Group 1 - Bitdeer's vertical integration thesis is being validated after a period of market skepticism [1] - The analyst has a decade of experience in the crypto space, focusing on Bitcoin miners, digital asset treasuries, and crypto ETFs [1] - The analyst has initiated coverage on companies like SealSQ and Rezolve AI, which have shown significant returns since the initial coverage [1] Group 2 - The analysis emphasizes a focus on fundamentals, capital allocation, momentum, market structure, and management execution [1] - The analyst values constructive feedback and thoughtful disagreements to enhance the quality of analysis [1]

Core Insights - Rigetti Computing and Quantum Computing represent two distinct investment opportunities in the growing quantum computing market, with Rigetti being an established player and QCi focusing on experimental chips [1]. Company Comparison - Rigetti's stock increased nearly 60% over the past year, while QCi's stock only rose by 3%, indicating Rigetti's stronger market performance [2]. - Quantum computers utilize qubits to store data, allowing for simultaneous processing of zeros and ones, which enhances data handling and task execution speed compared to classical computers [3]. - Both companies are working to overcome the limitations of quantum computing, such as size, cost, power consumption, and error rates, by developing new technologies and more accessible platforms [4]. Technology Overview - Rigetti employs superconducting loops to accelerate electrons, achieving quantum states, but these systems require cryogenic refrigeration, making them costly to operate. They have lower coherence fidelity but higher gate fidelity compared to newer technologies [5]. - QCi focuses on photonic chips that use light for data processing, which can be manufactured in conventional fabs and operate at room temperature. However, they face challenges in scaling and have lower gate fidelity in complex operations [6]. Growth and Services - Rigetti is a "full stack" quantum computing company, producing its own quantum processing units (QPUs) and offering a cloud-based quantum-computing-as-a-service platform called Forest, positioning itself as a comprehensive solution for businesses interested in quantum systems [7].

Group 1 - IBM is recognized as one of the 12 Best Dow Jones Dividend Stocks to buy according to hedge funds [1] - JPMorgan raised IBM's price target to $312 from $290, citing expected solid fourth-quarter results driven by software growth [2] - IBM has secured $9.5 billion in AI-related business, primarily in consulting, positioning itself well as AI adoption increases [3] Group 2 - IBM is focused on long-term goals in quantum computing, aiming to demonstrate quantum advantage this year and develop a fault-tolerant quantum computer by 2029 [4] - The company provides global hybrid cloud and AI capabilities along with consulting services for enterprises [5]

talk about a big position for our CBC investing club and that is Honeywell. It poured a good quarter this morning. Uh spinning off its aerospace units sooner.I thought it might be as late as December. It looks like it's going to be just a well be let's put it this way early in the second half and that's why I'm so excited to see Vimma Kapoor here in in the flesh. Just wrapped up the quarter.Vimbo, congratulations. It looks like you're accelerating the aerospace spin-off and we're getting a lot of clarity ab ...

Core Viewpoint - Honeywell is accelerating its aerospace spin-off, which is expected to occur in the early second half of the year, and the company reported strong organic growth of 21% in its aerospace business [1][2]. Group 1: Aerospace Business - The aerospace business is set for a spin-off in Q3, with a strong exit rate of 6% growth in Q4 and a backlog increase of nearly 15% [2]. - The aerospace division is projected to grow at a high single-digit rate in the cycle, indicating robust future performance [8]. Group 2: Automation Business - The company is restructuring its automation portfolio and has decided to hold two businesses for sale to complete transactions before the spin-off [3]. - The automation business is being positioned for mid-single-digit organic growth, with earnings growth expected to be in the high single digits annually [8]. Group 3: Quantum Business - The quantum business, which is also set to be spun off, has a previous valuation of $10 billion, and there is speculation that it could be worth significantly more due to its client list, including major companies like Amgen and JP Morgan [5]. - The company launched a new quantum machine, Helios, with enhanced computing power, and plans to introduce another machine in about 18 months [6]. Group 4: Overall Growth Strategy - The company is focused on delivering high single-digit earnings growth to shareholders, supported by a diverse exposure to multiple end markets, including buildings, process markets, and industrial sectors [9].

IBM - IBM shares rose over 7% following better-than-expected quarterly results, with revenue increasing by 12% to $19.7 billion and adjusted EPS at $4.52, surpassing the expected $4.32 [1][2] - The company anticipates full-year revenue growth above 5%, exceeding consensus expectations, and expects free cash flow to rise by $1 billion, which is significant for dividends and buybacks [2] - IBM's generative AI business has reached $12.5 billion, indicating strong enterprise demand beyond pilot projects [3] - Software revenue increased by 14%, with Red Hat growing by 10%, driven by hybrid cloud and AI-enabled workload demand, while infrastructure revenue surged over 20% [4][5] - Analysts suggest IBM may be a better investment in quantum computing compared to younger players, with a long-term vision to scale by 2030 [6] Royal Caribbean - Royal Caribbean's adjusted EPS was $2.80, with revenue at $4.26 billion, meeting expectations, and management reported strong demand for future cruises [8] - The company forecasts adjusted EPS for 2026 between $17.70 and $18.10, significantly above street expectations, with anticipated double-digit revenue growth [9] - Approximately two-thirds of capacity for 2026 is already booked at record pricing, indicating strong demand and pricing power in the experience economy [11] Lamb Research - Lamb Research shares gained after reporting adjusted EPS of $1.27, beating the expected $1.17, with revenue at $5.35 billion [13] - The company anticipates 23% growth in the wafer fab equipment market in 2026, driven by strong demand from the AI boom [13] - The CEO emphasized ramping execution velocity to support customer growth, highlighting strength in DRAM, leading-edge logic, and advanced packaging [14]

