Core Viewpoint - The technology sector has experienced a convergence of excess returns over the past month (January 15, 2026 - February 13, 2026), but not all sub-sectors are weakening uniformly. The excess drag is attributed to AI applications influenced by overseas SaaS, while optimistic earnings guidance from recent financial reports has stabilized SaaS stock prices, indicating that the phase of panic may be nearing its end [1][3][9]. Group 1: Market Performance and Trends - Since mid-January, the technology sector has shown relative convergence with the broader market, but not all sub-sectors are experiencing weakness. AI computing reached new highs in the last trading week before the holiday, while AI applications have shown deeper corrections and weaker recoveries, remaining over 5% below their mid-January peak [3][10]. - The software development sector in A-shares has retreated over 13% from its January 14 high, influenced by rapid declines in U.S. SaaS stocks on January 12 and January 25 due to the impact of ClaudeCowork and OpenClaw [3][10]. - The technology sector's ability to remain a key theme for the year will depend on industry trends and actual earnings performance, with a dual drive from technology and cyclical recovery expected to favor technology if earnings verification occurs [3][10]. Group 2: Sector Allocation and Configuration - The current allocation in the electronics industry exceeds 20%, with the overall TMT sector over-allocated by more than 17 percentage points. However, the current level of allocation does not directly impact future excess returns [4][11]. - The marginal changes in allocation are more closely linked to the current quarter's excess, with limited significance for the next quarter's guidance. The excess return convergence threshold for technology sub-sectors is at 2.5 or higher, with most sub-sectors below this level [4][11]. Group 3: Identifying Certainty in Technology - To identify certainty within the technology sector, two dimensions can be explored: forward-looking financial indicators and industry cycle trends. The "deferred revenue + contract liabilities" metric can provide insights into order conditions, highlighting sectors with accelerating improvements or sustained high growth over the past two quarters [5][12]. - Key sectors showing accelerated improvement include semiconductors, communication equipment, and digital chip design, while those with sustained high growth include consumer electronics and optical components. The DRAM and NAND Flash contract prices have been rising rapidly since Q4 2025, supported by long-term demand in AI servers and enterprise storage [5][12].

Earlier this month, OpenAI launched a new platform called OpenAI Frontier for enterprises to build and manage agents, but OpenAI COO Brad Lightcap said that businesses haven’t yet seen AI adoption at scale. “One of the interesting things and some of the inspiration for the work we’ve been doing lately around OpenAI Frontier is we have not yet really seen enterprise AI penetrate enterprise business process,” the AI exec said on the sidelines of the India AI Impact Summit held last week in New Delhi. “Y ...

HealthStream (NasdaqGS:HSTM) Q4 2025 Earnings call February 24, 2026 09:00 AM ET Company ParticipantsMollie Condra - Head of Investor Relations and CommunicationsRichard Close - Managing Director of Digital and Tech-Enabled Health Equity ResearchRobert A. Frist Jr. - CEO and ChairmanRyan Daniels - Partner and Group Head of Healthcare Technology and ServicesScotty Roberts - CFO and SVP of Finance and AccountingConference Call ParticipantsConstantine Davides - Managing Director and Senior Equity AnalystMatthe ...

HealthStream (NasdaqGS:HSTM) Q4 2025 Earnings call February 24, 2026 09:00 AM ET Company ParticipantsMollie Condra - Head of Investor Relations and CommunicationsRichard Close - Managing Director of Digital and Tech-Enabled Health Equity ResearchRobert A. Frist Jr. - CEO and ChairmanRyan Daniels - Partner and Group Head of Healthcare Technology and ServicesScotty Roberts - CFO and SVP of Finance and AccountingConference Call ParticipantsConstantine Davides - Managing Director and Senior Equity AnalystMatthe ...

Core Insights - The financial landscape for Business Development Companies (BDCs) began to show signs of instability in mid-2024 due to a combination of declining base rates and spread compression, which altered the overall direction of BDC net performance [1] Group 1: Company Insights - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [1] - Berzins has played a significant role in institutionalizing the REIT framework in Latvia to enhance the liquidity of pan-Baltic capital markets [1] - His contributions also include developing national State-Owned Enterprise (SOE) financing guidelines and frameworks aimed at channeling private capital into affordable housing [1] Group 2: Industry Insights - The article highlights the importance of thought leadership in supporting the development of pan-Baltic capital markets, indicating a focus on enhancing market structures and investment opportunities [1]

今天分享的是：2025年全球IT资产管理（ITAM）调查：五个关键策略：在云驱动、人工智能赋能的世界中实现 ITAM 报告共计：27页 德勤2025年全球IT资产管理（ITAM）调查围绕云与AI驱动时代的战略ITAM建设，提出五大核心策略，基于全球 超千名跨行业、跨区域从业者的调研结果，揭示了当前ITAM从后台职能向战略能力转型的迫切性，以及行业面 临的治理、协作、技术应用等多重挑战。 调查指出，传统ITAM工具和流程已难以适配动态的云与AI环境，仅不足40%的组织完成ITAM流程调整以支持混 合环境，云资产可见性不足、跨团队协调缺失成为首要挑战。为此，第一大策略提出构建适配AI和云的ITAM基 础，推动ITAM与FinOps深度融合，目前仅29%的组织拥有专门FinOps团队，而二者的协同能有效实现成本控制 与战略决策优化。 第二大策略聚焦SaaS许可管理，当前仅34%的组织集中管理SaaS许可，去中心化采购引发了69%的影子IT问题， 以及成本失控、合规风险等难题，需通过拓展ITAM-FinOps合作、部署集中化管理工具、建立标准化审批流程实 现SaaS治理的规范化。 第三大策略强调将ITAM打造为网络安 ...

