Industry Focus - The software industry highlights the success of a refugee who amassed billions [1] Personal Resilience - The individual, arriving in London in 1939 after escaping Germany, was determined to live a meaningful life [1]

Joining us now RBC capital markets analyst Rishi Galoria. Uh Rishi, it's great to have you on. First, set this up with why MongoDB in particular and some related software companies have been under so much pressure and why the street thinks some of that pressure is coming off now.Yeah, absolutely. And thanks so much for having me. Look, the uh story over the past I would say 6 weeks has been is software dead is you know the ability to build applications using uh GPT5 or some of these platforms like lovable m ...

IPO Market Trends - The IPO market is recovering, with companies pricing conservatively to ensure successful launches [4] - There's significant pent-up demand for IPOs, particularly in sectors like defense tech, AI, and crypto [4][5] - In 2025, two IPOs (Figma and Circle) have seen gains exceeding 150% on the first day of trading, highlighting concentrated demand in specific sectors [4][5] M&A Activity - M&A activity appears robust, with a temporary slowdown in April due to uncertainty, followed by a resurgence in June, July, and August [6] - In 2025, there have been 38 M&A deals valued over $10 billion, marking a record high at this point in the year [1] - The market has adjusted, and deal pipelines are building, leading to recent announcements [6] Technology Sector Dealmaking - Large tech companies are increasingly engaging in "lift transactions," which involve licensing IP, founders, and talent, rather than traditional M&A deals [9][10] - Meta's investment in Scale AI at a $29 billion valuation exemplifies this trend [2] - Seven such deals have occurred in the past couple of months, indicating a shift in strategy [10]

We heard in that conversation with Scott Bessen that maybe this does apply to other industries. Maybe. Will this be a pay for play.More broadly, what do you make of it. You could figure out how to read the U.S. and Chinese government relations between, you know, what they say and what they all do. Please, please keep me enlightened and inform me where it confuses every other viewer that you listen to.I do think both of these countries leaders fully know that they need to work together. You know, 150% tariff ...

Market Trends & Cloud Spending - AI is transforming software and cloud spending [1] - Microsoft's Intelligent Cloud segment is growing faster than Productivity Software [1] - Intelligent Cloud segment is on track to be larger than Productivity Software in the next few quarters [1] - Intelligent Cloud segment grew +25% year-over-year [1] - Productivity Software segment grew +14% year-over-year [1]

Todd, I'll go to you for this one first. Some argue that the AI trade really falls into more of that thematic bucket. There's a wide array of thematic ETFs out there for just about anything.If you can think it, there's probably an ETF for it. But how much of one's portfolio should be allocated to themes. You mentioned just how much in the beginning some advisers are allocating to the thematic trade, but is there any kind of a consensus building that you can see about whether that consensus is either underpl ...

Market Trend - The number of professional software developers is expected to increase over time due to the increasing ease of software development [1] - There is a growing demand for bespoke software tailored for specific individuals or teams [2] Productivity Impact - Software development tools act as a multiplicative factor, enhancing developer productivity rather than replacing them [3][4] - Top users of certain software development tools are observed to be making 10+ pull requests (PRs) every day [3] - The bar to creating software is being lowered [4] Future Outlook - The long-term impact of these tools on the software development landscape remains uncertain, requiring close monitoring [4]

Group 1 - The event held on May 9 in Chengdu focused on artificial intelligence, new display technologies, and software industries, aiming to create a collaborative platform and attract quality industrial resources to Sichuan [1] - Over 180 quality enterprises from within and outside the province participated, showcasing investment opportunities and project information through a list of 195 opportunities released by the Sichuan Economic and Information Technology Department [1] - Local enterprises shared insights on the unique advantages of Sichuan's digital industry environment, while potential investors expressed strong interest in investing in the region [1] Group 2 - Sichuan's artificial intelligence industry is projected to exceed 130 billion yuan in revenue in 2024, with a year-on-year growth of over 25%, marking a significant milestone [2] - The new display industry in Sichuan is expected to surpass 150 billion yuan, ranking third in the country for display panel shipments, with nearly 20% of global flexible screens produced in the region [2] - The software business revenue in Sichuan has surpassed 600 billion yuan, with a growth rate exceeding 10%, maintaining the leading position in the central and western regions of China [2] Group 3 - Chengdu has established itself as a benchmark city for digital economic development in the central and western regions, leveraging artificial intelligence, new display technologies, and software industries as key growth engines [2] - The city has developed a robust industrial ecosystem in artificial intelligence, with a core industry scale exceeding 100 billion yuan, structured around an "1+3+1" model [2] - In the new display sector, Chengdu has attracted over 1,800 innovative enterprises, with an expected industry scale of nearly 90 billion yuan in 2024, reflecting a year-on-year growth of 27% [3]

Group 1 - Amazon.com, Inc. (NASDAQ: AMZN) has experienced a 21% decline in stock price since the last analysis, presenting a significant buying opportunity, leading to a double-upgrade in rating to Strong Buy [1] Group 2 - Oliver Rodzianko is a seasoned investment analyst with a focus on the technology sector, particularly in AI, semiconductors, software, and renewable energy, emphasizing companies with strong management and competitive advantages [2] - Rodzianko employs a value trading strategy at key market inflection points, typically holding investments for one to two years until they reach fair value, and does not use leverage or short positions [2] - Future plans include establishing a family office based on a conservative wealth-preservation model and founding an independent asset management firm focused on a high-alpha black swan portfolio strategy [2]

Google (NASDAQ: GOOGL ) (NASDAQ: GOOG ) is one of my favorite tech stocks available on the public market; although I don't own it due to its more moderate return prospects among tech companies, I do admire itsOliver Rodzianko is an accomplished investment analyst grounded in timeless value principles, specializing in the technology sector with expertise in AI, semiconductors, software, and renewable energy. He focuses on companies with resilient management and lasting competitive advantages, often taking lo ...