Core Insights - Coveo reported SaaS Subscription Revenue of $35.9 million for Q2 FY2026, exceeding guidance with a growth of 15% compared to $31.2 million in Q2 FY2025 [3][4] - The Coveo core Platform saw a 17% increase in revenue, reaching $35.0 million, while total revenue for the quarter was $37.3 million, up 14% from $32.7 million [3][4] - Generative AI solutions contributed significantly, with customer and revenue growth of approximately 2.5 times year-over-year [4][8] Financial Performance - SaaS Subscription Revenue increased by 15% year-over-year, with the Coveo core Platform growing by 17% [3][4] - Total revenue for the first half of FY2026 was $72.9 million, a 12% increase from $65.0 million in the same period last year [3][4] - The company reported a net loss of $4.4 million, an improvement from a net loss of $5.4 million in the previous year [3][4] Business Developments - Commerce remains Coveo's fastest-growing use case, accounting for approximately 50% of new business bookings, driven by the partnership with SAP [4][8] - The company received the SAP Global Customer Experience Award for Partner Excellence 2025, highlighting the success of its collaboration with SAP [8] - New customer acquisitions included notable companies such as Halliburton and Deckers Outdoor Corp., indicating strong demand for Coveo's solutions [8] Future Outlook - Coveo revised the upper end of its revenue guidance for FY2026, reflecting solid market demand for its AI-powered platform [5][6] - Expected SaaS Subscription Revenue for Q3 FY2026 is projected to be between $35.7 million and $36.2 million, with total revenue guidance for the full year set between $147.5 million and $148.5 million [6][5] - The company anticipates achieving positive operating cash flows for the full fiscal year [6][5]

Core Insights - Elastic has announced a new integration with Azure AI Foundry, aimed at enhancing observability for agentic AI applications and large language models (LLMs) [1] - This integration provides site reliability engineers (SREs) and developers with real-time insights into LLMs, generative AI, and agentic AI workloads [1] - The goal is to enable the building, monitoring, and optimization of intelligent agents on Azure AI Foundry with improved reliability and efficiency [1]

Core Industry Trends - Software stocks are benefiting from the digitalization wave and strong adoption of AI, including generative AI and Agentic AI [1] - The proliferation of SaaS, migration to cloud platforms, and demand for hybrid work solutions are major tailwinds for software companies [1] - Increased customer-centric approaches and subscription-based models are driving recurring revenues and affordability for small and medium-sized businesses [5] Factors Supporting Software Stocks - The rise of AI-powered applications in various sectors, including voice recognition and telemedicine, is positively impacting software companies [2] - The adoption of cloud-based services, IoT, AR/VR devices, and 5G deployment is aiding software stock performance [3] - Rising cyber threats are prompting enterprises to invest more in cloud-based security solutions, shifting preference towards software-defined models [4] Company-Specific Insights - CoreWeave is expected to report revenues between $1.26 billion and $1.3 billion, with a year-over-year revenue increase of 207% and a backlog of $30.1 billion [8][9] - BILL Holdings anticipates first-quarter revenues of $390.6 million, reflecting a 9% year-over-year increase, while earnings are projected to decline by 19.1% [11] - Affirm Holdings expects first-quarter revenues of $885 million, indicating a 26.7% year-over-year growth, with earnings per share improving from a loss of 31 cents to a profit of 11 cents [14][15] - Unity Software forecasts revenues of $447.6 million for the third quarter, with a slight year-over-year growth of 0.2% and an expected earnings per share improvement from a loss of 31 cents [17] Strategic Developments - CoreWeave is capitalizing on the generative AI boom, focusing on scaling capacity and enhancing services to drive strong momentum [10] - BILL is leveraging AI to enhance its solutions for SMBs and is integrating generative AI to improve customer experience [12][13] - Affirm is expanding its partnerships and entering new markets, including the U.K. and Western Europe, to drive growth [16] - Unity Software is transitioning its product mix towards the AI-powered Unity Vector platform, which is expected to deliver long-term value despite short-term revenue friction [18][19]

