Core Insights - Lam Research Corp. has appointed Dr. Anirudh Devgan to its board of directors, bringing significant expertise in the semiconductor ecosystem and technology [1][6] Company Overview - Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry, with a commitment to helping customers build smaller and better-performing devices [7] - The company is headquartered in Fremont, California, and operates globally, being recognized as a FORTUNE 500 company [7] Dr. Anirudh Devgan's Background - Dr. Devgan has been with Cadence Design Systems since 2012, serving in various senior leadership roles, including CEO since 2021 and president since 2017 [2] - He is recognized as a leading authority in electronic design automation (EDA) and has pioneered significant advancements in the field [3] - Dr. Devgan holds 27 U.S. patents and is an IEEE Fellow, as well as a member of the National Academy of Engineering [4] Strategic Importance - The addition of Dr. Devgan to the board is expected to enhance Lam Research's operations and innovation, particularly in the context of the AI era [6]

Thematic Drone ETFs Flew High In January | ETF TrendsETF Trends is now VettaFi. Read More --Moving into February, advisors and investors can better understand which portfolio strategies and thematic exposures might be well-positioned this year.One investment theme that enjoyed a particularly prosperous January was the drone and unmanned aerial vehicle (UAV) industry. This can be observed through the performance of the [REX Drone ETF (DRNZ)]. As of January 30, 2026, the fund is up 14.92% year-to-date.The one ...

Core Insights - Micron Technology's stock surged 45.4% in January 2026, driven by rising memory prices due to high demand from AI companies [1] - The memory shortage is intensifying, with Micron's high bandwidth memory (HBM) already sold out for 2026 before the year began [2] - Analysts expect Micron's annual earnings to quadruple next year, indicating significant growth potential [3] Company Strategy - Micron is focusing on HBM production by building new manufacturing facilities and adjusting its product mix, including discontinuing its consumer brand Crucial [4] - The company's in-house chip-making facilities provide a competitive advantage, allowing it to meet AI accelerator demand without relying on third-party manufacturers [5] Financial Performance - As of February 3, Micron's stock has increased by 80% in two months and 303% in six months, yet it remains undervalued with a forward P/E ratio of 9.7 and a PEG ratio of 0.13 [6]

Financial Data and Key Metrics Changes - Total company sales growth for 2025 was 4.5% on a reported basis and 4.9% on a daily organic constant currency basis, finishing the year at $17.9 billion [17][19] - Operating margin for the year was 15%, with adjusted EPS growth of 1.3% to $39.48 per share [18] - ROIC finished at 39.1%, and operating cash flow was $2 billion, allowing for $1.5 billion returned to shareholders through dividends and share repurchases [18] Business Line Data and Key Metrics Changes - High-Touch Solutions segment delivered sales growth of 2.2% on a reported basis, with nearly 3 points of price inflation contributing to this growth [21] - Endless Assortment segment saw significant improvement, with daily organic constant currency sales up 15.6%, driven by strong performance from Zoro and MonotaRO [17][31] - Zoro achieved 16% growth, while MonotaRO experienced 18.4% growth in local constant currency [31] Market Data and Key Metrics Changes - The MRO market showed sequential momentum but remained muted overall, with Grainger's performance particularly strong in contractor and manufacturing sectors [21] - The company expects market volumes to be down 1.5% to flat in 2026, reflecting cautious outlook due to tariff-related price increases [33] Company Strategy and Development Direction - Grainger is focused on leveraging technology and data capabilities to enhance customer experience and drive growth, with significant investments in AI and machine learning [5][10] - The company streamlined its portfolio by exiting the UK market and is investing in new supply chain capacity to maintain service leadership [4][15] - Grainger aims to achieve 400-500 basis points of average annual outgrowth over time, with a focus on improving seller effectiveness and expanding seller coverage [30][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges in 2025 but expressed confidence in the company's ability to deliver strong results and growth in 2026 [4][18] - The tone of conversations with large customers remains cautious, with no significant tailwinds expected for market growth [56] - The company anticipates continued demand pressure in the High-Touch Solutions segment due to tariff-related price increases [33] Other Important Information - Grainger was recognized as a great place to work and one of the world's most ethical companies, reflecting its commitment to a positive workplace culture [16] - The company plans to invest $550 million to $650 million in capital expenditures for supply chain initiatives and technology investments in 2026 [38] Q&A Session Summary Question: What drives the cautious outlook for the year overall? - Management plans conservatively and acknowledges a strong start in January but notes a tailwind from a competitive outage in Japan [46][48] Question: Update on digital channels and order origination? - EDI ePro has grown to about 40% of order origination, with KeepStock also increasing its share [49][50] Question: Tone of conversations with large customers? - The tone remains cautious, with no panic but also no significant optimism for volume growth [56][57] Question: Update on mid-sized customer growth? - There has been some acceleration, driven by marketing and merchandising efforts, but it is not a significant inflection point [60] Question: Gross margins in Q4 and expectations for Q1? - Q4 gross margins were better than expected due to LIFO costs being less negative, but Q1 is expected to see some LIFO costs shift, impacting margins [63][70] Question: Factors affecting margin guidance for 2026? - The exit from the UK market will provide a tailwind, while the faster growth of Endless Assortment will be a headwind for margins [78]

