Why don't we start off with Amazon. So if you read a lot of analyst notes, talked to a lot of people, they always a lot of talk about Amazon losing market share when it came to cloud, specifically when it came to AI workloads. Does this just end that narrative or is that still an issue for the company.>> I think it does put the narrative to rest. There was a lot of noise about DEL in of the M AWS revenues, but obviously this number as well as them turning Project Reneer on tells you that the order book is v ...

Financial Data and Key Metrics Changes - The company reported revenues of $12.6 billion for Q3 2025, representing a year-over-year increase of 7.2% and exceeding the high end of guidance [4][15] - Non-GAAP diluted earnings per share (EPS) was $0.72, at the high end of guidance, despite a minor impact from a ransomware incident [4][21] - Gross profit for Q3 was $870 million, up from $845 million year-over-year, with gross margins showing a sequential improvement of 34 basis points [19][21] - Adjusted EBITDA for the quarter was $342 million, reflecting a 3% increase in U.S. dollars [21] Business Line Data and Key Metrics Changes - Client and endpoint solutions grew nearly 13% on an FX-neutral basis, driven by strong demand for notebooks and desktops [15][17] - Advanced solutions sales decreased by 4.5% year-over-year, with growth in servers and storage offset by weaker results in virtualization and infrastructure software [15][19] - Cloud revenues saw a 4% decline; however, excluding a non-core divestiture, cloud net revenues were up low single digits year-over-year [16][19] Market Data and Key Metrics Changes - Geographically, Latin America and Asia-Pacific regions experienced robust FX-neutral growth in the low teens year-over-year, while North America grew just over 3% [17] - EMEA showed slight growth on an FX-neutral basis, reflecting a generally softer macro environment in parts of Europe [17] Company Strategy and Development Direction - The company is focused on scaling its Xvantage digital platform and enhancing its AI ecosystem, positioning itself at the center of the $5 trillion global technology landscape [6][7] - The Enable AI program has engaged thousands of customers, providing tools for assessing and deploying AI solutions [10][21] - The company aims to support enterprise customers in their AI transformation journey, leveraging its proprietary AI innovation [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fourth quarter, expecting continued year-over-year net sales growth and a solid guidance range for revenues [24][54] - The impact of the ransomware incident was estimated to be within 1% to 1.5% of net sales, with a minimal effect on overall operations [14][21] - The company remains optimistic about the SMB segment, which has shown growth over the past three quarters [46][51] Other Important Information - The company returned $18.3 million to stockholders through dividends and announced a 2.6% increase in the quarterly dividend for Q4 [23] - The balance sheet showed net working capital of $4.9 billion, an increase from $4.3 billion year-over-year, driven by higher net sales [22] Q&A Session Summary Question: How should margins be expected to trend going forward? - Management indicated that guidance implies margins in the high 6s, with continued strength in SMB contributing positively [27][28] Question: How should inventory and free cash flow be viewed going forward? - Management noted a sequential decline in inventory and anticipated a solid cash flow quarter in Q4, similar to previous years [32][33] Question: Where is Xvantage seeing the most benefit? - Xvantage is benefiting across both SMB and enterprise segments, with SMB leveraging it for comprehensive business management [40][41] Question: What is the outlook for the PC refresh cycle? - The company is in the later stages of the PC refresh cycle, with potential for AI-powered PCs to extend this cycle [43] Question: What are the expectations for a budget flush exiting 2025? - Management noted a typical seasonal increase in revenues due to budgeting cycles, with a positive outlook for SMB spending [46]

Core Insights - Amazon.com, Inc. is well-positioned to join the $3 trillion market cap club due to its strong presence in cloud computing and artificial intelligence [1] Company Analysis - The analysis highlights Amazon's strategic advantages in emerging trends such as cloud services and AI, which are expected to drive future growth [1] - The company is identified as a potential undervalued stock with significant growth potential, appealing to value investors [1] Market Context - The broader financial market context includes a focus on identifying companies that are well-positioned in key growth sectors, which is critical for investment decisions [1]

In mid-September, I wrote an analysis of Amazon.com, Inc. ( AMZN ) called “The Next To Join The $3 Trillion Club.” The rationale was, and remains, quite simple. Amazon is one of the best-positioned companies in trends such as cloud, AI, andEquity Research Analyst with a broad career in the financial market, covered both Brazilian and global stocks. As a value investor, my analysis is primarily fundamental, focusing on identifying undervalued stocks with growth potential. Feel free to reach out for collabora ...

Let's get another check on Amazon. Those shares still surging up almost 9% after a beat on the top and bottom lines. Amazon Web Services, the cloud unit for Q3 revenue jumped 20%.Joining me now is Rohit Kalc Carney from Roth MKM. Roit uh $33 billion here in AWS revenue and um you know operating income for uh AWS looking pretty solid considering the layoffs that they're planning as well. Is this what the street is excited about here.>> Yeah, I think the the magic number is 20% year-on-year growth. uh that's ...

Key Takeaways Lumentum expects Q1 fiscal 2026 revenues of $510-$540 million and EPS of $0.95-$1.10. Cloud & Networking strength, led by Datacom lasers and AI demand, drives top-line momentum. Tariff pressures and telecom supply constraints could weigh on Lumentum's quarterly growth. Lumentum (LITE) is scheduled to report first-quarter fiscal 2026 results on Nov. 4, 2025.For the quarter, LITE expects revenues to be between $510 million and $540 million. Non-GAAP earnings are expected to be between $0.95 and ...

