Core Viewpoint - Wealthfront's stock price declined over 16% following a report of decreased customer deposits, despite overall asset growth and revenue increases. Group 1: Financial Performance - Total assets on Wealthfront's platform increased by 21% year over year to $92.8 billion as of October 31, driven by a 20% rise in funded client accounts to 1.38 million [2] - Wealthfront's revenue rose 16% year over year to $93.2 million, with EBITDA climbing 24% to $43.8 million [4] Group 2: Asset Management - Cash management assets increased by 14% to $47 billion, supported by high yields on online savings products and FDIC insurance for individual accounts [2] - Investment advisory assets surged by 31% to $45.8 billion, aided by rising stock prices and client fund transfers from savings to investment accounts [3] Group 3: Deposit Trends - Wealthfront experienced $208 million in net deposit outflows in December, contrasting with net inflows of $874 million in December 2024 [5] - The decline in cash management assets largely offset the increase in investment advisory assets, raising concerns among investors about the sustainability of asset growth [5]

Core Insights - Alphabet's drone subsidiary, Wing, is expanding its rapid delivery network in partnership with Walmart, aiming to reach an additional 150 Walmart outlets this year and establish over 270 dedicated drone hubs by 2027, potentially serving over 40 million consumers in the US [1][5] Group 1: Expansion and Consumer Behavior - Wing's expansion builds on the success of its existing program, with the top 25% of customers placing orders approximately three times weekly, indicating a shift in consumer behavior towards expecting seamless, contactless delivery options [2] - Drones are redefining the last-mile delivery challenge in e-commerce, enabling deliveries of small packages in under 30 minutes, which addresses issues of lengthy shipping times and high costs that deter impulse buys [3] Group 2: Retail Ecosystem and Sustainability - The integration of drone deliveries allows retailers like Walmart to reduce reliance on ground transportation, potentially lowering carbon emissions and alleviating urban traffic congestion, aligning with broader sustainability goals in e-commerce [4] - The scalability of drone delivery networks could democratize access to rapid delivery in suburban and semi-urban areas, expanding market reach beyond densely populated cities [5] Group 3: Fintech Integration - Fintech applications enhance customer experiences by enabling frictionless transactions through integrated payment gateways, allowing for one-tap transactions within apps like Walmart's mobile platform [6] - AI-driven personalization in fintech tools suggests drone-eligible items and optimizes inventory based on real-time demand signals from drone orders, improving supply chain efficiency [7][8] Group 4: Consumer Expectations and Trust - In an era of immediacy, fintech plays a crucial role in secure data handling and fraud prevention, building trust and loyalty among consumers [9] - The synergy between drone technology and fintech could set new standards in digital commerce, making it faster, smarter, and more inclusive [9]

Group 1: Fintech Stocks Overview - Five fintech stocks to watch include Rocket Companies, UP Fintech, Joint Stock Company Kaspi.kz, DeFi Development, and Society Pass, identified by MarketBeat's stock screener tool [2] - Fintech stocks represent companies that utilize technology to provide financial services, such as payment processing, digital banking, and online lending, offering exposure to innovation-driven growth in finance [2] Group 2: Rocket Companies (RKT) - Rocket Companies, Inc. is a fintech holding company that provides mortgage lending, title and settlement services, and other financial technology services in the U.S. and Canada [3] - The company operates through two segments: Direct to Consumer and Partner Network, with solutions including Rocket Mortgage, Amrock, Rocket Homes, and Rocket Loans [3] Group 3: UP Fintech (TIGR) - UP Fintech Holding Limited focuses on providing online brokerage services primarily for Chinese investors, offering a platform for trading stocks, options, and other financial instruments [4] - The company also provides value-added services such as investor education and community engagement [4] Group 4: Joint Stock Company Kaspi.kz (KSPI) - Joint Stock Company Kaspi.kz offers payments, marketplace, and fintech solutions in Kazakhstan, operating through three segments: Payments Platform, Marketplace Platform, and Fintech Platform [5] - The Payments Platform facilitates transactions between customers and merchants [5] Group 5: DeFi Development (DFDV) - DeFi Development is a B2B fintech marketplace that connects commercial property borrowers and lenders, aiming to enhance efficiency and transparency in the commercial real estate lending market [6] - The platform provides technology to assist borrowers in refinancing, building, or purchasing commercial properties [6] Group 6: Society Pass (SOPA) - Society Pass Incorporated operates fintech and e-commerce platforms across multiple countries, including Singapore, Vietnam, and the U.S., focusing on various segments such as online grocery delivery and digital marketing [7][8] - The company aims to serve both consumers and merchants through its diverse range of services [8]

