Group 1: Overview of Share Buyback Programs - Several influential companies in the technology and financial sectors have announced massive share repurchase programs totaling over $130 billion, indicating confidence in their equity despite mixed macroeconomic signals [1][3] - Visa announced a $30 billion buyback program, a significant increase from its previous $25 billion plan, reflecting strong confidence in long-term growth [4][5] - Apple revealed a $100 billion buyback authorization, one of the largest in history, but some investors were underwhelmed as it was $10 billion smaller than its previous program [8][9] Group 2: Visa's Buyback Details - Visa's new buyback program brings its total repurchase capacity to nearly $35 billion, equating to about 5.2% of its market capitalization, which is aggressive for a company of its size [7] - The buyback reflects strong cash generation and a belief that shares are attractively priced in the current environment [7] Group 3: Apple's Buyback Insights - Apple's $100 billion buyback represents 3.1% of its market capitalization, lower than the 4.1% from its previous $110 billion program [11] - Despite the disappointment, historical data shows that a smaller buyback does not preclude strong stock performance, as seen in 2019 [12][13] - Apple also announced a moderate 4% increase to its quarterly dividend alongside the buyback [14] Group 4: Arista Networks' Buyback Activity - Arista Networks announced a $1.5 billion share buyback program, with an additional $34 million from its previous authorization, totaling around 1.4% of its market capitalization [15] - The company spent $887 million on buybacks from the beginning of 2025 through April, indicating management's belief that its stock is significantly undervalued [16][17]

May 9, 2025 01:20 PM GMT BOE Technology | Asia Pacific | M | | | | --- | --- | --- | | | | Update | | May 9, 2025 01:20 PM GMT | | | | BOE Technology Asia Pacific | Morgan Stanley Taiwan Limited+ | | | | Derrick Yang Equity Analyst | | | China BEST Conference 2025 | Derrick.Yang@morganstanley.com | +886 2 2730-2862 | | | Vivi Huang | | | | Research Associate | | | Feedback | Vivi.Huang@morganstanley.com | +886 2 2730-2860 | | | Sharon Shih | | | | Equity Analyst | | | | Sharon.Shih@morganstanley.com | +886 ...

Core Viewpoint - Zebra Technologies Corporation (ZBRA) reported strong first-quarter 2025 results, with adjusted earnings per share of $4.02, exceeding estimates and showing a significant year-over-year increase of 41.5% from $2.84 [1][2] Financial Performance - Total revenues reached $1.31 billion, surpassing the consensus estimate of $1.28 billion, and reflecting an 11.3% year-over-year growth driven by the Enterprise Visibility & Mobility and Asset Intelligence & Tracking segments [2] - The Asset Intelligence & Tracking segment saw revenues rise by 17.9% year over year to $462 million, exceeding the consensus estimate of $434 million, with organic net sales increasing by 18.4% [2] - The Enterprise Visibility & Mobility segment reported revenues of $846 million, an 8.1% increase year over year, though slightly below the consensus estimate of $852 million, with organic net sales up by 8.6% [3] Margin and Cost Analysis - Cost of sales for the first quarter totaled $663 million, an increase of 8.3% year over year, while total operating expenses rose by 11.4% to $450 million [4] - Net income for the quarter was $136 million, compared to $115 million in the same period last year [4] Balance Sheet and Cash Flow - At the end of the first quarter, cash and cash equivalents stood at $879 million, down from $901 million at the end of December 2024, while long-term debt increased slightly to $2.1 billion [5] - The company generated net cash of $178 million from operating activities, up from $125 million in the previous year, with free cash flow amounting to $158 million compared to $111 million a year ago [6] Guidance - For the second quarter of 2025, ZBRA expects net sales to grow between 4-7% year over year, with an anticipated adjusted EBITDA margin of approximately 19% and adjusted earnings per share projected in the range of $3.00-$3.50 [7] - For the full year 2025, the adjusted earnings outlook has been revised to a range of $13.75-$14.75 per share, with net sales expected to increase by 3-7% year over year and free cash flow projected to be at least $700 million [8]