Financial Data and Key Metrics Changes - Pre-tax net investment income was $34.6 million, or $0.60 per share, an increase from the previous quarter [13] - Total investment income rose to $61.4 million, up from $56.9 million in the prior quarter, driven by increases in PIK income, fees, and dividend income [13][14] - The company's undistributed taxable income (UTI) balance increased to $1.02 per share, up from $0.68 per share in December 2024 [3] Business Line Data and Key Metrics Changes - The company closed $244 million in total new commitments across eight new portfolio companies and 16 existing portfolio companies [4] - The weighted average spread on new commitments was approximately 6.4%, considered attractive in the current competitive environment [5] - The on-balance sheet credit portfolio ended the quarter at $1.8 billion, representing a 19% year-over-year growth from $1.5 billion [8] Market Data and Key Metrics Changes - Approximately 93% of the credit portfolio is sponsor-backed, providing strong governance and operational support [8] - The credit portfolio generated a weighted average yield of 11.3% with a weighted average leverage of 3.6x EBITDA [10] - Non-accruals represented just 1.5% of the investment portfolio at fair value [14] Company Strategy and Development Direction - The company announced a joint venture with a private credit asset manager to enhance competitiveness in the lower middle market [6] - The joint venture is expected to allow participation in larger, higher-quality deals while maintaining disciplined hold sizes [6] - The company aims to maintain a conservative leverage cushion to mitigate capital market volatility [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive position in the lower middle market, noting a reduction in competition from peers who have cut dividends [22] - The company anticipates continued strong deal flow and is bullish about net portfolio growth due to enhanced sponsor relationships and the new joint venture [34] - Management is actively evaluating AI disruption risks in both existing assets and new originations, indicating a proactive approach to potential market changes [67] Other Important Information - The board declared a total of $0.64 per share in dividends for the March quarter, maintaining strong dividend coverage [15] - The company's liquidity position remains robust, with approximately $438 million in cash and undrawn leverage commitments [17] - NAV per share increased to $16.75, up from $16.62 in the prior quarter, driven by the equity ATM program [16] Q&A Session Summary Question: Competitive dynamics in the lower middle market - Management noted that while regional banks have entered the market, competition has decreased as many BDCs have cut dividends, positioning the company favorably [22] Question: Outlook for spreads - Current spreads on debt have held steady, with expectations to remain between 7% and 7.25% over the next 12 months [24] Question: Breakdown of portfolio between sponsored and non-sponsored - The portfolio is currently 93% sponsored and 7% non-sponsored, with sponsors still actively seeking deals despite a challenging environment [27] Question: Activity expectations for deal flow - Management expressed bullishness for the upcoming year, citing strong sponsor relationships and the new joint venture as key drivers for growth [34] Question: AI disruption risk evaluation - The company has formed an AI committee to assess risks and opportunities related to AI in their investment process [67]

