Up 4x and Corsair May Be the Biggest Beneficiary[David Beren | 9 minutes ago One of the biggest names in PC gaming, Corsair Gaming (NASDAQ:CRSR) sits around $5.40 as of February 23, down 20%…]## Why Nebius Group Is Drawing Both Bulls and Bears After Earnings[David Beren | Feb 14, 2026 at 8:02 AM EST Shares of Nebius Group (NASDAQ:NBIS) surged 14% in the past week, rebounding from a sharp 20% decline. Despite volatility, retail…]## Morgan Stanley Pounds the Table: Microsoft is the Most Under-Owned Stock[Eric ...

Core Insights - Zoom Video Communications (ZM) is expected to report fourth-quarter fiscal 2026 results on February 25, with projected revenues between $1.23 billion and $1.235 billion, indicating a year-over-year growth of 4.08% [1] - Non-GAAP earnings per share are anticipated to be in the range of $1.48 to $1.49, reflecting a year-over-year increase of 4.96% [2] - The company has maintained a steady consensus estimate for earnings at $1.48 per share, with an average surprise of 8.9% over the last four quarters [2] Revenue and Earnings Expectations - The Zacks Consensus Estimate for revenue is currently pegged at $1.23 billion, aligning with the company's expectations [1] - The Earnings ESP for ZM is 0.00%, and it currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook for earnings performance [3] Business Environment and Growth Factors - Zoom is navigating a mature growth phase, leading to cautious optimism among investors [4] - The launch of AI Companion 3.0 in December 2025 and new agentic tools are expected to drive enterprise upsell activity [5] - Strategic partnerships with Oracle and NVIDIA are seen as potential growth levers, enhancing customer engagement and enterprise AI capabilities [6] Competitive Landscape and Challenges - The competitive environment remains challenging, with Microsoft Teams, RingCentral, and Cisco Webex aggressively targeting enterprise collaboration budgets [7] - ZM's net dollar expansion rate is at 98%, but online segment growth is only 2%, indicating constraints in expanding within the existing customer base [7] - The projected non-GAAP operating margin for Q4 is 38.9%, slightly down from 41.2% in the previous quarter, suggesting near-term profitability pressure [7] Investor Sentiment - Given the modest growth trajectory and limited near-term catalysts, investors may consider holding existing positions or waiting for a more favorable entry point before increasing exposure [8][9]

Core Insights - Microsoft is experiencing significant long-term warning signals as a result of a sharp selloff, pushing the stock into a critical technical zone [1] - The stock has fallen to $397.29, down 7.67% in the latest monthly candle, breaking below the $410 level and testing a key long-term support zone [2] Technical Analysis - The focus is on the 50-month moving average (MA), which has served as Microsoft's primary structural support since December 2011, previously leading to bullish reversals [3] - A confirmed monthly close below the 50-month MA would indicate a major technical breakdown, with the next key support at the 100-month moving average near $300, aligning with significant Fibonacci retracement levels [4] - The monthly Relative Strength Index (RSI) is testing the crucial 44 support level, with a potential break below opening the path toward the oversold threshold of 30, which could coincide with a price decline toward the 100-month moving average [5] Financial Performance - Following the fiscal Q2 earnings report in late January, Microsoft reported a 17% revenue growth to $81.3 billion, exceeding estimates, but concerns arose from a $37.5 billion capital expenditure primarily for AI data centers and GPUs [6] - Despite robust demand for AI and cloud services, heavy spending has led to skepticism among investors, with some major funds trimming positions due to fears of delayed returns and potential margin pressure [7]

Group 1: Analyst Ratings and Price Targets - Bernstein analyst Peter Weed upgraded Zscaler, Inc. (NASDAQ:ZS) to Outperform from Market Perform with a price target of $228, citing valuation and calling Zscaler the "cheapest" cybersecurity vendor [1] - RBC Capital analyst Matthew Hedberg lowered his price target on Zscaler to $250 from $290 while maintaining an Outperform rating, reflecting negative investor sentiment toward software [2] Group 2: Company Developments - Zscaler announced the acquisition of SquareX to enhance its zero-trust capabilities in the browser, aiming to redefine browser security with lightweight extensions [3] - The acquisition closed on February 5, 2026, although financial terms were not disclosed [3] Group 3: Growth Projections - Growth for Zscaler is expected to fall below 20% by 2028 and decline through 15% within five years, with new customer additions anticipated at a 25%–35% slower pace than pre-2024 levels [1]

