Core Viewpoint - Hillman Solutions Corp. is set to announce its earnings results for the thirteen and fifty-two weeks ended December 27, 2025, on February 17, 2026, at 8:30 a.m. Eastern Time, along with its 2026 guidance [1]. Company Overview - Hillman Solutions Corp. is a prominent provider of hardware-related products and merchandising solutions, serving home improvement, hardware, and farm and fleet retailers across North America [5]. - The company is recognized for its strong customer service and has established a competitive advantage through direct-to-store shipping and a dedicated in-store sales and service team of over 1,200 professionals [5]. - Hillman's product portfolio includes hardware solutions (fasteners, screws, nuts, and bolts), protective solutions (work gloves, jobsite storage, and protective gear), and robotic and digital solutions (key duplication and tag engraving) [5]. - The company has a well-established distribution network and frequently receives vendor of the year recognition from top customers [5]. Earnings Call Details - The earnings call will be hosted by President and CEO Jon Michael Adinolfi and CFO Rocky Kraft [2]. - The call will include a listen-only webcast available at a specified link, and sell-side analysts must register to participate in the live Q&A session [3]. - A replay of the webcast will be accessible approximately one hour after the presentation concludes [3]. - The earnings release and quarterly results will be filed with the SEC and made available on Hillman's investor relations website before the presentation [4].

21世纪经济报道记者 陈思琦 深圳报道 解码"一人公司"：1+小N+AI 21世纪经济报道：如何理解"一人公司"现象？AI加持下，"一人"为何能释放如此巨大的能量？ 璞跃中国叶飞：过去人们常说"人多力量大"，是因许多工作的生产要素复杂、综合。例如经营工厂，需要有人操作工具、有人懂工艺、有人负 责设计，还有人管安保和卫生。而随着人工智能技术发展，个体正因AI变得更强大。 "一人公司"的核心在于，个体掌握的生产要素和工具更加多元、集成，足以替代多个传统岗位。例如，销售、客服可借助AI聊天机器人处理； HR工作中，AI可完成简历筛选与初筛面试，人只需做出最终决策；前台也可用机器人实现引导、接待。AI等颠覆性技术的聚合，解决了以往 创业许多耗时耗力的问题。另一方面，许多工种日益专业化，安保、税务等均可外包。 只要善用工具，明确必须自主掌控的核心技术，其余环节外包出去，一家公司的架构已足够完整——个人只需专注于最核心的部分。 柴火潘昊、叶雨：在柴火，许多人通过AI及各类开源硬件，以很小的成本、很轻的组织实现创业。这也是柴火十几年来所专注的：让非工程 师也能胜任工程师的工作，降低科技OPC的门槛。 "一人公司"时代来了。 ...

这次升级的背后，不仅是模型算法的迭代，更离不开长期合作伙伴的支持。其中，联想集团作为阿里巴 巴在服务器基础设施、AI终端设备领域的核心供应商，扮演了至关重要角色。 双方合作可追溯至十余年前，从早期电商专用电脑到如今AI算力底座、端侧智能体的深度绑定，联想 为阿里巴巴等互联网巨头提供了持续的高性能计算支持，反过来也从中收获了服务器业务的高速增长。 在阿里巴巴AI雄心的背后，联想作为基础设施架构师的角色，正变得前所未有的关键。阿里巴巴提供 了日益精进的大脑，联想默默为其构筑了强健的身躯。 双向奔赴 如果你回溯中国互联网黄金十年的历史，会发现阿里巴巴与联想的交集远比外界认知的要深。 双方合作历史可追溯至2008年。当时，联想、阿里巴巴、英特尔宣布战略合作，推出电子商务专用电 脑，旨在帮助中小企业上网开店。这一合作被视为PC硬件与互联网平台的首次深度联姻，联想提供硬 件优化，阿里巴巴提供软件与流量支持。 作者：林一 2026年1月15日，科技界目光聚焦在杭州，阿里巴巴正式发布通义千问最新版本。 此次升级上线了超过400项AI办事功能，接入淘宝、支付宝、高德、饿了么、飞猪等阿里系核心应用， 向所有用户开放测试。这标志着 ...

