SynopsisThe Bengaluru-based fintech NBFC, which focuses on digital loans against property (LAP), has also raised Rs 110 crore in debt from IDFC First Bank and Axis Bank, and is in talks with several PSU banks and large NBFCs for co-lending partnerships. The fresh funds will be used to scale up the fintech startup's technology infrastructure, artificial intelligence (AI) systems, and expand across tier-III markets. ...

Core Insights - The Shiba Inu (SHIB) token is facing significant challenges in recovering its price, attributed to fundamental structural issues rather than mere market volatility [1] - Analysts have declared that SHIB's ambition to reach the $0.0001 price level is unrealistic due to its core deficiencies [1][5] Structural Challenges - The Total Value Locked (TVL) on Shibarium has consistently remained below $1 million since early October, indicating a lack of ecosystem utility and adoption [2][4] - There is a mismatch between SHIB's massive circulating supply of approximately 589 trillion tokens and the slow pace of its deflationary mechanism [3][5] - The low TVL on Shibarium suggests that development efforts have not resulted in meaningful network activity or user adoption, with SHIB's market capitalization still in the billions [4] Utility Deficit and Market Trends - A significant factor in SHIB's struggles is the rotation of capital within the crypto market towards sectors that offer tangible utility [6] - As the Web3 trend shifts from "meme" projects to those providing real-world value, SHIB is losing ground to more utility-focused projects [7]

Core Viewpoint - The current market environment suggests that international equities may offer better future returns compared to U.S. equities, which have been dominant for decades but may not align with underlying fundamentals [1][3][5]. Market Environment - The macroeconomic backdrop is shifting towards international equities due to cyclical market leadership, with the U.S. potentially losing its long-standing position [3][4]. - Factors such as tariffs, inflation, interest rate cuts, and a declining U.S. dollar are making international equities more attractive [4]. Earnings Growth - Earnings growth in regions like Europe and Japan is outpacing that of the U.S., indicating that U.S. equities may have reached a peak in performance relative to their fundamentals [5]. Investor Sentiment - A survey indicated that 52% of respondents have a 10%-20% allocation to international equities, with nearly 50% expecting continued outperformance from these markets [6][7]. Investment Strategy - Thornburg Investment Management employs a bottom-up approach to international investing, focusing on three pillars: seeking underappreciated opportunities, maintaining a resilient foundation, and ensuring execution capability [8][9]. - The firm manages $52 billion in assets and offers active ETFs, including the Thornburg International Equity ETF (TXUE) and Thornburg International Growth Fund ETF (TXUG), to navigate international markets [9].

Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.339 billion for Q3 2025, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6% [14] - GAAP EPS was $1.05, while non-GAAP EPS was $1.93 [14] - The company raised its full-year outlook to approximately 14% revenue growth and 18% EPS growth [6][14] Business Line Data and Key Metrics Changes - The IP business is tracking over 20% growth for the second consecutive year, driven by demand in AI and HPC at advanced nodes [19][21] - The core EDA business saw strong results, with significant adoption of AI-driven design and verification solutions [10] - Hardware had a record Q3, with notable expansions at AI and HPC customers [11] Market Data and Key Metrics Changes - Bookings exceeded expectations, resulting in a backlog of over $7 billion [5][14] - China experienced a year-on-year growth of approximately 53%, indicating a return to normal business activity post-regulations [39][41] - The company noted broad-based strength across all geographies, with strong design activity in China [41][82] Company Strategy and Development Direction - Cadence is focusing on the AI megatrend, positioning itself to capture opportunities in AI infrastructure, physical AI, and science's AI [6][7] - The company is expanding partnerships with major players like Samsung and TSMC to enhance its EDA and IP offerings [8][12] - Recent acquisitions, including Hexagon's D&E business, aim to strengthen Cadence's position in the system design and analysis market [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing strength of the business and the AI-driven market opportunities [5][13] - The company anticipates continued growth in its IP business, supported by strong customer demand and partnerships with foundries [21][23] - Management remains prudent in its outlook for 2026, emphasizing the importance of maintaining a disciplined approach to growth [36][64] Other Important Information - The company plans to use at least 50% of its annual free cash flow for share repurchases [16] - Operating cash flow for Q3 was reported at $311 million, with a cash balance of $2.753 billion at quarter-end [15] Q&A Session Summary Question: What is driving the growth in the IP business? - Management highlighted that the IP business is performing well due to its focus on AI, HPC, and chiplet-based architecture, with strong customer demand and partnerships with foundries [21][23] Question: Are there still renewals expected in Q4? - Management confirmed that strong demand for AI infrastructure is driving performance, and they expect continued strength in renewals [27][30] Question: What is the outlook for China? - Management noted that design activity in China is strong and returning to normal, with expectations for year-over-year growth [41][81] Question: How is the company positioning itself in the system design market? - Management discussed the strategic acquisitions aimed at enhancing capabilities in simulation and analysis, particularly in the context of physical AI [46][50] Question: What tailwinds are expected from AI features in EDA products? - Management indicated that AI integration is expected to significantly improve productivity metrics, with examples of substantial efficiency gains from AI-driven tools [55][58] Question: What is the demand outlook for hardware platforms? - Management expressed confidence in continued strong demand for hardware, particularly in AI and HPC markets, with expectations for growth in 2026 [62][66]

Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.339 billion for Q3 2025, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6% [14] - GAAP EPS was $1.05, while non-GAAP EPS was $1.93 [14] - The company raised its full-year outlook to approximately 14% revenue growth and 18% EPS growth [6][14] Business Line Data and Key Metrics Changes - The IP business is tracking over 20% growth for the second consecutive year, driven by demand in AI and HPC at advanced nodes [21][22] - The core EDA business saw strong results, particularly with the adoption of AI-driven design and verification solutions [10] - Hardware had a record Q3, with significant expansions at AI and HPC customers [11] Market Data and Key Metrics Changes - Bookings exceeded expectations, resulting in a backlog of over $7 billion [5][14] - China experienced a year-on-year growth of approximately 53%, indicating a return to normal business activity post-regulations [39][41] - The company noted broad-based strength across all geographies, with strong design activity in China [41][81] Company Strategy and Development Direction - Cadence is focusing on the AI megatrend, positioning itself to capture opportunities in AI infrastructure, physical AI, and science's AI [6][7] - The company is expanding partnerships with major players like Samsung and TSMC to enhance its EDA and IP offerings [8][12] - Recent acquisitions, including Hexagon's T&E business, aim to strengthen Cadence's position in the growing market of system design and analysis [12][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing strength of the business and the AI megatrend driving design complexity [6][13] - The company expects to maintain double-digit growth across all product categories for 2025 [14][36] - Management highlighted the importance of strategic partnerships and the need for continued investment in AI capabilities [36][46] Other Important Information - The company plans to use at least 50% of its annual free cash flow for share repurchases [16] - Operating cash flow for Q3 was reported at $311 million, with a cash balance of $2.753 billion at quarter-end [15] Q&A Session Summary Question: What is driving the growth in the IP business? - Management attributed the growth to a focus on AI and HPC, partnerships with foundries, and strong customer demand [21][22] Question: Are there still renewals expected in Q4? - Management confirmed that strong demand for AI infrastructure is driving performance and that renewals are anticipated [27][30] Question: What is the outlook for China? - Management noted that design activity in China is strong and returning to normal, with expectations for continued growth [41][81] Question: How is the company positioned in the system design market? - Management discussed the strategic acquisitions aimed at enhancing capabilities in simulation and analysis, positioning Cadence well for future growth [46][49] Question: What are the expectations for hardware demand? - Management expressed confidence in continued strong demand for hardware, particularly in AI and HPC markets [62][66] Question: How will the partnership between Nvidia and Intel affect demand? - Management indicated that the collaboration would likely increase demand for EDA tools and enhance performance through optimized CPU-GPU systems [72][76] Question: What are the operational expense dynamics? - Management explained that Q3 performance was aided by a restructure, while Q4 may see increased expenses due to new acquisitions [89]