2026年开年，华尔街的寒意比往年来得更加刺骨。全球软件板块迎来了一场罕见的暴跌，标普500软件 与服务指数在短短数周内跌幅超过18%，市值蒸发近万亿美元。这不是常见的周期性回调，也不是宏观 经济波动带来的短期恐慌，而是一种更深层、更结构性的焦虑——市场开始怀疑，AI Agent(智能体)正 在从根本上改写软件行业的价值分配逻辑。 与此同时，硬件层面的地震也在悄然发生。OpenAI正式发布基于Cerebras晶圆级芯片的GPT-5.3-Codex- Spark模型，这是主流头部模型公司首次实质性削弱对英伟达GPU生态的依赖。硬件多元化的信号释放 得异常清晰，曾经固若金汤的算力垄断版图出现了裂痕。 而就在这种内外交困的背景下，全球AI产业链的"心脏"——英伟达(NVDA.US)的财报即将揭晓。 这不仅仅是一次常规的业绩披露，更是一次关于"AI支出是否还能继续狂奔"的压力测试。当应用层的盈 利故事受到质疑，当硬件层的单一依赖开始松动，站在产业链最上游的英伟达，能否继续维持其高估值 的信仰？市场正在等待一个答案。 软件行业的动荡，正在动摇AI支出的根基 软件板块的暴跌，其核心焦虑并不是短期盈利的波动，而是商业模式是 ...

Core Insights - U.S. equities are not alarmingly overvalued, but finding undervalued stocks can be challenging, especially within high-growth ETFs like QQQ and QQQM [1] - Despite fears of AI disruption, certain technology stocks within these ETFs are now considered undervalued, presenting potential investment opportunities [1] Group 1: Undervalued Stocks in QQQ/QQQM - Adobe (ADBE) is viewed as vulnerable to AI but is currently undervalued, with analysts seeing rebound potential due to its addressable market exceeding $200 billion and ongoing M&A efforts [1] - Intuit (INTU), owner of TurboTax, is also undervalued and has significant upside potential through its unique offerings like TurboTax Live and QB Live, which differentiate it from competitors [1] - Microsoft (MSFT), while not a traditional value stock, trades at a 34% discount to Morningstar's fair value estimate and is transitioning to cloud-based SaaS solutions, maintaining a strong position in office productivity software [1]

Company Overview - BlackLine provides cloud-based software that automates accounting and finance workflows for enterprise and mid-market clients [1][6] - The company operates a SaaS business model, generating recurring revenue primarily through direct sales of subscription-based solutions [9] - As of February 17, 2026, BlackLine's market capitalization is $2.31 billion, with a revenue of $700.43 million and a net income of $24.52 million [4] Recent Developments - On February 17, 2026, Potrero Capital Research disclosed a new position in BlackLine, acquiring 370,557 shares valued at approximately $20.49 million [2][8] - This new stake accounts for 6.9% of Potrero's reportable assets under management (AUM) as of December 31, 2025 [8] - BlackLine shares were priced at $37.34, reflecting a decline of 27.6% over the past year, underperforming the S&P 500 by 39.2 percentage points [8] Financial Performance - In the fourth quarter, BlackLine's revenue rose 8% to $183.2 million, while full-year revenue increased by 7% to $700.4 million [10] - Non-GAAP operating margin expanded to 24.7% in the fourth quarter from 18.1% a year earlier [10] - Remaining performance obligation climbed 23.5% to $1.1 billion, with a dollar-based net revenue retention rate of 105% [10] Future Outlook - Management is guiding for revenue of up to $768 million in 2026 and non-GAAP net income of up to $180 million [11] - The concentrated investment by Potrero Capital Research suggests confidence in BlackLine's potential for margin expansion and growth in bookings [7][11]

Core Insights - Battery Management Corp. increased its holding in Braze (NASDAQ:BRZE) by 839,864 shares, valued at approximately $24.88 million based on average pricing during the fourth quarter [2][4] - The value of Battery Management Corp.'s BRZE position rose by $42.99 million at quarter-end, reflecting both trading activity and stock price changes [2] - As of February 17, 2026, Braze shares were priced at $16.93, down 60% year over year, significantly underperforming the S&P 500's 13% gain in the same period [8] Company Overview - Braze, Inc. specializes in customer engagement software, enabling brands to deliver personalized messaging across channels [6] - The company reported a revenue of $693.41 million and a net income of -$116.68 million for the trailing twelve months [4] - Braze achieved a year-over-year revenue growth of 25.5%, reaching $190.8 million in its fiscal third quarter, with subscription revenue of $181.6 million [11] Financial Metrics - As of February 17, 2026, Braze's market capitalization stood at $1.73 billion [4] - The company's dollar-based net retention stabilized at 108%, with 303 accounts generating at least $500,000 in annual recurring revenue, up from 234 a year ago [11] - GAAP operating losses persist, with stock-based compensation amounting to $37.6 million for the quarter [12] Investment Implications - The BRZE position now constitutes 17.98% of Battery Management Corp.'s 13F AUM, indicating a significant concentration in this mid-cap software name [8] - The increase in position reflects a preference for platforms with expanding free cash flow and improving operating leverage [13] - Long-term investors should focus on retention, large customer growth, and sustained cash generation, as these factors may influence future valuations [13]