These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement of the corresponding GAAP measures. Reconciliations between GAAP and non-GAAP measures included in Exhibit B of today's press release can be found in the Financials and Filings section of our Investor Relations website under the Supplemental Information heading and in our quarterly earnings presentation also posted on our Investor Relations website. The content of thi ...

Key Takeaways Morgan Stanley's IB fees jumped 23% in 2025 and 35% in 2024 as deal activity recovered.Evercore's IB & Equities business posted a 10.7% CAGR from 2020-2025, aided by recovery.Morgan Stanley's 12-month forward P/E is 14.89X versus Evercore's 15.88X, shows former trading at a discount.Morgan Stanley (MS) and Evercore Inc. (EVR) represent two distinct, top-tier investment banking (IB) models. Morgan Stanley pairs advisory and capital markets strength with sizable wealth and asset management platf ...

Core Insights - Volatus Aerospace Inc. has appointed Krish Srinivasan as Chief Technology Officer (CTO), enhancing its Executive Leadership Team and aligning with Canada's Defence Industrial Strategy [1][2] Group 1: Leadership and Strategy - The appointment of Mr. Srinivasan strengthens Volatus' engineering and autonomy leadership, focusing on sovereign production, autonomous systems, and supply chain resilience [2] - Mr. Srinivasan has over a decade of experience in autonomous unmanned systems and will oversee Volatus' unified engineering organization across Canada, the United States, and the United Kingdom [2][4] Group 2: Engineering and Development - Volatus is adopting a vertically integrated approach to develop scalable, Canadian-controlled aerospace capabilities for both civil and defence applications [3] - The company is initiating plans for manufacturing, assembly, and integration activities in Mirabel, Quebec, to support national defence priorities and maintain interoperability with allied standards [4] Group 3: Company Overview - Volatus Aerospace provides integrated dual-use aerial solutions for commercial and defence applications, serving industries such as oil and gas, utilities, healthcare, and public safety [5] - The company's mission is to enhance operational efficiency, safety, and resilience through scalable aerial technologies [5]

Core Insights - The company achieved a significant financial turning point in 2025 by reducing operating expenses by $2.2 billion, exceeding original cost-reduction targets by over $1 billion [1] - Revenue performance in 2025 was attributed to the successful U.S. launch of MNEXT Spike, which captured 24% of the total retail market despite a decline in overall COVID demand [1] - The company expressed strong disappointment with the FDA's Refusal to File letter for the mRNA-1010 flu vaccine, citing unpredictable regulatory environments as a threat to U.S. innovation leadership [1] Strategic Focus - The company shifted its strategic focus toward long-term sovereign partnerships in the U.K., Canada, and Australia to provide stable, annualized revenue streams starting in 2026 [1] - The oncology narrative was advanced by completing enrollment in three late-stage INT studies (melanoma, renal cell, and bladder cancer), reinforcing the platform's multi-histology potential [1] Operational Efficiency - The company leveraged AI integration across the business to drive productivity while maintaining a disciplined $1.0 billion SG&A spend and expanding into new geographic markets [1]

Group 1: Reliance Industries - Reliance Industries has amalgamated 16 step-down subsidiaries focused on the new energy ecosystem under Reliance New Energy, effective January 21, 2026 [1] Group 2: Oil & Natural Gas Corporation - Oil & Natural Gas Corporation has completed a ₹40.00 crore investment in two joint venture companies with Mitsui O.S.K. Lines Ltd, establishing a 50% joint venture partnership [2] Group 3: Adani Enterprises - Adani Enterprises has acquired the remaining stake in IANS India Private Ltd, transforming it into a wholly-owned step-down subsidiary [3] Group 4: Tata Communications - Tata Communications has acquired a 51% stake in Commotion Inc., enhancing AI integration in its Digital Fabric offerings, particularly in the Customer Interaction Suite [4] Group 5: Hindustan Petroleum Corporation Ltd - Hindustan Petroleum Corporation Ltd is nearing the operational launch of its Barmer refinery in Rajasthan, with a capacity of 180,000 barrels per day (9 MMTPA) [5] Group 6: Belrise Industries Ltd - Belrise Industries Ltd has announced the acquisition of aerospace-related equipment worth Euro 350,000, expanding into the aerospace and defense domain [5] Group 7: Verso Altima India Pvt Ltd - Verso Altima India Pvt Ltd has secured a ₹4.6-crore order from Amdocs Development Ltd for Application Maintenance Support Services over five years [6] Group 8: Arisinfra Solutions Ltd - Arisinfra Solutions Ltd has secured a ₹63-crore ready-mix concrete order from LD Patel Group, strengthening its position in core construction materials [7]

Group 1 - Microsoft has a current stock price of $444.11, reflecting a decrease of 2.29% or $10.41, with a market capitalization of approximately $3.3 trillion [4] - The stock has fluctuated between a low of $438.69 and a high of $452.69 during the trading day, and over the past year, it reached a high of $555.45 and a low of $344.79 [4] - Alex Haissl from Redburn Partners has set a price target of $450 for Microsoft, indicating a slight potential increase from its current trading price [5] Group 2 - Microsoft is integrating LinkedIn data into its Copilot and Work IQ tools to enhance productivity and hiring processes [5] - LinkedIn's transformation is expected to drive its fiscal 2026 revenues to approximately $19.57 billion, marking a 9.9% year-over-year growth [2][5] - LinkedIn's professional network exceeds 1.2 billion members, providing Microsoft with a unique dataset that offers a competitive edge [3]

