American Express Earnings Conference Call Q4'25 JANUARY 30, 2026 Business Highlights Refer to Slide 31 for notes. 2 • FY 2025 revenue growth of 10%, and EPS of $15.38, up 15% YoY adjusted for the prior year gain on sale from Accertify(1) • FY 2026 guidance of revenue growth of 9% - 10%, and EPS of $17.30 - $17.90(2) • Plan to increase quarterly dividend per common share by 16% to $0.95 • Signed a multi-year extension of our British Airways Cobrand Card partnership • Advanced Gen AI and agentic commerce init ...

BOSTON--(BUSINESS WIRE)--Klaviyo (NYSE: KVYO) today announced the launch of the Klaviyo app in ChatGPT, a new integration that gives marketers instant access to their Klaviyo data right inside ChatGPT. This launch marks another milestone as Klaviyo accelerates its AI roadmap following its MCP Server and Marketing and Customer Agents introduced last year. As the autonomous B2C CRM, Klaviyo has consistently pushed the industry forward with systems that turn raw data into adaptive, intelligent action. The Klav ...

Summary of Visa's 2025 Conference Call Company Overview - **Company**: Visa Inc. (NYSE: V) - **Event**: 2025 Conference Call - **Date**: December 02, 2025 Key Industry Insights Q4 Trends - Visa reported stable and strong growth in Q4, with U.S. payment volume growth at **8%** and international growth at **10%** [4][5] - Cross-border payment volume growth was approximately **11%-12%** [4] - For the first three weeks of October, U.S. growth was **7%-8%** and cross-border growth was about **11%** [5] MDL Settlement - Visa reached an agreement in the MDL settlement, providing financial relief and flexibility for merchants [8] - Effective average interchange rates in the U.S. will see a **10 basis point reduction** for five years, with caps on rates for standard consumer credit cards at **125 basis points** [9] - Merchants will have increased flexibility regarding surcharging and card acceptance [10] Agentic Commerce - Visa is optimistic about agentic commerce, which allows consumers to use AI to shop on their behalf [13] - The introduction of Visa Intelligent Commerce aims to enhance consumer experience through secure, tokenized transactions [14][15] - Visa is developing protocols to differentiate between good agents and bad bots in the digital commerce space [18] Tokenization - Visa has seen significant growth in tokenization, reaching **16 billion tokens**, with a goal of achieving **100% tokenization** [21] - Tokenization increases approval rates by **5 percentage points** and reduces fraud by over **35%** [21] - Visa is focusing on monetizing tokenization through value-added services and lifecycle management [22][23] Value-Added Services (VAS) - VAS has grown from **20%** of revenue to nearly **30%**, with growth rates in various segments reaching **20%-40%** [25][28] - Visa is positioned to help clients with their payment-related projects, enhancing partnerships and driving demand for VAS [27][29] Value-in-Kind (VIK) Incentives - VIK converts a portion of cash incentives into coupons for clients to purchase services from Visa, fostering deeper partnerships [32][33] - VIK ensures clients have resources to invest in their business, leading to more substantive conversations and exploration of new services [33][34] Market Models - Visa operates using four market models: cash-rich, high potential, high potential challenger, and digitally mature [43][44] - High potential markets like Japan, Germany, and Mexico are seen as having significant growth opportunities due to high cash transaction volumes [46][47] Cross-Border Capability - Visa's cross-border payment system is considered a significant competitive advantage, built over decades [48][49] - The complexity of establishing a similar system through partnerships highlights Visa's unique position in the market [50][51] Additional Insights - Visa's focus on maintaining strong relationships with clients through incentives is crucial for aligning interests and ensuring long-term partnerships [38][41] - The company is committed to continuous improvement and innovation in the payments ecosystem, welcoming competition as a means to enhance its offerings [52] This summary encapsulates the key points discussed during Visa's 2025 conference call, highlighting the company's performance, strategic initiatives, and market positioning.

