#OBBB法案细则落地、总体符合预期 2月美国落地OBBB法案储能细则，总体符合预期，但技术授权限制和PFE计 算穿透到原材料，较预期略微严格；新增MACR测算方式，需穿透到原材料。 我们认为，OBBB法案有一定过渡期，短期对中国企业出货量影响有限，叠加AI数据中心对储能需求拉动，预计今 年美国大储需求仍维持20-30%的增长。 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（储能系统相关税率分别为10%、10%）； 2）随后，特朗普签署行政令，依据《1974年贸易法》第122条对全球商品加征10%关税，原定2月24日生效，特朗 普通过社交媒体将税 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（ ...

Financial Data and Key Metrics Changes - In 2025, the company delivered $6 billion in revenue with a non-GAAP gross margin of 38.4%, reflecting disciplined execution and alignment with long-term strategy [7] - Free cash flow increased 17% year-over-year to $1.4 billion, achieving a record free cash flow margin of 24% [17][24] - For Q4, revenue was $1.53 billion, with a non-GAAP gross margin of 38.2% and earnings per share of $0.64, exceeding the midpoint of guidance [10][23] Business Line Data and Key Metrics Changes - Automotive revenue was $798 million, up approximately 1% quarter-over-quarter, indicating stabilization in the automotive market [21] - Industrial revenue was $442 million, up approximately 4% quarter-over-quarter, marking the first quarter of year-over-year growth in industrial revenue after eight quarters of declines [21] - AI data center revenue contributed more than $250 million for the full year, with growth in Q4 [12][21] Market Data and Key Metrics Changes - The aerospace, defense, and security segment saw a 70% year-over-year revenue increase, driven by North America and Europe [12] - The company is experiencing improving order trends across core markets, contributing to a positive outlook for 2026 [10][27] Company Strategy and Development Direction - The company has evolved from a manufacturing-centric to a product-centric model, focusing on high-margin product revenue and strategic investments in technology [8] - The introduction of the Treo Platform and expansion into high-growth markets like AI data centers and automotive zonal architecture are key strategic initiatives [7][11] - The company aims to achieve margin expansion through operational efficiency and a refined product mix, with a focus on differentiated products [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improving demand conditions across automotive, industrial, and AI infrastructure markets [15][27] - The company anticipates that the groundwork laid over the past years will enable it to benefit from improving demand conditions [15] - Management highlighted the importance of aligning manufacturing capabilities with market demands to enhance gross margins [19][88] Other Important Information - The company announced a new $6 billion share repurchase program after returning approximately 100% of free cash flow to shareholders in 2025 [18][24] - The company is reducing fab capacity by 12% to improve operational efficiency, which is expected to lower depreciation costs in 2026 [19] Q&A Session Summary Question: What was going on in the other category? - Management noted that excluding exits, the company is above seasonal trends, and the decline in the other category was due to normal seasonality and $40 million in exits [30] Question: Can you discuss the AI data center market and its potential? - Management expressed confidence in the growth of the AI data center segment, highlighting the company's unique capabilities in high-voltage power supply and its broad product portfolio [32][33] Question: What is the expected run rate for non-core exits? - Management clarified that the $50 million exit in Q1 is part of a larger $300 million total for the year, with varying quarterly impacts [37] Question: How do you expect gross margins to progress? - Management indicated that gross margins are expected to improve due to increased utilization and ongoing FabRight initiatives, with a target of reaching low 40s% in the long term [88][90] Question: What is the outlook for the automotive market? - Management expects automotive revenue to be roughly flat in Q1 due to seasonal factors, but overall stabilization is anticipated [50]

