Investor Presentation As of December 31, 2025 © 2026 Cloudflare, Inc. Safe Harbor This presentation has been prepared by Cloudflare, Inc. ("Cloudflareˮ) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise, or representation by the presenter or Cloudflare or any officer, director, employee, agent, or advisor of Cloudflare. This presentation does not purport to be all-inclusive or to contain all of the i ...

Core Viewpoint - Rackspace Technology will release its fourth quarter 2025 financial results on February 26, 2026, at 8 am ET, followed by a conference call at 8:30 am ET to discuss the results [1]. Group 1: Financial Results Announcement - The financial results for the fourth quarter of 2025 will be announced on February 26, 2026, at 8 am ET [1]. - The conference call to discuss the financial results will be hosted by CEO Gajen Kandiah and CFO Mark Marino at 8:30 am ET on the same day [1]. Group 2: Accessing the Conference Call - Interested parties can access the live webcast or replay through the company's Investor Relations website [2]. - Pre-registration is required to obtain a dial-in number for the conference call, and registrants will receive a PIN for access [2]. Group 3: Company Overview - Rackspace Technology is recognized as a leading provider of end-to-end hybrid cloud and AI solutions [3]. - The company specializes in designing, building, and operating cloud environments across various technology platforms, regardless of the technology stack or deployment model [3]. - Rackspace Technology partners with customers throughout their cloud journey, assisting in application modernization, product development, and technology adoption [3].

Datadog Inc (NASDAQ: DDOG) is rallying this morning after the cloud-based observability firm posted its fourth-quarter report that, on the surface, appeared to be a clean beat. The company reported $9... ...

Core Insights - CoreWeave is strategically repositioning itself to become a durable AI infrastructure platform rather than just a GPU cloud provider [1][2] - The company is investing in orchestration software, automation tools, and vertical integration initiatives to enhance its market position [2] Investment Potential - CoreWeave is well-positioned to benefit from the growing demand for AI cloud computing, which presents significant upside potential [4] - However, reliance solely on reselling GPU capacity may lead to margin pressures as competition increases and hardware availability improves [5] Operational Strategy - By controlling more of the infrastructure stack, CoreWeave can optimize performance across the system, which is crucial for AI workloads [6] - Improved utilization and operational control can lead to higher margins and more predictable performance, reducing dependence on third parties [7] Customer Dynamics - The platform strategy enhances customer stickiness, as switching AI infrastructure providers involves significant risks once workloads are integrated [8]

Capex Surge and Strategic InvestmentsThis year, Seattle-based Amazon plans to ramp up its capex to a staggering $200 billion. That’s a $70 billion increase year-over-year.This move is largely attributed to the enhancement of its AWS infrastructure and AI capabilities, Anmuth noted.Such significant investments are expected to temporarily reduce free cash flow (FCF), with projections indicating a potential FCF burn of $36 billion, according to the analyst.However, these investments are seen as necessary to bo ...

Core Insights - Amsterdam-based cloud computing company Nebius is acquiring agentic search provider Tavily for approximately $275 million, aiming to enhance its AI cloud platform with real-time search capabilities [2][7]. Company Strategy - The acquisition is part of Nebius's strategy to create a unified platform for vertical AI companies and enterprises to develop, tune, and operate autonomous agents [3]. - By integrating Tavily's agentic search into its existing platform, Nebius is expanding the software stack necessary for developers to build enterprise-grade agentic systems [3][7]. Market Context - The acquisition occurs amid a rapid increase in enterprise adoption of agentic AI, with a significant shift from passive interest to active implementation among U.S. businesses [9][10]. - Research indicates that as of November, nearly 1 in 4 Chief Product Officers (CPOs) reported piloting or fully using agentic AI, a substantial increase from just 3% in August [11]. Future Outlook - Tavily's team, including its Founder and CEO Rotem Weiss, will join Nebius while continuing to operate under its own brand, indicating a commitment to maintaining its current customer base [8]. - Weiss highlighted the potential of agentic search as a multi-billion-dollar opportunity, suggesting that the market is poised for exponential growth as enterprises increasingly deploy autonomous AI systems [8].

