Economic Overview - The S&P 500 has advanced 1% year to date and is close to its record high, but potential economic fallout from tariffs and high valuations could lead to a significant market decline in 2026 [1] - President Trump's assertion that tariffs are strengthening the economy is contradicted by data, indicating that the average tax on U.S. imports has increased fivefold [2] Tariff Impact - A study linked by President Trump claims that foreign producers bear the majority of tariff costs, but this is misrepresented; the study indicates that U.S. consumers pay up to 43% of the tariff burden, with U.S. firms absorbing the rest [3][2] - The claim that tariffs have led to extraordinary economic growth is challenged by the fact that GDP growth was below average in the first three quarters of 2025, with AI spending being a significant contributor to economic support [4] Market Valuation - The S&P 500 is trading at a forward P/E ratio of 22.2, which is considered expensive; historically, such valuations have preceded bear markets during the dot-com bubble and the Covid-19 pandemic [5] - Real GDP growth for the first nine months of 2025 was 2.51%, below the 10-year, 30-year, and 50-year averages, indicating potential economic weakness [6] - AI spending contributed 0.97 percentage points to real GDP growth, suggesting that without it, GDP growth would have been only 1.54% [6]

Group 1: Market Overview - The NASDAQ has experienced back-to-back losses exceeding 1% for the first time since April, with nearly a trillion dollars lost in technology, chipmakers, and services stocks due to investor concerns over AI impacts [2] - Alphabet has indicated it may more than double its AI spending this year, following its first annual revenue surpassing $400 billion [2][15] Group 2: Shell's Financial Performance - Shell's fourth-quarter adjusted earnings slightly missed expectations, coming in at over $3.26 billion, with a $3.5 billion share buyback program announced [49][52] - The company reported an adjusted EBIT of $12.8 billion, slightly below the estimate of $13.1 billion, and a fourth-quarter dividend yield of 3.76% [6][7] - Corporate adjusted earnings are expected to be a net expense of around $400 to $600 million in the first quarter [5] Group 3: Alphabet's Growth and AI Strategy - Alphabet's revenue for the fourth quarter reached nearly $114 billion, with net income rising nearly 30% to $34.5 billion, and a potential capex increase to $185 billion to support AI product demand [15][16] - The Gemini app has achieved over 750 million monthly active users, reflecting significant growth and engagement [16][19] - The cloud computing division is growing at 48%, with a backlog up 55% quarter-over-quarter [19] Group 4: Shipping Industry Insights - The shipping division is facing normalization challenges, with a downward trend in prices expected to impact earnings in 2026 [29][30] - The CEO of a shipping company noted that while the shipping market is normalizing, the rest of the business is performing strongly [30] - There is a concern about overcapacity in the shipping industry, with new vessels being added ahead of demand [46]

“Our next chapter of growth will be exciting,” he said. “Transformation is bread-and-butter at OCBC, with a culture of innovation and growth that flourishes at every level.”Tan, who took over as chief executive officer on Jan. 1, said in a response to Bloomberg that support from the board is strong, and that the team is “galvanized to hit even higher notes.”Risky moves by the bank could jeopardize that wealth. In recent years, several planned investments were derailed after the family balked at ponying up, ...

Sector Overview - The chip sector is experiencing remarkable earnings growth and guidance, with companies like Coherent and Lamb Research struggling to meet high demand due to capacity constraints [1][2] - There is a notable pivot from Software as a Service (SaaS) companies towards hardware and power infrastructure stories, indicating a shift in investment focus [5][6] Company Insights - Companies like Broadcom and Nvidia are highlighted as strong performers, with Nvidia being central to AI and robotics advancements [3][20] - Tesla is viewed as a transformative company with potential catalysts in full self-driving AI and robotics, alongside its space initiatives [10][12] - The anticipated SpaceX IPO is expected to renew interest in Tesla and its leadership in AI and self-driving technology [14] Market Dynamics - The memory chip sector is considered cyclical and less favorable for investment, while other chip names are seen as more stable [3] - The demand for chips continues to outpace supply, with companies unable to fulfill orders, indicating a strong market position for leading firms [2][20] - The competitive landscape is evolving, with companies like Nvidia and AMD gaining significant market share, reflecting the importance of strong management in navigating market challenges [21][22]

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on February 4, 2026. Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Primary Standard Industrial Classification Code Number) 83-0954794 (I.R.S. Employer Identification No.) 187 Ballardvale Street, Suite 110 Wilmington, Massachusetts 01887 (888) 617-7226 (Address, including zip code and telephone number, including ...

