INVESTOR CALL 3Q 2025 October 22, 2025, 10:00am ET Webcast: www.smartbank.com (Investor Relations) Audio Only: 1-833-470-1428 Access Code: 241226 Miller Welborn Chairman of the Board Billy Carroll President & CEO Ron Gorczynski CFO 1 DISCLOSURES Forward-Looking Statements This presentation may contain statements that are based on management's current estimates or expectations of future events or future results, and that may be deemed to constitute forward-looking statements as defined under the Private Secu ...

Company Overview - Nebius Group, formerly part of Yandex, rebranded after divesting its Russian business to focus on Western European markets [3][8] - The company specializes in AI infrastructure and cloud computing, operating large clusters of GPUs to rent computing power [4] Business Performance - Nebius Group's revenue surged 625% year over year in Q2, reaching $105.1 million, driven by high demand for AI infrastructure [5] - Management plans to expand its data center footprint globally and stockpile advanced AI chips from suppliers like Nvidia to sustain growth [5] Strategic Initiatives - The company is exploring synergistic opportunities through its subsidiary Avride, which focuses on self-driving cars and delivery robots, partnering with Uber Technologies [6] - However, the autonomous mobility venture appears experimental and faces stiff competition from established players like Waymo and Tesla [6] Competitive Landscape - Nebius competes with U.S. cloud computing providers that have similar AI infrastructure strategies but possess greater brand recognition and financial resources [7] - Major competitors like Alphabet and Amazon can invest heavily in GPUs and leverage in-house chip designs to offer lower prices [7]

Core Insights - Intel is expected to report earnings on October 23, 2025, with projected earnings around break-even at $0.01 per share and a revenue decline of 1.5% to $13.1 billion, primarily due to market share losses to AMD and a shift from CPUs to GPUs in the AI era [2] - The company's stock has surged 80% year-to-date, driven by investments from the U.S. government and Nvidia, but historically, it performs poorly post-earnings announcements, with only 25% of instances showing positive returns one day after earnings [3][4] - Intel's market capitalization stands at $165 billion, with a revenue of $53 billion over the past twelve months, but it reported an operational loss of $4.4 billion [4] Earnings Performance Analysis - Historical data shows that in the last five years, Intel has had 20 earnings data points, resulting in 5 positive and 15 negative one-day returns, indicating a 25% chance of positive returns [7] - The median of the 5 positive returns is 7.8%, while the median of the 15 negative returns is -7.0%, suggesting a significant disparity in post-earnings performance [7] - Analyzing the correlation between short-term and medium-term returns can provide insights for trading strategies, particularly if a trader identifies a strong correlation between 1D and 5D returns [8] Market Context - The ongoing challenges in Intel's CPU segment are exacerbated by competition from AMD and a broader market transition towards GPUs, impacting overall performance [2] - The upcoming Panther Lake laptop chip, produced using the new 18A process technology, is a focal point for Intel's foundry business and may influence future performance [2] - The performance of peer companies can also affect Intel's stock reaction post-earnings, with price adjustments potentially occurring before the earnings announcement [9]

Core Insights - The article discusses the contrasting dividend strategies of Alphabet and AT&T, highlighting the trade-off between high yield and growth potential in dividend-paying stocks [2][15]. Group 1: Alphabet - Alphabet initiated a dividend program last year and raised its payout by 5% to $0.21 per share, resulting in a yield of approximately 0.4% [4][5]. - Over the past five years, Alphabet's earnings per share have increased by 29.4% annually, with free cash flow reaching around $66.7 billion, of which less than 15% was used for dividends [5][11]. - Alphabet's strong market position in advertising and cloud computing, along with its dominance in the search engine and browser markets, positions it well for long-term growth [6][7]. Group 2: AT&T - AT&T's earnings per share have only increased by 15.8% over the past five years, partly due to the spinoff of media assets and loss of wireline connections [8][9]. - The company offers a high dividend yield of around 4%, which is about ten times that of Alphabet, but has not increased its dividend since a reduction in 2022 [10][11]. - AT&T's free cash flow was $19.6 billion over the past 12 months, more than double its dividend obligation, and is expected to remain sufficient despite a projected decline in wireline revenue [11][12]. Group 3: Investment Considerations - For long-term investors, Alphabet may provide better growth potential in dividend income, while AT&T may be more suitable for those closer to retirement seeking immediate income [15][16]. - If projected earnings growth rates continue, Alphabet's yield on cost could surpass AT&T's by 2035, making it a more attractive option for long-term investment [16].

