Core Insights - Akamai Technologies (AKAM) stock has increased by 25.9% over the last 5 trading days and is currently valued at $13 billion with a revenue of $4.1 billion, trading at $90.61 [2] - The company has shown a revenue growth of 4.2% over the past 12 months and maintains an operating margin of 15.4% [2] - Akamai's liquidity is characterized by a Debt to Equity ratio of 0.4 and a Cash to Assets ratio of 0.1 [2] - The current valuation metrics include a P/E multiple of 25.7 and a P/EBIT multiple of 18.9 [2] Historical Performance - AKAM stock experienced a decline of 42.0% from its peak of $121.92 on April 20, 2022, to $70.75 on March 13, 2023, while the S&P 500 saw a peak-to-trough decline of 25.4% [6] - The stock fully recovered to its pre-Crisis peak by January 23, 2024, and reached a new peak of $128.32 on February 11, 2024 [6] - In previous downturns, AKAM stock has shown varying degrees of decline and recovery, including a drop of 21.9% from its peak of $102.56 on February 19, 2020, and a full recovery by April 16, 2020 [7] Market Context - The stock has historically performed worse than the S&P 500 during economic downturns, which raises concerns about its downturn resilience [3] - The analysis suggests that a diversified investment strategy may yield better returns and protection against market drops compared to investing in a single stock like AKAM [4][8] - AKAM offers cloud services that secure, deliver, and optimize content and applications, providing protection against cyber threats and online attacks [5]

Core Viewpoint - The final quarter of 2025 showed gradual improvement in UK financial markets, with investors beginning to look beyond earlier turbulence, despite ongoing concerns about inflation and household demand [3][4]. Economic Overview - UK CPI rose to 3.8% in July, plateauing in August and September, with a lower-than-expected September reading potentially indicating a period of lower inflation [4] - Unemployment increased to 4.8% in August, allowing the Bank of England to consider further interest rate cuts after a 25bps reduction to 4.00% in August [4] - Consumer sentiment improved, although households remained cautious with high savings rates and reduced debt [5] - Gilt yields rose due to concerns over public spending and high inflation, indicating challenges for the upcoming Autumn Budget [6] Investment Performance - The unaudited NAV per share increased from 36.43 pence to 36.46 pence, with a total return of +3.51% for shareholders [8] - Qualifying investments contributed positively, with Qureight increasing by 102.4% and Diaceutics by 41.7% [9][10] - Non-qualifying investments saw mixed results, with the IFSL Marlborough UK Micro-Cap Growth Fund and Special Situations Fund posting gains, while WH Smith faced issues due to accounting irregularities [15] Portfolio Structure - The company maintained a strong investment position, ending the period at 98.98% invested, with an increase in qualifying investments from 53.7% to 54.1% [16] - There were no new VCT qualifying IPOs in the quarter, but the company remains optimistic about future deal flow [17] - The company executed three full exits and adjusted its investment in Cohort following strong share price performance [18] Share Buybacks and Market Activity - The company repurchased 3.7 million shares at an average price of 33.31 pence, with the share price increasing from 34.10 pence to 34.40 pence [21] - As of 30 September 2025, the shares traded at a discount of 3.83% to the last published NAV per share [21] Post Period Developments - The unaudited NAV per share decreased to 35.84 pence as of 31 October 2025, reflecting a decline of 1.70% [22]

Core Insights - Amazon is gaining momentum and is likely to join the $3 trillion market cap club with only a 12% gain needed next year [2] Group 1: AWS Performance - Amazon Web Services (AWS) has shown a 20% year-over-year increase in sales for Q3 2025, indicating a recovery and growth in its cloud services [4] - AWS controls approximately 30% of the global cloud services market, maintaining a significant lead over competitors [4] - The sales growth acceleration is notable given the wider base, suggesting that clients perceive AWS as offering more value than its rivals [4] Group 2: AI Developments - AWS is central to Amazon's AI initiatives, providing a platform for clients to develop various AI applications [5] - Recent AI updates include SageMaker for custom large-language models, Bedrock for utilizing other LLMs, and new tools like AgentCore and Kiro [6][7] - The AI business is projected to have a run rate of $132 billion, contributing significantly to Amazon's overall revenue [8] Group 3: E-commerce Enhancements - E-commerce remains a core revenue driver for Amazon, generating $110 billion in revenue in Q3, accounting for nearly two-thirds of total revenue [10] - Amazon is enhancing its product selection and delivery speed, with a 14% increase in available products year-over-year [11] - The company has expanded same-day grocery delivery to 1,000 locations, with plans to reach 2,300 by year-end, improving customer loyalty and satisfaction [12]

