Convergence, commoditzation, compression and reflexivity - the 4 horsemen of the data center buildout apocalypse.DeepSeek V4 launches mid-February 2026 1T parameters, 1M token context, 3 architectural innovations @ 10-40x lower than Western Comps $NVDA https://t.co/78IwAQx6yz ...

RT ARK Invest (@ARKInvest)Thank you @TGHCares for hosting our CEO and CIO @CathieDWood at today’s #TGHNext Summit. She joined John D. Couris and Rachel Feinman for a thoughtful conversation on disruption, convergence, and the NEXT era of health care.We are grateful to be part of the dialogue and to share ARK’s perspective on the innovations shaping the future. ...

Financial Data and Key Metrics Changes - The company achieved over 1 million net adds across mobility and broadband in Q4, the highest quarterly volumes in 6 years [16] - Consolidated adjusted EBITDA for Q4 was $11.9 billion, with full-year adjusted EBITDA at $50 billion, reflecting a 2.5% increase from the prior year [21] - Adjusted EPS for Q4 was $1.09, bringing the full year to $4.71, a growth of 2.6% from the previous year [21] - Free cash flow for the full year was $20.1 billion, anticipated to be industry-leading [22] Business Line Data and Key Metrics Changes - Postpaid phone net adds were 616,000 in Q4, the best quarter in 6 years, with consumer postpaid phone net adds of 551,000 [10][17] - Fixed Wireless Access net adds were 319,000, while Fios Internet delivered 67,000 net adds, the highest since 2020 [18] - The company continued to gain share in the prepaid segment, with 109,000 net adds in Q4, marking the sixth consecutive quarter of positive growth [18] Market Data and Key Metrics Changes - The company added 125,000 fiber net additions through Frontier, a 29% increase over the prior year [19] - The total broadband subscriber base exceeded 16 million, including over 10.5 million fiber customers [72] Company Strategy and Development Direction - The company is focused on a transformation strategy aimed at improving operational efficiency and customer experience, with a target of $5 billion in operating expense savings [8][26] - The Frontier acquisition is expected to provide significant cross-sell opportunities and operational synergies, with a goal of reaching 40-50 million fiber passings over the medium term [12][19] - The company aims to invest in customer experience and leverage AI to enhance operations and reduce churn [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a network outage that impacted customer service, emphasizing a commitment to improving service quality [3][4] - The company expects 2026 to be a transitional year with a focus on volume-based growth, targeting 750,000 to 1 million postpaid phone net adds [25][30] - Management expressed confidence in achieving a step function improvement in performance metrics, with adjusted EPS growth projected at 4%-5% [30][27] Other Important Information - The company announced a $25 billion share repurchase program, with at least $3 billion expected in 2026 [35] - A dividend increase of 2.5% was declared, marking the 20th consecutive year of dividend increases [34] Q&A Session Questions and Answers Question: What investments are needed to drive subscriber growth? - Management indicated that improvements in churn rates and customer experience will be key, with no need for excessive promotions [40][44] Question: Can you elaborate on the fiber passings outlook? - Management confirmed the target of 40-50 million fiber passings, supported by the Frontier acquisition and internal growth initiatives [46][50] Question: How is the company addressing customer lifetime values? - Management highlighted the importance of reducing churn and improving customer experience to enhance lifetime values [55][58] Question: What are the expectations for service revenue growth? - Management guided for 2%-3% growth in mobility and broadband service revenue, with flat wireless service revenue anticipated due to prior price increases [70][71]

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Core Viewpoint - KeyBanc analyst Brandon Nispel anticipates that the wireless carrier will outperform competitors Verizon and T-Mobile in the convergence race [1] Group 1 - The wireless carrier is expected to lead in the convergence market, indicating a strategic advantage over its rivals [1]

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **Robotics industry** in **North America** and the convergence of various technologies within this sector [1] Core Insights and Arguments - **Convergence of Technologies**: The term "convergence" is emphasized as a key theme, indicating the merging of AI agents with both digital and physical realms, as well as the integration of data and manufacturing processes [2][4] - **AI and Robotics Development**: AI chatbot firms are expanding their capabilities by forming robot teams and hiring manufacturing experts, highlighting a dual-purpose approach where consumer devices are also valuable in defense applications [6][6] - **Public and Private Sector Alignment**: There is a noted convergence of strategic goals between the private sector and public sector, particularly in the technological and military domains of the United States and China [6] - **Innovations from Major Companies**: - **Tesla** is filing patents for roof-integrated satellite antennae, indicating a push towards innovative technology integration [6] - **META** is utilizing facial data to train robots, showcasing advancements in AI and machine learning [6] - **Expansion of Market Segments**: Technology firms are increasingly entering industrial Total Addressable Markets (TAMs), while industrial firms are expanding into technology TAMs, indicating a blurring of industry lines [6] - **Elon Musk's Perspective**: Musk has acknowledged that his companies are trending towards convergence, reinforcing the idea that various sectors are becoming interconnected [6] - **Advancements in Autonomous Vehicles**: The development of autonomous cars is seen as a catalyst for advancements in low altitude robots (LARs), suggesting a significant overlap between automotive and robotics technologies [6] - **Interconnected Systems**: The relationship between brain-computer interfaces (human-to-machine) and humanoid robots (machine-to-human) is highlighted, indicating a future where these technologies may intersect [6] - **Investor Interest**: There is a growing convergence of investor interest in both public and private markets, reflecting a broader trend in the investment landscape [6] Additional Important Insights - **Data Collection**: Consumer devices equipped with cameras may soon be used to collect data for training robots, indicating a shift in how data is utilized in AI development [7] - **Space as a Connector**: The concept of space is described as the "connective tissue" of the embodied AI ecosystem, suggesting that spatial technologies will play a crucial role in future developments [7] - **Military Applications**: Autonomous cars are categorized as military-grade AI, indicating their potential use in defense and security applications [12] This summary encapsulates the key points discussed in the conference call, focusing on the convergence of technologies within the robotics industry and the implications for various stakeholders.

