As filed with the Securities and Exchange Commission on February 13, 2026. Registration Statement No. 333-292514 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 QUMULUSAI, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Georgia 7374 92-2681813 (I.R.S. Employer Identificat ...

The European Commission (EC) has granted unconditional approval for Google's proposed acquisition of cloud security company Wiz, stating that the deal does not present competition concerns within the European Economic Area (EEA). Google's $32bn all-cash agreement to acquire Wiz was first announced in March 2025. The Commission reached its decision following a detailed market investigation, which included collecting feedback from customers and competing providers in the cloud security and infrastructure se ...

Economic Measures - India announced measures to invest nearly $133 billion to enhance infrastructure and boost manufacturing across various sectors, including textiles and electronic components [2] - A growth fund of 100 billion rupees was allocated for small businesses, along with a 20 billion rupee top-up on a previous self-reliant fund [5] Benefiting Sectors - Pharmaceuticals sector is set to benefit from an outlay of $1.1 billion over the next five years aimed at boosting production and research for biologics and biosimilar drugs, with the Nifty Pharma Index surging post-announcement [6][14] - The textile industry is expected to gain from policy measures including the establishment of 'mega textile parks', with companies like Raymond Ltd. and Trident Ltd. seeing significant stock price increases [7][14] - Electronic manufacturing received a $4.3 billion investment to enhance production capabilities, particularly as companies like Apple Inc. expand their operations in India [7][14] - Cloud infrastructure companies will benefit from a proposed tax holiday for foreign firms providing cloud services from India-based data centers through 2047 [8][14] - Shipping stocks gained traction following the announcement of a ship-repair ecosystem and incentives for seaplanes, with companies like Shipping Corp. of India rising by 4.3% [9][14] - Firms in the cargo and transport sector, such as Container Corp. of India Ltd., are expected to benefit from proposed allocations for new dedicated freight corridors and high-speed city rail corridors [9][14] Losing Sectors - The government increased the securities transaction tax on equity futures from 0.02% to 0.05%, leading to declines in shares of the BSE and stock brokers like Angle One Ltd. [11][14] - State-owned banks faced disappointment as expectations for consolidation and relaxation of foreign shareholding caps were unmet, with shares of major banks like State Bank of India falling significantly [12][14] - The clean energy sector anticipated tax regime rationalization, which did not materialize, leaving the industry disappointed [12][14]

Core Viewpoint - The Vanguard Information Technology ETF has significantly outperformed the market over the past decade, primarily driven by the AI boom, but it lacks exposure to key companies in the AI sector, making it potentially less attractive for investors seeking broad AI stock exposure [1][2]. Group 1: ETF Performance and Composition - The Vanguard Information Technology ETF (VGT) has increased by approximately 670% over the past decade, compared to a 270% gain for the S&P 500 [1]. - The ETF tracks the MSCI US IMI Information Technology 25/50 index and holds stakes in 320 companies, with nearly 59% of its value concentrated in the top 10 holdings [3]. - The top three holdings—Nvidia, Apple, and Microsoft—account for nearly 45% of the ETF's assets, indicating a high concentration risk [4]. Group 2: Missing Key Companies - The ETF does not include major players in the AI ecosystem such as Alphabet, Amazon, and Meta Platforms, which are classified in different sectors [5][6]. - Alphabet and Meta are categorized under the communication services sector, while Amazon falls under consumer discretionary, thus excluding them from the ETF's holdings [6]. - The absence of these companies is significant as Amazon and Alphabet are two of the largest cloud infrastructure providers, holding market shares of 29% and 13%, respectively, which are crucial for AI model training and operation [7]. Group 3: Implications of Missing Companies - The exclusion of Amazon, Alphabet, and Meta from the ETF limits its exposure to the AI megatrend, as these companies play vital roles in cloud services and AI development [8].

A partnership with an artificial intelligence (AI) titan should help to accelerate the cloud infrastructure specialist's growth.Shares of CoreWeave (CRWV +5.73%) popped on Monday after the data center developer deepened its strategic collaboration with global semiconductor giant Nvidia (NVDA 0.65%). By the close of trading, CoreWeave's stock price was up more than 5% after rising as much as 17% earlier in the day. Nvidia's sizable investment in CoreWeaveNvidia purchased a $2 billion stake in CoreWeave at $8 ...

Group 1 - CoreWeave (NASDAQ: CRWV) stock is experiencing a rebound in early 2026, driven by strong demand for cloud infrastructure and services, as well as positive results from competitor Applied Digital (NASDAQ: APLD) [3][5] - The stock has seen significant upside potential, with a peak increase of approximately 350% from its IPO price, although insider selling poses a risk to near-term gains [4][5] - Institutional investors own about 30% of CoreWeave stock and have been accumulating shares since the IPO, while analysts have a consensus Hold rating and have reduced price targets, indicating potential range-bound trading ahead [7][8] Group 2 - Insider selling is critical to CoreWeave's price action, as insiders own around 25% of the stock and have been taking profits, which may limit further price increases [4][5] - The upcoming Q4 earnings report, expected in mid-February, is seen as a potential catalyst for the stock, with analysts having set low expectations that could allow for significant outperformance if the company meets or exceeds them [8] - Execution risks related to capital-intensive data center builds and negative cash flow could cloud the upside potential despite the promising demand dynamics in the cloud infrastructure sector [5][8]

