Core Viewpoint - An adviser to the Court of Justice of the European Union supports Meta Platforms' challenge against EU antitrust demands for information related to Facebook, suggesting that the court should dismiss Meta's appeals and uphold previous judgments [1]. Group 1: Legal Proceedings - The case involves two appeals by Meta Platforms regarding EU demands for information during investigations into Facebook's operations, specifically concerning Facebook Marketplace and Facebook Data [1]. - Advocate General Athanasios Rantos stated that the General Court did not err in its legal assessment regarding the necessity of the requested information and the safeguards for its provision [1]. Group 2: Implications for Meta - The ruling from the Court of Justice is expected in the coming months, and judges typically follow the recommendations of the Advocate General [1].

Louisiana utility regulator denies request for probe of Meta data center deal, law group says | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]The logo of Meta is seen at Porte de Versailles exhibition center in Paris, France, June 11, 2025. REUTERS/Gonzalo Fuentes/File Photo [Purchase Licensing Rights, opens new tab]- Companies[Earthjustice]Follow[Meta Platforms Inc]FollowFeb 25 (Reuters) - Louisiana utility regulators denied an en ...

Ac t i o n | 16 Feb 2026 20:54:33 ET │ 18 pages NVIDIA Corp (NVDA.O) Preview – Investors Looking Past Earnings to GTC 2026 CITI'S TAKE NVIDIA reports Jan-Q earnings on 2/25. We model Jan-Q sales of $67B above Street $65.6B and expect Apr-Q guide of $73B vs Street $71.6B. We expect continued strong ramp of B300 with Rubin launch to drive a 34% H/H acceleration in CY2H26 sales vs 27% in CY1H26. We believe most investors are looking past the earnings to annual GTC conference in mid- March for NVIDIA to talk ab ...

Ac t i o n | Google TPU sales to grow 4x or ~$65B by FY27 — We model FY26/27 AI revenues of $63B/$102B driven by better-than-expected TPU ramps. We believe AVGO's five announced customers are Google, Meta, Bytedance, Anthropic and Fujitsu based on supply chain discussions, while its two additional engagements are with OpenAI and Apple. Gross margin dilution from Anthropic rack shipments — Given Anthropic's estimated ~$10B rack sales in 2H26 and ~$11B in 1H27 (per AVGO), which we assume ~55% gross margins, w ...

Core Insights - Meta has reduced its annual distribution of stock options by approximately 5% for most of its staff as CEO Mark Zuckerberg reallocates funds towards artificial intelligence development [1] Company Actions - The decision to cut stock options is part of a broader strategy to invest billions of dollars into building out artificial intelligence capabilities [1]

Core Insights - Meta Platforms plans to release its first smartwatch, the "Malibu 2," later this year, featuring health tracking and a built-in Meta AI assistant [1] - The smartwatch project was previously shelved in 2022 due to spending cuts in the Reality Labs unit, but has been revived amid a growing interest in AI-driven wearables [1] - The company is also developing augmented reality and mixed-reality glasses, with shipments of AI smartglasses reaching nearly 6 million units last year [1] Company Developments - The "Malibu 2" smartwatch is set for release in 2026, marking a significant comeback for Meta in the wearables market [1] - Meta had previously explored smartwatch options five years ago, including versions with three cameras, but paused the project in 2022 [1] - The company is reassessing timelines for its augmented reality glasses to avoid customer confusion from launching multiple devices too quickly [1] Industry Trends - The revival of Meta's smartwatch project aligns with a broader trend of increasing demand for AI-integrated health and fitness gadgets [1] - AI smartglasses, powered by Meta's technology, have seen significant market growth, indicating a strong consumer interest in wearable technology [1] - The company has about four augmented reality and mixed-reality glasses in development, reflecting ongoing innovation in the wearables sector [1]

February 5, 2026 07:43 AM GMT Source: Company Data, Morgan Stanley Research … As AI Productization Driving Accelerated Engagement and Monetization… In 4Q, search grew 17% y/y (150bp faster than us)… with Search's estimated 15.6% y/y ex FX growth the fastest growth in ~4 years (2Q:22) when the Search revenue base was 35% smaller than it is now. Google Cloud grew 48% Y/Y (800bps faster than expected driven by continued breadth of GCP customers for Cybersecurity, data analytics, and Enterprise AI, the latter o ...

February 4, 2026 08:11 PM GMT AppLovin Corp | North America Key Takeaways So What Factors is the Market Debating on APP? CloudX and META and Genie, Oh My APP shares have derated to 15x '27 EBITDA on fresh worries about disruption to the industry. We analyze three key investor concerns on CloudX, META, and Genie that have arisen in recent days. While these are real concerns, the magnitude of derating may also be creating an opportunity. Remain OW. | M AppLovin Corp North America CloudX and META and Genie, Oh ...

