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]

Core Insights - The rapid growth of ChatGPT and Gemini indicates a significant shift in user engagement, with ChatGPT projected to reach 800 million weekly active users by early 2026 and Gemini surpassing 750 million active users [1] Company and Industry Analysis - The article highlights the increasing importance of AI technologies in the market, suggesting that companies involved in AI development are likely to see substantial user growth and engagement [1] - The author expresses a keen interest in companies that are making strides in the AI sector, indicating potential investment opportunities in this rapidly evolving industry [1]

Burry even dug up an old Buzzfeed News story from where the NYPD, who had been with Palantir for five years, “wanted out,” but were “not cooperating with the extraction of analysis and other data that the NYPD had generated while using Palantir.” Burry goes on to iterate the article's takeaways: Palantir lost $4 billion over two decades due to low-value government contracts swallowed up by the massive costs of deploying manual engineers to "heavy lift" data for clients, the core of his argument.On Wednesday ...

硅碳共治的"弹性硅基援军" 去年春节期间，企业级智能体平台公司百融云创董事长、CEO张韶峰发现自己有点忙不过来了。在千人 级别的公司里，实施扁平化管理，对高管精力是个巨大的挑战。 后来，一次访谈中，他提到了自己的应对之策："我通过百融智能体平台拖拉建起一个自己的'硅基'助 理。"它能够根据实际情况处理部分日常工作。例如，根据工作的优先程度，设定更科学的日程表并能 做出实时调整，处理统计工作中出现的数据和修改文件名等琐碎工作。这些事情只需要"发个文本或语 音给硅基助理"就可以完成，管理者能更加集中精力于核心事务。 何为硅基助理？按照中国信通院《企业级AI智能体（Agent）技术及应用白皮书》定义，它们是"能够感 知环境并利用工具采取行动以实现特定目标的代理"。简单地说，就是"AI智能体"。 百融云创是这个赛道的先行者。2025年12月18日，百融正式发布企业级AI智能体战略，提出了RaaS （Result as a Service，结果即服务）商业模式，推出了Results Cloud（结果云）平台和企业级智能体产 品体系。 "硅基助理"拯救"人力真空"。 马年春节假期来临，连休九天被网友们称为"史上最长春节黄 ...

Financial Data and Key Metrics Changes - The company converted over $7 million in one-time revenue to recurring SaaS, increasing recurring revenue from 62% to over 98% of total revenue [4] - Net margin grew from 8% to over 30% since 2020 [5] - GAAP net income for Q2 2026 was $1.7 million, up 9% from $1.6 million last year [9] - Total revenue for fiscal 2026 year-to-date increased 8% from $10.9 million to $11.8 million [11] - Earnings per share for the quarter was $0.09 basic and diluted, reflecting a 13% year-over-year growth [10] Business Line Data and Key Metrics Changes - The company is experiencing growth across all lines of business, with cross-selling initiatives contributing to momentum [12] - Traditional sales are growing, and the focus on customer care and execution remains paramount [12] Market Data and Key Metrics Changes - The traceability segment accounted for between 8% and 10% of total revenue [32] - The company is positioned to benefit from increasing consumer awareness regarding food safety, driven by trends like MAHA and organic food movements [38] Company Strategy and Development Direction - The company aims to maintain a focus on customer care, grow recurring revenue, and return capital to shareholders through dividends and stock buybacks [12] - Investments are being made in product development, including the filing of two patents for Touchless Traceability [7][24] - The company is preparing for an expected surge in demand for traceability solutions as FDA deadlines approach [49] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges of data accuracy in traceability, with error rates from suppliers ranging from 50% to 70% [18] - The company believes that its AI-driven solutions for error detection and correction will provide a competitive advantage [22][35] - Management is cautious about the impact of food inflation on business but has not seen immediate effects [42] Other Important Information - The company has repurchased approximately 80,000 common shares for $1.1 million during Q2 2026 [13] - The board declared a quarterly dividend of $0.02 per share, marking the third 10% increase since the dividend was established [16] Q&A Session Summary Question: What is the current revenue contribution from traceability? - The revenue contribution from traceability is estimated to be between 8% and 10% [32] Question: Can AI improve the accuracy of traceability data? - AI can indeed improve accuracy by detecting and correcting errors in data, which is a significant advantage over traditional methods [34][35] Question: Is there any impact from MAHA on the business? - MAHA increases consumer awareness of food safety, which indirectly benefits the company [38] Question: Can the company provide updates on traceability by ingredients? - The company is capable of tracking products and ingredients, allowing for detailed specifications and compliance with FDA regulations [40] Question: Does food inflation impact the business? - Food inflation has an indirect impact, potentially leading to margin squeezes for supermarkets, which could affect the company's pricing [42] Question: How is investment spending reflected in the results? - Investment spending is more targeted, with less in marketing and more in development, leading to an overall reduction in aggregate spending [44][45] Question: What are the current thoughts on strategic M&A? - The company is focused on existing initiatives and does not see M&A as a priority at this time, although they remain open to opportunities [47][50]