Group 1 - IREN Limited is a new player in the cloud infrastructure sector for AI, offering a unique advantage due to its existing capacity for data deployment [1] - The company aims to identify profitable and undervalued investment opportunities primarily in the U.S. market, focusing on building a high-yield, balanced portfolio [1] Group 2 - The analysis combines macro-economic insights with real-world trading experience to provide actionable investment ideas [1]

Market Overview - The US equity market ended Q4 2025 positively, with the S&P 500 increasing by 2.7%, reflecting steady upward momentum supported by better-than-expected corporate earnings and the US Federal Reserve's interest rate easing stance [1] - The macroeconomic backdrop remained resilient, with improving clarity on trade policy providing additional support [1] - There was a notable divergence below the index level, particularly regarding AI investments, which faced skepticism due to bottlenecks and financing challenges [1] Fund Performance - The Alger Small Cap Focus Fund's Class A shares outperformed the Russell 2000 Growth Index in Q4 2025 [1] - The Utilities and Financials sectors contributed positively to the Fund's performance, while the Consumer Discretionary and Information Technology sectors detracted from it [1] Company Spotlight: Nebius Group N.V. - Nebius Group N.V. is a technology company focused on AI-driven cloud infrastructure, with a one-month return of 16.63% and a 52-week gain of 201.69% [2] - As of January 16, 2026, Nebius Group's stock closed at $108.73, with a market capitalization of $27.379 billion [2] - The company operates GPU compute capacity across Europe and is expanding into the U.S., positioning itself as a key player in the AI infrastructure market [3] - Despite facing short-term volatility due to a selloff in AI infrastructure stocks, Nebius continues to secure long-term agreements with major cloud service providers, enhancing revenue visibility [3]

Core Insights - The market has seen aggressive gains in AI-related stocks like Iren Limited, Nebius Group, and CoreWeave, with triple-digit increases in a short period due to enthusiasm for AI infrastructure and data centers [1] - A recent shift in market sentiment has led to stabilization and upward movement in share prices, with improving earnings estimates and renewed investor interest in niche AI infrastructure [2] Iren Limited (IREN) - Iren Limited operates in high-performance data centers and bitcoin mining, supported by renewable energy, positioning it well for rising demand in AI and data-intensive workloads [3] - The company's sales are projected to increase by approximately 120% this year and an additional 151% next year, indicating a strong growth outlook [4] - IREN's stock has recently broken out of a Stage One base, suggesting the beginning of a new uptrend, supported by accelerating fundamentals and improving technical structure [5] Nebius Group N.V. (NBIS) - Nebius Group focuses on AI infrastructure and cloud services, providing high-performance compute capacity for AI workloads, which positions it within the core layers of the AI infrastructure stack [8] - The stock has risen nearly 5% recently, reflecting improving investor sentiment, with sales expected to surge by 376% next year [9] - Nebius has also broken out from a Stage One base, indicating potential for a new uptrend, with both technical momentum and earnings expectations on the rise [10] CoreWeave Inc. (CRWV) - CoreWeave specializes in high-performance GPU compute for AI and advanced data workloads, establishing itself as a key player in AI-focused cloud capacity [12] - The stock has increased by over 6%, signaling a constructive rebound, with projected sales growth of 126% next year [13] - CoreWeave has broken out from a Stage One base, suggesting a transition to a new uptrend, supported by accelerating revenue growth and improving analyst sentiment [14] Market Outlook - All three companies are showing patterns of improving earnings outlooks, renewed investor interest, and technical breakouts, indicating a potential return of risk appetite in the AI infrastructure sector [16]

Core Insights - The S&P 500 is nearing its all-time high, driven by technology stocks and AI investments [1][2] - Analysts express concerns that some leading stocks may be overvalued due to unrealistic growth expectations [2][3] Company Analysis: Palantir - Palantir Technologies is experiencing significant growth, with a 63% revenue increase last quarter and a 121% rise in U.S. commercial revenue [7] - The launch of its Artificial Intelligence Platform (AIP) is a key factor in its growth, allowing users to interact with data using natural language [5][6] - Despite impressive growth metrics, Palantir's stock is considered overvalued, with a forward P/E ratio of 268 and a price-to-sales ratio exceeding 100 [8] - RBC Capital has set a price target of $50 for Palantir, indicating a potential downside of 74% from its current price of $190.58 [6][8] Company Analysis: CoreWeave - CoreWeave has reported a 134% revenue growth in the most recent quarter, driven by contracts with major clients like Microsoft and Nvidia [9] - The company has a significant debt load of $14 billion, which has doubled from the previous year, raising concerns about its financial strategy [10] - CoreWeave's revenue backlog has reached $55.6 billion, but this is not guaranteed revenue as clients can reduce or withdraw contracts [11][13] - The company's operating margin has compressed to 16%, with interest expenses exceeding its adjusted operating income of $217 million [14] - DA Davidson has set a price target of $36 for CoreWeave, suggesting a downside of 54% from its current price of $76.90 [6][10]