Core Viewpoint - AT&T Inc. has shown strong stock performance, gaining 53.6% over the past year, outperforming its peers in the telecommunications industry, although it still lags behind T-Mobile US, Inc. [1] Group 1: Business Model and Strategy - AT&T's customer-centric business model is expected to benefit from increased mid-band spectrum deployment and fiber densification, enhancing broadband connectivity for both enterprise and consumer markets [2] - The company is committed to modernizing its 5G wireless network using Open RAN technology, aiming to cover over 300 million people with mid-band 5G spectrum by the end of 2026 [5] - AT&T's edge computing services, particularly through its Multi-access Edge Compute (MEC) solution, are designed to provide low-latency, high-bandwidth applications, enhancing data processing capabilities [6] Group 2: Infrastructure and Connectivity - Continuous investments in network infrastructure, including 5G and fiber networks, position AT&T for long-term growth and improved service access across the nation [4] - By 2029, AT&T plans to reach over 50 million locations with fiber, which includes 45 million through organic deployments and over 5 million through Gigapower [5] - The partnership with Google Cloud aims to enhance customer experiences by providing end-to-end solutions that leverage edge computing capabilities [7] Group 3: Financial Performance and Challenges - Despite growth in wireless services, AT&T faces challenges from declining legacy services and competitive pressures, particularly in its wireline division [8] - Earnings estimates for 2025 and 2026 have been revised down by 7% each, indicating bearish sentiments regarding the stock's future performance [10] - The competitive and saturated U.S. wireless market, along with spectrum management issues, poses significant challenges to AT&T's profitability [8][14]

Core Insights - Telecom giants AT&T and Verizon are not traditional leaders in the AI revolution, but their connectivity services are essential for the data-intensive AI ecosystem [1] - Both companies are leveraging their 5G and fiber optic networks to meet the increasing demand for edge computing, resulting in stock price increases of 19% for AT&T and 13% for Verizon year to date [2] AT&T Overview - AT&T has seen a significant stock market recovery, with shares up 58% over the past year, attributed to a focus on core telecom strengths and exiting media ventures [4] - For the year ending December 31, 2024, AT&T's mobility segment revenue increased by 3.3%, with consumer broadband revenue rising by 7.2% due to fiber network expansion [5] - AI integration is contributing to AT&T's success, enhancing automation and capturing demand for middle mile infrastructure [6] - AT&T projects further growth for 2025, with a dividend yield of 4.1% and a potential dividend hike, alongside a new $10 billion share buyback program [7][8] Verizon Overview - Verizon, while experiencing a recent rally, has advantages such as larger total revenue and stronger free cash flow for 2024, making it a potentially better investment [9] - Verizon shares trade at a forward P/E ratio of around 10, offering better value compared to AT&T's 13, along with a higher dividend yield of 5.8% [10] - Verizon has a more defined AI strategy with its Verizon AI Connect solution and partnerships with tech leaders like Alphabet, Meta Platforms, and Nvidia [11][12] Investment Recommendation - Both AT&T and Verizon are positioned to benefit from long-term telecommunications opportunities, but Verizon is viewed as the better investment choice for 2025 due to its current valuation and growth potential [13][14]

Core Insights - The Data Center Market was valued at USD 200.3 Billion in 2023 and is projected to reach USD 479.80 Billion by 2029, with a compound annual growth rate (CAGR) of 15.50% [1][13]. Market Drivers - The growth of the data center market is driven by the exponential increase in data generation due to digital transformation, the rise of cloud computing, and the adoption of technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) [1][4]. - The demand for cloud services is a significant growth driver, as businesses migrate to cloud-based environments, necessitating robust and scalable data centers [5][6]. - Edge computing is becoming increasingly important, requiring data centers to be deployed closer to end-users to enhance performance and reduce latency [4][9]. Energy Efficiency and Sustainability - Data centers are exploring alternative cooling methods, such as liquid cooling and free cooling, to improve energy efficiency and reduce energy consumption [7][8]. - The adoption of energy-efficient hardware and virtualization technologies is crucial for optimizing overall energy usage in data centers [8]. - There is a growing emphasis on sustainability, with companies investing in renewable energy sources to power their operations and reduce their carbon footprint [11][12]. Edge Computing and 5G Impact - The need for real-time data processing drives the adoption of edge computing, which reduces latency and enhances user experiences [9][10]. - The rise of 5G networks is expected to further propel the demand for edge data centers, enabling new applications that require ultra-fast connectivity [10]. Competitive Landscape - Major players in the data center market include NTT Communications, IBM, Hitachi, Cisco, Amazon, Oracle, SAP, Microsoft, Hewlett Packard Enterprise, and Equinix [14][17]. Market Outlook - The report covers various aspects of the data center market, including types, density, end-users, and regional analysis, providing a comprehensive outlook for the period from 2023 to 2029 [15][20].