Core Insights - The primary market is set for an active period with five IPOs scheduled between November 11 and 14, aiming to raise over Rs 10,000 crore, indicating strong fundraising activity [5][6] Mainboard IPOs - **PhysicsWallah**: An edtech company planning to launch a Rs 3,480 crore IPO on November 11, with shares priced between Rs 103–109. The funds will be used for technology infrastructure, new learning centers, and acquisitions [5][6] - **Tenneco Clean Air India**: A subsidiary of Tenneco Inc., this company is set to offer a Rs 3,600 crore IPO from November 12 to 14, entirely through an offer for sale. The shares are priced between Rs 378–397, with a grey market premium of about 24% [6] - **Emmvee Photovoltaic Power**: A solar panel manufacturer aiming to raise Rs 2,900 crore with bids accepted from November 11 to 13, priced in the Rs 206–217 band [3][6] SME IPOs - **Mahamaya Lifesciences**: A specialty pharmaceutical firm opening its issue on November 11, aiming to raise Rs 70.44 crore at a price band of Rs 108–114 [4][6] - **Workmates Core2Cloud Solution**: Specializing in cloud services and cybersecurity, this company plans to raise Rs 69.84 crore with shares priced between Rs 200–204, also opening on November 11 [4][6] Market Dynamics - The upcoming IPOs span various sectors including education, clean energy, automotive technology, and pharmaceuticals, reflecting a diverse investment landscape [4][5][6]

Core Insights - Akamai Technologies Inc. reported better-than-expected third-quarter results, leading to a 10% increase in share price during intra-day trading [1] - The company raised its full-year outlook, indicating strong growth potential [3] Financial Performance - Adjusted earnings per share for the third quarter were $1.86, exceeding analyst estimates of $1.64 [1] - Revenue for the quarter reached $1.055 billion, surpassing expectations of $1.04 billion, representing a 5% year-over-year increase or 4% on a constant-currency basis [1] - For 2025, Akamai raised its revenue outlook to between $4.178 billion and $4.198 billion, and adjusted EPS guidance to $6.93–$7.13, both exceeding consensus projections [3] Business Segments - The security business drove growth with revenue up 10% year-over-year to $568 million [2] - Cloud Infrastructure Services revenue surged 39% to $81 million [2] - Content delivery revenue fell 4% to $306 million [2] Future Guidance - The company forecasts fourth-quarter revenue between $1.065 billion and $1.085 billion, with adjusted earnings per share expected in the range of $1.65–$1.85, both at or above market expectations [2]

Core Insights - IREN Limited reported strong first-quarter earnings, with earnings per share of $1.08, significantly surpassing the consensus estimate of $0.14, and quarterly revenue of $240.3 million, exceeding the Street estimate of $235.5 million [1][2] Group 1: Financial Performance - Quarterly earnings were $1.08 per share, beating the consensus estimate of $0.14 per share [1] - Quarterly revenue reached $240.3 million, surpassing the Street estimate of $235.5 million [1] Group 2: Strategic Developments - IREN secured several new multi-year contracts, including a significant partnership with Microsoft, enhancing its position as a leading AI Cloud Service Provider [2] - The partnership with Microsoft is expected to expand IREN's reach into new hyperscale customer segments [2] Group 3: Analyst Reactions - Cantor Fitzgerald analyst Brett Knoblauch maintained an Overweight rating on IREN but lowered the price target from $142 to $136 [5] - HC Wainwright & Co. analyst Mike Colonnese maintained a Sell rating and raised the price target from $45 to $56 [5]

Core Insights - IREN Limited has announced a significant deal with Microsoft Corp, indicating potential for more partnerships in the future [1][2] - The Microsoft deal involves a 200 megawatt GPU cloud services contract valued at approximately $9.7 billion, including a 20% prepayment [4] - IREN's Q1 earnings significantly exceeded expectations, reporting earnings of $1.08 per share compared to the consensus estimate of 14 cents [4] Company Developments - Co-CEO Daniel Roberts mentioned that there is interest from multiple parties for deals beyond the current Microsoft agreement [2][3] - IREN is likely to focus on partnerships with other hyperscalers for co-location and infrastructure deals rather than solely cloud deals [3] - The company is optimistic about pursuing AI Cloud opportunities, supported by the favorable terms of the Microsoft deal, which includes a 35% plus equity IRR [3]

