Core Points - Oracle Corporation has elected Stephen Rusckowski to its Board of Directors, increasing the board size to 14 members, effective November 18, 2025 [1][4] - Rusckowski has extensive experience in healthcare and technology, having served as CEO of Quest Diagnostics and Philips Healthcare, which is expected to provide valuable insights for Oracle Health [2][3] - The board members serve one-year terms, with the next election scheduled for November 2026 [4] Company Background - Oracle offers integrated applications and secure, autonomous infrastructure in the Oracle Cloud, positioning itself as a leader in cloud computing [5]

Industry Overview - The Zacks Computer - Networking industry is poised for growth driven by advancements in cloud computing, network security, big data, and next-gen connectivity, particularly with the rapid adoption of AI technology [1][2] - The proliferation of AI workloads and hyperscale data centers is leading to increased investments in high-speed interconnects, optical networking, and Ethernet switches [1] - The deployment of 5G technology is enhancing the Internet of Things (IoT), Advanced Driver Assistance Systems, AR/VR devices, and 5G smartphones, thereby increasing demand for robust networking infrastructure [1] Trends Influencing the Industry - The explosion of AI workloads necessitates significant upgrades in observability infrastructure, increasing the demand for innovative networking products [2] - The rapid deployment of 5G technology is expected to boost growth prospects, with substantial investments required to upgrade core fiber backhaul networks [5] - The upcoming Wi-Fi 7 upgrade cycle is anticipated to drive momentum in the industry, addressing Wi-Fi spectrum shortages and supporting a higher number of connected devices [6] Company Performance - NetScout Systems reported a 15% year-over-year revenue increase to $219 million in Q2 of fiscal 2026, driven by demand across enterprise and service provider markets [20] - Digi International achieved a 9% year-over-year revenue growth of $114 million in fiscal 2025, with a 31% surge in Annual Recurring Revenue (ARR) to $152 million [28] - Lantronix reported a 3% year-over-year revenue increase to $29.8 million in Q1 of fiscal 2026, with significant growth in its unmanned aerial systems segment [34] Stock Market Performance - The Zacks Computer - Networking industry has outperformed the S&P 500 Composite and the broader Zacks Computer and Technology sector, gaining 33.4% over the past year compared to the sector's 23.9% and the S&P 500's 12.9% [11] - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 22.45X, slightly below the S&P 500's 22.78X and the sector's 27.8X [14] Future Outlook - The Zacks Industry Rank for the Computer - Networking industry is 38, placing it in the top 16% of over 243 Zacks industries, indicating bright near-term prospects [9] - Companies in the industry are focusing on innovation in networking technologies, including network virtualization and Software-Defined Networking, to meet the growing demand for secure infrastructure [4]