Core Insights - Hg has acquired OneStream for an equity value of approximately $6.4 billion, marking a return to private ownership just 17 months after its IPO, reflecting changing dynamics in the tech sector amid economic uncertainties [1][3] - OneStream provides an AI-enabled platform for enterprise finance management, serving major clients like Toyota and UPS, and competes with industry leaders such as Oracle and SAP [2][9] Company Overview - OneStream, founded in 2010, has evolved from Oracle's Hyperion technology into a unified system for streamlining financial processes for large organizations [3] - The company went public in July 2024 with an initial valuation near $6 billion but saw its market cap decline to about $4.48 billion by early January 2026 due to softer macroeconomic conditions [3] Acquisition Details - Hg will become the majority voting shareholder, with minority stakes held by General Atlantic and Tidemark, while KKR exits its position entirely [5] - The acquisition offers OneStream shareholders $24 per share, representing a 31% premium over the January 5, 2026 closing price and a 27% uplift from the 30-day volume-weighted average [5] Strategic Implications - Leadership continuity is assured with CEO Tom Shea remaining in charge, allowing OneStream to focus on AI-driven innovations without public market pressures [6] - Hg's involvement is expected to enhance OneStream's growth trajectory and AI capabilities, aligning with broader trends in fintech where AI integration is driving consolidation [6][8] Market Response - Following the announcement, OneStream shares surged over 28%, indicating a positive market reaction [7] - Analysts view the acquisition as a vote of confidence in OneStream's platform, suggesting it could reshape the competitive landscape and enable the company to capture more market share [9]

Core Insights - Adobe's stock rose by 2.8%, reaching $352.71 following the announcement of its Q4 FY2025 earnings, which showed a record revenue of $6.19 billion, a 10% year-over-year increase, surpassing analyst expectations of $6.11 billion [1] - The adjusted earnings per share were reported at $5.50, exceeding the forecast of $5.39 [1] Revenue Breakdown - The Digital Media segment experienced an 11% year-over-year revenue growth, totaling $4.62 billion, with an annual recurring revenue (ARR) of $19.2 billion [1] - The Digital Experience segment saw a 9% year-over-year revenue increase, amounting to $1.52 billion [1] Strategic Developments - OpenAI is integrating more third-party applications into ChatGPT, allowing users to directly access Adobe's creative tools, including Photoshop, Adobe Express, and Acrobat within the chat interface [1]

Core Insights - Adobe's stock rose by 0.5% following the announcement of its integration with ChatGPT, which analysts believe could significantly alter the industry landscape [1][2] Group 1: Company Developments - Adobe announced a deep integration with OpenAI during the 2025 Adobe MAX conference, allowing Photoshop and Adobe Express to connect with ChatGPT [1][2] - Users can now generate, edit, and export images by simply describing their needs in a conversation, eliminating the need to open design software or understand professional terminology [1][2] Group 2: Industry Impact - The integration of ChatGPT into Adobe's applications is expected to streamline the creative process, making it more accessible to users without design expertise [1][2]

Core Thesis - Intuitive Surgical, Inc. (ISRG) is recognized as a global leader in robotic-assisted surgery, with a strong market position and a robust business model that supports high-margin, predictable revenue streams [2][3]. Company Overview - The da Vinci system by Intuitive Surgical has been utilized in over 17 million operations across 74 countries, establishing a significant presence in the surgical ecosystem [2]. - The company holds an estimated 60–70% market share in soft-tissue robotics, supported by a comprehensive approach that includes hospital workflows, surgeon training, and recurring revenue from instruments and services [2][3]. Financial Performance - Intuitive Surgical has achieved a 15% compound annual growth rate (CAGR) in revenues over the last decade, with nearly $10 billion in annual revenue, of which 85% is recurring [3][4]. - The company maintains gross margins near 70%, generates over $1 billion in free cash flow annually, and operates with virtually no debt [4]. - Recent performance indicates strong system placements and a 21% growth in recurring revenue, alongside stable margins despite some cost pressures [4]. Growth Drivers - Growth is driven by the expansion of the installed base, increasing procedure volumes, global reach, and ongoing product innovation, including the da Vinci 5 system and new platforms like Ion [3][4]. - Long-term trends favoring minimally invasive surgery and the expansion of procedures into new specialties are expected to support low double-digit to mid-teens growth in the future [4]. Valuation Insights - The current valuation of Intuitive Surgical is considered rich, with shares trading around 50 times earnings, suggesting limited upside from current levels [5]. - The stock is viewed as attractive primarily at lower entry points, with an accumulation target set near $380 per share to optimize risk and reward [5]. Competitive Landscape - Despite increasing competition from companies like Medtronic, CMR Surgical, and Johnson & Johnson, Intuitive Surgical's established ecosystem and regulatory approvals create a durable competitive advantage [3].