Core Viewpoint - Arista Networks' stock rose approximately 10% in after-hours trading following a stronger-than-expected Q4 performance and an optimistic revenue forecast for Q1 of FY2026 [1] Group 1: Financial Performance - The company reported an adjusted earnings per share of $0.82, surpassing analyst expectations of $0.76 [3] - Revenue reached $2.49 billion, exceeding the consensus estimate of $2.38 billion, driven by sustained demand from large AI, data center, campus, and routing environments [3] - Year-over-year revenue growth was 28.9%, with a quarter-over-quarter increase of 7.8%, attributed to the ongoing momentum of the "Arista 2.0" strategy [4] Group 2: Strategic Insights - The CEO highlighted that 2025 will be a year of validation for the "Arista 2.0" strategy, with key achievements including the shipment of 150 million ports and advancements in AI networking and campus expansion [4] - The company achieved a total annual revenue of $9 billion [4] Group 3: Profitability Metrics - Despite a slight decline in profit margins, profitability remained strong, with a GAAP gross margin of 62.9%, down from 64.6% in the previous quarter, and a non-GAAP gross margin of 63.4% [4] - GAAP net income rose to $955.8 million, with diluted earnings per share of $0.75, compared to $801 million and $0.62 per share in the same period last year [4] - Non-GAAP net income increased to $1.05 billion, with earnings per share of $0.82 [4] Group 4: Future Outlook - For Q1 of FY2026, the company expects revenue of approximately $2.6 billion, above analyst expectations of $2.46 billion [4] - The company anticipates a non-GAAP gross margin of 62%-63% and a non-GAAP operating margin of about 46% [4]

民宿预订平台爱彼迎(ABNB.US)周四发布了强劲的第四季度业绩报告，并对2026年给出了乐观的收入指引，显示出全 球旅行需求依然坚挺。受此消息提振，公司股价在盘后交易中一度上涨近7%。 这一业绩指引紧随上月美国航空业发布的乐观报告，表明尽管地缘政治紧张局势加剧，美国多地遭遇严寒天气， 旅游需求仍保持稳健。这对爱彼迎而言无疑是利好——目前公司正借助当前进行的冬季奥运会以及即将到来的世 界杯等重大体育赛事，积极吸引旅客和新房东入驻平台。 作为核心运营指标，爱彼迎第四季度"预订的入住晚数和体验活动数量"达到1.219亿，同比增长10%，远超市场 预期的1.176亿。总预订金额(涵盖房东收入、服务费、清洁费及税费)达204亿美元，同比上升16%，同样高于 分析师预测的194亿美元。 公司表示，去年在美国推出的"先订后付"预订选项受到用户欢迎，有效推动了第四季度订单增长。2026年，预 计这一灵活支付方式将向全球更多用户开放。此外，更宽松的退订政策也帮助提升了假日季预订量，并减少了客 服咨询量。 从区域看，印度、巴西和日本等新兴市场成为增长主力。以印度为例，首次预订用户增幅超过60%，新兴国际市 场的增速约为成熟市场 ...

Core Viewpoint - Anthropic has successfully raised $30 billion in its latest funding round, bringing its post-money valuation to $380 billion, significantly enhancing its competitive position against OpenAI [1][3]. Group 1: Funding and Valuation - The latest funding round was led by Singapore's sovereign wealth fund GIC and Coatue Management, with participation from notable investors including D.E. Shaw & Co., Dragoneer Investment Group, Founders Fund, Iconiq, and MGX [3]. - Anthropic's valuation has nearly doubled compared to previous rounds, making it one of the most valuable private companies globally. Just months prior, the company raised $13 billion, while OpenAI is planning to raise up to $100 billion [3][4]. - The company confirmed that employees will be allowed to sell shares at the same valuation as this funding round [4]. Group 2: Business Growth and Revenue - Anthropic, founded in 2021, focuses on developing safe and responsible technology, primarily targeting enterprise sales in high-margin sectors such as software engineering, finance, and healthcare [4]. - The company's annualized revenue has surged, increasing from over $9 billion last year to $14 billion recently, reflecting significant demand from clients [4]. Group 3: Technology and Market Impact - Anthropic's technology includes coding agents capable of writing and debugging software with minimal human intervention, which has already impacted global markets. A tool for automating legal work recently caused stock declines in related companies [4]. - The company has launched an AI model optimized for automating enterprise tasks, including financial research, which has also led to stock price drops in several financial services firms [4]. Group 4: Infrastructure Investment - Despite rapid business growth, Anthropic's investments in AI development and large-scale application infrastructure are substantial, with plans to invest $50 billion in building data centers in the U.S. and procure AI chips worth hundreds of billions from Alphabet [5]. - However, these investments are still modest compared to OpenAI, which has committed over $1.4 trillion for AI infrastructure in the coming years [5]. - Both Anthropic and OpenAI rely on funding support from large chip manufacturers and cloud service providers, raising concerns about potential "circular transactions" sustaining the entire industry [5]. Group 5: Strategic Partnerships - Microsoft and Nvidia have previously indicated a combined investment of up to $15 billion in Anthropic, with part of this amount already included in the latest funding round [6]. - Microsoft is a major supporter of OpenAI, while Nvidia is expected to invest $20 billion in OpenAI's upcoming funding round [6].

