英伟达CEO黄仁勋列举出四大意外： 1、推理AI已经创造更多的计算需求。 2、（美国总统特朗普）取消（前总统拜登任期内出台的）AI扩散制度的决定是极好的。特朗普希望美 国获胜。 3、在企业级AI，Agentic AI正在发挥作用。它甚至比通用AI更好。 4、对于行业AI，诸多地区热衷于本土制造并到处修建工厂。所有的新工厂都在使用AI。 ...

C3.ai (AI) Q4 2025 Earnings Call May 28, 2025 05:00 PM ET Company Participants Amit Berry - Senior Director - IRThomas Siebel - Founder, CEO & Chairman of the BoardHitesh Lath - SVP & CFOMatthew Calitri - Equity Research Associate Conference Call Participants Patrick Walravens - Analyst Operator Thank you for standing by, and welcome to c three a one's AI's Fourth Quarter Fiscal Year twenty twenty five Earnings Conference Call. At this time, participants are in a listen only mode. After the speaker presenta ...

Financial Data and Key Metrics Changes - Total revenue for Q4 reached $108.7 million, reflecting a 26% increase compared to $86.6 million in the same quarter of the prior year [42] - Subscription revenue for the quarter was $87.3 million, up 9% from $79.9 million a year ago [42] - For the full fiscal year 2025, total revenue was $389.1 million, a 25% increase compared to $310.6 million in fiscal 2024 [43] - Non-GAAP operating loss was $31.2 million, which was within the guidance range of $30 million to $40 million [42][67] - Free cash flow for the quarter was $10.3 million, and the company closed Q4 with $742.7 million in cash, cash equivalents, and investments [42][68] Business Line Data and Key Metrics Changes - Subscription and prioritized engineering services revenue totaled $104.4 million, representing 96% of total revenue and a 22% increase from $85.7 million in Q4 of the previous year [42][66] - Revenue from the sale of demonstration software licenses was $33.8 million during the quarter [64] - Non-Baker Hughes revenue grew by 37% year over year during the quarter and by 40% during the year [65] Market Data and Key Metrics Changes - Non-oil and gas revenue increased by 48% year over year, reflecting successful expansion into 19 different industries [45] - Revenue in state and local government grew over 100% in fiscal 2025, with 71 agreements closed across organizations in 24 states [46] - The life sciences and healthcare sector is emerging as a strength, with traction from customers like GSK and Quest Diagnostics [47] Company Strategy and Development Direction - The company has focused on building a robust partner ecosystem, with 73% of agreements delivered in collaboration with partners, resulting in a 68% increase in agreements closed through this network [49] - The renewed partnership with Baker Hughes is expected to drive innovation and opportunity in the energy sector, generating over $5 billion in revenue from this vertical [44] - The company is strategically positioned to capitalize on the growing market for AI applications, with a focus on delivering secure, scalable, and production-grade solutions [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in crossing into non-GAAP profitability during the second half of fiscal 2027, with expectations of free cash flow positivity in the fourth quarter of fiscal 2026 [71] - The company anticipates continued revenue growth exceeding expense growth, driven by a robust suite of enterprise AI applications and an expanding partner ecosystem [71] - Management highlighted the importance of geopolitical stability for achieving revenue guidance, acknowledging risks in Europe and global trade [71] Other Important Information - The company has delivered over 130 applications to date, with 95% of bookings in fiscal 2025 driven by AI applications [61] - The company holds a patent for Agentic AI, positioning it uniquely in the market as the only enterprise AI application pure play [30] Q&A Session Summary Question: How does the company activate Azure sales reps to deliver C3 AI? - The company is focusing on engaging Azure sales reps through joint sales calls and providing them with the necessary tools to demonstrate solutions effectively [73][75] Question: Can you provide insights on the new Baker Hughes deal? - The specifics are under NDA, but the partnership has broadened significantly, continuing to provide solutions and enabling Baker Hughes to develop derivative works [82] Question: How was the revenue guidance for FY26 constructed? - The guidance reflects awareness of geopolitical risks and the need for stability, with a larger range due to potential market fluctuations [85]

