Core Viewpoint - Array Digital Infrastructure, Inc. is hosting its 2025 virtual Annual Meeting of Shareholders on October 9, 2025, at 8:30 a.m. Central time, which will be available for live and on-demand streaming [1][2]. Company Overview - Array Digital Infrastructure, Inc. is a prominent owner and operator of shared wireless communications infrastructure in the United States, with over 4,400 cell towers nationwide [3]. - The company plays a crucial role in enabling the deployment of 5G and other wireless technologies across the country [3]. - As of August 1, 2025, Telephone and Data Systems, Inc. holds approximately 82% ownership of Array [3].

Group 1: Market Overview - The market experienced volatility at the start of Q2 2025 due to heightened uncertainty from global tariffs, but later rebounded with a more lenient trade policy [1] - The composite return for Columbia Threadneedle Global Technology Growth Strategy was 25.11% gross of fees and 24.85% net of fees, outperforming the S&P Global 1200 Information Technology Index's return of 23.66% [1] Group 2: T-Mobile US, Inc. Performance - T-Mobile US, Inc. (NASDAQ:TMUS) had a one-month return of -6.33% and a 52-week gain of 16.81%, with a closing stock price of $237.42 and a market capitalization of $264.879 billion as of September 22, 2025 [2] - Quarterly earnings results for T-Mobile US, Inc. showed new subscriber metrics slightly below expectations, leading to a share price drop of about 10% during the quarter due to increased competition and elevated promotional activity [3] Group 3: Hedge Fund Interest - T-Mobile US, Inc. was held by 76 hedge fund portfolios at the end of Q2 2025, an increase from 75 in the previous quarter, indicating some level of interest among hedge funds [4] - Despite the potential of T-Mobile US, certain AI stocks are considered to offer greater upside potential and less downside risk [4]

Core Viewpoint - T-Mobile US, Inc. (NASDAQ:TMUS) is positioned as a high-growth mega-cap stock with strong operating cash flow growth and rising margins, indicating potential for new all-time highs in the near future [2] Group 1: Company Performance - T-Mobile US, Inc. has shown strong customer metrics and slightly outperformed the market despite a weakening U.S. consumer spending economy [2] - The management emphasized a focus on profitable industry-leading growth, assertive growth, and overall growth in the near, medium, and long terms during a recent presentation [3] Group 2: Shareholder Activity - Deutsche Telekom AG, a key shareholder, sold 136,080 shares of T-Mobile US, Inc. under a pre-arranged 10b5-1 trading plan, resulting in proceeds of approximately $33.7 million [1] Group 3: Company Overview - T-Mobile US, Inc. is a Washington-based company providing wireless communications services across the United States, Puerto Rico, and the United States Virgin Islands, and has been committed to delivering both value and experience since its incorporation in 1994 [4]

Core Insights - Anterix has announced new executive leadership appointments to enhance its ability to deliver innovative connectivity solutions for utilities and critical infrastructure sectors [1][2] - The company aims to sharpen execution, deepen market engagement, and scale its impact across various sectors [2] Leadership Changes - Heather Martin has been appointed as Chief Marketing Officer and Chief of Staff, bringing over 20 years of global marketing experience from NRG Energy and other major brands [3] - Elena Marquez has been appointed as Chief Financial Officer, previously serving as Vice President of Finance and Controller at Anterix, with a strong background in financial services and biotech [4] Strategic Initiatives - The company is focused on its Accelerator initiative, which is unlocking significant opportunities, and is making progress with the FCC on the 5x5 NPRM to maximize the value of its 10 MHz spectrum [5] - The leadership changes are seen as pivotal for Anterix's evolution, aiming to strengthen its foundation for innovation and accelerate its mission to modernize the grid [5] Market Position - Anterix is the largest holder of licensed spectrum in the 900 MHz band across the contiguous United States, Alaska, Hawaii, and Puerto Rico, positioning it uniquely to provide private wireless broadband solutions [7]

