Core Insights - Artisan Mid Cap Fund's fourth-quarter 2025 investor letter highlights the performance of the fund and its investment strategy focused on companies with strong earnings and franchise characteristics [1] - The fund's Investor Class, Advisor Class, and Institutional Class delivered returns of -0.44%, -0.37%, and -0.35% respectively, compared to a -3.70% return for the Russell Midcap® Growth Index [1] Company-Specific Insights - Waters Corporation (NYSE:WAT) is identified as a key investment, specializing in analytical workflow solutions, particularly in liquid chromatography and mass spectrometry [2][3] - As of February 23, 2026, Waters Corporation's stock closed at $327.78, with a one-month return of -15.97% and a 52-week loss of 13.93%. The company has a market capitalization of $32.15 billion [2] - The fund increased its position in Waters Corporation due to strong quarterly results and expectations of growth driven by a rebound in pharmaceutical demand, an instrument replacement cycle, and favorable regulatory trends [3] Market Position and Hedge Fund Interest - Waters Corporation is held by 47 hedge fund portfolios at the end of the fourth quarter, an increase from 42 in the previous quarter, indicating growing interest among institutional investors [4] - Despite the potential of Waters Corporation, the fund suggests that certain AI stocks may offer greater upside potential and lower downside risk [4]

市场近期对人工智能将颠覆传统软件行业的恐慌情绪导致相关板块遭受重创，但来自华尔街主流机构的最新分析指出，这种抛售可能被严重夸大 了。汇丰银行在最新的报告中驳斥了"AI取代软件"的论调，认为这一辩论本身存在逻辑缺陷，软件供应商正在通过嵌入AI技术来扩展其总潜在市 场（TAM），而非被其取代。 此次市场震荡中，软件与服务板块面临了最严峻的估值下调。根据摩根士丹利的数据，市场抛售不仅剧烈而且缺乏区分度，大量基本面稳健、商 业模式优质的公司遭到无差别打击。该行指出，部分被市场误判为"受AI干扰"的企业，实际上正面临着巨大的估值修复机会。 与此同时，高盛的数据显示，软件行业的估值已经经历了剧烈的修正。仅仅一年前，软件行业曾以51倍的市盈率（P/E）位居股市之首，而如今其 市盈率已降至27倍，不仅不再是最昂贵的行业，甚至低于媒体、汽车、半导体和资本货物等板块。这表明市场对AI负面影响的定价可能已过度反 应。 机构普遍认为，AI对企业的初期影响更多体现在成本效率而非收入增长上。摩根士丹利调查显示，74%至90%的分析师认为AI将在未来12至24个 月内通过成本节约推动利润率提升，而仅有少数预计会带来营收的显著加速。这意味着 ...

Hubspot, Inc. (NYSE:HUBS)  is one of the most promising future stocks to buy now. Citi adjusted the price target on Hubspot, Inc. (NYSE:HUBS) to $600 from $660 on February 4, maintaining a Buy rating on the shares. Hubspot, Inc. (NYSE:HUBS) also received a rating update from Piper Sandler on February 2, who revised the price target on the stock to $400 from $590 while keeping an Overweight rating on the shares, following a transfer of coverage. Analyst Explains Catalysts for ‘Significant’ Revenue Upside f ...

Group 1 - Salesforce, Inc. (NYSE:CRM) is considered a promising stock with a Buy rating reaffirmed by Stifel Nicolaus and a price target set at $300 [1] - Piper Sandler adjusted its price target for Salesforce from $315 to $280 while maintaining an Overweight rating [1][2] - The rating update from Piper Sandler followed a transfer of coverage and included downgrades for three other companies, indicating a cautious outlook on the software sector [2] Group 2 - Piper anticipates ongoing pessimism in the software industry and suggests investors focus on hyperscaler, consumption, and vertical sub-sectors, naming Microsoft and ServiceTitan as top picks [3] - Salesforce designs and develops cloud-based enterprise software for customer relationship management, offering a range of solutions including customer service, sales force automation, and marketing automation [4]

