What were the big takeaways then Matt from from this survey. Yeah, hi, Tom. As you said, this is a major study, over 600 C suite executives involved spanning over industries, a global reach.And, you know, kind of talking to that kind of those previous comments that to some degree this have been driven by fear. You know, 68% of respondents kind of gauged the threat of disruption from AI to their company as either high or very high. And I guess linked to that, as you mentioned, 36% of the C-suite saying that ...

Summary of Key Points from Morgan Stanley Consumer & Retail Conference Industry Overview - The conference focused on the consumer and retail sectors, highlighting key themes such as the K-Economy, social commerce, AI adoption, health and wellness trends, and tariff impacts [1][2][9]. Core Themes and Insights 1. **K-Economy Dynamics** - Consumer-facing industries are experiencing a bifurcated economy, with lower-income segments under spending pressure while higher-income cohorts remain resilient. Companies are cautiously optimistic, focusing on branding, product differentiation, and innovation to sustain demand amid a soft macro environment [5][12]. 2. **Social & Agentic Commerce** - Retail brands are leveraging social platforms and AI to transform shopping experiences. Social commerce is accelerating the path from awareness to transaction, with platforms like TikTok Shop playing a significant role. This shift is redefining engagement strategies and reducing reliance on traditional advertising [5][20]. 3. **AI Adoption** - AI adoption in consumer industries is in early stages but expanding rapidly. Companies are using AI for pricing, supply chain automation, and customer service, leading to productivity gains and cost savings. Most companies are still exploring AI use cases without major structural changes [5][24]. 4. **Health, Wellness, & GLP-1s** - Health and wellness trends are reshaping consumer priorities, influenced by medical innovations and lifestyle changes. The rise of GLP-1 drugs is prompting companies to adapt their offerings to cater to health-conscious consumers [5][32]. 5. **Tariffs and Mitigation Strategies** - Tariffs remain a source of uncertainty, but companies are implementing multi-pronged strategies to protect margins, including supply chain diversification and selective price increases. Strong pricing power has allowed many companies to absorb cost pressures with minimal impact on volume [5][39]. Consumer Health Insights - The health of the US consumer is stable overall, with some softness in lower-income segments due to external pressures like government shutdowns and SNAP payment timing. Higher-income spending remains resilient, supporting holiday performance tracking in line with expectations [8][10]. Company-Specific Insights - **Walmart (WM)**: Positioned well for both good and bad economic times, expanding its target audience to higher-income consumers while maintaining strong e-commerce capabilities [13]. - **Coca-Cola (KO)**: Acknowledged a tough consumer backdrop but emphasized strong execution and revenue growth management strategies [14]. - **Kimberly-Clark (KMB)**: Experienced volume and mix growth by offering premium product features at various price points, focusing on innovation to sustain demand [16]. - **Estee Lauder (EL)**: Noted a positive outlook for US consumers, leveraging social commerce to drive traffic and sales [20]. - **Peloton (PTON)**: Aiming to become a total wellness provider, expanding offerings in mental health and nutrition in response to consumer needs [34]. Market Sentiment and Future Outlook - Companies expressed cautious optimism for 2026, anticipating a steadier environment as tariff-driven inflation fades. However, the overall sentiment is more tempered compared to previous years, with many expecting stable demand trends and balanced margin expectations [51][52]. Key Questions Addressed - **Consumer Demand**: 74% of companies expect stable demand over the next 12 months, with only 22% anticipating acceleration [53]. - **Margin Expectations**: Margin outlook is evenly split between tailwinds, balance, and headwinds, contrasting with last year's overwhelmingly positive outlook [57]. - **Technology Investment**: 100% of companies expect technology investment levels to either rise or remain stable in the coming year [61]. This summary encapsulates the key themes and insights from the Morgan Stanley Consumer & Retail Conference, providing a comprehensive overview of the current landscape and future expectations in the consumer sector.

