7 January 2026 | 1:19PM EST Equity Research Americas Multi-Industry: NVDA comments: Key Takeaways For HVAC OEMs and Liquid Cooling Players What happened. This week at CES 2026, NVDA (covered by James Schneider) CEO Jensen Huang discussed major power/efficiency advancements in the new Vera Rubin chip platform. As part of his discussion, he made a comment that water chillers were not going to be necessary to cool the next gen Vera Rubin chip because they are able to use liquid cooling instead to cool 45 degre ...

As the AI trade broadens out, Intel's stock was leading the S&P 500's gainers. ...

Tesla annual sales have fallen for the second year in a row, a drop fueled by the removal of the federal tax credit in the U.S. and competition from Chinese automakers. Tesla delivered 1.63 million vehicles globally in 2025, a 9% fall from 1.79 million in 2024, according to figures released by the company. Notably, about 50,850 of those vehicles are considered “other models,” a collection that includes the Cybertruck as well as its older Model X and Model S. Tesla reported fourth-quarter sales of 418,2 ...

One of the companies that I didn’t have the chance to break down yet here, on Seeking Alpha, is Alphabet Inc. ( GOOG ). I am a shareholder of this company, just like most peopleI write about stocks I’m personally interested in adding to my portfolio. I’m not a professional advisor, but I study business and economics and analyze markets full-time. My writing is meant for both complete beginners — I avoid unnecessary complexity — and advanced readers, as I always aim to offer a distinct and well-reasoned pers ...

BREAKING: Futures Fall With Fed Due; GE Vernova Jumps Today's Spotlight For the next 72 hours: Master the buy side with IBD's experts Get Market Insights on IBD Live Want to trade stocks like a pro? Join IBD Live to watch and discuss the market action with a team of top market analysts. Is the Santa Claus Rally Real? Israel's stock market has outpaced the U.S. since Oct. 7, 2023, with U.S.-traded leaders like Teva Pharmaceutical, Elbit Systems and Tower Semiconductor showing sharp gains. (© Jon Krause) Isra ...

Summary of Avnet Conference Call Company Overview - **Company Name**: Avnet - **Industry**: Semiconductor Distribution - **Headquarters**: Phoenix, Arizona - **Founded**: 1921 in New York - **Revenue**: Approximately $24-$25 billion globally - **Geographic Revenue Distribution**: - Asia-Pacific: 45%-50% - Europe: 30%-35% - Americas: 20%-25% - **Employee Count**: Approximately 15,000 globally - **Customer Base**: Roughly 100,000 core customers, with 450,000 to 500,000 total customers worldwide - **Product Lines**: 250 product lines, with 80% of business in semiconductors and 20% in interconnect passive electromechanical (IP&E) components Core Business Insights - **Competitive Advantages**: - Strong company culture and relationships in distribution [8] - Global footprint allowing flexibility in supply chain management [9] - Diverse line card featuring top semiconductor brands like Broadcom and AMD [10] - Significant investment in digital capabilities, with 68% of engineers starting their design searches online [11] - **Financial Health**: Strong balance sheet with ample capacity to support customer needs [12] Market Conditions and Strategic Focus - **Current Market Cycle**: The current cycle is characterized by global factors and inventory issues, differing from past cycles like the tech bubble of 1999-2001 [15][17] - **Recovery Outlook**: Encouraging signs of recovery with increasing bookings and backlog, particularly in Asia-Pacific [19][25] - **Regional Performance**: - Asia-Pacific: Five consecutive quarters of year-on-year growth [25] - Europe: Historically the most profitable region, showing signs of recovery [26] - Americas: First quarter of year-on-year growth since 2023 [26] Farnell's Role - **Farnell Overview**: Contributes 20% of operating income despite being only 6% of revenue; critical for digital e-commerce front-end [28] - **Growth Potential**: Aiming for double-digit operating margins through improved operational efficiency and market recovery [30] AI and Digital Transformation - **AI Integration**: Opportunities in selling to hyperscalers and enhancing internal operations through AI [34][42] - **Focus Areas**: Improving customer interactions and operational efficiency using AI tools [45] Challenges and Opportunities - **Chinese Semiconductor Investments**: Increased capacity in lagging-edge technologies may impact the market, but also presents opportunities for Avnet to manage supply chains effectively [58][60] - **Working Capital Management**: Current inventory levels are higher than desired, but the company is positioned to manage cash flow effectively during growth periods [66] Financial Outlook - **Earnings Guidance**: December quarter shows a 2% growth with a 12% increase in EPS, indicating a return to growth in key regions [70] - **2026 Outlook**: Positive sentiment about market positioning and operational leverage as the company prepares for potential growth [72]

