Fourth Quarter 2025 Results January 22, 2026 C O N F I D E N T IAL Forward-Looking Statements This presentation and related communications should be read in conjunction with the financial statements, notes, and other information contained in Capital One's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Please note that the following materials containing information regarding Capital One's financial performance is preliminary and based on Capital One's data avail ...

Company Overview - Intel is expected to report a revenue decline for the first quarter, with analysts forecasting a revenue of $2.7 billion, slightly above the street's expectation of $2.6 billion [9] - The company has seen a significant drop in revenue from 2020 to 2025, with expectations for a return to revenue growth in 2026 [4][5] Earnings Performance - For the fourth quarter, Intel reported revenue of $13.67 billion, exceeding expectations, with an adjusted EPS of $0.15, also beating the forecast of $0.08 [10][11] - Despite the positive fourth-quarter results, the outlook for the first quarter has disappointed investors, leading to a decline in share price [11][25] Market Reaction - Following the earnings report, Intel shares fell approximately 4% in after-hours trading, reflecting investor disappointment over the lackluster forecast [12][20] - The stock has been a top performer among semiconductor companies over the past year, but the current forecast has raised concerns [26] Supply Chain Issues - Intel's CEO indicated that the company is facing supply shortages that are hindering its ability to meet customer demand, despite strong demand for its products [12][25] - The CFO noted that the company expects the lowest available supply in the first quarter, with improvements anticipated in subsequent quarters [13] Analyst Sentiment - There is a mixed sentiment among analysts regarding Intel, with some remaining bullish on the company's potential to ramp up production effectively [14] - The company has a significant number of hold ratings, with only a few buy ratings, indicating cautious optimism among analysts [14]

Core Viewpoint - Capital One Financial Corporation has announced a definitive agreement to acquire Brex for a total transaction value of $5.15 billion, combining stock and cash [1] Company Overview - Brex is described as a modern, AI-native software platform that provides intelligent finance solutions [1] - The platform facilitates businesses in issuing corporate cards, automating expense management, and making secure, real-time payments [1] - Brex utilizes AI agents to enhance its service offerings [1]

Capital One said Thursday that it was acquiring startup Brex for $5.15 billion.The credit card lender said it would pay for the company, known as a startup that lends to other startups, for 50% cash and 50% stock.Shares of the bank fell about 4% after the news. This story is developing. Please check back for updates. ...

Capital One Financial will acquire fintech firm Brex in a cash and stock deal valued at $5.15 billion, the company said on Thursday. ...

The deal would give the credit-card issuer access to technology used by thousands of companies for corporate credit cards. ...

Core Insights - Pantera Capital researcher Jay Yu has made several predictions regarding the cryptocurrency market in 2026, highlighting key areas of growth and technological advancements [1] Group 1: Market Predictions - Capital-efficient consumer credit is expected to become the next frontier in cryptocurrency lending [1] - The use of endpoints like x402 for proxy commerce will expand into more service areas [1] - AI-driven trading processes are anticipated to become mainstream [1] Group 2: Asset and Trading Developments - The trading volume of tokenized gold is projected to increase, becoming a major asset for the promotion of Risk-Weighted Assets (RWA) [1] - A potential "quantum panic" may arise in 2026, possibly due to a technological breakthrough, prompting institutions holding large amounts of Bitcoin to discuss quantum contingency plans [1] Group 3: Market Structure and Integration - The number of Digital Asset Tokens (DAT) may eventually reduce to only 2-3 per major fund [1] - Decentralized exchanges (DEX) are expected to consolidate, with Hyperliquid maintaining market dominance [1] - An increasing number of existing fintech companies, such as Stripe, Ramp, Brex, and Klarna, are likely to use stablecoins for international payments [1]

Core Insights - Fifth Third Bancorp (FITB) has entered a multi-year partnership with Brex, aiming to unlock $5.6 billion in annual commercial card payment volume [1][8] - The collaboration will enable Fifth Third to utilize Brex's API-driven infrastructure for its new Commercial Card, enhancing services for Commercial Banking clients [1][4] Group 1: Partnership Details - Fifth Third will deploy Brex's platform across all markets, providing businesses with advanced financial tools to improve efficiency and competitiveness [2] - The partnership addresses long-standing issues in commercial finance, such as poor visibility into spending and manual processes, by offering AI-driven solutions [3][4] - Clients will benefit from features like corporate card issuance, automated expense management, and secure real-time payments [4] Group 2: Strategic Implications - The partnership is expected to increase fee income through higher commercial card usage and improve client retention and acquisition [5] - It supports long-term deposit growth and cross-sell opportunities, enhancing the bank's overall revenue profile [5] - This move aligns with Fifth Third's broader expansion strategy, which includes recent acquisitions and partnerships to strengthen its market position [6] Group 3: Market Performance - Over the past six months, FITB's shares have increased by 15.4%, compared to a 19.5% growth in the industry [7]

Core Insights - Fifth Third Bank has partnered with Brex to offer a commercial card that integrates with Brex's intelligent finance platform, enhancing financial management for commercial banking clients [1][2][3] Group 1: Partnership Details - The collaboration allows Fifth Third's clients to issue corporate cards, automate expense management, and make real-time payments using AI agents to streamline processes [2][3] - The Brex-powered commercial card will be the default solution for Fifth Third's commercial banking clients, emphasizing the need for financial platforms that support business growth [3] Group 2: Market Impact - Fifth Third Bank holds an 8% share of the U.S. commercial banking sector, indicating significant market presence and potential for the partnership to deliver scalable financial solutions [3] - Brex's recent launch of Brex Embedded aims to integrate corporate card and payment capabilities into software platforms, enhancing global payment processing for businesses [4] Group 3: Financial Performance - Brex secured a $235 million credit facility in January to expand its offerings in corporate cards and expense management solutions, reflecting ongoing growth momentum [5] - Fifth Third's third quarter results showed a 3% increase in commercial payments fees and a 31% rise in revenues from its embedded finance platform, Newline [6]

Partnership Overview - Fifth Third and Brex form a partnership, combining Fifth Third's scale and distribution with Brex's fintech innovation [2] - The partnership aims to transition Fifth Third's commercial card processing business into an AI-enabled spend management platform [2] - Brex gains scale through Fifth Third's existing client base of tens of thousands of mid-size businesses [4] Customer Benefits - Customers will experience a 10x improvement in financial tools, including corporate cards with spend control [5] - AI automation will eliminate thousands of hours of manual work related to receipts, invoices, and approvals [5] - AI helps automate expense reconciliation, reducing fraud and errors [8] Financial Impact - Fifth Third anticipates a significant impact on its ability to grow spend and deliver more value for customers [2] - A pilot program showed a 10x increase in the sales pipeline using Fifth Third's bankers and Brex's product [9]