J.P. Morgan 44th Healthcare Conference Prahlad Singh Chief Executive Officer January 13, 2026 Safe Harbor This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to the Company's customers and end-markets, plans concerning business development oppo ...

Thermo Fisher Scientific FY Conference Summary Company Overview - **Company**: Thermo Fisher Scientific (NYSE:TMO) - **Revenue**: $44 billion - **Employees**: 120,000 - **R&D Investment**: Approximately $1 billion annually - **Market Share**: About 20% in the life sciences tools and diagnostics industry [4][7][20] Key Points from 2025 Performance - **Operational Success**: 2025 was characterized by excellent performance and effective navigation of market conditions, leading to significant advancements in growth strategy [3][12] - **End Markets**: The company serves four primary end markets: Pharma and biotech (56% of revenue), diagnostics and healthcare, academic and government, and industrial and applied [6][8] - **Market Trends**: Aging population and increasing demand for affordable healthcare are driving growth in the industry [8][9] - **Financial Growth**: Averaged 10% growth in top line over the last decade, with low double-digit growth in adjusted earnings per share and free cash flow [11] 2026 Outlook - **Market Context**: Positive sentiment in the biotech sector with improving funding and confidence in pharmaceutical investments [28] - **Growth Strategy**: Focus on executing growth strategy, gaining market share, and leveraging advanced AI capabilities for operational excellence [25][26] - **Revenue Growth Expectations**: Projected organic revenue growth of 3%-6% for 2026 and 2027, with expectations of 7%+ growth in 2028 and beyond [50][52] Capital Deployment and Acquisitions - **M&A Activity**: Active year with acquisitions including Solventum's purification and filtration business, a Sanofi manufacturing site, and a $9 billion acquisition of Clario [19][22] - **Strategic Fit**: Clario is expected to enhance Thermo Fisher's capabilities in clinical development and is projected to be accretive to earnings [48][49] Business Segment Performance - **Pharma Services**: High single-digit growth expected, benefiting from reshoring efforts and strong execution in clinical trials and drug product capabilities [34][36] - **Bioproduction**: Strong growth driven by leadership in media and single-use technologies, with the addition of Solventum expected to enhance the portfolio [37][38] - **Clinical Research**: Strong visibility and momentum in bookings, with a focus on accelerating drug development capabilities [40] - **Analytical Instruments**: Low single-digit organic growth, driven by innovation and demand from leading researchers despite a muted funding environment [41][43] Corporate Social Responsibility - **Environmental Initiatives**: Over 56% of global electricity sourced from renewable energy, on track to reach 80% by 2030 [24] - **Community Engagement**: Active in facilitating education and health equity initiatives globally [24] Conclusion - **Future Prospects**: Thermo Fisher is well-positioned for continued growth with a strong strategy, innovative product launches, and a commitment to operational excellence and corporate responsibility [26][29]

Core Insights - The rise of artificial intelligence (AI) has significantly transformed various sectors, with Nvidia emerging as the leading beneficiary in the technology industry [2] - Nvidia's market value skyrocketed from approximately $350 billion at the launch of ChatGPT to $4.5 trillion, making it the most valuable company globally [3] - Despite Nvidia's dominance, concerns exist regarding its ability to maintain sales growth due to increasing competition in the graphics processing unit (GPU) market [4] Company Analysis - Broadcom is currently viewed as a top AI chip stock, with 46 out of 48 analysts recommending a buy rating, indicating strong market confidence [5] - The bullish outlook on Broadcom is driven by the increasing capital expenditures in AI infrastructure, which many initially associate with Nvidia and Advanced Micro Devices [5] - Broadcom is strategically positioned to benefit from the growing demand for AI infrastructure, regardless of the GPU architecture used, whether from Nvidia, AMD, or custom designs from major cloud providers [7] Market Positioning - Unlike cyclical semiconductor businesses, Broadcom operates more as a royalty play, benefiting from incremental demand linked to AI infrastructure spending [8] - The semiconductor sector has seen strong performance due to the AI revolution, with Broadcom uniquely positioned to capitalize on long-term investment trends in AI infrastructure [9] - Broadcom's stock is currently trading at a modest valuation, suggesting potential for significant growth [9]

