Galaxy Digital Conference Call Summary Company Overview - **Company**: Galaxy Digital (NasdaqGS:GLXY) - **Date**: February 12, 2026 - **Speakers**: CEO Michael Novogratz, CFO Tony Paquette Key Points Industry Context - The current state of the cryptocurrency market is described as a bear market, with Bitcoin trading below all moving averages and facing more sellers than buyers [3][4] - Bitcoin is expected to stabilize in the range of $60,000 to $80,000 until a new narrative emerges to excite investors [4][5] - The market structure bill is anticipated to pass, which could positively impact Bitcoin [5] Company Performance and Strategy - Galaxy Digital ended the quarter with $3 billion in equity capital, including $2.6 billion in cash and stablecoins, having raised over $2 billion in 2025 [11][12] - The company is committed to a $200 million stock buyback program, indicating confidence in its stock valuation [8][14] - Galaxy is actively engaged in building infrastructure in Texas, with a focus on a significant data center business [12][13] Data Center Business - Galaxy has been awarded an additional 830 MW of power in Texas, which is expected to enhance its data center capacity [13][14] - The company is exploring partnerships for long-term leases on the new power capacity, with expectations of announcements in the near future [17][18] - The data center business is projected to ramp up significantly, with expectations of cash flow from the new capacity by 2029 [25][39] Competitive Landscape - Galaxy acknowledges competition from other companies in the data center space but emphasizes its strong balance sheet and capital markets team [36][39] - The company is focused on finding strategic opportunities and partnerships to grow its data center business [36][39] Future Outlook - Galaxy's leadership expresses optimism about the future, despite current market challenges, and believes in the long-term potential of both the cryptocurrency and data center businesses [8][9][39] - The company is considering the implications of its dual listing on the TSX and potential delisting, with over 90% of trading volume now occurring on NASDAQ [10][65][66] Tax Considerations - Galaxy's investment in Helios is in a Qualified Opportunity Zone, which provides distinct tax benefits [64] - The company is focused on maximizing shareholder value while considering tax implications in its strategic decisions [64] Miscellaneous - Galaxy is not currently considering off-grid solutions for its data centers, preferring to remain connected to the grid for operational efficiency [41] - The leadership is monitoring developments in the cryptocurrency market and macroeconomic conditions, including the impact of the new Fed chair on liquidity and interest rates [84][85] Conclusion Galaxy Digital is navigating a challenging cryptocurrency market while positioning itself for future growth through strategic investments in data centers and infrastructure. The company remains optimistic about its long-term prospects and is actively managing its capital structure to enhance shareholder value.

Summary of Alphabet (Google) 2026 Conference Call Company Overview - **Company**: Alphabet Inc. (NasdaqGS: GOOG) - **Event**: 2026 Conference Call - **Date**: February 03, 2026 Key Points Industry and Product Developments - **Gemini 3**: Described as state-of-the-art across benchmarks, marking a significant advancement in AI capabilities for Google, following the release of Gemini 1 two years prior [5][10] - **TPUs (Tensor Processing Units)**: These are exclusively offered within Google Cloud Platform (GCP) and are co-designed with DeepMind, integrating feedback from various use cases including search, ads, YouTube, and Cloud [12][19] - **Partnership with NVIDIA**: Acknowledged as crucial for Google's success, particularly in GPU offerings, emphasizing a focus on solving customer problems through vertical integration [21][22] Technological Innovations - **Specialization of Hardware**: The discussion highlighted a shift from general-purpose architectures to specialized solutions tailored for specific workloads, which could lead to significant efficiency gains [22][49] - **Future of Hardware Design**: Current lead times for hardware design and delivery are around three years, with aspirations to reduce this to as little as three months over the next decade, which would revolutionize efficiency and capability [29][36] - **Space Data Centers**: Google is exploring the potential of deploying data centers in space, leveraging continuous solar power and reduced latency, although challenges such as cooling and maintenance remain [60][64] Market Dynamics and Challenges - **Efficiency vs. Demand**: There is a belief that while efficiency improvements are critical, the rapid consumption of these efficiencies by increasing capabilities may delay their impact [80][81] - **Memory Prices**: Concerns were raised about memory prices, with insights suggesting that the market may not recover until late 2028 [75][81] - **Supply Chain and Energy**: Ongoing worries about supply chain constraints and energy availability were noted as significant challenges for future growth [72] Future Outlook - **AI and Original Insights**: The potential for AI to generate original insights is still debated, with current capabilities focusing more on aggregating existing knowledge rather than creating new ideas [82][93] - **Continuous Improvement**: The pace of improvement in AI models is likened to the historical advancements seen in CPU technology, with expectations of significant enhancements every 3-6 months [118][120] - **Revolutionary Potential**: The speaker emphasized that the current AI revolution could be as transformative as the internet, with opportunities for significant contributions across various sectors [124][125] Additional Insights - **Personalization in AI**: The need for personalized AI experiences was highlighted as a key area for future development, aiming to tailor interactions based on individual user preferences [108][115] - **Game-Changing Opportunities**: The potential to provide specialized AI solutions for diverse fields, such as healthcare and education, was discussed as a major opportunity for the future [103][115] This summary encapsulates the core discussions and insights from the Alphabet conference call, focusing on technological advancements, market dynamics, and future opportunities within the AI and cloud computing sectors.