Summary of Key Points from Conference Call Records Industry and Company Involvement - **ServiceTitan**: A vertical software company providing an end-to-end operational platform for various industries, including residential and commercial sectors [2] - **Via Transportation**: A transportation service company that recently went public [4] - **Intuit**: A financial software company aiming for significant revenue growth through new product cycles [5] - **Oracle**: A technology company focusing on GPU as a service, facing challenges in execution [6] - **Microsoft Azure**: A cloud computing service experiencing strong demand but facing capacity issues [7][8] - **OpenAI**: A partner of Microsoft, with significant revenue implications for Azure [9][10] - **ServiceNow**: A cloud computing company with a focus on IT service management [16] Core Insights and Arguments - **ServiceTitan's Competitive Advantage**: The company has a strong moat due to proprietary data and end-to-end process control, which limits competition. Its AI features are additional purchases, enhancing value and market confidence [2] - **Via Transportation's Stock Performance**: The stock dropped significantly post-IPO due to only slightly exceeding expectations. However, if the company can maintain over 30% growth, it may lead to a reassessment of its valuation [4] - **Intuit's Growth Potential**: Intuit aims for a 20% revenue growth driven by advancements in tax services and expansion into the mid-market accounting sector, potentially doubling revenue and earnings per share by FY2030 [5] - **Oracle's GPU Service Challenges**: The company requires substantial investment (over $400 billion in the next 3-4 years) to develop its GPU service, with execution risks reflected in its stock price [6] - **Azure's Capacity Issues**: Azure faces a supply-demand imbalance, with strong growth in commercial bookings. New data centers will take time to build, but contracts with emerging cloud vendors may accelerate growth [7][8] Additional Important Insights - **OpenAI's Risk Exposure**: Microsoft's partnership with OpenAI presents risks due to reliance on a single client for significant revenue. Transparency in order growth and diversification of client base is crucial [9][10] - **ServiceNow's Performance**: Despite lowering guidance due to federal business risks, ServiceNow's core business remains strong, with growth in IT asset management and new AI solutions contributing to revenue [16] - **Microsoft 365 Copilot's Market Position**: The usage of Microsoft 365 Copilot is increasing, indicating strong market acceptance despite competition. CIOs prioritize infrastructure and data governance when evaluating competing products [11][12] - **Investor Focus Areas**: Investors should monitor Azure's growth, operational efficiency, and the impact of rising memory and electricity costs on margins [14][15]

Core Insights - Armenia is experiencing a significant geopolitical shift, moving away from its long-standing alliance with Russia towards closer ties with the West, particularly in the technology sector [8][10][11] Technology Sector Development - Armenia is positioning itself as a regional technology hub, with a focus on attracting investments and fostering innovation [11][13] - The country is set to host a $500 million AI data center by Nvidia, which will be the largest technological project in the region, featuring thousands of GPUs and over 100 megawatts of infrastructure capacity [12] - The Armenian tech ecosystem is gaining global attention, with companies like ServiceTitan achieving significant milestones, such as a valuation exceeding $10 billion after listing on Nasdaq [16] Investment and Innovation - SmartGate, a venture capital firm, is actively investing in emerging technologies like AI and cybersecurity, supporting early-stage founders through initiatives like the Armenia Start-up Academy [17] - The Armenian government and public are increasingly focused on the tech sector, recognizing its potential to drive economic growth and independence [15] Geopolitical Context - Armenia's historical alliance with Russia has been shaped by security concerns, particularly threats from Turkey and Azerbaijan, but the current political climate suggests a potential realignment [9][18] - The presence of the Russian military in Armenia remains a significant factor, raising questions about the feasibility of Armenia's Western integration and investment attraction [7][18] Diaspora Influence - The Armenian diaspora plays a crucial role in connecting the country with global markets and amplifying its influence, with around seven million Armenians living abroad [17]

Group 1 - The current market offers a unique opportunity for investors to gain exposure to private, venture-style tech investments without the need for traditional brokerage accounts or stock trading [2] - The Fundrise Innovation Fund serves as a bridge between venture capital and mutual funds, targeting small, long-term investors [3] - This fund is a closed-end, non-diversified tender-offer fund that allocates capital to private technology companies, focusing on artificial intelligence, software, and modern data infrastructure [4] Group 2 - The minimum investment for the Innovation Fund starts at around $10, significantly lower than traditional venture funds that typically require six-figure commitments [5] - The fund operates with limited liquidity, as shares do not trade on an exchange and investors can only exit during periodic tender offers [5][6] - The portfolio includes notable private companies such as OpenAI, Anthropic, Databricks, and Canva, which are well-capitalized and central to current AI and software infrastructure trends [7] Group 3 - Ownership of shares in the Innovation Fund does not equate to owning stock in any single company, as performance is based on the overall portfolio rather than individual company success [8]

