Group 1 - Khaveen Investments is a global Investment Advisory Firm serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm offers comprehensive services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] Group 2 - Khaveen Investments employs a multifaceted investment approach integrating top-down and bottom-up analysis [1] - The investment strategies include global macro, fundamental, and quantitative approaches [1] - The firm's core expertise focuses on disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]

华西证券表示，短期内，考虑全球地缘政治冲突、关税贸易冲突等一系列不确定性影响下，国产算力建 设加速对国内市场需求有望提振，海外云厂商资本开支预期修复。野村认为，随着地端IT工作负载持续 向云端转移，云计算市场正经历不可逆的发展趋势，人工智能亦将成为增长重新加速的关键驱动力。该 行称，大语言模型(LLM)和生成式AI(GenAI)的发展仍处于早期阶段，未来将在推动全球及中国云服务 提供商(CSPs)增长重新加速方面发挥至关重要的作用。 国盛证券发布研报称，上周北美各CSP巨头陆续公布财报，尽管关税政策导致宏观前景不明，但微软、 Meta及亚马逊三家科技巨头财报数据均给出超出市场预期的营收和净利润，且均表示AI对业绩增长起 到重要作用，未来仍将保持、甚至部分继续上调高水平资本支出。该行认为，尽管受关税扰动市场仍存 担忧，但AI本身需求并未变化，目前正通过"资本开支扩张-商业化落地-业绩兑现"的正向循环持续发 展。 智通财经APP获悉，云计算概念股集体上扬，截至发稿，浪潮数字企业(00596)涨3.76%，报8.56港元； 中国软件国际(00354)涨3.53%，报5.57港元；盛业(06069)涨3.04%，报1 ...

Equity Research 4 May 2025 Data centers MSFT, META, AMZN read-through for the industry Strong cloud growth, especially at Azure, is supporting continued investment infrastructure - chips, servers, power, and data centers. Our view: For the shares of data centers in our coverage to continue appreciating, DLR likely needs to sustain >1MW leasing. IRM only has ~10% of revenue from data centers, but it too will likely need to make some leasing progress in 2Q25 to keep investor confidence that its 125MW guidance ...

Group 1 - Wuhan's software industry achieved a revenue growth of 15.08% year-on-year in the first quarter, leading the nation, with artificial intelligence emerging as a new growth point [1] - China Electronics Cloud's Wuhan Trusted Intelligent Computing Center is a key contributor, with plans for a second phase of computing power construction after a successful first phase [1] - The center has partnered with DeepSeek to provide tailored, secure, and intelligent computing solutions for users [1] Group 2 - Maiyi Information capitalized on the AI boom, reporting a remarkable revenue growth of 286% year-on-year in the first quarter, driven by the demand for high-performance computing and massive storage [2] - Wuhan Cloud Computing Technology Co., Ltd. also reported a nearly 30% year-on-year revenue growth in the first quarter, with the establishment of a public computing service platform [2] - The integration of AI and software is emphasized as a critical factor for growth, leveraging local educational resources, research capabilities, and industrial ecosystem advantages [2]