Core Insights - AI disruption fears are impacting market performance, with some analysts considering these fears to be overblown [1] - Dan Ies from Wed Bush has outlined ten factors that could halt the tech sector's decline, referring to the current market conditions as the "AI ghost trade overhang" [1] Company Developments - OpenAI is expected to raise $100 billion in its next funding round, which could positively influence market sentiment [2] - Nvidia is anticipated to report strong demand in its upcoming earnings report, which is a key event for the market [3] - Oracle has successfully raised capital, alleviating concerns regarding its debt-to-equity ratio [2] - Salesforce, which has faced a decline, is expected to deliver positive earnings next week [2] Market Trends - The tech sector has seen significant capital expenditure commitments, totaling approximately $650 billion from four major hyperscalers [3] - The upcoming week will see earnings reports from about 56 companies in the S&P 500, with a focus on software firms following recent selloffs [5] - Consumer names such as Home Depot, TJX, and Lowe's are also highlighted as important for the upcoming week [5] Geopolitical Factors - Markets are closely monitoring the implications of tariffs and the legal aspects of recent announcements [6] - Tensions in the Middle East are also a point of concern for market participants [6]

图片来源： Unsplash Z Highlights Bryan Kim 是 Andreessen Horowitz 的合伙人，长期负责消费互联网、广告技术与新兴平台投资，近年重点研究生成式 AI 的商业模式，被认为是硅谷少数系 统性思考 AI 原生广告的投资人之一。 广告是 AI 走向十亿用户的必经之路 互联网本身就是一个奇迹 —— 它让人们可以普遍地获得机会、进行探索与建立连接。而 广告为这个奇迹买单 。正如 Marc 长期以来所强调的那样： " 如果 你在原则上反对广告，其实你也在反对广告的可及性。 " 正是因为广告，我们才能拥有这些美好的东西。 因此，上个月 OpenAI 宣布计划为免费用户推出广告，或许是 2026 年迄今为止 最大的一条 " 其实并不算新闻的新闻 " 。因为只要你一直在关注，就会发现 所有迹象早已清晰可见。 Fidji Simo 于 2025 年加入 OpenAI ，担任 Applications CEO ，很多人将这一任命解读为： " 要像她在 Facebook 和 Instacart 所做 的那样，引入广告。 "Sam Altman 也早已在各类商业播客中不断暗示广告的推出。 ...

Core Viewpoint - PagerDuty, Inc. (NYSE:PD) is experiencing a decline in price targets from analysts, reflecting negative investor sentiment towards the software sector and a shift in focus towards companies with clearer AI monetization paths [2][3]. Group 1: Analyst Ratings and Price Targets - RBC Capital analyst Matthew Hedberg lowered the price target for PagerDuty to $9 from $15 while maintaining a Sector Perform rating, citing ongoing negative sentiment in the software sector [2]. - Truist reduced its price target for PagerDuty to $12 from $16, keeping a Buy rating, and noted that concerns around terminal value are impacting the sector more than near-term fundamentals [3]. Group 2: Company Overview - PagerDuty operates a digital operations management platform that utilizes machine learning to collect and process data from software-enabled systems and devices, aiming to predict incidents and opportunities [4].

Core Insights - ServiceNow's product expansion is accelerating, leading to measurable growth and reinforcing the case for continued upside [1] - Major fourth-quarter growth drivers include Now Assist, Workflow Data Fabric, Raptor, and CPQ, which have outperformed expectations and gained widespread adoption in large enterprise deals [1][2] Product Expansion and Adoption - Growing attach rates and multi-product adoption are enhancing ServiceNow's expansion, with Workflow Data Fabric included in most large deals and Raptor achieving triple-digit growth in new contract value [2] - Now Assist has surpassed $600 million in annual contract value, indicating strong AI monetization and faster multi-module deployments as customers scale AI for productivity and cost efficiency [2] Enterprise Deal Activity - The product-led momentum is translating into stronger enterprise deal activity, with major contract wins and a rising base of high-value customers [3] - The Zacks Consensus Estimate forecasts revenue growth of over 20% in 2026, supporting a favorable outlook for ServiceNow [3] Competitive Landscape - ServiceNow faces competition from Salesforce and Atlassian in its product expansion efforts [4] - Salesforce is extending its Agentforce into IT service and workflow automation, challenging traditional workflow tools with a unified data platform and embedded AI [5] - Atlassian is accelerating its product expansion with an AI-powered "system of work," integrating various tools and extending service capabilities into HR and finance [6] Financial Performance and Valuation - ServiceNow shares have declined 45.8% over the past year, underperforming the broader Zacks Computer and Technology sector, which returned 23.7% [7] - The forward 12-month price/sales ratio for ServiceNow is 6.84X, compared to the sector's 6.54X, indicating that the stock may be overvalued [11] - The Zacks Consensus Estimate for ServiceNow's 2026 earnings is $4.12 per share, reflecting a 17.38% year-over-year increase [14]