Core Thesis - Pfizer Inc. is viewed positively due to its strategic acquisition of Seagen, which enhances its oncology portfolio and growth potential in the biopharmaceutical market [1][5]. Company Overview - Pfizer Inc. engages in the discovery, development, manufacturing, marketing, distribution, and sale of biopharmaceutical products both domestically and internationally [3]. Acquisition Impact - The $43 billion acquisition of Seagen in 2023 has significantly strengthened Pfizer's leadership in oncology and expanded its antibody-drug conjugate (ADC) portfolio [3]. - Seagen's key drugs, including Adcetris, Padcev, Turkysa, and Tiivdak, are projected to generate approximately $1.5 billion in revenue in the first half of 2025, underscoring the strategic importance of targeted chemotherapy within Pfizer's oncology business [4]. Revenue Growth Potential - The leading drugs from Seagen could collectively exceed $6 billion in annual sales by 2029, highlighting the substantial value added by the acquisition and the potential for long-term growth in targeted cancer therapies [5]. - Pfizer's strengthened position in a high-margin, high-growth segment of the pharmaceutical industry is expected to provide multiple catalysts for revenue growth [5]. Market Position and Investor Sentiment - As of the end of the third quarter, 84 hedge fund portfolios held Pfizer shares, an increase from 83 in the previous quarter, indicating a growing interest among institutional investors [7]. - Despite concerns regarding debt and revenue normalization, the bullish perspective on Pfizer's oncology growth through the Seagen acquisition remains strong [6].

Summary of Super Micro Computer Inc. (SMCI) F2Q26 Conference Call Company Overview - **Company**: Super Micro Computer Inc. (SMCI) - **Industry**: Data Center Infrastructure and AI Servers Key Financial Metrics - **F2Q26 EPS**: $0.69, beating guidance of $0.46-$0.54 and consensus of $0.50/$0.49 [2][4] - **F2Q26 Revenue**: $12.7 billion, exceeding guidance of $10-11 billion and consensus of $10.5/$10.4 billion [1][2] - **Gross Margins**: 6.4%, slightly below expectations of 6.5% [1][9] - **EBIT Margins**: 4.5%, surpassing expectations of 4.1% [1][9] Demand and Product Offering - **Broadening Demand**: Increased demand for data center infrastructure products, with a single customer accounting for 63% of total revenue (~$8 billion) [1] - **Customer Diversification**: Demand is expanding across traditional enterprise, cloud, and edge IoT sectors [1] - **Data Center Building Block Solution (DCBBS)**: Contributed ~4% to total profit in F1H26, expected to reach double-digit profit share by C2026 [1] Future Guidance - **F3Q26 Revenue Guidance**: At least $12.3 billion, compared to consensus of $10.2 billion [4][8] - **F2026 Revenue Outlook**: Raised to at least $40 billion from prior guidance of at least $36 billion [5] - **Gross Margin Improvement**: Expected sequential improvement of ~30 basis points in F3Q26, though still down ~300 basis points year-over-year [1] Risks and Concerns - **Margin Pressure**: Gross margins are under pressure due to customer mix and component shortages [1] - **Competitive Intensity**: Increased competition in the AI server market and upcoming technology transitions may impact margins [1] - **Component Shortages**: Ongoing shortages could affect production and profitability [1] Analyst Outlook - **Cautious Sentiment**: Despite robust demand for AI infrastructure, there is caution regarding the timing and trajectory of margin improvements [1] - **Target Price**: Sell rating with a 12-month target price of $27, reflecting a valuation of 9x NTM+1 EPS [10] Additional Insights - **Operating Expenses**: GAAP operating expenses expected to be ~$354 million, including ~$74 million in stock-based compensation [4] - **Tax Rates**: GAAP tax rate projected at 19.6%, with a non-GAAP tax rate of 20.2% [4] - **Capex**: Expected capital expenditures of $70-90 million [4] Conclusion Super Micro Computer Inc. demonstrated strong revenue growth driven by AI demand, but faces challenges with margin pressures and competitive dynamics in the data center infrastructure market. The company is optimistic about future growth but remains cautious about potential risks impacting profitability.