展望未来， 应用材料发布了2026年第二季度的乐观指引，预计非公认会计准则每股收益将在7.15美元至8.15美元之间。这一展望远高 于7.02美元的市场共识，表明半导体资本设备市场将继续保持强劲势头。 特定业务领域的创纪录表现提振了整体业绩，其中半导体系统部门实现了DRAM收入的历史新高。此外，应用全球服务部门在服务和备 件方面创下了收入新高，这得益于客户维持了现有工具的高使用率。 "应用材料在我们的财政第一季度交付了强劲业绩，这得益于行业对AI计算投资的加速，"总裁兼首席执行官Gary Dickerson表示。他进 一步指出，公司预计"今年我们的半导体设备业务将增长超过20%。" 管理层强调了他们持续致力于扩大工业产能，以满足下一代芯片不断增长的技术需求。首席财务官Brice Hill表示："在过去几年中，我 们几乎将系统制造能力翻了一番，加强了供应链并增加了库存，为市场增长做好准备。" 应用材料公司(Applied Materials Inc) (NASDAQ:AMAT) 股价在周四盘后交易中攀升13%，此前该公司发布了强劲的季度业绩。这家总部位于圣克 拉拉的芯片设备制造商显著受益于行业范围内对人工智能计 ...

Core Viewpoint - Rivian Automotive Inc. reported better-than-expected fourth-quarter revenue, leading to a 12.7% increase in stock price during after-hours trading, despite a significant decline in vehicle sales compared to the previous year [1]. Group 1: Financial Performance - The company reported fourth-quarter revenue of $1.29 billion, slightly above analyst expectations of $1.27 billion [3]. - Adjusted earnings per share were -$0.70, marginally better than the expected -$0.71 [3]. - Total revenue decreased from $1.73 billion in the same quarter last year, with automotive revenue dropping 45% to $839 million, primarily due to a $270 million reduction in regulatory credit sales and the expiration of tax credits affecting vehicle deliveries [3]. Group 2: Operational Highlights - Rivian produced 10,974 vehicles and delivered 9,745 in the quarter at its manufacturing facility in Normal, Illinois [4]. - The company’s software and services segment showed strong performance, with revenue more than doubling to $447 million from $214 million year-over-year [3]. Group 3: Future Outlook - Rivian provided guidance for 2026, expecting vehicle deliveries between 62,000 and 67,000 units, with capital expenditures projected between $1.95 billion and $2.05 billion [4]. - The manufacturing progress of the R2 model is on track, with initial customer deliveries expected to begin in the second quarter of 2026 [4]. Group 4: Cash Position - As of the end of 2025, Rivian had $6.08 billion in cash, cash equivalents, short-term investments, and restricted cash [5].

公司对下一季度的营收指引乐观，中点值为12亿美元，较分析师预期的11.7亿美元高出3%。2026财年EBITDA指引中点值为6.35亿美元， 高于分析师预期的5.81亿美元。公司预计2026年全年营收中点值为55亿美元，高于市场预期的53.4亿美元。 Roku主营硬件播放器，提供各类在线流媒体电视服务接入。公司过去三年销售额以14.9%的稳健年复合增长率增长。这一增速跑赢消费品 互联网公司平均水平，表明其产品契合客户需求。 消费习惯转变正为Roku带来红利。随着越来越多用户转向流媒体平台，公司广告销售表现强劲，进一步印证行业复苏趋势。 Roku(ROKU.US)周四盘后发布第四季度财报，预测全年营收高于华尔街预期，押注数字广告市场回暖及用户加速向广告型流媒体迁移，推动其股价 在盘后交易中上涨。截至发稿，该股盘后大涨12.18%。 数据显示，公司Q4销售额同比增长16.1%至13.95亿美元，超出市场平均预期。GAAP每股收益0.53美元，较分析师共识预期高出88.8%。 联网电视设备正成为越来越多家庭的主要观看终端，流媒体收视率大幅提升，Roku成为主要受益者之一。 涵盖数字广告与内容分发收入的平台业务部门持 ...

| In USD $ millions | | Three months ended Dec 31 | | | Twelve months ended Dec 31 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 2025 | Change | 2024 | 2025 | Change | | Revenues | 35.2 | 227.7 | 547% | 91.5 | 529.8 | 479% | | Adjusted EBITDA / (loss) | (63.9) | 15.0 | n/m | (226.3) | (64.9) | -71% | | Net income / (loss) from continuing operations | (122.9) | (249.6) | 103% | (352.0) | 29.0 | n/m | | Adjusted net loss | (69.0) | (173.0) | 151% | (238.5) | (446.7) | 87% | Nebius如今已成为"新云服务"提供商中的 ...

