NBER WORKING PAPER SERIES BANKING ON TECHNOLOGY: BANK TECHNOLOGY ADOPTION AND ITS EFFECTS Sheila Jiang Alessandro Rebucci Gang Zhang Working Paper 33551 http://www.nber.org/papers/w33551 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 March 2025 We are grateful to Manuel Amador, Anmol Bhandari, Xiaoji Lin, Gianni De Nicolo, Guangqian Pan (discussant), Fabrizio Perri, Yuchao Peng, Andrea Presbitero, Nicola Pierri, Robert Marquez, Qi Sun, Shengxing Zhang, and Yu Zhang (discu ...

Group 1 - Digital solutions are increasingly adopted by the general public, especially younger demographics, creating opportunities for companies with strong digital offerings like apps [2] - Banks have made significant investments in digital solutions, indicating a trend towards digital transformation in the financial sector [2] - The Aerospace Forum aims to identify investment opportunities in the aerospace, defense, and airline industries, leveraging data-informed analysis to provide insights on market developments [2] Group 2 - The Aerospace Forum provides access to data analytics monitors, enhancing the ability to analyze complex industry dynamics and growth prospects [2] - The analyst behind The Aerospace Forum has a background in aerospace engineering, which supports a deeper understanding of the industry's intricacies [2]

RT REDWRITER (@The_REDWRITER)DOGECOIN USER GROUPS (DuGs)A Dogecoin User Group (DuG) is a local crew of Dogecoin enthusiasts who meet up to connect, promote adoption, and boost Dogecoin’s presence in their community. Think of it as your local Shibe squad, taking the DOGE spirit from Discord and X to real-world hangouts!Why Join a DuG?DuGs bring the Dogecoin community to life by fostering friendships, spreading awareness, and encouraging local businesses to embrace $DOGE. It’s about building a network of user ...

Financial Data and Key Metrics Changes - Bitcoin Depot reported a 19% year-over-year revenue growth, reaching $164,200,000 compared to $138,500,000 in the same quarter last year [12] - Record net income of $12,200,000 was achieved, a significant increase from a net loss of $4,200,000 in the previous year [14] - Adjusted EBITDA increased by 315% to $20,300,000 compared to $4,900,000 in the first quarter of the previous year [14] - Cash from operating activities reached a record $16,300,000, up from $1,300,000 in the year-ago quarter [16] Business Line Data and Key Metrics Changes - The adjusted gross profit for Q1 increased by 92% year-over-year to $33,100,000 [13] - Median transaction size rose by 46% year-over-year to $300, contributing to total transaction volume of $163,800,000 [4] Market Data and Key Metrics Changes - The company ended Q1 with approximately 8,483 active machines and expects continued growth in kiosks for the remainder of the year [5] - Australia has been identified as a significant market for expansion, with over 100 kiosks deployed and a strong potential for Bitcoin adoption [7] Company Strategy and Development Direction - The company is focused on international expansion, with plans to enter at least two additional countries in 2025 [8] - Regulatory expansion into new markets is a priority, with ongoing discussions in New York State for potential operations in 2025 [9] - The company aims to optimize its business for profitability and positive cash flow, with a focus on operational enhancements [19] Management's Comments on Operating Environment and Future Outlook - Management noted that the business is experiencing seasonality, particularly correlated with tax return season, which may affect revenue growth [33] - The company remains optimistic about its growth strategy and the evolving regulatory environment, which is seen as a competitive advantage [10] Other Important Information - The leadership team has been strengthened with the appointment of a new CFO and an officer with expertise in legal and regulatory matters [11] - The company plans to focus on capital allocation strategies, including debt repayment and potential dividends, without significant capital expenditures expected in 2025 [18] Q&A Session Summary Question: Year-end kiosk goals for 2025 and 2026 - Management has not publicly announced specific kiosk goals but aims to install remaining kiosks as soon as possible, with a focus on international expansion [21][22] Question: Incremental revenue lift from kiosks installed less than a year - Management indicated that kiosks typically see at least 50% growth in revenue in their second year compared to the first [25] Question: Capital management priorities for the rest of the year - The company plans to be opportunistic with Bitcoin purchases and is focused on paying down debt, with no significant M&A opportunities anticipated in the near term [30][32] Question: Factors causing deceleration in revenue growth for Q2 - Management noted seasonality in the business and a shift in volume towards Q1 due to earlier tax refunds [33] Question: Increase in BDN transactions - The increase is attributed to the transaction tiers for KYC, with a significant number of transactions occurring at the $200 level [38] Question: Transaction count growth by cohort - Mature kiosks are seeing transaction counts in the mid double-digit range, with variability based on location [40] Question: Trends in California post-regulatory changes - California's performance remains lower than other states due to previous rule changes, with a significant reduction in kiosk count [46] Question: Drivers behind gross margin expansion - Margin expansion was driven by pricing strength and leveraging higher revenue across fixed costs [50] Question: Opportunities for acquiring more kiosks - The competitive landscape is shrinking, with potential opportunities to acquire kiosks from struggling smaller operators [52]

About this content Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. About Oliver Haill Proactive news team spans the world's key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep o ...

