Core Insights - XBP Global Holdings, Inc. has been recognized as one of Newsweek's America's Greatest Workplaces for Culture, Belonging & Community 2026, highlighting its commitment to an inclusive workplace culture [1][2]. Group 1: Company Recognition - The recognition emphasizes XBP Global's focus on fostering an inclusive workplace where employees feel valued and connected, promoting a strong sense of belonging and community [2][4]. - The award is based on employee feedback and independent research assessing workplace culture, inclusion, belonging, and community engagement [3]. Group 2: Leadership Statements - Sandeep Sapru, President – Americas and Asia, stated that culture at XBP Global is integral to daily operations, believing that innovation and accountability thrive when employees feel a sense of belonging [3]. - The Editor-in-Chief of Newsweek noted that modern employees seek workplaces that prioritize culture and community, which helps attract top talent and fosters collaboration [4]. Group 3: Company Overview - XBP Global is a multinational technology and services company with a presence in 20 countries and approximately 11,000 employees, serving over 2,500 clients, including many Fortune 100 companies [6]. - The company specializes in intelligent workflows and agentic AI-driven automation, enabling clients to undertake significant digital transformations [7].

Core Viewpoint - The Kroger Co. has appointed Greg Foran as the new Chief Executive Officer, succeeding Ron Sargent, who served as interim CEO since March 2025. This leadership change is part of Kroger's growth strategy and follows a thorough search for a leader with a proven track record in large-scale retail operations [1][2]. Leadership Transition - Greg Foran brings over 40 years of experience in leading large consumer businesses, with a focus on transformation, growth, and digital adoption. His previous roles include leading Walmart U.S. and serving as CEO of Air New Zealand [2][4]. - Ron Sargent will continue as Chairman of the Board, ensuring a smooth transition in leadership [5]. Foran's Experience - At Walmart U.S., Foran oversaw a turnaround of the company’s largest division, achieving positive comparable sales growth for 20 consecutive quarters and managing over 4,600 stores and one million associates [3]. - As CEO of Air New Zealand, Foran led a digital transformation to enhance customer experience and navigated the airline through significant disruptions during the pandemic [4]. Company Commitment - Kroger reaffirms its fiscal year 2025 guidance and is committed to delivering sustainable value for shareholders [6]. - The company operates with over 400,000 associates serving more than 11 million customers daily, focusing on food inspiration and community support [7].

Core Insights - OVHcloud has launched its new Bare Metal 2026 generation of dedicated servers to address the challenges organizations face in managing large volumes of data while controlling costs and environmental impact [1][7] Product Features - The Bare Metal 2026 servers are built on the latest AMD Ryzen and AMD EPYC processors, designed for cost-effective power and high resiliency, suitable for various use cases such as machine learning, blockchain, and online gaming [2][3] - The servers feature high core counts, high-speed DDR5 memory, and a variety of rapid storage options, optimizing performance per watt for sustainability [4] - The lineup includes unlimited traffic network connections, with guaranteed public bandwidth ranging from 1 to 5 Gbit/s and private bandwidth up to 50 Gbit/s, ideal for clusters and virtualization [5] Server Lineup - The Bare Metal 2026 lineup includes: - **Rise 2026**: Versatile servers for intensive workloads and light virtualization, powered by AMD Ryzen or EPYC processors [8] - **Game 2026**: Servers designed for online gaming, featuring AMD Ryzen 9000 X3D processors for low latency [8] - **Advance 2026**: Servers for blockchain and database management, powered by AMD EPYC 4005 processors with a 99.95% SLA [8] - **Scale 2026**: High-performance servers for big data and analytics, supporting AMD EPYC 9005 processors with up to 384 cores and 3 TB of DDR5 memory [8] Sustainability and Data Protection - The Bare Metal 2026 servers are backed by OVHcloud's energy-efficient data centers utilizing water cooling, ensuring a responsible environmental model [8] - Data protection is supported by ISO27001 certification and a strong European approach to data sovereignty, allowing customers to maintain control over their data [9] Company Overview - OVHcloud operates over 500,000 servers across 46 data centers globally, serving 1.6 million customers in over 140 countries, focusing on a sustainable cloud model with a strong performance-price ratio [11]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Digital transformation is reshaping economies and labor markets, creating opportunities and challenges for Zambia, which has a young population that needs to be equipped with digital competencies [9][10] - The assessment of digital skills among TVET teachers and students reveals significant gaps in digital proficiency, indicating a need for systematic integration of digital competencies into education [12][15] Summary by Sections I. Introduction - Zambia has a youthful population with 80% under 35 years old, and 400,000 youth enter the labor market annually [17][18] - Despite educational reforms, learning outcomes remain poor, necessitating strategic investments in education quality [19] II. The Digital Skills Assessment - A task-based digital skills assessment was conducted among TVET teachers and students using the Pix platform, measuring proficiency across five domains [11][28] - The assessment covered a representative sample of 103 teachers and 877 students from 19 institutions [35][40] III. Findings on Teachers' Digital Skills - Teachers achieved an average proficiency score of 2.4, indicating beginner-level skills [12][46] - 46% of teachers reached Level 2, while 22% achieved Level 3, indicating a significant gap in their ability to guide students effectively [12][48] IV. Findings on Students' Digital Skills - Students scored an average of 1.9, corresponding to very beginner-level skills, with 11% scoring below Level 1 [15][66] - Only 8% of students attained intermediate proficiency, highlighting the need for enhanced digital skills training [67][72] V. Comparison of Results - Teachers consistently outperformed students across all competence areas, with the largest gaps in areas such as attachment recognition and methods for connecting to the internet [82][84] VI. Implications and Next Steps - Recommendations include prioritizing foundational digital skills training for both teachers and students, developing structured blended training programs, and integrating digital literacy into the curriculum [14][16][19]

