Shares of Microsoft (NASDAQ: MSFT) fell 11% in January, according to data from S&P Global Market Intelligence. Software stocks have been under pressure lately as investors fear the impact generative AI will have on their businesses. Additionally, other investors have been wondering whether artificial intelligence companies will be able to earn adequate returns on their massive capital spending. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to bu ...

Core Insights - Tian Ruixiang Holdings Limited has launched the TIRX AI Strategic Initiative, a multi-billion-dollar ecosystem aimed at transforming the insurance industry through artificial intelligence [1][2] - The initiative is designed to provide a competitive edge in high-growth insurance and broker sectors, focusing on generative AI, predictive analytics, and autonomous systems [3][6] Initiative Components - TIRX Generative AI Foundation Models will automate 90% of routine knowledge work and generate insights from vast amounts of unstructured data [3] - The Autonomous Operations Platform aims to reduce operational costs by 40% or more through self-optimizing and predictive maintenance protocols [4] - An AI-Powered Healthcare Intelligence Suite will deliver precision medicine outcomes with 95% accuracy by integrating real-time patient data and global medical research [4] Strategic Partnerships and Execution - The company is pursuing strategic partnerships with leading cloud providers and AI infrastructure firms to ensure rapid deployment and scalability [5] - TIRX's technical leadership has developed industry-first prototypes that outperform competitors in accuracy, latency, and cost efficiency [5] Financial Projections - Analysts predict a 300% year-over-year increase in AI-related revenue by 2027, positioning TIRX to capture a significant share of the insurance AI market, which is linked to industries generating $20 trillion in global GDP [6]

Exhibit 99.3 Fourth Quarter and Full Year 2025 Financial Results and Highlights February 4, 2026 © 2026 Cognizant Forward-looking statements This earnings supplement includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not ...

Core Insights - Cognizant reported strong financial results for Q4 and full-year 2025, exceeding revenue guidance and showing growth in adjusted operating margin and adjusted EPS [1][2][3] Financial Performance - Q4 2025 revenue reached $5.3 billion, a 4.9% increase year-over-year, while full-year revenue was $21.1 billion, up 7.0% year-over-year [1][5] - Full-year GAAP EPS was $4.56, a 1% increase year-over-year, and adjusted EPS was $5.28, an 11% increase year-over-year [1][5] - The full-year operating margin was 16.1%, up 140 basis points year-over-year, and adjusted operating margin was 15.8%, up 50 basis points year-over-year [1][5] Guidance for 2026 - For 2026, Cognizant expects adjusted diluted EPS to be in the range of $5.56 to $5.70, representing growth of 5% to 8% [1][2] - The company anticipates full-year 2026 revenue to be between $22.14 billion and $22.66 billion, indicating growth of 4.9% to 7.4% [1][2] Shareholder Returns - Cognizant plans to return $1.6 billion to shareholders in 2026 through share repurchases and dividends, including $1 billion in share repurchases [1][2] - A cash dividend of $0.33 per share was declared for Q1 2026, marking a 6.5% increase [1][2] Bookings and Contracts - Trailing twelve-month bookings increased 5% year-over-year to $28.4 billion, with a book-to-bill ratio of approximately 1.3x [1][5] - In 2025, Cognizant signed 28 large deals, including 12 in Q4, with total contract value growth of nearly 50% year-over-year [1][2] Employee Metrics - Voluntary attrition in tech services was 13.9% for the year ended December 31, 2025, down from 15.9% in the previous year [1][5] - Total headcount as of December 31, 2025, was 351,600, an increase of 14,800 from the previous year [1][5] Strategic Partnerships and Client Engagements - Cognizant renewed a multi-million-dollar collaboration with Travel + Leisure Co. to enhance digital transformation through AI [2][3] - The company entered a five-year IT services agreement with ERIKS to manage operational IT services and support technology modernization [2][3] - Cognizant expanded its partnership with Microsoft to co-build industry-grade AI solutions across key sectors [3][4]

Core Insights - Amdocs CEO Shuky Sheffer is stepping down after eight years, with Shimie Hortig set to replace him [1][2] - Amdocs has reported a 4.1% increase in annual revenue and a non-GAAP earnings per share of $1.81, exceeding guidance [2][3] - The company has secured a multi-year agreement with T-Mobile and expanded its engagement with Vodafone Germany, indicating strong customer relationships [3] Leadership Transition - Shuky Sheffer's leadership is credited with navigating Amdocs through significant changes during the pandemic and technology disruptions [2] - Shimie Hortig, with 20 years of experience at Amdocs, is viewed as a natural successor and is expected to lead the company into the generative AI era [2] Financial Performance - Amdocs' GAAP net profit increased to $158 million from $151 million year-over-year, while non-GAAP net income rose to $196 million from $188 million [2] - The company generated free cash flow of $188 million in the quarter and anticipates annual free cash flow of $710-730 million for fiscal 2026 [2] Strategic Developments - Amdocs has extended its long-term relationship with T-Mobile and signed new agreements with other major telecom companies, enhancing its market position [3] - The company is advancing its generative AI initiatives, including the announcement of aOS, an operating system designed for telecommunications [3]