Financial Data and Key Metrics Changes - Honeywell reported a strong fourth quarter for 2025, with adjusted sales and adjusted EPS exceeding expectations, and orders increased by 23%, resulting in a backlog of over $37 billion [5][15] - For the full year 2025, sales increased by 7% organically, or 6% excluding the impact of the Bombardier agreement, with adjusted earnings per share rising to $9.78, up 12% year-over-year [21][30] - Free cash flow for 2025 was $5.1 billion, up 20%, representing a 14% margin [21][32] Business Line Data and Key Metrics Changes - Aerospace sales grew 11% organically, driven by strong demand in both commercial aftermarket and defense and space [15][22] - Building automation experienced 8% organic growth, with solutions growing by 9% and products by 8% [16] - Industrial automation saw a 1% increase in organic sales, while process solutions remained flat due to lower volumes in measurement and controls products [16][17] - Energy and sustainability solutions declined by 7%, attributed to lower petrochemical catalyst shipments [17] Market Data and Key Metrics Changes - North America and the Middle East led regional performance, with Europe also showing strong mid-single-digit growth [16] - Orders grew 23% organically, with significant contributions from long-cycle aerospace and energy projects [17] Company Strategy and Development Direction - Honeywell is focused on portfolio simplification, with the aerospace spin expected to be completed in Q3 2026, following the successful spin-off of Solstice Advanced Materials [6][9] - The company is investing in R&D to drive innovation, with a goal of achieving 6%-9% earnings growth in 2026 [6][21] - Honeywell plans to reorganize into four segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation, to enhance strategic focus and agility [9][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong organic growth driven by record backlog conversion, disciplined pricing, and new product introductions [5][6] - The company anticipates continued strength in aerospace and building automation markets, with a gradual recovery expected in process automation [22][24] - Management acknowledged challenges in the petrochemical sector but remains optimistic about long-term demand in LNG and refining [61] Other Important Information - Honeywell's investment in Quantinuum is expected to be a modest headwind to margins in 2026, with significant R&D investments aimed at maintaining leadership in quantum computing [29][56] - The company has made key leadership appointments in preparation for the aerospace spin-off, enhancing operational experience [8][9] Q&A Session Summary Question: Margin progression for the total company - Management indicated that operational margins are expected to expand by 50-90 basis points, with a headwind from Quantinuum in the first quarter [42][43] Question: Aerospace margins and contract renewals - Aerospace margins are expected to improve as contract negotiations progress, with a positive long-term impact anticipated [48][50] Question: Quantinuum IPO and investment spending - Management confirmed a $100 million year-over-year increase in investment spending for Quantinuum, with ongoing efforts to prepare for a potential IPO [54][56] Question: Strength in process orders - Management noted increased capital spending in LNG and refining as a driver for order growth, while cautioning about ongoing pressure in the petrochemical sector [60][61] Question: Pricing strategy and inflation impacts - Management discussed a more mature pricing strategy in response to persistent inflation, with expected price increases of 3%-4% in 2026 [66][70]

Core Insights - ZenaTech is enhancing its Taiwan-based Spider Vision Sensors (SVS) facility to comply with the National Defense Authorization Act (NDAA), aiming to build a vertically integrated supply chain for secure drone technologies [1][2] - The facility is set to begin production of printed circuit boards (PCBs) and is expected to be fully operational within the quarter [1][2] - The strategic investment in the SVS facility aims to strengthen supply chain resilience, enable customization, and support growth aligned with long-term operational goals [2] Facility and Production - The SVS facility spans 16,000 square feet and has completed critical infrastructure and assembly line buildout, securing all necessary permits for regulatory compliance [2] - Essential manufacturing equipment, including PCB and Surface Mount Technology (SMT) assembly machines, is being installed and calibrated, with initial production capacity focused on PCBs [2] - Pilot production is underway to validate processes and ensure NDAA compliance by sourcing drone parts free from restricted Chinese-made components [3] Product Development and Market Position - The SVS facility will support the scaled production of drone components for ZenaDrone platforms, including the ZenaDrone 1000 and its IQ Series, with final assembly occurring in Mesa, Arizona [3] - ZenaTech specializes in AI drone, Drone as a Service (DaaS), enterprise SaaS, and Quantum Computing solutions, targeting commercial, government, and defense sectors [4] - ZenaDrone, a subsidiary of ZenaTech, develops autonomous drone solutions for various applications, including agriculture and defense, with products like the ZenaDrone 1000 and IQ Nano [5]

FORWARD LOOKING STATEMENTS FOURTH QUARTER 2025 EARNINGS AND 2026 OUTLOOK JANUARY 29, 2026 We describe many of the trends and other factors that drive our business and future results in this presentation. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including statements related to the proposed separation of Automation and Aerospace Technologies and the planned sale of the Productivity Solutions and ...

Core Insights - Rigetti Computing has seen a stock price increase of over 2,400% since January 2023, but there are significant concerns regarding its financial health and market position [1] Financial Performance - Rigetti reported only $1.9 million in revenue for Q1, which represents an 18% decline from the same quarter last year, raising concerns about its growth potential [3] - The company posted a GAAP net loss of $201 million in Q3, indicating ongoing financial struggles [3] Future Revenue Expectations - According to Rigetti's CEO, meaningful revenue generation is not expected for another three to five years, as the company aims to achieve a Narrow Quantum Advantage before commercial sales can begin [4][5] Valuation Concerns - Rigetti's current price-to-sales (P/S) ratio stands at 824, significantly higher than the average tech stock P/S ratio of 9, suggesting that investors are paying a premium for a company with minimal sales [7] Market Speculation - The quantum computing sector is characterized as highly speculative, with no guarantees that the technology will deliver on its promises within the anticipated time frames [8]