Financial Data and Key Metrics Changes - Cadence reported total revenue of $1.339 billion for Q3 2025, with a GAAP operating margin of 31.8% and a non-GAAP operating margin of 47.6% [14] - GAAP EPS was $1.05, while non-GAAP EPS was $1.93 [14] - The company raised its full-year outlook to approximately 14% revenue growth and 18% EPS growth [4][12] Business Line Data and Key Metrics Changes - The IP business is tracking over 20% growth for the second consecutive year, driven by demand in AI, HPC, and chiplet architectures [20][21] - The core EDA business saw strong results, with significant adoption of AI-driven design and verification solutions [9] - Hardware had a record Q3, with notable expansions at AI and HPC customers [10] Market Data and Key Metrics Changes - Bookings exceeded expectations, resulting in a backlog of over $7 billion [4][13] - China experienced a year-over-year growth of approximately 53%, indicating a return to normal business activity post-regulatory changes [35][36] Company Strategy and Development Direction - Cadence is focusing on the AI megatrend, positioning itself to capture opportunities across various industries with a comprehensive portfolio [5][12] - The company is expanding partnerships with major semiconductor companies, including TSMC and Samsung, to support next-generation AI flows [6][10] - Recent acquisitions, such as Hexagon's T&E business, are aimed at enhancing capabilities in structural analysis and multi-body dynamics [11][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing strength of the business and the AI infrastructure build-out, which is expected to drive future growth [25][26] - The company anticipates continued strong demand across all business lines and geographies, with a disciplined approach to growth [30][32] Other Important Information - The company plans to use at least 50% of its annual free cash flow for share repurchases [16] - Operating cash flow for Q3 was reported at $311 million, with a cash balance of $2.753 billion at quarter-end [15] Q&A Session Summary Question: What is driving the growth in the IP business? - Management highlighted that the IP business is focused on AI and HPC at advanced nodes, with strong customer demand and partnerships with major foundries [20][21][23] Question: Are there still renewal opportunities in Q4? - Management confirmed that strong demand continues, particularly in AI infrastructure, and that renewals are expected to contribute positively [24][25][27] Question: What is the outlook for hardware demand? - Management indicated that hardware demand remains strong, with expectations for continued growth into 2026 [56][58] Question: How is the company positioned in the system design market? - Management emphasized the strategic acquisitions aimed at enhancing capabilities in simulation and analysis, positioning the company well for future growth [40][44] Question: What are the expectations for China’s growth? - Management noted that design activity in China is back to normal, with expectations for continued growth, contingent on geopolitical stability [73][74] Question: What are the OpEx dynamics for Q3 and Q4? - Management explained that Q3 performance was better than expected due to a small restructure, while Q4 may see some new expenses from acquisitions [76][78]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $1,339,000,000, with GAAP operating margin at 31.8% and non-GAAP operating margin at 47.6% [20] - GAAP EPS was $1.05, while non-GAAP EPS was $1.93 [20] - The company raised its full-year outlook to approximately 14% revenue growth and 18% EPS growth [6][19] Business Line Data and Key Metrics Changes - The IP business is tracking over 20% growth for the second consecutive year, driven by demand in AI, HPC, and chiplet architectures [23][26] - The core EDA business delivered strong results, with significant adoption of AI-driven design and verification solutions [12][19] - The System Design and Analysis (SDA) business saw growth due to innovative solutions and expanding customer adoption [15][17] Market Data and Key Metrics Changes - Backlog grew to over $7,000,000,000, indicating strong demand across all product categories [6][19] - China experienced a year-over-year growth of approximately 53%, with design activity returning to normal following regulatory