Industry Overview - The artificial intelligence (AI) sector, bolstered by the growth of cloud computing and data centers, is experiencing a robust demand scenario, with a significant surge in data center capacity needed to manage and store cloud-based data [1] - AI infrastructure capital expenditure (capex) is projected to exceed $1 trillion by 2028 according to Goldman Sachs and Bank of America, while JP Morgan and Citigroup forecast a cumulative total of $5 trillion by 2030. McKinsey & Co. estimates that global AI-powered data center infrastructure capex will reach around $7 trillion by 2030 [2] Company Recommendations - Investors are advised to buy and hold five non-technology U.S. companies that are expected to benefit from the AI-driven data center boom in 2026. These companies have shown significant stock performance in 2025 [3] - The recommended companies include Comfort Systems USA Inc. (FIX), Vertiv Holdings Co. (VRT), Mirion Technologies Inc. (MIR), BWX Technologies Inc. (BWXT), and EMCOR Group Inc. (EME), all of which currently hold a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [4] Company Insights Comfort Systems USA Inc. (FIX) - FIX operates primarily in the HVAC markets and is experiencing increased demand for specialized HVAC solutions due to the data center boom driven by AI and cloud computing [7][8] - The company is expanding its data center construction work, which is becoming a significant growth driver and attracting M&A activity [10] - Expected revenue and earnings growth rates for FIX are 14.7% and 16.4%, respectively, for the next year, with a 20.1% improvement in the Zacks Consensus Estimate for next year's earnings over the last 30 days [11] Vertiv Holdings Co. (VRT) - VRT is a leading provider of critical digital infrastructure for data centers and is benefiting from strong market demand and an extensive product portfolio [12][13] - The company is strategically expanding its capacity to meet the growing demand for AI-enabled solutions and has made acquisitions to enhance its service capabilities [13][14] - Expected revenue and earnings growth rates for VRT are 20.7% and 26.3%, respectively, for the next year, with a 6.8% improvement in the Zacks Consensus Estimate for next year's earnings over the last 30 days [15] Mirion Technologies Inc. (MIR) - MIR provides radiation detection and monitoring products and is focused on expanding its reach in the nuclear energy sector [16] - The company is integrating digital technologies into its radiation safety solutions and has recently partnered with Westinghouse Electric Company [17] - Expected revenue and earnings growth rates for MIR are 24.7% and 26.5%, respectively, for the next year, with a 1.6% improvement in the Zacks Consensus Estimate for next year's earnings over the last 30 days [18] BWX Technologies Inc. (BWXT) - BWXT manufactures nuclear components and is benefiting from strong bookings and government contracts, particularly in the nuclear sector [19][20] - The company's total backlog reached $7.4 billion, up 119% year over year, driven by robust federal demand and a growing pipeline [21] - Expected revenue and earnings growth rates for BWXT are 14.5% and 9.9%, respectively, for the next year, with a 0.2% improvement in the Zacks Consensus Estimate for next year's earnings over the last seven days [24] EMCOR Group Inc. (EME) - EME is a leading provider of critical infrastructure to AI-powered data centers, focusing on electrical infrastructure and cooling systems [25] - The company is gaining traction in the data center construction market, which is contributing to its expanding performance obligations [26][27] - Expected revenue and earnings growth rates for EME are 5.9% and 8.6%, respectively, for the next year, with a 1.2% improvement in the Zacks Consensus Estimate for next year's earnings over the last 30 days [28]

Core Insights - Seagate Technology Holdings plc has implemented structural changes to enhance profitability and cash generation for fiscal 2026, focusing on its Data Center and Edge IoT markets [1][2] Financial Performance - In the first quarter of fiscal 2026, data center revenue accounted for 80% of Seagate's total revenue of $2.1 billion, reflecting a 13% sequential increase and a 34% year-over-year growth [2][8] - The Edge IoT segment contributed 20% of revenue at $515 million, with expectations for seasonal improvement in the December quarter [2] - Seagate forecasts fiscal second quarter revenue of $2.7 billion (+/- $100 million), indicating approximately 16% year-over-year growth at the midpoint [4][8] Market Demand and Strategy - Demand from global cloud customers remains robust, with expectations that cloud growth will continue to outpace enterprise demand [3] - The transition of AI from training to large-scale inferencing is driving increased requirements for high-capacity storage solutions [3] - Seagate is accelerating the qualification of its high-capacity Mozaic portfolio to meet the growing demand amid tight supply [3] Competitive Landscape - Western Digital Corporation is also benefiting from strong AI and cloud computing demand, focusing on higher-capacity nearline products and progressing on HAMR development [5] - Pure Storage, Inc. is innovating in enterprise storage solutions tailored for modern workloads, including AI and cloud-native environments [6] Stock Performance and Valuation - Seagate's shares have increased by 159.4% over the past year, outperforming the Zacks Computer Integrated Systems industry's growth of 58.8% [7] - The forward price/earnings ratio for Seagate is 22.76X, slightly lower than the industry's 23.07X [9] - The Zacks Consensus Estimate for Seagate's earnings for fiscal 2026 has been revised up by 6.37% to $11.02 over the past 60 days [10]

Core Insights - Baidu, Inc. is evolving from being known primarily as "China's Google" to a more diversified technology provider, focusing on AI and cloud services, which are expected to redefine its long-term trajectory [4][5]. Company Overview - Baidu is a leading internet and AI company in China, utilizing its search and cloud platforms to provide digital marketing and cloud solutions [1]. - The company's business model includes advertising, cloud services, and digital content, positioning it as a key player in the Chinese technology market [1]. Financial Performance - As of November 12, 2025, Baidu shares were priced at $128.94, reflecting a 52.05% increase over the past year, outperforming the S&P 500 by 31.90 percentage points [2]. - Contrarian Capital Management reported a new stake in Baidu, acquiring 102,139 shares valued at approximately $13.46 million, which represents 3.3961% of its U.S. equity assets [2][3]. Strategic Developments - Baidu's growth is increasingly driven by its AI-native cloud platform and ERNIE language models, which are expanding enterprise use cases [5]. - The company is also making strides in autonomous driving through its Apollo project, indicating a shift in its foundational business model [4][5]. Future Outlook - The development of Baidu's cloud and AI businesses, along with the adoption of ERNIE across various industries, will be critical in determining its next growth phase [6]. - Balancing investment in generative AI and autonomous driving with profitability will be essential for Baidu's long-term success [6].

