Core Insights - An international research collaboration has revealed potential privacy abuses involving Meta and Yandex, where native Android apps listen on local ports to de-anonymize users' browsing habits without consent [3][4][6] Tracking Mechanism - Meta's Pixel and Yandex Metrica have embedded tracking codes in millions of websites, allowing them to map Android users' browsing habits to their persistent identities, bypassing Android's privacy protections [4][6] - The tracking practices have been ongoing since 2017 for Yandex and September 2024 for Meta, affecting a significant number of users due to the widespread installation of these tracking tools [6][10] Technical Details - Under Android's permission model, apps with INTERNET permission can create local web servers, enabling them to communicate with browsers and capture user data [7][8] - Meta's Pixel uses localhost channels to share browser identifiers with native apps like Facebook and Instagram, linking data to users' logged-in accounts [9] - Yandex's AppMetrica SDK captures web tracking data and aggregates it with mobile identifiers, creating enriched user profiles [10][11] Research Findings - The research team has disclosed these issues to browser vendors, who are working on mitigations, with Chrome's response expected soon [5][16] - Yandex apps have been observed to wait up to three days post-installation before activating their tracking mechanisms, potentially to evade detection [12] Recommendations for Prevention - The research suggests that mobile platforms and browsers need to overhaul their handling of local port access to prevent such abuses [13][14] - There is a call for stricter platform policies and vetting processes to deter similar tracking methods by other services [14][15] Industry Impact - The findings highlight a significant gap in privacy protections for Android users, with many website operators unaware of the tracking methods employed by Meta and Yandex [14][16] - The unprecedented nature of cross-platform tracking by these companies raises concerns about user privacy and the need for better transparency [16]

Core Insights - Tucows Inc. has appointed Laurenz Nienaber as Chair of the Board of Directors and Jeffrey Tory as Independent Vice Chair, following the election of a new board at the Annual General Meeting on May 20, 2025 [1][2] - The newly formed Board has established its committee leadership and governance structure, emphasizing proactive oversight and long-term value creation for shareholders [1][3] Board Composition and Leadership - Laurenz Nienaber, the new Chairman, has extensive experience in investment strategy and corporate governance, while Jeffrey Tory brings nearly four decades of experience in North American growth investing [2] - The Audit Committee is chaired by Allen Taylor, who is recognized as an "audit committee financial expert," ensuring strong financial governance [3] - A newly established Compensation Committee is chaired by Stephan Uhrenbacher, focusing on transparent and performance-aligned executive compensation practices [4] Governance Committees - The Governance and Nominating Committee is chaired by Lee Matheson, who will guide board refreshment and corporate governance practices [5] - The Board structure is designed to foster accountability and ensure strong oversight across all business segments, including Ting Internet, Tucows Domains, and Wavelo [9]

Summary of Tencent Holdings Investor Meeting Company Overview - **Company**: Tencent Holdings - **Sector**: Internet/e-Commerce - **Description**: Tencent is a leading provider of messaging services, value-added services, online games, and advertising in China, with Weixin having over 1 billion domestic accounts [10][11]. Key Takeaways from the Investor Meeting AI Product Development - Tencent is investing in AI products that are in the post-launch but pre-monetization phase, including: - **Yuanbao app**: Achieved product-market fit and moved to launch phase [1] - **QQ Browser**: Recently upgraded to AI Browser [1] - **Weixin AI**: Early in the product-market fit journey [1] - Monetization is expected to begin product by product after several quarters, funded through operating leverage from existing businesses [1]. - The near-term cost impact will primarily come from depreciation, with profit being back-end loaded in the GPU lifecycle [1]. Financial Projections - **Net Income (Adjusted)**: - 2023A: CNY 157,688 million - 2024A: CNY 222,703 million - 2025E: CNY 251,880 million [3] - **EPS**: - 2023A: CNY 11.99 - 2024A: CNY 20.63 - 2025E: CNY 22.65 [3] - **P/E Ratio**: - 2025E: 20.75x [3] Game Experience and User Retention - AI enhances game experience through improved player onboarding, coaching, interaction, and cheating prevention, leading to better user retention [2]. - Tencent's key mobile games have shown an upward trend in 30-day user retention [2][19]. Business Services Growth Drivers - The Business Services segment has four structural drivers: 1. Mini Shops commission 2. CRM service and WeCom enterprise software 3. Security and real-time communications solutions 4. GPU rental [3] - Tencent believes in the long-term potential of enterprise services in China, focusing on software services for better margins and competitive products [3]. Fintech Services Growth - The Fintech segment has three structural drivers: 1. Consistent growth in wealth management 2. Resumed growth in credit business 3. Improvement in payment business after a decline [15]. Mini Shops in Weixin Ecosystem - Mini Shops are rapidly growing GMV and enhancing linkages with other Weixin activities, with multiple successful eCommerce templates to learn from [14]. - Monetization potential includes higher take rates and improved ad targeting due to SKU-level granularity [14]. Investment Rationale - The company maintains a **Buy** rating due to: - Strong market leadership - Growth potential from Weixin monetization - Resilient game business growth - AI and eCommerce opportunities [11]. Risks and Opportunities - **Downside Risks**: 1. Competition from new platforms 2. Regulatory challenges in fintech and gaming 3. Weak macroeconomic conditions [23]. - **Upside Risks**: 1. Faster-than-expected macro recovery 2. Successful new game launches 3. Synergies from ecosystem collaborations [23]. Conclusion - Tencent Holdings is positioned for growth through its AI investments, strong game retention, and expanding business services. The company faces risks from competition and regulation but has significant upside potential from its diverse business segments and market leadership.

