AMENDMENT NO. 2 TO UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 As filed with the Securities and Exchange Commission on February 27, 2026. Registration Statement No. 333-290679 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Wealth Management System Inc. (Exact name of registrant as specified in its charter) British Virgin Islands 7372 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Num ...

Jack Dorsey’s fintech company Block announced it was cutting nearly half of its workforce as it bets big on AI. But skeptics say investments in technology may not be the only reason for the layoffs. J.P. Gownder, vice president and principal analyst on the Future of Work team at Forrester Research, joins Caroline Hyde on “Bloomberg Tech.” -------- Like this video? Subscribe to Bloomberg Technology on YouTube: https://www.youtube.com/channel/UCrM7B7SL_g1edFOnmj-SDKg Watch the latest full episodes of "Bloombe ...

Core Viewpoint - Nu Holdings' shares have decreased by 13% following the announcement of its fourth-quarter earnings, despite a 45% revenue growth that exceeded Wall Street expectations. The market's cautious stance is attributed to management's indication that 2026 will be a significant "inflection" point for the company, introducing higher risk levels in the banking and financial sector [1]. Group 1: Financial Performance - In Q4, Nu Holdings grew its active customer count by 15% to 131 million [6]. - The average revenue per active customer increased by 27% [6]. - The deposit base was boosted by 29% [6]. - Net income rose by 50%, with the efficiency ratio reaching an all-time low [6]. - The 90-day non-performing loans decreased from 6.7% to 6.6% [6]. Group 2: Expansion and Risk Factors - Management emphasized that while Latin America remains the core growth engine, the company is aggressively entering new markets, including the U.S., where it has received conditional approval for a bank charter. This expansion may introduce regulatory risks and could impact margins during the transition [2]. - Nu Holdings plans to further integrate AI-powered underwriting across its operations, expanding its NuFormer AI model from Brazil to Mexico and other lending areas in Brazil. While this could significantly enhance performance, it also introduces additional risks as the effectiveness of these models is yet to be fully assessed [2]. Group 3: Valuation and Market Sentiment - The company is currently trading at 17 times forward earnings, with a return on equity of 30%, indicating that its growth is reasonably priced [4]. - Despite the positive financial results, the exposure to emerging markets, AI models, and increased regulatory risks from global expansion are factors that investors should consider carefully [4].

Core Insights - Intuit (INTU) reported strong second-quarter fiscal 2026 results, with non-GAAP EPS of $4.15, exceeding the Zacks Consensus Estimate of $3.66, marking a 25% increase year over year [1] - The company achieved revenues of $4.65 billion, up 17% year over year, surpassing the Zacks Consensus Estimate of $4.53 billion, indicating robust demand across its small business and consumer ecosystems [2] Financial Performance - Global Business Solutions generated $3.2 billion in revenues, an 18% year-over-year increase, with Online Ecosystem revenue growing 25% year over year [4] - The Consumer segment reported $1.5 billion in revenues, a 15% increase year over year, with Credit Karma revenue up 23% and TurboTax growing 12% [5] - Non-GAAP operating income rose 23% year over year to $1.55 billion, reflecting improved cost efficiency and scale benefits [5] Balance Sheet and Capital Allocation - As of January 31, 2026, Intuit had approximately $3.0 billion in cash and investments, with total debt around $6.2 billion [6] - The company repurchased $961 million of stock during the quarter, with $3.5 billion remaining under its existing authorization [6] Guidance and Outlook - Intuit reaffirmed its full-year fiscal 2026 guidance, projecting revenues between $20.997 billion and $21.186 billion, representing approximately 12% to 13% growth, and non-GAAP EPS between $22.98 and $23.18, up 14% to 15% [7] - For fiscal 2026, Global Business Solutions revenue is expected to grow about 14%–15%, while the Consumer segment is forecasted to grow 8%–9% [8] - Fiscal third-quarter guidance anticipates roughly 10% revenue growth and non-GAAP EPS between $12.45 and $12.51, which is below the Zacks Consensus Estimate of $12.91 [9][10]