Omada Health FY Conference Summary Company Overview - **Company**: Omada Health (NasdaqGS:OMDA) - **Industry**: Health Care Services and Technology - **Recent Event**: IPO over the summer of 2025, indicating strong market interest and performance [2][3][5] Core Business Model - Omada Health operates as a "between-visit care provider," focusing on chronic disease management [5][9] - The business model involves charging self-insured employers, fully insured plans, and integrated systems a monthly membership fee for comprehensive services [9][10] - The mission is to improve health outcomes and reduce costs through persistent longitudinal care [5][9] New Service Offerings - Introduction of the **GLP-1 Care Track** aimed at supporting weight loss for members on therapy, showing a 28% increase in weight loss outcomes [18][19] - The service is designed to help members optimize medication use and reduce waste, addressing employer concerns about medication costs and effectiveness [19][20] Financial Insights - The monthly fee structure will increase if clients opt for the prescribing capability, which is expected to be accretive to revenue and margins [24][25] - Long-term targets include achieving over 20% operating margins while maintaining growth [31] Market Dynamics - Anticipated that the GLP-1 prescribing care track will contribute to the P&L primarily in 2027, with some potential deployments in 2026 [37] - The selling season for 2026 is characterized by strong interest from employers, with a mix of those willing to cover medications and those unable to afford them [39][42] AI Integration - Omada is leveraging AI technologies to enhance member engagement and operational efficiency, with tools like Omada Spark and Meal Map [49][50] - AI is seen as a means to improve care team efficiency and increase revenue per user (ARPU) while maintaining quality of care [53][54] Strategic Partnerships - Collaboration with telehealth partners for medication prescriptions to streamline operations and enhance member experience [32][36] - Positive feedback from channel partners like CVS, indicating a gradual build-up of trust and client acquisition [47] Future Outlook - Omada aims to maximize the benefits of new medications and technologies through integrated care solutions, positioning itself as a leader in the health tech space [57] - The company is focused on product innovation and expanding its service offerings to meet diverse employer needs [57][58]

Estée Lauder Companies Conference Summary Company Overview - **Company**: Estée Lauder Companies (NYSE: EL) - **Event**: 2025 Conference held on December 02, 2025 - **Speakers**: CEO Stéphane de La Faverie and Chief Digital and Marketing Officer Aude Gandon Key Points Beauty Reimagined Program - The company is a year into the "Beauty Reimagined" program, focusing on five pillars: consumer coverage, accelerating innovation, and increased investment in consumer-facing initiatives [3][4] - Progress has been made in consumer coverage, with expansion into platforms like Amazon, Shopee, and TikTok Shop, reconnecting with lapsed consumers and attracting new ones [4] - Innovation is accelerating, with notable product launches like Double Wear Concealer and The Ordinary, which has seen consistent double-digit growth [5][6] Financial and Operational Performance - The company has maintained and even grown market share in the U.S. and China, with a focus on innovation and consumer engagement [5][39] - The company is in the process of reducing workforce by 5,800-7,000 positions as part of its Profit Recovery and Growth Plan (PRGP) [8] - A cultural shift is underway, with a focus on agility and accountability within the organization [19][26] Digital and Marketing Strategy - Aude Gandon emphasizes the importance of media investment rebalancing towards brand building and awareness, moving away from a solely performance-driven approach [13][15] - Personalization is a key focus, leveraging data and AI to enhance consumer engagement and marketing effectiveness [17][18] - The company is actively engaging in social selling through platforms like TikTok Shop, recognizing the need for shoppable content [27][29] Market Insights - In the U.S., the company is regaining market share after years of decline, with a focus on price-sensitive consumers and leveraging brands like The Ordinary and Clinique [39][40] - In China, the market is stabilizing after a period of depressed sales, with consistent market share gains across several brands [46][49] - Western Europe presents challenges, with low consumer sentiment in some markets, but opportunities exist in emerging markets like Mexico and India, where double-digit growth has been observed [53][55] Leadership and Organizational Changes - The executive team has undergone significant changes, with over 70% of the leadership being new or in new positions, aimed at enhancing skills in media, digital, and innovation [20][21] - The company is focused on building a more agile and accountable organization, with changes in the reward system to align with overall enterprise success [22][26] Future Outlook - The company is optimistic about its ability to sustain growth and regain market share, with a strong foundation and a committed leadership team [59][62] - Continued investment in innovation and consumer engagement is expected to drive future success [50][51] Additional Insights - The company is adapting to the evolving retail landscape, integrating emerging channels with traditional ones to enhance consumer experience [30][34] - The partnership with Shopify is seen as crucial for integrating commerce with marketing efforts [31][32] - The focus on content creation is shifting towards producing adaptable content for various platforms to meet consumer needs [33] This summary encapsulates the key discussions and insights from the Estée Lauder Companies conference, highlighting the company's strategic initiatives, market performance, and future outlook.