Core Viewpoint - Investors often prefer stocks with a low price-to-earnings (P/E) ratio, believing that lower P/E indicates higher stock value due to growth potential [1] Group 1: P/E Ratio Insights - Stocks with a rising P/E ratio can also yield strong returns, indicating that as earnings rise, stock prices should follow suit [2][3] - A rising P/E ratio suggests investor confidence in a company's fundamentals and expected positive performance [4] - Stocks can experience P/E ratio increases of over 100% from their breakout point, presenting significant investment opportunities if identified early [5] Group 2: Stock Screening Criteria - The screening process for stocks with increasing P/E includes criteria such as current year EPS growth estimates being equal to or greater than the previous year's actual growth [7] - Price changes over different timeframes must show consistent increases, with the four-week price change exceeding the twelve-week change, and the twelve-week change exceeding the twenty-four-week change [8] - Additional criteria include a Zacks Rank of 1 or 2, and an average 20-day trading volume of at least 50,000 to ensure liquidity [9] Group 3: Selected Stocks - The screening narrowed down to four stocks: - Nike (Zacks Rank 2) with an average four-quarter earnings surprise of 41.99% [10] - AGCO (Zacks Rank 1) with an average four-quarter earnings surprise of 316.76% [10] - Docusign (Zacks Rank 1) with an average four-quarter earnings surprise of 6.92% [10] - InterDigital (Zacks Rank 1) with an average four-quarter earnings surprise of 54.27% [11]

Group 1 - ClearBridge Investments released its second-quarter 2025 investor letter for the ClearBridge Small Cap Strategy, highlighting volatility in small-cap stocks, with the Russell 2000 Index rebounding 10% from its November 2024 highs [1] - The Russell 2000 returned 8.5% for the quarter, underperforming the Russell 1000 Index, which returned 11.1% [1] - The strategy underperformed the benchmark during this period, indicating challenges in the small-cap sector [1] Group 2 - Anterix Inc. (NASDAQ:ATEX) was highlighted in the investor letter, with a one-month return of -3.33% and a 52-week loss of 44.84%, closing at $21.49 per share with a market capitalization of $402.718 million [2] - Despite exceeding earnings expectations for its fiscal third quarter, Anterix's revenue was lower than expected, and net margins declined, impacting its performance [3] - Anterix's expansion agreement with the Lower Colorado River Authority aims to enhance broadband coverage to 102 counties in Texas, showcasing its spectrum capabilities [3] Group 3 - Anterix Inc. is not among the 30 most popular stocks among hedge funds, with 18 hedge fund portfolios holding the stock at the end of the second quarter, down from 26 in the previous quarter [4] - While Anterix is recognized for its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Core Insights - T-Mobile US Inc. is considered one of the most undervalued telecom stocks, with a recent acquisition of UScellular for $4.4 billion, finalized on August 1 [1] - The company has increased its annual run-rate synergy expectations from the UScellular acquisition by 20%, now targeting approximately $1.2 billion in synergies [2] - T-Mobile anticipates significant financial impacts from the acquisition, including ~$400 million in service revenue and ~$125 million in Core Adjusted EBITDA for Q3 2025 [3] Group 1: Acquisition Details - The acquisition of UScellular includes its wireless operations, customers, stores, and 30% of its spectrum assets [1] - The integration timeline for achieving synergies has been accelerated to approximately 2 years, compared to the initial expectation of 3 to 4 years [2] Group 2: Financial Expectations - The revised synergy target consists of ~$950 million in operating expenses and ~$250 million in capital expenses [2] - T-Mobile expects ~$100 million in integration costs and about $175 million in depreciation and amortization expenses related to the acquisition [3] - The acquisition is projected to impact T-Mobile's consolidated Postpaid ARPA by approximately $1.50 in Q3 2025 [3]

Market Overview - Small cap stocks showed volatile performance in Q2, with the Russell 2000 Index recovering to within 10% of its record highs in just 55 days, primarily driven by growth, momentum, high-beta, and low-quality stocks [2] - The Russell 2000 returned 8.5% for the quarter, underperforming the Russell 1000 Index's 11.1%, marking the widest annual performance gap since 1935 [3] - Growth stocks regained leadership due to strong demand for AI beneficiaries, with the Russell 2000 Growth Index returning 12.0%, significantly outperforming the Russell 2000 Value Index by 700 basis points [3] Retail Investor Activity - Retail trading volumes have more than doubled since 2010, now accounting for nearly 21% of total market volume, while traditional long-only managers and hedge funds are losing market share [4] - Retail investors are focusing on companies with an average market cap about half that of the Russell 3000, with nearly 45% of their purchases being "zombie" companies with no earnings [10] - Notable examples include Regencell Bioscience, which saw a 7,000% increase in market cap despite having no revenue or regulatory approval [10] Portfolio Performance - The ClearBridge Small Cap Strategy underperformed its benchmark in Q2, with detractors in consumer discretionary and communication services sectors outweighing positive contributions from utilities and select healthcare companies [12] - Stock selection in the consumer discretionary sector faced challenges, particularly for Murphy USA and Oxford Industries, due to idiosyncratic headwinds and increased tariff costs [13][14] - Communication services sector detractors included Criteo and Anterix, with concerns over long-term growth and profitability impacting performance [15] Sector Contributions - Utilities sector performance was led by Talen Energy, benefiting from rising demand for power due to AI data centers [16] - Verona Pharma rebounded after receiving favorable FDA designation, leading to its acquisition by Merck at a premium [17] - Overall, the strategy had gains in six of the 11 sectors, with industrials and IT sectors being the leading contributors [21] Portfolio Positioning - The company actively adjusted its financial sector positioning, exiting Home BancShares for UMB Financial to enhance quality exposure [18] - New positions were initiated in AGCO within the industrials sector, expected to benefit from trade and tariff policies [19] - Exited positions included Abacus Global due to declining conviction and performance concerns [18] Outlook - The market shows signs of euphoria reminiscent of previous speculative bubbles, with a focus on low-quality stocks [4][20] - Economic uncertainties, including tariff impacts and potential inflation, suggest a need for a cautious approach [20] - The company continues to prioritize high-quality stocks with strong fundamentals, anticipating that these will be favored when market conditions shift [20]