Core Viewpoint - Zebra Technologies Corporation (ZBRA) is expected to report first-quarter 2025 results on April 29, with revenue estimates of $1.28 billion, reflecting a 9% growth year-over-year, and adjusted earnings of $3.60 per share, indicating a 26.8% increase from the previous year [1]. Revenue Estimates - The consensus estimate for the Enterprise Visibility & Mobility segment's revenues is $852 million, representing an 8.8% increase from the year-ago figure [3]. - The Asset Intelligence and Tracking segment is projected to generate revenues of $434 million, indicating a 10.7% growth compared to the previous year [4]. Earnings Performance - Zebra Technologies has a strong earnings surprise history, outperforming consensus estimates in the last four quarters with an average surprise of 9.3% [2]. - The earnings estimate has remained stable over the past 60 days, suggesting consistent analyst expectations [2]. Challenges - Despite strong demand in various markets, Zebra Technologies faces challenges from high costs and expenses, including labor shortages and increased raw material costs, which are expected to negatively impact the bottom line [5]. - The company's operations are also affected by foreign exchange headwinds, particularly due to a stronger U.S. dollar impacting overseas business [6]. Earnings Prediction - The current Earnings ESP for Zebra Technologies is 0.00%, indicating no expected earnings beat, as both the Zacks Consensus Estimate and the Most Accurate Estimate are at $3.60 [8]. - The company holds a Zacks Rank of 4 (Sell), which further diminishes the likelihood of an earnings surprise this quarter [8].

对于企业而言，该技术有助于营造一个更加公平、安全的商业环境。在商业活动中，身份验证和信息真 实性至关重要。通过准确识别AI换脸伪造，企业能够有效防范商业诈骗、保护商业机密，降低运营风 险。这对于促进企业的健康发展、维护市场秩序具有重要意义。 新华财经北京4月17日电（记者沈寅飞） 人工智能和大模型技术的迅猛发展为人们的生活带来了前所未 有的便利与变革。然而，AI技术的滥用也带来了新的安全威胁。其中，AI换脸诈骗作为一种新兴的、 极具隐蔽性和危害性的手段，正逐渐成为网络安全领域的一大挑战。 记者从联想集团获悉，为了应对日益严峻的AI换脸等恶意应用的威胁，联想集团即将推出一项AI防诈 技术——"Deepfake深度伪造技术检测器"。在17日联想集团的一则宣传片《用AI守护AI》中，展示了该 技术的更多细节，其能够精准识别各种Deepfake换脸伪造，有效遏制AI欺诈行为的蔓延，该检测器的准 确率高达96%。 据介绍，联想"Deepfake深度伪造技术检测器"基于DeepSeek开源大模型构建，体现了其对前沿技术的精 准把握和有效利用，并可部署在AI PC本地运行，也进一步强化了联想AI PC个人数据和隐私安全保护 ...

Investment Rating - The report maintains an Equal-weight (EW) stance on MSCI China within the global EM/APXJ framework [9]. Core Insights - The report anticipates higher near-term market volatility due to the US imposing additional tariffs on China, raising the total tariff rate to up to 65% [2][4]. - The A-share market is viewed as better positioned for hedging and diversification compared to the offshore market, as A-share investors are less sensitive to tariff changes [3]. - The direct impact on earnings from the tariffs is expected to be smaller than the overall drag on macroeconomic growth, with the MSCI China universe generating only 13% of its total revenue from markets outside China, and less than 3% from the US [7]. Summary by Sections Market Volatility - The report highlights that the recent tariff hikes could lead to elevated market volatility as the market adjusts to the potential economic impacts [2][4]. A-Share Market Positioning - The A-share market is recommended for investors seeking stability, as it has shown lower correlation with global markets and less volatility compared to offshore markets [3]. Earnings Impact - The report suggests that the overall drag on equity market earnings will be less severe than the impact on macro growth, primarily due to the limited revenue exposure of listed Chinese companies to the US market [7]. Companies with High US Revenue Exposure - A list of 30 companies with the highest revenue exposure to the US market is provided, indicating potential negative impacts on these companies in the near term [8]. Key Indicators to Monitor - The report advises monitoring the USDCNY exchange rate, signs of US-China negotiations, and any significant policy easing measures to stabilize domestic growth [9].

Historical second-quarter data paints an even more disappointing picture. Over the last 10 years, INTC finished the quarter higher only three times, and averaged a 7.7% loss. From their current perch, this mean the shares could end April around $21, and the quarter just above $20. | | SA SESSION III PIEN WE INDE WA PERIAL | | | | | --- | --- | --- | --- | --- | | Ticker | Sector | Average | Median | Percent | | | | Return | Return | Positive | | LUV | Travel and Leisure | -6.45% | -7.59% | 20% | | STX | Tec ...