Core View - CoreWeave has signed a significant deal to supply data center capacity to OpenAI, with potential values ranging from $6.5 billion to $22.4 billion [1] Company Insights - The partnership between CoreWeave and OpenAI is expanding, indicating a strong demand for cloud infrastructure services in the AI sector [1] Industry Trends - The deal highlights the growing importance of cloud infrastructure in supporting AI development and operations, reflecting a broader trend in the technology industry [1]

Financial Data and Key Metrics Changes - Consolidated gross billings reached $22.7 billion, growing 12%, with a 10% increase in constant currency [3][4] - Non-GAAP diluted earnings per share of $3.58, a 25% year-over-year increase, exceeded guidance [4][14] - Net revenue was $15.7 billion, up 7% year-over-year, above the high end of guidance [12][14] - Gross profit increased 18% year-over-year to $1.1 billion, with gross margin as a percentage of gross billings at 5% [12][14] - Non-GAAP operating income rose 21% year-over-year to $475 million, with an operating margin of 2.09% [14] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings increased 10% year-over-year, driven by demand for PCs and AI PCs [10][14] - Advanced Solutions portfolio gross billings grew by 13% year-over-year, with a notable 8% increase excluding HIVE [11][14] - HIVE gross billings increased in the mid-30s year-over-year, with ODM/CM gross billings up 57% [4][12] Market Data and Key Metrics Changes - Strong double-digit growth in gross billings was observed in Latin America and Asia Pacific & Japan [5] - SMB and MSP segments grew substantially above the company average in most geographies [5] - U.S. public sector business saw low single-digit growth, with state and local strength offset by federal softness [6] Company Strategy and Development Direction - The company is focused on a differentiated and specialized go-to-market strategy to strengthen its competitive position [6][9] - Plans to enhance the Destination AI Enablement Program to support partners in adopting AI solutions [7] - A unified portal, TD SYNNEX Partner First, is being launched to optimize partner experience and streamline operations [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, particularly in HIVE and distribution [19][30] - The company anticipates sustained demand for PCs driven by the Windows 11 refresh cycle and AI PCs [23] - For Q4, gross billings are expected to be in the range of $23 to $24 billion, with net revenue between $16.5 to $17.3 billion [16][17] Other Important Information - Free cash flow for the year is expected to be approximately $800 million, with Q4 free cash flow projected around $850 million [24][25] - The company returned $210 million to stockholders in the quarter, with $174 million in share repurchases and $36 million in dividends [14] Q&A Session Summary Question: HIVE dynamics in fiscal forecast - Management noted strong growth across all programs and customers, with confidence in continued demand for Q4 [19][20] Question: Comments on PC pull forward and free cash flow expectations - Management indicated limited pull forward for PCs, driven mainly by the Windows 11 refresh and AI PCs [23] - Free cash flow expectations adjusted to approximately $800 million for the year, with Q4 expected to contribute significantly [24][25] Question: Sustainability of current performance - Management believes the dynamics driving overperformance will continue into Q4, particularly in distribution and HIVE [29] Question: Progress in onboarding new customers for HIVE - Management confirmed ongoing diversification of the customer base, with growth primarily from networking and traditional compute [32][33]

Financial Data and Key Metrics Changes - Consolidated gross billings reached $22.7 billion, growing 12% year over year, with a 10% increase in constant currency [3][4] - Non-GAAP diluted earnings per share was $3.58, a 25% increase year over year, exceeding guidance [4][14] - Net revenue was $15.7 billion, up 7% year over year, above the high end of guidance [12][14] - Gross profit increased 18% year over year to $1.1 billion, with a gross margin of 5%, up 23 basis points year over year [12][13] Business Line Data and Key Metrics Changes - Endpoint Solutions portfolio gross billings increased 10% year over year, driven by demand for PCs and AI PCs [10][14] - Advanced Solutions portfolio gross billings increased 13% year over year, with HIVE showing mid-30s growth due to server and networking rack builds [10][11] - Software gross billings increased 26% year over year, driven by cybersecurity and infrastructure software [4] Market Data and Key Metrics Changes - Strong double-digit growth in gross billings was observed in Latin America and Asia Pacific & Japan [5] - SMB and MSP segments grew substantially above the company average in most geographies [5] - U.S. public sector business saw low single-digit growth, with state and local strength offset by federal softness [6] Company Strategy and Development Direction - The company is focused on a differentiated go-to-market strategy, expanding its addressable market by onboarding new vendors [6][9] - The Destination AI Enablement Program is being enhanced to support partners in adopting AI solutions [7] - A unified portal, TD SYNNEX Partner First, is being launched to optimize partner experience and streamline operations [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, particularly in HIVE and distribution, with expectations for Q4 to reflect similar strength [20][28] - The company anticipates gross billings in Q4 to be in the range of $23 to $24 billion, representing an increase of approximately 11% at the midpoint [16] - Free cash flow expectations for the year are approximately $800 million, with Q4 expected to contribute around $850 million [24][25] Other Important Information - The company returned $210 million to stockholders in the quarter, with $174 million in share repurchases and $36 million in dividends [14] - The board approved a cash dividend of $0.44 per common share, payable on October 31, 2025 [15] Q&A Session Summary Question: HIVE dynamics in fiscal forecast and next year outlook - Management noted strong growth across all programs and customers in HIVE, with confidence in continued demand for Q4 [19][20] Question: Comments on PC pull forward and free cash flow expectations - Management indicated limited pull forward for PCs, driven by Windows 11 refresh and AI PCs, with free cash flow expected to be around $800 million for the year [22][24] Question: Sustainability of current performance and potential pull forward - Management believes the overperformance is sustainable, driven by strong demand in distribution and HIVE [28] Question: Progress in onboarding new customers for HIVE - Management confirmed ongoing progress in diversifying the customer base, with growth primarily from traditional compute and networking [30][31]