Core Viewpoint - NVIDIA is potentially on the verge of selling its H200 chips to China, which could significantly impact its stock price, although no sales have been logged yet for the recent quarter [2][3]. Group 1: Sales Potential and Market Impact - The Trump administration is considering allowing NVIDIA to sell H200 chips to China, which would be a bonus for the company as its stock price is already on the rise [3]. - Historically, China has contributed 13% to 15% of NVIDIA's annual revenue, indicating that sales to China could substantially enhance revenue expectations, potentially adding up to $7.4 billion to fiscal Q3 results [5]. - The demand for NVIDIA's H200 chips in China is high due to the lack of comparable AI-specific GPUs from local competitors like Huawei [4]. Group 2: Trade Relations and Market Dynamics - Trade relations between the U.S. and China complicate the situation, as China has expressed a preference for domestic technology over foreign semiconductors [6]. - Both the U.S. and China are focused on securing their domestic technology supply chains, which may affect NVIDIA's ability to sell chips in China despite potential approvals [7]. - While sales to China would be beneficial for NVIDIA, the company does not rely on them for continued stock price growth, as recent earnings reports indicate strong performance and guidance [8].

Financial Data and Key Metrics Changes - In Q3 2025, GMV decreased by 2.3% year-over-year to RMB 2.62 billion, while total revenues increased by 2.1% to RMB 2.33 billion, indicating recovery from previous business optimization initiatives [18] - The adjusted net loss narrowed significantly by approximately 78% year-over-year to RMB 14 million, with an adjusted net loss margin improving to 0.6% [5][21] - Operating loss decreased by 69.3% to RMB 32.3 million, with the margin improving to negative 1.4% from negative 4.6% [20] Business Line Data and Key Metrics Changes - The number of transacting customers exceeded 70,000, reaching a new quarterly high, and private label GMV grew by 16.7% year-over-year, accounting for 8.2% of total GMV [18] - The company added over 2.3 million sellable SKUs, bringing the total to more than 19 million, and onboarded over 1,200 new suppliers [6][7] Market Data and Key Metrics Changes - The gross margin for product sales increased, with the overall gross margin remaining healthy at 16.8% compared to 17% a year ago [18] - The gross margin for the product sales YP model increased by 11.2 basis points to 16.2%, while the marketplace model's take rate rose by 47.5 basis points to 13.1% year-over-year [19] Company Strategy and Development Direction - The company is focused on enhancing its supply chain capabilities in the MRO space, emphasizing specialization in spare parts, chemicals, and manufactured goods [26][27] - The strategic initiative to increase private label products' contribution to total GMV from around 8% to approximately 30% is underway [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quarterly profitability in Q4 2025, driven by improved operating leverage and expense control [21] - The company anticipates GMV growth of 15%-20% year-over-year going forward, balancing profitability with long-term growth investments [34] Other Important Information - The company generated net cash of approximately RMB 100 million from operating activities, reflecting improved working capital management [5] - AI technologies are being integrated across various business processes, significantly enhancing operational efficiency and productivity [10][12] Q&A Session Summary Question: Views on the competitive landscape of the MRO market in China - Management believes the IPO of JD Industrial is beneficial for the industry, highlighting the potential for one-stop purchasing on e-commerce platforms and the large market size in China [25][26] Question: Reasons for not being profitable and balancing profitability with long-term investments - Management indicated that previous losses were due to investments in infrastructure and core competencies, but they are now entering a phase focused on profitability while maintaining investment in R&D and customer acquisition [31][34] Question: Future plans for overseas expansion - Management plans to serve Chinese companies going abroad while also developing business in the U.S. and Europe, expecting overseas operations to break even by 2026 [38]