Core Viewpoint - Alphabet has shifted its strategy and is now viewed positively in the market, indicating a potential bullish case for its stock [1]. Group 1: Company Strategy - The company is focusing on identifying high-quality companies with strong balance sheets and shareholder-friendly policies [1]. - A disciplined approach to valuation is being applied to uncover underappreciated opportunities [1]. Group 2: Investment Approach - The investment strategy is long-only with a focus on long-term investments [1]. - A mix of quantitative and qualitative measures is utilized to identify stock opportunities [1].

Group 1: Nasdaq vs S&P 500 Performance - The Nasdaq Composite's return of 275% over the last 10 years significantly outpaces the S&P 500's return of 178% [1] - The Nasdaq is characterized by tech-centric companies that drive change and innovation, presenting stocks with high growth potential [1] Group 2: Alphabet Overview - Alphabet's shares have recently surged despite concerns over competition, recession fears affecting advertising, and potential breakup risks [3] - The company has achieved double-digit growth in revenue and earnings over the last decade, with the stock doubling in the last five years and trading at a forward price-to-earnings multiple of 18 [4] - Alphabet generates 56% of its revenue from its search business, which faces competition from AI models like OpenAI's ChatGPT [5] Group 3: Alphabet's Competitive Position and Growth Potential - Alphabet has developed strong AI technology and infrastructure, including investments in Tensor Processing Units (TPUs) and quantum computing [6][7] - The company generated $75 billion in free cash flow on $360 billion of annual revenue, with expected earnings per share growth of 15% annually [8] - Investments in data centers, Gemini, and cloud services position Alphabet to capture a significant share of a $1 trillion AI opportunity [8] Group 4: Amazon Overview - Amazon's stock has risen 144% since bottoming out in 2022, outperforming the Nasdaq's return of 83% [9] - The company shows solid revenue growth, with cost reduction efforts in retail and growth in cloud computing enhancing profitability [9] Group 5: Amazon's E-commerce and Cloud Computing - Amazon's online store revenue grew 6% year over year to $57 billion, with essential goods sales growing faster than other segments [10] - Amazon Web Services (AWS) leads the $348 billion cloud computing market, generating $112 billion in revenue with a 17% year-over-year increase in the first quarter [11] - AWS is experiencing triple-digit growth in AI services, indicating a significant long-term growth opportunity for Amazon [12] Group 6: Amazon's Future Outlook - Management believes AWS could generate hundreds of billions in revenue long-term, with increasing demand trends supporting this outlook [13] - The stock trades at 33 times trailing earnings, suggesting potential for market-beating returns given the expected double-digit earnings growth [13]

Core Viewpoint - Growth investors are focused on stocks with above-average financial growth, but identifying such stocks can be challenging due to inherent risks and volatility [1] Group 1: Company Overview - Tencent Holding Ltd. is recommended as a growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 14%, with projected EPS growth of 19.2% this year, significantly higher than the industry average of 5.8% [4] Group 2: Financial Metrics - Tencent's year-over-year cash flow growth is 32.8%, outperforming the industry average of -5.1% [5] - The company's annualized cash flow growth rate over the past 3-5 years is 14.6%, compared to the industry average of 13.2% [6] Group 3: Earnings Estimates - Current-year earnings estimates for Tencent have been revised upward, with the Zacks Consensus Estimate increasing by 1.2% over the past month [8] - The combination of a Growth Score of B and a Zacks Rank 2 indicates Tencent is a potential outperformer and a solid choice for growth investors [10]

Core Viewpoint - Tencent Holding Ltd. has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks Consensus Estimate for Tencent for the fiscal year ending December 2025 is projected at $3.90 per share, reflecting a 19.3% increase from the previous year's reported figure [9]. - Over the past three months, the Zacks Consensus Estimate for Tencent has risen by 3.8%, indicating a trend of increasing earnings estimates [9]. Zacks Rating System - The Zacks rating system is based solely on a company's changing earnings picture, which is crucial for determining stock price movements [2][3]. - The system classifies stocks into five groups, with Zacks Rank 1 (Strong Buy) to Zacks Rank 5 (Strong Sell), and has shown a strong track record, with Zacks Rank 1 stocks averaging an annual return of +25% since 1988 [8]. - The upgrade of Tencent to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11].