Core Insights - Rocket Lab achieved a record of 21 launches in 2025 with a 100% mission success rate, indicating strong momentum and customer satisfaction [2][6] - The Neutron rocket is on track to launch in the first half of 2026, which is expected to significantly expand Rocket Lab's market potential [3][9] - The recent award from the Space Development Agency enhances Rocket Lab's position as a strategic partner with U.S. government customers, solidifying its role in the space systems market [6][7] Company Developments - Rocket Lab's space systems business currently constitutes two-thirds of its operations, highlighting a shift from being perceived solely as a rocket company to a broader space systems provider [8] - The Neutron rocket is anticipated to compete directly with established players like Falcon 9 in the medium lift launch category, broadening Rocket Lab's total addressable market (TAM) [9] - The company is optimistic about the potential for data centers in space, viewing it as a strategic opportunity that could enhance its market position [11][12] Industry Trends - Increased global spending on space is expected, driven by geopolitical changes, which may lead to more opportunities for companies like Rocket Lab that provide essential services and products [15][16] - The anticipated flurry of Golden Dome contract awards could create new growth avenues for Rocket Lab, with expectations of increased activity in the coming year [13][14] - The evolving landscape of space spending, moving beyond U.S. government concentration, presents a significant growth opportunity for Rocket Lab and similar companies [16][17]

Joining us now is Andrew Obin, equity research analyst at BFA, who covers the industrial space. Welcome. >> Thanks so much.>> When you hear data centers in space, does it make you laugh, shake your head, or go, "Yeah, this is actually what's coming, and we're starting to think about the buildout for this already." >> Well, at first I thought it was bonkers. >> Yeah. >> And then when you dig in, you actually realize that there are very specific developments that are driving the narrative, >> and we think it' ...

Joining me now is Dan Hansen, senior portfolio manager at Newberger Berman, who oversees the Quality Equity Fund. It has about a 5% of its assets in unlisted shares of SpaceX as of the end of last month. And Dan, it's great to have you on.Welcome. >> Uh, thanks, Morgan. Great to be with you.>> All right, let's start there. SpaceX IPO potentially in the cards for next year. Your thoughts.>> Yeah, we think the time has come. This business, it's founded in 2002, so 23 years um in business. It's an industrial j ...

Group 1 - SpaceX plans to IPO in 2026, potentially valuing the company at $1.5 trillion, which has negatively impacted Oklo's stock [3][4] - Elon Musk intends to use IPO proceeds to develop modified Starlink satellites for building data centers in space, aiming to deploy 100 terawatts of AI data centers in orbit [4] - The shift of data centers to space could undermine Oklo's investment thesis, which relies on the assumption that small modular nuclear reactors are essential for powering data centers on Earth [5][6] Group 2 - Oklo's stock experienced a decline of over 6% in early trading but later recovered to a gain of 1.5% [1] - Oklo's current market cap is $16 billion, with a trading range between $94.50 and $102.46 [5] - The company's unprofitability may worsen if SpaceX successfully relocates data centers to space, eliminating the need for nuclear power [6]

TruePatrick OShaughnessy (@patrick_oshag):"The most important thing in the next 3-4 years is data centers in space.In every way, data centers in space, from a first principles perspective, are superior to data centers on earth.In space, you can keep a satellite in the sun 24 hours a day. The sun is 30% more intense, https://t.co/Z2ri4tLSTA ...

Future Trends - The industry anticipates that building data centers in space will be considered normal within 10 years [1] - SpaceX, XAI, and Tesla are converging [1] Key Players - Elon Musk is involved in the convergence of SpaceX, XAI, and Tesla [1] - Sundar Pichai believes space data centers will be normalized [1]

Group 1: AI and Technology Trends - The technology of AI is recognized as a permanent fixture in the industry, with significant implications for software development and efficiency [3][4][5] - Investment opportunities are emerging in private portfolios, particularly in infrastructure-related companies that support energy and computing needs [5][11] - The founders of new tech companies are increasingly aware of their potential to create businesses that contribute positively to society [12][20] Group 2: Investment in Startups - The company Vibe Code is focused on simplifying app development, allowing users to create applications from text prompts [6][7] - There is a growing interest in ambitious projects, such as building data centers in space, which could revolutionize computing capabilities [9][10][11] - The current generation of founders is more digitally fluent and motivated, leading to innovative ideas and business models [17][18][21] Group 3: Women's Sports Investment - Women's professional sports are seen as undervalued, with significant growth potential in team valuations and revenue generation [34][35][40] - The success of teams like Angel City FC demonstrates the viability of women's sports as a profitable investment [36][37] - The revenue model for women's sports is shifting towards brand partnerships rather than traditional media deals, creating new opportunities for growth [39][40] Group 4: Collectibles Market - The collectibles market is experiencing a resurgence, driven by nostalgia and the professionalization of the industry [43][44] - Collectibles are viewed as cultural assets, similar to art, and are gaining value as a new generation invests in them [46][48] - The impact of AI on entertainment is expected to enhance the value of sports and collectibles, as they remain unique experiences that cannot be replicated by technology [50][56][57]

Uh but whether it's cheaper to do a data center in space or not, uh there's a lot of advantages to having a data center in space, uh you have unlimited power up there, right. I mean, you have the sun, it's shining, uh 24/7, uh depending on where you're oriented in orbit. Uh so I think there is promise to do that.uh data centers on the moon have been talked about and just back to the you know the original question you asked I think low earth orbit will be commercialized but certainly the lunar environment wi ...