Financial Data and Key Metrics Changes - NVIDIA reported revenue of $44 billion, a 69% increase year-over-year, exceeding expectations despite a challenging operating environment [5] - Data center revenue reached $39 billion, growing 73% year-on-year [5] - GAAP gross margins were 60.561%, while non-GAAP gross margins would have been 71.3% excluding a $4.5 billion charge related to inventory write-downs [30][32] Business Line Data and Key Metrics Changes - Data center revenue was significantly impacted by new export controls, with $4.6 billion recognized prior to the controls and a $4.5 billion charge for inventory write-downs [6][30] - Gaming revenue reached a record $3.8 billion, increasing 48% sequentially and 42% year-on-year, driven by strong adoption of Blackwell architecture [21] - Networking revenue grew 64% quarter-over-quarter to $5 billion, with strong demand for NVLink and Spectrum X solutions [17][20] Market Data and Key Metrics Changes - China data center revenue was below expectations due to export licensing controls, with a meaningful decrease anticipated in Q2 [20] - Singapore accounted for nearly 20% of Q1 build revenue, primarily for US-based customers [20] - The AI market in China is estimated to be around $50 billion, which NVIDIA is currently unable to access due to export restrictions [6][60] Company Strategy and Development Direction - NVIDIA is focusing on AI factory deployments, with nearly 100 AI factories in progress, doubling year-over-year [12][13] - The company is committed to a robust product roadmap extending through 2028, with a focus on enhancing AI capabilities and infrastructure [10][32] - NVIDIA is exploring ways to comply with new export control rules while maintaining competitiveness in the AI market [7][36] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about losing access to the China AI accelerator market, which could materially impact business [7][36] - The company anticipates continued growth in AI demand, particularly in reasoning AI, which is driving significant increases in inference workloads [11][82] - Management expects total revenue for Q2 to be around $45 billion, with modest sequential growth across all platforms [31][32] Other Important Information - NVIDIA returned a record $14.3 billion to shareholders through share repurchases and dividends [30] - The company is investing heavily in onshore manufacturing and partnerships to strengthen its supply chain [44][45] Q&A Session Summary Question: How much of the inference demand is NVIDIA able to serve? - Management indicated they are on track to serve most of the inference demand, with Blackwell NVLink 72 being the ideal solution for reasoning AI [52][54] Question: What is the impact of the China export controls on future revenue? - Management confirmed a significant decline in China data center revenue is expected, with a total of $8 billion in H20 revenue lost for Q2 [58][60] Question: Are there more large GPU cluster investments expected? - Management noted that there are many AI factories being planned globally, indicating a strong demand for AI infrastructure [70][72] Question: What is the outlook for the networking business? - Management highlighted strong adoption of Ethernet solutions and improvements in utilization rates, particularly with Spectrum X [95][100]

PayPal (PYPL) FY 2025 Conference May 28, 2025 09:00 AM ET Speaker0 Hi. I'm Harshita Rabat, Bernstein senior analyst covering payments processors and IT services, and I'm delighted to be joined today by Alex Chris, PayPal's president and CEO at Bernstein's forty first annual strategic decisions conference. Alex, thanks for joining us today. Speaker1 Oh, it's great to be here. Thank you. Speaker0 So, Alex, PayPal processed $1,700,000,000,000 in volumes last year. And at this scale, PayPal has very unique insi ...

Financial Data and Key Metrics Changes - The company reported a significant revenue increase from virtually zero in 2023 to $5 billion in 2024 for its MI300 product, marking the fastest ramp of any product in its history [13] - The client business revenue grew by 68% year-over-year in the first quarter, with two-thirds of that growth attributed to average selling price (ASP) increases [48] Business Line Data and Key Metrics Changes - The MI300 and MI325 are AMD's first explicit data center accelerator products, with a strong ramp in AI capabilities over the past year [12][13] - The company is focusing on enhancing its Instinct family, particularly in inference workloads, which have shown significant performance advantages over competitors [21][22] Market Data and Key Metrics Changes - There has been a substantial investment in AI capabilities across the industry, leading to a rationalization phase where businesses are now targeting specific areas for productivity improvements [7][8] - The enterprise market is increasingly adopting AI, with a hybrid model emerging where companies utilize both on-premises and cloud solutions for their AI workloads [29][30] Company Strategy and Development Direction - The company is committed to a fast cadence of new product releases, aiming to maintain leadership in both CPU and GPU markets while focusing on total cost of ownership advantages [16] - The strategy includes enhancing networking capabilities and partnerships to broaden the inference workloads and customer engagements [25][26] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of AI in driving overall demand for computation and the need for businesses to refresh their IT infrastructure to support both traditional and AI workloads [11][52] - There is confidence in margin strength for the second half of the year, driven by a favorable mix in the client and server segments, despite challenges in the data center GPU franchise [51][56] Other Important Information - The company has transitioned to biweekly software releases for its ROCm stack to improve performance and support for the community [35][36] - The acquisition of ZT Systems has strengthened the company's capabilities in RackScale design, enhancing performance and manufacturability [40][41] Q&A Session Summary Question: What are the key problems that customers are trying to solve today? - The focus is on scaling AI capabilities and driving technology forward, with a significant investment in AI infrastructure over the past 12-18 months [7][8] Question: How is the company positioned in the AI market? - The company has seen a strong ramp in its MI300 product and is committed to a fast cadence of new product releases to maintain leadership in AI [12][16] Question: What is the outlook for the enterprise AI adoption? - Enterprises are increasingly adopting a hybrid model for AI, leveraging both on-premises and cloud solutions, particularly in industries like health sciences [29][30] Question: How does the company plan to address software maturity? - The company has focused on hardening its software stack and is now releasing updates biweekly to improve performance and support for the community [35][36] Question: What is driving confidence in margin strength for the second half of the year? - The company anticipates strong growth in commercial PCs and server segments, with a favorable mix contributing to margin improvements [52][56]

