据介绍，开源六年以来，在开放原子开源基金会的运营孵化下，开源欧拉成员单位超2100家，全球贡献 者突破2.3万人，用户超过550万。openEuler系操作系统累计装机量预计2025年底将超过1600万套，已经 成为中国行业数智化首选操作系统，份额持续保持领先，在互联网、通信、政务、金融、公共事业和能 源等行业已实现规模化应用。 今年， AMD、浪潮云、神州数码新增成为开源欧拉社区捐赠人。至此，Intel、Arm、 AMD三大芯片企 业均成为社区捐赠人。凝思软件、中软国际、Wind River、统信软件、软通动力、超聚变、润和软件、 麒麟软件、麒麟信安等成为开源欧拉社区首批全球化先锋伙伴。 大会由开放原子开源欧拉社区协同数十家产业伙伴共同举办。华为公司董事、ICT BG CEO杨超斌表 示，华为已经开放灵衢互联协议2.0，支持产业界伙伴打造基于灵衢的超节点，还将向开源欧拉社区贡 献支持超节点的操作系统插件代码，并提供多项关键能力。(完) 中新网北京11月14日电 (记者刘育英)超节点已经成为算力基础设施建设和部署的主流形态。记者从11月 14日举行的操作系统大会2025获悉，开源欧拉(OpenAtom ope ...

Welcome back to Morning Trade Live. It's time now for the big picture. Let's welcome in Colin Martin, head of fixed income research and strategy, Schwab Center for Financial Research.So, we're seeing a bit of a sell-off here and a few moving parts. I'm just looking at the latest Fed commentary actually coming out of Jeffrey Schmid, which has been an interesting dot there, particularly with regards to not agreeing with the rate cut that we saw the previous month. and then once again saying that uh he's unsur ...

Core Insights - The threat of AI has significantly impacted the software sector, leading to a decline in share prices and creating opportunities for opportunistic buyers [1][2] - Software M&A activity has surged by 78% this year, with private equity deal volume more than doubling as investors seek bargains [2] - Analysts suggest that the current underperformance of software stocks may lead to increased acquisition activity, particularly from private equity firms [2][4] Software M&A Activity - The software sector is experiencing a wave of mergers and acquisitions, driven by depressed valuations and the search for value [2][4] - Potential acquisition targets include companies with solid customer bases and cash flow but limited AI narratives, making them attractive to private equity buyers [3][4] Potential Acquisition Targets - **Asana (ASAN)**: Under pressure from AI competition, remains a potential target despite founder-controlled voting structure [4] - **Box (BOX)**: Stagnant growth and undervalued shares could attract private equity buyers [4] - **Confluent (CFLT)**: Positioned well in data streaming, appealing to strategic buyers [4] - **Coursera (COUR)**: Large learner base and AI partnerships make it attractive for strategic buyers [4] - **Dropbox (DBX)**: Could become a target if new products underperform [4] - **DocuSign (DOCU)**: May attract private equity interest if its pivot fails [4] - **Elastic (ESTC)**: Strong position in GenAI and search makes it a target for consolidation [4] - **Five9 (FIVN)**: Strong technology and margin improvement potential could appeal to enterprise companies [4] - **Fastly (FSLY)**: Solid edge-computing technology makes it attractive to acquirers [4] - **Gen Digital (GEN)**: Stable margins and strong cash flow position it as a buyout candidate [4] - **GitLab (GTLB)**: Growing presence in developer tools makes it appealing for strategic acquisition [4] - **ZoomInfo (GTM)**: Valuable CRM data positions it well for acquisition [4] - **N-Able (NABL)**: Attractive consolidation play for private equity in the managed service provider market [4] - **NICE (NICE)**: Misunderstood and undervalued, could unlock value through a takeover [6] - **Nutanix (NTNX)**: Growth in hybrid-cloud adoption makes it a strategic target [6] - **PagerDuty (PD)**: Fits as a logical acquisition for IT operations integration [6] - **Qualys (QLYS)**: High margins make it attractive within cloud security [6] - **Rapid7 (RPD)**: Improved cash profile post-restructuring could appeal to private equity [6] - **Teradata (TDC)**: Progress in cloud analytics positions it as a potential target [6] - **Varonis (VRNS)**: Focus on data security makes it suitable for GenAI-driven acquisition [6] - **Zoom (ZM)**: Best-in-class video platform could entice acquirers seeking AI synergies [6]

