Barclays (NYSE:BCS) Q4 2025 Earnings call February 10, 2026 04:00 AM ET Company ParticipantsAlvaro Serrano - Head of European Banks ResearchAnna Cross - CFOC.S. Venkatakrishnan - CEOChris Hallam - Managing Director and Head of European Financials ResearchChristopher Cant - Head of Banks StrategyTim Piechowski - Co-Chief Investment OfficerConference Call ParticipantsAndrew Coombs - Equity Research AnalystGuy Stebbings - Equity Research AnalystJames Invine - AnalystJonathan Pierce - Equity Research AnalystMic ...

Core Viewpoint - MT ferrules are essential components in multi-core fiber optic connectors, playing a critical role in modern high-speed optical communication networks, with increasing demand driven by the expansion of 5G, 6G, and data centers [3][4][6]. Market Overview and Forecast - The global MT ferrule market is projected to grow from USD 262 million in 2024 to USD 416 million by 2031, with a compound annual growth rate (CAGR) of approximately 8.5% [6]. - In terms of volume, global sales of MT ferrules are expected to rise from approximately 84.87 million units in 2024 to 137.67 million units by 2031 [6]. - The 16-24 core type of MT ferrule is the most widely used, expected to account for about 65.31% of the market share in 2024, particularly in data centers and communication base stations [6]. Application Areas - The primary application area for MT ferrules is signal base stations, projected to account for approximately 39.08% of global revenue in 2024, followed by data centers and consumer electronics [6]. - The Asia-Pacific region has been the largest market for MT ferrules, expected to maintain a leading position with a market share of about 52.01% in 2024 [6]. Industry Drivers - The rapid development of cloud computing, artificial intelligence, and big data is driving the demand for high-speed and large-scale data center construction, which in turn increases the need for MT ferrules [9]. - The trend towards domestic production and the maturation of the supply chain for optical modules and connectors are raising the demand for high-precision MT ferrules [9][10]. Competitive Landscape - Major manufacturers of MT ferrules include USConec, Hakusan, Nissin Kasei, Sumitomo, and Furukawa Electric, which collectively hold over 71.57% of the market share [8]. - The industry is characterized by high concentration, and competition is expected to intensify as the optical communication market in China and the Asia-Pacific region grows rapidly [8]. Development Trends - There is a trend towards higher core counts and port densities in MT ferrules, with a shift from traditional 8-core and 12-core to 16-core and 24-core configurations to meet the demands of ultra-large data centers and AI computing clusters [15]. - The demand for single-mode MT ferrules is increasing as data center transmission distances lengthen, requiring higher precision and quality [16]. - Low-loss and ultra-low-loss MT ferrules are becoming core competitive indicators, with manufacturers focusing on optimizing materials and processing techniques to enhance performance [17].

天眼查工商信息显示，近日，联想智联(凌源)智慧科技有限公司成立，法定代表人为刘峤，注册资本 2000万人民币，经营范围含工业互联网数据服务、软件外包服务、网络技术服务、物联网技术服务、人 工智能公共服务平台技术咨询服务、信息咨询服务、数字技术服务、云计算装备技术服务、信息技术咨 询服务等。股东信息显示，该公司由联想旗下广西联想智联信息科技有限公司全资持股。 ...

6 February 2026 | 12:52AM EST Equity Research Amazon.com Inc. (AMZN) Q4'25 Review: Investments Aimed at Compounded Platform Growth Aligned with Long-Term Strategic Initiatives Around AI & Commerce BUY Eric Sheridan +1(917)343-8683 | eric.sheridan@gs.com Goldman Sachs & Co. LLC Alex Vegliante, CFA +1(212)934-1878 | alex.vegliante@gs.com Goldman Sachs & Co. LLC Emma Huang +1(212)902-7229 | emma.huang@gs.com Goldman Sachs & Co. LLC | AMZN | | --- | | 12m Price Target: $280.00 | | Price: $222.69 | | Upside: 25. ...

Accessible version Amazon.com Cloud leader all in on capacity build; Buy Reiterate Rating: BUY | PO: 275.00 USD | Price: 222.69 USD AWS drives 4Q beat, but 1Q outlook leaves more to desire 4Q sales of $213bn was above Street at $211bn, while GAAP profit of $25.0bn beat Street at $24.8bn (and would have been $27.4bn excluding one-time charges). AWS growth of 24% accelerated q/q and beat expectations at 22% as capacity adds drove revenues. The 1Q sales guide for $173.5bn-$178.5bn bracketed Street at $176bn an ...

Key Takeaways Cloud computing remains a dominant investment theme, particularly so during the AI era. For those seeking exposure, Zacks Thematic Screens can lend a hand. Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future. Whether you're interested in cutting-edge technology, renewable energy, or healthcare innovations, our themes help you invest in ideas that matter to you..Let’s take a closer look at the ‘Cloud Computing’ theme and analyze a stock within, namely Micro ...

