Wedbush analyst Dan Ives is a "permabull," and while that title has paid off in spades in the past few years, the fading software rally isn't a good look. The S&P 500 Software Index is down from its highs back in October 2025, but Ives still believes there's money to be made. Speaking on CNBC, Ives said, "Right now, the Miami cab driver is bearish in software, and I think that's a bullish sign relative to where I see software this year." The implication is classic contrarian logic. This means that when be ...

Core Viewpoint - Palo Alto Networks has announced an offer to purchase CyberArk Software Ltd.'s 0.00% Convertible Senior Notes due 2030 as part of the acquisition process, which closed on February 11, 2026 [1] Group 1: Acquisition Details - The acquisition is governed by an Agreement and Plan of Merger dated July 30, 2025, involving Palo Alto Networks, CyberArk, and Athens Strategies Ltd. [1] - The Offer to Purchase is made to satisfy CyberArk's obligations related to the Notes in accordance with the Indenture dated June 10, 2025 [1] - The Effective Date of the Make-Whole Fundamental Change was February 11, 2026, coinciding with the acquisition closing [1] Group 2: Repurchase Rights - Holders of the Notes can require repurchase of their Notes at a price equal to 100% of the principal amount plus any accrued and unpaid Special Interest, with a repurchase date set for March 24, 2026 [1] - The Make-Whole Conversion Period allows holders to convert their Notes at an increased conversion rate from the Effective Date until March 20, 2026 [1] - Holders must withdraw their Notes from the tender to convert them if they choose to participate in the Offer to Purchase [1] Group 3: Company Overview - Palo Alto Networks is recognized as a global leader in AI cybersecurity, offering a comprehensive portfolio of solutions across various domains including Network, Cloud, and Security Operations [1] - The company serves over 70,000 customers and utilizes Unit 42 threat intelligence to enhance its cybersecurity platforms [1]

Core Viewpoint - IQSTEL Inc. has announced its first-ever dividend distribution, which will be paid in common shares to shareholders of record as of December 15, 2025 [1][2]. Distribution Details - The dividend distribution will amount to $500,000, calculated based on the closing price of $6.62 on August 29, 2025, resulting in 75,529 shares to be distributed on or about December 30, 2025 [3]. - The distribution ratio is set at 0.0173, meaning shareholders can determine their allocation by multiplying their share count by this ratio, with all allocations rounded down to the nearest whole share [4]. Company Performance and Strategy - CEO Leandro Iglesias highlighted significant achievements, including uplisting to Nasdaq, reaching a $400 million revenue run rate ahead of schedule, and achieving a $2.7 million EBITDA run rate [5]. - Fintech now constitutes 20% of the company's revenue, and the addition of Cybersecurity has enhanced its high-margin portfolio [5]. - The company aims for a $15 million EBITDA run rate in 2026 and a $1 billion revenue run rate by 2027 [6]. Financial Results - In the third quarter, IQSTEL reported revenues of $102.8 million, a 90% increase year over year, exceeding estimates [7]. - Gross revenue reached $118.5 million, driven by strong subsidiary synergies, while adjusted EBITDA totaled $0.68 million, primarily from Telecom and supported by Fintech contributions [7]. Stock Performance - IQST stock closed at $3.93, reflecting a decrease of 3.44% on the previous Friday [8].

Core Thesis - Fortinet, Inc. is experiencing strong financial performance, with significant growth in revenue and margins, positioning the company favorably for sustained growth despite some concerns in service revenue [2][5]. Financial Performance - Fortinet reported Q3 revenue of $1.72 billion, a 14% year-over-year increase, driven by strong performance in EMEA and APAC markets [2]. - Product revenue increased by 18% to $559 million, attributed to multi-product deals and expansion in operational technology (OT) security [2]. - Service revenue rose 13% to $1.17 billion, although it has been decelerating for nine consecutive quarters, with expectations for growth to pick up in the second half of 2026 [2]. Billings and Customer Growth - Billings reached $1.81 billion, exceeding guidance, with large deals over $1 million increasing by 32% year-over-year [3]. - The company added approximately 6,600 new customers, indicating strong demand and deal momentum [3]. Profitability Metrics - Non-GAAP EPS was reported at $0.74, a 17% increase year-over-year, significantly above consensus estimates [3]. - Operating margins reached a record 36.9%, reflecting effective cost management and operational efficiency [4]. - Gross margins remained robust at 81.6%, despite a slight decline due to product mix shifts [3][4]. Capital Management - Fortinet executed a $1.83 billion share repurchase program, with $796 million remaining under its current authorization [4]. - Adjusted free cash flow totaled $646 million, representing a 37% margin, even with increased infrastructure spending [4]. Strategic Outlook - Despite concerns over decelerating service revenue and moderated 2025 guidance, Fortinet's strong product performance and operational efficiency position it well for future growth [5]. - The combination of high-margin product expansion, disciplined cost management, and shareholder-friendly actions highlights Fortinet's ability to generate durable cash flow [5].

Core Insights - NZS Capital, LLC reported a +4.09% return for its "NZS Growth Equity Strategy" in Q3 2025, underperforming the Morningstar Global Target Market Exposure index which returned +7.60% during the same period [1] - Year-to-date, the fund achieved a +20.18% return, slightly outperforming the index's +18.26% return [1] Company Analysis: SailPoint, Inc. (NASDAQ:SAIL) - SailPoint, Inc. experienced a one-month return of -8.38% and a three-month gain of 4.51%, with its stock closing at $21.55 and a market capitalization of $11.995 billion on October 30, 2025 [2] - The company reported revenues of $264 million in Q2 2026, reflecting a 33% year-over-year increase, with subscription revenue growing by 36% [4] - SailPoint is not among the 30 most popular stocks among hedge funds, with 27 hedge fund portfolios holding its shares at the end of Q2 2025, down from 41 in the previous quarter [4] Cybersecurity Context - A zero-click vulnerability named "EchoLeak" was discovered in Microsoft 365 Copilot, marking a significant cybersecurity concern for AI agents, which could be exploited to exfiltrate sensitive data [3]