Core Viewpoint - The company experienced a challenging 2025 but is optimistic about 2026, expecting improved market stability and momentum based on recent earnings performance [2][3]. Financial Performance - The first half of 2025 was difficult, particularly the second quarter, but momentum improved significantly in the third and fourth quarters [2]. - The stock is down approximately 26% year-over-year, indicating a need for recovery [4]. Market Dynamics - The company faces pressure in the teenage market due to economic factors affecting American families, but it has introduced new products targeting younger patients, which have shown significant growth [5][6]. - The average price for adult treatments is around $5,000, which may deter some parents from investing in orthodontic solutions for their children [6]. Competitive Landscape - The primary competition in the teenage market comes from traditional wires and brackets, which are predominantly used in North America [5]. - The company claims that its treatment can be completed in about six months, which is faster than traditional methods, potentially offering cost savings for both doctors and parents [8]. Operational Challenges - Dental practices are experiencing flat or declining patient traffic year-over-year, coupled with rising operational costs, which presents challenges for the industry [10][11]. - Despite these challenges, practices continue to service patients, although they are not seeing the growth levels experienced prior to the pandemic [11]. International Growth - The company reported strong double-digit growth in international markets, particularly in Europe, Asia-Pacific, and Latin America, while North America has been more challenging [12][13][14]. - Emerging markets, including Turkey, the Middle East, and parts of Southeast Asia, contributed significantly to the company's growth [13][14]. Technological Advancements - The company utilizes advanced digital technology and AI to enhance its services, allowing for quicker case processing and improved treatment outcomes [17][18]. - With over 22 million cases processed globally, the company leverages data to refine its offerings and tackle more complex orthodontic cases [18][19].

Core Viewpoint - Despite AMD's light Q1 guidance, the underlying investment premise remains unchanged, with substantial revenue and earnings growth reported in Q4 2025 [1] Group 1: Q1 Guidance and Revenue Projections - AMD projected Q1 revenue to increase by 32% year over year to approximately $9.8 billion, reflecting a sequential decline of about 5% due to seasonality in client, gaming, and embedded segments [3] - Concerns regarding lighter guidance for Q1 are viewed as overblown, with overall data center growth expected to exceed 60% annually over the next three to five years, including in 2026 [5] Group 2: Data Center Business - The data center business is at an inflection point, with significant revenue growth anticipated despite lower sales in China due to U.S. trade policies [4] - Revenue for the MI450 GPU is expected to ramp up significantly later in the year, and supply constraints are not expected to hinder data center growth [4] Group 3: CPU Business Performance - AMD's client segment revenue surged 34% year over year in Q4 to a record $3.1 billion, with record server CPU sales reported [7] - Demand for AMD's Turin CPUs is high, driven by increased AI infrastructure spending among major hyperscalers like Amazon, Google, and Microsoft [8] Group 4: Valuation Insights - Following the recent stock plunge, AMD's shares trade at 38 times forward earnings, indicating a valuation reset that enhances attractiveness despite not being classified as a value stock [10] - The stock's price-to-earnings-to-growth (PEG) ratio of 0.52 highlights favorable growth prospects based on Wall Street's five-year earnings growth projections [10]

Core Insights - Amazon Web Services (AWS) achieved its strongest quarterly growth rate in over three years, with a revenue of $35.6 billion in Q4 2025, representing a 24% year-on-year increase and the largest growth rate in 13 quarters [2][3] Revenue and Financial Performance - AWS's annual revenue run rate is $142 billion, with operating income rising to $12.5 billion in Q4 2025 from $10.6 billion in Q4 2024 [2] - AWS contributed 16.6% to Amazon's overall revenue of $213.4 billion in Q4 [7] Competitive Positioning - CEO Andy Jassy highlighted that AWS's 24% growth on a $142 billion run rate is more significant than competitors' higher percentage growth on smaller bases, emphasizing AWS's leadership in incremental revenue and capacity [3] - AWS has secured new agreements with major companies and government entities, including Salesforce, BlackRock, Perplexity, and the U.S. Air Force, which fueled the fourth-quarter growth [3] Market Trends and Customer Demand - A significant portion of AWS's business comes from enterprises transitioning from on-premise infrastructure to the cloud, alongside a boost from the AI sector due to AWS's comprehensive AI stack functionality [5][7] - AWS is seeing increased demand as customers run large AI workloads, which contributes to expanding their core AWS footprint [7] Infrastructure Expansion - In Q4, AWS added over a gigawatt of power to its data center network, indicating ongoing infrastructure growth [4]