Financial Data and Key Metrics Changes - The company reported total ARR of $1.704 billion, growing 4.1% year over year, exceeding guidance by $18.6 million [29] - Cloud subscription ARR reached $848 million, representing a 30% year-over-year growth, also above guidance [29][13] - Total revenue was $400 million, an increase of 3.9% year over year, exceeding guidance by approximately $14 million [34] - Non-GAAP operating income grew 11% year over year to $122 million, exceeding guidance [38] Business Line Data and Key Metrics Changes - Cloud subscription ARR now constitutes approximately 50% of total ARR, up from 40% a year ago [8] - Self-managed subscription ARR declined to $422 million, down 16% year over year [31] - Maintenance ARR for on-premise licenses was $433 million, down 9.5% year over year [31] Market Data and Key Metrics Changes - U.S. revenue grew 6% year over year to approximately $256 million, representing 63% of total revenues [37] - International revenue grew 1% year over year to $148 million, representing 37% of total revenue [37] Company Strategy and Development Direction - The company is in the final phase of transforming to a cloud-only business model, with a focus on cloud modernization deals and new customer acquisitions [6][12] - The company aims to reach a billion-dollar business in cloud subscription ARR [11] - The partnership with Databricks is expected to enhance enterprise modernization efforts and leverage AI capabilities [72] Management's Comments on Operating Environment and Future Outlook - Management noted a healthy cloud pipeline and no noticeable change in customer buying behavior through April [9] - The company remains cautious about the macro environment but is optimistic about its operational changes and cloud growth trajectory [10][12] - Management reaffirmed full-year guidance, indicating confidence in achieving targets despite external uncertainties [43] Other Important Information - The company has implemented operational changes to improve cloud renewals, which have shown positive results [10][60] - The company is recognized as a leader in the 2025 Gartner Magic Quadrant for Augmented Data Quality Solutions [19] Q&A Session Summary Question: Clarification on full-year guidance and FX impact - Management clarified that the guidance was not revised due to FX changes but remains consistent with previous expectations [52][53] Question: Concerns about maintenance and self-managed ARR decline - Management indicated that the decline is expected and aligns with prior guidance, driven by natural churn and modernization efforts [55][56] Question: Cloud renewal rates and operational changes - Management confirmed that cloud renewal rates were consistent with expectations and showed sequential improvement [60][61] Question: Competitive environment and operational changes - Management noted that operational changes are yielding positive results and that competitive dynamics remain stable [68][72] Question: Migration and modernization impact on ARR - Management explained that the current churn is part of the expected transition as customers modernize their workloads [93]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $1.7 billion, down 10% sequentially and down 1% year over year [8][17] - Non-GAAP EPS was a loss of $0.30 per share, at the high end of the guidance range [19] - Cash and cash equivalents increased from $1.3 billion to $1.5 billion [19] Business Line Data and Key Metrics Changes - Client revenue was $927 million, down 10% sequentially [17] - Consumer revenue was $571 million, down 5% quarter over quarter [17] - Cloud revenue was $197 million, down 21% sequentially [17] - ASPs were down high single digits, reflecting continued oversupply in the market [9][18] Market Data and Key Metrics Changes - Analysts estimate cloud CapEx from major hyperscale providers grew over 50% to approximately $240 billion in calendar year 2024, expected to reach approximately $330 billion in 2025 [14] - Bit allocation to enterprise SSD applications represented 12% of total bits this quarter, up from 8% in the same quarter of the prior year [15] Company Strategy and Development Direction - The company aims to create value for customers and shareholders while reaffirming leadership in the NAND market [5] - Focus on capital discipline and driving higher returns on invested capital [7] - Plans to reduce wafer production to align supply with demand and enable sustainable pricing [9] Management's Comments on Operating Environment and Future Outlook - Management sees an undersupplied market through the end of next year, with expectations for pricing to start increasing [29] - Positive signs include strengthening transactional markets and encouraging customer engagements [21] - The company expects demand to strengthen throughout the year, driven by various factors including the Windows 10 end of life and post-pandemic PC refresh [21] Other Important Information - The company recorded a non-cash impairment charge of $1.83 billion for goodwill, reducing the goodwill balance to $5 billion [19] - Non-GAAP gross margin for the third quarter was 22.7%, with expectations for the fourth quarter to be between 25.5% and 27% [18][22] Q&A Session Summary Question: Can you discuss the supply-demand situation and the actions taken? - Management sees an undersupplied market through the end of next year and is taking prudent actions to balance supply and demand [29][30] Question: How is the enterprise SSD market performing? - Demand has been consistent, with expectations for significant revenue growth in the enterprise SSD segment [35] Question: What are the expectations for NAND bit shipments? - The company expects NAND bit volume to grow low double digits this calendar year, with good visibility across various markets [57][60] Question: How does the company view pricing trends? - Management believes the market is turning, with price increases expected due to improved demand across the board [82] Question: What is the impact of the yen exchange rate on costs? - The front end is exposed to the yen, but not all costs are yen-denominated, which should be considered in modeling [85]

