17 February 2026 | 9:05AM HKT Equity Research China Software: Dec revenues slowed to 11.7% YoY while MoM increase; Accelerated roll-out of Gen-AI models to drive applications China software industry growth in December was +11.7% YoY (vs. Nov/ Oct 2025 at +14.6%/ 14.9% YoY), with both YoY and MoM growth, leading to aggregate 2025 revenues +13.2% YoY (vs. 2024 at 10.0% YoY). Due to weak seasonality and CNY, we expect to see QoQ decline in 1Q26 and sequential growth ahead. However, we see an accelerated roll-o ...

Flash | 20 Feb 2026 01:31:06 ET │ 11 pages Microsoft Corp. (MSFT.O) Investor Meeting Takeaways: Copilot Momentum + Race To Build Azure Capacity CITI'S TAKE We hosted investor meetings with Microsoft IR Jonathan Neilson and Mary Grekstas on 2/18-2/19. The meetings offered positive takeaways, with management addressing several investor concerns around competitive dynamics (Claude/CoWork), MSFT positioning post-OpenAI, capacity allocation, and capex trajectory. Commentary reinforced improving copilot adoption, ...

Large-Cap Institutional Ownership 4Q25: NVDA Still the Most Under-Owned Mega- Cap Tech Stock Mega-cap tech stocks are the most under-owned in 17 years, w/ the gap vs. S&P widening to -155bps exiting 4Q25 vs. -148bps exiting 3Q25. The rest of large-cap tech is modestly over-owned at +32bps. NVDA remains the most under-owned large-cap tech stock, followed by AAPL, MSFT, AMZN and AVGO. Mega-cap Tech stocks are more under-owned vs. the S&P 500 exiting 4Q25 than at any point in the last 17 years; NVDA remains th ...

2028 年全球情报危机 --- THE 2028 GLOBAL INTELLIGENCE CRISIS substack.com/home/post/p-188821754 Substack Preface 序言 What if our AI bullishness continues to be right...and what if that's actually bearish? 倘若我们对人工智能的乐观情绪持续正确 …… 而这种 " 正确 " 本身反而预示着悲观前景，又当如 何？ What follows is a scenario, not a prediction. This isn't bear porn or AI doomer fan-fiction. The sole intent of this piece is modeling a scenario that's been relatively underexplored. Our friend Alap Shah posed the question, and together we brainstormed the answer ...

19 February 2026 | 4:42PM EST Economics Research Global Market Views: Cyclical Tailwinds, Valuation Headwinds 1. More room for the cyclical rotation. The landscape is characterized by sturdy macro news but increasing signs of fragility in markets. At a broad level we think this contrast reflects that it is later in the market cycle than in the macro cycle—so there is a tension between 'hot valuations' in pockets of equities and credit, and an economy that is getting stronger, with growth likely to be helped ...

February 20, 2026 05:01 AM GMT CoreWeave | North America Getting Back to Executing in a Supply Constrained Environment? Despite an underwhelming Q3 sparking incremental investor skepticism around CoreWeave's value proposition and ability to consistently execute in a tightened supply environment, shares have traded up ~36% YTD and over the trailing three-month period, meaningfully outpacing large cap software -16% and -14% over the same timeframes. This likely keeps investor expectations elevated into Q4, pa ...

on 20-Feb-2026 20 February 2026 European Technology/Software AI disruption radar - Want to try it yourself? Richard Nguyen +33 1 42 13 54 22 richard.nguyen@bernsteinsg.com Mark L. Moerdler, Ph.D. +1 917 344 8506 mark.moerdler@bernsteinsg.com Derric Marcon +33 1 58 98 06 30 derric.marcon@bernsteinsg.com Specialist Sales Kiran Shah +44 20 3547 1533 kiran.shah@bernsteinsg.com This report includes minor clarifications following recent feedback from companies and investors. See the Disclosure Appendix of this re ...

GOAL KICKSTART Focus on Middle East tensions - cross-asset implications from higher oil prices Last week both geopolitics and tariffs were back in focus. US-Iran tensions escalated, leading to a spike in crude prices. This happened despite a stronger US Dollar, supported by hawkish Fed minutes, jobless claims beating expectations (206k vs 225k forecast) and rising December PCE (+3.0% y/y vs 2.9%). Separately, after the Supreme Court invalidated IEEPA tariffs, President Trump announced a 10% global tariff, r ...

22 February 2026 | 4:02PM EST Equity Research Microsoft Corp. (MSFT) Maia 200, an updated inference cost curve, and implications for Microsoft's internal silicon strategy MSFT 12m Price Target: $600.00 Price: $397.23 Upside: 51.0% Microsoft announced Maia 200, its updated custom accelerator for AI inference, on 1/26. Our initial understanding of Maia's benchmarks and our conversations in industry suggest that Microsoft has made meaningful progress on its internal silicon strategy over the past year. Before ...

February 23, 2026 03:46 AM GMT 稀宇科技 | Asia Pacific M Foundation 全球AI大模型领导者 凭借全球领先的AI基础模型能力及可规模化的商业路径，在可 观的市场空间下，我们预计公司未来收入将实现非线性增长 （2027预期收入7亿美元；两年内年增长9–10倍）。作为纯正 标的，公司亦享有稀缺性估值溢价。首次覆盖，给予超配 （Overweight）评级。 要点 具备多模态能力的全球AI基础模型领导者：MiniMax （稀宇科技）在全球 SOTA（State of the Art，当前最佳） AI基础大模型中持续名列前茅，覆盖大 语言模型（LLM）及多模态模型（视频/音频）。最新发布的 MiniMax M2.5 在显著 提升编程能力与智能体（agentic）能力的同时，实现了性能、速度（高吞吐、低 时延）与成本之间的平衡，其定价仅为可比模型的 10–20%。该模型在 OpenRouter 排行榜中位居前列，显示其在开发者群体（包括 Open Claw）中的高 采用率与使用频次。我们预计第三代模型（包含文本、视频及音频） 将于 2026年 中推出，有望进一步验证 ...