Core Insights - Ameren (AEE) is focusing on systematic investments in infrastructure to enhance service reliability, planning to invest up to $26.3 billion from 2025 to 2029 [1][10] - The company is emphasizing the expansion of its nuclear power portfolio, which is expected to contribute to its growth strategy [1][8] Growth Outlook - The Zacks Consensus Estimate for AEE's 2025 earnings per share (EPS) has increased by 0.60% to $4.99 over the past 60 days [3] - Revenue for 2025 is projected at $8.85 billion, indicating a growth of 16.15% from the 2024 reported figure [3] - AEE's long-term earnings growth rate is estimated at 8.01% [3] - The company has beaten earnings estimates in three of the last four quarters, with an average surprise of 0.22% [3] Return to Shareholders - AEE has been consistently increasing shareholder value through dividends, currently paying a quarterly dividend of 71 cents per share, which annualizes to $2.84 [4] - The current dividend yield stands at 2.71%, outperforming the Zacks S&P 500 composite average of 1.11% [4] Investment and Growth Focus - AEE has secured power supply contracts for approximately 3 GW of capacity, driven by the increasing demand from the data center industry, AI, and cloud computing [5] - The company is investing in clean energy infrastructure, including wind and solar projects, to enhance its emission-free generation capabilities [6] - AEE plans to add 2,700 MW of renewable generation capacity by 2030 and a total of 4,200 MW by 2035, with estimated investments of $6 billion and $9 billion respectively [7] - The company also aims to strengthen grid reliability through battery storage, planning to install 1,000 MW by 2030 and 1,400 MW by 2035, translating to investments of about $1.5 billion and $2 billion respectively [7] Nuclear Operations - AEE intends to extend the operational license of its Callaway Energy Center nuclear facility beyond 2044 and anticipates adding about 1,500 MW of new nuclear capacity by 2040 [8] Financial Metrics - AEE's return on equity (ROE) is currently at 10.92%, which is higher than the industry average of 9.95% [11] - The times interest earned (TIE) ratio at the end of Q3 2025 was 3.0, indicating effective management of long-term debt obligations [12] Stock Performance - Over the past year, AEE's shares have increased by 13.73%, although this lags behind the industry's growth of 20.2% [13]

Summary of PAR Technology FY Conference Call Company Overview - **Company**: PAR Technology (NYSE: PAR) - **Industry**: Restaurant Technology and Payments - **Transformation**: PAR has evolved from a hardware-centric business to a unified cloud-native platform that serves enterprise restaurants and convenience operators globally, integrating front-of-house, loyalty, back office, and payments solutions [1][2][3] Core Business Model - **Platform Approach**: PAR positions itself as an end-to-end platform for enterprise restaurants, offering integrated solutions rather than piecemeal options from multiple vendors [2][3][4] - **Simplicity and Innovation**: The unification of technology simplifies operations for restaurant operators, reducing the complexity of managing multiple vendors and enhancing innovation capabilities [4][5][6] Market Dynamics - **Macro Environment**: The macroeconomic climate for restaurants has been challenging in 2025, particularly for Quick Service Restaurants (QSRs). However, slower sales have led to increased investment in loyalty and digital solutions, benefiting PAR's business [9][10] - **Cross-Selling Success**: 70% of recent deals have been multi-product, indicating a significant increase in cross-selling as customers recognize the value of integrated solutions [11][12][13] Industry Trends - **Shift to Cloud**: The restaurant industry is transitioning from on-premises systems to cloud-based solutions, which is essential for maintaining competitive operations and enhancing customer experiences [16][17][18] - **Unified Data**: Having a unified data system across products is crucial for leveraging AI and understanding customer trends, which is a key focus for PAR [20][21][22] Competitive Landscape - **Incumbency Challenge**: PAR faces strong competition from established incumbents like Oracle and NCR, but believes that its integrated product offerings create a significant competitive moat [25][26][27] - **Market Evolution**: The market is shifting towards larger deals and enterprises are increasingly willing to adopt modern products, which benefits PAR [27][28] Financial Performance - **Operational Discipline**: PAR has maintained flat operational expenses (OpEx) while achieving revenue growth of 15%-20%, focusing on efficiency and AI-driven productivity improvements [37][38] - **Backlog and Pipeline**: The company has a strong backlog and a $100 million pipeline, with expectations for mid-teens Annual Recurring Revenue (ARR) growth in 2025 [40][43] Future Outlook - **Investment Focus**: PAR is prioritizing internal investments and AI development, with plans to enhance product integration and functionality [50][52] - **Expansion into Convenience Stores**: The company is seeing growth in the convenience store segment, which is expanding its food offerings significantly, presenting new opportunities for PAR [58][60] Key Takeaways - PAR Technology is well-positioned in the restaurant technology space with a strong focus on integrated solutions and AI capabilities - The company is navigating a challenging macro environment while capitalizing on trends towards cloud adoption and unified data systems - Future growth is expected to come from both existing product enhancements and expansion into new markets, particularly convenience stores