Core Insights - The article discusses the evolution of AI towards Agentic AI, emphasizing the shift from passive response to proactive decision-making and execution, leading to the development of Multi-Agent architectures [4][5] - It highlights the importance of agent capability discovery and task closure for efficient collaboration among agents, which is essential for achieving high reliability and effectiveness in task execution [5][6] Agent Capability Discovery - Agent capability discovery involves dynamic registration of agent abilities and allows a Supervisor Agent to query and select appropriate Sub Agents for task execution, enhancing autonomy and scalability [6] - This mechanism is compared to traditional microservices service discovery, focusing on semantic capability and intent-driven matching, which is crucial for intelligent division of labor [6] Task Collaboration - In a large model-driven multi-agent system, agents collaborate, compete, or divide tasks to complete complex objectives, with the Supervisor Agent coordinating the efforts of specialized agents [7] - Effective communication mechanisms are necessary for high-efficiency collaboration, with different communication modes offering various trade-offs in flexibility, scalability, control, and performance [7][8] Asynchronous Communication Mechanisms - The article examines asynchronous communication scenarios using a publish/subscribe model, where Sub Agents send results back to the Supervisor Agent, which requires a feedback mechanism to ensure task closure [8][9] - Various communication methods are discussed, including polling, point-to-point invocation, and the publish/subscribe model, each with its advantages and drawbacks [8][9] RocketMQ Features for Agentic AI - RocketMQ introduces new features such as semantic Topics and Lite-Topics to facilitate asynchronous communication and dynamic decision-making among agents [10][11] - The evolution of Topics from simple data channels to semantic carriers allows for intention-driven collaboration, enhancing the discoverability and expressiveness of agent capabilities [11][12] Lite-Topic Consumption Model - Lite-Topics are designed for lightweight message transmission and dynamic subscription relationships, supporting granular resource isolation and asynchronous result feedback [13][14] - The event-driven message distribution model, utilizing InterestSet and ReadySet, transforms traditional polling into precise wake-up calls, improving efficiency in personalized subscription scenarios [20][21] Building Asynchronous Multi-Agent Systems - The architecture enables asynchronous retrieval of Sub Agent results through dynamic subscription to Lite-Topics, ensuring task closure within the Supervisor Agent cluster [21][22] - The integration of semantic Topics for agent capability registration and discovery creates an efficient asynchronous collaboration framework, enhancing task orchestration and decision-making processes [24][25] Conclusion - The innovative architecture based on RocketMQ's publish/subscribe model effectively supports task orchestration, result feedback, and multi-round decision-making in Multi-Agent scenarios, providing a viable technical path for building reliable and controllable asynchronous intelligent agent collaboration systems [27]

Group 1 - The Nvidia story exemplifies the potential for significant returns in AI investing, highlighted by its market value exceeding $5 trillion [1] - Semiconductors serve as essential components in the AI landscape, but selecting individual AI securities remains challenging; ETFs like the Global X Artificial Intelligence & Technology ETF (NASDAQ: AIQ) offer efficient access [2] - The Global X ETF, with a market capitalization of $6.68 billion, has consistently outperformed broader benchmarks since its inception on May 11, 2018, indicating its strong track record [4] Group 2 - The evolution of AI is still in its early stages, suggesting that the Global X ETF could be a long-term winner in the market [5] - Morgan Stanley estimates that full AI adoption by S&P 500 firms could generate annual financial benefits of $920 billion, potentially increasing the market capitalization of the index by $13 trillion to $16 trillion [7] - As of June, only 9.2% of businesses were utilizing AI, with projections indicating growth to 11.6% in the next six months, highlighting significant room for expansion [8] Group 3 - The growth of agentic AI, which allows autonomous systems to perform tasks with minimal human intervention, could further enhance the ETF's prospects; Morgan Stanley estimates that $490 billion of the projected $920 billion in annual benefits would stem from agentic AI [9]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue and adjusted gross profit (AGP) declined approximately 11% and 4% year-over-year, respectively, primarily due to significant declines in ocean rates and the divestiture of the Europe surface transportation business [27][30] - The effective tax rate for Q3 was 20.6%, with expectations for the full year 2025 tax rate to be in the range of 18%-20% [30] - Cash generated from operations in Q3 was $275.4 million, with capital expenditures of $18.6 million [30] Business Line Data and Key Metrics Changes - In North American Surface Transportation (NAST), combined truckload and less-than-truckload (LTL) volume grew approximately 3% year-over-year, outperforming the Cass Freight Shipment Index, which declined 7.2% [7][13] - Gross margins in NAST expanded for the eighth consecutive quarter, achieving a 39% adjusted operating margin [8][27] - Global Forwarding's AGP was lower year-over-year due to lower ocean rates, but gross margins expanded year-over-year and sequentially due to disciplined pricing and revenue management [27] Market Data and Key Metrics Changes - The Cass Freight Shipment Index recorded its lowest Q3 reading since the financial crisis of 2009, marking the 12th consecutive quarter of decline [5][13] - Ocean rates declined substantially during Q3, leading to a 27% year-over-year decline in adjusted gross profit per ocean shipment [5][27] Company Strategy and Development Direction - The company is undergoing a transformation towards a lean AI supply chain model, focusing on innovation and operational efficiency [10][38] - Strategic initiatives are aimed at growing market share, expanding gross margins, and increasing operating leverage, with a new 2026 operating income target range of $965 million-$1.04 billion announced [32][36] - The company emphasizes a culture of problem-solving with speed and a lean operating model to enhance productivity and customer value [6][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a soft freight environment and regulatory changes but expressed confidence in the company's ability to navigate these issues [4][9] - The company is not waiting for a market recovery to improve financial results, focusing instead on executing strategies that are effective in any market environment [9][10] - Management remains optimistic about the future, expecting the next two years to be more exciting than the last two, driven by ongoing lean AI initiatives [12][37] Other Important Information - The company has authorized a $2 billion share repurchase program, indicating confidence in its financial strength and commitment to returning value to shareholders [36] - The company continues to invest in technology and innovation, with a focus on leveraging AI to enhance operational capabilities and customer service [23][80] Q&A Session Summary Question: Impact of Low-End Capacity Exiting the Market - Management noted that while low-end capacity is exiting the market, the company has managed to maintain strong gross margin expansion despite these challenges [43][44] Question: Volume Growth and Truckload Performance - Management highlighted positive volume growth across key verticals, attributing this to a combination of effective pricing strategies and strong execution by the team [53][56] Question: SG&A Expenses and September Revenue Trends - Management clarified that SG&A expenses are expected to be above the midpoint of the range, with September revenue impacted by normalizing ocean rates and a challenging market environment [63][66] Question: Staying Ahead of Competitors in AI Innovation - Management emphasized the unique combination of skilled personnel, proprietary technology, and a robust operating model as key differentiators that help the company stay ahead of competitors [71][80]

Financial Data and Key Metrics Changes - Subscription revenue for Q3 2025 was $3.299 billion, growing 20.5% year over year in constant currency, exceeding guidance by 100 basis points [20] - Remaining Performance Obligations (RPO) ended at approximately $24.3 billion, representing 23% year over year constant currency growth [20] - Current RPO was $11.35 billion, reflecting 20.5% year over year constant currency growth, beating guidance by 250 basis points [20] - Non-GAAP operating margin was 33.5%, 300 basis points above guidance, driven by top-line outperformance and operational efficiencies [23] - Free cash flow margin was 17.5%, up 50 basis points year over year [23] Business Line Data and Key Metrics Changes - Now Assist had 12 deals over $1 million in net new ACV, including one over $10 million, indicating strong performance [22] - IT Service Management (ITSM) and HR Plus net new ACV doubled quarter over quarter, while IT Operations Management (ITOM) Plus net new ACV surged more than 5x quarter over quarter [22] - Customer Service Management (CSM) Plus deal volume tripled year over year [22] Market Data and Key Metrics Changes - The transportation and logistics sector led growth with over 90% year over year increase in net new ACV, followed by retail, hospitality, and education sectors, both growing over 50% [21] - The U.S. Federal business grew net new ACV over 30% year over year, demonstrating strong demand [21] Company Strategy and Development Direction - The company is focused on AI business transformation, with a target of exceeding $1 billion in AI products ACV by 2026 [7][22] - ServiceNow aims to integrate AI into enterprise workflows, emphasizing the importance of governance and management of AI technologies [8][10] - The company is raising guidance for Q4 and full-year 2025, reflecting confidence in market opportunities and operational execution [7][24] Management's Comments on Operating Environment and Future Outlook - Management expressed strong confidence in the future, highlighting the significant market opportunity for the ServiceNow platform [6][7] - The ongoing government shutdown may impact deal timing in the U.S. federal business, but demand remains strong [26][45] - The company is optimistic about the trajectory of its business, with a robust pipeline heading into Q4 [53] Other Important Information - The Board of Directors approved a five-for-one stock split to make shares more accessible to a broader base of investors [24] - The company ended Q3 with $9.7 billion in cash and investments, indicating a strong balance sheet [23] Q&A Session Summary Question: Integration and Implementation of Agentic Technology - Bill McDermott discussed the importance of integration expertise and the role of external partners in implementing agentic technology [30][31] Question: Broader Sales Organization and AI Solutions - Amit Zavery confirmed that the sales organization is becoming more adept at selling AI solutions, with a growing number of customers live on the platform [41] Question: Federal Government Impact on Guidance - Gina Mastantuono explained that the company has factored in prudence regarding the federal government shutdown, affecting deal timing [45][46] Question: Demand Trends and AI Consumption - Bill McDermott noted that demand is stronger than ever, with significant growth in AI consumption and utilization [50][51] Question: MoveWorks Acquisition Update - Gina Mastantuono indicated that the MoveWorks deal is expected to close towards the end of Q4, enhancing ServiceNow's AI capabilities [75] Question: AI Control Tower Demand - Amit Zavery highlighted the strong interest in the AI Control Tower, which addresses customer concerns about managing AI technologies [80]

Financial Data and Key Metrics Changes - Revenues grew by 39% year on year, marking the 27th consecutive quarter of growth above 30% [4][91] - Operating income reached $724 million, growing by 30% year on year, demonstrating the ability to balance growth, investments, and profitability [6][91] Business Line Data and Key Metrics Changes - Mercado Pago experienced strong growth with monthly active users accelerating and NPS hitting record highs in Brazil [5] - The credit card portfolio grew rapidly, with all-time low first-paying defaults and a healthy credit quality maintained [6][12] - GMV in Argentina grew by 39% year on year in US dollars and 97% in local currency, with items sold increasing by 34% [12] Market Data and Key Metrics Changes - In Brazil, unit shipping costs decreased by 8% due to higher transaction volumes and better utilization of logistics [5][30] - Mexico saw strong GMV growth, with fulfillment costs continuing to decline [5] Company Strategy and Development Direction - The company continues to invest in free shipping, logistics, and credit card offerings to drive long-term growth [7][64] - Strategic investments are focused on enhancing the value proposition for users and expanding market share in Latin America [4][91] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about Argentina's long-term growth potential despite macroeconomic challenges [12][13] - The company is focused on capturing growth opportunities in both commerce and fintech, with a disciplined investment approach [64][66] Other Important Information - The company is exploring the potential of Agentic AI to enhance user experience and operational efficiency [85] - The competitive landscape in Brazil remains intense, but the company believes its strategies