Financial Data and Key Metrics Changes - In 2025, the company achieved $6 billion in revenue with a non-GAAP gross margin of 38.4%, reflecting disciplined execution and alignment with long-term strategy [5] - For Q4 2025, revenue was $1.53 billion, with a non-GAAP gross margin of 38.2% and earnings per share of $0.64, exceeding the midpoint of guidance [9][20] - Free cash flow for 2025 was $1.4 billion, representing a record free cash flow margin of 24%, with a 17% year-over-year increase [17][23] Business Line Data and Key Metrics Changes - Automotive revenue for Q4 was $798 million, up approximately 1% quarter-over-quarter, indicating stabilization in the automotive market [20] - Industrial revenue reached $442 million, up approximately 4% quarter-over-quarter and marking the first year-over-year growth in eight quarters, increasing 6% compared to Q4 2024 [20] - Revenue for the Power Solutions Group (PSG) was $724 million, down 2% quarter-over-quarter and 11% year-over-year, while the Analog and Mixed Signal Group (AMG) reported $556 million, down 5% quarter-over-quarter and 9% year-over-year [21] Market Data and Key Metrics Changes - The AI data center segment contributed over $250 million in revenue for the full year, with Q4 showing growth quarter-over-quarter [11][20] - Revenue in aerospace, defense, and security increased 70% year-over-year, driven by North America and Europe [11] - The company is seeing improving order trends across core markets, with global PMI trends indicating early signs of expansion [9][10] Company Strategy and Development Direction - The company is transitioning from a manufacturing-centric model to a product-centric approach, focusing on high-margin product revenue and strategic investments in technology [6][10] - The introduction of the Treo Platform and expansion into high-growth markets like AI data centers and automotive zonal architecture are key strategic initiatives [5][10] - The company plans to continue rationalizing its portfolio by exiting volatile non-core businesses and reallocating investments to differentiated power and sensing technologies [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the improving market environment across automotive, industrial, and AI infrastructure, indicating a strong position for future growth [15][26] - The company anticipates that the groundwork laid over the past years will allow it to benefit from improving demand conditions [15] - Management highlighted that the automotive inventory digestion is largely complete, and they expect to see stabilization in the market [10][20] Other Important Information - The company announced a new $6 billion share repurchase program after returning approximately 100% of free cash flow to shareholders through share repurchases in 2025 [17][18] - The company reduced fab capacity by 12% in 2025 to improve operational efficiency, which is expected to lower depreciation in 2026 by approximately $45-$50 million [19] - The company is preparing to sample over 30 new GaN devices in 2026, expanding its leadership in wide-bandgap technologies [8] Q&A Session Summary Question: What was going on in the other category? - Management noted that excluding exits, the company is above seasonal trends, and the decline in the other category was due to normal seasonality and approximately $40 million of exits [30] Question: What is the total addressable market (TAM) for AI data centers? - Management refrained from providing specific guidance but expressed confidence in continued growth due to their unique capabilities in high-voltage power supply and a broad product portfolio [32][34] Question: Is the $50 million exit in Q1 indicative of future quarterly run rates? - Management clarified that the exits will not be flat at $50 million and that the core business is expected to grow above market levels [39] Question: What is the outlook for gross margins? - Management indicated that gross margins are expected to improve due to FabRight initiatives and increased utilization, with a target of reaching low 40s% gross margins over time [86][92] Question: How is the company addressing the silicon carbide market? - Management reported strong growth in silicon carbide for automotive and AI data centers, with no plans to convert to 300mm manufacturing [78]

Core Viewpoint - Bloom Energy Corporation reported record revenue of $2.02 billion for the full year 2025, marking a significant growth driven by the AI data center industry and strong demand from the commercial and industrial (C&I) sector [1]. Full Year Highlights - Revenue for 2025 reached $2.02 billion, representing a 37.3% increase compared to $1.47 billion in 2024 [1]. - The growth in revenue was primarily attributed to the expansion in the AI data center industry and sustained demand from the C&I business [1].

Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [19] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [19] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [20][21] - Adjusted EBITDA for Q2 was negative $82 million, largely affected by Fresh Start Accounting implications and underutilization [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong momentum in this segment [11] - Materials revenue was $50 million, driven by tightening demand and increased competition [20] - The automotive segment remains a core market despite challenges, with a focus on efficiency and power density [9][10] Market Data and Key Metrics Changes - The company is experiencing a softer demand environment in the automotive sector due to macroeconomic factors and structural changes [10] - Silicon carbide technology is gaining traction in high-voltage applications, positioning it as a preferred technology over silicon and GaN [10] - The AI data center market is evolving, with a shift towards higher power density requirements, which aligns with the company's strengths [11] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across key verticals: automotive, industrial and energy, aerospace and defense, and materials [9] - A commitment to strict financial discipline and operational excellence is central to the company's strategy [5][8] - The company aims to leverage its vertically integrated 200mm footprint to enhance its technology leadership and operational efficiency [7][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic demand picture, particularly in the EV market, but remains optimistic about long-term growth driven by electrification trends [31] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 [29] - Management emphasizes the importance of maintaining a strong balance sheet and cash position to support strategic priorities [24] Other Important Information - The company completed the closure of the Durham 150mm device fab ahead of schedule, which is expected to improve gross margins going forward [21] - The adoption of Fresh Start Accounting has resulted in significant changes to the company's financial structure, including a $1.1 billion gain from emergence [27][28] - The company has received final clearance from CFIUS to allocate equity shares to Renesas, enabling further capital restructuring [28] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - Management is pivoting from a focus solely on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace [34] Question: Expected interest rate changes and financing strategies - Management is aware of the high cost of capital and is exploring refinancing options for the first lien debt [37][38] Question: AI data center revenue specifics and competitive position - The company is focused on multiple applications in AI data centers, including energy generation, storage systems, and solid-state transformers [45] Question: Stability and growth outlook following customer purchasing trends - Management believes the transition to 200mm devices will stabilize demand, but visibility remains challenging due to market dynamics [48] Question: Wolfspeed's positioning in the EV market post-turbulence - The partnership with Toyota highlights the company's commitment to quality and its ability to meet customer needs in the EV sector [62]

Financial Data and Key Metrics Changes - The company generated $168 million in total revenue for Q2, aligning with the midpoint of the guidance range provided last quarter [19] - Power revenue was $118 million, with Mohawk Valley contributing approximately $75 million, reflecting a mix of weaker automotive market and fast-growing mid to high-voltage revenue [19] - Non-GAAP gross margin for Q2 was -34%, impacted by Fresh Start Accounting and underutilization costs [20][21] - Adjusted EBITDA for Q2 was negative $82 million, largely affected by Fresh Start Accounting implications and underutilization [22] Business Line Data and Key Metrics Changes - AI data center revenue grew by 50% quarter-over-quarter, indicating strong traction in this segment [11] - Power revenue is linked to good traction in AI and data center space, while materials revenue was $50 million, driven by tightening demand and increased competition [19][20] - The company has transitioned its entire device platform to a higher efficiency, 200mm manufacturing, completing the shutdown of all 150mm ahead of schedule [8] Market Data and Key Metrics Changes - The automotive market remains volatile, with muted EV demand due to macroeconomic factors such as higher interest rates and excess supply [9][10] - The company is seeing strong momentum in AI data centers, with expectations of significant growth in power density and efficiency requirements [11] - The U.S. government has recognized silicon carbide as strategically significant to national security, enhancing the company's position in defense and aerospace markets [14] Company Strategy and Development Direction - The company is focusing on diversifying its revenue base across four key verticals: automotive, industrial and energy, aerospace and defense, and materials [9] - A commitment to strict financial discipline, advancing technology leadership, and driving operational excellence is central to the company's strategy [5][6] - The company aims to leverage its vertically integrated 200mm footprint to enhance its competitive position in both devices and materials [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the dynamic demand environment, particularly in the EV market, but remains optimistic about long-term growth driven by electrification and silicon carbide adoption [31] - The company expects revenues for Q3 to be between $140 million and $160 million, primarily due to accelerated customer purchases in Q1 and ongoing softness in EV demand [29][30] - Management emphasizes the importance of maintaining a strong balance sheet and cash position to support strategic priorities [24] Other Important Information - The company has received $700 million in cash tax refunds and has a cash position of $1.3 billion, enhancing liquidity [7][24] - Fresh Start Accounting has resulted in a reset of the company's financials, impacting comparability with prior periods [26][28] - The company has completed the distribution of equity shares to Renesas and legacy shareholders, with total shares outstanding now at 45.1 million [28] Q&A Session Summary Question: Insights on key segments like AI, grid modernization, and data centers - Management is pivoting from a focus solely on EVs to a more application-oriented approach, emphasizing automotive, industrial energy, and aerospace and defense [34] Question: Financials and balance sheet expectations - Management is exploring refinancing options for first lien debt and is aware of the high cost of capital [36][38] Question: AI data center revenue specifics - AI data center revenue consists of multiple applications, including energy generation, storage systems, and solid-state transformers [44] Question: Stability and growth outlook - The transition from 150mm to 200mm devices is complete, and management is optimistic about long-term growth despite current market volatility [48] Question: Wolfspeed's positioning in the EV market - The partnership with Toyota highlights the company's commitment to quality and its ability to meet customer needs in the EV space [62]