Core Viewpoint - Silicom Ltd. reported a revenue increase in Q3 2025, with expectations for double-digit growth in 2026 and beyond driven by strategic design wins in PQC and Edge solutions [1][5]. Financial Results - Q3 2025 revenues were $15.6 million, up from $14.8 million in Q3 2024, marking a year-over-year increase of approximately 5.4% [2]. - On a GAAP basis, the net loss for Q3 2025 was $2.8 million, or $0.49 per share, compared to a net loss of $2.6 million, or $0.44 per share in Q3 2024 [2]. - Non-GAAP net loss for Q3 2025 was $2.1 million, or $0.36 per share, compared to a loss of $1.7 million, or $0.28 per share in Q3 2024 [3]. - For the first nine months of 2025, revenues totaled $45.0 million, up from $43.6 million in the same period of 2024 [3]. - GAAP net loss for the first nine months of 2025 was $8.9 million, or $1.57 per share, compared to a loss of $7.6 million, or $1.24 per share in the first nine months of 2024 [4]. Guidance - Management projects Q4 2025 revenues to be between $15 million and $16 million [5]. - The company aims for an EPS above $3 on annual revenues of $150 to $160 million by 2026 [5]. Management Comments - The CEO highlighted strong execution in Q3 2025, with eight design wins achieved, indicating robust future growth potential [5][6]. - The company is particularly focused on PQC-related solutions, which are expected to differentiate it in the market as quantum computing becomes more prevalent [5][6]. - Silicom anticipates 7 to 9 new design wins across all product lines in 2026, leveraging its unique technologies and strong customer relationships [6][7]. Company Overview - Silicom Ltd. specializes in high-performance networking and data infrastructure solutions, primarily for Cloud and Data Center environments [10]. - The company has established long-term relationships with over 200 customers and has more than 400 active design wins [12].

Core Insights - Meta's stock decline is attributed to a shift in the dynamic between revenue growth and expense growth, with expenses outpacing revenue growth for the first time in two years [2][3][4] - Microsoft and Alphabet also reported earnings, with Microsoft experiencing a similar downtick in earnings growth, indicating a broader trend among big tech companies [1][6] Meta Analysis - Meta's revenue growth for 2024 is projected at 23%, while expenses are expected to grow by 32%, marking a significant shift from previous years where revenue growth consistently outpaced expenses [2][3] - The company reported a revenue growth of 22% in the first two quarters of the year, but expenses grew by 12%, highlighting a concerning trend for investors [2][3] - Engagement metrics remain strong, with 43% of the global population using Meta's products daily, indicating potential for future growth despite current challenges [4] Microsoft and Alphabet Insights - Microsoft is facing a similar situation, with a notable shift in expense growth that has surprised investors [6][9] - The market is currently expecting a 40% growth for Microsoft in 2026, but there are indications that it could exceed 60% [8] - Alphabet's capex is projected to increase by 25%, reflecting a broader trend of increased investment in technology infrastructure across major tech companies [8] Future Expectations - The market is looking for signs of improvement in revenue growth rates and expense management in the upcoming December quarter [12][13] - Meta needs to demonstrate a revenue growth rate closer to 20% to regain investor confidence, as the current expectation is at 16% [13]

Group 1: Uber - Uber is reiterated as a top pick at JP Morgan, with expectations of its significant role in the evolving autonomous vehicle (AV) ecosystem due to its partnerships and investments [2] - Despite a year-to-date stock increase of 59%, there are concerns about its performance, attributed to market perceptions and competition from companies like Waymo and Tesla [3][4] - The stock has been relatively flat since May, with a recent all-time high, but is currently $5 off that peak [4][5] Group 2: DataDog - DataDog is highlighted as a strong buy at BFA, benefiting from the increasing need for cloud security and capturing market share in its sector [6] - The company has reported good quarterly results recently, establishing price momentum heading into 2025 [7] Group 3: United Health - United Health was downgraded to a hold from buy at Deutsche Bank, despite a 55% increase from its recent lows and better-than-expected revenue reports [8][9] - The company is managing to control costs while providing healthcare, with firm guidance indicating higher insurance premiums [9] Group 4: Insurance Sector - The insurance sector is facing challenges, with significant exposure leading to a loss of fundamental and technical momentum [10] - Berkshire Hathaway's stock experienced a slight miss on earnings, leading to follow-on selling, but is expected to benefit as interest rates decline [11]

Core Insights - Lectra has released its Management Discussion and Analysis of Financial Condition and Results of Operations for Q3 and the first nine months of 2025, which is available on its website [1][2] Company Overview - Founded in 1973, Lectra specializes in industrial intelligence technology solutions, integrating SaaS software, cutting equipment, data, and associated services for the fashion, automotive, and furniture industries [3] - The company emphasizes innovation and transformation, leveraging Industry 4.0 technologies such as AI, big data, cloud, and the Internet of Things [3] - Lectra operates in over 100 countries and has three production sites for cutting equipment located in France, China, and the United States [4] - The company employs around 3,000 individuals who are guided by core values of open-mindedness, trust, and passion for innovation, with a strong focus on social responsibility [4] Financial Performance - In 2024, Lectra reported revenues of €527 million, with €77 million derived from its SaaS offerings [5] - The company is publicly listed on Euronext and is part of several indices, including CAC All Shares, CAC Technology, EN Tech Leaders, and ENT PEA-PME 150 [5]