Bank of America Securities analyst Vivek Arya has raised his 2030 outlook for AI data-center systems, driven by a stronger-than-expected 2026 cloud capex plan and clearer supply expectations.The updated outlook supports confidence in key semiconductor stocks ahead of their upcoming earnings reports.Raised AI Data-Center Market OutlookArya increased his total addressable market (TAM) estimate for AI data-center systems to $1.4 trillion by 2030, up from the previous $1.2 trillion.He expects the broader data-c ...

Core Insights - SoundHound AI, Inc. (SOUN) identifies a total addressable market (TAM) exceeding $140 billion across various sectors, establishing itself as a prominent independent voice AI platform. The main investor concern revolves around the realistic accessibility of this market opportunity [1] Financial Performance - In the third quarter, SoundHound's revenue increased by 68% year over year, reaching $42 million. The management has revised its 2025 revenue forecast to a range of $165 million to $180 million. The company is now processing over 1 billion queries monthly, indicating a transition from pilot projects to larger-scale deployments, which enhances revenue visibility [2][11] Market Penetration and Growth Areas - The potential for reaching the TAM is contingent on vertical market penetration. The restaurant sector is a primary growth driver, while financial services, healthcare, and insurance are expanding through the Amelia 7 agentic platform. Although automotive sector challenges persist, new voice commerce integrations are helping to mitigate these issues. At CES 2026, SoundHound demonstrated various monetization features, including in-vehicle reservations and multi-agent navigation [3][4] Financial Position - SoundHound holds $269 million in cash with no debt, providing the company with the flexibility to invest aggressively while aiming for breakeven profitability by 2026. Although capturing the entire $140 billion TAM is unlikely in the short term, consistent enterprise wins and voice commerce growth indicate that a significant portion of the market is increasingly attainable [4][11] Competitive Landscape - Cerence Inc. and Amazon.com, Inc. are two major players influencing the accessibility of SoundHound's TAM. Cerence has strong ties within the automotive sector but is transitioning towards generative AI, which may limit its broader market capture. In contrast, Amazon operates at a large scale with its Alexa and AWS services but has historically focused on consumer applications rather than voice-driven enterprise solutions [5][6][7] Strategic Positioning - SoundHound's independent and vertically-focused agentic platform allows it to target specific segments of the TAM rather than competing across all areas simultaneously, which may enhance its market capture potential [8] Stock Performance and Valuation - SoundHound's stock has declined by 51.8% over the past six months, underperforming compared to the Zacks Computers - IT Services industry, which saw a 13.7% decline. The current forward 12-month price-to-sales ratio for SOUN is 14.05, slightly above the industry's 13.96 [9][13] Earnings Estimates - The Zacks Consensus Estimate for SOUN's loss per share in 2026 has widened to 6 cents from 5 cents, although this represents an improvement from a year-ago estimate of a 15-cent loss per share. Year-over-year growth estimates indicate significant improvements across various time frames [15][16]

This presentation contains statistical data that we obtained from industry publications and reports generated by third parties. Although we believe that the publications and reports are reliable, we have not independently verified this statistical data. Q2 Fiscal 2026 Investor Presentation Safe Harbor Statement This presentation is for informational purposes only and is not an offer to sell securities or a solicitation of an offer to buy any securities, and may not be relied upon in connection with the purc ...

3 February 2026 For personal use only Sukhinder Singh Cassidy Chief Executive Officer Claire Bramley Chief Financial Officer Diya Jolly Chief Product and Technology Officer Matan Bar Xero US CEO & Melio Co-founder Xero Limited INVESTOR BRIEFING Xero UK partner Tyler Trew, founder of Highlight Accounting and his client Rebecca Shoobert, owner of Oh Happy Creative in Leigh-on-Sea— ohhappycreative.com 1 1 IMPORTANT NOTICE This presentation is given on behalf of Xero Limited (Xero) (ASX:XRO) (Company number NZ ...

ESAB Corporation Eddyfi Acquisition Conference Call February 2, 2026 Forward-Looking Statements & Non-GAAP Disclaimer Forward-Looking Statements This presentation includes forward-looking statements, including forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning the acquisition of Eddyfi, future results and leverage after the acquisition and funding of the acquisition ...

Group 1 - Nvidia is facing questions about its strategy post-AI training phase, with Advanced Micro Devices (AMD) emerging as a competitor in the inference market [1] - The company plans to launch a notebook PC powered by its own Arm-based SoC platform, indicating a shift to diversify away from its reliance on data center sales, which currently make up over 90% of its revenue [2] - Nvidia's GPUs are essential for high-end AI infrastructure, significantly contributing to the global AI boom by enabling companies to train large language models [3] Group 2 - Nvidia's stock has underperformed, gaining only 29% over the last year compared to the iShares Semiconductor ETF's 50%, attributed to high expectations and a tenfold increase in stock value over the past three years [4] - The announcement of a new PC is seen as a positive development that the market has been anticipating, raising questions about whether the current valuation presents a good entry point for investors [4]

