In this podcast, Motley Fool host Dylan Lewis caught up with Salesforce co-founder and CEO Marc Benioff to discuss:Why Salesforce doesn't plan to hire any software engineers this year.Lessons learned from major acquisitions, like Slack and Tableau.Where AI goes next.More.To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our beginner's guide to investing in stocks. When you're ready to invest, check out this top 10 list of stocks ...

Core Insights - The YUE program emphasizes the concept of "Founders Help Founders," fostering a supportive community for entrepreneurs [1] - The 06th cohort has received over 1300 registrations, with more than 600 applications submitted [1] Course Structure - The 06th cohort will focus on "Agentic AI," exploring its transformative impact across various industries [3] - The curriculum includes modules on idea generation, recruitment, product development, commercialization, financing, corporate governance, and growth strategies [4][5] - Each module is designed to provide practical insights and frameworks for early-stage entrepreneurs [4][5] Entrepreneurial Community - Participants will have opportunities to engage with successful entrepreneurs and industry leaders, creating a valuable network for support and advice [7] - The program aims to build a community where entrepreneurs can share experiences and learn from each other [2][7] Application Process - The application timeline includes a concentrated registration period from February 24 to March 17, followed by interviews and due diligence [9][10] - There are no limits on the number of applications; entrepreneurs can reapply if not accepted in previous cohorts [10] Investment Opportunities - Selected participants may receive an investment of 7 million RMB or equivalent in USD from Sequoia's seed fund [7] - The program provides a structured methodology for early-stage founders, covering essential aspects of entrepreneurship [7]

Core Viewpoint - The recent market volatility in AI stocks presents potential buying opportunities for long-term investors, particularly in three highlighted companies: Nvidia, Amazon, and Salesforce [1] Group 1: Nvidia - Nvidia has reported significant revenue growth but has seen its stock decline nearly 25% from its all-time high in January [2] - The company holds a dominant 90% market share in the GPU market, essential for training AI models, aided by its CUDA software [4] - Nvidia's stock is currently valued at a forward price-to-earnings ratio of 25.5 times 2025 analysts' estimates and a price/earnings-to-growth ratio of under 0.5, indicating potential undervaluation [6] Group 2: Amazon - Amazon's cloud computing unit, AWS, is the fastest-growing segment, with revenue increasing 19% to $28.8 billion last quarter and operating income rising 47% to $10.6 billion [7] - The company is investing $100 billion in AI data centers this year to meet demand, leveraging its custom AI chips (ASICs) for cost advantages [9] - Amazon's stock is down about 15% from recent highs, trading at a forward P/E of 32 times [10] Group 3: Salesforce - Salesforce's stock has decreased 20% from recent highs, focusing on becoming a leader in agentic AI with its new offering, Agentforce [11] - The Agentforce platform has gained traction with 5,000 deals, including 3,000 paying customers, and offers no-code and low-code tools for customization [12] - The company launched the AgentExchange marketplace with over 200 partners, enhancing the potential use cases for Agentforce [13] - Salesforce's stock is valued at 26 times 2025 analyst earnings estimates and a PEG ratio of 0.35, indicating attractive valuation [14]

Core Insights - Meta Platforms Inc is intensifying its focus on voice-powered AI, planning to enhance voice features in its upcoming Llama 4 AI model, with a vision for conversational AI agents rather than text-based interactions [1][4] Investment and Financial Strategy - Meta has committed to investing up to $65 billion by 2025 to enhance its AI capabilities, aiming to extend beyond social media and potentially introduce premium subscriptions for its AI assistant, Meta AI [2] Competitive Landscape - Meta is competing with major tech companies like OpenAI, Microsoft, and Google in the AI space, all striving to commercialize AI technology and generate revenue [3] AI Interaction Features - The company aims to create a more natural and two-way conversational experience with its AI, allowing users to interrupt and engage in fluid dialogues rather than a rigid Q&A format [4] Product Development - The upcoming Llama 4 is described as an "omni model" that facilitates native speech interaction, enabling users to communicate with the internet in a more powerful way [5] Strategic Alignment - Meta's voice AI initiative aligns with its broader strategy of developing lightweight devices, such as Ray Bans smart glasses, which are intended to replace smartphones as primary computing devices [6] Business Accessibility - Meta's head of business AI, Clara Shih, envisions providing agentic AI solutions to "hundreds of millions" of businesses, making AI more accessible for small businesses that currently rely on basic online presence [7] Future Business Automation - The company anticipates that businesses will soon have AI agents to automate tasks, represent their voice, and enhance customer engagement, functioning almost like a 24/7 concierge service [8]