Group 1: AI Market Growth - Investors are focusing on artificial intelligence (AI) stocks as companies transition from training models to applying them in solving complex problems, a phase known as inference, which is expected to drive growth in the coming years [1] - Demand for capacity to support AI training and inference is surging, leading customers to choose between large cloud providers like Alphabet and smaller specialized companies [2] Group 2: Nebius Overview - Nebius offers a range of services including managed services for Kubernetes and access to GPUs and CPUs, positioning itself as a comprehensive resource for AI needs [4] - In the latest quarter, Nebius reported a revenue increase of over 300% and sold out all its capacity, highlighting strong customer demand [4] - The company secured significant deals, including a $19.4 billion infrastructure agreement with Microsoft and a $3 billion deal with Meta Platforms [4] Group 3: Investment Challenges for Nebius - Nebius faces the challenge of needing to invest heavily to meet rising demand, recently raising over $4 billion through convertible notes and equity offerings to expand its infrastructure [5] Group 4: CoreWeave Overview - CoreWeave specializes in providing access to high-powered Nvidia GPUs for AI workloads and was the first to make Nvidia's Blackwell platforms available [6] - Nvidia has a significant investment in CoreWeave, with over 85% of its portfolio allocated to this AI cloud specialist, indicating Nvidia's confidence in CoreWeave's potential [7]

Core Viewpoint - Amazon's stock has faced challenges in 2025 after a strong recovery in 2023 and 2024, with current trading reflecting investor concerns over high capital expenditures and competitive pressures [2][4]. Stock Performance - Amazon shares rose 80% in 2023 and 44% in 2024, but only increased by 5% in 2025 amid economic pressures [2]. - The stock has traded between $220 and $240 per share since last August, with a brief peak at $254 in November [3]. Market Sentiment - Wall Street's consensus price target for Amazon is $289 per share, indicating a potential upside of about 40% from the current price of $207 [3]. - Investor worries are reflected in the stock's range-bound trading, primarily due to high capital expenditures and margin concerns [4]. Financial Outlook - Amazon is guiding for $200 billion in capital expenditures for 2026, significantly up from $131 billion in 2025, raising fears of margin compression and negative free cash flow [4][7]. - AWS revenue grew to $129 billion with a 24% growth rate, but this growth lags behind competitors like Microsoft and Google [5][7]. - The advertising unit generated $69 billion in revenue, growing at 23% [6][7]. Valuation Analysis - A sum-of-the-parts valuation suggests Amazon's market capitalization of approximately $2.2 trillion may undervalue the company, with a total estimated value of $2.6 trillion [6][7]. - The e-commerce division is valued at roughly $300 billion, while AWS is valued at approximately $1.8 trillion, and the advertising unit at about $500 billion [6].

Core Insights - There is a growing interest in localized cloud infrastructure as a service, pressuring hyperscalers to adapt to customer needs or risk losing market share [3] - Executives are increasingly concerned about data sovereignty requirements and geopolitical risks associated with global cloud environments, with 75% of business leaders expressing such concerns [3] Industry Trends - Organizations are expected to shift 20% of existing workloads from global public clouds to local providers, driven by an increase in sovereign cloud spending [4] - Governments will be the primary buyers of localized infrastructure, along with regulated industries and critical infrastructure providers [4] Competitive Landscape - Major cloud providers must address sovereignty concerns and requirements specific to each country to compete effectively for local cloud business [5] - Tech giants are responding with sovereign cloud offerings, such as AWS's European Sovereign Cloud and IBM's Sovereign Core platform [6] Market Projections - Global sovereign cloud spending is projected to increase by 35.6% to reach $80 billion by 2026, influenced by geopolitical tensions and the desire for data control [7] - China and North America are expected to lead in sovereign cloud spending, with forecasts of approximately $47 billion and $16 billion respectively by 2026 [7] - The highest growth in sovereign cloud spending is anticipated in the Middle East, Africa, Europe, and mature countries in the Asia-Pacific region this year [7]

Industry Overview - Cloud computing has seen significant adoption across the business ecosystem, enabling users to access and store data over the Internet without managing physical servers, thus driving innovation and digital transformation [2][3] - The global cloud computing market is projected to grow from $943.7 billion in 2025 to $3,349.6 billion by 2033, representing a CAGR of 16% [6] Cost Efficiency and Flexibility - The pay-per-use pricing model allows enterprises to only pay for the computing resources they use, reducing operating costs associated with on-site data centers and IT management [4] - Cloud computing enhances productivity and scalability while providing a secure network with low latency and reliable data backup facilities [4] Cloud Computing Categories - Cloud computing services are categorized into IaaS, PaaS, serverless, and SaaS, offering varying levels of control and management options [5] Key Players - Alphabet Inc. has transitioned from a search engine provider to a leading cloud computing technology provider, with Google Cloud being a significant growth driver [9] - Microsoft Azure offers a wide range of IaaS and PaaS solutions, with increased availability in over 60 regions globally, enhancing its competitive position [12][13] - IBM has strengthened its position in the hybrid cloud market through acquisitions like Red Hat, which aids enterprises in digital transformation [15][16] - Arista Networks provides cloud networking solutions with a focus on high capacity, programmability, and performance, differentiating itself in the industry [17][18][19] Investment Opportunities - The thematic investing screen can help identify high-potential stocks in the cloud computing domain, making it easier for investors to capitalize on emerging trends [7]