Group 1 - The report indicates that advancements in AI could lead to significant job losses in white-collar sectors and a decline in consumer spending, potentially destabilizing economies [1] - The Federal Reserve is expected to respond to economic downturns by cutting interest rates or increasing the money supply, similar to actions taken during the COVID-19 pandemic [2] - Bitcoin is anticipated to rise in value due to increased money supply and concerns over currency debasement [2] Group 2 - Stablecoins are highlighted as a key digital asset, as they provide a convenient payment method for autonomous computer programs, or agents, that require faster and cheaper transaction options [3] - The Citrini report suggests a significant increase in "agentic commerce," linking the future of stablecoins with AI advancements [5] - In 2025, stablecoins saw a substantial increase in supply, adding $103 billion to reach a total of $300 billion by October [6] Group 3 - Stocks for major payment companies like Mastercard and Visa dropped approximately 5% following the report, indicating market concerns over the impact of AI on traditional payment systems [4] - Jack Dorsey's payments firm Block announced a 40% reduction in workforce, attributing the layoffs to advancements in AI [4] - Stripe has made significant investments in stablecoins, including a $1 billion acquisition of Bridge and the incubation of a blockchain optimized for stablecoin activity [5][6]

Core Viewpoint - Block, Inc. experienced a significant stock surge following strong fourth-quarter results and a major workforce reduction, which analysts believe will enhance margins and earnings potential [1][12]. Group 1: Strong Q4 Results - Block's fourth-quarter results exceeded estimates for gross profit, adjusted operating income, and EPS, with gross payment volume at $66.9 billion, an 8% year-over-year increase, though slightly below estimates [3]. - Gross profit rose 24% year-over-year to $2.87 billion, surpassing both the analyst's and consensus estimates [3]. - Cash App gross profit increased by 33% year-over-year to $1.83 billion, driven by various product offerings [4]. Group 2: Workforce Reduction Impact - The company announced a workforce reduction of approximately 40%, decreasing its employee count from over 10,000 to under 6,000, aimed at transitioning to an AI-native operating model [6]. - This restructuring is expected to significantly enhance profitability and support stock performance, with projected adjusted operating income for fiscal 2026 anticipated to rise 54% year-over-year [7]. Group 3: Raised 2026 Outlook - Block raised its fiscal 2026 guidance, projecting gross profit of $12.20 billion, reflecting an 18% growth, which exceeds previous guidance and consensus [9]. - The company expects adjusted operating income of $3.20 billion, with a 26% margin, surpassing prior estimates [9]. - For the first quarter, gross profit is expected to be $2.80 billion, a 22% year-over-year increase, above consensus estimates [8]. Group 4: Analyst Reactions - Needham analyst Mayank Tandon maintained a Buy rating and raised the price forecast from $80 to $90 following the strong results and restructuring announcement [2][3]. - Other analysts, including TD Cowen and Oppenheimer, also raised their price forecasts, indicating broad confidence in Block's growth strategy and restructuring efforts [11][12].

Core Viewpoint - Jack Dorsey, CEO of Block, emphasizes that artificial intelligence (AI) is already transforming the workforce and company operations, leading to significant job cuts as the company plans to reduce its workforce by over 4,000 employees, nearly half of its total [2][3][4]. Group 1: Company Actions and Market Reactions - Block is set to cut over 4,000 jobs to integrate AI into its operations, marking a significant shift in its workforce strategy [3][6]. - Following Dorsey's announcement, Block's shares experienced a sharp increase, indicating that the market is rewarding companies that view AI as a fundamental driver of change rather than a mere experiment [3][6]. - The company is among the most prominent to explicitly cite AI as the primary reason for job reductions, contrasting with other firms that may view it as a secondary efficiency gain [6]. Group 2: Industry Trends and Economic Implications - AI-related layoffs have surpassed 61,000 globally since November, with major companies like Amazon and Pinterest also announcing cuts linked to AI [6]. - A report from Citrini Research predicts that unemployment could rise to 10.2% by 2028 due to rapid displacement in sectors such as software and logistics, raising concerns about the broader economic impact of AI [9]. - Morgan Stanley's analysis shows a growing number of companies reporting measurable benefits from AI adoption, with 21% of S&P 500 companies noting at least one quantifiable advantage, up from 15% in the previous quarter [10][11]. Group 3: Perspectives on AI's Role in the Workforce - Dorsey warns that most companies are lagging in their AI adoption and will soon face similar challenges, advocating for proactive rather than reactive approaches to AI integration [4][5]. - There is a growing debate among executives and economists about whether AI serves primarily to enhance worker productivity or to enable companies to operate with fewer employees [5][9]. - ECB President Christine Lagarde noted that while AI is currently increasing productivity, the anticipated waves of job redundancies have not yet materialized, suggesting a cautious approach to the implications of AI on the labor market [12].