Core Insights - Western Digital's stock has increased by over 5% in a single trading day and nearly 40% over the past month, driven by positive developments in the company's financial performance and strategic initiatives [1] Group 1: Share Buyback Program - Western Digital announced a $2 billion share buyback program, reflecting strong confidence in its long-term prospects and reinforcing its shareholder-oriented capital allocation strategy [2] Group 2: Q3 Earnings Performance - In Q3 FY25, Western Digital reported $2.3 billion in revenue, a 31% year-over-year growth despite a 5% quarterly decrease. Non-GAAP EPS rose by 15% to $1.36, with gross margin increasing to 40.1% [3] - The Cloud division generated $2.0 billion, accounting for 87% of total revenue, and experienced a 38% year-over-year growth, driven by increased data demands from hyperscale cloud providers and AI adoption [3] Group 3: Positive Guidance - For the fiscal fourth quarter ending June 27, 2025, Western Digital provided a positive revenue forecast of $2.45 billion ± $150 million and non-GAAP EPS of $1.45 ± $0.20, both exceeding analyst expectations [4] - The company expects to maintain gross margins between 40.0% and 41.0%, with non-GAAP operating expenses managed between $330 million and $340 million, positioning itself favorably to benefit from the growing demand for high-capacity storage due to AI adoption [4] Group 4: Stock Volatility - Over the past four years, Western Digital's stock has shown significant volatility compared to the S&P 500, with annual returns of 18% in 2021, -52% in 2022, 66% in 2023, and 14% in 2024 [5] Group 5: Valuation Insights - Current assessment places Western Digital's stock value around $49 per share, aligning closely with its market value, indicating a balanced valuation perspective [7]

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $83.5 million, a decrease from $88.1 million in Q1 2024, reflecting a 12% decline in social casino revenues and a 59% increase in iGaming revenues [6][12] - Adjusted EBITDA for Q1 2025 was $30.8 million, down from $32.7 million in the prior year, with an adjusted EBITDA margin of 36.9% compared to 37.1% in Q1 2024 [15][16] - Cash flow from operations increased to $41.1 million, up more than $5 million from Q1 2024 [7][16] - Profit excluding non-controlling interest was $23.9 million, or $9.65 per diluted share, compared to $30.3 million, or $12.24 per diluted share in Q1 2024 [15] Business Line Data and Key Metrics Changes - Social casino free-to-play games generated $17.3 million, while iGaming business Super Nation generated $13.2 million, marking the highest quarterly performance since its acquisition [6][9] - Average revenue per daily active user (ARPDAU) increased to $1.29 in Q1 2025 from $1.26 in Q1 2024, and payer conversion rate rose to 6.9% from 6.4% [12][8] - Direct-to-consumer revenue accounted for over 10% of social casino business, with a target to exceed 15% by 2025 [8][9] Market Data and Key Metrics Changes - Super Nation's revenue growth was driven by increased investments in new player acquisition, particularly in the UK and Sweden [9][23] - The company noted that the iGaming market presents significant opportunities for growth, especially in regulated European markets [9][10] Company Strategy and Development Direction - The company aims to maintain capital efficiency while focusing on product improvements and live operations enhancements to sustain its competitive position [17] - There is an ongoing strategy to explore potential acquisitions to diversify revenue and cash flow sources [10][17] - The company has decided not to launch a new match-three style game after extensive testing, emphasizing a cautious approach to new game development [10][48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in achieving year-over-year growth in the social casino segment due to strong performance in the previous year [13] - The company expects to continue generating attractive free cash flow and strengthen its balance sheet while pursuing growth opportunities [18] - Management remains optimistic about the scalability and profitability of the iGaming business as it continues to grow [17] Other Important Information - The company switched its financial reporting from GAAP to IFRS starting Q4 2024, with minimal implications for financial statements [4][11] - Operating expenses for Q1 2025 were $53.9 million, down from $57 million in Q1 2024, reflecting lower R&D expenses and cost of revenue [14] Q&A Session Summary Question: Trends in Super Nation's markets and major sporting events - Management noted strong ROI from new player acquisition investments and expressed satisfaction with marketing spend in Q1 [23] Question: Update on M&A opportunities - The company continues to see a flow of opportunities in both iGaming and casual games, with no recent changes in interest [28] Question: Expectations for Super Nation's growth and sales/marketing spending - Management expects to maintain or increase investment levels in Super Nation, anticipating continued revenue growth [33] Question: Rate of decline in social casino business - Management indicated that the first half of the year presents tough comparisons, but expects easier comps in the second half [36] Question: User acquisition costs and competition from sweepstakes - Management acknowledged rising user acquisition costs due to competition but could not confirm player losses to sweepstakes [39]