Core Insights - Galaxy Digital's digital assets segment achieved a record adjusted gross profit of $505 million in 2025, representing a 67% year-over-year growth from $303 million in 2024 [1] - Despite a 10% decline in total crypto market capitalization for the year, Galaxy reported an adjusted EBITDA of $34 million for 2025 [2] - The company faced a GAAP net loss of $241 million for 2025, primarily due to approximately $160 million in one-time charges related to legacy Bitcoin mining infrastructure and corporate restructuring [3] Financial Performance - Galaxy's adjusted gross profit in the global markets business reached $423 million for the full year, up 88% year-over-year, while Q4 generated $30 million of adjusted gross profit [12] - The average loan book size remained stable at $1.8 billion in Q4, despite a 40% decline in trading volumes quarter-over-quarter [13] - The company ended 2025 with total assets of $11.3 billion and over $3 billion in equity, with $2.6 billion in cash and stablecoins after Q4 financings [6][10] Data Center Expansion - Galaxy's Helios data center platform has over 1.6 GW of approved power capacity, with 800 MW contracted to CoreWeave and initial revenue recognition expected in Q1 [5][15] - The first data hall is anticipated to be delivered to CoreWeave later in Q1, with remaining data halls scheduled for the first half of the year [17] - The company is negotiating with potential tenants for the newly approved 830 MW capacity, focusing on large hyperscaler customers [18] Market Context - CEO Mike Novogratz described the broader crypto market as being in a bear phase, with Bitcoin trading in a range of approximately $75,000 to $100,000 [8] - Management emphasized that the digital assets business remained operationally profitable despite industry challenges and balance-sheet pressures [4][7] - Galaxy's liquidity position is expected to support general corporate purposes, including potential repayment of $445 million in exchangeable notes maturing in December 2026 [11]

