Group 1: Hong Kong's Crypto Regulation - Hong Kong is set to issue stablecoin licenses next month and will publish a framework for perpetual contracts to develop its local crypto economy [1] - The Chief Executive, Financial Secretary, and CEO of the Securities and Futures Commission emphasized their regulatory priorities for the crypto sector [1] Group 2: AI and Financial Trends - Financial Secretary Paul Chan highlighted AI as a maturing trend, suggesting the emergence of a "machine economy" where AI agents can manage digital assets and transact on-chain [2] - Predictions for Bitcoin's price reaching $150,000 were reiterated by Skybridge Capital's Anthony Scaramucci, citing potential legislative changes in the U.S. [2][3] Group 3: Decentralized Finance (DeFi) - Joe Lubin from Consensys described Ethereum as "anti-fragile," which is crucial for supporting decentralized finance and enabling developers to create more robust financial systems [3] - DeFi is considered to be as safe as traditional finance, according to industry insights [4] Group 4: Market Integrity and Regulation - Smaller jurisdictions are focused on maintaining market safety and integrity in the crypto space, as stated by Gibraltar's minister for justice, trade, and industry [4][5] - The importance of reputation in the crypto market was emphasized, noting that a single market failure could have widespread repercussions [5] Group 5: Market Opportunities - Bitmine's Tom Lee suggested that investors should focus on opportunities rather than selling, despite significant unrealized losses in ether holdings [6] - The final day of Consensus will feature discussions on scaling Bitcoin, Ethereum, and Solana blockchains, indicating ongoing interest in blockchain technology [7]

Over the last century, no asset class has come close to matching the annualized return of stocks. But when the lens is narrowed to the past decade, Wall Street's major stock indexes haven't been able to hold a candle to cryptocurrency returns. In February 2016, the cumulative value of all digital currencies totaled less than $8 billion. As of this writing in the late evening on Feb. 7, the aggregate value of digital currencies is approximately $2.38 trillion, based on data from CoinMarketCap.com. Widely h ...

Core Viewpoint - Both Micron Technology and Microsoft are positioned for potential rebounds despite recent declines in their stock prices, with Micron benefiting from strong demand for high-bandwidth memory and Microsoft facing challenges but maintaining a strong overall business outlook [1][2]. Micron Technology - Micron is experiencing a significant demand for high-bandwidth memory (HBM), with its entire 2026 HBM supply already sold out, indicating robust market conditions [5]. - The total addressable market for HBM is projected to grow at a compound annual growth rate of approximately 40%, expanding from $35 billion in 2025 to $100 billion by 2028 [5]. - Micron's shares are currently trading at a low valuation of 12 times forward earnings, which may present an opportunity for substantial growth if the company achieves strong revenue and earnings growth in the upcoming quarters [8]. - The demand for DRAM and NAND memory is also strong, leading Micron to negotiate multi-year supply agreements, which is a shift from past practices [7]. Microsoft - Microsoft is currently valued at a historically low earnings multiple, despite being a leader in the cloud sector [9]. - The company has faced challenges, including lower-than-expected revenue growth in its Azure cloud unit and increased capital expenditures, which have raised concerns among analysts [10]. - Competition is intensifying, particularly with the adoption of Microsoft 365 Copilot not meeting expectations and rival AI models gaining traction [11]. - Despite these challenges, Microsoft's business remains strong across various sectors, with CEO Satya Nadella highlighting the significant growth potential in AI diffusion and the total addressable market [13]. - Over the long term, Microsoft is expected to be a more significant winner, as historical trends show that buying Microsoft shares during significant declines has been rewarding for long-term investors [15].

Core Viewpoint - ServiceNow is positioned as a potential $1 trillion company, currently valued at over $100 billion, driven by its advancements in AI and strategic acquisitions [2][10]. Company Overview - ServiceNow began as IT service management software and has expanded its offerings to include solutions for various enterprise departments, serving 85% of the Fortune 500 [4]. - The company has made significant acquisitions, including Moveworks for $2.85 billion and Armis for $7.75 billion, to enhance its cybersecurity capabilities [5]. AI Integration and Market Position - ServiceNow has integrated generative AI solutions into its services, with its Now Assist AI suite achieving an annual contract value of $600 million by the end of 2025, expected to reach $1 billion this year [6]. - The company aims to capture a significant share of the projected $1.3 trillion enterprises will spend on agentic AI-enabled applications by 2029 [9]. Financial Performance - In the fourth quarter, ServiceNow reported a subscription revenue growth of 19.5%, surpassing guidance and analyst expectations, with an adjusted operating margin increase to 31% from 29.5% [11]. - The company announced a $5 billion share repurchase authorization, indicating confidence in its stock valuation [10]. Future Outlook - Management's 2026 outlook projects subscription revenue growth of 20.5% to 21%, but concerns exist regarding the impact of acquisitions and currency fluctuations on this growth [12]. - Despite a recent decline in stock prices amid broader SaaS market sell-offs, ServiceNow's rapid adoption of AI positions it favorably in the market [13]. - The company's enterprise value is currently less than 6.5 times revenue estimates for 2026, suggesting it is undervalued relative to its growth potential [14].

