Financial Performance - Microsoft's FY25 Q4 revenue reached $76.4 billion, an increase of 18% year-over-year (17% in constant currency) [4] - The company's gross margin was $52.4 billion, up 16% year-over-year (15% in constant currency) [4] - Operating income amounted to $34.3 billion, reflecting a 23% increase year-over-year (22% in constant currency) [4] - Net income reached $27.2 billion, a 24% increase year-over-year (22% in constant currency) [4] - Diluted earnings per share were $3.65, up 24% year-over-year (22% in constant currency) [4] Segment Performance - Productivity and Business Processes revenue was $33.1 billion, up 16% year-over-year (14% in constant currency) [4] - Intelligent Cloud revenue reached $29.9 billion, a 26% increase year-over-year (25% in constant currency) [4] - More Personal Computing revenue was $13.5 billion, up 9% year-over-year (9% in constant currency) [4] Cloud and Commercial Business - Microsoft Cloud revenue was $46.7 billion, up 27% year-over-year (25% in constant currency) [5, 7] - Commercial bookings increased by 37% year-over-year (30% in constant currency) [5, 7] - Commercial remaining performance obligation reached $368 billion, up 37% year-over-year (35% in constant currency) [5, 7] - Microsoft 365 Commercial cloud revenue grew 18% (up 16% CC) [9, 11, 19] Other Financial Highlights - The company returned $9.4 billion to shareholders, including $6.2 billion in dividends and $3.2 billion in share repurchases [8]

Microsoft said its Azure cloud-computing unit generated more than $75 billion during the 2025 fiscal year, the first time the company has put a dollar figure on a critical business it has spent more than a decade building https://t.co/LpcjZp5HHV ...

微软第四财季营收764.4亿美元，分析师预期738.9亿美元。 第四财季智能云营收298.8亿美元，分析师预期291亿美元。 第四财季Azure和其他云营收（剔除汇率因素）增长39%，分析师预期增长34.2%。 微软美股盘后涨7%。 ...

Core Viewpoint - Microsoft Inc. is set to report earnings, with expectations of a gain of $3.35 per share and revenue of $73.71 billion, while the Whisper number suggests a gain of $3.51 per share [4]. Financial Performance - Microsoft has shown consistent earnings growth over the years, with earnings per share increasing from $5.76 in 2020 to $11.80 in 2024, and projected to reach $13.42 in 2025 and $15.21 in 2026 [5]. - The current price-to-earnings ratio stands at 40, which is 1.7 times that of the S&P 500 [5]. Technical Analysis - The stock has recently reached a record high of just above $518 per share and is trading above its 50 and 200-day moving averages, indicating strong technical performance [6]. - Post-earnings, the market is anticipating a potential gap up if results are strong, or a gap down if results disappoint [6]. Business Segments - Microsoft operates through several segments, including Productivity and Business Processes, which offers services like Microsoft Teams and LinkedIn [7][8]. - The Intelligent Cloud segment provides cloud services such as Azure and enterprise solutions [8]. - The More Personal Computing segment includes Windows operating systems, Xbox gaming, and related services [9][10]. Sales Channels - The company sells its products through OEMs, distributors, resellers, and directly via digital marketplaces and retail stores [11].