Core Viewpoint - AppLovin (APP) and Shopify (SHOP) are attracting investor attention for different reasons, with Shopify being a leading e-commerce platform and AppLovin focusing on marketing and app monetization, but recent trading patterns have diverged, prompting a reassessment of investment opportunities [2] Financial Performance Comparison - Shopify's stock dropped by 6.5% recently, while AppLovin shows stronger revenue growth at 68.2% compared to Shopify's 31.5% [3] - AppLovin's revenue growth over the last 12 months is 86.4%, significantly higher than Shopify's 30.2% [9] - AppLovin outperforms Shopify in profitability, with a last twelve months margin of 52.5% and a three-year average margin of 35.7% [9] Valuation Metrics - AppLovin has a comparatively lower valuation than Shopify, indicating a potentially more favorable investment opportunity [3] - The financial data highlights the differences in growth, margins, momentum, and valuation multiples between Shopify and AppLovin [4]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Synopsys, Inc. due to allegations of violations of federal securities laws related to misleading statements and undisclosed issues affecting the company's financial performance [3][4]. Financial Performance - Synopsys reported third quarter 2025 revenue of $1.740 billion, which was below the guidance range of $1.755 billion to $1.785 billion [4]. - The net income for the quarter was $242.5 million, representing a 43% decline from $425.9 million in the same quarter of 2024 [4]. - The Design IP segment accounted for approximately 25% of total revenue, generating $426.6 million, a 7.7% year-over-year decline [4]. - Management's guidance indicated a full-year decline of at least 5% in Design IP revenues for fiscal 2025 [4]. Stock Market Reaction - Following the release of disappointing financial results, Synopsys's stock price fell by $216.59, or 35.8%, closing at $387.78 per share on September 10, 2025, with unusually high trading volume [5]. Legal Proceedings - A federal securities class action has been filed against Synopsys, with a deadline of December 30, 2025, for investors to seek the role of lead plaintiff [1][3]. - The lead plaintiff is defined as the investor with the largest financial interest who is adequate and typical of class members [6]. Company Background - Faruqi & Faruqi, LLP is a national securities law firm that has recovered hundreds of millions of dollars for investors since its establishment in 1995 [2].

And so that's your scorecard for this morning as we get up and running for trade. Let's get to Kevin Green who joins me now. We've seen the VIX spiking.We're at 21 right now. And actually, I'd just like to mention that I got a note out just momentarily uh from John Kosa, a good friend of our network as well, who obviously has the Aspbury 6 saying the US stock market's internal health is flashing negative signs across all six metrics. Now, uh what do you make of the action we're seeing KG out there.Yeah, obv ...

Market Overview - The reopening of the government led to a market selloff, with the Nasdaq Composite and Russell 2000 down 2.3% and 2.8% respectively, while the S&P 500 and Dow Jones Industrial Average fell 1.6% [2] - The current market environment is characterized by a reset in asset valuations rather than panic, as bond prices remained stable despite falling equities and rising volatility [3][4] Economic Indicators - The Federal Reserve's uncertainty regarding interest rate cuts has contributed to a loss of confidence, with the probability of a rate cut in December now at 50% [4] - Recent earnings growth of approximately 13% year-over-year has not been sufficient to maintain elevated valuations, leading to a market adjustment [4] Cryptocurrency Impact - Bitcoin prices fell below the critical support level of $100K, trading down to $95K, which may raise broader investor concerns [5] Artificial Intelligence Investments - Companies investing heavily in AI are yet to demonstrate returns on those investments, with the focus primarily on capital expenditures rather than profitability [6] Employment and Consumer Sentiment - Notable layoffs, including Verizon's announcement of 15,000 to 20,000 job cuts, indicate a weakening employment situation, compounded by low consumer sentiment [7] Upcoming Market Events - Key earnings reports from Walmart and Target will provide insights into the health of the overall economy, particularly regarding the holiday season [9] - The release of minutes from the last Federal Reserve meeting is anticipated to shed light on internal debates and monetary policy discussions [9] Investment Opportunities - Stocks that have experienced significant pullbacks may present opportunities for dollar-cost averaging, while increased volatility could benefit options traders [10]