Core Insights - The article emphasizes the transformative impact of artificial intelligence (AI) on various industries, predicting significant growth in AI-related investments and technologies in 2025 and beyond [2][3][4]. Industry Overview - AI software spending is projected to reach $297.9 billion by 2027, with market growth accelerating from 17.8% to 20.4%, resulting in a 19.1% compound annual growth rate (CAGR) over five years [2]. - Enterprise spending on Generative AI is expected to rise by 25% in 2025 and reach 50% by 2027, supported by substantial government investments, including a $500 billion AI infrastructure initiative [3]. Company Highlights - **NVIDIA**: The company is experiencing rapid growth due to its dominance in AI and generative AI technologies. The global generative AI market was valued at $16.87 billion in 2024, with a projected CAGR of 37.6% from 2025 to 2030. NVIDIA's GPUs are critical for supporting these technologies [9][10]. - **Fortinet**: Leading in AI-driven cybersecurity, Fortinet has expanded its generative AI capabilities to meet the increasing demand for advanced security solutions. The consensus earnings mark for 2025 is $2.45 per share, reflecting a slight increase over the past month [11][12]. - **C3.ai**: The company is benefiting from strong demand for its generative AI solutions, having finalized 47 agreements in Q3 of fiscal 2025, a 74% year-over-year increase. C3.ai's partnership with Microsoft has accelerated enterprise AI adoption [13][14]. - **Palantir Technologies**: The company has expanded its AI capabilities in the financial sector through a joint venture with TWG Global, enhancing its commercial AI services. The consensus earnings mark for 2025 is $0.54 per share, showing a 12.5% increase over the past month [15][16].

极兔中国全年经调整 EBIT 首次转正。 2024 年，极兔营收同比增长 16% 至 103 亿美元，中国市场贡献超六成。 2020 年进入中国后，极兔以高额亏损为代价，依靠低价与补贴迅速占领市场，在中国快递行业的 红海中挤入前五。四年后，极兔中国全年经调整 EBIT（息税前利润）首次转正，为 1.5 亿美元。 快递是低利润的精细生意，需要依靠规模与成本管理确立优势。2024 年，极兔在中国的单票成本 下降 12% 至 0.3 美元。中国市场扭亏，带动公司整体净利润从上一年的 -11.6 亿美元来到 1.1 亿美 元。 在大本营东南亚，极兔市占率继续保持第一，占据近三成的市场份额，盈利能力进一步增强。2024 年，极兔在该地区的经调整 EBIT 同比增长 49% 至 3 亿美元。 昂跑 2019 年在上海开出中国第一家店。我们了解到，昂跑目前在中国有约 60 店，一半为直营店。 我们曾经写过 ，昂跑诞生在 2010 年，是金融危机后的低迷期，跑步开始复兴。疫情后，人们又开 始需要跑步，昂跑、Hoka One One 于是兴起。昂跑拿着和耐克一样的营销剧本，讲跑者文化，也 正拿去耐克、阿迪达斯的市场份额。 特斯 ...

