Full-Year 2025 Investor Call Corning Reports Fourth-Quarter and Full-Year 2025 Financial Results January 28, 2026 Forward-Looking and Cautionary Statements The statements contained in this presentation and related comments by management that are not historical facts or information and contain words such as "will," "believe," "anticipate," "expect," "intend," "plan," "seek," "see," "would," "target," "estimate," "forecast" or similar expressions are forward-looking statements. These forward-looking statement ...

Core Insights - Corning Incorporated (GLW) is set to report its Q4 earnings on January 28, indicating a focus on upcoming financial performance and market expectations [1] Company Overview - Corning is recognized for its long-term investment potential, appealing to investors with a 5-10 year horizon [1] - The company is part of a diversified portfolio strategy that includes growth, value, and dividend-paying stocks, with a particular emphasis on value investments [1] Investment Strategy - The investment approach includes a mix of stock types, with a tendency to prioritize value stocks over others [1] - The company also engages in options trading as part of its investment strategy [1]

Ubisoft Strategic Update Call Summary Company Overview - **Company**: Ubisoft - **Industry**: Video Game Development Key Points Organizational and Operational Reset - Ubisoft announced a major organizational, operational, and portfolio reset aimed at reclaiming creative leadership and restoring sustainable growth and cash generation [2][5] - The reset is structured around three core pillars: 1. A new operating model with five specialized creative houses 2. A refocused portfolio with a revised three-year roadmap 3. Accelerated cost reduction initiatives to improve structural efficiency [2][4] New Operating Model - The new model will consist of five creative houses, each responsible for specific game genres and brands, enhancing accountability and decision-making speed [6][8] - Each creative house will have full financial ownership and accountability for its economic performance, focusing on long-term value creation [10][8] - The first creative house, Vantage Studios, aims to scale established franchises like Assassin's Creed and Far Cry into annual billion-dollar brands [9] - Other creative houses will focus on competitive shooters, live experiences, immersive fantasy worlds, and casual games [9] Portfolio Refocus - Ubisoft will discontinue six games that do not meet new quality expectations, including the Prince of Persia: The Sands of Time Remake and four unannounced titles [15] - Additional development time will be allocated to seven games to ensure quality benchmarks are met, delaying one unannounced title from fiscal year 2026 to 2027 [15] Cost Reduction Initiatives - The current cost reduction program aims for at least €100 million in fixed cost savings by March 2026, with a new target to reduce fixed costs by an additional €200 million over the next two years [17] - Total fixed cost reductions are expected to reach around €500 million by fiscal year 2023, bringing fixed costs to approximately €1.25 billion by March 2028 [17] Financial Guidance - Net bookings for fiscal year 2026 are expected to be around €1.5 billion, reflecting a €330 million gross margin reduction due to changes in the release pipeline [18] - Non-IFRS EBIT is projected at around €1 billion, influenced by transformation-related decisions leading to a one-off accelerated depreciation of approximately €650 million [18] - Free cash flow is anticipated to be between €400 million and €500 million, with non-IFRS net debt expected to be between €150 million and €250 million by year-end fiscal year 2026 [19] Market Position and Future Outlook - The reset is expected to have significant short-term financial impacts, particularly in fiscal years 2026 and 2027, but aims to position Ubisoft for sustainable growth and robust cash generation in the long term [20][21] - The company is committed to returning to positive free cash flow within the next three years, with a focus on exceptional content quality [27][24] Additional Insights - The competitive landscape in the AAA gaming market is becoming increasingly selective, with rising development costs and challenges in creating new brands [2][4] - Ubisoft's strategy includes a focus on partnerships, with no fundamental changes in approach, but rather a realignment with the new organizational structure [31] This summary encapsulates the key points from Ubisoft's strategic update call, highlighting the company's efforts to adapt to market challenges and position itself for future growth.

Core Viewpoint - Datadog, Inc. (NASDAQ:DDOG) is experiencing a decline in stock performance, with analysts suggesting caution towards enterprise software companies due to their current market challenges [1]. Company Overview - Datadog, Inc. provides an observability and security platform aimed at monitoring cloud applications through infrastructure tracking, log management, and network analysis [1]. - The company is recognized as a leader in cloud application monitoring, offering superior ease of use, breadth, and scalability compared to competitors [1]. Market Potential - The observability market is large and growing, with increasing penetration as application use and complexity rise, necessitating enhanced performance monitoring [1]. - Datadog is expected to benefit from the rapidly growing market for large language model (LLM) observability, driven by the acceleration of Generative AI workloads [1]. Financial Outlook - Datadog is projected to achieve attractive revenue growth exceeding 20%, supported by its mission-critical offerings and rapid innovation, which should enhance margins and cash flow [1]. - ClearBridge Investments has initiated new positions in Datadog, indicating a positive outlook despite the current market conditions [1].