Core Insights - ServiceNow announced a CA$110 million investment aimed at enabling the public sector in Canada to adopt AI at scale [1] - The investment will focus on building Canadian-hosted, AI-ready digital infrastructure and operations, enhancing data, security, and operational controls [1] - The initiative includes the establishment of a new Canada Centre of Excellence and the creation of approximately 100 high-skilled jobs based in Canada [1]

Core Insights - Employers in the UAE are preparing for significant changes in workforce management as 2026 approaches, focusing on compensation strategies that align with economic growth, digital transformation, and talent retention [2][3] - The Korn Ferry UAE Salary Forecast 2026 indicates a shift from reactive pay adjustments to strategic workforce planning, emphasizing long-term capability building alongside competitive compensation [3][21] Economic Context - The UAE economy grew by approximately 4% in 2025 and is expected to accelerate to 4.5% in 2026, driven mainly by non-oil sectors such as finance, technology, and professional services [10] - Workforce growth in the UAE has risen by 9%, with new business formations increasing by 14%, indicating a vibrant economic landscape [10] Salary Trends - Average salary increases across the UAE are projected at 4.1% for 2026, slightly below Saudi Arabia's forecasted 4.6% increase [4][22] - Specialist roles in engineering, technology, logistics, finance, and accounting are expected to see the strongest demand, driven by sector diversification and digital transformation [6][23] Sector-Specific Insights - Industries anticipated to deliver the most robust salary growth in 2026 include banking, real estate, oil and gas, industrial, and retail, influenced by major investment pipelines and evolving operating models [20][24] - In the banking sector, compensation for heads of wholesale banking ranges from Dhs110,000 to 240,000 per month, with senior relationship managers earning between Dhs50,000 and 70,000 [12][13] Workforce Dynamics - High turnover rates are observed in specialist roles, particularly in sales, finance, accounting, and engineering, as employees seek new opportunities in a competitive market [7][8] - Companies are increasingly focused on building the right capabilities for the future, requiring sophisticated approaches to talent retention and development [8][21] Employee Sentiment - While 52% of workers report satisfaction with their current pay, nearly two-thirds are considering job changes in 2026, indicating a shift in employee priorities towards work-life balance and career growth opportunities [11]

Financial Performance - The company delivered positive comp sales growth[3] - Gross margin was 34.2%, a +50 basis points increase compared to the prior year[3] - Operating margin was 11.9%, a -65 basis points decrease compared to the prior year[3] - Adjusted operating margin was 12.4%, a +10 basis points increase compared to the prior year[3] - Diluted EPS was $2.88, a -3.7% decrease compared to the prior year[3] - Adjusted diluted EPS was $3.06, a +5.9% increase compared to the prior year[3] - The company returned $673 million to shareholders through dividends[3] Sales Trends - Overall comp sales increased by +0.4%[3] - Comp transactions increased by +2.5%[5] - Comp average ticket decreased by -2.6% to $106.26[5] - Online sales growth decreased by -3.0%[5] Strategic Initiatives - The company closed on the acquisition of Foundation Building Materials[1,6]

Core Insights - Varonis Systems, Inc. has announced the integration of its Data Security Platform Management (DSPM) with Microsoft Purview, enhancing visibility into sensitive data across various platforms [1][2] - The integration aims to support organizations in safely adopting AI applications by providing increased visibility into sensitive data accessed by these tools, addressing the challenges posed by data growth and sprawl [2][3] - This collaboration is designed to eliminate blind spots, strengthen risk posture, and simplify security operations, allowing customers to manage data risks more effectively [3] Company Overview - Varonis is recognized as a leader in data security, focusing on discovering and classifying critical data, removing exposures, and detecting advanced threats through AI-powered automation [4] - The company provides a range of security solutions, including data security posture management (DSPM), data classification, data access governance (DAG), and more, catering to various environments such as SaaS, IaaS, and hybrid cloud [5] - Varonis emphasizes a proactive approach to data protection, prioritizing data security in its operations [6]

Core Insights - More than half of North Americans have lost trust in companies that provide poor experiences or unclear communication, with 71% of consumers indicating a need for improvement in customer experience, a significant increase from 2019 [1][3] Group 1: Customer Experience and Trust - Customer communications are essential for enhancing the customer experience, with companies that prioritize clear and engaging communication likely to gain trust and loyalty [2][3] - 59% of respondents have lost trust in companies due to poor experiences or unclear communication [3] Group 2: Customer Personas - The study identifies two key customer personas: Engaged Explorers and Practical Optimizers, each with distinct preferences for communication and experience [3][4] - Engaged Explorers prefer interactive emails (84%) and want bills and statements consolidated digitally (87%), but only 15% feel they receive a quality experience [3] - Practical Optimizers value efficiency and clear communication, with 44% prioritizing transparency in their interactions, and 41% feel companies meet their experience expectations [4] Group 3: AI and Consumer Expectations - While AI adoption is growing, only 37% of consumers believe it has improved their overall experience, with a notable difference in perception between the two personas [7][14] - 62% of consumers are more likely to engage with companies that have advanced security measures, and 52% are willing to share personal data for better experiences [7] Group 4: Communication Preferences - Key functions companies should prioritize include honoring preferred communication channels (39%), providing simple engagement methods across channels (38%), and simplifying business interactions (33%) [6] - Despite digital advances, 55% of consumers still receive paper communications, with nearly half willing to switch to digital if options are more intuitive and secure [9]