Market Performance - The S&P 500 fell 1.23% to 6,798.40, driven by AI-driven tech selling and weak labor data [1] - The Nasdaq Composite dropped 1.59% to 22,540.59, while the Dow Jones Industrial Average slid 1.20% to 48,908.72 [1] Sector Movements - Mega-cap tech stocks were the focal point of the sell-off, with Alphabet initially dropping due to concerns over rising AI capital expenditures, ultimately closing down 0.60% at $331.33 [2] - ServiceNow and Salesforce also experienced declines, with ServiceNow falling 7.60% to $102.63 and Salesforce down 4.76% to $189.94 [4] Economic Indicators - Job cuts announced by Challenger surged in January, raising concerns about a potential economic slowdown [3] - The Nasdaq has decreased by 4.83% over the past five days, influenced by a sell-off in SaaS stocks driven by AI replacement fears [3] Cryptocurrency and Commodities - Bitcoin fell below $65,000, marking a nearly 35% decline year-on-year, while Mara Holdings, a Bitcoin miner, dropped almost 20% [5] - Gold and silver prices also faced significant declines, with the ProShares Ultra Silver dropping over 30% [5]

CleanSpa (B) France Holly FY2026 FIRST QUARTER EARNINGS CALL F Y 2 0 2 6 Q 1 E A R N I N G S C A L L S A F E H A R BO R S TATE M EN T This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this presentation, forward-looking statements include, but may not be limited to, statements regarding the Company's evolving business strategy to expand into the market for high-performing computing ("HPC") and artificial intelligence ("AI") an ...

Core Viewpoint - Carrier Global's stock has declined approximately 2% over the past 12 months, indicating that despite a booming AI business, the company has struggled due to weak housing markets affecting its earnings [1]. Company Summary - Carrier Global, a manufacturer of air-conditioning systems, has not been able to leverage its strong AI business to offset challenges posed by a downturn in the housing market [1].

Core Viewpoint - Advanced Micro Devices (AMD) reported strong fourth-quarter results, exceeding revenue and earnings expectations, indicating robust operational momentum driven by significant demand in key segments [1][2]. Financial Performance - AMD's stock fell over 17% after the earnings release, reflecting elevated investor expectations for more aggressive forward guidance [2]. - Despite the short-term stock decline, AMD's long-term growth prospects remain strong, particularly in high-performance computing and data center businesses, which are expected to be major growth engines by 2026 [3][6]. Growth Catalysts - The data center segment is expanding rapidly, with revenue driven by the deployment of Instinct MI350 Series GPUs and market share gains in the server sector [7]. - Adoption of AMD's fifth-generation EPYC processors has increased significantly, while fourth-generation EPYC CPUs continue to perform well in the market [7]. Market Outlook - Demand trends are favorable across customer segments, with cloud hyperscalers expanding capacity to support growing cloud and AI workloads, sustaining demand for AMD's server products [8]. - The average price target for AMD stock is $288.56, suggesting a potential appreciation of approximately 50% over the next 12 months from current levels around $191 [4].

Core Viewpoint - The technology sector, particularly the AI trade, is experiencing significant volatility, raising concerns among investors about its sustainability and future growth potential [1][2][3]. Group 1: Market Performance and Investor Sentiment - The tech sector is currently the worst-performing sector this year, leading to questions about whether this is a temporary pause or a more serious issue within the AI trade [1][2]. - Despite a robust earnings season for tech companies, investor concerns are growing regarding capital expenditures and monetization strategies [2][4]. - There is a palpable nervousness among investors, with some feeling that the AI trade is beginning to crack, reminiscent of past market downturns [3][4]. Group 2: Company-Specific Insights - Companies like Nvidia and Oracle are under scrutiny due to their capital expenditure plans, which could impact investor confidence [7][8]. - Oracle has outlined a plan to spend $45 to $50 billion, which is seen as a positive move towards transparency in their operations [8]. - Software stocks, including Oracle, ServiceNow, and Salesforce, have seen declines of nearly 30% in 2026, raising fears about their future viability in the face of AI advancements [9][10]. Group 3: Investment Opportunities - There is a belief that the current market conditions present a buying opportunity for long-term investors, particularly in companies that are well-positioned to benefit from the AI revolution [13][19]. - Microsoft is highlighted as a generational buying opportunity, with potential for significant growth over the next 12 to 24 months [16]. - The overall sentiment is that while there are short-term challenges, the long-term outlook for AI and related technologies remains strong, with expectations of 20-25% returns for the NASDAQ this year [19][20].

