Market Trend & Problem Statement - AI 将与未来的一切融合，对 GPU 和数据中心的需求正在爆炸式增长 [4] - 到 2030 年，需要比现在快四倍的速度建造多四倍的数据中心 [5] - 仅在美国，到 2030 年数据中心供应缺口将超过 15 吉瓦 [8] - 企业和公司 GPU 的空闲时间占 80% [9] - 构建数据中心面临挑战，例如成本高昂（第一个星际之门数据中心耗资超过 10 亿美元），连接电网速度慢（等待时间长达 7 年才能将 100 兆瓦的设施连接到北弗吉尼亚州的电网） [6][7] - GPU 和数据中心消耗了美国总用电量的 4%，并且环境可持续性较差，导致大量的二氧化碳排放 [8] Proposed Solution & Hyperbolic's Approach - 行业需要构建一个 GPU 市场或聚合层，以聚合不同的数据中心和 GPU 提供商，从而解决 GPU 用户的问题 [10] - Hyperbolic 正在构建一个名为 HyperDOS（Hyperbolic Distributed Operating System）的全球编排层，它类似于 Kubernetes 软件，允许任何集群在安装软件后成为网络中的一个集群 [11] - 用户可以通过多种方式租用 GPU，例如现货实例、按需、长期预留或托管模型 [11] - Hyperbolic 的 GPU 市场 H100 的 GPU 成本为每小时 0.99 美元，而 Google 的按需 GPU 成本为 11 美元 [13] - 通过统一的分销渠道，可以大幅降低价格 [13][14] - Hyperbolic 正在构建一个统一的平台，初创公司或公司不再需要审查不同的数据中心，只需选择评级高或价格最优的数据中心即可，还将对 GPU 的性能进行基准测试 [16] Benefits & Cost Savings - 通过 GPU 市场，可以节省 50% 到 75% 的成本 [13] - 通过 Hyperbolic，可以将成本从 4380 万美元降低到 690 万美元，节省 6 倍 [19] - 通过增加计算量，可以提高模型的质量，在相同的预算下，生产力可以提高 6 倍 [20] - 通过将闲置的 GPU 出售给其他人，可以帮助其他人获得更便宜的 GPU [20] Future Vision - GPU 市场将发展成为不同 AI 工作负载的一体化平台，包括 AI 推理（在线和离线）和训练作业 [21] - 行业应该更好地重用和回收那些闲置的计算资源，而不是仅仅关注构建数据中心，因为这会消耗大量能源和占用大量土地 [21]

A Bloomberg investigation found China is building data centers in the remote Xinjiang region to fuel its AI ambitions — and looking to buy 115,000 Nvidia chips to power them https://t.co/XUaOiLSxFN https://t.co/tMCtepYQf2 ...

Here in this remote northwestern corner of China, is a town at the center of the country's AI ambitions. We are going to go there to see how the construction going and basically get a better understanding of how these data centers fit in with the overall strategy, for China to build its AI capabilities The Xinjiang region is sensitive. China has been accused of human rights abuses against its ethnic Uyghur population.Foreign journalists who go here are monitored. It seems to be a white car following us. I'm ...

Stargate Project & Investment - Stargate 是 SoftBank 和 OpenAI 之间的一个合资企业，旨在对数据中心进行巨额投资 [1] - 宣布了 5000 亿美元的投资计划 [2] - 计划在未来几年内将数据中心扩展到 10 吉瓦 (GW) [2] - 如此大规模的投资和电力需求为 ARM 带来了巨大的创新机会 [2][3] ARM's Role & Opportunities - ARM 目前是 Stargate 项目中 CPU 的首选 [2] - Grace Blackwell (基于 ARM) 是正在使用的设备 [2] - ARM 正在探索更多机会，可能不仅仅是增强 CPU IP，还可能扩展到更多技术栈 [3][4] - 定制化是数据中心提高性能和功效的重要机会，ARM 拥有很多选择 [4][5] - ARM 正在考虑芯片组 (chiplets)，这本质上是使用 ARM IP 以物理形式交付的计算子系统 [4]

All right. You got a guess for us. >> Yes, I do.Bring them in. >> All right. Shares of ARM Wow.are sliding after what some regard as a disappointing outlook. I'm going to hold off from that characterization because we happen to have ARM CEO Renee Haw with us from CBC. Renee, I don't think you would necessarily agree with the idea that you gave us a disappointing forecast last night.>> Uh, good morning, Jim. Uh, and, uh, please extend your contract. We love you at at CNBC.You know, uh, last quarter was a gre ...