Core Insights - The decline of physical retail stores is a significant trend, with many once-thriving businesses closing down due to changing consumer habits and the rise of e-commerce [1][10] - The shift towards online shopping has drastically altered the commercial landscape, leading to a decrease in foot traffic and sales for brick-and-mortar stores [2][12] Group 1: Rental Costs and Business Viability - Rental costs for prime locations used to range from 8,000 to 15,000 yuan per month, but many landlords are now lowering rents to attract tenants, with some shops available for as low as 2,000 yuan [2][5] - Despite lower rents, many store owners are struggling to maintain profitability, with one example showing a drop in monthly revenue from 30,000 to 6,000 yuan over five years [4][5] - The high initial costs of opening a physical store, including renovation and inventory, make it difficult for new businesses to break even, especially when compared to the lower startup costs of e-commerce [5][9] Group 2: Changing Consumer Behavior - E-commerce is projected to account for over 40% of China's total retail sales by 2024, further diminishing the customer base for physical stores [2][9] - Consumers increasingly prefer the convenience of online shopping, often using physical stores for browsing before purchasing online, a phenomenon known as "showrooming" [4][10] - The rise of technology, such as virtual fitting rooms and easy return policies, has reduced the need for in-store experiences, further impacting physical retail [8][12] Group 3: Market Dynamics and Competition - The traditional supply chain has been disrupted by e-commerce, allowing manufacturers to sell directly to consumers, which lowers prices and increases competition for physical retailers [8][12] - The uneven population growth across cities has led to a shrinking consumer market in some areas, making it difficult for physical stores to thrive [6][9] - The overall vacancy rate for commercial real estate is rising, with some shopping centers experiencing vacancy rates exceeding 20% to 30% [9][10] Group 4: Adaptation and Future Prospects - Successful physical stores are increasingly adopting an omnichannel approach, integrating online and offline sales to attract customers [12][13] - There is potential for certain types of physical businesses, such as community convenience stores and experiential venues, to thrive by offering unique experiences rather than just products [12][13] - The necessity for physical stores to innovate and adapt to the changing market dynamics is critical for survival in the current retail environment [13]