Core Insights - IREN Limited reported strong first-quarter earnings, surpassing both revenue and earnings estimates, which led to a positive movement in its stock price [1][2]. Financial Performance - Quarterly earnings were reported at $1.08 per share, significantly exceeding the consensus estimate of 14 cents [2]. - Revenue for the quarter reached $240.3 million, surpassing the Street estimate of $235.5 million and showing a substantial increase from $49.57 million in the same period last year [2]. Strategic Developments - The company secured several new multi-year contracts, including a significant partnership with Microsoft, enhancing its position as a leading AI Cloud Service Provider and expanding its reach into new hyperscale customer segments [3]. - Co-CEO Daniel Roberts highlighted the disciplined execution and record results achieved this quarter, along with meaningful progress in AI Cloud expansion [3]. Stock Performance - Following the earnings report, IREN stock experienced a 3.58% increase, reaching $69.65 in extended trading [4].

Core Insights - The overall cloud service market in China is projected to reach 544.54 billion yuan in 2024, with a growth rate of 15%. The rapid development of artificial intelligence is driving upgrades in cloud infrastructure and capability platforms, which are key factors for market growth [1][8]. Market Overview - The IaaS market in China is expected to grow to 371.86 billion yuan in 2024, with a growth rate of 19.1%. The PaaS market is projected to reach 101.86 billion yuan, growing at 35.8% [11]. - The public cloud service market is anticipated to reach 387.87 billion yuan in 2024, with an 18% growth rate. The non-public cloud service market is expected to be 163.58 billion yuan, growing at 11.2% [13][16]. Market Characteristics - AI has become a focal point for cloud service industry construction and business layout. Participants are expanding investments in intelligent computing infrastructure and improving AI development tools [8]. - The public cloud service market is experiencing new opportunities due to the rapid development of AI, with various cloud vendors focusing on building intelligent computing infrastructure and platforms [13]. Competitive Landscape - In the public cloud IaaS market, Alibaba Cloud, Huawei Cloud, and Tianyi Cloud rank as the top three providers, with Tencent Cloud and Mobile Cloud tied for fourth place [19]. - Operator-backed cloud vendors are enhancing their competitiveness by improving infrastructure and investing in AI, while internet-based cloud vendors are focusing on business streamlining and capability concentration to alleviate competitive pressure [19]. Development Trends - The cloud computing sector is expected to continue supporting the development of the AI industry by providing foundational resources and platform tools. The integration of intelligence into cloud services will further enhance the capabilities of intelligent computing [8]. - In the short term, the competition in the public cloud market is primarily driven by price wars, but long-term growth will be fueled by the rapid iteration of AI technology and the expansion of cloud service applications across various industries [13][19].

Financial Performance - Corporate revenue increased by 6.1% to $56.3 million in Q3 2025, compared to $53.1 million in Q3 2024[11] - SoHo revenue was $31.5 million in Q3 2025, compared to $34.7 million in the previous year, showing a slowing rate of decline[14] - Q3 2025 free cash flow was $44.4 million, a 32% increase compared to $33.6 million in Q3 2024[30] - The company's cash balance was approximately $98 million in Q3 2025, with interest income on excess cash invested of approximately $0.8 million[28] - Adjusted EBITDA margin was 52.8% in Q3 2025[27] Customer Metrics - Corporate customer count increased to 65,000 in Q3 2025, compared to 58,000 in Q3 2024[11] - Corporate revenue retention rate was 102% in Q3 2025, compared to 100% in Q3 2024[11] - SoHo account base was 661,000 in Q3 2025, compared to 682,000 in Q2 2025[14] - SoHo churn rate was 3.71% in Q3 2025, compared to 3.84% in Q2 2025[14] Capital Allocation - The company repurchased 121,000 shares for approximately $2.7 million in Q3 2025, with program-to-date equity repurchases of 1.8 million shares for approximately $47.1 million[30] - $200 million of 6.0% Notes were called at par on October 15, 2025[30]