Core Insights - Aviat Networks reported total revenue of $115.3 million for the fiscal 2025 fourth quarter, a decrease of 1.1% compared to the previous year [2] - The company achieved a net income of $5.2 million for the fourth quarter, significantly up from $1.5 million in the same period last year, marking a 236% increase [11] - For the full fiscal year 2025, total revenue increased by 6.5% to $434.6 million compared to $408.1 million in fiscal 2024 [3] Financial Performance - **Fourth Quarter Revenue**: Total revenues were $115.3 million, down from $116.7 million in Q4 fiscal 2024, with North America revenue increasing by 3.2% to $58.0 million, while international revenue decreased by 5.2% to $57.3 million [2] - **Full Year Revenue**: Total revenue for the twelve months ended June 27, 2025, was $434.6 million, with North America revenue slightly up by 0.7% to $207.6 million and international revenue up by 12.4% to $227.0 million [3] Profitability Metrics - **Gross Margins**: The GAAP gross margin for Q4 was 34.2%, down from 35.3% in Q4 fiscal 2024, while the non-GAAP gross margin was 34.7% compared to 35.9% [4] - **Operating Income**: GAAP operating income for Q4 was $8.9 million, a 62.8% increase from $5.5 million in the prior year, while non-GAAP operating income rose by 21.9% to $12.9 million [8] - **Adjusted EBITDA**: Adjusted EBITDA for Q4 was $15.1 million, up from $11.9 million in Q4 fiscal 2024, achieving a margin of 13.0% [13] Expenses Overview - **Operating Expenses**: Total GAAP operating expenses for Q4 were $30.6 million, down 14.3% from $35.7 million in the previous year, while non-GAAP operating expenses decreased by 13.2% to $27.1 million [6] - **Full Year Operating Expenses**: For the twelve months ended June 27, 2025, total operating expenses were $128.9 million, an increase of 2.8% from $125.3 million in fiscal 2024 [7] Income Tax and Net Income - **Income Tax Expense**: GAAP income tax expense for Q4 was $5.0 million, compared to $3.1 million in Q4 fiscal 2024 [10] - **Net Income**: The company reported GAAP net income of $5.2 million for Q4, with a diluted earnings per share of $0.40, compared to $1.5 million and $0.12 per share in the prior year [11] Balance Sheet Highlights - **Cash and Cash Equivalents**: As of June 27, 2025, the company had $59.7 million in cash and cash equivalents, up from $49.4 million as of March 28, 2025 [14] - **Total Debt**: Total debt stood at $87.6 million as of June 27, 2025 [14] Guidance for Fiscal 2026 - The company provided guidance for fiscal 2026, projecting full year revenue between $440 million and $460 million and Adjusted EBITDA between $45.0 million and $55.0 million [22]

Core Insights - Peraso Inc. has partnered with WeLink Communications to deploy high-speed broadband using mmWave technology in dense urban areas [1] - WeLink will utilize Peraso's 60 GHz technology to enhance its mesh-based fixed-wireless access architecture, providing multi-gigabit connectivity [1] - The collaboration reflects the increasing demand for 60 GHz solutions in urban environments, as noted by Peraso's CEO Ron Glibbery [1] Company Overview - Peraso Inc. is recognized as a pioneer in mmWave wireless technology solutions [1] - The company is publicly traded on NASDAQ under the ticker PRSO [1] Industry Context - The deployment of high-speed broadband is critical for underserved neighborhoods, highlighting a significant market opportunity [1] - The use of advanced 60 GHz technology is becoming essential for meeting the connectivity needs in densely populated areas [1]