Texas Instruments - Texas Instruments reported an adjusted EPS of $1.27, slightly below expectations, with revenue at $4.42 billion, aligning with estimates. The Q1 revenue guidance is between $4.32 billion to $4.68 billion, which is better than market expectations [2][3] - Data center revenue surged 70% last quarter, indicating strong growth in this segment, which is becoming a new growth engine for the company. Management plans to break out data center revenue separately in future reports [3][4] - The industrial market showed recovery, with growth in the high teens percentage in Q4, driven by factory automation, industrial controls, and embedded systems. However, personal electronics revenue fell in the upper teens percentage [5] Starbucks - Starbucks reported an adjusted EPS of $0.56, which was below expectations, but revenue exceeded estimates at $9.92 billion compared to the expected $9.63 billion. The company is seeing a turnaround with traffic growth for the first time in two years [8][9] - Global same-store sales increased by 4%, and traffic grew by 3%, indicating positive momentum. The holiday season also contributed to strong sales, particularly with viral marketing efforts [10][11] - Despite some margin pressure due to turnaround costs and higher coffee prices, the overall sales and traffic growth are seen as key positive indicators for the company's future [9][10] AT&T - AT&T reported an adjusted EPS of $0.52, beating expectations of $0.46, with revenue at $33.47 billion, surpassing the anticipated $32 billion. The company added 421,000 new post-paid phone customers, in line with estimates [13][14] - The churn rate remained below 1%, indicating customer retention amidst a competitive pricing environment. The company also experienced growth in broadband, adding 283,000 new fiber customers [15][16] - However, the wireline business saw a decline of 7.5%, but overall growth in other segments helped offset this loss [16]

Core Insights - Intel's stock closed at $45.07, down 17.03% after Q4 2025 earnings report, which revealed a weaker-than-expected Q1 2026 outlook due to supply constraints and foundry losses [1] - The trading volume for Intel reached 290 million shares, significantly above its three-month average of 100.3 million shares [1] - Intel's Q4 earnings exceeded Wall Street expectations, particularly in the data center and AI segment, generating $4.7 billion in revenue compared to the expected $4.4 billion [3] - Management's guidance for Q1 2026 sales is $12.2 billion, below the expected $12.6 billion, leading to a sell-off [3] - CFO David Zisner indicated that the supply constraint is expected to bottom out in Q1 and rebound in Q2, suggesting a positive long-term outlook despite short-term challenges [4] Market Movement - The S&P 500 finished up 0.03% at 6,915, while the Nasdaq Composite increased by 0.28% to close at 23,501 [2] - Among semiconductor stocks, Advanced Micro Devices closed at $259.68 (+2.35%), and Nvidia finished at $187.68 (+1.54%) [2]

Core Viewpoint - Corning Incorporated (GLW) is expected to report fourth-quarter 2025 earnings on January 28, 2026, with sales estimated at $4.35 billion and earnings per share (EPS) at 70 cents [1][6]. Earnings Estimates - Earnings estimates for GLW have remained stable at $2.52 per share for 2025, while estimates for 2026 have increased from $3.01 to $3.04 per share over the past 60 days [1][2]. - The current earnings surprise history shows that Corning has exceeded expectations in the last four quarters, averaging a surprise of 4.1% [2][6]. Factors Influencing Results - Corning's collaboration with Ensurge aims to develop ultra-high-performance solid-state micro batteries, which is expected to generate incremental revenues [7]. - The Specialty Materials segment is experiencing growth due to the deployment of Corning Gorilla Glass Ceramic 2 by major smartphone manufacturers like Samsung [8]. - Corning is expanding its presence in the U.S. solar supply chain through its Solar Market Access Platform, positioning itself as a leading producer of semiconductor polysilicon [9]. Price Performance - Over the past year, Corning's stock has increased by 71.4%, while the industry has grown by 89.2% [10]. - Compared to peers, Corning has outperformed ADTRAN Holdings, Inc. (ADTN), which declined by 11.8%, but lagged behind Ciena Corporation (CIEN), which surged by 154.3% [10]. Valuation Metrics - Corning's shares currently trade at a price/earnings ratio of 30.19, which is lower than the industry average of 34.12 but higher than its own historical mean of 17.1 [11]. Investment Considerations - The company is expected to benefit from strong market traction in the AI data center and consumer electronics sectors, alongside a robust focus on innovation and financial discipline [14][15]. - Upward revisions in earnings estimates reflect growing investor confidence in Corning's growth potential [14]. Conclusion - With solid fundamentals and a strong earnings surprise history, Corning appears well-positioned for positive quarterly results, making it an attractive option for investors [16].