百特国际公司(Baxter International Inc.)(NYSE:BAX) 股价暴跌14%，此前这家全球医疗技术领导者公布的第四季度业绩未达分析师预期，并发布了 令人失望的全年盈利指引。 按业务部门划分，医疗产品与疗法销售额增长6%至13.9亿美元，医疗系统与技术增长5%至8.27亿美元，制药业务增长4%至6.68亿美元。 百特最近推出了一种新的运营模式，旨在简化组织结构并提升业绩。Hider补充道："虽然前方的工作需要时间，但我对员工的奉献精神感到鼓 舞，并对百特的长期发展轨迹保持信心。" 公司还宣布了董事会变动，任命Michael R. McDonnell为新董事，而Cathy R. Smith和Stephen H. Rusckowski将于2026年2月13日辞职。 百特股价在财报发布后暴跌，因为投资者对公司业绩不及预期和2026财年疲软的展望做出反应。公司预计2026财年调整后每股收益为1.85至 2.05美元，显著低于分析师共识的2.25美元。 "虽然我们在所有业务部门都实现了销售增长，但我们第四季度的业绩未能达到我们的预期，这凸显了我们专注于推动整个企业持续改进的重要 性，"百特总裁兼 ...

Core Viewpoint - Unilever's Q4 2025 sales performance exceeded market expectations, driven by strong demand for premium beauty and home care products in key markets like the US and India [1][4]. Financial Performance - Unilever's Q4 sales amounted to €12.6 billion, a year-on-year decline of 2.7%, but the underlying sales growth was 4.2%, surpassing analyst expectations of 4% [1][4]. - The full year 2025 turnover reached €50.5 billion, with an underlying sales growth (USG) of 3.5% [3]. Segment Performance - Beauty & Wellbeing segment sales were €3.2 billion, with underlying sales growth of 4.7%, volume growth of 2.8%, and price growth of 1.8% [3]. - Personal Care segment sales reached €3.3 billion, with underlying sales growth of 5.1%, volume growth of 0.6%, and price growth of 4.5% [3]. - Home Care segment sales were €2.8 billion, with underlying sales growth of 4.7%, volume growth of 4.0%, and price growth of 0.6% [3]. - Foods segment sales totaled €3.3 billion, with underlying sales growth of 2.3%, volume growth of 1.3%, and price growth of 1.0% [3]. Strategic Developments - This report follows Unilever's divestiture of its ice cream business, including Ben & Jerry's, and coincides with CEO Fernando Fernandez's nearly one-year tenure [4]. - Fernandez continues the transformation plan initiated by his predecessor, focusing on streamlining the company by divesting non-scalable brands and promoting the growth of its most successful products [4]. - Unilever announced a €1.5 billion (approximately $1.8 billion) share buyback program starting in Q2 2026 [4]. Future Outlook - Unilever expects its underlying sales growth for 2026 to be at the lower end of its long-term target range of 4% to 6%, aligning with analyst expectations [4]. - Analysts have mixed opinions on Unilever's ability to maintain its current momentum, with some highlighting potential growth in emerging markets, while others express concerns about limited future growth compared to peers [4].

Core Viewpoint - SoftBank has turned a profit in Q3 of FY2025, reporting a net profit of 248.59 billion yen (approximately $1.6 billion), primarily driven by significant investments in AI, particularly in OpenAI, although the results fell short of market expectations, achieving only about 30% of the anticipated profit [1][3][6]. Financial Performance - The net profit for Q3 reached 248.59 billion yen, marking a turnaround from previous losses, but only meeting 29% of market expectations [6][7]. - Revenue showed resilience with net sales of 1.98 trillion yen, reflecting an 8.2% year-on-year growth, slightly exceeding market expectations of 1.96 trillion yen [8]. - For the first nine months of the fiscal year, the company reported a cumulative net profit of 3.17 trillion yen and net sales of 5.72 trillion yen, indicating strong overall fiscal performance [9]. Vision Fund Performance - The Vision Fund was a major contributor to the quarterly performance, achieving a profit of 735.49 billion yen, a significant recovery from a loss of 309.93 billion yen in the same period last year [5][11]. - Investment returns for the Vision Fund turned from a loss of 352.75 billion yen to a profit of 374.99 billion yen, marking a reversal of over 720 billion yen [12]. Investment in OpenAI - SoftBank's investment in OpenAI is a strategic highlight, with total investments reaching $34.6 billion, making it a key institutional investor with an 11% stake [14][16]. - The company is negotiating a new investment round of up to $30 billion in OpenAI, which could elevate the company's valuation to between $750 billion and $830 billion, further solidifying SoftBank's position as a major investor [16]. Asset Management and Liquidity - To support its aggressive AI investments, SoftBank has been optimizing its asset portfolio, including the sale of T-Mobile stock, which generated $12.73 billion (approximately 1.9 trillion yen) [18][19]. - The cash flow from these asset sales provides a solid foundation for SoftBank's AI investment strategy and alleviates market concerns regarding its financial leverage [20].