Summary of Astera Labs Conference Call Company Overview - **Company**: Astera Labs - **Industry**: Semiconductor, specifically focusing on products for cloud and AI infrastructure Key Points and Arguments Market Opportunity - Initial market opportunity outlined during the IPO was approximately **$7 billion**, which has significantly increased to a **$14 billion-$15 billion** served addressable market (SAM) due to new product developments and market expansions [2][6] - The growth is driven by the secular trends in cloud and AI infrastructure, with Astera aiming to maximize revenue from each accelerator shipped [2][3] Product Segments - **Retimer Business**: - Currently represents about **two-thirds** of total revenue, with expectations of **60%-70%** growth this year [8][9] - Transitioning to PCIe Gen 6, which is expected to drive higher average selling prices (ASP) by approximately **20%** [10][11] - **Signal Conditioning and Ethernet Solutions**: - The company is expanding its offerings from **50 gig per lane** to **100 gig per lane** solutions starting next year, with further plans for **200 gig per lane** [4] - **Scorpio Product Line**: - Launched to enhance market opportunities, with the P series and X series each representing an incremental opportunity of **$2.5 billion to $3 billion** [5] Competitive Landscape - Astera Labs is currently the only company shipping PCIe Gen 6 solutions, holding a significant competitive advantage [13][14] - The company acknowledges increased competition from established players like Broadcom and Marvell but maintains confidence in its market position due to its early entry and established customer relationships [12][13] Future Growth and Development - Astera Labs is optimistic about the growth trajectory, with a strong pipeline of design wins and customer engagements expected to ramp up in **2026** [19][27] - The company is also developing UA Link, a new standard aimed at optimizing AI workloads, with expectations to have products ready for customer testing by the end of **2024** [35][36] CXL and Leo Opportunities - The company sees potential in the CXL market, estimating a **$4 billion** opportunity by **2028**, assuming a high adoption rate of CXL-capable CPUs [47][48] - Recent engagement with Microsoft to support large database applications indicates a positive outlook for growth in this area [47] Additional Important Insights - Astera Labs emphasizes the importance of software solutions and analytics for data center management, which adds value to their hardware offerings [22][23] - The company is focused on building an open ecosystem for UA Link, which aims to provide a standardized approach to scale-up networking for AI applications [39][40] This summary encapsulates the key insights from the conference call, highlighting Astera Labs' market position, growth strategies, and future opportunities in the semiconductor industry.

One unfortunate thing is university curricular is slow to change. I actually feel pretty bad that even today there are universities graduating CS undergrads that have not made a single call to a single ELM API on the internet. Imagine graduating a CS undergrad that has never heard of cloud computing.It's like oh I don't need to just run things. That's weird. You just can't be a CS major and not know how to do things on the cloud.I feel like we've got to not train CS majors without also making sure they know ...

Core Insights - Lumen Technologies has launched Lumen Defender Advanced Managed Detection and Response (AMDR) in collaboration with Microsoft Sentinel, aimed at enhancing security for organizations amid rising cyber threats [1] Company Developments - The new solution is a fully managed, cloud-native security offering that integrates Lumen's global network intelligence with Microsoft's security platform [1] Industry Trends - The acceleration of AI and cloud adoption is leading to an increase in the speed and sophistication of cyberattacks, necessitating advanced security measures [1]