Cipher Mining (NasdaqGS:CIFR) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Company ParticipantsBrett Knoblauch - Managing DirectorCourtney Knight - Head of Investor RelationsGregory Mumford - CFOJohn Todaro - Managing DirectorReggie Smith - Executive Director of Equity ResearchTyler Page - CEOConference Call ParticipantsChris Brendler - Senior Research AnalystMike Grondahl - Senior Research AnalystOperatorday, and welcome to the Fourth Quarter and Full Year 2025 Business Update Conference Call. At th ...

Cipher Mining (NasdaqGS:CIFR) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Company ParticipantsCourtney Knight - Head of Investor RelationsGregory Mumford - CFOJohn Todaro - Managing DirectorReggie Smith - Executive Director of Equity ResearchTyler Page - CEOConference Call ParticipantsBrett Niblock - Equity Research AnalystChris Brendler - Senior Research AnalystMike Grondahl - Senior Research AnalystOperatorday, and welcome to the fourth quarter and full year 2025 business update conference call. A ...

Cipher Mining (NasdaqGS:CIFR) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Speaker6day, and welcome to the fourth quarter and full year 2025 business update conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question, please press star 11. As a reminder, this call may be recorded. I would now like to turn the call over to Courtney Knight, Head of Investor Relations. Please go ahead.Speaker2Good ...

2026年2月10日，港股上市公司伊登软件控股有限公司（股票代码：01147）发布公告，宣布其直接全资 附属公司Professional Eternity Limited以300万港元收购港骏科技有限公司100%股权。 细究公告与业务细节，这场收购远非财务考量，核心在于"借渠引水"：通过嫁接港骏深厚的客户网络与 渠道，将伊登的AI解决方案与云服务快速导入香港企业级市场，完成战略卡位。 港骏科技的深厚积淀：客户基础与口碑构筑护城河 港骏科技并不是一家新创公司，而是一家成立超过35年的香港老牌IT服务商，长期服务企业级客户，覆 盖软件订阅、云服务、IT解决方案与培训等多个环节。从地域来看，港骏科技服务覆盖中国内地、香 港、澳门等多地。 对这类公司而言，真正的护城河并不体现在短暂利润上，而是体现在客户关系、厂商授权与服务网络的 长期积累上。 对伊登而言，这并不是一批"可有可无"的客户，而是一组已经完成筛选的优质企业客群——伊登不需要 从零开始教育市场，只需要把自己的产品能力嵌入进去。 港骏近年出现亏损，更像是传统IT服务商在云化与AI转型阶段的典型阵痛：一方面，软件订阅与传统实 施业务毛利被压缩；另一方面，企业客户 ...

颠覆传统互联网的免费路径 传统互联网软件的典型路径是先用免费换用户规模，凭借"用户数和时长"换议价权，然后在广告、会员 订阅、增值服务、交易抽佣里变现，免费背后的底层原因无非是边际成本极低。即多一个用户或多一次 点击，成本却可以被带宽与存储规模效应稀释，从而达到近似为零的边际成本。 云计算时代也出现过类似的"先免费/低价再扩张"，但云的计费单位很快变成 CPU/存储/带宽/请求数， 客户也习惯了"按量计费"。云能收费，是因为它交付的是明确的资源和SLA(服务提供商与客户签订的 服务等级协议)。但当行业依旧处在"模型价格战"时，智谱却出现了涨价的信号，这意味着大模型时代 的"计量单位"从流量(DAU/时长)转向Token(推理消耗)，而Token的消耗在越来越多场景里是刚需。 大模型时代的变化：Token变成"可计量的生产资料"，不再是"免费流量" 大模型把"对话/写代码/生成内容"这类看似是由软件供应商提供的服务，变成了强依赖算力的在线推理 服务。对模型厂商而言，每一次回答都要实打实地消耗GPU、显存、带宽与电力；对用户来说，每一 次"让模型多想一会儿、写一段更长的代码、跑一个更复杂的任务"都对应更多Toke ...