Core Insights - Nearly half of Pershing Square Capital Management's $14.6 billion in invested assets is concentrated in two trillion-dollar stocks and a leading company in a rapidly growing industry, particularly in artificial intelligence (AI) [1][5]. Investment Focus - The investment trend in AI has gained significant traction on Wall Street over the past three years, with major investors recognizing the multitrillion-dollar opportunities it presents [2]. - Bill Ackman, the head of Pershing Square Capital Management, is known for his activist investment strategy, focusing on undervalued assets and corporate changes to unlock shareholder value [4]. Key Holdings - Approximately 48% of Pershing Square's invested assets are linked to three prominent AI stocks, with Alphabet being the largest holding at 19% of the portfolio [5][6]. - Alphabet (GOOGL) is a major player in AI, leveraging generative AI solutions and large language models within its Google Cloud platform, which has seen a 47% year-over-year sales growth [8][10]. - Amazon (AMZN) constitutes 8.7% of the invested assets, with its Amazon Web Services (AWS) being the primary income generator, experiencing a 24% constant-currency sales growth [12][13]. - Uber Technologies (UBER) represents 20% of the invested assets, with its ride-sharing platform heavily reliant on AI for operations, and the global ride-sharing market projected to grow significantly [17][18][20]. Financial Strength - Alphabet ended 2025 with $126.8 billion in cash and equivalents, allowing for substantial investments in AI and other growth initiatives [10]. - Amazon also reported around $123 billion in cash and equivalents, providing ample capital for high-growth investments [16].

Summary of Key Points from the Conference Call Industry Overview - The PCB/substrate market is experiencing significant growth driven by increased content in AI servers and anticipated ASP hikes in 2026 [2][12] - The supply of ABF substrates is concentrated in Taiwan, Korea, and Japan, with China playing a crucial role in MLPCB and HDI production [3] Company Dynamics Unimicron - Forecasts a 25% revenue and 117% EPS CAGR from 2025-2027, with an OPM expected to reach 16% due to strong demand for high-end ABF substrates [6] - Current stock price is NT$347.50 with a target price of NT$270.00, indicating a potential upside of ~15% [10] - Anticipates improved utilization rates and ASP growth due to T-glass shortages, with revenue expected to grow by ~30% in 2026 [70][83] Ibiden - Strong outlook due to Nvidia's GPU ramp-up and Intel's server CPU demand, with a price target set at ¥9,200 [7] - Plans to increase capex to ¥500 billion over the next three years, focusing on advanced technology for high ASP products [47] Ajinomoto - Holds a 95% market share in ABF Film, generating a 54% operating profit margin, with expectations for continued growth driven by AI demand [8] - Revenue growth forecasted at 40%+ through 2027 [8] Financial Performance - AI-related products are currently enjoying elevated margins, with gross margin expansions ranging from ~1ppt to 14ppts across various companies [5][58] - Companies like EMC and WUS are generating around 20% ROIC, the highest in the supply chain [5] Market Trends - The PCB market is capital-intensive, requiring continuous capacity expansion to meet cyclical demand [45] - Companies are ramping up investments for capacity expansion, with VGT expected to see a 7.8x increase in capex in 2026 [45] - The demand for high-end materials, particularly T-glass, is expected to remain tight through 2026, impacting pricing and margins [48] Investment Implications - Unimicron, Ajinomoto, and Ibiden are rated as outperformers, with respective price targets indicating significant upside potential [10][11] - The overall PCB market is projected to see revenue increases in 2025-2027, particularly for companies with higher AI and server exposure [38] Additional Insights - The complexity of PCBs is increasing, which supports a double-digit market outlook [4] - New product cycles, including midplane and backplane MLPCBs, are expected to partially offset competitive pressures on margins [5][58] - The geopolitical sensitivity of PCBs is lower compared to IC substrates, as they are sub-components shipped to ODMs for assembly [3] This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the PCB/substrate industry and the performance outlook for major companies involved.