Core Insights - Cerby has announced a $40 million Series B funding round led by DTCP, with participation from existing investors including Okta Ventures, Salesforce Ventures, and Two Sigma Ventures [1][9] - The company aims to expand its identity security automation platform in response to increasing demand for solutions that secure disconnected applications [4][5] Company Overview - Cerby is the first platform to automate the full identity lifecycle for disconnected applications, covering aspects from credentials and authentication to lifecycle management and privileged access [3] - The platform integrates with existing Enterprise Password Management (EPM), Identity and Access Management (IAM), Identity Governance and Administration (IGA), and Privileged Access Management (PAM) systems, providing centralized access controls and automating manual security tasks [8] Market Demand - The proliferation of SaaS, cloud, mobile, and on-premise applications has significantly expanded the enterprise attack surface, increasing the need for scalable and advanced identity security solutions [2] - Cerby is focusing on growth in key markets such as Germany, France, the UK, and strategic regions in the Middle East, where regulatory pressures and enterprise complexity are driving demand for its solutions [5] Growth Metrics - Since its Series A funding round less than 20 months ago, Cerby has increased its Annual Recurring Revenue (ARR) by 10 times and expanded its customer base by 5 times, now automating identity workflows across more than 2,000 applications and supporting over 100 organizations globally [6]

Salesforce plans to acquire Informatica in an $8 billion deal, saying Informatica’s cloud data management capabilities will enhance the agentic artificial intelligence features of Salesforce’s customer relationship management platform.The transaction has been approved by both companies’ boards of directors and is expected to close early in Salesforce’s fiscal year 2027, subject to customary closing conditions, Salesforce said in a Tuesday (May 27) press release.“Bringing together Informatica’s cloud-native ...

Zscaler (ZS) is scheduled to report its third-quarter fiscal 2025 results on May 29, 2025.Zscaler anticipates revenues between $665 million and $667 million for third-quarter fiscal 2025. The Zacks Consensus Estimate for ZS’ fiscal third-quarter revenues is pegged at $666.1 million, indicating year-over-year growth of 20.4%.For the fiscal third quarter, the company expects non-GAAP earnings per share in the band of 75-76 cents. The Zacks Consensus Estimate for ZS’ fiscal third-quarter earnings is pegged at ...

Core Insights - Cisco's research indicates a strong demand for agentic AI to transform customer experience in technology services [1][2] - The study reveals that 88% of decision-makers believe agentic AI will help achieve organizational goals, enhancing efficiency and maximizing IT investments [2][3] Group 1: Demand for Agentic AI - A survey of 7,950 global decision-makers shows that 68% expect customer interactions with technology vendors to be handled by agentic AI within three years, with 56% anticipating this shift within the next 12 months [2][3] - 92% of organizations consider the support and services from technology vendors increasingly critical due to rising IT complexity [7][14] Group 2: Benefits of Agentic AI - 93% of respondents predict that agentic AI will enable more personalized, proactive, and predictive services [7] - Customers expect agentic AI to improve IT productivity, save time and costs, and enhance data analytics and troubleshooting [14] Group 3: Human Connection and Governance - Despite the rise of AI, 89% of customers emphasize the importance of combining human connection with AI efficiency for optimal experiences [7] - 99% of respondents stress the need for technology partners to demonstrate robust governance for ethical AI use, with 81% wanting vendors to share their vision for AI-led customer experience [14] Group 4: Competitive Advantage - 81% of respondents believe that vendors successfully delivering agentic AI-led customer experiences will gain a competitive edge [9] - Vendors embracing agentic AI are expected to benefit from data-driven insights, improved scalability, and enhanced customer loyalty [9][8]