Disney - Disney has officially announced the succession of CEO Bob Iger to Josh Dearo, the head of the parks business, effective March 18 [3][4][6] - The parks division has become increasingly important, now accounting for approximately 60% of Disney's profits, up from 30-35% a few years ago [6][7] - The company is focusing on a strategy that emphasizes the parks business, with significant capital investment planned, including a $60 billion capex investment [15][19] Palunteer - Palunteer's earnings have significantly exceeded Wall Street expectations, projecting a 61% revenue increase to about $7.2 billion for 2026 [28][30] - The company reported a 93% year-over-year growth in US revenue and a 137% increase in commercial revenue for the quarter [30] - Palunteer's strong performance comes after a period of skepticism regarding its sustainability and growth potential [31][32] Market Trends - The overall market is showing mixed signals, with NASDAQ futures indicating a gain of about 0.5% at the open, while S&P futures show a gain of about 0.2% [22] - Earnings season is characterized by individual stock movements, with significant attention on companies like PayPal and Pepsi, which are experiencing leadership changes and strategic shifts [23][24] - The AI trade is becoming more selective, with a focus on infrastructure and hardware sectors rather than software, as companies navigate the balance between spending and revenue generation [40][44]

NYSE: GWW Q4 2025 Earnings Call February 3, 2026 © 2026 W.W. Grainger, Inc. Safe Harbor Statement and Non-GAAP Financial Measures All statements in this communication, other than those relating to historical facts, are "forward-looking statements" under the federal securities laws. Forward-looking statements can generally be identified by their use of terms such as "anticipate," "estimate," "believe," "expect," "could," "forecast," "may," "intend," "plan," "predict," "project," "will," or "would," and simil ...

Summary of Western Digital 2026 Investor Day Company Overview - **Company**: Western Digital (NasdaqGS: WDC) - **Event**: 2026 Investor Day - **Date**: February 03, 2026 Key Industry Insights - **Storage Demand**: The demand for storage is projected to grow at a CAGR of over 25% over the next five years, driven by AI, cloud computing, and data generation from various applications, including autonomous vehicles and robotics [14][16] - **HDD Market Position**: HDDs are expected to represent 80% of the storage media deployed in hyperscale environments due to their superior economics and performance [14][15] Core Company Strategies and Achievements - **Execution on Strategy**: Over the past year, Western Digital has focused on executing its strategy across six pillars, leading to strong customer trust and long-term agreements extending through 2027 and 2028 [6][7] - **Product Innovation**: The company has shipped 3.5 million units of its industry-leading 32 TB drives and is projected to ship nearly 4 million units in the next quarter [8] - **Cultural Change**: A significant cultural transformation has occurred within the company, enhancing customer engagement and operational efficiency [9] Financial Performance - **Revenue Growth**: The company has reported strong revenue growth and margin appreciation, resulting in robust free cash flow, with 100% of free cash flow returned to shareholders in the last two quarters [10] - **Leverage Reduction**: Net leverage has been reduced to below the targeted range of 1 to 1.5x [10] Technological Innovations - **HAMR Technology**: The company is advancing its Heat-Assisted Magnetic Recording (HAMR) technology, with plans to reach 100 TB drives by 2029. The current focus is on ensuring reliability and performance consistency [44][46] - **High Bandwidth Drive**: Introduction of High Bandwidth Drive technology aims to double random and sequential read-write throughput, enhancing performance while maintaining total cost of ownership (TCO) [61][62] - **Dual Pivot Technology**: This new design allows for increased density and performance, enabling double the sequential I/O without requiring software changes [65][66] Customer Engagement and Market Needs - **Customer-Centric Approach**: The company emphasizes understanding customer needs to build future-ready technology, ensuring smooth transitions between different recording technologies [38][41] - **Partnerships**: Collaborations with major customers like Meta highlight the importance of reliability, capacity, and cost efficiency in HDD technology [20][18] Future Outlook - **AI and Data Storage**: As AI adoption increases, the need for efficient data storage solutions will grow. Western Digital is positioned to meet this demand through innovative HDD technologies and a focus on power efficiency [41][70] - **Market Dynamics**: Despite competition from flash storage, HDDs remain the most cost-effective solution for large-scale data storage, with ongoing innovations to enhance performance and capacity [58][59] Conclusion Western Digital is strategically positioned to capitalize on the growing demand for data storage driven by AI and cloud technologies. The company's focus on innovation, customer engagement, and operational efficiency is expected to drive future growth and shareholder value.