The future of crypto isn’t CeFi or DeFi. It’s convergence.Catch our Head of Spot at Bybit and founder of @Byreal_io, Emily Bao at @Solana Breakpoint as she breaks down how Bybit and Byreal are shaping this convergence, and what a unified liquidity layer means for the next era of crypto users.@SolanaConf ...

Nexxen International Conference Call Summary Company Overview - **Company**: Nexxen International (NasdaqGM:NEXN) - **Industry**: Digital Advertising Technology - **Business Model**: Nexxen operates as an end-to-end platform integrating both buy-side and sell-side services, enhancing transaction efficiency and performance for advertisers and publishers [4][4]. Key Points and Arguments Macro Environment and Industry Dynamics - **Current Market Conditions**: There is uncertainty in the market, particularly due to tariffs affecting certain verticals, notably retail. However, this has created opportunities for other verticals to access media at more efficient prices [6][8]. - **Vertical Performance**: Retailers are cautious in their spending due to macroeconomic factors, but Nexxen is benefiting from higher margins and a larger Total Addressable Market (TAM) compared to competitors [8][9]. - **Adaptation to New Norms**: Retailers are adjusting their pricing strategies and becoming more aggressive in performance marketing to meet financial goals despite increased costs from tariffs [10][11]. Competitive Positioning - **End-to-End Model**: Nexxen's integrated technology allows for seamless data flow between buy-side and sell-side, enhancing performance and yield for both publishers and advertisers [13][14]. - **Industry Convergence**: The trend of convergence in the industry validates Nexxen's early move towards an integrated model, positioning it favorably against competitors [13][14]. Data and Technology - **Partnership with VIDAA**: Nexxen has secured exclusive access to VIDAA's ACR data, which enhances targeting capabilities and ad relevance, driving better performance [16][17]. - **CTV Market Dynamics**: The company views current volatility in the CTV space as an opportunity, as programmatic transactions are increasing, allowing for better inventory management and optimization [19][20][22]. Product Innovations - **Home Screen Activation**: Nexxen is launching a programmatic smart TV home screen activation solution, capitalizing on the captive audience during TV usage [25][26]. - **Investment in AI**: Significant investments are being made in AI to enhance internal efficiencies and improve customer engagement with the platform [41][49]. Financial Strategy - **Investment in VIDAA**: Nexxen has committed $60 million to VIDAA, aiming to expand its footprint and leverage strategic deals with DSPs [28][30]. - **Share Repurchase Program**: The company has repurchased over a third of its shares and plans to initiate a new $40 million buyback program, indicating confidence in its valuation [52][54]. Future Outlook - **2026 Opportunities**: The relationship with VIDAA and advancements in AI are seen as key drivers for growth in 2026. The company is optimistic about capturing market share and enhancing its competitive edge [57][58]. Additional Important Insights - **Market Valuation**: Nexxen is currently trading at approximately three times EBITDA, which is significantly lower than many competitors, presenting a potential buying opportunity for investors [54][58]. - **Long-term Growth Potential**: The investment in VIDAA and the development of the data platform are expected to yield substantial long-term benefits, including potential IPO opportunities for VIDAA [30][31]. This summary encapsulates the critical insights from the Nexxen International conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects.