Core Insights - The article discusses the confusion in evaluating AI companies using traditional SaaS metrics, highlighting that while AI companies show high value density, they often appear unattractive when assessed through familiar SaaS models due to lower gross margins and complex cost structures [1][2] - It emphasizes the need to abandon the obsession with SaaS gross margins and suggests that high usage of real products in the AI era will outperform "unreleased" luxury financing projects [2] - The article argues that the true moat for companies remains in technology rather than distribution or capital, and that rational analyses often mask a lack of intuition among decision-makers [2] Group 1 - AI companies demonstrate significant value density, with users willing to pay more than for traditional software, yet they often show lower gross margins and complex cost structures when analyzed through SaaS models [1] - The venture capital industry has relied on a set of validated standards over the past decade, such as gross margins and predictable growth curves, which may not adequately explain value creation in the AI context [1][2] - A new perspective is emerging that challenges the traditional metrics used to evaluate companies, particularly in the AI sector, where the focus should shift to absolute gross profit per customer rather than gross margins [22][23] Group 2 - The article highlights the importance of understanding the absolute gross profit dollars per customer in AI applications, which can be significantly higher than traditional SaaS companies despite lower gross margins [23][24] - It provides an example comparing a traditional SaaS company with a 75% gross margin contributing $200,000 in gross profit per customer to an AI company with a 50% gross margin contributing $500,000, illustrating the potential for greater economic value [23] - The discussion includes the notion that the AI coding market is rapidly expanding, with projections of significant net new ARR growth, indicating that AI applications are creating new opportunities that traditional SaaS metrics may not capture [21][22] Group 3 - The article asserts that the moat for AI companies remains in technology, as building excellent AI products is complex and requires deep integration into workflows, which is different from traditional SaaS products [27][28] - It warns that rapid growth can be unsustainable if companies do not establish sufficient value to retain customers, citing Jasper as an example of a company that struggled to maintain its growth trajectory [27] - The article emphasizes that the ability to create differentiated AI products is crucial, as the competitive landscape is evolving rapidly with new benchmarks set by labs like OpenAI [27][28] Group 4 - The article discusses the evolving landscape of venture capital, noting that firms like Benchmark focus on deep engagement with founders rather than merely chasing large funding rounds, which allows them to maintain relevance in the AI space [30][32] - It highlights the importance of being a meaningful partner to founders throughout their journey, rather than solely focusing on ownership percentages [32][33] - The article concludes that while the VC industry is shifting towards faster capital deployment, firms like Benchmark continue to prioritize high-touch, craft-oriented investment strategies [45][46]

Core Insights - Pool Corp. is a leading distributor in the swimming pool supplies and equipment industry, serving various customers including pool builders and retailers [1] - CFRA upgraded Pool Corp.'s stock to a "Buy" rating on December 22, 2025, with a stock price of $232.30, indicating a positive outlook for the company [2] - Azureon, a competitor, has adopted ServiceTitan as its core technology platform to improve operational efficiency, which may affect Pool Corp.'s competitive position [3] Financial Performance - Pool Corp.'s current stock price is $232.30, reflecting a slight increase of 0.12%, with trading fluctuations between $231.06 and $234 on the day [4] - Over the past year, the stock has experienced volatility, with a high of $374.74 and a low of $229.63 [4] - The company has a market capitalization of approximately $8.68 billion and a trading volume of 658,433 shares, indicating its significant presence in the market [5] Competitive Landscape - The upgrade by CFRA and Azureon's strategic technology adoption highlight the competitive dynamics within the pool industry, suggesting potential growth and innovation opportunities [5][6]

We however are going to start with some new moves by the committee because it's not every day where we have many many many moves to get to in the show today. We'll lead with that. We'll lead with Josh Brown with a new buy.It is service titan. It is TT. Hasn't quite traded a year. >> Hasn't quite traded a year.Almost. Why this. >> So I watched it come public on the floor of the New York Stock Exchange with you, Judge.I don't know if you remember, um, but we made a joke on air that my, uh, my my landscaper sh ...