Core Insights - The global tablet market experienced a recovery in 2025, with shipments increasing by 9.8% year on year to 162 million units, marking the highest annual shipment volume since the pandemic-driven demand boom of 2020 [1][1] - Central & Eastern Europe was the fastest-growing region, followed by Asia Pacific, while North America recorded a decline despite a healthy holiday season supported by discounts [1][1] - The tablet market is expected to face increasing pressure in 2026, with vendors needing to balance competitiveness and profitability amid potential memory market disruptions [1][1] Market Performance - Q4 2025 shipments reached 44 million units, reflecting a 9.8% year-on-year growth [1][1] - Apple led the market with 19.6 million iPads shipped in Q4 2025, a 16.5% increase driven by strong demand for the iPad 11th Generation and M5-powered iPad Pro lineup [1][1] - Samsung's shipments declined by 9.2% year on year to 6.4 million units, while Lenovo saw a 36% increase, shipping 3.9 million units [1][1] Vendor Insights - Apple maintained a 44.9% market share in Q4 2025, while Samsung held 14.7%, Lenovo 8.8%, Huawei 6.9%, and Xiaomi 6.4% [1][1] - Lenovo's proactive shipment strategy ahead of expected price increases contributed to its growth, while Huawei and Xiaomi also reported year-on-year increases of 14.8% and 10.1%, respectively [1][1] - Vendor rankings remained unchanged in the full-year results, indicating stability in market leadership [1][1] Future Trends - The tablet market is expected to shift towards ecosystem-centric devices, with a focus on cross-OS functionality and AI-driven experiences [1][1] - Collaborations, such as between Apple and Google for generative AI features, are seen as positive developments for the tablet ecosystem [1][1]

Core Insights - The article discusses the rapid rise of the AI programming startup Cognition, which recently completed a $400 million funding round, elevating its valuation to $10.2 billion [3][5]. - The founders of Cognition, all young programming competition champions, have become billionaires due to the surge in the generative AI sector [9][11]. Company Overview - Cognition specializes in "vibe coding," utilizing AI to assist software engineers in project development by automating repetitive tasks [5][13]. - The company has attracted investments from top-tier firms such as Founders Fund, Khosla Ventures, and Bain Capital Ventures [5]. Founders' Background - The three founders, Steven Hao, Walden Yan, and Scott Wu, have impressive backgrounds in competitive programming and technology [6][8]. - Hao, the CTO, has a net worth of approximately $1.3 billion, while Yan and Wu have net worths of around $830 million and $600 million, respectively [5][8]. Market Context - The article highlights the broader trend of young entrepreneurs becoming billionaires in the AI industry, with Cognition's founders exemplifying this phenomenon [9][11]. - Previous records for the youngest self-made billionaires have been broken recently, showcasing the rapid wealth creation in the tech sector [9][11]. Recent Developments - Cognition recently acquired the remaining assets and team of competitor Windsurf, which was previously rumored to be acquired by OpenAI, indicating strategic growth in the competitive landscape [13].