Financial Data and Key Metrics Changes - Revenue for the third quarter was $1.7 billion, down 10% sequentially and down 1% year over year [7][15] - Non-GAAP EPS was a loss of $0.30 per share, at the high end of the guidance range [18] - Cash and cash equivalents increased from $1.3 billion to $1.5 billion [18] Business Line Data and Key Metrics Changes - Client revenue was $927 million, down 10% sequentially [16] - Consumer revenue was $571 million, down 5% quarter over quarter [16] - Cloud revenue was $197 million, down 21% sequentially [16] - ASPs were down high single digits, reflecting continued oversupply in the market [8] Market Data and Key Metrics Changes - Analysts estimate cloud CapEx from major hyperscale providers grew over 50% to approximately $240 billion in calendar year 2024, expected to reach approximately $330 billion in 2025, a 40% increase [13] - Bit allocation to enterprise SSD applications increased to 12% this quarter, up from 8% in the same quarter of the prior year [13] Company Strategy and Development Direction - The company aims to create value for customers and shareholders while reaffirming leadership in the NAND market [5] - Focus on capital discipline and driving higher returns on invested capital [6] - Plans to reduce wafer production to align supply with demand and enable sustainable pricing [8] Management's Comments on Operating Environment and Future Outlook - Management sees an undersupplied market through the end of next year, with expectations for pricing to start increasing [26][27] - Positive signs include strengthening transactional markets and encouraging customer engagements [20] - The company expects revenue for the fourth quarter to be between $1.750 billion and $1.850 billion, assuming bit shipments to be flat and ASP to be up mid to high single digits [19] Other Important Information - The company recorded a noncash impairment charge of $1.83 billion, reducing the goodwill balance to $5 billion [18] - The company is beginning to move away from providing explicit guidance on cost per bit due to industry cost reductions from technology migrations [22] Q&A Session Summary Question: Can you discuss supply and demand dynamics? - Management sees an undersupplied market through the end of next year, with expectations for pricing to start increasing [26][27] Question: How is the enterprise SSD market performing? - Demand has been consistent, with expectations for a tripling of enterprise SSD revenue from FY 2024 to FY 2025 [34] Question: What are the expectations for gross margins? - Headwinds include underutilization charges and fab startup costs, but higher ASPs are expected to help gross margins overall [38] Question: How is the company managing capacity and bit growth? - The company is carefully managing capacity to avoid oversupply while ramping up higher layer count and more density per wafer [41] Question: What is the outlook for NAND bit shipments? - The company expects NAND bit volume to grow low double digits this calendar year, with good visibility across various markets [56][58] Question: How does the yen exchange rate impact costs? - The front end is exposed to the yen, but not all costs are yen-denominated, which should be considered in modeling [81]

Combined benefits of Nutanix Cloud Platform with Pure Storage FlashArray to provide flexibility, security, and scale with the high-performance needed for the most demanding environmentsWASHINGTON and SANTA CLARA, Calif., May 07, 2025 (GLOBE NEWSWIRE) -- Nutanix (NASDAQ: NTNX), a leader in hybrid multicloud computing, and Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage platform and services, today announced a partnership aimed at providing a deeply integrated s ...

The S&P 500 (^GSPC -0.77%) closed higher for nine consecutive trading days from April 21 to May 2. It marked the first nine-day winning streak since 2004. The market rebound came as investors digested strong earnings reports from top tech-focused companies and positive trade talks, and grew hopeful of easing tariff tensions. Exchange-traded funds (ETFs) with outsized exposure to growth stocks have been surging. The Vanguard Growth ETF (VUG -0.72%), one of the largest growth-focused ETFs by net assets, rose ...

Intapp (INTA) Q3 2025 Earnings Call May 06, 2025 05:00 PM ET Company Participants David Trone - Senior Vice President, Investor RelationsJohn Hall - Chairman & CEODavid Morton - CFOAlexei Gogolev - Executive DirectorMatthew Kikkert - Equity Research AssociateJohn Messina - Research AssociateRobert Dee - Equity Research Associate Conference Call Participants George Kurosawa - Equity Research AnalystBrian Schwartz - Managing Director and Senior AnalystKoji Ikeda - Analyst Operator and welcome to the NTAP Fisc ...