Core Viewpoint - The establishment of the Trusted Tech Alliance (TTA) aims to enhance global cooperation among technology providers to address customer needs and build trust in technology through shared principles of transparency, security, and data protection [1][2]. Group 1: Formation and Purpose of TTA - The Trusted Tech Alliance was announced at the Munich Security Conference, comprising 15 leading companies from Africa, Asia, Europe, and North America [1]. - The alliance focuses on creating a trusted technology framework that includes connectivity, cloud infrastructure, semiconductors, software, and AI [1]. - TTA aims to ensure that member companies adhere to common commitments regarding transparency, security, and data protection, fostering trust and delivering technological benefits globally [1]. Group 2: Principles and Commitments - TTA members have agreed on five specific principles defining what it means to develop, deploy, operate, and collaborate as a trusted global technology provider: 1. Respect for the rule of law and data protection 2. An open, cooperative, inclusive, and resilient digital ecosystem 3. Robust supply chain and security agreements 4. Operational transparency, secure development, and independent assessment 5. Transparent governance and ethical corporate behavior [1][2]. - These commitments require strong governance, ethical behavior, and adherence to strict global security standards from member companies [1]. Group 3: Industry Reactions and Statements - Leaders from various companies, including Amazon, Google Cloud, and Microsoft, expressed their commitment to the alliance, emphasizing the importance of trust in technology for economic growth and security [2]. - The alliance is seen as essential for addressing the challenges posed by rapid technological advancements and ensuring that technology benefits society while maintaining security and trust [2]. - Companies like Ericsson, Nokia, and SAP highlighted the need for collaboration to build a secure and trustworthy digital infrastructure, which is crucial for fostering innovation and economic resilience [2].

Core Viewpoint - The Trusted Tech Alliance (TTA) has been launched by 15 leading global companies from Africa, Asia, Europe, and North America to address customer needs worldwide [1]. Group 1: Alliance Formation - The TTA includes prominent companies such as Anthropic, AWS, Cassava Technologies, Cohere, Ericsson, Google Cloud, Hanwha, Jio Platforms, Microsoft, Nokia, Nscale, NTT, Rapidus, Saab, and SAP [1]. - The formation of TTA aims to enhance collaboration among technology leaders to meet global customer demands [1]. Group 2: Leadership Statements - David Zapolsky from Amazon emphasized the importance of the alliance in addressing technological needs [1]. - Strive Masiyiwa from Cassava Technologies highlighted the collaborative potential of TTA [1]. - Börje Ekholm from Ericsson and Marcus Jadotte from Google Cloud also expressed their support for the alliance's objectives [1].

Core Viewpoint - The Trusted Tech Alliance (TTA) has been established by 15 leading global technology companies from 10 countries to promote a trustworthy technology stack that emphasizes transparency, security, and data privacy, addressing the growing skepticism towards digital technologies and their societal impacts [1][2]. Group 1: Formation and Purpose - The TTA aims to create a collaborative environment among technology providers to ensure reliability and resilience in technology services, responding to the rapid pace of technological change and increasing complexity in the global landscape [1]. - The alliance is built on a shared set of principles that all member companies must adhere to, focusing on creating public trust and ensuring that the benefits of emerging technologies are widely accessible [1][2]. Group 2: Member Companies and Principles - Founding members of the TTA include prominent companies such as Amazon Web Services (AWS), Google Cloud, Microsoft, and Ericsson, among others [1]. - The TTA has agreed on five key principles that define what it means to be a trusted global technology provider: 1. Upholding the rule of law and data privacy 2. Fostering an open, cooperative, inclusive, and resilient digital ecosystem 3. Ensuring reliable supply chain monitoring and security 4. Maintaining operational transparency, secure development, and independent assessment 5. Promoting transparent corporate governance and ethical behavior [1][2]. Group 3: Industry Impact and Collaboration - The TTA emphasizes the importance of collaboration among like-minded companies to enhance customer trust and maximize the benefits of technology for economic and societal advancement [2]. - The alliance seeks to strengthen global standards and promote a trustworthy digital ecosystem that can adapt to the evolving technological landscape, particularly in areas such as artificial intelligence and cybersecurity [2][3].

