Overview
- RiverPark, which published its Q4 2025 investor letter Wednesday, reported a 1.4% gain for the quarter and a 13.3% return for the year, trailing the S&P 500 and Russell 1000 Growth.
- The letter describes concentrated market leadership with deeper divergence, as investors reward firms that show durable earnings and clear paths to monetizing growth, especially in parts of the AI supply chain and in health care.
- Apple was a key contributor on better-than-feared iPhone 17 sell-through, faster Services growth, strong early use of on-device AI features in North America and Europe, and a return to growth in wearables despite softness in China.
- Applied Materials boosted results with AI-related equipment orders running ahead of plan, mid-teens growth in semiconductor systems revenue, steady gains in services, and fresh 2026 spending increases from major chip foundries.
- Netflix weighed on performance after price hikes slowed subscriber growth in North America and Europe, content and live sports costs rose, and investors worried about a potential Warner Bros. Discovery deal that could face higher pricing and regulatory hurdles.