Financial Performance - Q2 2025 revenue was $15 million, with a gross profit of $4.8 million (31.9% of revenues), resulting in an operating loss of $2.4 million (negative 15.7% of revenues) and a net loss of $2 million (negative 13.1% of revenues)[26] - H1 2025 revenue reached $29.4 million, with a gross profit of $9.1 million (31.1% of revenues), leading to an operating loss of $4.8 million (negative 16.2% of revenues) and a net loss of $4.1 million (negative 13.8% of revenues)[27] - The company holds $79.7 million in cash and cash equivalents and boasts a strong balance sheet with $121.7 million in stockholders' equity[28] - The company's working capital stands at $100.5 million[28] Strategic Focus - The company aims to achieve an EPS of $3+ as revenues return to the $150-160 million range[14] - The company plans to secure 7-9 new Design Wins (DWs) annually[14] - The company is targeting double-digit annual growth rates starting in 2026[14] Market and Customer Base - The company has a large global customer base with 200+ customers and 400+ active Design Wins[7] - North America accounts for 74% of the company's last twelve-month revenues[12, 13] - EMEA represents 16% of the company's last twelve-month revenues[12, 13] - APAC contributes 8% of the company's last twelve-month revenues[12, 13]

Core Insights - AMSC reported a significant revenue increase of 80% year-over-year for the first quarter of fiscal 2025, reaching $72.4 million compared to $40.3 million in the same period of fiscal 2024, driven by organic growth and the acquisition of NWL, Inc. [2][5] - The company achieved a net income of $6.7 million, or $0.17 per share, marking a turnaround from a net loss of $2.5 million, or $0.07 per share, in the prior year [3][9] - AMSC's non-GAAP net income for the first quarter was $11.6 million, or $0.30 per share, compared to $3.0 million, or $0.09 per share, in the same period of fiscal 2024 [3][21] - Cash and cash equivalents increased significantly to $213.4 million as of June 30, 2025, up from $85.4 million at the end of the previous quarter [4][19] Business Outlook - For the second quarter ending September 30, 2025, AMSC anticipates revenues in the range of $65.0 million to $70.0 million, with expected net income exceeding $2.0 million, or $0.05 per share [6][22] - The company expects non-GAAP net income for the second quarter to exceed $6.0 million, or $0.14 per share [6][22] Management Commentary - Daniel P. McGahn, Chairman, President, and CEO, highlighted the company's accelerated growth and exceptional execution, noting the strength in the semiconductor market driven by demand for artificial intelligence and data centers [5][9] - The company is confident in its ability to scale the business, diversify revenue streams, and maintain strong financial performance moving forward [5][9] Financial Performance - AMSC's gross margin surpassed 30% in the first quarter, reflecting improved operational efficiency [5][9] - The company reported total operating expenses of $18.8 million, up from $15.5 million in the same period last year, with increased investments in research and development [14][15]

Industry Trend - AI revolution requires significant physical infrastructure buildout, including data centers and semiconductor fabs [1] - Shortage of skilled tradespeople, such as electricians, HVAC technicians, and welders, poses a challenge to infrastructure development [2] - Government's AI action plan emphasizes worker-first agenda and rapid retraining programs for physical labor jobs [2][3] Investment Opportunity - Opportunities exist for startups to build new vocational schools for the AI economy, training people for physical labor jobs [3] - AI can personalize training programs to prepare individuals for jobs in months instead of years [4] - Multimodal AI, including voice AI, AR, and VR, can be used to coach and provide feedback in real-world simulations [4][5] - Employers are willing to pay for well-trained workers in these fields [5] - AI can potentially solve the scalability issues of traditional training businesses by creating effective AI teachers that can scale infinitely [6] Potential Risk - Challenge lies in teaching hands-on skills like welding or pipe fixing via AI, as these skills require real-world practice [4] - Traditional training businesses have struggled to scale due to the difficulty in maintaining the quality of human tutors [6]

