Humanitarian Crisis - Gazans urgently require homes, jobs, and essential services [1] - Viable plans to address these needs are currently lacking [1]

Economic Indicators - Alternative data sources exist for employment, housing, and goods prices [1] - Services sector data is more challenging to measure using private-sector data due to its varied nature [1]

Apple's AI Spending and Strategy - Apple's operating expenses are growing faster than usual, indicating increased spending on AI infrastructure and headcount [2][3] - Apple is adopting a hybrid model for AI, building internal technology while also exploring partnerships for large language models [6][8] - Infrastructure spending in operating expenses suggests Apple is training large language models on external cloud services [9] iPhone Performance and Future Prospects - iPhone revenue is accelerating with double-digit growth in the December quarter, the fastest since 2021 [4] - The iPhone accounts for 53% of Apple's total revenue [11] - Anticipation for the iPhone 18, potentially featuring a foldable design, is generating excitement [13] Market and Valuation Considerations - China's market is still challenging, with a 4% year-over-year decline in the September quarter, though early iPhone 17 demand is strong [15] - Services are outperforming, growing 14% annually [12] - Apple's valuation can be justified by the increasing contribution of services to gross profit, currently at 43% [18]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were $5.4 million, down from $5.9 million in Q2 2025 and flat compared to the prior year period [13] - Gross margin as a percentage of sales was 50.7% in Q3 2025, compared to 49.8% in Q2 and 53.9% in the prior year period [16] - Operating expenses for Q3 2025 were $4.1 million, up from $3.8 million in Q2 2025 and $3.3 million in the prior year period [18] - The reported operating loss for Q3 2025 was $1.393 million, compared to an operating loss of $325,000 in Q3 2024 [19] Business Line Data and Key Metrics Changes - Automotive electronics represented 78% of Q3 2025 bookings, up from 59% for all of 2024 [14] - Consumable adapters and services accounted for 24% of total revenue, providing a base of recurring revenue, while capital equipment sales represented 76% of total revenue [14] Market Data and Key Metrics Changes - Asia, particularly China and Korea, showed strong performance in Q3 2025, especially within the EV sector of automotive electronics [15] - Europe faced pressures with capital equipment spending impacted by tariff and trade uncertainties, as well as EV disruptions [15] - The Americas remained relatively flat, bolstered by systems to be deployed in Mexico [15] Company Strategy and Development Direction - The company aims to diversify beyond the automotive sector and explore new markets and businesses [5] - A new generation of products is being developed, with a focus on automation and addressing gaps in the solutions area [8] - The company is looking to expand into the services market, which is estimated to be a $1 billion-plus opportunity [9] Management's Comments on Operating Environment and Future Outlook - Management noted pressures from global trade and tariff negotiations, but these are now considered tertiary concerns [14] - The company is optimistic about future growth, particularly with new product launches and partnerships in the pipeline [12] - Management expressed confidence in the ability to drive revenue growth through new business units and leveraging core competencies [10] Other Important Information - The company has no debt and maintains a cash balance of approximately $9.7 million as of September 30, 2025 [20] - A thorough review of gross margin enhancement strategies is underway, focusing on pricing modifications and supply chain optimization [17] Q&A Session Summary Question: Future platform growth and core business focus - Management emphasized that the new platform being developed will support long-term growth while maintaining focus on the core business [26] Question: Customer feedback on new technologies - Management reported positive customer feedback and engagement, indicating that the products being developed align with customer needs [35] Question: Sales cycles and critical acclaim at trade shows - Management noted that technology events can drive significant spending, and improvements in yield rates for UFS technology are expected to lead to increased orders [38] Question: Optimism regarding trade partners and tariffs - Management expressed cautious optimism about trade negotiations but acknowledged ongoing challenges in the supply chain [44] Question: Partnerships and acquisitions - Management discussed ongoing conversations with larger test companies and the potential for partnerships that embed their technology [49] Question: EV disruptions and market conditions - Management highlighted that while Asian manufacturers are performing well, European automotive manufacturers are facing significant challenges [60]

Chainlink Technology Overview - Chainlink architecture and services technical deep dive available [1] - Introduction to the Chainlink Runtime Environment (CRE) provided [1]

Economic Trends - As wealth increases, consumer spending shifts towards services, leading to a decline in manufacturing [1] - The report questions whether China is prepared for this economic transition [1]