Core Insights - Both Nu Holdings (NU) and Futu Holdings Limited (FUTU) are significant players in the fintech sector, with NU focusing on digital banking in Latin America and FUTU operating as a digital brokerage platform in Hong Kong and other markets [1] Group 1: Nu Holdings (NU) - NU is recognized as a leading digital banking platform globally, with strong performance in Brazil, characterized by a large customer base and high engagement rates, indicating deep customer relationships [2][4] - The company's expansion into Mexico and Colombia serves as a second growth engine, with millions of customers already acquired, showcasing the scalability of NU's digital-first banking model [3] - Financially, NU's rising revenues and expanding credit portfolio reflect the quality of its growth, with increasing customer activity and a focus on sustainable earnings growth through disciplined risk management [4] - NU's vision of becoming an AI-first bank positions it to enhance efficiency and customer experience, reinforcing its competitive edge in the digital banking space [4] Group 2: Futu Holdings Limited (FUTU) - FUTU is a growth-oriented digital brokerage platform with strong monetization efficiency, generating higher revenue per funded account compared to many peers, indicating a highly engaged user base [6] - The company's dominant position in Hong Kong's brokerage ecosystem, particularly in IPO subscriptions, allows it to benefit from increased capital market activity and investor participation [7] - FUTU's international expansion strategy diversifies its customer base and reduces geographic concentration risk, supporting sustained account growth [9] - The company's exposure to emerging trading segments like cryptocurrency enhances its long-term growth potential, aligning with evolving investor preferences [10] Group 3: Comparative Analysis - NU is projected to have a year-over-year sales growth of 30% and EPS growth of 39% for 2026, with positive revisions in estimates [11] - In contrast, FUTU's sales and EPS growth estimates for 2026 are 10% and 15%, respectively, with fewer upward revisions [14] - NU trades at a forward price-to-earnings multiple of 16.41, lower than its 12-month median, while FUTU's multiple stands at 13.69, also below its median [17] - Overall, NU is considered the stronger investment choice due to its broader financial ecosystem, deeper customer relationships, and stronger long-term growth potential across multiple markets [18]

Core Viewpoint - Block is reducing its workforce from over 10,000 to just below 6,000, indicating a significant restructuring effort aimed at improving efficiency and productivity [1] Group 1: Workforce Changes - The company is shrinking its workforce by approximately 40%, with some employees entering consultation [1] - This reduction is part of a strategy to leverage "intelligence tools" to enhance operational effectiveness [1] Group 2: Company Overview - Block owns several fintech brands, including the Square point-of-sale system, Cash App, Afterpay, and the music streaming service Tidal [1]

Core Insights - Intuit (INTU) reported second-quarter fiscal 2026 non-GAAP earnings per share (EPS) of $4.15, exceeding the Zacks Consensus Estimate of $3.66, with revenues of $4.65 billion also surpassing the estimate of $4.53 billion, reflecting a year-over-year increase of 25% in EPS and 17.4% in revenues [1][9] Revenue Performance - Service revenues increased by 19.2% year-over-year to $3.87 billion, surpassing the estimate of $3.77 billion [2] - Product and other revenues reached $779 million, up 9.1% from the prior-year quarter, exceeding the estimate of $755.9 million [2] - Global Business Solutions segment revenues rose 18.5% year-over-year to $3.16 billion, higher than the estimate of $3.11 billion [2] Segment Breakdown - Total Online Ecosystem revenues grew by 21.1% to $2.47 billion, exceeding the estimate of $2.45 billion [3] - Total Desktop Ecosystem revenues increased by 10.1% to $697 million, above the estimate of $659.3 million [3] - Consumer Group segment revenues rose 15.1% to $1.49 billion, surpassing the estimate of $1.42 billion [3] Specific Product Performance - Credit Karma revenues surged 23.2% to $616 million, above the estimate of $569.4 million [4] - TurboTax revenues increased by 11.7% to $581 million, exceeding the estimate of $566 million [4] - ProTax revenues grew by 6.6% to $290 million, above the estimate of $277.4 million [4] Financial Position - As of January 31, 2025, Intuit's cash and investments totaled $3.0 billion, down from $3.7 billion as of October 31, 2025, with a debt of $6.2 billion [5] - The company repurchased $961 million of stock in the fiscal second quarter, with $3.5 billion remaining on its share repurchase authorization [5] - A quarterly dividend of $1.20 per share was approved, to be paid on April 17, 2026 [5] Fiscal Year 2026 Outlook - Intuit expects fiscal 2026 revenues to be in the range of $20.997 billion to $21.186 billion, indicating approximately 12-13% growth [6] - Non-GAAP EPS for fiscal 2026 is projected to be between $22.98 and $23.18, reflecting an increase of approximately 14-15% [6] - Global Business Solutions segment revenues are expected to grow by 14-15% year-over-year, while Consumer Group revenues are anticipated to increase by 8-9% [7]