Financial Data and Key Metrics Changes - The company reported total revenues of $759.1 million, an increase of 19.9% compared to $633.4 million in the previous year [11] - Adjusted EPS increased by 41% to $0.31 from $0.22, demonstrating strong operating leverage [7][14] - Adjusted EBITDA was $114 million, up 32.1% from $86.3 million, with an adjusted EBITDA margin improvement of 139 basis points to 15% [14] Business Line Data and Key Metrics Changes - Management services, servicing, and other revenues increased by 13.6%, driven by approximately 30% growth in valuation and advisory business [11] - Leasing revenues rose by 13.8%, led by double-digit growth in retail volumes and improving office activity in key markets [11] - Capital markets revenues increased by 37.9%, reflecting a 135% improvement in total debt volumes [12] Market Data and Key Metrics Changes - Newmark was ranked as the number one office broker in the U.S. for investment sales in the first half of 2025 [9] - The company improved to number three among global sales brokers across all property types based on preliminary figures [10] - The company gained market share in capital markets, with significant growth in data centers and higher office and multifamily activity [12] Company Strategy and Development Direction - The company is focused on expanding its occupier solutions and leasing footprint globally, providing comprehensive real estate solutions in nearly 100 countries [8] - Newmark is building out its international platform, particularly in Europe and Asia, with a strong emphasis on organic growth [25][29] - The company plans to pivot towards M&A opportunities in the second half of the year, particularly in management services [27][67] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the capital markets activity, indicating a strong pipeline and potential for continued growth [25][56] - The company raised its full-year outlook, expecting total revenues between $3.05 billion and $3.25 billion, and adjusted EPS between $1.47 and $1.57 [17] - Management noted that New York City remains resilient despite potential political uncertainties, emphasizing the city's unique talent pool [58][59] Other Important Information - The company introduced a new reporting metric, adjusted free cash flow, which showed a significant year-over-year improvement of 121.4% to $228 million [16] - Total expenses for adjusted earnings increased by 18.4%, reflecting growth initiatives and higher pass-through costs [13] Q&A Session Summary Question: How has the opportunity in Germany been transpiring? - Management indicated that they launched operations in Germany about a year ago and signed 70 brokers, with a strong interest in their model [21][22] Question: Is capital markets activity sustainable? - Management believes there is a significant runway for growth in Europe and remains bullish on capital markets despite potential uncertainties [25] Question: What are the expectations for adjusted free cash flow in 2025? - Management indicated a conversion ratio of about 65% to 85% depending on investment levels, with a focus on hiring talent and potential M&A [62][63] Question: What are the growth rates expected in the second half? - Management expects management and leasing businesses to grow in the high single digits to low double digits, while capital markets may see mid to high teens growth [50] Question: Are there any impacts from the mayoral race in New York City? - Management stated it is too early to tell, but emphasized New York's resilience and strong talent pool [58][59]

Financial Data and Key Metrics Changes - Total revenues increased by 20% to $759.1 million compared to $633.4 million in the previous year [10] - Adjusted EPS rose by 41% to $0.31 from $0.22 [13] - Adjusted EBITDA was $114 million, up 32.1% from $86.3 million, with an adjusted EBITDA margin improvement of 139 basis points to 15% [13] - Adjusted free cash flow for the twelve months ended June 2025 was $228 million, a 121.4% improvement year over year [15] Business Line Data and Key Metrics Changes - Management services, servicing, and other revenues increased by 13.6%, driven by approximately 30% growth in valuation and advisory business [10] - Leasing revenues grew by 13.8%, led by double-digit growth in retail volumes and improving office activity in key markets [10] - Capital markets revenues surged by 37.9%, reflecting a 135% increase in total debt volumes [11] - Investment sales volumes increased by 26%, outperforming the industry average of approximately 11% [12] Market Data and Key Metrics Changes - Newmark was ranked as the number one office broker in the U.S. for the first half of 2025 [8] - The company improved to number three among global sales brokers across all property types based on preliminary figures [8] - The company gained market share in capital markets and expanded its international platform, particularly in Europe and Asia [9][23] Company Strategy and Development Direction - The company is focused on expanding its occupier solutions and leasing footprint globally, providing comprehensive real estate solutions in nearly 100 countries [6] - Newmark is pivoting towards growth capital and M&A opportunities in the second half of the year, particularly in management services [25][66] - The company emphasizes organic growth and is building a diversified integrated platform to serve corporate clients [27][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the capital markets activity, indicating a strong pipeline and potential for continued growth [21][54] - The company raised its full-year outlook for 2025, expecting total revenues between $3.05 billion and $3.25 billion, and adjusted EPS between $1.47 and $1.57 [16] - Management noted that New York City remains resilient despite potential political uncertainties, emphasizing the city's unique talent pool [58] Other Important Information - The company introduced a new reporting metric, adjusted free cash flow, to provide better insight into cash generation [14] - Total expenses for adjusted earnings increased by 18.4%, reflecting growth initiatives and higher pass-through costs [12] Q&A Session Summary Question: How has the opportunity in Germany been transpiring? - Management indicated that they launched operations in Germany about a year ago and signed 70 brokers, with a strong interest in their model [19][20] Question: Is capital markets activity sustainable? - Management believes they have a diversified mix of services and a significant runway for growth in Europe and Asia [21][23] Question: What are the expectations for adjusted free cash flow in 2025? - Management indicated a conversion ratio of about 65% to 85% depending on investments in the business [62] Question: What are the criteria for M&A? - The company focuses on bolt-on acquisitions that align with their platform and enhance recurring revenue opportunities [66]