Core Insights - Corporate demand for business services is evolving and accelerating, viewed as strategic enablers of growth and efficiency [1] - Service providers embedding technology are becoming essential partners for enterprises navigating complex environments [2] - The essential nature of services like payroll and AI-driven tools creates sticky relationships and recurring revenues [3] Company Highlights - **Dave**: Achieved over 60% year-over-year revenue growth in Q3 2025, with adjusted EBITDA more than doubling for four consecutive quarters, reflecting scalability [5][6] - **Coherent**: Reported $1.58 billion in revenues with a 19% year-over-year pro forma growth, driven by AI-related data center demand [10][12] - **GigaCloud**: Total revenues increased by 10% year-over-year, with a strong operating cash flow of $78 million, supported by a diversified business model [13] - **LiveRamp**: Surpassed revenue guidance with strong adoption of its Data Collaboration Network, indicating increasing demand for data collaboration services [16][18] Future Outlook - Dave is projected to achieve revenues of $544 - $547 million for the full year 2025, indicating a 57.3% year-over-year growth [7] - Coherent is expected to see around 15% year-over-year revenue growth in fiscal 2026, benefiting from sustained corporate technology spending [12] - GigaCloud anticipates around 9% year-over-year revenue growth in 2025, driven by its channel-agnostic marketplace model [15] - LiveRamp expects around 9% year-over-year revenue growth in fiscal 2026, as demand for data collaboration intensifies [18] Investment Considerations - Each highlighted company addresses critical corporate needs, suggesting they are well-positioned to benefit from structural shifts in business operations [20]

Core Insights - LiveRamp Holdings, Inc. has expanded its measurement capabilities for retail media networks, enhancing attribution insights from Meta Platforms, Inc. campaigns [1][2] - The new capabilities are delivered through LiveRamp's clean-room infrastructure, allowing privacy-centric collaboration between retailers and brands [2][3] - The enhancements aim to help retailers assess return on ad spend, optimize campaign strategies, and strengthen brand relationships within secure data environments [2] Company Overview - LiveRamp is a San Francisco-based data collaboration platform that enables secure data connection, activation, and measurement across marketing and analytics ecosystems [3] - Its core offerings include identity resolution, clean-room technology, and secure data onboarding for enterprises, publishers, and advertising platforms [3]