Baidu Inc. 4Q25 Preview Summary Company Overview - **Company**: Baidu Inc (BIDU.O) - **Industry**: China Internet and Other Services - **Market Cap**: US$51.804 billion - **Current Stock Price**: US$149.53 (as of January 16, 2026) - **Price Target**: Increased from US$130.00 to US$150.00 Key Financial Metrics - **Core Revenue**: Expected at Rmb26.1 billion, a decline of 5.6% YoY [1][14] - **Operating Profit (OP)**: Expected at Rmb2.8 billion, down 40.5% YoY [1][4] - **Online Marketing Revenue**: Anticipated decline of 16% YoY [2][11] - **Non-Marketing Revenue**: Expected growth of 13.3% YoY [14] - **AI Cloud Revenue**: Projected to grow 5% YoY, significantly slower than 21% in 3Q25 [3][11] Core Insights - **Advertising Revenue**: Online ads revenue is expected to decline by 16%, an improvement from a 19% decline in 3Q25. AI-generated content is becoming more prevalent, with over 70% of mobile search result pages now featuring it, although monetization remains limited [2][11]. - **AI Cloud Performance**: The slower growth in AI cloud revenue is attributed to a high base from the previous year and slower growth in personal cloud services, which account for approximately 30% of AI cloud revenue [3][11]. - **Operational Efficiency**: Non-GAAP operating profit is expected to improve quarter-over-quarter due to efficiency enhancements and depreciation gains, with further savings anticipated from organizational restructuring [4][11]. Upcoming Events - **Dividend Announcement**: Potential announcement alongside 4Q results and renewal/expansion of the buyback program (previously US$5 billion) [5][11]. - **Kunlunxin Listing**: Anticipated Hong Kong listing within six months [5][11]. - **Robotaxi Value Unlocking**: Apollo Go has received fully driverless licenses in Dubai and Abu Dhabi, indicating progress in autonomous vehicle initiatives [5][11]. Valuation and Market Position - **Valuation Methodology**: The new price target of US$150 is based on a sum-of-the-parts approach, including a DCF model with an 11% discount rate and a 3% terminal growth rate [16][22]. - **Comparison with Peers**: Trading at a 2026 estimated P/E of 18x, compared to 17-18x for Tencent and Alibaba [6][11]. Risks and Considerations - **Market Environment**: A weak macroeconomic environment and risks associated with AI disruption may hinder the recovery of search ads [22][40]. - **AI Monetization**: The monetization of AI technologies is still in its early stages and has not yet shown significant financial impact [27][40]. Summary of Financial Estimates - **Total Revenue**: Expected to decline to Rmb128.959 billion in 2025, with a slight recovery projected in subsequent years [19][21]. - **Net Income**: Anticipated to be Rmb6.136 billion in 2025, with a gradual increase in the following years [19][21]. - **Operating Margins**: Expected to improve slightly but remain under pressure due to declining revenues [19][21]. This summary encapsulates the key points from the earnings preview for Baidu Inc., highlighting the company's financial expectations, operational strategies, and market outlook.

Summary of Kingdee (0268.HK) Conference Call Company Overview - **Company**: Kingdee International Software Group Company Limited (0268.HK) - **Industry**: Enterprise Cloud Solutions and AI Technology Key Points 2026 Outlook - Management anticipates continued growth in 2026, driven by increasing contributions from recurring revenues, which will enhance margin improvement and Free Cash Flow (FCF) growth [2] - Positive sentiment regarding increased spending from large-scale clients, with expectations for accelerated growth from mid-scale clients this year [2] - Incremental opportunities identified from service fees, AI features, and higher charges per employee [2] AI Monetization and Product Expansion - Kingdee has launched 30-40 AI agents, including Chat BI, Knowledge agent, GM analysis agent, and Quality testing agent [3] - AI products have penetrated multiple enterprise clients, with deep cooperation on flagship projects with major clients such as Hisense and Seres [3] - Management emphasizes Kingdee's advantages in accumulated data assets and data processing capabilities [3] Financial Projections - **12-Month Price Target**: HK$18.98, representing an upside of 25.4% from the current price of HK$15.13 [9] - **Market Capitalization**: HK$52.8 billion (approximately $6.8 billion) [9] - **Revenue Projections**: Expected revenues of Rmb 6,255.7 million in 2024, increasing to Rmb 10,729.7 million by 2027 [9] - **EBITDA Projections**: Expected EBITDA of Rmb 69.8 million in 2024, growing to Rmb 1,364.4 million by 2027 [9] - **Earnings Per Share (EPS)**: Projected EPS to improve from (0.04) Rmb in 2024 to 0.25 Rmb by 2027 [9] Risks - Key downside risks include: 1. Weaker-than-expected demand for ERP digitization [5] 2. Slower-than-expected product development processes [5] 3. Increased talent and labor costs [5] Valuation Methodology - Valuation based on a blend of 2-stage DCF and Price/Sales methodologies, incorporating a WACC of 11.5% and a terminal growth rate of 2% [4] Additional Insights - Management's focus on improving employee productivity alongside AI monetization strategies [1] - The company is actively working on data cloud and Gen-AI ERP solutions to enhance its service offerings [1] This summary encapsulates the key discussions and insights from the Kingdee conference call, highlighting the company's growth prospects, AI initiatives, financial projections, and associated risks.