Financial Data and Key Metrics Changes - For the second fiscal quarter of 2026, revenue increased by 7% from $5.5 million to $5.9 million [8] - Year-to-date total revenue increased by 8% from $10.9 million to $11.8 million [11] - GAAP net income for the second fiscal quarter was $1.7 million, up 9% from $1.6 million last year [9] - Earnings per share for the quarter was $0.09, reflecting a 13% year-over-year growth [10] - Total cash increased to $28.7 million from $28.6 million at the end of the previous quarter, with zero bank debt [10] Business Line Data and Key Metrics Changes - The company has converted over $7 million in one-time revenue to recurring SaaS, increasing recurring revenue from 62% to over 98% of total revenue [4] - Income from operations increased by 34% to $1.8 million compared to $1.4 million [9] - The company has experienced growth across all lines of business, with cross-selling initiatives delivering continued momentum [12] Market Data and Key Metrics Changes - Traceability revenue is estimated to be between 8% and 10% of total revenue, indicating growth in this segment [32] - The company is positioned to benefit from increasing consumer awareness regarding food safety, driven by trends like MAHA and organic food movements [38] Company Strategy and Development Direction - The long-term strategy focuses on converting revenue streams to SaaS, paying down debt, and increasing contribution margins [4] - The company is investing in product development, including new solutions for tracking accuracy and operational cost reduction [6] - The filing of two patents for Touchless Traceability aims to create a competitive moat around the business [7][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges of achieving consistent accuracy in supplier data, with error rates between 50% and 70% [18] - The company anticipates increased demand for traceability solutions as the FDA deadline approaches, which is expected to accelerate onboarding and interest in their offerings [26][49] - Management remains confident in the company's ability to provide unique solutions that address data quality issues in traceability [22] Other Important Information - The company has repurchased approximately 80,000 common shares for $1.1 million during the second quarter [13] - A quarterly dividend of $0.02 per share was declared, marking the third 10% increase since the dividend was established [16] Q&A Session Summary Question: What is the current percentage of revenue from traceability? - Management indicated that traceability revenue is between 8% and 10% of total revenue [32] Question: Can AI improve the accuracy of traceability data? - Management confirmed that their AI tools can detect and correct errors in traceability data, enhancing accuracy [34][35] Question: What is the impact of MAHA on the business? - Management noted that increased consumer awareness of food safety due to MAHA positively impacts their business [38] Question: Can the company provide traceability on a by-ingredient basis? - Management confirmed that their system can track products and ingredients, allowing for detailed traceability [40] Question: Does food inflation impact the business? - Management acknowledged that food inflation indirectly affects their business, particularly if supermarkets face margin squeezes [42] Question: How is investment spending reflected in the results? - Management explained that investment spending is more targeted, with less in marketing and more in development, affecting overall expenses [44][45] Question: What are the current thoughts on strategic M&A? - Management stated that while they are open to opportunities, their current focus is on existing projects and preparing for upcoming demand in traceability [47][50]