Core Insights - The article highlights the growing importance of AI stocks in the stock market, particularly focusing on companies like Nvidia and OpenAI that are at the forefront of generative AI technology [1] Industry Overview - The AI sector is experiencing a boom, but selecting individual winners is challenging due to competitive pressures and risks faced by leading companies like Nvidia and TSMC [2] - TSMC, while a dominant player in chip manufacturing, faces competition from Intel and is also impacted by geopolitical risks due to its location in Taiwan [2] Investment Vehicle - Exchange-traded funds (ETFs) are presented as a smart alternative for investors seeking exposure to the stock market without the need to pick individual stocks [3] - The VanEck Semiconductor ETF (SMH) is highlighted as a top performer since its inception in 2011, significantly outperforming the S&P 500 [4][6] ETF Performance - The SMH ETF has a strong historical performance, particularly during the AI boom, and includes major chip stocks such as Nvidia (19.3% of net assets) and TSMC (10.2%) among its top holdings [6][7] - Recent performance of ASML and Intel indicates that the AI boom is benefiting even those companies that have previously lagged behind [8] Future Growth Potential - The demand for semiconductors is expected to grow due to technological advancements, with increasing reliance on semiconductors in various products and infrastructure [11] - Despite a trailing price-to-earnings ratio of 46, the growth potential of companies within the SMH ETF, such as Nvidia's 62% revenue growth, suggests that the ETF may be undervalued on a forward basis [12] Diversification Benefits - The VanEck Semiconductor ETF offers a good alternative to the S&P 500 by providing exposure to international stocks like TSMC and ASML, which are not included in the index [13]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $1.16 billion, a 4.1% increase year-over-year and 3.5% in constant currency, slightly above guidance [4][24] - Non-GAAP diluted earnings per share was $1.81, exceeding guidance due to a lower-than-expected tax rate [4][26] - The 12-month backlog increased to $4.25 billion, up $60 million sequentially and 2.7% from a year ago [5][31] Business Line Data and Key Metrics Changes - Managed services revenue was $746 million, up 2.3% year-over-year, accounting for approximately 65% of total revenue [26] - The acquisition of MATRIXX Software contributed immaterial revenue in Q1 as the deal closed late in the quarter [24] Market Data and Key Metrics Changes - North America revenue increased nearly 4% year-over-year, while Europe saw a 17% increase driven by organic growth and the acquisition of Profinit [24] - The rest of the world experienced a decline year-over-year but showed slight improvement sequentially [24] Company Strategy and Development Direction - The company aims to position itself as a market leader in the GenAI era, focusing on generative AI and data services [4][8] - A new multi-year agreement with T-Mobile was signed, which includes managed services, software development, and AI innovation [5][6] - The acquisition of MATRIXX Software for $197 million is expected to enhance the company's capabilities in billing and monetization solutions [7] Management's Comments on Operating Environment and Future Outlook - Management expects revenue decline with T-Mobile in fiscal 2026 due to lower spending [6][41] - The company is closely monitoring customer demand and spending behavior amid a challenging macroeconomic environment [16] - Guidance for fiscal 2026 remains at a revenue growth of 1% to 5% in constant currency [17][32] Other Important Information - The company announced the retirement of CEO Shuky Sheffer, with Shimie Hortig set to succeed him [17][19] - Free cash flow for Q1 was $237 million, equating to approximately 33% of the full-year target [28][30] Q&A Session Summary Question: Details on T-Mobile agreement - The new agreement with T-Mobile is a five-year contract covering managed services, development services, and AI-related activities, but revenue is expected to decline in 2026 due to lower spending [38][41] Question: MATRIXX acquisition strategy - The acquisition adds a new charging engine and customer base, enhancing the company's market position in billing and monetization [44][45] Question: Unique aspects of the new agentic operating system (AOS) - AOS is a next-generation platform for GenAI that can operate on any BSS/OSS infrastructure, expected to serve as a new growth engine [53][55] Question: Telcos' AI journey and pipeline opportunities - The company is actively working with customers to develop use cases for AI, transitioning from opportunistic to strategic implementations [58][60] Question: Revenue guidance and T-Mobile milestones - The slight revenue beat was not due to a specific customer but reflects overall performance, with multiple ongoing activities for T-Mobile rather than singular milestones [63][65]

Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $1.16 billion, a 4.1% increase year-over-year and 3.5% in constant currency, slightly above guidance [4][24] - Non-GAAP diluted earnings per share was $1.81, exceeding guidance due to a lower-than-expected tax rate [4][26] - Non-GAAP operating margin improved by 40 basis points year-over-year to 21.6% [24][26] - The 12-month backlog increased to $4.25 billion, up $60 million sequentially and 2.7% from a year ago [5][31] Business Line Data and Key Metrics Changes - Managed services revenue was $746 million, up 2.3% year-over-year, accounting for approximately 65% of total revenue [26] - The acquisition of MATRIXX Software contributed immaterial revenue in Q1 as the deal closed late in the quarter [24][26] Market Data and Key Metrics Changes - North America revenue increased nearly 4% year-over-year, marking the fourth consecutive quarter of sequential growth [24] - Europe saw a 17% year-over-year increase, driven by organic growth and the acquisition of Profinit [24] - The rest of the world experienced a decline year-over-year but showed slight improvement sequentially [24] Company Strategy and Development Direction - The company aims to position itself as a market leader in the GenAI era, focusing on generative AI and data services [4][8] - A new multi-year agreement with T-Mobile includes managed services, software development, and AI innovation [5][6] - The acquisition of MATRIXX Software for $197 million is seen as a strategic move to enhance billing and monetization solutions [7][8] - The company is focused on expanding its global customer footprint and diversifying its market presence [6][16] Management's Comments on Operating Environment and Future Outlook - Management expects revenue growth of 1% to 5% in constant currency for fiscal 2026, reiterating guidance despite macroeconomic uncertainties [17][32] - The company is closely monitoring customer demand and spending behavior in the current economic environment [16][32] - Management expressed confidence in the long-term strategy and leadership team, with a planned transition in executive leadership [18][19] Other Important Information - The company repurchased $146 million of its shares during the quarter, with $840 million remaining in repurchase authority [30] - Free cash flow before restructuring payments was $237 million, equating to approximately 33% of the full-year target [28][30] Q&A Session Summary Question: Details on T-Mobile agreement and revenue trajectory - The new agreement with T-Mobile is a five-year contract covering managed services and AI-related activities, but revenue is expected to decline in 2026 due to lower spending [38][41] Question: Strategic value of MATRIXX acquisition - The acquisition adds a tier-two charging engine and a strong customer base, enhancing the company's capabilities in billing and monetization [44][45] Question: Unique aspects of the new agentic operating system (AOS) - AOS is a next-generation platform for GenAI that can operate on any BSS/OSS infrastructure, expected to serve as a new growth engine [53][55] Question: Progress of telcos in AI initiatives - The company is working with customers to develop various use cases, transitioning from opportunistic to strategic AI implementations [58][60] Question: Revenue guidance and T-Mobile milestones - The slight revenue beat was not due to any specific customer, and the T-Mobile agreement involves multiple ongoing activities rather than singular milestones [63][65]