Salesforce (CRM) is scheduled to release first-quarter fiscal 2026 results on May 28.For the fiscal first quarter, the company expects total revenues to be between $9.71 billion and $9.76 billion (midpoint $9.735 billion). The top-line estimate is pegged at $9.74 billion, which indicates an increase of 6.6% from the year-ago quarter’s reported figure.CRM anticipates non-GAAP earnings per share to be in the band of $2.53-$2.55 for the first quarter. The consensus mark for non-GAAP earnings has remained uncha ...

Core Viewpoint - NVIDIA Corporation is expected to report strong first-quarter fiscal 2026 results, with projected revenues of $43 billion, reflecting a 64% year-over-year increase [1] Revenue Estimates - The Zacks Consensus Estimate for NVIDIA's quarterly earnings is 87 cents per share, indicating a 42.6% growth from the previous year's earnings of 61 cents per share [2] - Revenue estimates for the Datacenter end market are projected at $38.5 billion, showing a robust year-over-year growth of 70.6% [7] - The Gaming end market is estimated to generate $3.29 billion in revenue, representing a 24.4% increase from the prior year [8] - The Professional Visualization segment is expected to reach $567.6 million, indicating a 32.9% year-over-year growth [9] - The Automotive segment is projected to generate $551.7 million, reflecting a 67.7% increase from the previous year [10] Market Performance - NVIDIA's stock has gained 27% over the past year, outperforming the Zacks Semiconductor – General industry's growth of 23.5% [11] - The stock has also outperformed major competitors such as Advanced Micro Devices, Micron Technology, and Marvell Technology, which have seen declines of 30.1%, 24%, and 19.8% respectively [11] Valuation Metrics - NVIDIA is trading at a forward 12-month price-to-sales (P/S) ratio of 15.48X, compared to the industry average of 13.26X, indicating a stretched valuation [13] - The company also trades at a premium compared to other semiconductor players, with competitors like Advanced Micro Devices, Micron Technology, and Marvell Technology trading at forward P/S multiples of 5.37X, 2.48X, and 5.94X respectively [16] Growth Drivers - NVIDIA's revenue growth is driven by strong demand for chips used in generative AI applications, with the global generative AI market expected to reach $967.6 billion by 2032, growing at a CAGR of 39.6% from 2024 to 2032 [18] - The company's advanced AI chips, including the A100, H100, and B100, are positioned as top choices for enterprises looking to upgrade their network infrastructures for generative AI applications [19] Conclusion - NVIDIA's leadership in GPUs and strategic expansion into AI, data centers, and autonomous vehicles present a compelling investment opportunity, although its high valuation may lead to short-term volatility [20]

Core Insights - Lightspeed Commerce Inc. reported total revenue of $1,076.8 million for the fiscal year 2025, marking an 18% increase year-over-year, and $253.4 million for the fourth quarter, a 10% increase year-over-year [1][5] - The company experienced a net loss of $667.2 million for the fiscal year, which included a non-cash goodwill impairment charge of $556.4 million [5][6] - Monthly Average Revenue Per User (ARPU) grew 13% year-over-year to approximately $489, while subscription ARPU increased by 11% [1][7] Financial Performance - Total revenue for the fiscal year was $1,076.8 million, with transaction-based revenue at $697.3 million (up 28% year-over-year) and subscription revenue at $344.8 million (up 7% year-over-year) [5][6] - The gross margin improved to 44%, with gross profit increasing by 12% year-over-year to $111.8 million in the fourth quarter [1][5] - Adjusted EBITDA for the fiscal year was $53.7 million, compared to $1.3 million in the previous year [5][6] Shareholder Returns - The company repurchased approximately 18.7 million shares, representing about 12% of total shares outstanding, for a total of approximately $219 million over the last twelve months [1][5] - The healthy balance sheet and improving cash flow allowed the company to return capital to shareholders while investing strategically in product development [2][5] Strategic Focus - Lightspeed is concentrating on retail customers in North America and hospitality customers in Europe, with plans to grow its outbound sales team to over 150 representatives by the end of Fiscal 2026 [9][10] - The company aims to enhance software revenue and Adjusted EBITDA profitability in Fiscal 2026, with a target gross profit CAGR of approximately 15-18% over the next three years [11][12] Product Development - New product releases included enhancements to the Retail Insights platform, a generative AI web builder, and upgrades to the Kitchen Display System [7][8] - The company is focusing on integrating its POS and payments solutions into a unified platform to drive growth in transaction-based revenue [7][8] Customer Growth - The total Gross Transaction Volume (GTV) processed was $20.6 billion, with a 19% increase in Gross Payment Volume (GPV) to $7.9 billion in the fourth quarter [7][8] - Customer Locations with GTV exceeding $1 million per year grew by 2% year-over-year, while those exceeding $500,000 remained flat [7][8]

Want to hear a staggering number? Here it is: 208,300%. That's roughly the gain that Amazon (AMZN -1.33%) has delivered since its initial public offering (IPO) on May 15, 1997. If you had invested $10,000 in the stock back then and held on for the wild ride, you'd have a whopping $20.8 million today. Amazon won't be able to generate the kind of sizzling growth in the future as it did when the company was still a rising star. However, that doesn't mean this stock can't still make investors a lot of money. I ...