Core Insights - Varonis Systems experienced a significant stock decline of nearly 11% despite reporting robust revenue growth and announcing a new acquisition, primarily due to a substantial miss on net income guidance [1][2]. Financial Performance - In Q4 2025, Varonis reported total revenue of approximately $173.4 million, reflecting a year-over-year increase of 9%. However, net income, not in accordance with GAAP, fell sharply by 53% to $11.1 million, equating to $0.08 per share [2]. - Analysts had projected revenues of $168.5 million and a non-GAAP net income of $0.03 per share, indicating that Varonis outperformed on revenue but underperformed on profitability expectations [3][6]. - The company's key growth driver was its software-as-a-service (SaaS) offerings, which nearly doubled to over $142 million [3]. Acquisition Announcement - Varonis announced the acquisition of AllTrue.ai, a privately held company specializing in AI trust, risk, and security management, although the financial details of the acquisition were not disclosed [4]. Future Guidance - For the first quarter and the entirety of 2026, Varonis anticipates revenues between $722 million and $730 million, representing a 16% increase from 2025. Adjusted net income per share is expected to be between $0.06 and $0.10 [5]. - Analysts are projecting adjusted profitability of $0.34 per share, while revenue estimates are slightly lower at just under $719 million [6]. Market Context - The current market sentiment is particularly harsh towards software companies that miss guidance, which has contributed to the stock's decline despite the company's strong revenue growth [6]. - The data security niche in which Varonis operates is viewed as promising, with expectations for continued growth in demand [7].

Financial Data and Key Metrics Changes - Digi International reported quarterly revenues of $122 million, an 18% increase year-over-year [4] - Annualized recurring revenue (ARR) reached $157 million, up 31% year-over-year, marking the fifth consecutive quarter of double-digit growth [4] - Adjusted EBITDA for the quarter was $32 million, a 23% increase year-over-year, with an adjusted EBITDA margin of 25.8%, a new quarterly record [4] - The company generated $36 million in cash during the quarter [4] Business Line Data and Key Metrics Changes - IoT solutions segment grew by 32% year-over-year, while IoT products and services segment grew by 26% year-over-year [5] - The integration of the Jolt acquisition into the SmartSense One platform is progressing well, with strong customer response and cross-selling opportunities [5][6] Market Data and Key Metrics Changes - The company is seeing success across various verticals, including mass transit, utilities, and retail digital signage, with improvements noted in the data center segment [18][20] - The acquisition of Particle is expected to enhance Digi's edge-to-cloud capabilities and expand its addressable market in IoT device management [6][7] Company Strategy and Development Direction - Digi aims to achieve $200 million in ARR and adjusted EBITDA by the end of fiscal 2028, with strategic acquisitions being a top priority [8] - The company is embedding AI capabilities into its products and customer-facing solutions, positioning itself to capitalize on trends in AI, edge computing, and industrial automation [8] - The Particle acquisition is seen as a catalyst for growth, enhancing the company's OEM solutions and overall market presence [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving demand environment, particularly in sectors like AI infrastructure and data centers [20] - The company remains cautious about the sustainability of the AI infrastructure buildout but is optimistic about ongoing improvements [20] - Management emphasized a focus on profitable growth rather than growth at all costs, aiming to scale the business responsibly [29] Other Important Information - For fiscal 2026, the company anticipates ARR growth of 23%, revenue growth of 14%-18%, and adjusted EBITDA growth of 17%-21% [10] - The guidance includes the impact of the Particle acquisition, which is expected to contribute approximately $20 million-$22 million in ARR and $13 million-$14 million in revenue [10] Q&A Session Summary Question: Update on demand environment and data centers - Management noted success across various verticals, with improvements in mass transit, utilities, and retail digital signage, and some success in data centers, particularly with the Opengear product line [18][20] Question: Sales synergy opportunities with Particle - Management highlighted the integration of Particle into existing offerings, focusing on embedded-as-a-service solutions and maintaining direct relationships with end users [22][23] Question: Growth rate of Particle and guidance clarification - Management indicated that while Particle will contribute to growth, the overall guidance reflects a cautious approach, with a slight uptick in operational performance [30][32] Question: Gross margin expectations - Management expects continued gross margin expansion as ARR grows, with historical trends indicating a 10-15 basis point increase sequentially [35] Question: Competitive landscape and memory pricing - Management discussed the competitive dynamics in the cellular router market and the impact of memory pricing due to AI demand, emphasizing the importance of supply allocation [47][56] Question: Update on Jolt synergies - Integration efforts from the Jolt acquisition are on track, with both field and support services integration proceeding as planned [59]