Core Insights - Both retail and institutional investors are optimistic about fintech stocks in 2026, while interest in crypto stocks is declining [1][2] - The survey by Mizuho indicates a bullish sentiment towards fintech, with retail investors showing a 3.1x attractiveness ratio and institutional investors a 2.7x ratio compared to 2025 [3] Fintech Sector - Investors are particularly excited about the consumer lending space, highlighting companies like SoFi Technologies, Affirm Holdings, and Upstart [4] - Retail investors show enthusiasm for payment and checkout stocks such as PayPal, while institutional investors prefer payment networks like Visa and Mastercard [4] Crypto Sector - There is a bearish sentiment among institutional investors regarding crypto treasury companies, with notable declines in stock prices, such as a 50% drop for Strategy [5] - Both retail and institutional investors are uncertain about the future of crypto in 2026, with 53% of retail and 58% of institutional investors expecting an improvement over 2025, but lacking a clear direction [6] - Retail investors have mixed feelings about crypto/retail exchanges, ranking them as both the best (19%) and worst (16%) sectors [7]

Core Insights - Alphabet Inc. has surpassed Apple in market value for the first time since 2020, with a valuation of $3.88 trillion compared to Apple's $3.84 trillion, driven by enthusiasm for its advancements in artificial intelligence [1][2] Company Developments - Alphabet's resurgence is largely due to strategic investments in AI technologies, such as the Gemini AI suite, which promise transformative applications across various sectors [2][3] - Apple is facing challenges in its AI initiatives, including key personnel departures and delays in enhancing its Siri virtual assistant, raising concerns about its innovation pipeline [3][4] Industry Implications - The market cap shift highlights broader implications for the financial technology sector, where both companies have significant influence [4][11] - Alphabet's AI-driven tools, including fraud detection algorithms and personalized financial recommendations, are increasingly integrated into banking apps and investment platforms, fostering innovation among startups [5][6] Fintech Landscape - The fintech market is projected to grow to over $500 billion by 2030, driven by AI adoption and enhanced user experiences [7] - Alphabet's Google Cloud is actively supporting blockchain developers, positioning the company as a bridge between traditional tech and web3, potentially driving mainstream crypto adoption [8][9] Competitive Dynamics - Apple's recent AI setbacks may hinder its progress in fintech features, allowing competitors like Alphabet to gain an advantage [6][10] - The evolving digital economy, influenced by Alphabet's role, could invigorate web3 investments and encourage institutional participation [10][11]

Core Insights - NewtekOne, Inc. is hosting its "2026 Analyst and Investor Day" on January 8, 2026, at its Boca Raton headquarters, with a live webcast available for participants [1][2] - The event will feature key presentations from company executives, including Barry Sloane, who will discuss the company's technological advancements and provide EPS guidance for 2026 of $2.15 - $2.55 [2][3] Company Overview - NewtekOne is a financial holding company that offers a wide range of business and financial solutions to independent business owners across all 50 states since 1999 [4] - The company's services include banking, business lending, electronic payment processing, accounts receivable financing, insurance solutions, and technology solutions [5] Event Highlights - The Investor Day marks the three-year anniversary of Newtek's acquisition of Newtek Bank, N.A., emphasizing the transition to a technology-enabled financial holding company [3] - Barry Sloane expressed the company's commitment to leveraging technology for efficient financial services, including deposit acquisition and loan processing [3]