Core Insights - Mercado Bitcoin (MB) identifies six major trends expected to shape the cryptocurrency market by 2026, including the expansion of stablecoins, tokenization, altcoin ETFs, and AI-driven trading Group 1: Bitcoin's Market Position - MB estimates that Bitcoin could reach 14% of gold's market capitalization by the end of 2026, up from the current ratio of 5.65%, implying that Bitcoin's price could more than double [2] - The report highlights Bitcoin's increasing role as a store of value, particularly in comparison to gold, which has logistical challenges [3] - Institutional treasuries have accumulated over 1.09 million Bitcoin, indicating that Bitcoin is becoming a mainstream asset rather than a niche investment [3] Group 2: Bitcoin Valuation Framework - The "Bitcoin Valuation Framework" utilizes a Total Addressable Market (TAM) approach to estimate Bitcoin's theoretical value, starting with the global store-of-value market and using gold as a benchmark [5] - The framework projects Bitcoin capturing 14% of gold's market capitalization under various adoption scenarios [5] Group 3: Stablecoin Growth - MB anticipates the stablecoin market will grow to a market capitalization of $500 billion by 2026, driven in part by stablecoins not tied to the U.S. dollar [6] - Stablecoins have evolved from trading tools to payment instruments, playing a crucial role in providing liquidity and facilitating secure resource movement without exposure to volatility [7] - In 2025, the total market capitalization of stablecoins grew nearly 50% year over year, attributed to broader adoption and regulatory clarity, especially in the U.S. [8]

Core Viewpoint - Planet Labs PBC has experienced a significant stock price increase of over 400% in the last year, raising questions about its sustainability and future growth potential [2][8]. Company Overview - Planet Labs was founded in 2010 by three former NASA scientists and has developed a unique capability to provide up-to-date satellite images of the entire planet, amassing nearly a 10-year archive of proprietary data [3][4]. - The company is the only Earth imaging firm that photographs the entire planet frequently, giving it a total addressable market (TAM) of $128 billion [4]. Financial Performance - In the first nine months of 2025, Planet Labs reported revenue of $221 million, a 21% increase from the same period in 2024 [4]. - Despite reducing operating expenses by 7%, the company incurred a net loss of $94 million due to a $39 million loss from changes in warrant liabilities, compared to a loss of $88 million in the same period the previous year [5][6]. - The company generated free cash flow of $59 million during the first nine months of 2025, which may mitigate concerns over net losses [6]. Valuation Metrics - Planet Labs currently has a market capitalization of $7.1 billion and a price-to-sales (P/S) ratio of 23, significantly above its historical average of 5, indicating a high valuation [7][8]. - The company is not expected to earn a profit in the foreseeable future, resulting in the absence of a price-to-earnings (P/E) ratio [7]. Investment Considerations - The recent stock price surge suggests that the market recognizes Planet Labs' growth potential, but the high valuation warrants caution for new investors [8][10]. - Given that the company has only capitalized on less than 1% of its TAM, there remains substantial growth potential, making it potentially not too late to invest [9][12]. - Investors are advised to consider deploying only small percentages of their capital to manage risk while still allowing for potential gains [11].

Core Insights - Intuitive Surgical (ISRG) is positioning the da Vinci 5 system as a platform for expansion into new surgical specialties, particularly cardiac surgery, which could significantly broaden the company's total addressable market (TAM) in the long term [1][2][9] Company Developments - The da Vinci 5's enhanced features, including precision and digital capabilities, aim to make robotic surgery viable for cardiac patients who are not ideal candidates for traditional methods, indicating a medium-term R&D focus rather than immediate revenue generation [2][4] - ISRG has made regulatory progress in general surgery by submitting applications for nipple-sparing mastectomy, which aligns with the company's strengths and could facilitate quicker clinical adoption once approved [3][9] Competitive Landscape - The surgical robotics market is becoming more competitive, with Medtronic and Johnson & Johnson's MedTech unit achieving regulatory clearances that expand their robotic platforms into new clinical applications, highlighting a shift in market dynamics [5][6][7] - Medtronic received FDA clearance for its Hugo robotic-assisted surgery system for urologic procedures, marking its entry into a segment traditionally dominated by ISRG [6] - Johnson & Johnson's MONARCH Platform has received clearance for enhancements that improve access to lung nodules, showcasing innovation in the interventional pulmonology segment [7] Financial Performance - ISRG shares have increased by 11.3% over the past six months, outperforming the industry average increase of 9.1% [8] - The company trades at a forward price-to-earnings ratio of 60.66, which is above the industry average but lower than its five-year median of 71.52, indicating a mixed valuation perspective [10] - The Zacks Consensus Estimate for ISRG's 2026 earnings suggests an 11.1% increase compared to the previous year [11]

Core Viewpoint - Carvana is recognized for its innovative online used car retail model and is expected to continue its growth trajectory, supported by positive market sentiment and strong upcoming earnings forecasts [1][6]. Group 1: Stock Performance - Carvana's stock price was $442.56 at the time of Morgan Stanley's update, reflecting a 2.41% increase from the previous day [2]. - The stock has outperformed major indices, with a recent closing price increase of 2.41%, surpassing the S&P 500's 0.62% gain, the Dow's 0.99% rise, and the Nasdaq's 0.65% appreciation [3][6]. - Despite recent gains, Carvana's shares have declined by 4% over the past month, underperforming the Retail-Wholesale sector's 0.14% gain and the S&P 500's 0.59% increase [3]. Group 2: Financial Expectations - Investors anticipate an EPS of $1.07 for the upcoming earnings report, indicating a significant 91.07% growth from the same quarter last year [4]. - Revenue is expected to reach $5.17 billion, marking a 45.87% increase from the previous year [4]. - For the entire fiscal year, earnings are forecasted at $5.39 per share and revenue at $19.93 billion, indicating substantial growth potential [4]. Group 3: Market Capitalization and Trading Data - Carvana's market capitalization is approximately $95.95 billion, with a trading volume of 2,734,454 shares on the NYSE [5]. - The stock has traded between a low of $433.14 and a high of $457.57 on the day, with a 52-week high of $485.33 and a low of $148.25 [5].