Core Insights - Seagate Technology Holdings plc reported strong fourth-quarter fiscal 2025 results, with non-GAAP earnings of $2.59 per share, exceeding estimates by 5.3% and reflecting structural improvements and robust cloud-driven demand [1][8] - Non-GAAP revenues reached $2.44 billion, surpassing estimates by 1.6% and showing a 30% year-over-year increase, driven by massive data growth from hyperscale cloud customers and AI workloads [2][8] Financial Performance - Non-GAAP gross margin hit a record 37.9%, up 170 basis points quarter-over-quarter and 700 basis points year-over-year, supported by high-capacity nearline products and pricing strength [13] - Non-GAAP operating income rose to $640 million from $327 million a year ago, with an operating margin increase of 890 basis points year-over-year to 26.2% [14] Revenue Breakdown - Total HDD revenues, which account for 93.3% of total revenues, increased 32% year-over-year to $2.3 billion, driven by strong nearline cloud sales [11] - Mass capacity revenues surged 40% year-over-year to $2 billion, primarily due to increased nearline cloud demand [4][8] Shipment and Capacity - Seagate shipped 162.5 exabytes of HDD storage in the reported quarter, a 42% year-over-year increase, with average capacity per drive rising to 13 TB [6] - Nearline shipments to cloud and edge data centers made up the majority of mass capacity volume, with nearline drives accounting for 91% of total mass capacity exabytes shipped [5] Technology and Growth Drivers - The ongoing implementation and expansion of HAMR technology is a key driver for Seagate's growth, enhancing areal density and supporting next-generation storage solutions [3] - The company continues to benefit from a strong product mix and ongoing pricing improvements, which support non-GAAP hard drive gross margins above the company average [13] Cash Flow and Balance Sheet - As of June 27, 2025, cash and cash equivalents were $891 million, with long-term debt decreasing to $5 billion [15] - Cash flow from operations was $508 million, with free cash flow amounting to $425 million, indicating strong performance and expectations for higher free cash flow in the second half of 2025 [16] Future Outlook - Seagate's guidance for the first quarter of fiscal 2026 anticipates revenues of $2.5 billion (+/- $150 million), indicating a 15% year-over-year improvement [18] - Non-GAAP earnings are expected to be $2.3 per share (+/- 20 cents), with operating expenses projected around $290 million [19]

Core Insights - OpenText will participate in Black Hat USA 2025 to demonstrate its cybersecurity solutions aimed at protecting identities and detecting advanced threats [1][2] - The company emphasizes its AI-powered, end-to-end security portfolio designed to help enterprises reduce risk and enhance cyber resilience [2][3] Company Overview - OpenText Cybersecurity offers a comprehensive suite of security solutions for organizations of all sizes, focusing on prevention, detection, response, recovery, investigation, and compliance [3][4] - The company aims to help organizations grow and innovate securely through its Business AI, Business Clouds, and Business Technology offerings [4] Event Details - OpenText will showcase its cybersecurity capabilities at Booth 5739 during Black Hat USA 2025, taking place from August 2-7, 2025, at Mandalay Bay Convention Center, Las Vegas [3] Key Capabilities - Threat Detection and Response: Aims to help teams uncover threats earlier and respond faster through full-spectrum visibility and behavioral analytics [5] - Application Security Testing: Focuses on enabling developers to identify vulnerabilities early, reducing rework and improving accuracy [5] - Identity and Access Management: Supports secure access and consistent policy enforcement across hybrid environments with automation and strong authentication [5]

Financial Performance - Q2 2025 - Revenues reached $5 billion with 2% organic growth[10] - Organic orders grew by 3% year-over-year[10] - Adjusted EBIT was $729 million with a 14.6% margin, a decrease of 80 bps year-over-year[10] - Adjusted EPS was $1.06, a 6% increase year-over-year[10] - Free cash flow was $7 million, an increase of $189 million year-over-year[10] Segment Results - Q2 2025 - Imaging revenues were $2.204 billion, with organic revenue growth of 1%[16] - Advanced Visualization Solutions (AVS) revenues were $1.289 billion, with organic revenue growth of 2%[20] - Patient Care Solutions (PCS) revenues were $778 million, with organic revenue flat at 0%[24] - Pharmaceutical Diagnostics (PDx) revenues were $729 million, with organic revenue growth of 5%[29] Outlook and Tariffs - The company is raising its 2025 Adjusted EPS guidance to $4.43 - $4.63[9, 40] - The company expects a net tariff impact of approximately $265 million, or ~$0.45 per share[40] - The company has mitigated approximately 50% of gross tariffs[39] - The company is updating its 2025 organic revenue growth outlook to ~3%[44] - The company is updating its 2025 Adjusted EBIT Margin to 15.2% - 15.4%[44] - The company is updating its 2025 Free Cash Flow to at least $1.4 billion[44]