Core Insights - Adobe (ADBE) is beginning to appear as a value candidate, trading nearly 40% below its 12-month high and at a price-to-sales ratio significantly below its three-year average, indicating a rare reset for a premium software company [2] - The company's revenue continues to grow robustly, with Q3 2025 revenue boosted by the adoption of AI-enhanced Creative Cloud Pro, leading to AI-driven annual recurring revenue exceeding $5 billion [3] - Despite strong fundamentals, Adobe's valuation remains suppressed due to increasing AI competition impacting market share, although management has raised its FY25 revenue forecast [3] Financial Metrics - Adobe's revenue growth is reasonable at 10.7% LTM and a three-year average of 10.5% [10] - The company maintains a strong average operating margin of approximately 35.4% over the past three years, with no significant margin collapse in the last 12 months [10] - The stock trades at a modest price-to-earnings multiple of 20.3, despite positive fundamentals [10] Market Positioning - Acquiring stocks with low valuations that retain strong margins allows investors to benefit from mean reversion and revaluation potential, with lower downside risk due to high-margin businesses being able to uphold earnings [4] - The Trefis High Quality (HQ) Portfolio, which includes Adobe, has a history of outperforming its benchmark indices, providing superior returns with reduced risk [9] Performance Outlook - Average forward returns for stocks in the same selection strategy are 12.7% over 6 months and 25.8% over 12 months, with a win rate of over 70% for both intervals [11]

Wall Street analysts forecast that Wix.com (WIX) will report quarterly earnings of $1.45 per share in its upcoming release, pointing to a year-over-year decline of 3.3%. It is anticipated that revenues will amount to $502.65 million, exhibiting an increase of 13% compared to the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe. ...

Core Insights - Baron Fifth Avenue Growth Fund gained 5.7% in Q3 2025, underperforming the Russell 1000 Growth Index (10.5%) and the S&P 500 Index (8.1%) [2] - Year-to-date, the Fund is up 14.4%, compared to 17.2% and 14.8% for its benchmarks [2] Top Contributors to Performance - NVIDIA Corporation's shares rose 18.1% due to its strong position in AI infrastructure, with a long-term total addressable market (TAM) expansion from $1 trillion to between $3 and $4 trillion [3] - Shopify Inc. saw a 28.6% increase in shares, driven by a 30% year-over-year revenue growth and a 29% increase in gross merchandise volume (GMV) [4][5] - Tesla, Inc. shares increased by 40.0%, supported by record delivery volumes, renewed investor confidence in leadership, and advancements in AI initiatives [6] Top Detractors from Performance - The Trade Desk's shares declined 31.9% due to in-line earnings and competitive pressures, particularly from Amazon's entry into the market [7] - Intuitive Surgical, Inc. shares fell 17.7% as system placements in the U.S. did not meet expectations, compounded by financial pressures on hospital customers [8] - MercadoLibre, Inc. shares decreased by 10.6% due to macroeconomic pressures in Argentina and increased competition from Amazon, despite strong quarterly results [9] Recent Activity - The Fund initiated a small investment in Figma and added to existing holdings in KKR, Alphabet, Taiwan Semiconductor, and CrowdStrike, funded by reducing positions in seven other holdings [10]