Core Insights - Temenos announced record-setting benchmark results for its cloud-native core banking solutions on Microsoft Azure, showcasing speed, efficiency, and scalability for modern AI-powered banking [1][2] - The benchmark simulated a bank with 25 million customers and 50 million accounts, processing 16,600 transactions per second while handling additional AI workloads [3] - The latest technology demonstrated over 40% improvement in efficiency compared to the previous year's benchmark, thanks to advancements in architecture and Microsoft Azure Cobalt 100 ARM processors [4] Technology and Performance - Temenos' banking solutions can process large volumes of transactions and data quickly and securely, using less hardware, which helps banks scale on demand while maintaining peak performance [5] - The benchmark also tested banking APIs through Microsoft Open AI Service interfaces to ensure readiness for future AI and Gen AI demands [5] Industry Trends - A Hanover Research survey indicated that 75% of banks are exploring Generative AI deployment, with 82% investing in technology to enhance operating efficiency [6] - Among banks already deploying or exploring Generative AI, 43% plan to increase their investment in the technology this year compared to last year [6] Expert Commentary - Industry experts emphasized the critical need for flexible and scalable core systems as banks adopt new technologies like Generative AI, highlighting the potential of Temenos' solutions to support high transaction volumes while managing infrastructure efficiency [7] - Temenos' commitment to cloud and SaaS technology is underscored by the benchmark results, which demonstrate the speed and scalability required for the next generation of banking [7] - The collaboration between Microsoft and Temenos is seen as a strategic move to enhance core banking capabilities in the cloud, aiming to transform customer experiences and drive innovation [7]

Group 1 - The core viewpoint is that Agentic AI is expected to significantly increase the demand for inference, necessitating new hardware optimized for fast and efficient inference [1] - AMD is positioned to meet this growing demand with its chiplet-based architecture [1] Group 2 - The article highlights the importance of AI tools and applications in various workflows, indicating a trend towards increased investment in AI technologies [1] - The author has extensive experience in AI and machine learning, which adds credibility to the insights shared regarding the industry [1]

May 21, 2025 03:26 AM GMT Investor Presentation | Japan Semiconductor Production Equipment: Industry Outlook M Foundation Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 Semiconductor Production Equipment Japan Industry View Attractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect ...

Core Viewpoint - Adobe's stock has increased by 19% in a month due to its focus on Generative AI and innovative portfolio, but faces challenges from competition and monetization issues [1][3] Company Performance - Adobe's AI business is small compared to competitors like Microsoft and Alphabet, with Microsoft benefiting from Azure AI services and Alphabet from its AI infrastructure [2] - Adobe shares have underperformed compared to Microsoft and DocuSign, which returned 24.9% and 20.9% respectively, while Adobe outperformed Alphabet's 8.2% return [3] Valuation Metrics - Adobe's stock is considered overvalued with a forward price/sales ratio of 7.28X, higher than the sector average of 6.14X and competitors like Salesforce and DocuSign [6] AI Portfolio Development - Adobe has expanded its AI offerings with products like Adobe GenStudio and Firefly Services, aimed at enhancing marketing collaboration [9] - The company plans to monetize Firefly through new Creative Cloud offerings and is integrating AI across its portfolio, which is expected to drive top-line growth [10] Financial Guidance - Adobe's AI business is projected to grow from over $125 million in Q1 FY25, expected to double by the end of FY25 [11] - For FY25, Adobe anticipates Digital Media segment revenues between $17.25 billion and $17.40 billion, with total revenue guidance between $23.30 billion and $23.55 billion [12][13] Earnings Estimates - The Zacks Consensus Estimate for FY25 earnings is $20.36 per share, reflecting a 10.53% growth over FY24, although it has seen a decline in estimates recently [14] - The estimate for Q2 FY25 earnings is $4.96 per share, suggesting a 10.71% growth from the previous year [16]