Core Insights - The 2025 Black Friday set a new record for online sales in the U.S., reaching $11.8 billion, a 9.1% increase from 2024's $10.8 billion, driven by consumer concerns over rising prices and tariffs, leading to a shift towards AI price comparison tools [2][4] - Overall retail sales on Black Friday (excluding automobiles) grew by 4.1%, with e-commerce sales increasing by 10.4%, while in-store sales only rose by 1.7%, indicating a significant shift towards online shopping [2][4] Group 1: Consumer Behavior and Economic Context - The U.S. economy is not in a period of high consumer confidence, with unemployment rising to around 4.4%, and inflation remaining above the Federal Reserve's target at approximately 3% [4] - The consumer confidence index dropped to around 51, close to historical lows, with many consumers expressing caution about spending and prioritizing essential purchases [4] - Online spending growth appears to be driven by structural changes in pricing rather than an overall increase in consumption volume, with average transaction prices rising by about 8% [4][6] Group 2: Income Disparities in Spending - High-income households (top 10% earning at least $250,000) accounted for approximately 48% of consumer spending, up from 35% in the mid-1990s, indicating a significant concentration of spending power [5] - Middle and lower-income consumers are more budget-conscious, focusing on essential purchases and seeking discounts, leading to a disparity in spending behavior [5][6] Group 3: Payment Trends - There is a notable shift towards "Buy Now, Pay Later" (BNPL) options, with projected online spending through BNPL exceeding $20 billion during the holiday season, indicating consumers are managing cash flow pressures [5][6] Group 4: AI's Impact on E-commerce - AI has emerged as a critical factor in driving online sales, with traffic from AI tools to retail websites increasing by 805% year-over-year, highlighting its role in reshaping e-commerce dynamics [7][8] - AI shopping assistants are changing the way consumers search and make purchasing decisions, enhancing the efficiency of the shopping process and increasing conversion rates [8][9] Group 5: Implications for Cross-Border Sellers - The demand for high-quality growth in U.S. e-commerce suggests that sellers must focus on providing clear value and addressing specific consumer needs rather than relying on low-cost strategies [10] - Sellers need to adapt to new AI-driven sorting rules, ensuring that product information is not only consumer-friendly but also machine-readable to improve visibility in AI-assisted searches [10][11] - The trend indicates a narrowing space for products that do not meet essential needs or lack brand storytelling, emphasizing the importance of quality and narrative in product offerings [11]

Group 1 - Uniswap Foundation and Uniswap Labs propose a governance plan to initiate a protocol fee mechanism, reduce the total supply of UNI, and implement a UNI burn triggered by protocol usage, aiming to restructure the ecological incentive model [1] - The proposal includes establishing a Uniswap Growth Budget to fund protocol and ecosystem development, while most functions and teams of the Foundation will be merged into Uniswap Labs, with the Foundation ceasing operations after fulfilling approximately $100 million in remaining grant commitments [1] Group 2 - The U.S. Treasury and IRS have released new regulations providing a compliance pathway for crypto exchange-traded products (ETPs), allowing them to stake digital assets and distribute staking rewards to retail investors under certain conditions [1] - The new safe harbor mechanism applies to specific trust structures, requiring trusts to hold only a single type of digital asset and cash, managed by qualified custodians, with SEC-approved liquidity policies to ensure redemption arrangements [1] Group 3 - The Ethereum Foundation's dAI Team is working on a 2026 roadmap to position Ethereum as a decentralized settlement and collaboration base for AI, facilitating interactions of autonomous agents under publicly auditable rules [2] - The dAI Team expresses gratitude towards the expanding community around ERC-8004 and x402 standards, which are becoming neutral norms for "agentic commerce," and seeks input on future support directions for related applications [2] Group 4 - Vitalik Buterin states that zero-knowledge proofs (ZK) alone do not provide coercion resistance and must be combined with trusted parties, multi-party computation (MPC), fully homomorphic encryption (FHE), or trusted execution environments (TEE) to achieve this feature [3] - He emphasizes that a ZK + FHE layered architecture can enhance system security, preserving all privacy attributes except coercion resistance, applicable to various crypto applications [3] Group 5 - The U.S. Senate Agriculture Committee has released a draft bill on crypto market structure, defining concepts like "blockchain" under the Commodity Exchange Act and clarifying the CFTC's regulatory boundaries over spot markets and certain intermediaries [5] - The draft allows for coordination on margin requirements and crypto intermediary regulation, but it remains a preliminary version that needs to be merged with the Banking Committee's version before formal marking and voting, with expectations of several months before a Senate vote [5] Group 6 - Details of a significant money laundering case involving 60,000 bitcoins were revealed during a sentencing hearing in London, highlighting the defendant's elaborate escape plan and the involvement of accomplices [4] - The defendant purchased a total of 194,951 bitcoins and managed to flee China with over 70,000 bitcoins, indicating a well-planned route and the hiring of multiple aides during his escape [4]