Core Viewpoint - VEON Ltd. has launched the "Invest in Pakistan, NOW!" initiative in partnership with JazzWorld to attract international investors to Pakistan as the country's economic fundamentals improve and growth opportunities become more apparent [1][5][6] Group 1: Initiative Details - The initiative aims to encourage international investors to reconsider Pakistan, highlighting the strengthening economic fundamentals and long-term growth prospects [1][5] - JazzWorld and Nutshell Group of Pakistan signed a Memorandum of Understanding (MoU) to foster dialogue and partnerships focused on digitalization and cross-border investment [2][5] - The signing ceremony was attended by key figures including the Minister of State for Finance and Railways of Pakistan and senior executives from VEON and JazzWorld [3][5] Group 2: Economic Context - The Minister of State for Finance emphasized that Pakistan has achieved macroeconomic stability, supported by government initiatives to enhance investor confidence and the business environment [5] - VEON Group CEO noted that the region is on the verge of a significant transformation, driven by AI and human-centered innovation, which can enhance growth and improve lives [6] Group 3: VEON's Commitment - VEON has invested over USD 11 billion in Pakistan since its establishment in 1994, demonstrating its long-term commitment to the market [8] - The company operates JazzWorld, which serves 100 million customers and offers a wide range of digital services, including connectivity, fintech, and entertainment [7][10] Group 4: Future Outlook - Aamir Ibrahim, CEO of JazzWorld, highlighted that Pakistan's long-term fundamentals are strong, and the country is well-positioned for growth, making it an attractive opportunity for regional and global investors [6][7]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [6][7][13] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [18][26] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [85] Business Line Data and Key Metrics Changes - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA for the fourth quarter, achieving record performance [20][22] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a goal of reaching $500 million in Adjusted EBITDA by 2027 [15][23] - The regional operations maintained steady performance, with Borgata seeing positive results from investments in high-limit table rooms [65] Market Data and Key Metrics Changes - MGM China maintained a market share of 16.5% in the fourth quarter, with a focus on premium mass customers [13][22] - The Las Vegas Strip properties experienced higher room rates and increased cash ticket sales, particularly during major events like Formula 1 [10][12] - The company is optimistic about the upcoming events, including the Super Bowl and World Cup, which are expected to drive visitation [11][12] Company Strategy and Development Direction - The company is focused on diversifying its offerings, with significant investments in luxury experiences and digital innovations [6][11] - MGM Osaka is set to become the world's largest integrated resort, with construction on schedule to open in 2030 [16] - The company aims to leverage technology to improve operational efficiencies and enhance customer experiences [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in Las Vegas, with expectations for growth driven by conventions and high-end customer engagement [26][30] - The company is closely monitoring macroeconomic factors that could benefit Las Vegas, including tax regulations and airport capacity recovery [17][26] - Management highlighted the importance of maintaining a strong cash flow to support growth opportunities and shareholder value [24][27] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over the last five years [24] - MGM China announced an increase in branding fees from 1.75% to 3.5%, expected to generate over $50 million in incremental cash flow [21][22] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including improved occupancy and upcoming events like CON/AGG, with a positive outlook for the second half of 2026 [30][32] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas's bottom line, with some unusual corporate expenses noted [33] Question: Stabilization efforts for value customers - Management highlighted initiatives to address value-conscious customers, with ongoing efforts to drive visitation to Las Vegas [37][38] Question: Casino resiliency despite lower occupancy - Management noted strong performance in high-end gaming and effective marketing strategies contributing to casino revenue growth [39][41] Question: Operating expense growth and renovation impacts - Overall expense growth is expected to be low single digits, with the MGM Grand renovation impacting EBITDA by about $65 million in 2025 [49] Question: Macau margin environment - MGM China reported stable margins in the mid- to high-20s, with strong demand anticipated for the upcoming Chinese New Year [55] Question: Buyback strategy and MGM China - Management emphasized a balanced approach to share repurchases, considering the value of shares against other investment opportunities [77][79]

Industry Overview - Cloud computing is a crucial and rapidly growing sector of the digital economy, projected to grow from $752 billion in 2024 to over $2.3 trillion by 2030, with a compound annual growth rate exceeding 20% [2] - The rise of generative AI is driving demand for cloud capacity, as training large AI models requires significant computing power and data storage, making cloud adoption essential for businesses [3] Investment Perspective - Cloud companies benefit from attractive business models, often operating on subscription or SaaS models that provide recurring, high-margin revenue streams [4] - High switching costs create competitive advantages, as enterprises are often locked into specific cloud ecosystems, making it costly to switch providers [4] - The long-term fundamentals of the cloud sector remain strong, supported by trends in AI, digital transformation, and recurring revenue, despite fluctuations in valuations and market sentiment [4] Stock Selection Methodology - A list of 13 high-growth cloud stocks was compiled based on revenue growth exceeding 35% over the past five years, ranked by revenue growth [7] - Hedge fund sentiment was included for each stock, sourced from Insider Monkey's database as of Q3 2025, indicating interest from institutional investors [7][8] Company Highlights Braze, Inc. (NASDAQ:BRZE) - Reported Q3 fiscal 2026 revenue of $191 million, reflecting a 25.5% year-over-year growth and a 6% sequential increase, with 106 net new customers added in the quarter [11][12] - Despite a cautious valuation sentiment in the software sector, Braze's consistent revenue growth and improving customer acquisition trends position it well in the customer engagement landscape [12] Datadog, Inc. (NASDAQ:DDOG) - Achieved a 3-year revenue growth of 37.67% and reported record new logo annualized bookings, more than doubling year over year, indicating strong demand for its observability platform [13][14] - Datadog's expanding product suite and strong cross-sell capabilities position it favorably to capture a larger share of customer spending, even amid macroeconomic pressures [15][16]