Core Insights - TestMu AI, formerly known as LambdaTest, announced the winners of the 2025 Partner of the Year Awards, celebrating strategic excellence among industry partners and individual visionaries in quality engineering [1] - The awards recognize exceptional contributions from global partners that enable teams to advance rapidly while maintaining reliability for the next generation of AI-native applications [1] Award Categories and Winners - Quality Engineering Team Excellence Award: Wipro [1] - Emerging Partner of the Year, Southeast Asia: bneXt [1] - Emerging Partner of the Year, Latin America: PrimeUp [1] - Reseller of the Year, Latin America: OSB Software [1] - Emerging Reseller of the Year, India: SoftwareOne [1] - Partner of the Year, India: QualityKiosk Technologies [1] - Partner of the Year, Middle East and Africa: Maveric Systems Limited [1] - Emerging Reseller of the Year, Europe: Adept Technologies B.V. [1] - Reseller of the Year, Europe: QBS Software [1] - Partner of the Year, Europe: Accenture [1] - Emerging Partner of the Year, Americas: Zensar Technologies [1] - Partner of the Year, Americas: UST Global [1] - Ecosystem Partner Award: AccelQ [1] - Global Tech Innovation Award: Microsoft [1] - Technology Partner of the Year Award: AWS [1] - Global Partner of the Year: Infosys [1] Individual Excellence Awards - QE Transformation Leader Award: Subba Lakshmi Ramaswamy, Accenture [1] - Innovation Leader Award: Richa Agrawal, GlobalLogic [1] - CXO Whisperer in Quality Engineering: Pradeepkumar Govindasamy, QualiZeal [1] - Growth Accelerator Award: Mohan Krishna Balakrishnan, Maveric Systems Limited [1] - Excellence in Quality Engineering Award: Mobin Thomas, UST Global [1] - Quality Engineering Catalyst Award: Mhahesh Muraleedhara, Zensar Technologies [1] - Distinguished Digital Leader Award: Kaushik Chakraborty, LTIMindtree [1] - Technology Trailblazer Award: Harish Saidu, Infosys [1] - Digital Trailblazer Leader Award: Faizan Khan, ITC Infotech [1] - QE Technology Visionary Leader Award: Dror Avrilingi, Amdocs [1] - Industry Leader Excellence Award: Bhagi Devalaraju, Infosys [1] - Pioneer Technology Leader Award: Antony Kaplan, Accenture UK & Ireland [1] - Partner Visionary Award: Anish Behanan, Capgemini [1]

Core Insights - TestMu AI, formerly known as LambdaTest, announced the winners of the 2025 Partner of the Year Award, recognizing strategic excellence in quality management [1] - The awards celebrate the contributions of global partners and visionaries in transforming quality management in the AI era [1] Award Categories and Winners - Quality Engineering Team Excellence Award: Wipro - Emerging Partner of the Year, Southeast Asia: bneXt - Emerging Partner of the Year, Latin America: PrimeUp - Reseller of the Year, Latin America: OSB-Software - Emerging Reseller of the Year, India: SoftwareOne - Partner of the Year, India: QualityKiosk Technologies - Partner of the Year, Middle East and Africa: Maveric Systems Limited - Emerging Reseller of the Year, Europe: Adept Technologies B.V. - Reseller of the Year, Europe: QBS-Software - Partner of the Year, Europe: Accenture - Emerging Partner of the Year, North and South America: Zensar Technologies - Partner of the Year, North and South America: UST Global - Ecosystem Partner Award: AccelQ - Global Tech Innovation Award: Microsoft - Technology Partner of the Year Award: AWS - Global Partner of the Year: Infosys [1] Individual Excellence Awards - QE Transformation Leader Award: Subba Lakshmi Ramaswamy, Accenture - Innovation Leader Award: Richa Agrawal, GlobalLogic - CXO Whisperer for Quality Engineering: Pradeepkumar Govindasamy, QualiZeal - Growth Accelerator Award: Mohan Krishna Balakrishnan, Maveric Systems Limited - Excellence in Quality Engineering Award: Mobin Thomas, UST Global - Quality Engineering Catalyst Award: Mhahesh Muraleedhara, Zensar Technologies - Distinguished Digital Leader Award: Kaushik Chakraborty, LTIMindtree - Technology Trailblazer Award: Harish Saidu, Infosys - Digital Trailblazer Leader Award: Faizan Khan, ITC Infotech - QE Technology Visionary Leader Award: Dror Avrilingi, Amdocs - Industry Leader Excellence Award: Bhagi Devalaraju, Infosys - Pioneer Technology Leader Award: Antony Kaplan, Accenture UK & Ireland - Partner Visionary Award: Anish Behanan, Capgemini [1] Company Overview - TestMu AI is a full-stack platform for agent-based AI quality assurance, enabling teams to test intelligently and deliver faster [1] - The platform is designed for scalability and offers end-to-end AI agents for planning, creating, executing, and analyzing software quality [1]