The sell-off was already in full swing in mid-January, but it has intensified in recent weeks. So, assuming that just because a stock was down a lot to kick off the year would have been a big mistake. Or assuming that just because Microsoft (NASDAQ: MSFT) is highly diversified doesn't mean it can't sell off in a major way.It's a common mistake to look at a beaten-down stock, especially one that is down big in a short period, and assume that it can't keep falling. Just look at a chart of the 10 largest holdi ...

Financial Data and Key Metrics Changes - Klaviyo achieved a revenue growth of 32% year-over-year, reaching $1.2 billion for 2025, with a non-GAAP operating margin of 14% [4][25] - In Q4, revenue was $350 million, up 30% year-over-year, leading to an annualized revenue run rate of $1.4 billion [25][26] - Non-GAAP operating income for Q4 was $51 million, representing a 15% non-GAAP operating margin, reflecting a 900 basis point expansion year-over-year [30] Business Line Data and Key Metrics Changes - The largest customers, contributing over $50,000 of ARR, grew by 37% year-over-year [25][29] - The new service category is the fastest-growing product launch in Klaviyo's history, contributing to a net revenue retention (NRR) of 110%, an increase of over 200 basis points year-over-year [25][30] - Over 60% of ARR now comes from multi-product customers, with more than 15% of ARR from customers adopting at least three products [28] Market Data and Key Metrics Changes - International revenue growth accelerated to 42%, with revenue outside the Americas representing more than one-third of the business by the end of Q4 [25][23] - Q4 saw strong momentum in mobile, with over 29% of SMB Plus customers utilizing text and WhatsApp [26] Company Strategy and Development Direction - Klaviyo is focused on delivering autonomous customer experiences powered by AI, positioning itself as a leader in the B2C CRM space [4][17] - The company aims to consolidate customer engagement tools into a single platform to enhance personalization and decision-making [19][22] - Klaviyo is expanding its enterprise pipeline and has formed a partnership with Accenture to drive integrated customer outcomes [22][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, projecting revenue between $1.501 billion and $1.509 billion for 2026, representing 21.5%-22.5% year-on-year growth [32] - The outlook for 2026 is considered de-risked, assuming minimal revenue contribution from new AI and service products, which are viewed as embedded upside [32][53] - Management highlighted the importance of AI in enhancing customer engagement and driving revenue growth [34][76] Other Important Information - Klaviyo processed 0.5 trillion customer interactions across 8 billion consumer profiles in the past year, translating into 3.7 billion daily signals [10] - The company has surpassed $1 billion in cash on hand for the first time, indicating strong financial health [31] Q&A Session Summary Question: What was the impact from the portfolio enforcement change in the quarter? - The portfolio enforcement change had a smaller impact on NRR compared to the growing usage of the platform across email and SMS products and the cross-sell of newer products [40] Question: How did SMS perform in the quarter versus expectations? - SMS performed strongly, with a transition from SMS to RCS allowing for better experiences, and the integration of Customer Agent into text messaging and WhatsApp driving increased usage [42][44] Question: Can you provide visibility into adoption and engagement trends by cohorts? - Adoption of the Customer Agent is seen across all customer segments, with a strong interest in training and quality of responses being the main concerns for businesses [48][50] Question: What is the limiting factor to an LLM or an AI-native company replicating Klaviyo's context? - Klaviyo's extensive dataset and real-time data infrastructure provide a significant competitive advantage that is difficult to replicate [56][58] Question: How does the Accenture partnership fit into Klaviyo's model? - The partnership with Accenture focuses on marketing and service reinvention, leveraging Klaviyo's capabilities to address fragmentation in customer experiences [68][70]

As filed with the U.S. Securities and Exchange Commission on February 10, 2026. Registration No. 333-292285 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ––––––––––––––––––––––––––––––––––––––– AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ––––––––––––––––––––––––––––––––––––––– Brookline Capital Acquisition Corp II (Exact name of registrant as specified in its charter) ––––––––––––––––––––––––––––––––––––––– | Cayman Islands | 6770 | N/A | | - ...

Meanwhile, Oracle’s high‑capacity AI data center builds are progressing. The company’s blog notes active AI infrastructure projects in partnership with OpenAI at two campuses in Texas and sites in New Mexico, Wisconsin, and Michigan. For example, Michigan regulators recently approved a plan to power a 1.4‑gigawatt Oracle/OpenAI data hub in Saline Township. In short, Oracle continues to win new cloud contracts and invest in AI-capable data centers, which could drive the long-term growth that analysts assume. ...