changes [47][49] Company Strategy and Development Direction - The company is focused on capitalizing on the AI megatrend, positioning itself as a leader in EDA, IP, and system analysis [7][17] - Recent partnerships with major players like Samsung and TSMC aim to enhance AI infrastructure and support next-generation technologies [8][9] - The acquisition of Hexagon's T and E business is expected to strengthen the company's position in structural analysis and multi-body dynamics technologies [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing strength of the business and the potential for sustained growth in the AI era [6][17] - The company anticipates continued demand for its products, particularly in AI infrastructure and physical AI [34][44] - Management remains prudent in its outlook, considering potential regulatory changes and geopolitical factors [100][102] Other Important Information - The company plans to use at least 50% of its annual free cash flow for share repurchases [20] - Operating cash flow for Q3 was $311,000,000, with a cash balance of $2,753,000,000 at quarter-end [20] Q&A Session Summary Question: What is driving the growth in the IP business? - The IP business is performing well due to its focus on AI and HPC at advanced nodes, strong partnerships with foundries, and improved customer demand [23][26][29] Question: Are there still renewals expected in Q4? - There are ongoing renewals, and the strong demand for AI infrastructure is a primary driver of performance [32][34] Question: What is the outlook for China? - Design activity in China is strong, and the region is expected to grow year-over-year, contingent on geopolitical stability [47][49][100] Question: How is the company positioned in the system design market? - The company is optimistic about its SDA business, especially with recent acquisitions that enhance its capabilities in physical AI and multibody dynamics [53][60] Question: What are the expectations for hardware demand? - Demand for hardware remains strong, particularly in AI and HPC markets, with expectations for continued growth into 2026 [77][82] Question: How will the partnership between NVIDIA and Intel affect demand? - The partnership is expected to increase demand for EDA tools as the industry moves towards CPU and GPU integration [88][90]

Financial Data and Key Metrics Changes - Fiscal 2026 Q2 revenue reached a record $79.3 million, a 16.1% increase from $68.3 million in the prior year [16][27][30] - Year-to-date revenue for FY 2026 is $156 million, up 18.4% compared to the prior year [17][28] - Recurring revenue grew 23% year-over-year to a record $51 million, driven mainly by a 33.1% increase in subscription revenue [17][30] - Adjusted net income for Q2 was $11.7 million, compared to $4.1 million in the prior year [31] Business Line Data and Key Metrics Changes - Subscription sales were up 59%, with foodservice management (FSM) sales increasing more than 2.5 times [10][17] - Point of Sale (POS) products, including add-on modules, were up 23%, while Property Management Systems (PMS) products increased by 34% [10][17] - International sales grew by 36%, with notable wins in the gaming and casino sectors [10][12] Market Data and Key Metrics Changes - International sales levels had another strong quarter, growing by more than 35% over the prior year [12] - The company added 18 new customers in Q2, all of which were subscription-based sales agreements [15] - The total addressable market is significantly larger than the company's current size, indicating substantial growth potential [12][36] Company Strategy and Development Direction - The company is focused on creating a comprehensive ecosystem of cloud-native hospitality software solutions, which has provided competitive advantages [7][9] - AI is increasingly being integrated into the product offerings, enhancing innovation and operational efficiencies [24][26] - The company aims to maintain disciplined, profitable growth while expanding its presence in the hospitality technology market [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current business momentum and the ongoing surge in subscription software sales [34] - The company is experiencing increased interest from major hospitality corporations, indicating a positive shift in market perception [36] - The guidance for full-year revenue has been raised to $315 million to $318 million, with subscription revenue growth expectations increased to 29% [21][33] Other Important Information - The product backlog improved significantly, ending Q2 at 49% higher than Q1, providing better visibility for the rest of the fiscal year [19][28] - The company is debt-free after paying down its credit revolver by $24 million in the first half of the fiscal year [32] Q&A Session Summary