Group 1 - Amazon's cloud group is establishing a unit to develop software for artificial intelligence agents to remain competitive in the generative AI space [1][2] - The new agentic systems are expected to enhance efficiency significantly, orchestrate complex workflows, and solve problems with human-like reasoning while maximizing performance and cost-effectiveness [2] - AWS CEO Matt Garman indicated that agentic AI could become a multibillion-dollar business for AWS [2] Group 2 - Customers have started adopting agent software through AWS, with Amazon also utilizing it internally, saving 4,500 developer years through the Q Developer's code transformation capability [3] - Amazon leads the cloud infrastructure market with nearly $29 billion in AWS revenue in the fourth quarter, surpassing competitors Microsoft and Google [4] - Amazon is promoting a next-generation version of its Alexa voice assistant that will utilize AI models from AWS and Anthropic, although there was a denial from an Amazon spokesperson regarding certain reports [4]

Financial Data and Key Metrics Changes - Q4 revenue reached $39.3 billion, up 12% sequentially and 78% year on year, exceeding the outlook of $37.5 billion [8] - Fiscal 2025 revenue totaled $130.5 billion, an increase of 114% compared to the previous year [9] - GAAP gross margins were 73%, with non-GAAP gross margins at 73.5%, down sequentially as expected due to the initial deliveries of the Blackwell architecture [38] Business Line Data and Key Metrics Changes - Data center revenue for fiscal 2025 was $115.2 billion, more than doubling from the prior year, with Q4 data center revenue at a record $35.6 billion, up 16% sequentially and 93% year on year [9][10] - Consumer Internet revenue grew 3x year on year, driven by generative AI and deep learning use cases [20] - Automotive revenue reached a record $570 million, up 27% sequentially and 103% year on year, with expectations to grow to approximately $5 billion in the fiscal year [25][36] Market Data and Key Metrics Changes - Sequential growth in data center revenue was strongest in the US, driven by the initial ramp of Blackwell [27] - Data center sales in China remained well below previous levels due to export controls, with expectations to maintain current percentages [28][96] - Networking revenue declined 3% sequentially, but the transition to larger NVLink systems is expected to drive future growth [28][29] Company Strategy and Development Direction - The company is focused on expediting the manufacturing of Blackwell systems to meet strong demand, with expectations for gross margins to improve to the mid-seventies later in the year [39][66] - Blackwell architecture is designed to support the entire AI market, addressing pretraining, post-training, and inference needs [17][137] - The company is optimistic about the future of AI, emphasizing the transition from traditional computing to AI-driven architectures [101][102] Management's Comments on Operating Environment and Future Outlook - Management highlighted the extraordinary demand for Blackwell and the evolution of AI from perception to reasoning, indicating a significant increase in compute requirements for reasoning models [134] - The company sees strong near-term, mid-term, and long-term signals for growth, driven by capital investments in data centers and the increasing integration of AI across various industries [70][72] - Management expressed confidence in the sustainability of strong demand, supported by ongoing innovations and the vibrant startup ecosystem in AI [68][70] Other Important Information - The company returned $8.1 billion to shareholders in Q4 through share repurchases and cash dividends [40] - Upcoming events include participation in the TD Cowen Healthcare Conference and the Morgan Stanley Technology, Media, and Telecom Conference [44] Q&A Session Summary Question: What does the increasing blurring between training and inference mean for NVIDIA's future? - Management discussed the scaling laws in AI, emphasizing the growing compute needs for post-training and reasoning models, indicating a shift in architecture design to accommodate these demands [50][56] Question: Where is NVIDIA in terms of ramping up the Blackwell systems? - Management confirmed successful ramping of Blackwell systems, with significant revenue generated and ongoing efforts to meet high customer demand [60][62] Question: Can you confirm if Q1 is the bottom for gross margins? - Management indicated that gross margins will be in the low seventies during the Blackwell ramp, with expectations to improve to the mid-seventies later in the year [65][66] Question: How do you see the balance between custom ASICs and merchant GPUs? - Management highlighted the general-purpose nature of NVIDIA's architecture, which supports a wide range of AI models and applications, making it more versatile than custom ASICs [84][86] Question: How does the company view the growth of enterprise consumption compared to hyperscalers? - Management expressed confidence that enterprise consumption will grow significantly, driven by the need for AI in various industrial applications [111][112]