Core Insights - VINCI achieved outstanding performance in 2025, with record free cash flow of €7 billion and a reduction in net financial debt by €1.3 billion despite a challenging macroeconomic environment [2][13][8] Financial Performance - Revenue increased by 4.2% to €74.6 billion, with international revenue accounting for 59% of the total [7][9] - Operating income (Ebit) rose by 6.2% to €9.6 billion, representing 12.8% of revenue [10] - Net income attributable to owners was €4.9 billion, a slight increase of 0.8%, with a 10% increase when excluding exceptional tax contributions [11][12] - Earnings per share increased by 2.6% to €8.65, and by 12% to €9.44 when excluding exceptional tax contributions [12][8] - Free cash flow reached a record €7.0 billion, up from €6.8 billion in 2024, with an adjusted figure of €7.4 billion when excluding exceptional tax contributions [13][8] Business Segments Concessions - Revenue from Concessions rose by 5% to €12 billion, with Ebitda exceeding €8 billion [18] - VINCI Airports welcomed 334 million passengers, a 5% increase from 2024, contributing to a revenue of €4.8 billion [19][20] - Free cash flow from Concessions totaled €3.9 billion, an increase of €336 million compared to 2024 [18] Energy Solutions - Revenue in Energy Solutions grew by 8% to €30 billion, with 71% generated outside France [22] - Free cash flow for Energy Solutions was €1.2 billion, reflecting significant investments in electricity generation and transmission [23] Construction - Construction revenue remained stable at €33 billion, with an Ebit margin improvement to over 4% [30] - Free cash flow reached a record €1.4 billion, nearly double that of 2024, driven by improved customer payment processes [35] Strategic Developments - VINCI is conducting portfolio reviews across its three business segments to enhance returns on investment [5] - The Group is focused on long-term value creation, operational excellence, and responding to mobility and energy transition needs [6] Future Outlook - VINCI anticipates further revenue and earnings growth in 2026, with a proposed dividend of €5.00 per share, a 5.3% increase from 2024 [8][46] - The Group expects to maintain its discipline in new orders and acquisitions while focusing on margin improvement and cash flow generation [46]

Financial Data and Key Metrics Changes - Banco de Chile generated the highest net income in the local banking industry, amounting to CLP 1.2 trillion, translating into a 2.2% return on average assets, significantly above the 1.3% achieved by the industry [3][24] - The bank maintained the largest market value among private banks in Chile of almost $20 billion and a CET1 ratio of 14.5%, far above regulatory requirements and peers [3][35] - Operating revenues totaled CLP 3 trillion for the full year, remaining relatively stable compared to 2024, with customer income increasing by 4.2% [26][41] Business Line Data and Key Metrics Changes - Total loans rose 0.8% year-on-year, reaching CLP 39.2 trillion, with residential mortgage loans growing 5.3%, consumer loans increasing 3.9%, while commercial loans fell 3% [28][29] - The retail banking segment represented 67.5% of total loans, growing 4.2% year-on-year, with individuals growing 4.4% and SMEs expanding 3.3% [30] - Non-government guaranteed installment loans for SMEs showed strong momentum, growing 9.4% year-on-year, highlighting healthy underlying demand [21] Market Data and Key Metrics Changes - Chilean economic growth posted above-trend figures, with a 1.6% year-on-year expansion in Q3 and an average expansion of 2.5% year-to-date [6] - Domestic demand increased significantly, expanding 5.8% year-on-year in Q3, driven by a strong recovery in gross investment [6][7] - The 12-month CPI variation ended the year at 3.5%, down from 4.4% in September, indicating a gradual convergence towards the central bank's 3% target [8][9] Company Strategy and Development Direction - Banco de Chile's strategy focuses on placing the customer at the center, operating with efficiency, and maintaining a strong commitment to sustainability [16] - The bank aims to remain top in return on average capital among peers and maintain a cost-to-income ratio below 40% [17] - The launch of Banchile Pagos, a new acquiring and payment processing subsidiary, aims to strengthen the bank's positioning in digital payments [4][18] Management's Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for the economy, expecting above-trend GDP growth of around 2.4% in 2026, driven by strong domestic demand [10][45] - The central bank is expected to continue normalizing monetary policy, with further rate cuts anticipated [9][11] - Management highlighted the importance of monitoring the new government's agenda, particularly regarding tax reforms and investment policies [51][52] Other Important Information - Banco de Chile's risk indicators remain strong, with a coverage ratio of 223% and CLP 651 billion in additional provisions [4][40] - The bank's operating expenses decreased by 3.5% in real terms, reflecting a solid cost control culture [41][43] - The bank's CET1 ratio of 14.5% positions it well for future growth and stability [35] Q&A Session Summary Question: Economic and political outlook regarding tax rate and credit card limits - Management noted potential positive changes in tax rates but emphasized the need to wait for the new government's agenda [50][52] Question: Loan growth expectations by segment - Management expects loan growth around 4.5% for the industry, with Banco de Chile targeting slightly above that, particularly in corporate banking and consumer loans [54] Question: Capital allocation and market share - Management indicated a desire to utilize their strong capital position to gain market share in the future, particularly in 2026 [56][57]