Core Viewpoint - Johnson & Johnson (NYSE: JNJ) is recognized as one of the best dividend stocks with a wide economic moat, indicating strong competitive advantages in the market [1]. Financial Performance - For the full year 2025, Johnson & Johnson reported a revenue increase of 6% to $94.2 billion, consistent with historical performance [3]. - The company anticipates a revenue growth of approximately 6.7% for 2026, projecting revenues of $100.5 billion, indicating positive momentum [4]. Strategic Focus - Johnson & Johnson aims to become the leading cancer drugmaker, targeting $50 billion in oncology revenue, which would be double the revenue generated by this segment in the previous year [3]. - The management has expressed a more confident outlook, suggesting a clearer path to double-digit growth by the end of the decade [3]. Analyst Insights - RBC Capital has raised its price target for Johnson & Johnson to $255 from $240, maintaining an Outperform rating, while acknowledging ongoing legal challenges stemming from the Daubert ruling [2]. - The firm believes that Johnson & Johnson's strong balance sheet and improving operational trends provide the company with the capacity to manage associated risks [2].

Financial Data and Key Metrics Changes - TPG reported GAAP net income attributable to TPG Inc. of $77 billion and after-tax distributable earnings of $304 million, or $0.71 per share of Class A common stock [4] - Full-year fee-related revenue reached $2.1 billion, including $628 million for the fourth quarter, which grew 36% year-over-year [31] - After-tax distributable earnings increased 17% year-over-year to $304 million, marking the highest level since becoming a public company [35] - Total AUM increased 23% year-over-year to $303 billion, driven by $51 billion of capital raised and $24 billion of value creation [35] Business Line Data and Key Metrics Changes - Software represents 11% of total AUM, with 18% in private equity and approximately 2% in credit [8] - The credit platform raised a record $21 billion during the year, up 67% from 2024, with a record $9 billion raised in the fourth quarter alone [17] - Private equity fundraising grew over 80% to $28 billion in 2025, while overall industry fundraising for PE declined 11% [20] - The real estate platform appreciated 9% in 2025, with $6 billion of capital deployed [25] Market Data and Key Metrics Changes - The company experienced double-digit value creation across nearly all platforms in 2025, with private equity strategies appreciating 11% over the last twelve months [37] - The credit platform also appreciated 11% over the last twelve months, maintaining strong credit quality with non-accruals just over 1% [38] - The real estate portfolios appreciated more than 9% for the year, driven by robust value creation in data center holdings and other sectors [39] Company Strategy and Development Direction - TPG aims to continue driving outsized growth by scaling existing and newer strategies, deepening integration of capital markets capabilities, and selectively capitalizing on inorganic opportunities [28] - The company is focused on expanding its private wealth strategy and enhancing its insurance solutions business, with a strategic partnership with Jackson Financial expected to close soon [12][42] - TPG plans to begin fundraising for several new funds in 2026, including TPG Real Estate's next fund and various Asia-focused funds [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to sustain growth and deliver differentiated value for stakeholders, citing a strong performance in 2025 as a foundation for future success [47] - The company anticipates another robust year of capital formation in 2026, expecting aggregate capital raising to exceed $50 billion [41] - Management highlighted the importance of maintaining strong relationships with borrowers and sponsors to ensure credit quality and performance [50][54] Other Important Information - TPG's new and emerging strategies attracted over $7 billion of commitments in 2025, indicating effective identification and scaling of high-potential opportunities [16] - The company ended 2025 with $72 billion of dry powder, representing 43% of fee-earning AUM, positioning it well for future investments [35] Q&A Session Summary Question: Concerns about direct lending performance sustainability - Management acknowledged the market's skepticism regarding direct lending performance but emphasized the unique characteristics of their lower middle market focus, which differs from upper middle market dynamics [50][51] Question: Inquiry about transaction fees and revenue outlook - Management noted that transaction fees in Q4 were driven by increased deployment and diversification across various platforms, indicating a long-term growth opportunity in capital markets [65][66] Question: Outlook for net deployment in credit business - Management highlighted the significant growth in the credit business and the expected upward trend in deployment opportunities due to increased capital formation and synergies from the Angelo Gordon acquisition [76][77]