Core Viewpoint - The A-share market is expected to experience a steady upward trend due to continued policy support and medium to long-term capital inflows, with current valuations near the average since 2010 [1] Group 1: Market Outlook - The A-share market is anticipated to stabilize and rise, supported by incremental capital inflows and policy initiatives [1] - The market's future opportunities will depend on incremental changes, with stable capital providing a buffer against unexpected downturns [3] - The Shanghai Composite Index and ChiNext Index are currently at average price-to-earnings ratios of 13.69 and 35.80, respectively, suitable for medium to long-term investment [4] Group 2: Investment Strategies - Focus on three asset categories: stable assets (high dividends, gold), self-sufficient industrial chains, and domestic consumption [1] - Emphasize a "dumbbell" investment strategy, balancing high-dividend sectors like banking with emerging themes in new consumption [3] - Short-term investment opportunities are highlighted in sectors such as software development, internet services, and consumer electronics [4] Group 3: Market Activity - On a recent trading day, the A-share market opened high and experienced slight fluctuations, with significant performance in software development and internet services [4] - The total trading volume reached 12,136 billion, above the three-year daily average, indicating enhanced market liquidity [4] - Continuous net inflows from northbound funds and increased holdings from institutional investors suggest a resilient market environment [4]

GoDaddy (GDDY) 2025 Conference Summary Company Overview - **Company**: GoDaddy (GDDY) - **Event**: 2025 Conference - **Date**: May 29, 2025 Key Points Industry and Market Position - GoDaddy is positioning itself as a one-stop shop for entrepreneurs, moving beyond its traditional domain registration business to serve micro businesses and entrepreneurs more comprehensively [5][10][32] - The company has been in operation for 28 years and has observed resilience and optimism among its customer base, which includes small business owners and sole entrepreneurs [10][12] Marketing and Branding - GoDaddy's marketing team successfully engaged actor Walton Goggins for a promotional campaign, which has helped connect with a new audience [2][3][5] - The campaign was launched during the Super Bowl, coinciding with the season finale of "White Lotus," enhancing visibility and engagement [6][10] Customer Engagement and Product Offering - The average order size at initiation is increasing, indicating that customers are engaging with more products faster than before [11][12] - GoDaddy's Arrow platform, an AI-generated software, is designed to streamline the process for customers, allowing them to launch websites and manage social media responses efficiently [27][30][41] - The company has seen a 20% increase in customers spending over $500, with an average revenue per user (ARPU) of $225 [26][34] Financial Performance - GoDaddy has achieved a normalized EBITDA margin expansion of 900 basis points over five years and has been actively buying back shares [34][36] - The company reported a consistent retention rate above 85%, with higher retention rates observed when customers engage with multiple products [23][24][26] Innovation and Future Outlook - GoDaddy emphasizes the importance of innovation and understanding customer needs, which has led to the development of new tools like Arrow and Conversations [45][41] - The company is focused on maintaining a strong balance sheet while continuing to invest in innovation and customer service [36][48] - The applications and commerce segment is expected to grow from 30% to 40% of the business, contributing to higher profitability [53][56] Challenges and Considerations - Despite positive growth, there are concerns about macroeconomic factors and tariff uncertainties, although GoDaddy has not seen significant negative impacts on its business [9][17] - The company acknowledges the need for continuous improvement in margins and operational efficiency [49][52] Conclusion - GoDaddy is on a transformative journey to redefine its brand and expand its service offerings to better meet the needs of small businesses and entrepreneurs, while maintaining a focus on innovation and customer engagement [5][36][45]

Core Insights - The New York Times has agreed to license its editorial content to Amazon for training AI platforms, marking a significant shift in its approach to generative AI agreements [1][3] - This licensing deal will allow Amazon to utilize The Times's content across various customer experiences, including news articles, NYT Cooking, and The Athletic [1][2] - The agreement is notable as it follows The Times's lawsuit against OpenAI and Microsoft for copyright infringement, where it accused them of using its articles without consent [3] Group 1 - The licensing agreement is the first of its kind for Amazon, indicating a new strategy in content acquisition for AI training [2] - The deal may extend to Amazon's Alexa software, enhancing the capabilities of its smart speakers with The Times's editorial content [2] - The New York Times's decision to license content comes after a period of legal contention with OpenAI and Microsoft, highlighting a potential shift towards collaboration in the industry [3]