Summary of IPG Photonics Conference Call Company Overview - **Company**: IPG Photonics (IPGP) - **Industry**: Fiber laser technology and industrial applications - **Key Speaker**: Tim Marmon, CFO Core Points and Arguments - **Growth Strategy**: The company aims to return to consistent growth through investments and strategic initiatives under new leadership [3][20] - **Market Position**: IPG is a leader in the fiber laser market, with a total addressable market (TAM) in the tens of billions of dollars, focusing on converting legacy applications to laser-based solutions [6][8] - **Customer Base**: Customers include OEMs and end-users in various sectors such as automotive, heavy equipment, and medical [9][10] Demand Drivers - **Economic Indicators**: Historically, IPG has grown at 2-3 times GDP growth, with demand driven by capital equipment investment cycles and the adoption of new technologies [11][12] - **Market Stability**: Despite a sluggish industrial demand environment, certain markets like medical and micromachining have shown stability and growth [15][16] Financial Performance - **Book-to-Bill Ratio**: The company reported a book-to-bill ratio above one, indicating strong order flow despite mixed economic conditions [13][14] - **Revenue and Margins**: Current revenue is approximately $228 million with gross margins close to 40%, with a target to improve margins as revenue grows [30][31] Leadership Changes - **New CEO**: The new CEO is focused on improving communication and collaboration within the company, enhancing financial discipline, and establishing clear KPIs [18][19][20] Market Opportunities - **Welding Market**: The capital equipment spend on welding is over $5 billion, with lasers currently penetrating only 15% of this market [24][25] - **Medical Market**: The medical market, particularly in urology, represents a $2 billion opportunity, with significant potential for growth [24][25] - **EV Market**: The transition to electric vehicles (EVs) is seen as a net positive for IPG, with increased demand for laser applications in battery manufacturing [49][50] Tariff Impact - **Tariff Navigation**: The company is adapting to tariff changes by optimizing manufacturing locations and shifting production to mitigate costs [32][36] - **Customer Orders**: Some customer orders were delayed due to tariffs, but these were not cancellations, and the company is ramping up production in Europe to fulfill these orders [37][39] Competitive Landscape - **Market Barriers**: Tariffs have created barriers for low-cost suppliers, particularly in the U.S. market, where customers are cautious about purchasing from them [41][42] - **Technological Differentiation**: IPG maintains a technological edge in Europe, where tariffs on certain products are not significant [42][43] Future Outlook - **Capital Allocation**: The company plans to balance capital allocation between opportunistic buybacks and strategic acquisitions, focusing on complementary businesses [61][62] - **Monitoring Indicators**: Key indicators for future performance include GDP growth, PMI data, and utilization rates in the EV battery sector [54][58] Additional Insights - **Industry Benchmarking**: IPG benchmarks against other industrial tech companies and laser manufacturers, focusing on trends relevant to their unique market position [51][52] - **Operational Efficiency**: The company is working on improving operational efficiency and inventory management to enhance profitability as demand increases [30][54]

Core Insights - Skycorp Solar Group Limited has made its Nasdaq debut, marking a significant transformation in its mission to accelerate renewable energy adoption globally [1] - The company plans to localize operations in the United States, aiming to establish a local team to drive growth in this expanding market [1][2] Company Overview - Founded in 2011, Skycorp has evolved into a leading provider of solar cables and connectors, with a patented product line that adheres to international standards [4] - The company serves clients in over 30 countries and boasts a 90% customer retention rate [4] Market Opportunities - The installed solar capacity in the U.S. is projected to double to 375 GW by 2030, with solar energy currently accounting for nearly 7% of the country's electricity [2] - Skycorp aims to form strategic partnerships with U.S. financial institutions to co-develop integrated solar-storage-charging projects [3] Future Initiatives - The company plans to launch smart junction boxes and intelligent solar charging stations for electric vehicles by late 2025, enhancing renewable energy integration for consumers and enterprises [5] - Skycorp's localization strategy is intended to make it synonymous with affordable, American-made solar solutions [5] Mission and Vision - The company's mission is to become a green energy solutions provider by utilizing solar power and delivering eco-friendly solar PV products [6] - Skycorp aims to expand its offerings of solar PV products and energy solutions for enterprise customers by leveraging its expertise and global client relationships [6]

Tesla's Bitcoin stash is worth more than $1 billion.Tesla (TSLA 3.31%) has had a tough start to the year. Its stock is down almost 30% year to date, and disappointing is, frankly, a polite word to use about its first-quarter results. Its revenue and earnings per share missed analyst expectations, and its automotive revenue fell 20% year on year.But there's been plenty of coverage of Tesla's troubles. If you're a crypto investor, there's a less-reported figure to note in Tesla's recent earnings: Its crypto h ...