Financial Data and Key Metrics Changes - Total company revenue declined about 3% year-over-year, primarily due to tough comparisons to last year's Paris Olympics, but excluding that impact, revenue increased nearly 3% [14] - EBITDA and adjusted EPS were consistent with last year, while free cash flow increased 45% to $4.9 billion [14][24] - Connectivity and platforms EBITDA declined by 3.7% this quarter, with expectations for continued pressure over the next several quarters due to ongoing investments [11][16] Business Line Data and Key Metrics Changes - Broadband subscribers declined by 104,000 in the quarter, with a seasonal benefit from back-to-school activity offset by intense competition [17] - Convergence revenue grew by 2.5%, supported by mid-teens growth in wireless, with wireless net additions hitting a record of 414,000 [19] - Business services revenue was up 6%, with EBITDA growth of nearly 5%, driven by advanced services adoption [20] Market Data and Key Metrics Changes - Broadband-only customers averaged 800 GB of usage per month in Q3, up 9% year-over-year [6] - The competitive environment for broadband remains intense, with a focus on two multi-gig symmetrical providers dominating the market [5][16] - The media segment, excluding last year's Olympics, saw a healthy revenue increase of 4%, with Peacock revenue growing at a mid-teens rate [22] Company Strategy and Development Direction - The company is focusing on three strategic pillars: network, product, and customer experience, with significant investments in AI to optimize performance [6][10] - A new pricing model has been introduced, simplifying customer choices and enhancing transparency [10][16] - The company aims to leverage its sports portfolio to drive viewership and advertising revenue, with a strong focus on integrating linear and streaming media [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of the leadership transition and the ongoing pivot to meet market demands [29][30] - The company anticipates continued pressure on ARPU in early 2026 but is confident in returning to growth as customer migrations to new pricing plans progress [41][48] - Management acknowledged the challenges posed by competition but emphasized the long-term benefits of their strategic investments [16][19] Other Important Information - The company returned $2.8 billion to shareholders this quarter, including $1.5 billion in share repurchases and $1.2 billion in dividends [14][26] - The company is maintaining a healthy balance sheet with net leverage at 2.3x, despite increased capital expenditures of $3.1 billion [24][26] Q&A Session Summary Question: Context around ARPU evolution and customer migration to new plans - Management indicated that ARPU growth is unlikely in 2026 due to ongoing investments and customer migrations to new pricing plans [41][42] Question: Trajectory of CMP EBITDA next year and OpEx investments - Management discussed aggressive investments in marketing and customer experience to support the transition, with a focus on cost rationalization [51][55] Question: Speculation about Warner Bros. Discovery and implications for Verizon relationship - Management expressed confidence in the relationship with Verizon and emphasized the high bar for pursuing M&A transactions [59][62] Question: Conversion of free wireless lines to pay and ensuring customer quality - Management highlighted the importance of maintaining quality connections and proactive strategies for converting free lines to paid status [70][72] Question: Business market trends and competition outlook - Management acknowledged increased competition in the business market but expressed confidence in their strong portfolio and growth potential [95][96]

Financial Data and Key Metrics Changes - Total company revenue declined about 3% year over year, primarily due to tough comparisons to last year's Paris Olympics, but excluding that impact, revenue increased nearly 3% driven by strong performance across six growth businesses [14][22] - EBITDA and adjusted EPS were consistent with last year, while free cash flow increased 45% to $4.9 billion [14][24] - Connectivity and platforms EBITDA declined by 3.7% this quarter, reflecting the costs associated with the strategic pivot [11][16] Business Line Data and Key Metrics Changes - Broadband subscribers declined by 104,000 in the quarter, with a seasonal benefit from back-to-school activity offset by intense competition [17] - Convergence revenue grew by 2.5%, supported by mid-teens growth in wireless, with wireless net additions hitting a record of 414,000 [19] - Business services revenue was up 6%, with EBITDA growth of nearly 5%, driven by advanced services adoption [20] Market Data and Key Metrics Changes - Broadband-only customers averaged 800 gigs a month in the third quarter, up 9% year over year [6] - Peacock revenue grew at a mid-teens rate, driven by strength in both advertising and distribution, with advertising up 2.6% [22][84] - The competitive environment for broadband remains intense, with fixed wireless serving price-sensitive segments [5][16] Company Strategy and Development Direction - The company is focusing on three strategic pillars: network, product, and customer experience, with a deliberate investment phase expected to carry costs [6][11] - A new pricing model has been introduced, simplifying offers and enhancing customer experience, with a focus on price transparency [10][15] - The company aims to be a leader in the multi-gig symmetrical broadband market, adapting its approach to compete effectively [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of the leadership transition and the strategic initiatives being implemented [29][30] - The company anticipates continued pressure on ARPU in early 2026 due to the transition to new pricing and packaging [41][46] - Management is confident in the long-term growth potential of broadband and wireless as they navigate the current competitive landscape [48][72] Other Important Information - The company returned $2.8 billion to shareholders this quarter, including $1.5 billion in share repurchases and $1.2 billion in dividends [14][26] - The rollout of the new premium unlimited plan for wireless customers has been successful, enhancing the company's position in the high-value postpaid market [9][19] Q&A Session Summary Question: Context around ARPU evolution and customer migration to new plans - Management indicated that due to investments, ARPU growth is unlikely in 2026, but they are actively migrating customers to new pricing and packaging [40][41] Question: Trajectory of CMP EBITDA next year and OpEx investments - Management acknowledged that while there are investments in sales, marketing, and customer service, they are also rationalizing costs to support the transition [51][55] Question: Speculation about Warner Brothers Discovery and implications for Verizon relationship - Management stated that they are confident in their relationship with Verizon and emphasized that the bar for pursuing M&A is high [59][62] Question: Conversion of free wireless lines to pay and ensuring customer quality - Management highlighted the importance of maintaining quality connections and ensuring a smooth transition for free lines to paid status next year [70][72] Question: Business market trends and competition outlook - Management noted that while competition in the business market is increasing, they have a strong portfolio and are well-positioned for growth [95][96]