Summary of Ambarella's Conference Call Company Overview - **Company**: Ambarella - **Industry**: Semiconductor, specifically focusing on edge AI applications - **Core Products**: AI semiconductors used in video security, autonomous driving, telematics, and other robotic applications - **Revenue Source**: Approximately 80% of revenue comes from edge AI applications [2][5] Transformation and Product Development - Ambarella has transformed from a video processor company for consumer applications to an AI SoC provider for intelligent edge applications over the past decade [5][6] - The company has developed three generations of AI accelerators, with the second generation (CV2 family) representing 80% of total revenue [7][10] - The third generation architecture incorporates transformer-based models, which are expected to open larger market opportunities compared to CNN-based models [8][10] Market Opportunities and Growth - The company anticipates significant growth in transformer-based revenue, which is expected to coexist with CNN-based revenue [11][12] - The average selling price (ASP) for the CV2 family ranges from $15 to $75, while the third generation (CV3, CV7, N1) has an ASP of $20 to $400, indicating potential for significant revenue growth [13][14] - New applications for transformer technology include autonomous driving and advanced robotics, with examples provided from CES demonstrations [17][19] Business Segments and Performance - Ambarella's enterprise security camera market remains strong, but telematics and portable video markets have shown unexpected growth [34][35] - The company expects continued growth in enterprise security and telematics, with ASP and unit growth driving performance [36] - The IoT business is diversifying, with security now accounting for less than 50% of the IoT revenue, down from previous years [50][52] Edge Infrastructure and AI Applications - The N1 AI box is designed to aggregate edge endpoints, enhancing existing security cameras with Gen AI capabilities [55][59] - The edge infrastructure business is expected to have higher ASPs but similar gross margins compared to the overall corporate average of 59%-62% [59][60] Automotive Market Insights - The automotive market is currently facing delays in Level 2+ design wins, but Ambarella continues to focus on securing partnerships with OEMs [62][63] - The company is leveraging its investments in autonomous driving technology for broader robotic applications, including drones [63][64] Software and Licensing Opportunities - Ambarella has developed two large models for end-to-end AI applications and is open to licensing these models to OEMs [65][66] - The company is focusing on securing design wins for both hardware and software revenue, with licensing as an additional revenue stream [66] Future Outlook - Ambarella is optimistic about the growth potential in both existing and new markets, with plans to provide official guidance for fiscal 2027 in February [36][37] - The company is exploring custom ASIC projects with large customers, which could enhance revenue and market presence [41][42] Key Takeaways from CES - New product announcements, including the CV7 chip, which offers improved AI performance and lower power consumption [37][38] - Introduction of a new go-to-market strategy to engage partners for addressing segmented markets [38][39] - Engagement in custom chip design with large customers, focusing on leveraging Ambarella's IP [41][42] This summary encapsulates the key points discussed during the conference call, highlighting Ambarella's strategic direction, market opportunities, and future growth potential.