Core Insights - Hg has acquired OneStream for an equity value of approximately $6.4 billion, marking a return to private ownership just 17 months after its IPO, reflecting changing dynamics in the tech sector amid economic uncertainties [1][3] - OneStream provides an AI-enabled platform for enterprise finance management, serving major clients like Toyota and UPS, and competes with industry leaders such as Oracle and SAP [2][9] Company Overview - OneStream, founded in 2010, has evolved from Oracle's Hyperion technology into a unified system for streamlining financial processes for large organizations [3] - The company went public in July 2024 with an initial valuation near $6 billion but saw its market cap decline to about $4.48 billion by early January 2026 due to softer macroeconomic conditions [3] Acquisition Details - Hg will become the majority voting shareholder, with minority stakes held by General Atlantic and Tidemark, while KKR exits its position entirely [5] - The acquisition offers OneStream shareholders $24 per share, representing a 31% premium over the January 5, 2026 closing price and a 27% uplift from the 30-day volume-weighted average [5] Strategic Implications - Leadership continuity is assured with CEO Tom Shea remaining in charge, allowing OneStream to focus on AI-driven innovations without public market pressures [6] - Hg's involvement is expected to enhance OneStream's growth trajectory and AI capabilities, aligning with broader trends in fintech where AI integration is driving consolidation [6][8] Market Response - Following the announcement, OneStream shares surged over 28%, indicating a positive market reaction [7] - Analysts view the acquisition as a vote of confidence in OneStream's platform, suggesting it could reshape the competitive landscape and enable the company to capture more market share [9]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Theme Machine**, which evaluates the attractiveness of various investment themes across nearly 5,000 listed companies, analyzed by over 200 Citi Fundamental Analysts [1][8]. Core Insights - **Valuation Impact**: The attractiveness of AI themes is currently weighed down by valuation concerns, despite high interest [4][17]. - **Performance Recovery**: After two months of underperformance, the Global Theme Machine model rebounded, with attractive portfolios outperforming by nearly 2% [2][18]. - **Top Themes**: The 'Fintech' sector remains dominant, with **Mobile Payments**, **Digital Currency**, and **FinTech** in the top five themes. The **Space Race** theme was the best performer in December, increasing by nearly 10% [3][4][22]. - **AI Themes**: AI Enablers and AI Adopters rank just outside the top 10, primarily due to valuation issues. AI Enablers are ranked 13th, while AI Adopters are 15th [4][17]. Rankings and Changes - **Top Ranked Themes**: - **Risky Business** remains the top theme, followed by **Mobile Payments**, **Digital Currency**, and **FinTech** [12][40]. - **Infrastructure** has entered the top rankings, replacing **Defence**, which has dropped out of the top 10 [3][12]. - **Bottom Ranked Themes**: - **Greening the Home** continues to be the lowest-ranked theme, focusing on sustainable residential solutions [13][24]. - New entrants in the bottom 10 include **Feminine Health & Fem Tech**, **Biofuels**, and **Immunotherapy** [13]. Performance Metrics - **Monthly Performance**: The MSCI World index showed a return of 0.84% in the last month, with the **Space Race** theme leading at 9.36% [23][24]. - **Underperforming Themes**: Healthcare-related themes, including **Generics & Biosimilars** and **Immunotherapy**, were among the worst performers [24]. Additional Insights - **Theme Mapping**: The Global Theme Machine includes over 90 themes and provides a systematic framework for investors to evaluate and compare these themes quantitatively [8][9]. - **Macro Sensitivity**: The report highlights the macro sensitivities of themes, allowing investors to gauge interest levels and contextualize themes within broader economic conditions [9]. Conclusion - The Global Theme Machine continues to provide valuable insights into investment themes, with notable shifts in rankings and performance metrics. The focus on AI themes, while currently hindered by valuation concerns, remains a point of interest for future investment strategies [1][4][17].

Core Viewpoint - Bunq has re-applied for a de novo banking license in the U.S. after previously withdrawing its application due to regulatory differences between the U.S. and the Netherlands [1][2]. Group 1: Company Developments - Bunq aims to launch its services in U.S. metropolitan areas with large expatriate communities if its application is approved [2]. - The platform will enable users to quickly build credit scores using European financial records and maintain both U.S. and European checking accounts if eligible [2]. - CEO Ali Niknam emphasized the need for a safe and user-friendly banking solution for users living across borders [3]. Group 2: Regulatory Context - Several fintech companies have recently applied for banking licenses with the Office of the Comptroller of the Currency (OCC), reflecting a trend of relaxed financial regulations [4]. - The OCC has conditionally approved applications for several digital asset firms and a de novo bank charter for Erebor Bank [4]. - Bunq's CEO indicated a preference for a thorough evaluation process rather than rushing the application [5].

Group 1 - The current market offers a unique opportunity for investors to gain exposure to private, venture-style tech investments without the need for traditional brokerage accounts or stock trading [2] - The Fundrise Innovation Fund serves as a bridge between venture capital and mutual funds, targeting small, long-term investors [3] - This fund is a closed-end, non-diversified tender-offer fund that allocates capital to private technology companies, focusing on artificial intelligence, software, and modern data infrastructure [4] Group 2 - The minimum investment for the Innovation Fund starts at around $10, significantly lower than traditional venture funds that typically require six-figure commitments [5] - The fund operates with limited liquidity, as shares do not trade on an exchange and investors can only exit during periodic tender offers [5][6] - The portfolio includes notable private companies such as OpenAI, Anthropic, Databricks, and Canva, which are well-capitalized and central to current AI and software infrastructure trends [7] Group 3 - Ownership of shares in the Innovation Fund does not equate to owning stock in any single company, as performance is based on the overall portfolio rather than individual company success [8]