J.P. Morgan Healthcare Conference January 13, 2026 Marc N. Casper Chairman, President and Chief Executive Officer The world leader in serving science Various remarks that we may make in the following presentation about the company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995, including statements about future revenue and financial results. Forward-looking statements are b ...

Summary of Nvidia's Presentation at J.P. Morgan's 44th Annual Healthcare Conference Company Overview - **Company**: Nvidia - **Industry**: Healthcare and AI Semiconductors - **Key Speaker**: Kimberly Powell, Vice President and General Manager of Healthcare at Nvidia Core Points and Arguments 1. **Shift in Healthcare Technology**: Nvidia is experiencing a once-in-a-generation platform shift in the healthcare industry, with accelerated computing and AI becoming integral to healthcare solutions [5][41] 2. **Agentic AI Deployment**: The deployment of agentic AI in healthcare is occurring faster than in any other industry, with significant advancements in robotics and simulation [6][13] 3. **Open Models and Innovation**: Open models are crucial for innovation, with 80% of startups built on these models. Nvidia became the largest contributor to open-source AI in 2025, with over 650 language models and 250 datasets [8][9] 4. **Healthcare Market Size**: The U.S. healthcare market is valued at $4.9 trillion, and AI is being deployed at an unprecedented scale to address acute challenges in the industry [14] 5. **AI as Digital Coworkers**: Healthcare systems are beginning to hire AI systems as digital coworkers to alleviate the shortage of healthcare professionals, projected to be tens of millions by 2030 [13][14] 6. **Return on Investment (ROI)**: The cost of AI inference has decreased significantly, making it viable for mass-market healthcare adoption. For example, the cost of running an agent has dropped from $1 to $0.01 [48] 7. **Impact on Clinical Development**: AI is transforming clinical development processes, making them less labor-intensive and more efficient. Companies like ConcertAI and Cytoreason are leveraging AI for better planning and execution of clinical trials [18][19] 8. **Partnerships and Collaborations**: Nvidia is collaborating with companies like Thermo Fisher to build AI infrastructure for labs, enhancing the quality and throughput of scientific experiments [26][27] 9. **Future of Drug Discovery**: The integration of AI in drug discovery is expected to reinvent the $300 billion R&D industry, with AI-driven models accelerating the process [23][32] 10. **Investment in AI Infrastructure**: Nvidia announced a $1 billion investment over five years in partnership with Lilly to co-innovate in AI lab infrastructure, aiming to flip the current lab-to-compute ratio from 90-10 to a more compute-centric model [37][38] Additional Important Content - **AI in Lab Automation**: AI agents are being developed to autonomously run experiments and analyze results in real-time, significantly reducing manual work and increasing data quality [25][27] - **Emerging AI Science Companies**: New companies are emerging that focus on AI-driven scientific research, utilizing Nvidia's platforms to enhance their capabilities [20][36] - **Global AI Infrastructure**: Nvidia's technology is being integrated into public clouds worldwide, with expectations that every country will develop its own AI healthcare infrastructure [51][52] - **Democratization of AI**: The accessibility of AI tools and models is enabling scientists to become AI researchers, fostering a new paradigm in scientific discovery [44][46] This summary encapsulates the key insights and developments presented by Nvidia at the conference, highlighting the transformative role of AI in healthcare and the company's strategic initiatives to lead this change.

NVIDIA Healthcare and Life Sciences Kimberly Powell, VP of Healthcare and Lifesciences January 12, 2026 Except for the historical information contained herein, certain matters in this presentation including, but not limited to, statements as to: expectations with respect to the benefits, impact, performance, and availability of NVIDIA's products, services and technologies; expectations with respect to NVIDIA's third-party arrangements, including with its collaborators and partners; expectations with respect ...

Core Insights - NVIDIA announced a significant expansion of its BioNeMo platform, aimed at enhancing AI-driven biology and drug discovery workflows [1][2] - The life sciences industry, facing $300 billion in annual R&D costs, can leverage BioNeMo to optimize data processing and model deployment, thereby increasing the probability of successful discoveries [2] - Collaborations with major companies like Lilly and Thermo Fisher are set to transform drug discovery and laboratory automation through AI integration [3][4][7] Group 1: NVIDIA BioNeMo Expansion - BioNeMo serves as an open development platform that facilitates lab-in-the-loop workflows, enabling breakthroughs in AI-driven biology and drug discovery [1][10] - The platform allows for the generation and processing of vast scientific data, training, optimizing, and deploying models to maximize discovery success while minimizing costs [2] - NVIDIA's collaboration with leading life sciences organizations aims to integrate BioNeMo with laboratory experiments, creating a continuous learning cycle that accelerates discovery [2] Group 2: Collaborations and Innovations - Lilly and NVIDIA have launched a co-innovation lab to address challenges in drug discovery, combining NVIDIA's AI and computing expertise with Lilly's drug development capabilities [3][4] - The collaboration is expected to harness investments of up to $1 billion over five years in talent, infrastructure, and computing resources [5] - Thermo Fisher's partnership with NVIDIA aims to create autonomous lab infrastructure, enhancing the efficiency and scalability of scientific research [7] Group 3: AI-Driven Drug Discovery Ecosystem - The BioNeMo platform is being utilized by various innovators globally to adopt an industrial-scale, AI-driven approach to drug discovery [8] - Companies like Chai Discovery, Basecamp Research, and Boltz are leveraging BioNeMo for model training and development in drug design [12][14] - The integration of AI with laboratory automation is expected to significantly improve the speed and accuracy of scientific experiments, ultimately accelerating discoveries with substantial human impact [7]