Core Viewpoint - The Global X Cloud Computing ETF (CLOU) provides broad exposure to the Technology - Cloud Computing segment, appealing to both institutional and retail investors due to its low costs and transparency [1][2]. Group 1: ETF Overview - CLOU is a passively managed ETF launched on April 12, 2019, with assets exceeding $333.37 million, categorizing it as an average-sized ETF in its sector [1][3]. - The fund aims to match the performance of the INDXX GLOBAL CLOUD COMPUTING INDEX, which includes companies benefiting from cloud computing technology [4]. Group 2: Costs and Performance - The annual operating expense ratio for CLOU is 0.68%, making it one of the more expensive ETFs in the cloud computing space [5]. - As of July 30, 2025, CLOU has experienced a year-to-date loss of approximately 2.13% but has gained about 17.6% over the past year, with trading prices ranging from $18.22 to $26.34 in the last 52 weeks [7]. Group 3: Holdings and Sector Exposure - Zscaler Inc (ZS) constitutes about 5.15% of CLOU's total assets, with the top 10 holdings representing approximately 43.44% of total assets under management [6]. - CLOU has a beta of 1.10 and a standard deviation of 27.91% over the trailing three-year period, indicating more concentrated exposure compared to its peers [7]. Group 4: Alternatives - CLOU holds a Zacks ETF Rank of 1 (Strong Buy), indicating strong potential for investors seeking exposure to the Technology ETFs segment [8]. - Other alternatives in the cloud computing ETF space include WisdomTree Cloud Computing ETF (WCLD) and First Trust Cloud Computing ETF (SKYY), with respective assets of $367.34 million and $3.59 billion [9][10].

Core Insights - The WisdomTree Cloud Computing ETF (WCLD) is a passively managed ETF launched on September 6, 2019, aimed at providing exposure to the Technology - Cloud Computing segment of the equity market [1] - The Technology - Cloud Computing sector is ranked 5th among the 16 Zacks sectors, placing it in the top 31% [2] Fund Overview - WCLD has assets exceeding $367.34 million, categorizing it as an average-sized ETF that seeks to match the performance of the BVP NASDAQ EMERGING CLOUD INDEX [3] - The BVP Nasdaq Emerging Cloud Index is designed to measure the performance of emerging public companies focused on cloud-based software [4] Cost Structure - The annual operating expenses for WCLD are 0.45%, which is competitive with most peer products in the sector [5] Holdings and Exposure - The ETF's holdings are transparent, with Us Dollar accounting for about 100% of total assets, followed by Zscaler Inc (ZS) and Olo Inc - Class A (OLO) [6] - The top 10 holdings represent approximately 118.09% of total assets under management [6] Performance Metrics - As of July 30, 2025, WCLD has experienced a loss of about 3.07% year-to-date but is up roughly 14.41% over the past year [7] - The fund has traded between $28.33 and $41.58 in the past 52 weeks, with a beta of 1.18 and a standard deviation of 32.78% over the trailing three-year period [7] Investment Alternatives - WCLD holds a Zacks ETF Rank of 1 (Strong Buy), indicating strong potential for investors seeking exposure to Technology ETFs [8] - Other ETFs in the cloud computing space include Global X Cloud Computing ETF (CLOU) and First Trust Cloud Computing ETF (SKYY), with assets of $333.37 million and $3.59 billion respectively [9][10]

近期，新华保险控股子公司新华资产以约1.5亿元实际获配金额，完成对全国首批数据中心公募REITs ——南方万国数据中心REIT与南方润泽科技数据中心REIT的投资认购。这标志着保险资金通过创新金 融工具深度参与数字新基建，成为新华资产践行"金融服务实体经济"使命、深耕金融"五篇大文章"的鲜 活实践。 2025年3月，国务院办公厅进一步部署通过基础设施公募REITs推动股权市场服务高质量发展，为数据 中心等新型基础设施注入长期资本。此次新华资产的精准投资，正是落实政策导向的关键举措，将保险 资金的长期性、稳定性优势与数字经济的发展需求深度对接。 数据中心作为数字经济的"算力底座"，其重资产属性与长周期运营特征，亟需长期资本、耐心资本支 持。新华资产始终秉持"金融为民"初心，此次布局数据中心REITs，彰显了其以耐心资本赋能高质量发 展的三重战略价值： 科技金融赋能实体经济。两大项目分别扎根长三角、京津冀经济圈，作为核心算力基础设施，直接为人 工智能、云计算等前沿产业提供 "算力保障"。新华资产通过REITs工具将保险资金转化为"科技燃料"， 助力数字产业集群突破基础设施瓶颈。 未来，新华资产将继续把自身发展融入 ...