Summary of Western Digital 2026 Investor Day Company Overview - **Company**: Western Digital (NasdaqGS: WDC) - **Event**: 2026 Investor Day - **Date**: February 03, 2026 Key Industry Insights - **Storage Demand Growth**: The demand for storage exabytes is projected to grow at a CAGR of over 25% over the next five years, driven by AI and cloud technologies [14] - **HDD Market Position**: HDDs are expected to represent 80% of the storage media in hyperscale environments due to their superior economics and performance [15] - **AI Impact**: The transition to large language models and the rise of multimodal AI applications are significantly increasing storage requirements, particularly for video and inference data [13] Core Company Strategies and Achievements - **Customer Engagement**: Western Digital has reorganized teams to enhance customer trust and engagement, resulting in long-term agreements extending through 2028 [6] - **Product Innovation**: The company has shipped 3.5 million units of its industry-leading 32 TB drives and is projected to ship nearly 4 million units in the next quarter [7] - **Cultural Transformation**: A cultural shift within the company has been emphasized, focusing on combining 55 years of hard drive experience with new engineering talent [10] Financial Performance - **Revenue Growth**: Strong financial results have been reported, with significant revenue growth and margin appreciation over the past year [10] - **Free Cash Flow**: 100% of free cash flow generated in the last two quarters has been returned to shareholders [11] - **Recognition**: Western Digital was added to the Nasdaq 100 in December 2025, highlighting its financial performance [11] Product Development and Technology - **HAMR Technology**: The company is advancing its Heat-Assisted Magnetic Recording (HAMR) technology, with expectations to reach 100 TB drives by 2029 [43][51] - **Dual Pivot Technology**: Introduction of Dual Pivot technology aims to double the performance and transactions per second without requiring software changes [59][62] - **Power Efficiency**: New designs are being developed to reduce power consumption by 20% while maintaining performance, allowing for increased capacity [63] Customer Needs and Expectations - **Capacity and Reliability**: Customers require high-capacity drives that are reliable and cost-efficient, with a focus on minimal disruption during technology transitions [20][21] - **Performance for AI Workloads**: There is a growing need for drives that can handle the performance demands of AI workloads, including higher bandwidth and throughput [23][55] - **Simplified Adoption**: Western Digital aims to make it easier for smaller players in the AI space to adopt their technology without significant investment in storage infrastructure [24] Future Outlook - **Continued Innovation**: The company is committed to accelerating innovation while maintaining a strong execution focus, with plans for future updates on technology advancements [26] - **Market Positioning**: Western Digital is positioned to meet the evolving needs of customers as AI continues to reshape the data landscape, ensuring that HDDs remain the backbone of data storage [54] Additional Insights - **Sustainability Goals**: The company is focused on being a good corporate citizen and delivering on sustainability goals [11] - **Cultural Recognition**: Western Digital has been recognized as one of the best places to work in America, reflecting its cultural transformation [11]

Core Viewpoint - Advanced Micro Devices (AMD) is experiencing significant growth driven by the AI sector, with a stock increase of 116% over the past 52 weeks, indicating strong market momentum and investor confidence in the company's future prospects [1]. Financial Performance - For Q3 2025, AMD reported a 36% year-on-year revenue growth, reaching $9.2 billion, primarily fueled by demand in the data center AI, server, and PC segments [3]. - The company's GAAP gross margin for the same period was robust at 52%, reflecting strong operational efficiency [3]. - AMD stock has increased by 44% over the last six months, supported by ongoing investments in AI and a favorable industry environment [4]. Market Outlook - The addressable market for AMD is projected to be substantial, with expectations that the compute market could reach $1 trillion by the end of the decade, positioning AMD for significant growth opportunities [6]. - Management has outlined long-term growth targets, anticipating top-line growth exceeding 35% over the next three to five years, with a non-GAAP operating margin of over 35% [7]. - The data center business is expected to be the primary growth driver during this period, highlighting the strategic focus on high-performance computing solutions [7]. Analyst Sentiment - Wedbush Securities holds a bullish outlook on AMD, expecting earnings to surpass Q4 estimates and projecting continued gross margin and profit growth through 2026 [2]. - The firm has assigned an "Outperform" rating with a price target of $290 for AMD stock, indicating strong confidence in the company's future performance [2].