Financial Data and Key Metrics Changes - The company reported a record bookings quarter, crossing $1 billion in total contract value for the first time [25][21] - RPO increased by 25%, surpassing $4 billion, with the weighted average term length for Q4 deals reaching a multiyear high [25][22] - Operating margin grew by approximately nine points, and free cash flow margin increased by six points for FY 2025 [22][21] Business Line Data and Key Metrics Changes - Over 20% of Q4 bookings were from new products, including Okta Identity Governance and privilege access [5][6] - The company has over 1,300 customers for Okta Identity Governance, contributing over $100 million in annual contract value [6][7] - Governance-related business, including Okta Lifecycle Management and Okta Workflows, totals over $400 million [7] Market Data and Key Metrics Changes - The company experienced strong demand for both workforce and customer identity products, with significant contributions from the partner ecosystem [3][27] - Revenue from AWS Marketplace grew over 80% in FY 2025, highlighting the success of partnerships [28] Company Strategy and Development Direction - The company aims to transform into one of the most secure companies globally and reignite growth through product innovation and partner ecosystem prioritization [3][4] - FY 2026 priorities include elevating the industry with the Okta Secure Identity Commitment and winning IT and security with Okta [14][15] - The company is focusing on further specialization in sales to better serve customer needs [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capture market opportunities, particularly in identity security as organizations modernize their systems [39][41] - The macro environment remains consistent, with identity being a foundational layer for large companies [39][41] - Management is optimistic about the federal government market, citing opportunities for modernization and security improvements [152] Other Important Information - The company announced the promotion of Eric Kelleher to chief operating officer, focusing on growth and the Okta Secure Identity Commitment [18] - The company is excited about the momentum built going into FY 2026 and is positioned for long-term profitable growth [31][19] Q&A Session Summary Question: Guidance Prudence - Management acknowledged the strong Q4 results and indicated that while they are optimistic, they will remain prudent in guidance for FY 2026 [34][41] Question: CRPO Guidance - Management explained that Q1 typically has lower expectations due to seasonality, but they are confident in the overall growth trajectory [50][53] Question: Seat-Based Headwinds - Management noted that while seat-based headwinds persist, the execution in new business and upsell opportunities has been strong [68][75] Question: $1 Million Cohort Growth - Management indicated that there is significant opportunity remaining with large customers, and net revenue retention rates are strong [80][81] Question: Auth0 Go-to-Market Strategy - Management discussed the transition to specialized sales teams for Auth0, emphasizing the complexity of the products and the need for focused expertise [90][92] Question: Federal Market Outlook - Management expressed confidence in the federal market, highlighting the potential for modernization and efficiency improvements [152][148]

Core Viewpoint - Nvidia's fourth-quarter results were overwhelmingly positive, yet the stock price declined the following day, which may not be a cause for concern as the company's future growth prospects remain strong [1] Group 1: Growth Drivers - **Agentic AI**: Nvidia is entering the agentic AI era, characterized by autonomous AI agents capable of decision-making without human intervention. Major tech companies are investing in this area, with Nvidia already seeing significant revenue growth from it [2][3][4] - **Physical AI**: This involves integrating AI technology into physical systems, such as robots and self-driving cars. Nvidia is a key player in this market, with its infrastructure being utilized by nearly all autonomous vehicle companies [5][6][7] - **Sovereign AI**: Refers to nations developing AI systems using their own data and technology. Nvidia is involved in several sovereign AI initiatives globally, positioning itself at the forefront of this emerging field [8][9] Group 2: Market Position - Nvidia's leadership in the GPU market provides a significant opportunity as many startups in physical AI require substantial computing infrastructure [7] - The company is well-positioned to capitalize on the early stages of agentic AI, physical AI, and sovereign AI, making it a compelling investment choice [10]