Fiscal Policy & Economic Growth - The analysis suggests tariffs are running at an annual rate between $400 billion and $500 billion, potentially improving the deficit, but real GDP growth is considered the key to significantly reducing the deficit as a percentage of GDP [1] - The report anticipates real GDP growth will surprise on the high side of expectations later in the year and into 2026, driven by innovation platforms like robotics, energy storage, AI, multiomic sequencing, and blockchain technology, all catalyzed by AI [1] - The analysis highlights deregulation, particularly in crypto, AI, and nuclear energy, as a significant factor for economic growth, with tax changes encouraging manufacturing and innovation through accelerated depreciation schedules and full expensing of equipment, R&D, and software [1] Inflation & Monetary Policy - The report indicates that while inflation may seem stuck in the 2% to 3% range, innovation-driven productivity gains could lead to deflation in the coming years [2] - The analysis points out that M2 money supply growth has significantly dropped compared to the COVID boom, and the velocity of money is declining, potentially diffusing inflationary pressures [2] - The yield curve, measured by the two-year Treasury yield relative to the three-month Treasury yield, indicates tight monetary policy, which is expected to have disinflationary or deflationary effects [3] - True inflation CPI is reported at 19%, even with tariffs factored in, and consumer inflation expectations are expected to decline [3] Market Indicators & Investment Strategy - The analysis notes that manufacturing has been contracting for the last three years, and services are not in great shape, signaling potential economic concerns [4] - The report highlights that AI-powered capital spending is increasing, supported by new tax rules, while the trade deficit is being addressed [5] - The analysis observes that pending home sales are deteriorating, and new home inventory is high, potentially leading to price cuts and impacting the CPI [5] - The report suggests that the return on investment in the US is expected to increase due to innovation, tax laws, and deregulation, potentially strengthening the dollar [5] - The analysis notes that corporate profits are healthy, but quality of earnings and harnessing new technologies will be crucial for future growth [5] - The report observes that commodity prices are going nowhere, and gold is breaking out to all-time highs relative to metals, possibly signaling deflationary concerns [5]

Economic Growth - France's economy is projected to expand at a rate comparable to the preceding three months [1] Sector Performance - Manufacturing and services are the driving forces behind the anticipated economic growth [1]

Core Principles - Dreams should be written down with accurate data, not just kept in mind [4][7] - Services are crucial for business and life; understanding customer needs is key to building long-term relationships [8][9][11] - Taking risks is essential for achieving goals, but balance is important [25][30] Business Strategy - Focus on building long-term relationships with customers rather than just making immediate sales [11][12] - Understanding customers involves listening to their needs and adapting business plans accordingly [11][12] - Service means understanding the customer and providing what they need, even if it means directing them to competitors [23][24] Case Study: ML Project - The ML project increased visitors to 50,000 from around the world [6] - The project achieved recognition in Chinese media [5][6] - The workshop became the top tourist attraction in Central Asia [7] Risk Management - Balancing risk is crucial; avoid overextending resources without ensuring payment [28] - Taking calculated risks can lead to significant opportunities and customer loyalty [25][26] - The company supported a customer by providing funds for purchases from other vendors, demonstrating a customer-centric approach [23][24]

Company Overview - Fnac Darty operates in 14 countries and is a European leader in the retail of entertainment and leisure products, consumer electronics, and domestic appliances [7] - The company has shifted towards an omnichannel model focused on services and sustainability since 2021 [7] - Fnac Darty's revenue was nearly €8 billion in 2024, with over 30,000 employees and a network of more than 1,500 stores following the acquisition of Unieuro [7] General Meeting Information - The Combined Shareholders' Meeting is scheduled for May 28, 2025, at 4:30 PM (Paris time) at Urban Station - ESPACE DU CENTENAIRE, Paris [2] - Proxy/postal voting forms must be received by Uptevia by May 24, 2024, and the Votaccess online voting platform will be open from May 12, 2025, to May 27, 2025 [3] - The preliminary notice of the meeting, including the agenda and proposed resolutions, was published on April 21, 2025, and will be further published on May 12, 2025 [4] Shareholder Participation - Shareholders can submit written questions before the general meeting, with a deadline of May 23, 2024 [6] - Registered shareholders can request documents related to the meeting until five days before the meeting [8] - All shareholders can consult relevant documents at the Company's registered office from the date of the notice of meeting and for at least fifteen days prior to the meeting [8]