Core Insights - Thermo Fisher Scientific's second-highest executive, Michel Lagarde, is departing the company to explore a new opportunity [1] Company Summary - The departure of Michel Lagarde marks a significant change in the leadership structure of Thermo Fisher Scientific [1]

Core Insights - Danaher and Thermo Fisher Scientific both reported Q3 2025 earnings with revenue growth around 5%, indicating a stable performance in the sector [1] Company Summaries - Danaher reported a revenue growth of approximately 5% in Q3 2025, reflecting consistent business performance [1] - Thermo Fisher Scientific also achieved around 5% revenue growth in the same quarter, showcasing a similar trend in financial results [1] Business Momentum - Despite the similar revenue growth figures, the underlying business momentum for Danaher and Thermo Fisher Scientific reveals significant differences, suggesting varying operational efficiencies and market conditions [1]

Core Insights - Neogen Corporation reported earnings per share of $0.10, exceeding the estimated $0.07, and revenue of approximately $224.7 million, surpassing the estimated $208.4 million [1][2][6] - The company is undergoing a strategic transformation aimed at stabilizing and strengthening its core business despite facing macroeconomic challenges [3][6] - Neogen's strong financial health is indicated by a current ratio of about 3.91 and a price-to-sales ratio of 2.41, reflecting investor confidence [4][6] Financial Performance - Neogen's revenue growth has led to a significant surge in its stock price, contributing to increased investor confidence [2] - The enterprise value to sales ratio is approximately 2.24, indicating the company's valuation in relation to its revenue [4] - The enterprise value to operating cash flow ratio is around 30.75, showing how many times the operating cash flow can cover the enterprise value [5]

Core Insights - Thermo Fisher Scientific (TMO) is currently not meeting its growth expectations, leading to a cautious outlook due to modest organic growth, high leverage, and premium valuations based on historical performance [1]. Group 1 - The company has been experiencing a more modest pace of organic growth, which raises concerns about its future performance [1]. - High leverage levels are a significant factor contributing to the cautious stance on the company's financial health [1]. - The premium valuations of Thermo Fisher Scientific, based on its past track record, are seen as unsustainable under current growth conditions [1].

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was influenced by a strong equity market rally, driven by robust corporate earnings, increased AI investment, and favorable US fiscal policies and interest rates [1] Fund Performance - The fund's Investor Class ARTLX, Advisor Class APDLX, and Institutional Class APHLX returned 0.83%, 0.91%, and 0.90% respectively in Q3 2025, underperforming the Russell 1000 Value Index which returned 5.33% [1] Company Highlight: ASML Holding N.V. - ASML Holding N.V. is a key stock highlighted by the Artisan Value Fund, specializing in lithography solutions for advanced semiconductor equipment [2] - ASML's one-month return was -1.40%, but it experienced a significant 54.10% gain over the last 52 weeks, closing at $1,072.75 per share with a market capitalization of $404.44 billion on December 26, 2025 [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including ASML, which became top contributors to returns in Q3 [3] - The semiconductor and semiconductor equipment sectors were identified as areas of significant pressure at the beginning of the year, presenting attractive long-term buying opportunities for value investors [3]

Core Insights - The Artisan Value Fund's third-quarter 2025 performance was positive, with returns of 0.83% for Investor Class ARTLX, 0.91% for Advisor Class APDLX, and 0.90% for Institutional Class APHLX, compared to a 5.33% return for the Russell 1000 Value Index [1] Company Highlights - Lam Research Corporation (NASDAQ:LRCX) was highlighted as a significant stock in the Artisan Value Fund's third-quarter 2025 investor letter, with a one-month return of 15.04% and a 52-week gain of 146.81% [2] - As of December 26, 2025, Lam Research Corporation's stock closed at $178.07 per share, with a market capitalization of $224.552 billion [2] Investment Strategy - The Artisan Value Fund made three new purchases in Q2 2025, including Lam Research Corporation, which became a top contributor to returns in Q3 [3] - Lam Research is recognized as a key global supplier of semiconductor equipment, particularly in the memory (NAND and DRAM) and foundry/logic markets [3] - The company has a solid financial condition with a net cash balance sheet and returns 100% of earnings to shareholders through share repurchases and dividends [3] - At the time of initial purchase, Lam Research was valued at a 17X P/E on cyclically depressed earnings, which was considered an attractive valuation given the business's compounding nature [3]