Core Insights - Amazon's cloud segment, AWS, showed strong margin performance in Q3 2025, with an operating income of $11.4 billion on revenues of $33 billion, resulting in a 34.6% operating margin, indicating robust demand and effective cost management [2][10] - AWS's trailing 12-month operating margin stabilized at 35.9% after previous compression due to AI investments, supported by the scaling of custom silicon strategy and significant revenue growth from Trainium2 chips [3] - AWS revenue growth accelerated to 20% year-over-year, adding $2.1 billion sequentially, reaching a $132 billion annualized run rate, with a substantial $200 billion backlog providing multi-year revenue visibility [4] Innovations and Competitive Position - The December re:Invent conference introduced innovations like Trainium3 UltraServers and Graviton5 processors, enhancing compute performance and energy efficiency, which bolster cost optimization for enterprise customers [5] - AWS's ability to monetize capacity investments while maintaining mid-30% margins, combined with accelerating growth and visible long-term demand, supports a positive stock outlook [6] Competitive Landscape - Microsoft’s Intelligent Cloud segment achieved a 43% operating margin in Q1 FY2026, with Azure revenue growth of 40%, showcasing its ability to balance expansion and margin discipline [7] - Alphabet's Google Cloud reported a 23.7% operating margin in Q3 2025, up from 17.1% the previous year, with operating income surging 85% year-over-year, indicating a strong margin improvement trajectory [7] Stock Performance and Valuation - Amazon shares returned 9.2% over the past six months, outperforming the Zacks Internet – Commerce industry and the Zacks Retail-Wholesale sector [8] - The Zacks Consensus Estimate for Amazon's 2026 earnings is $7.85 per share, reflecting a 9.46% increase from the previous year [11] - Amazon's stock appears overvalued with a forward P/E ratio of 31.16X compared to the industry average of 25.64X, indicating a Value Score of D [12]

Group 1 - The rise of artificial intelligence (AI) is driving significant growth in the technology sector, particularly benefiting semiconductor stocks [1] - Companies like Advanced Micro Devices, Broadcom, and Taiwan Semiconductor Manufacturing have experienced heightened interest during the AI revolution, with Nvidia's stock price soaring nearly 1,000% in three years, making it the most valuable company globally [2] - Increased competition in the GPU industry and the rise of custom ASICs from major cloud providers like Amazon, Microsoft, and Alphabet are shifting the narrative around Nvidia, presenting potential challenges to its dominance in the data center market [3] Group 2 - Micron Technology is predicted to become a favored stock among growth investors, as its role in the AI chip landscape is gaining recognition [4] - The semiconductor sector has consistently impressed investors with quarterly earnings, but understanding future demand trends requires deeper insights into big tech's spending patterns [6] - Major tech companies are projected to invest nearly half a trillion dollars in AI infrastructure by 2026, indicating robust demand for AI accelerators [7] - The demand for memory and storage solutions is surging due to increasing AI workloads, positioning Micron Technology favorably as it specializes in high-bandwidth memory chips [8]

Clearfield Conference Call Summary Company Overview - **Company**: Clearfield - **Industry**: Fiber connectivity and broadband services - **Key Executives**: CEO Cheri Beranek, CFO Dan Herzog Key Points Industry Dynamics - Clearfield operates in the fiber connectivity sector, providing essential equipment for broadband service providers to connect homes and businesses across the U.S. [3][5] - The company has seen growth in both community broadband and larger regional companies, indicating a shift in focus from smaller to larger service providers [3][5] - Competitors like Corning and CommScope are primarily focused on data centers and AI, leaving opportunities for Clearfield in underserved markets [3][5] Financial Performance - Clearfield achieved significant growth during COVID-19, scaling to $250 million in revenue, with a 50% increase in 2021 and 90% in 2022 [13][14] - The company reported a gross margin improvement from 20% to 33% due to better inventory utilization and increased sales volume [32][82] - Community broadband revenue was flat year-over-year, attributed to delays in the BEAD program, which is a $42 billion initiative for broadband deployment [15][16] BEAD Program Impact - The BEAD program has caused uncertainty in community broadband, leading to a cautious approach from customers awaiting funding [15][16] - Clearfield does not currently include BEAD funding in its 2026 forecast but anticipates potential business flow starting in 2026 [21][22] - The company is optimistic about future BEAD funding and is seeing increased quoting activity from customers [17][18] Competitive Landscape - Clearfield's competitors, particularly CommScope, have faced challenges due to unsustainable business practices, which may provide Clearfield with a competitive edge [62][65] - The divestiture of Nestor, a previous supplier, allows Clearfield to focus on its core business and improve profitability by eliminating low-margin operations [71][72] Strategic Initiatives - Clearfield is investing in R&D to expand into adjacent markets, including edge computing and IoT, as part of its growth strategy [73] - The company emphasizes a high-touch sales model, which has fostered long-term customer relationships and loyalty [12][14] - Clearfield is also initiating programs to train individuals from tribal communities to address labor shortages in broadband deployment [80] Future Outlook - Clearfield aims to leverage its strong balance sheet, with no debt and approximately $160 million in cash, for strategic growth opportunities [76][77] - The company is preparing for new product launches that will cater to the growing demand for edge computing and AI applications [49][56] - Clearfield's focus on underserved markets positions it well for future growth as demand for fiber connectivity increases [76] Additional Considerations - The company maintains a diverse customer base, with no single customer accounting for more than 10% of its business, reducing risk [37] - Clearfield's product offerings are designed to be flexible, allowing for scalability and adaptability to customer needs [45][46] This summary encapsulates the key insights from Clearfield's conference call, highlighting the company's strategic positioning, financial performance, and future growth opportunities in the fiber connectivity industry.