Summary of Key Points from Citi Research Call Industry and Company Focus - **Industry**: US Equity Strategy with a focus on AI and Cyclicals - **New Baskets Introduced**: - Small/Mid AI Enablers (CGRBSAIE) - Falling Dollar Beneficiaries (CGRBDUSD) [27] Core Insights and Arguments - **Barbell Strategy**: Emphasis on owning select Growth and Cyclicals to navigate a volatile bull market [4][7] - **Growth Exposure**: - Large Cap Growth is favored for its defensive nature amid macro weakness, with earnings revisions trending higher [8] - AI at a Reasonable Price (CGRBAIRP) is highlighted as a core growth basket [5][13] - **Cyclical Exposure**: - Small Cap Value is expected to show the strongest earnings growth inflection, providing a margin of safety for EPS estimates [9] - Positive ROE Trend (CGRBGROE) is recommended for core cyclical exposure [6][64] Performance Metrics - **Year-to-Date Returns**: - S&P 500 Growth: 0.50% - S&P 600 Value: 2.36% - Small Cap Value: 4.75% [11] - **Core Baskets Performance**: - Core Baskets: 3.11% - Core+ Baskets: 1.08% - Russell 3000: 1.47% [16] New Basket Details - **Small/Mid AI Enablers**: - Focus on companies under $40B market cap that are AI Enablers, with a strong revision backdrop and premium growth expectations [28][30] - **Falling Dollar Beneficiaries**: - Targeting exporters of goods and services, with a quantitative approach to identify fundamental beneficiaries [49][50] Earnings and Valuation Insights - **Earnings Growth**: - AI Enablers are expected to see premium EPS growth compared to the broader market, with a narrowing fundamental gap [36][37] - **Valuation Metrics**: - Small/Mid AI Enablers have the most attractive PEG ratio compared to their Large Cap peers [37][40] Market Trends and Risks - **Dollar Sensitivity**: US equities are not overly sensitive to dollar movements unless tied to economic breakdowns [49] - **Cyclical Recovery**: The current earnings season indicates a recovery from the EPS growth recession, with expectations for improved business models [77][78] Recommendations for Investors - **Focus on Quality**: Emphasizing operational improvements and forward-looking ROE trends in investment decisions [66][90] - **Diversification**: Consider non-US AI opportunities for thematic value and growth exposure [99][100] Notable Stocks and Ratings - **Citi Buy-Rated Stocks**: - Top expected total return stocks include Intuit Inc, Palantir Technologies Inc, and Global Payments Inc [95][96] - **Market Cap Focus**: - Stocks with significant market caps like NVIDIA Corp and Amazon.com Inc are highlighted for their growth potential [97][98] This summary encapsulates the key insights and recommendations from the Citi Research call, focusing on the US equity strategy, particularly in the context of AI and cyclical investments.

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Internet and Retail in North America, specifically on Agentic Commerce and AI platform adoption Core Insights 1. **Agentic Commerce Growth**: - Expected to reach ~$190 billion in the base case and ~$385 billion in the bull case by 2030, representing ~10% to 20% of US e-commerce [3][4] - Consumer behavior needs to evolve for further adoption, indicating a significant opportunity for growth as products improve [3] 2. **AI Platform Adoption**: - Adoption rates for ChatGPT and Gemini are nearing 50%, with 47% and 33% of US respondents using them in the past month, respectively, up from 45% and 32% in October [6][8] - Younger demographics (ages 16-34) show a strong preference for ChatGPT, with adoption rates between 65-70% [10][12] 3. **Commercial Behavior**: - Approximately 40-55% of AI users are actively researching products and comparing prices, indicating stable commercial behavior [14][15] - Retail-specific AI tools like Amazon Rufus and Walmart Sparky have lower adoption rates but show potential for growth [7][8] 4. **Purchasing Trends**: - About 30-40% of agentic users are making purchases, with ChatGPT and Gemini seeing 38% and 30% of users making purchases, respectively [21][27] - Retail-specific agents are performing at or above general platforms, suggesting a strong opportunity for growth in this segment [22] 5. **Product Categories**: - Grocery and Consumer Packaged Goods (CPG) are leading categories for purchases through AI platforms, with 50% of AI purchasers buying groceries [29][30] Additional Insights - **User Engagement**: The engagement with AI platforms is stable, with a notable increase in younger cohorts adopting these technologies faster than older users [33] - **Market Dynamics**: The report highlights the potential for retailer-specific AI tools to drive incremental growth if they can enhance agentic adoption [22][100] - **Investment Outlook**: The overall sentiment towards the internet and retail sector remains attractive, with a focus on the evolving landscape of AI and e-commerce [4][100] Conclusion - The conference call emphasizes the growing importance of AI in retail, with significant opportunities for both general and retailer-specific platforms. The trends in consumer behavior and purchasing patterns indicate a shift towards more integrated and efficient shopping experiences driven by AI technologies.