Core Insights - The 2025 Finance and Accounting Technology Expo highlighted the evolving role of CFOs and the finance tech landscape, focusing on modernization, data governance, and AI adoption [1][2][3] Group 1: Technology Vendor Interactions - Decision makers are demanding clearer and more concrete answers from technology vendors regarding data extraction, integration failure rates, and reporting liabilities, indicating a shift towards higher transparency and due diligence in tech stacks [4] - Trust in cloud-based systems is increasingly dependent on the surrounding technology environment, with organizations favoring a single system of record to minimize complications from multiple tools [5] Group 2: ERP Implementation and Legacy Systems - A recurring theme in discussions was the integration of new technologies with existing systems like NetSuite, reflecting a reliance on legacy vendors for flexibility in finance functions [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the economic outlook for the Asia-Pacific region, focusing on the recovery of both tech and non-tech exports, and their implications for GDP growth and inflation trends in 2026 [2][3][4]. Core Insights and Arguments 1. **Broadening Recovery**: The recovery in Asia is expected to broaden as non-tech exports, which account for 75% of overall exports, begin to recover due to easing trade tensions. This is anticipated to positively impact capital expenditure (capex), job creation, and wage growth, leading to increased discretionary consumption [3][19][29]. 2. **GDP Growth Projections**: Asia's real GDP growth is projected to rise from 4.3% in 4Q25 to 4.7% in 4Q26. For Asia excluding China, nominal GDP growth is expected to rebound from 5.5% in 4Q25 to 7.2% in 4Q26 [3][41]. 3. **Inflation Trends**: Disinflationary pressures are expected to ease in 2026, with underlying inflation rising modestly across the region. Asia excluding Japan's headline inflation is projected to remain within central banks' comfort zones, while China's exit from deflation is not expected until 2027 [4][55][58]. 4. **Central Bank Policies**: Central banks in Asia are nearing the end of the rate cut cycle, with most expected to hold rates steady in 2026. Japan is anticipated to implement one more rate hike in December 2025 before pausing [5][6][38]. 5. **Risks to Growth**: Upside risks include stronger private sector spending in the US and accelerated AI adoption, while downside risks involve a potential mild recession in the US affecting Asia's non-tech exports and possible larger stimulus measures from China [7][38]. Additional Important Insights 1. **Tech vs. Non-Tech Exports**: While tech exports have been strong, they are capital-intensive and have limited spillover effects on the broader economy. Non-tech exports are crucial for driving overall economic growth and consumption [15][16]. 2. **Capex Momentum**: The expected recovery in non-tech exports is likely to lead to an acceleration in capex momentum, with fixed capex growth projected to recover to 3.7% in 1H26 and further to 4.4% in 2H26 [29][30]. 3. **Consumption Recovery**: A turnaround in exports and capex is expected to improve labor market conditions, leading to a recovery in discretionary consumption segments. The slowdown in consumption has been attributed to cyclical factors rather than household balance sheet dynamics [32][36]. 4. **Country-Specific Outlooks**: - **China**: Real GDP growth is expected to improve but nominal GDP growth will remain subdued due to ongoing property sector weakness [48]. - **India**: Anticipated to have the strongest nominal GDP growth in Asia at 10.7% by 4Q26, driven by tax cuts and regulatory easing [49]. - **Japan**: Expected to maintain strong nominal GDP growth supported by expansionary fiscal policies [50]. - **Korea**: Consumption is projected to recover due to improved domestic demand and fiscal easing [51]. - **ASEAN**: Economic performance is expected to be bifurcated, with Malaysia and Singapore growing robustly while Indonesia, the Philippines, and Thailand face challenges [52]. Conclusion The Asia-Pacific economic outlook for 2026 indicates a broadening recovery driven by non-tech exports, with positive implications for GDP growth and inflation. Central banks are expected to maintain a cautious approach to monetary policy, while country-specific dynamics will influence individual economic performances across the region [3][4][5][6][7].

Long recognized as one of the world’s most innovative financial institutions, BBVA is now applying AI at global scale: as a new way of working and a core capability across the organization. We sat down with Antonio Bravo, Global Head of Data & AI and Elena Alfaro, Head of Global AI Adoption, to hear how the bank is scaling AI adoption across teams and business units. Read more: https://openai.com/index/bbva-2025/ ...