Financial Data and Key Metrics Changes - In 2024, the company's net sales reached $638 billion, an increase of $63 billion year over year, representing an 11% growth [56] - Operating income for 2024 was reported at $68.6 billion, showing substantial improvements in profitability compared to previous years [60] - Free cash flow improved to $38 billion, an increase of over $1 billion year over year, driven by a rise in operating cash flow [62] Business Line Data and Key Metrics Changes - North America segment sales grew to $387 billion, up 10% year over year [57] - International segment sales reached $143 billion, also up 10% year over year, excluding foreign exchange impacts [57] - Advertising services generated $56 billion in net sales for 2024, marking a 20% increase year over year [59] Market Data and Key Metrics Changes - The company expanded its same-day delivery sites by over 60% in 2024, now serving more than 140 metro areas [55] - Third-party sellers accounted for 61% of all units sold on Amazon, the highest annual seller percentage mix ever recorded [58] Company Strategy and Development Direction - The company aims to be Earth's most customer-centric company, focusing on improving customer experiences through technology and innovation [49] - Significant investments are being made in generative AI, with over 1,000 applications being developed to enhance customer interactions and operational efficiency [71] - The company is expanding its grocery business, with over $100 billion in gross sales from center aisle items, excluding Whole Foods Market and Amazon Fresh [91] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the grocery sector, highlighting growth in Whole Foods Market and new store formats [92] - The company is committed to improving warehouse safety, reporting a 34% improvement in the recordable incident rate over the last five years [96] - Management emphasized the importance of maintaining low prices and broad selection amidst changing tariff policies, noting no significant demand reduction [88] Other Important Information - The company invested approximately $78 billion in cash CapEx in 2024, primarily for technology infrastructure and generative AI services [62] - The company has made substantial progress in profitability, returning to levels seen in 2020 and 2021 after a challenging 2022 [60] Q&A Session Summary Question: Can you respond to reports that Amazon is reducing AI investment and explain how AI is tangibly benefiting the company? - Management confirmed there are no plans to reduce AI investment and highlighted benefits in cost avoidance and productivity through generative AI applications [76][77] Question: How does Alexa Plus use AI? - Alexa Plus utilizes AI for automatic speech recognition, natural language understanding, and improved query handling, enabling it to perform actions for users [83] Question: What are the implications of the government's new tariff policies on Amazon? - Management noted uncertainty regarding tariff outcomes but emphasized efforts to maintain low prices and a diverse marketplace to mitigate impacts [87] Question: Do you still see the opportunity in grocery? - Management expressed bullishness about the grocery business, citing significant sales and growth potential in various formats [90] Question: What improvements is Amazon making in warehouse working conditions? - Management reported a 34% improvement in the recordable incident rate and highlighted initiatives to enhance workplace safety and ergonomics [96]

Financial Data and Key Metrics Changes - Total bookings for Q1 2025 were $511 million, reflecting a 12% year-over-year increase [22] - Total revenue reached $474 million, up 13% year-over-year, exceeding the high end of guidance [23] - Non-GAAP gross margin for Q1 was 69%, consistent with expectations [26] - Free cash flow for Q1 was over $142 million, representing 30% of revenue [27] Business Line Data and Key Metrics Changes - Partners revenue grew 24% year-over-year to $172 million, driven by increased subscription purchases and adoption of business applications [23] - Transaction revenue in Q1 was $59 million, up 19% year-over-year, supported by increasing GPV and improved take rates [24] - Core GPV growth, excluding the impact of a small subsidiary, was 12% year-over-year in constant currency [25] Market Data and Key Metrics Changes - The new user cohort generated $36 million in bookings, a 12% increase over the previous year's cohort [14] - Nearly 5.3 million new users were added in Q1, representing a 7% year-over-year increase [16] - The company maintained a high proportion of high-intent and commerce-oriented users, indicating strong demand in key geographic regions [16] Company Strategy and Development Direction - The company launched Wixl, a new visual design platform, aiming to democratize visual design similar to how Wix democratized website building [6][8] - The introduction of Astra, an AI assistant, is expected to enhance user engagement and reduce churn [11] - The company is focused on continuous product innovation and strategic momentum aligned with long-term growth [5][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand trends observed in early 2025, with expectations for continued growth in new cohorts [19] - There is a cautious outlook regarding macroeconomic uncertainties, particularly affecting the Business Solutions segment [20] - The company aims to achieve a time to return on investment of four to five months for the Q1 2025 user cohort, indicating effective acquisition strategies [17] Other Important Information - The board authorized an additional $200 million for share repurchases, reflecting confidence in cash flow generation and commitment to shareholder value [29] - The company expects total revenue for Q2 to be between $485 million and $489 million, representing 11% to 12% year-over-year growth [28] Q&A Session Summary Question: Can you provide more details on Wixl's rollout and monetization expectations? - Management indicated that Wixl is in early stages, with plans for separate subscription pricing and partnerships to drive user acquisition [32][35] Question: What are the factors behind the deceleration in partners revenue growth? - Management noted that FX impacts and lower-than-expected GPV growth contributed to the deceleration, but remains optimistic about future growth [53][55] Question: How does the company view the competitive landscape for design software? - Management believes that Wix's focus on future-oriented AI capabilities differentiates it from traditional design tools, which may struggle to adapt [60][62] Question: What are the expectations for free cash flow margins throughout the year? - Management anticipates a modest increase in free cash flow margins, driven by revenue growth and operational efficiencies [47] Question: How does the company plan to address macroeconomic uncertainties in guidance? - Management emphasized the importance of conservatism in guidance due to unpredictable macro factors, while remaining confident in current demand trends [49]