Cryptocurrency & Blockchain - BlackRock adds 1,135 BTC (approximately $127 million) to its holdings [1] - Tether mints 1 billion USDT on Ethereum, increasing liquidity [1] Technology & Cloud Infrastructure - Oracle secures $18 billion to scale AI-driven cloud infrastructure [1]

We start with the idea that Microsoft's becoming less and less dependent on open air adverts, vice versa. That's the big question for Microsoft, right. It's kind of stake its bets on the idea that open air will be its golden goose.These two companies have slowly moved apart from one another, and today we see Microsoft making a big partnership with the other kind of leading frontier model maker of anthropic, showing that, you know, they're they're testing the waters, they're looking around. They aren't as ba ...

Group 1 - Microsoft is reducing its reliance on open air advertising while exploring partnerships with other companies like Anthropic, indicating a shift in strategy [1][2] - Oracle is tapping into the corporate bond market for $15 billion, including a rare 40-year note, to support its future infrastructure commitments [2][4] - Despite being a historically strong cash flow business, Oracle is currently facing negative cash flows and is expected to continue doing so for the next couple of years [3][4] Group 2 - Oracle is expanding its data center operations with plans for five new sites across the United States, indicating a significant investment in infrastructure [5][7] - The company is positioning itself as an infrastructure intermediary, renting large buildings and filling them with servers to support clients like OpenAI [9][10] - Microsoft opted not to pursue a similar infrastructure project, allowing Oracle to establish itself more seriously in the cloud infrastructure market [9][10]

Core Insights - Alibaba's first-quarter fiscal 2026 free cash flow turned negative at RMB 18.8 billion, a reversal from a positive RMB 17.4 billion inflow a year ago, primarily due to increased capital expenditures of RMB 38.7 billion focused on AI and cloud infrastructure [1][9] - Despite short-term cash strain, Alibaba's initiatives are yielding results, with Alibaba Cloud growing in the mid-20s percent year over year and Taobao Instant Commerce surpassing 80 million weekly average daily orders, boosting monthly active users by 25% [2][9] - The company has committed RMB 380 billion ($52 billion) over the next three years for AI infrastructure, new data centers, and proprietary inference chips, which could enhance monetization and long-term profitability [3] Financial Performance - Alibaba's share price has surged 92.5% year-to-date, outperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector, which grew by 13.5% and 9.2% respectively [7] - The Zacks Consensus Estimate for fiscal 2026 earnings is projected at $8.09 per share, reflecting a 10.2% year-over-year decline [13] Valuation Metrics - Alibaba's stock is currently trading at a forward 12-month Price/Earnings ratio of 17.55X, compared to the industry's 25.03X, indicating a relatively lower valuation [10]

Group 1 - Flex has transitioned from a low-margin contract manufacturer to a solution-oriented operator, capitalizing on strong secular trends such as AI and cloud infrastructure [1] - The Agility Solutions segment has achieved significant success through multi-year hyperscale victories, indicating robust growth potential [1] Group 2 - The company has a diverse financial analysis background, with experience across various sectors including Auto, Industrials, and IT, which enhances its strategic insights [1]

Core Viewpoint - Intelligent Protection Management Corp. (IPM) will participate in the Lytham Partners Fall 2025 Investor Conference, engaging in a webcast presentation and one-on-one meetings with investors on September 30, 2025 [1]. Group 1: Webcast Presentation - The webcast presentation is scheduled for 12:30 p.m. ET on September 30, 2025, and can be accessed via the conference home page or directly through a provided link [2]. - A replay of the webcast will be available after the event [2]. Group 2: One-on-One Meetings - Management will conduct virtual one-on-one meetings during the event, with arrangements possible through Lytham Partners [3]. Group 3: Company Overview - Intelligent Protection Management Corp. is a managed technology solutions provider specializing in cybersecurity and cloud infrastructure, offering services such as dedicated server hosting, cloud hosting, data storage, managed security, and disaster recovery [4]. - The company has over 20 years of technology innovation and holds 8 patents, with a focus on enterprise and commercial clients across the United States [4].

Core Viewpoint - Oracle's stock price increased by 6.31% on September 22, marking a total rise of 10.63% over two days, indicating strong market interest and confidence in the company [1][2] Group 1: Management Changes - Oracle appointed Clay Magouyrk and Mike Sicilia as co-CEOs to enhance its leadership in AI and cloud infrastructure [1] - Safra Catz will transition to Executive Vice Chair of the Board, while founder Larry Ellison remains as Chairman and CTO [1] - The management changes reflect Oracle's strategic focus on AI-driven cloud infrastructure [1][2] Group 2: AI and Cloud Strategy - Oracle has actively invested in AI technology and expanded its market share, recently signing a five-year contract with OpenAI worth up to $300 billion [2] - This partnership provides Oracle with significant growth opportunities and boosts investor confidence in the company's future potential [2] - The dual CEO arrangement promotes flexibility in management and helps the company navigate market changes effectively [2] Group 3: Investment Potential - The series of strategic moves by Oracle sends positive signals to investors, suggesting continued growth in AI and cloud services [2] - Despite the recent stock price increase, Oracle is viewed as having strong investment potential as it develops further in these sectors [2]