Financial Data and Key Metrics Changes - The company reported record fourth quarter revenue of $140.6 million, exceeding guidance and representing 2% growth year-over-year and quarter-over-quarter [10][35] - Annual revenue for 2024 was $544 million, reflecting a 7% year-over-year growth, although below the previous guidance of $580 million to $590 million [11][36] - Operating loss for the fourth quarter was $4.2 million, within the guidance range [14][50] - Cash from operations increased from $400,000 in 2023 to $16 million in 2024, and cash flow burn was reduced from $59 million to $36 million [16][55] - Gross margin for the fourth quarter was 56.5%, down from 57.7% in Q3 2024 and 59.2% in Q4 2023 [47][50] Business Line Data and Key Metrics Changes - Network services revenue was flat year-over-year at $110.1 million, while security revenue grew 4% to $26.9 million, with a normalized growth of 17% when excluding prior true-up payments [35][36] - Revenue from emerging products grew 63% year-over-year to $3.6 million, driven primarily by compute products [36] - The top 10 customers accounted for 32% of total revenue in Q4 2024, down from 40% a year ago, indicating a diversification in the customer base [12][38] Market Data and Key Metrics Changes - The trailing 12-month net retention rate was 102%, down from 105% in the prior quarter and 113% a year ago [39] - The company anticipates that revenue from top 10 customers will remain in the low to mid-30% range throughout 2025 [38] Company Strategy and Development Direction - The company aims to diversify its revenue base and grow its enterprise customer mix outside of the top 10 [12][31] - A focus on geographic expansion, particularly in Latin America and India, is part of the growth strategy for 2025 [17][31] - The company is investing in sales leadership and restructuring compensation to drive new logo acquisition and cross-selling [20][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to double-digit growth, with a 7% annual revenue growth guidance for 2025 [32][63] - The company is cautious about potential risks, particularly regarding U.S. traffic from TikTok, which has been excluded from 2025 guidance [59][91] - Management noted that the pricing environment is expected to improve in 2025 due to market changes [97] Other Important Information - The company ended the quarter with approximately $296 million in cash and equivalents, and refinanced a portion of its convertible debt [52][53] - Free cash flow improved by $23 million year-over-year, indicating better financial health [55] Q&A Session Summary Question: Investments needed for Asia Pacific expansion - Management indicated that capital investment would be nominal, with a focus on hiring a dedicated leader for the region [68][70] Question: Changes in sales structure for new logos - The sales team is being refocused with existing resources, and there is a strong emphasis on security specialization [72][74] Question: Insights on business mix and gating factors - Management noted significant revenue diversification efforts, particularly in the mid-market, but acknowledged the need for further improvement [78][81] Question: NRR trajectory and confidence in expansion - Management expects NRR to lag behind revenue growth initially but anticipates acceleration in the second half of 2025 [84][86] Question: TikTok U.S. revenue status - Management confirmed that TikTok's U.S. traffic is still operational but has excluded it from future guidance due to uncertainty [90][91] Question: Impact of Edgio's shutdown - The company saw new logo wins from Edgio's customers and is working to bring that traffic onto its platform [92][95] Question: Stability of top 10 customer revenue - Management is confident in the stabilization of revenue from top customers due to improved engagement and new workloads [100][102] Question: Security business growth expectations - Management believes that security growth can improve in 2025, driven by a more focused go-to-market strategy [104][106]

As filed with the U.S. Securities and Exchange Commission on November 27, 2024 Registration No. 333-282931 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PicoCELA Inc. (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (Primary Standard Industrial Classification Code Number) Japan 3640 Not Applicable (I.R.S. Employer Identification Nu ...

As filed with the U.S. Securities and Exchange Commission on November 20, 2024 Registration No. 333-282931 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PicoCELA Inc. (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (Primary Standard Industrial Classification Code Number) Japan 3640 Not Applicable (I.R.S. Employer Identification Nu ...

As filed with the U.S. Securities and Exchange Commission on October 31, 2024 Registration No. 333-[●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PicoCELA Inc. (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Japan 3640 Not Appli ...