Core Insights - Western Digital Corporation (WDC) has experienced an impressive share price increase of 86.5% over the past three months, significantly outperforming the Zacks Computer-Storage Devices industry and the broader market [1][9] - The surge in WDC's stock is primarily driven by the explosive demand for data storage, particularly due to AI infrastructure, as organizations require high-capacity storage for large datasets [4][6] Company Performance - WDC has outperformed its peers in the storage industry, such as Super Micro Computer (SMCI) and Teradata (TDC), with TDC rising 48.7% and SMCI declining 43.3% during the same period [2] - The company has also surpassed its long-time rival Seagate Technology Holdings plc (STX), which saw a 51.4% increase [2] Market Dynamics - The demand for high-capacity storage is being driven by AI workloads that generate vast amounts of data, necessitating cost-effective storage solutions [6] - WDC remains a crucial player in the data infrastructure landscape, focusing on innovation in HDD technology to meet the growing demand for mass storage [6][7] Financial Metrics - WDC's shares are currently trading at a price/earnings ratio of 22.91 for forward earnings, compared to 20.86 for the industry [17] - The company anticipates ongoing revenue growth for the second quarter of fiscal 2026, supported by strong data center demand and improved profitability from high-capacity drives [10][11] Strategic Initiatives - WDC has approved a 25% increase in its dividend, reflecting strong momentum and rising margins, while also returning $785 million to shareholders through buybacks and dividends [12][9] - The company is balancing strategic investments with shareholder returns, generating $672 million in operating cash flow in the fiscal first quarter [12] Future Outlook - WDC's estimates for fiscal 2026 earnings have been revised upward by 0.4% to $7.66, while estimates for fiscal 2027 have increased by 6.8% to $10.51 [14] - The company is expected to benefit from next-generation technologies like HAMR, which could significantly influence its competitive position by 2026-27 [19]

Summary of Key Points from the Conference Call Industry Overview - **Dominant Theme**: AI is expected to remain the dominant theme in 2026, with significant stock performance improvements noted for Alphabet following the Gemini launch and TPU deals. The peak optimism for AI may not occur until highly visible AI decacorns go public [1][10] - **Top AI Sector Themes for 2026**: Key themes include AI capex returns, Agentic AI adoption, Open Internet traffic disruption, and OpenAI's ad ramp. The most significant event anticipated is Meta's Avocado LLM launch, with Agentic AI traction being a major theme for Google, OpenAI, and Amazon [1] Macro Economic Outlook - **GDP Growth Projections**: BofA economists forecast global growth at 3.2% and US growth at 2.4% for 2026. Key macro trends include potential impacts from US tax refunds, a K-shaped economy, and lower interest rates positively affecting valuations [2][25] - **Consumer Spending Dynamics**: Consumer and online media spending are positively correlated with GDP growth. The report highlights a K-shaped economy where higher-income households are expected to see better spending growth compared to lower-income households [37][45] Valuations and Market Performance - **Sector Valuations**: Internet sector valuations are currently below historical averages, with a forward year EV/EBITDA of 12x compared to a 5-year average of 16x. The P/E ratio for the sector is at 23x for 2027, also below the 5-year average of 34x [4][17] - **Stock Performance**: In 2025, larger caps outperformed small caps, with a 29% increase for large caps compared to a 9% decrease for small caps. Online travel and media sectors are expected to perform well in 1H'26 [5][12] Key Stocks and Recommendations - **Top Stock Picks for 1H'26**: - **Large Cap**: Amazon (benefits from cloud acceleration and AI deals) - **Travel and Transportation**: Expedia (expected bookings upside) - **Small Cap**: Wayfair (gains from tax refunds and logistics adoption) - **Gaming & Ad Networks**: AppLovin and Roblox [5][9] AI Revenue Opportunities - **Projected AI Revenue Growth**: The report estimates over $1 trillion in revenue opportunities driven by AI across cloud, digital advertising, and subscriptions. Specific projections include $500 billion in incremental cloud revenue, $400 billion in digital advertising, and over $200 billion in AI subscriptions [52][53] - **Enterprise AI Subscription Market**: The enterprise AI subscription market is expected to grow significantly, with estimates suggesting it could reach $100 billion by 2030 [67] Risks and Challenges - **Sector Risks**: Potential risks include poor returns on capex spending, AI business model disruptions, and increasing pressure on consumer spending. The report warns of a possible overbuild in sector capacity leading to lower ROI on capex [9][52] - **K-Shaped Economy Impact**: Companies with higher exposure to lower-income consumers, such as eBay and Carvana, may face growth slowdowns due to diverging spending patterns [45][46] Conclusion - The report emphasizes the importance of AI in shaping the future of the internet sector, with significant revenue opportunities and challenges ahead. Investors are advised to consider macroeconomic factors, sector valuations, and individual stock performance when making investment decisions [9][52]