Group 1 - Comstock Inc. is set to join the Russell Microcap Index effective June 30, 2025, which will also include the company in the relevant growth and value indexes [1][2] - The inclusion in the Russell Microcap Index is seen as a recognition of the company's progress and growing value, positioning it for the next phase of growth [2] - Russell indexes are widely utilized by investment managers and institutional investors, with approximately $18.1 trillion in assets benchmarked against them [2][5] Group 2 - Comstock Inc. focuses on innovating and commercializing technologies that efficiently extract and convert under-utilized natural resources into reusable electrification metals [8] - The company aims to contribute to energy abundance through its operations, particularly in the recycling of end-of-life photovoltaics [8]

Industry Overview - Generative artificial intelligence (AI) is rapidly growing, with projections indicating it could become a $1.3 trillion market by 2032 [1] Company Profile: SoundHound AI - SoundHound AI aims to leverage the synergy between large language models and traditional speech recognition technologies to create voice AI platforms for various applications, including customer service and automotive assistants [3] - The company has established partnerships with notable restaurants like Krispy Kreme and White Castle, utilizing its software in drive-through locations [4] Value Proposition - SoundHound's automated systems can improve ordering time by approximately 10%, potentially increasing annual revenue by nearly $200,000 per location and enhancing profit margins by reducing labor costs [5] - Management claims that their systems are more accurate than human operators, which is crucial for customer satisfaction and long-term adoption in the industry [5] Performance Analysis - In the first quarter, SoundHound's revenue increased by 151% year over year to $29.1 million, although net losses rose slightly to $22.3 million [7] - The revenue growth has been significantly influenced by acquisitions, including the purchase of Allset and Amelia in 2024, complicating the assessment of the core business's performance [8] Financial Health - Despite revenue growth, SoundHound's gross margin decreased from approximately 60% to 37%, likely due to the integration of new acquisitions [10] - The company holds $246 million in cash with no debt, indicating it can sustain its current cash burn rate for the time being [10] Strategic Considerations - The challenge for SoundHound lies in effectively integrating its acquisitions into a cohesive business model over the next five years, which is often difficult to achieve [11] - Historical data suggests that 70% to 75% of acquisitions fail to meet their objectives, raising caution for investors regarding SoundHound's near-term growth and future prospects [12]

Financial Performance Highlights - Origin Bancorp's annualized Return on Average Assets (ROAA) was 093% for 1Q25, an increase of 036% compared to 4Q24[35] - Pre-Tax, Pre-Provision (PTPP) annualized ROAA was 132% for 1Q25, up 082% from the previous quarter[35] - Net Interest Income (NII) reached $785 million in 1Q25, the highest level in eight quarters, reflecting a 01% increase compared to 4Q24[38] - Total deposits amounted to $834 billion in 1Q25, representing a $1153 million or 14% increase from 4Q24[38] Strategic Initiatives and Outlook - The company aims for a 1%+ ROAA run rate by 4Q25[17] - Production optimization is expected to yield ~$115 million in annualized pre-tax benefits[20] - Securities optimization is projected to generate ~$69 million in annualized pre-tax benefits[20] - Total estimated annualized benefit from optimization initiatives is ~$234 million[20] Loan Portfolio and Credit Quality - Total Loans Held for Investment (LHFI) were $7586 billion as of March 31, 2025[35,40] - Texas franchise represents 71% of LHFI and 55% of deposits as of March 31, 2025[49] - Nonperforming LHFI to LHFI ratio was 107%[61]

Core Viewpoint - Rosen Law Firm is reminding purchasers of Class A common stock of The Trade Desk, Inc. about the upcoming lead plaintiff deadline for a class action lawsuit related to misleading statements made by the company during the specified Class Period [1][5]. Group 1: Class Action Details - Investors who purchased Trade Desk Class A common stock between May 9, 2024, and February 12, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by April 21, 2025 [3][5]. - The lawsuit alleges that Trade Desk made false and misleading statements regarding its business operations and the rollout of its AI forecasting tool, Kokai, which negatively impacted revenue growth [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in recovering hundreds of millions for investors [4]. - The firm has been recognized for its leadership in securities class action settlements, achieving the largest settlement against a Chinese company at the time and ranking No. 1 for the number of settlements in 2017 [4].