Question: What has changed regarding record sales momentum? - Management attributed the sales momentum to improvements in the product ecosystem and increased senior talent, rather than just market adoption of cloud solutions [39][40] Question: Will the Marriott rollout impact margins? - Management expects the Marriott rollout to be margin accretive over time, with potential short-term investments [42][43] Question: How is international performance compared across regions? - Management noted strong performance in EMEA, particularly in the UK, and emphasized that product improvements are driving international growth [46][48] Question: What is the current capacity for service delivery? - Management confirmed that capacity improvements in services have been completed, allowing for better handling of backlog [51][53] Question: Are larger hospitality players taking notice of the company? - Management confirmed increased attention from larger players, attributing this to product improvements and enhanced sales capabilities [68][70] Question: Did the guidance increase relate to the Marriott rollout? - Management clarified that the guidance increase was not related to the Marriott project but rather due to general sales momentum [85][86]

Core Insights - NextEra Energy and Google have announced a partnership to restart the Duane Arnold Energy Center, Iowa's only nuclear facility, to provide clean, reliable energy for Google's AI and cloud infrastructure [2][3][4] - The collaboration includes a 25-year power purchase agreement where Google will buy carbon-free energy from the 615-MW plant, expected to be operational by Q1 2029 [3][6] - The project is projected to create approximately 400 direct jobs and deliver over $9 billion in economic benefits to Iowa [6][11] Company Agreements - Google will purchase power from the Duane Arnold Energy Center, which will help meet its growing energy demands while enhancing local grid reliability [2][4] - Central Iowa Power Cooperative (CIPCO) will also purchase the remaining output from the plant under the same terms as Google, with NextEra Energy acquiring CIPCO's 30% interest to own 100% of the plant [3][6] - The partnership aims to explore the development of new nuclear generation in the U.S. to address increasing electricity needs [5] Economic Impact - The recommissioning of Duane Arnold is expected to generate significant economic benefits, including more than $340 million in annual economic output during operations [11] - Local earnings during construction are projected to exceed $89 million, with long-term earnings estimated at over $127 million [11] - The project is anticipated to create more than 1,600 jobs during construction and approximately 400 direct, full-time jobs during operations [11] Strategic Importance - The restart of Duane Arnold is seen as a milestone for NextEra Energy, reinforcing its commitment to nuclear energy and advanced generation technologies [5][6] - The collaboration is positioned as a model for future investments needed to build energy capacity and deliver reliable, clean power across the U.S. [5][6] - Iowa's leadership in powering America's AI infrastructure is emphasized, highlighting the importance of reliable, clean energy for emerging technologies [9]

Core Insights - The earnings season for the "Magnificent 7" began with Tesla reporting mixed results, leading to a decline in its stock price due to limited updates on the near-term outlook [1] - Upcoming earnings reports from major companies like Apple, Amazon, Alphabet, and Microsoft are anticipated this week [1] Amazon's Q3 Earnings Preview - Amazon is projected to report Q3 revenues of $177.7 billion, reflecting an 11.9% year-over-year increase, with previous guidance indicating revenues between $174 billion and $179.5 billion [3] - Consensus estimates suggest Amazon's Q3 earnings per share (EPS) will rise by 9.8% to $1.57, while management has guided for operating income between $15.5 billion and $20.5 billion [3] Key Areas of Focus for Amazon's Q3 Earnings Call - Holiday Spending Outlook: Attention will be on Amazon's commentary regarding sales expectations for the holiday season, especially considering economic stress among lower-income households [4] - Grocery Strategy: Insights into Amazon's grocery strategy will be monitored, particularly its expansion of same-day grocery services and the recent closure of Fresh stores in the U.K. [5] - AWS and AI Initiatives: The outlook for Amazon Web Services (AWS) will be scrutinized due to recent market share losses, alongside potential discussions on AI initiatives and a recent AWS outage [5] - Prime Price Hike: The potential for a Prime price increase, the first since 2022, will be a key topic, as it could significantly impact Amazon's revenue [5]