Core Insights - Shopify reported a Q3 sales increase of 32% in gross merchandise volume (GMV) and revenue, alongside an 18% free cash flow margin, indicating strong growth and consistent profitability [1][4] - The platform is attracting both small startups and large brands like Estee Lauder, suggesting a trend of larger enterprises seeking to modernize their commerce solutions [1][3][4] - Shopify holds approximately 12% of the U.S. e-commerce market share and is outpacing the overall e-commerce market growth [4][5] Company Strategy - Shopify aims to simplify the process of starting an online store, allowing entrepreneurs to set up a store in under an hour, which contributes to a rapid increase in new businesses [6][7] - The company is leveraging AI to enhance its platform, enabling merchants to sell across various channels and future-proof their businesses [1][2][8] - Shopify's focus on operational discipline while maintaining high revenue growth positions it as a strong player in the e-commerce space [5] Market Position - The company has seen a shift where larger brands prefer to utilize Shopify's infrastructure rather than maintaining their own technology stacks, indicating a trend towards outsourcing commerce solutions [2][3] - Shopify's ease of use and comprehensive features have led to a significant reduction in competition, with fewer viable alternatives for entrepreneurs [5][6] - Success stories of brands that started on Shopify, such as Aloe and Gym Shark, highlight the platform's capability to support growth from inception to scale [8]

Industry Trend - AI is now capable of shopping for users [1] - Agentic commerce raises the question of payment verification [1] Partnership & Adoption - PayPal will power payments inside OpenAI's ChatGPT [1] - ChatGPT has a user base of over 700 million weekly users [1] - This integration will enable direct purchases starting next year [1]

Crypto VC is absolutely on fire right now.This one in particular we invested about 2 years ago, after I met Mike in Panama, his home country.We sat down at a restaurant in Panama city and had some local cuisine while discussing the future of agentic commerce & the ai x crypto crossover.Coming full circle to see The Rollup logo on a mega raise announcement is incredibly bullish.Talus is going to lead the AI charge on Sui and I couldn't be more stoked for their team to be very close to mainnet.Another day one ...

Core Insights - Shopify Inc. shares increased by over 6% following OpenAI's announcement that U.S. Shopify merchants can sell products directly within ChatGPT conversations [1] Group 1: Integration Impact - Oppenheimer maintained an Outperform rating and a price target of $180.00, indicating that the integration could improve product discoverability and conversion for Shopify's merchants among ChatGPT's approximately 70 million U.S. monthly active users [2] - Analysts believe that Shopify could capture additional gross merchandise volume as "agentic commerce" becomes a larger portion of consumer spending [2] Group 2: Monetization and Payment Options - OpenAI will impose a small transaction fee on merchants for purchases made through ChatGPT, with checkout managed via Stripe, which may limit Shopify's direct monetization [3] - Merchants can still direct sales through their own stores, which would benefit Shopify's platform, and there is potential for Shop Pay to be offered alongside Apple Pay, providing additional upside [3]

Core Insights - Alipay+ and Mastercard have partnered to enable Kakao Pay users to make NFC payments for overseas transactions, enhancing the travel experience for users [1][2][3] Group 1: Partnership and Service Launch - The collaboration allows Kakao Pay users to make NFC payments at over 150 million Mastercard merchant locations globally, including regions like Japan, Southeast Asia, the U.S., Europe, and Oceania [2] - Kakao Pay is one of the first partners to implement Alipay+'s NFC payment solution, complementing its existing QR code and barcode payment methods [2][3] Group 2: User Experience and Security - NFC payments simplify cross-border transactions by allowing users to tap their NFC-enabled Android phones on contactless POS terminals, reducing the need for physical cash [3] - The service ensures transaction security through advanced authentication and encryption, enhancing user confidence while traveling [3] Group 3: Strategic Goals and Market Expansion - Kakao Pay aims to provide a seamless payment experience for users during their overseas trips, positioning itself as an essential travel and payment platform [4] - Alipay+ seeks to empower mobile payment partners like Kakao Pay to expand their market reach and deliver secure payment services, contributing to a more inclusive global payment ecosystem [4][5]