Financial Data and Key Metrics Changes - The company converted over $7 million in one-time revenue to recurring SaaS, increasing recurring revenue from 62% to over 98% of total revenue since 2020 [4] - Net margin grew from 8% to over 30% during the same period [5] - GAAP net income for Q2 2026 was $1.7 million, up 9% from $1.6 million last year [9] - Fiscal 2026 year-to-date total revenue increased 8% from $10.9 million to $11.8 million [11] - Total cash increased to $28.7 million from $28.6 million at June 30, with zero bank debt [10] Business Line Data and Key Metrics Changes - The company is experiencing growth in all lines of business, with cross-selling initiatives delivering continued momentum [12] - Traditional sales are growing, and the focus on customer care and flawless execution remains paramount [12] Market Data and Key Metrics Changes - The ReposiTrak Traceability Network (RTN) is the industry leader, with a growing queue to join the network [16] - The company is addressing the challenge of data accuracy in traceability, with error rates from suppliers ranging between 50% and 70% [17] Company Strategy and Development Direction - The company aims to drive cash and return capital to shareholders while investing in product development and innovation [5][6] - Recent investments include filing for two patents related to Touchless Traceability, enhancing the company's competitive moat [6][23] - The focus on cross-selling and expanding the RTN is expected to generate significant traction [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges of data accuracy in traceability and the need for complex process changes across the supply chain [17] - The looming FDA deadline for traceability is expected to accelerate interest in the company's solutions [25][47] - The company is preparing for increased demand for traceability solutions as the deadline approaches [48] Other Important Information - The company has repurchased approximately 80,000 common shares for $1.1 million during Q2 2026 [13] - The board declared a quarterly dividend of $0.02 per share, marking the third 10% increase since the dividend was established [15] Q&A Session Summary Question: What is the current revenue contribution from traceability? - Management indicated that traceability contributes between 8% and 10% of total revenue [31] Question: Can AI improve the accuracy of traceability data? - AI is utilized to detect and correct errors in traceability data, enhancing accuracy significantly [32][34] Question: What impact does MAHA have on the business? - MAHA increases public awareness of food safety, which indirectly benefits the company [37] Question: Can the company provide updates on traceability by ingredients? - The company is capable of tracking products and ingredients, allowing for detailed specifications [39] Question: Does food inflation impact the business? - Food inflation indirectly affects the business as supermarkets face margin squeezes [41] Question: How is investment spending reflected in the results? - Investment spending is more targeted, with less in marketing and more in development [42][43] Question: What are the current thoughts on strategic M&A? - The company is focused on existing initiatives and is not actively pursuing M&A at this time [45][48]

Quick Read Alphabet (GOOG, GOOGL) Q4 revenue rose 18% to $113.8B. Net income increased 30% to $34.5B. Google Cloud revenue surged 48% to $17.7B driven by AI infrastructure demand. Alphabet stock dropped 11% following 2026 capex guidance ranging from $175B to $185B. A recent study identified one single habit that doubled Americans’ retirement savings and moved retirement from dream, to reality. Read more here. Terry Smith, the founder and CEO of Fundsmith, is often dubbed the "English Warren Buffe ...

Core Insights - Apple's AI layer could be valued at approximately $1.5 trillion, representing nearly half of its current market valuation, yet the market has not fully priced this in [1] - Apple has a significant advantage in AI due to its installed base of over 2.5 billion active devices and 1.5 billion iPhones, allowing for rapid deployment of AI services [2] - The company plans to roll out an overhaul of Siri and a broader AI platform in phases starting this summer, with advanced capabilities expected by 2026, focusing on monetization through AI-driven subscription services [3] - AI has the potential to create a new revenue layer for Apple, independent of hardware sales, which has traditionally anchored its valuation [4] - The AI strategy could significantly enhance Apple's long-term value by monetizing intelligence across its extensive consumer technology ecosystem, potentially becoming one of its most valuable assets [5]

Core Viewpoint - The software and services sector in the US stock market has recently experienced a significant downturn, with previously high-flying cloud computing stocks like ZOOM and Snowflake now facing substantial declines in their valuations and stock prices [1][4][12]. Company Performance - ZOOM's stock price peaked at $588 per share in 2021 but has since fallen to $95 per share, representing a decline of over 80%. At its lowest in 2024, the stock dropped to $55, marking a 90% decrease from its peak. Despite achieving substantial growth, the market has re-evaluated ZOOM as an ordinary company, leading to a drastic reduction in its valuation [1][3][10]. - Snowflake went public at $120 per share in 2020 and reached a high of $429 per share in 2021. However, by 2024, its stock price fell to a low of $107, reflecting a 75% drop from its peak, and currently remains 60% below its highest point. While Snowflake's revenue has increased 12.7 times since its IPO, it has never turned a profit, with losses expanding significantly [1][11]. Market Trends - The software and services sector has seen a collective decline, with major companies like Oracle and Microsoft experiencing drops of over 15%, while smaller firms have seen declines nearing 40%. This has led to investor skepticism regarding the sustainability of software companies, especially with the rise of AI potentially impacting pricing strategies [4][12]. - Traditional companies such as Walmart, Procter & Gamble, and ConocoPhillips have reached historical highs over the past five years, contrasting sharply with the performance of newer tech companies [1][6][13]. Investment Insights - The narrative surrounding emerging companies like ZOOM and Snowflake highlights the challenges they face in maintaining their market positions, as they are now viewed as potential disruptors rather than leaders. The significant drop in ZOOM's valuation from over 200 times earnings to just 17 times illustrates this shift [1][13]. - The investment philosophy of the Davis family emphasizes the importance of purchasing growth stocks at reasonable prices, avoiding high valuations, and focusing on companies with sustainable growth rates. They have historically avoided tech stocks due to their potential for disruption and difficulty in achieving profitability [7][14].