Summary of NVIDIA (NVDA US) Company Report Company Overview - **Company**: NVIDIA (NVDA US) - **Industry**: Technology - **Report Date**: January 11, 2026 Key Points Investment Recommendation - **Rating**: Buy maintained - **Target Price**: Raised to $286 from $270, based on a 36x FY27 P/E ratio [3][19] Market Dynamics - **Share Price Movement**: NVDA's share price has decreased by 11% since its peak in November 2025 due to concerns over competition from Google and OpenAI, as well as fears of an AI bubble [3][4] - **Investor Sentiment**: Recent feedback indicates a reversal in sentiment, suggesting a preference for long positions in NVIDIA over Google and OpenAI [3][4] Product Demand and Supply Chain - **H200 Demand**: Significant demand for the H200 product is noted, with a shipment plan of approximately 1.5 million units, including 800,000 H200 packages expected in 2Q26 [5][6] - **Supply Chain Developments**: TSMC's CoWoS-S build plan has been increased by 30,000 units due to strong demand, with expectations of approval for H200 purchases in China [5] Financial Projections - **Revenue Growth**: Projected revenues for FY2026 are $215.3 billion, with a year-over-year growth of 65% [8][26] - **Net Income**: Expected net income for FY2026 is $115.8 billion, reflecting a 55.9% increase year-over-year [8][26] - **Earnings Per Share (EPS)**: EPS is projected to be $4.72 for FY2026, with a growth rate of 0% for FY26 and 6% for FY27 [16][17] Competitive Landscape - **Google's Gemini**: Google DeepMind's VP highlighted the advantages of Gemini 3, which could impact NVIDIA's market position [4] - **OpenAI's Developments**: OpenAI is reportedly seeking up to $100 billion in funding, which may alleviate investor concerns regarding its financial stability [4] Product Performance - **Vera Rubin**: The new Vera Rubin architecture is expected to deliver 5x better inference performance and 3.5x training performance compared to the previous Blackwell architecture [6] - **Market Positioning**: NVIDIA's products are anticipated to outperform Google's TPU offerings, particularly in the context of AI competition [6] Risks - **Identified Risks**: 1. Geopolitical risks 2. Capital expenditure slowdown 3. Scaling slowdown 4. Product delays [7][23] Valuation Methodology - **P/E Methodology**: The valuation is based on a P/E ratio that is approximately 20% above its mid-cycle level, reflecting the ongoing AI trends and NVIDIA's leadership in the ecosystem [19][20] Financial Ratios - **Gross Margin**: Expected to be 71.3% in FY2026, with a slight decrease projected in subsequent years [17][26] - **Return on Equity (ROE)**: Projected ROE for FY2026 is 83.1% [8][26] Conclusion - NVIDIA is positioned to capitalize on strong demand for its H200 product and the new Vera Rubin architecture, despite competitive pressures from Google and OpenAI. The financial outlook remains robust, with significant revenue and net income growth projected over the next few years. However, investors should remain cautious of geopolitical and market risks that could impact performance.

Core Insights - CommScope Holding Company, Inc. (COMM) reported a significant increase in non-GAAP adjusted EBITDA to $402.5 million, up from $204.2 million year-over-year, with an adjusted EBITDA margin expanding to 24.7% from 18.9% [1][8] Financial Performance - The Access Network Solutions (ANS) segment saw sales jump 77% year-over-year to $338 million, with adjusted EBITDA surging 169%, driven by the deployment of DOCSIS 4.0 amplifier and node products [2][8] - RUCKUS revenues increased 15% year-over-year to $178.5 million, with segment EBITDA up 38%, primarily due to strong demand for Wi-Fi 7 products and subscription services [3] - The company's adjusted operating expenses as a percentage of sales decreased to 17.9% in Q3 2025 from 23.6% in the same quarter last year, indicating improved operational efficiency [4] Guidance and Estimates - Management raised its full-year adjusted EBITDA guidance to a range of $1.3 billion to $1.35 billion, up from the previous estimate of $1.15 billion to $1.2 billion [4][8] - Earnings estimates for 2025 have increased by 27.9% to $1.65 over the past 60 days, while estimates for 2026 have risen by 11.1% to $1.80 [10] Competitive Landscape - CommScope faces competition from Corning Incorporated and Ubiquiti Inc., with Ubiquiti's operating income rising to $261.7 million from $169.2 million year-over-year, driven by strong growth in the Enterprise Technology segment [5] - Corning's operating income increased to $589 million from $302 million year-over-year, with a focus on efficiency and sales growth in high-margin verticals [6] Valuation Metrics - CommScope shares have gained 211.5% over the past year, outperforming the industry growth of 118.4% [7] - The company trades at a forward price-to-sales ratio of 0.65, which is below the industry average [9]