are rational and effective [87][89] Q&A Session Summary Question: Argentina's macro challenges and growth outlook - Management acknowledged macro challenges but emphasized continued investment and optimism for long-term growth in Argentina [11][12] Question: Active user growth breakdown - The company reported 7.8 million new buyers in the quarter, with a healthy mix of new and returning users [17][51] Question: Merchant adherence to pricing initiatives - Management discussed the introduction of a price monitoring system to enhance buyer experience and seller performance [21][23] Question: Shipping cost dynamics and automation investments - Shipping costs in Brazil decreased by 8% due to better utilization, with ongoing investments in robotics and automation [26][30] Question: Credit card profitability and cohort performance - Older credit card cohorts are profitable, and the company maintains strict underwriting discipline while expanding issuance [32][73] Question: Competitive dynamics in Brazil - Management expressed confidence in their competitive position and rational strategies in the Brazilian market [87][89]

Core Insights - Amazon's third-quarter 2025 results are expected to show significant gains from its cloud service offerings, particularly Amazon Web Services (AWS), with projected sales of $32.49 billion, reflecting an 18.4% year-over-year growth [1][7]. AWS Performance - In Q2 2025, AWS generated $30.8 billion in revenues, marking a 17.5% year-over-year increase, and achieved an operating income of $10.1 billion, up 8.8% from the previous year [2]. - AWS maintained its market leadership with a 30% market share, outperforming Microsoft Azure at 20% and Google Cloud at 13% [2]. Strategic Initiatives - AWS likely benefited from strategic initiatives and product launches aimed at capturing enterprise demand for AI capabilities during the July-September period [3]. - The launch of Amazon Bedrock AgentCore at the AWS Summit in July was a pivotal development, enabling organizations to deploy secure AI agents at scale, supported by a $100 million investment in agentic AI development [4]. Model Expansion - The addition of Qwen3 foundation models from Alibaba and DeepSeek-V3.1 models in September enhanced Amazon Bedrock's model portfolio, providing customers with advanced capabilities and customization options [5]. - AWS introduced Amazon Nova customization capabilities within Amazon SageMaker AI, allowing for higher accuracy and flexibility in fine-tuning models for specific use cases [5]. Infrastructure Investments - Management indicated that capital expenditures would continue at a quarterly pace of $31.4 billion, focusing on AI-related infrastructure, including data centers and custom chips, to address supply constraints [6]. Overall Outlook - The combination of agentic AI momentum, expanded model offerings, and infrastructure improvements positions AWS for steady results in Q3 2025 [8].

Core Insights - Nationwide aims to increase the daily use of AI tools among its employees from nearly 50% to 90% by 2026, supported by a $1.5 billion investment in technology innovation through 2028, including $100 million annually for AI advancements over the next three years [1][2][3] Investment and Strategy - The $1.5 billion investment represents a 20% increase from previous annual spending on technology [3] - Since 2015, Nationwide has invested a total of $5 billion in technology modernization [3] - The company is shifting from an experimental approach to a more focused strategy, identifying 18 flagship AI use cases to prioritize across the business [4][5] AI Use Cases - Key AI initiatives include automating 80% of pet claims, with 25% resolved through instant settlement, and reducing review time for farm and agricultural insurance claims by 20% [6] - Nationwide has already scaled six AI initiatives, including a generative AI claims assistant that summarizes complex customer claims [9] Operational Efficiency - AI tools are expected to enhance operational efficiency, with a goal to cut software development cycle time by 50% using AI coding assistants [8] - A tool developed during a hackathon has achieved a 50% reduction in code conversion time for legacy systems [10] Employee Engagement and Future Outlook - Approximately 1,000 employees have increased productivity through AI, and the company plans to host a symposium to discuss technology's role in improving operations [11][12] - Despite concerns about job displacement due to AI, Nationwide's sales have grown by 50% over the last five years, indicating a belief that AI will facilitate business growth rather than hinder it [14]