Core Insights - ServiceNow's shares have declined by 41.9% over the past three months, underperforming the broader Computer and Technology sector and the Financial-Miscellaneous Services industry [2][3] - Concerns regarding short-term growth, rising AI and cloud spending, and acquisition integration risks have contributed to the stock's decline [3][10] - Despite the downturn, ServiceNow's fundamentals indicate potential for a hold position, supported by strong AI adoption and a discounted valuation [8][20] Company Performance - ServiceNow's stock has underperformed compared to competitors like SAP, Microsoft, and Salesforce, which saw declines of 19.3%, 20.8%, and 20.9% respectively [4] - The company is experiencing increased adoption of its AI-native products, with Now Assist exceeding $600 million in Annual Contract Value (ACV) and new ACV more than doubling year over year [9][10] - The growth in AI adoption is translating into platform expansion, with enterprises increasing AI use for customer service and operations [11] Competitive Landscape - Competitors such as SAP, Salesforce, and Microsoft are embedding service management and workflow automation into their larger enterprise platforms, posing challenges for ServiceNow [5] - ServiceNow is leveraging a rapidly expanding partner ecosystem, including collaborations with Microsoft, OpenAI, and industry-specific alliances, to enhance AI adoption and interoperability [12][13] Valuation and Market Position - ServiceNow's valuation remains attractive, with a forward 12-month Price/Sales (P/S) multiple of 6.48X compared to the industry average of 13.88X, indicating potential for appreciation [14] - The company is facing pressures from elevated AI spending, acquisition integration risks, and weak technical momentum, which may impact margins and investor sentiment in the near term [20]

Core Viewpoint - Marvell Technology is a leading semiconductor company focused on powering data infrastructure for AI, cloud computing, 5G networks, enterprise storage, and automotive technology, emphasizing energy-efficient solutions amid rising AI demand [1]. Company Overview - Founded in 1995, Marvell is headquartered in Santa Clara, California, and operates in over 10 countries, with a market capitalization of approximately $68 billion [2]. Stock Performance - Marvell Technology stock has shown volatility, gaining 2% over the past five days but dropping nearly 4% in the last month and 12% over three months. Year-to-date, MRVL stock is down 6%, with a 27% decrease over the past 52 weeks. Currently, shares are 29% off the 52-week high of $113.54 [3]. - Compared to the Nasdaq Composite, Marvell has underperformed, with a one-month loss of nearly 4% against the index's 3% loss, and a six-month gain of almost 4% trailing the index's more than 7% rise. Over the past 52 weeks, MRVL stock's decline contrasts with the Nasdaq Composite's gains of approximately 18% [4]. Financial Performance - Marvell Technology reported strong third-quarter fiscal 2026 results, with revenue reaching a record $2.075 billion, up 37% year-over-year and exceeding its guidance midpoint by $15 million, beating analyst estimates of $2.07 billion. Non-GAAP diluted EPS was $0.76, surpassing forecasts of $0.74 [6]. - Data center revenue, which constituted 73% of total sales, was a key growth driver due to strong AI demand. GAAP gross margin was 51.6%, while non-GAAP gross margin was 59.7%, reflecting a sequential increase of 30 basis points. Operating cash flow reached a record $582 million, and GAAP net income per share was $2.20, indicating solid profitability [7].

Core Insights - Microsoft experienced a strong stock performance in 2025, driven by its significant investment in artificial intelligence (AI), which integrated AI features across various services, leading to a peak share price of $541 [2][3] - However, the stock has since declined approximately 27% to around $401 per share, with a year-to-date decrease of about 17%, raising concerns among investors [3] Financial Performance - In the fiscal second quarter, Microsoft reported revenue exceeding $81 billion, marking a 17% increase year-over-year, with strong performance in core segments despite market pressures [4] - The Productivity and Business Processes segment grew 16% to $34 billion, while the Intelligent Cloud segment surged 29% to nearly $33 billion; however, the Personal Computing segment saw a 3% decline to about $14 billion [4] - Overall cloud revenue reached $51.5 billion, up 26%, crossing the $50 billion quarterly threshold for the first time, indicating a significant shift towards cloud and AI-driven services [5][8] Profitability Metrics - Microsoft maintained impressive profitability, with gross margins in the high 60% range, operating income rising 21% to $38 billion, and net income increasing 60% to $38.5 billion [6] - Adjusted earnings per share were reported at $4.14, reflecting a 24% increase, showcasing the company's ongoing profitability despite heavy investments in growth [6] Investment in AI - The company is heavily investing in capital projects, expanding data centers and AI capabilities to meet rising demand, which has led to record-level investments in certain areas [7] - This capital expenditure has created short-term pressure on free cash flow as resources are allocated towards scaling operations rather than immediate cash generation [7] - A significant portion, 45%, of Microsoft's $625 billion revenue backlog is linked to commitments with OpenAI, which has raised concerns among investors regarding concentration risk [8]

Core Insights - TC Energy Corporation (TRP) is scheduled to report its fourth-quarter earnings on February 13, with earnings estimated at 65 cents per share and revenues at $2.93 billion [1][7]. Group 1: Recent Performance - In the last reported quarter, TRP's adjusted earnings were 56 cents per share, aligning with consensus estimates, driven by strong performance in its Canadian, U.S., and Mexico Natural Gas Pipelines segments [2]. - TRP's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million [2]. Group 2: Earnings Surprise History - TRP has beaten consensus estimates in two of the past four quarters, matched in one, and missed once, resulting in an average surprise of 2.49% [3]. - The Zacks Consensus Estimate for fourth-quarter 2025 earnings has experienced one upward and three downward revisions in the past 30 days, indicating a projected 13.33% year-over-year decrease in earnings, while revenues are expected to increase by 14.79% [3]. Group 3: Factors Influencing Q4 Performance - TRP generates income by operating a vast network of pipelines for natural gas and oil transportation, charging fees for these services, and also earns from natural gas storage and power generation [4]. - The company is expected to see improved revenues in the upcoming quarter, but rising expenses may negatively impact its bottom line, as total costs and expenses were higher in the previous quarter [5][7]. Group 4: Earnings Prediction Model - The current model does not predict an earnings beat for TRP this season, as the Earnings ESP is -0.23% and the company holds a Zacks Rank of 3 [6][8].