Financial Data and Key Metrics Changes - NETGEAR achieved its first year of revenue growth since 2020, with full-year revenues of $699.6 million, up 3.8% year-over-year [26] - Non-GAAP gross margin reached an all-time high of 41.2% in Q4 2025, marking an 840 basis point increase compared to the prior year [27] - Non-GAAP operating profit for the full year was $5.9 million, resulting in a non-GAAP operating margin of 0.8%, the first return to profitability since 2021 [27] Business Line Data and Key Metrics Changes - The enterprise segment generated $89.4 million in revenue for Q4, up 10.6% year-over-year, while the consumer segment reported $93.1 million, down 8.4% year-over-year [22][24] - The enterprise gross margin was 51.4%, up 750 basis points year-over-year, driven by strong demand for Pro AV managed switches [30] - The consumer segment's gross margin improved to 31.4%, a 750 basis point increase year-over-year, aided by a better product mix [30] Market Data and Key Metrics Changes - The enterprise business saw double-digit growth year-over-year, with ASP and units growing in the Pro AV managed switch products [20] - The consumer business experienced a decline in sales to service providers by approximately 30% compared to the prior year, while core consumer business increased by 1.6% [26] - The company ended Q4 with 558,000 recurring subscribers, contributing to an 18% year-over-year growth in ARR, reaching over $40 million [25][79] Company Strategy and Development Direction - NETGEAR is focusing on transforming its business by investing in high-growth opportunities, particularly in the enterprise segment, while also enhancing software capabilities through acquisitions [8][9] - The company aims to increase its enterprise business to represent about 65% of overall revenue, which is expected to drive margin expansion [74] - A recent restructuring was implemented to empower business units and streamline execution, impacting approximately 5% of employees [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to memory shortages impacting the consumer business, but expressed confidence in mitigating these issues through various strategies [16][17] - The company remains optimistic about its long-term growth trajectory, despite potential headwinds in the second half of 2026 due to rising memory costs [35] - Management emphasized the importance of maintaining operational efficiency and agility in navigating supply chain challenges [19] Other Important Information - NETGEAR repurchased approximately $50 million in shares during 2025, reflecting its commitment to returning capital to shareholders [15][34] - The company is preparing for potential regulatory changes that could impact competition, particularly concerning foreign adversaries in the market [49][50] Q&A Session Summary Question: Can you elaborate on the potential impact of memory prices on the business? - Management indicated that mitigation efforts are in place, including cost-sharing and adjusting procurement strategies, but the impact remains unpredictable [40][42] Question: What is the competitive pricing environment in the consumer market? - Management noted that while enterprise pricing is increasing, the consumer side is more complex, with some competitors not raising prices [46][48] Question: How is the channel inventory health and the rollout of Wi-Fi 7? - Management confirmed that retail partners are tightening inventory levels, aligning with expectations for the new Wi-Fi 7 rollout [62] Question: What is the outlook for operating leverage and margin expansion? - Management stated that investments in the enterprise side are expected to yield long-term benefits, with a focus on maintaining operational discipline [71][74]