often referred to as the “flywheel”—is facing serious headwinds in 2025. In this thematic research report, CFRA dives into the evolving pressures disrupting the private equity cycle and what it means for leading alternative asset managers like Apollo (APO), Ares (ARES), Blackstone (BX), Carlyle (CG), Blue Owl (OWL), Brookfield (BAM), and KKR.

With the IPO and M&A exit windows narrowing and valuations compressed, private equity firms are increasingly relying on secondary buyouts to unlock liquidity. This shift marks a notable transition in how value is being realized and recycled. Despite dry powder remaining elevated, deal execution is getting tougher, and firms are being more selective in capital deployment.

CFRA’s report outlines why fundraising is expected to slow across private market vehicles while fee-related earnings take center stage. For institutional investors and analysts, understanding how firms are adapting to a slower monetization environment is key to identifying relative winners and laggards in the space.

We also explore implications of this monetization pressure on assets under management (AUM) growth, the emerging role of structured solutions, and the impact of elevated interest rates on leveraged buyouts.

Access the full report to explore actionable insights backed by CFRA’s proprietary research methodology—including charts, timelines, and firm-level commentary on how ALT managers are navigating the flywheel disruption.

What Is Included In This Report

• The Shift in Private Equity Exit Strategy: Why trade sales and IPOs are drying up—and how secondaries are filling the gap.
• Impact on Fundraising and Valuation: What the slowdown in monetization means for capital inflows, fees, and carry.
• Who’s Best Positioned to Adapt: Forward-looking analysis on APO, ARES, BX, CG, OWL, BAM, and KKR in the new market dynamic.
• Exclusive AUM & Exit Data: Get firm-level data, transaction charts, and strategic commentary on ALT manager resilience.

Download the full report to uncover CFRA’s forward-looking outlook on private equity monetization and firm-level implications for 2025 and beyond.

Moody’s recent downgrade of the U.S. credit rating—from Aaa to Aa1—adds fuel to a growing fire of fiscal instability. While not unprecedented, the downgrade follows in the footsteps of prior moves by Fitch and S&P, and comes as national debt exceeds $36 trillion and deficit spending outpaces post-WWII levels.

Despite pledges of austerity, federal spending during the first 100 days of the current administration has surged by more than $220 billion compared to last year. Promised multi-trillion-dollar cuts have largely failed to materialize, and legislative efforts may only worsen the fiscal outlook over the next decade.

What does this mean for investors?

Treasury markets are already flashing warning signs. Over $9 trillion in U.S. debt matures in 2025, forcing a massive refinancing effort. With another $2 trillion in deficits expected, the U.S. Treasury may need to issue more than $10 trillion in new debt this year alone. This raises the risk of crowding out private investment and pushing interest rates higher.

Meanwhile, the Federal Reserve may again be forced to step in—not as lender of last resort, but buyer of last resort—raising the specter of renewed debt monetization. And while the U.S. dollar retains global reserve status for now, growing debt and trade tensions could further fuel the slow-burning trend of global de-dollarization.

In this environment, volatility is likely to remain elevated across equity and fixed income markets. Investors are rethinking allocations, focusing on intermediate-term Treasuries and revisiting inflation hedges.

What Is Included In This Report

• Why Moody’s downgraded the U.S. credit rating and how it compares to past agency actions
• The implications of rising government debt, Treasury market volatility, and interest rate risk
• How wealth managers can position portfolios with a focus on intermediate-term bonds
• Insights into the Fed’s evolving role and the outlook for debt monetization
• The risk landscape for the U.S. dollar and potential de-dollarization trends
• Why inflationary pressure and policy uncertainty will drive equity market volatility in 2025.

Download CFRA’s complete macroeconomic analysis to access exclusive insights into the 2025 fiscal outlook and how wealth managers can proactively manage risk.