Summary of the Uranium/Nuclear Outlook Conference Call Industry Overview - The conference focuses on the uranium and nuclear power industry, emphasizing the increasing importance of nuclear energy in the future economy and its role in electrification [1][3][31]. Key Points and Arguments Supply and Demand Dynamics 1. A long-term supply/demand model indicates that known uranium supply will be insufficient to meet the increasing demand for nuclear power, particularly for U3O8 (yellowcake) [1][5]. 2. The expected supply deficit in 2026 is not anticipated to widen significantly, with close monitoring of NexGen's public hearing results and Kazatomprom's production guidance [5][31]. 3. The tightening supply-demand imbalance suggests structurally higher uranium prices, with term prices expected to hold above $85/lb [1][3][58]. Nuclear Power Developments 4. Nuclear power is projected to gain importance in power generation, with potential announcements regarding new reactors expected in 2026 [1][31]. 5. The U.S. government and Westinghouse are expected to make announcements that could drive incremental uranium demand, particularly with the potential for new reactor builds [31][36]. Market Trends and Pricing 6. The uranium price forecast has been revised upwards, with estimates for 2026 increased from $82 to $85 and for 2027 from $84 to $88 [4][58]. 7. The correlation between nuclear energy and AI is expected to strengthen, with uranium trading increasingly in line with AI themes [1][83]. Regional Insights 8. Kazakhstan is expected to maintain supply discipline, avoiding flooding the market, while China will continue to expand its reactor pipeline and increase uranium imports [1][8][31]. 9. U.S. utilities are anticipated to ramp up uranium contracting in 2026, driven by long-term needs and potential new reactor announcements [92][94]. Investment Recommendations 10. Kazatomprom (KAP) and Cameco (CCJ) are highlighted as top picks for 2026, with KAP valued at $71/share and CCJ at $101/share, based on their strong asset bases and expected benefits from higher uranium prices [3][4][66][79]. Additional Important Insights - The potential for U.S. Navy reactors to be repurposed for data center power generation is noted, although it faces regulatory hurdles [89][90]. - The market is characterized by a finite amount of low-cost uranium resources, which could support higher prices in the long term [64][65]. - The sentiment around nuclear energy has shifted positively, with increasing recognition of its role in energy security and grid reliability [36][31]. This summary encapsulates the critical insights and projections regarding the uranium and nuclear power industry as discussed in the conference call, highlighting the expected trends, pricing forecasts, and investment opportunities.

Core Insights - Tradr ETFs has launched four new single stock leveraged ETFs, aiming to provide 200% long exposure to specific underlying stocks, marking its first ETF launches of 2026 [1] - The new funds focus on trending themes such as drone technology and rare earth resources, with UiPath highlighted for its potential in agentic automation [1] - Tradr ETFs has expanded its lineup to 58 leveraged ETFs, managing over $2 billion in assets, following a successful 2025 with 47 fund launches [1] Fund Details - The newly launched ETFs include Tradr 2X Long CRML Daily ETF (tracking Critical Metals Corp), Tradr 2X Long ONDS Daily ETF (tracking Ondas Holdings Inc), Tradr 2X Long PATH Daily ETF (tracking UiPath Inc), and Tradr 2X Long USAR Daily ETF (tracking USA Rare Earth Inc) [6] - These ETFs are designed for sophisticated investors and professional traders, allowing them to express high conviction investment views without the complexities of margin and options trading [1][2] Market Position - Tradr ETFs was the first issuer to launch leveraged ETFs on single stocks in 2022, starting with TSLQ for Tesla and NVDS for Nvidia [1] - The firm aims to provide innovative trading tools that enhance investors' ability to express market views with precision and efficiency [1]