© 2026 Bentley Systems, Incorporated. All rights reserved. 1 February 26, 2026 Perspectives from the Executive Chair 01 Perspectives from the CEO 02 Perspectives from the CFO Q&A 03 04 © 2026 Bentley Systems, Incorporated. All rights reserved. 2 Agenda Disclaimer BSY fourth quarter and full year 2025 results and 2026 financial outlook This presentation includes forward-looking statements regarding the future results of operations and financial position, business strategy, and plans and objectives for future ...

Core Insights - Nvidia (NVDA) has reported its quarterly earnings, marking the last of the "Magnificent Seven" tech stocks to do so, providing important insights into the demand for its AI chips, which are integral to the substantial investments in AI by major tech companies [1] Group 1: Earnings Reports - The fourth quarter earnings season is nearing its conclusion, with Nvidia's results being a significant highlight [1] - Other notable companies reporting this week include Warner Bros. Discovery (WBD) and Paramount Skydance (PSKY), which is currently competing with Netflix for acquisition [2] - Upcoming earnings reports are expected from Salesforce (CRM), Home Depot (HD), and Lowe's (LOW) [2]

No matter how transformative AI is, the sector faces two main challenges to its growth in the US. ...

Core Insights - Baidu's AI Cloud revenue for the year 2025 reached 30 billion yuan, indicating significant growth in the sector [1] - Subscription-based revenue from AI high-performance computing facilities grew by 143% year-on-year in the fourth quarter, becoming a major growth driver [1] - In 2025, Baidu Smart Cloud achieved the highest number of large model-related bidding projects and bid amounts, maintaining its position as the leading cloud vendor for two consecutive years [1]

Core Insights - AI is being positioned as a partner rather than a replacement, which is crucial for future economic activities [2][4] - The introduction of AI tools by Anthropic, such as Claude Cowork, signifies a shift in market sentiment towards collaboration with AI [2][3] Group 1: AI's Impact on Industries - The emergence of AI is causing significant disruption in sectors like software and financial services, leading to a mix of excitement and fear among professionals [3][4] - AI's integration into various professional fields is essential for its effectiveness, as it requires specialized knowledge from humans to function optimally [4][5] Group 2: Economic Opportunities with AI - AI is expected to expand economic freedom by enabling individuals or teams to operate alongside AI, lowering market entry barriers across industries [5][6] - The potential for personalized supply and demand will increase as AI can quickly match individual preferences, leading to a more diverse economic ecosystem [5][6] Group 3: Human-AI Collaboration - The ability to define and express intentions accurately will become a core competitive advantage for individuals in the AI era [6] - The future of work will focus on guiding AI through precise task definitions rather than traditional coding, emphasizing the importance of effective communication with AI [6]

Company Overview - Linde plc (NASDAQ:LIN) is a leading provider of industrial gases and has a market capitalization of $238.33 billion [2]. - The stock closed at $508.27 per share on February 25, 2026, with a one-month return of 11.71% and a 52-week gain of 10.43% [2]. Performance Analysis - The Aristotle Growth Equity Fund sold its position in Linde plc due to a prolonged trend of negative base volumes attributed to soft industrial activity in Europe [3]. - The fund noted that Linde's high exposure to North American industrial markets poses increased risks if the U.S. economy experiences a prolonged slowdown [3]. Investment Sentiment - Linde plc is not among the 30 Most Popular Stocks Among Hedge Funds, although 89 hedge fund portfolios held the stock at the end of Q4 2025, an increase from 76 in the previous quarter [3]. - The fund believes that certain AI stocks present greater upside potential and carry less downside risk compared to Linde plc [3].

Core Viewpoint - Arthur Hayes, Chief of Maelstrom Investment, predicts an impending financial crisis driven by AI, which he believes will lead to significant job losses among U.S. knowledge workers and ultimately push Bitcoin to new record highs [5]. Group 1: Market Outlook - Hayes suggests that Bitcoin may face short-term challenges, potentially consolidating or dropping below $60,000 as market conditions worsen [1]. - The equity market is showing signs of this shift, with declines in software-as-a-service stocks and the SPDR Consumer Discretionary ETF, while discount retailers like Walmart are seeing stock increases [1]. - Bitcoin's recent divergence from the Nasdaq 100 is viewed as a warning signal of a liquidity crunch, as the asset has historically been sensitive to liquidity changes [3]. Group 2: Economic Impact of AI - An analysis by Hayes estimates that AI could render 20% of the U.S.'s 72.1 million knowledge workers jobless, leading to $557 billion in credit and mortgage losses and a 13% equity drawdown for the banking industry, which he compares to the 2008 Financial Crisis [4]. - The crisis triggered by AI is expected to compel the Federal Reserve to engage in massive quantitative easing, which could be beneficial for perceived risk assets like Bitcoin [5]. Group 3: Current Bitcoin Status - Bitcoin is currently trading just below $65,000 and has experienced a 26% decline so far this year [6].

Dow Jones Futures Rise; Nvidia Climbs In Buy Zone After Strong Earnings, Guidance | Investor's Business DailyBREAKING: [Dow Futures Rise After Strong Nvidia Earnings]---Dow Jones futures rose slightly early Thursday, along with S&P 500 futures. Nasdaq futures were little changed. Nvidia (NVDA) climbed slightly after the AI giant reported accelerating earnings growth and bullish guidance. FTAI Aviation (FTAI), Salesforce.com (CRM), Snowflake (SNOW) and Sterling Construction (STRL) were among the many notable ...

Amid the military build-up by the U.S. in the Middle East, the third round of nuclear talks between the United States and Iran in Geneva is watched by investors on Thursday.In the Corporate sector, fears of AI airbubble was quashed by optimism created by Nvidia's surged in earnings supported by revenue growth. The AI bellwether Nvidia posted record fourth quarter earnings of $42.960 billion, or $1.76 per share compared to $22.091 billion, or $0.89 per share, last year. Revenue was $68.12 billion, led by a ...

Vipshop (NYSE:VIPS) Q4 2025 Earnings call February 26, 2026 07:00 AM ET Company ParticipantsEric Ya Shen - Co-founder, Chairman, and CEOJessie Zheng - Head of Investor RelationsMark Wang - CFOConference Call ParticipantsAlicia Yap - Managing Director and Senior Equity AnalystRonald Keung - Equity Research AnalystOperatorLadies and gentlemen, good day, everyone, welcome to Vipshop Holdings Limited 4th Quarter and Full Year 2025 Earnings Conference Call. At this time, I would like to turn the call to Ms. Jess ...