Hi YXI friends,

Today, we will be examining Nasdaq (NDAQ) as a potential investment opportunity. Synonymous with technological growth, Nasdaq is a young but high profile market platform and stock exchange.

The great thing about exchange businesses is that their long-term performance is closely tied to the growth of the financial markets they serve. And beautifully, financial markets across stocks, bonds, foreign exchange, and commodities almost always expand over time.

I think Nasdaq is near a compelling trade setup. It may be helpful to take a close look at its fundamentals and technicals before the entry get triggered.

Table of Contents

• 1. Nasdaq Is More Than Just A Tech Stock Exchange

• 2. Growth Is Accelerating

• 3. Profitability Margins Worsened

• 4. Valuation Appears Justifiable

• 5. Technical analysis

• 6. Rating

DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

1. Nasdaq Is More Than Just A Tech Stock Exchange

Getting listed on Nasdaq is probably a lifetime achievement for any founder-CEO, but Nasdaq the company goes far beyond the vanity of IPOs and the fast growing Nasdaq 100 Index.

Nasdaq operates 3 main business segments: Capital Access Platform, Financial Technology, and Market Services. Among them, Market Services lead with over half of the revenue share, while Financial Technology and Market Services share fairly equally the remaining pie.

Here is a quick introduction of what these business segments do.

Capital Access Platform focuses on market data, corporate listings, Nasdaq indices (e.g. Nasdaq 100), index-linked financial products, and market intelligence analytics.

Financial Technology includes Financial Crime Management tools (e.g. Verafin), Regulatory compliance and risk management tools, and Capital Markets operations tools (e.g. Calypso).

Finally, Market Services cover Equity Derivatives (US options and European derivatives), Cash Equities, Fixed Income & Commodities, and Tape Plans (market data fees).

2. Growth Is Accelerating

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