Group 1: Market Overview - Equity markets experienced a rally in Q3 2025, driven by optimism around AI investments and positive corporate earnings [1] - The TCW Concentrated Large Cap Growth Fund returned +4.11% in Q3 2025, underperforming the Russell 1000 Growth Index, which returned +10.51% [1] Group 2: Adobe Inc. Performance - Adobe Inc. (NASDAQ:ADBE) had a one-month return of 11.17% but saw a decline of 21.20% over the last 52 weeks, closing at $352.98 per share with a market capitalization of $149.734 billion on December 24, 2025 [2] - For the financial year 2025, Adobe reported revenue of $23.77 billion, reflecting an 11% year-over-year growth [4] Group 3: Investment Insights on Adobe Inc. - The fund has been trimming its position in Adobe due to a deceleration in growth rates and increasing competition from open-source AI tools, which threaten Adobe's pricing power [3] - Adobe is ranked 13th among the 30 Most Popular Stocks Among Hedge Funds, with 88 hedge fund portfolios holding its shares at the end of Q3 2025, down from 104 in the previous quarter [4] - The company is viewed as having potential, but certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Group 1 - NVIDIA Corporation (NASDAQ:NVDA) is evaluating adding production capacity for its H200 AI chips due to orders exceeding current output levels [1][2] - The US government has allowed NVIDIA to export H200 processors to China, with a 25% fee on sales, leading to interest from major Chinese companies like Alibaba and ByteDance for large orders [2] - The hyperscaler industry, valued at a trillion dollars, is transitioning from classical machine learning to Generative AI, with NVIDIA's CUDA technology excelling in this area [3] Group 2 - AI recommendation systems at Meta are improving content relevance, resulting in increased user engagement on platforms like Facebook and Threads [4] - Analyst expectations for capital expenditures (CapEx) among top cloud service providers and hyperscalers for 2026 have risen to approximately $600 billion, a $200 billion increase since the beginning of the year [4] - Citi analyst Atif Malik maintained a "Buy" rating on NVIDIA's stock with a price target of $270, citing the company's strategic positioning in the AI landscape [5]

Summary of Key Points from the Webinar on AI Data Center Memory Demand Industry Overview - The discussion centers around the U.S. IT Hardware industry, specifically focusing on AI data centers and their memory requirements [1][12]. - The webinar featured Gunjan Shah, a former Senior Cloud Engineer at Google, who provided insights into memory demand for AI workloads [1][12]. Core Insights Memory Demand in AI - Training AI models requires significantly more memory than inference, with medium-sized models consuming approximately 1TB of memory during training compared to much lower demands during inference [2][15]. - The rapid adoption of AI has led to a sharp increase in memory demand and prices, particularly for components like HBM (High Bandwidth Memory) and DRAM [3][21]. - Innovations in model architectures and memory technologies are expected to help manage memory demand sustainably in the long term [3][18]. Shift from HDDs to SSDs - Due to HDD shortages, many hyperscalers are transitioning to SSDs, which are 5 to 10 times more expensive but offer superior performance and lower operational costs [4][38]. - SSDs provide benefits such as reduced power consumption and minimal cooling requirements, contributing to a lower total cost of ownership (TCO) [4][40]. Emerging Memory Technologies - High Bandwidth Flash (HBF) is an emerging technology that aims to provide fast, non-volatile memory, potentially lowering energy consumption and cooling costs for AI inference workloads [5][18]. Investment Implications - Companies such as Seagate Technology (STX), Western Digital (WDC), SanDisk (SNDK), Samsung, SK Hynix, and Micron have been rated with specific price targets based on their performance in the memory market [7][8][9][10][11]. - STX is rated Outperform with a price target of $370, while WDC is rated Market-Perform with a target of $170 [8][9]. Additional Insights Memory Usage Breakdown - The memory footprint for training is heavily reliant on model weights, activations, and gradients, while inference requires only temporary tensors and KV caches [15][16]. - The demand for storage during training is significantly higher, with requirements ranging from terabytes to petabytes depending on the model size [24][25]. Market Dynamics - The demand for memory is outpacing supply, leading to increased prices for HBM, DRAM, and SSDs [21][29]. - Hyperscalers are signing multi-year purchase agreements and vertically integrating into chip design to secure memory supplies [29][36]. Comparison of AI Models - Gemini 3.0 is currently outperforming ChatGPT 5.0 in various benchmarks, attributed to its optimized training and architecture [33][34]. - The U.S. is leading in AI model development compared to China, with significant differences in performance and resource availability [35][36]. Cost Considerations - Despite the higher initial costs of SSDs, their lower operational costs and performance benefits make them more economical for performance-critical tasks over time [40][42]. - The TCO for SSDs is favorable due to lower power consumption, reduced cooling needs, and higher reliability compared to HDDs [40][42]. Conclusion - The AI data center memory landscape is evolving rapidly, driven by increasing model sizes and the need for efficient memory solutions. The shift from HDDs to SSDs and the emergence of new memory technologies are key trends to watch in this sector.