这种由AI需求驱动的涨价潮，被技术研究公司IDC描述为"前所未有的存储芯片短缺"，并将其视为设备 制造商的一场"危机"。市场的反应已十分剧烈：苹果股价在经历了自2022年以来表现最差的一年后， 2026年开局再度下跌4.4%，沦为纳斯达克100指数中表现最疲软的股票之一；惠普股价更是跌至2020年 11月以来的最低水平。 分析人士指出，目前的短缺并非传统的周期性波动，而是全球硅晶圆产能的战略性重新分配。这意味着 硬件制造商面临的成本压力短期内难以缓解，在这场存储行业的盛宴中，他们不得不为不断攀升的账单 买单。 冰火两重天的股价表现 过去一年，存储组件价格的飙升造就了美股市场中两极分化的景象。一方面，闪迪公司、美光科技公司 和西部数据公司等存储类股票成为市场的大赢家。进入2026年，闪迪以超过60%的涨幅领跑标准普尔 500指数，西部数据和美光也位列涨幅榜前列。 另一方面，硬件巨头则深陷泥潭。苹果股价在2025年仅上涨8.6%，并在新年伊始继续下挫。惠普在 2025年市值缩水近三分之一后，2026年初再度下跌6.8%。戴尔自去年10月创下历史新高以来，股价已 下跌28%。 全球科技硬件巨头正面临一场严峻的"利润 ...

Summary of J.P. Morgan's PC and Server Market Analysis Industry Overview - The analysis focuses on the **PC and server markets**, highlighting trends and forecasts for shipments and demand in the coming years. Key Points on PC Market - **Shipment Growth Forecasts**: - Adjusted global PC shipment growth forecast for 2025 is **+8%**, while a decline of **-9%** is expected in 2026 [1] - **Demand Trends**: - Anticipated downside in PC unit demand due to **memory-driven product price hikes** [1][4] - A significant **20%+ increase** in product prices has been noted recently, impacting consumer PC demand [4] - Forecasts indicate **10%** decline in consumer PC shipments and **7%** decline in commercial PC shipments for 2026 [11] - **Commercial PC Demand**: - Muted refresh demand is expected this year, with a potential pause in demand from **2Q26** onwards [1][11] - **Competition**: - Increased competition in mainstream PCs due to new model launches from major players like **Dell** and **Apple** [4] Key Points on Server Market - **General Server Demand**: - Strong demand from **US Cloud Service Providers (CSPs)** is expected to continue into 2026, particularly for storage servers driven by AI inference activities [4] - Forecasted **30%+ growth** in CSP server shipments, offset by a single-digit decline in enterprise server demand [11] - **AI Server Growth**: - Notable ramp-up in **GB300 server shipments** is expected, with estimates of **50-70k NVL72 rack shipments** this year, driven by strong AI server demand [4] - Anticipated growth in **ASIC server demand**, particularly for TPU servers [4] - **Overall Server Shipment Growth**: - Total server shipment growth forecast for 2026 is **14.6%**, up from previous estimates of **+4.6%** [11] Key Companies Mentioned - **Positive Outlook**: - Companies such as **Wiwynn**, **Hon Hai**, and **Quanta** are favored in the server ODM space [1] - For server components, **ASPEED**, **Delta**, **Jentech**, and **Lotes** are highlighted [1] - **Cautious Outlook**: - Companies like **ASUSTek**, **Micro-Star**, and **Compal** are viewed with caution due to expected challenges in the PC segment [1] Additional Insights - **Memory Component Costs**: - A significant increase in memory component costs is expected, leading to at least **double YoY memory costs** in the upcoming quarters [4] - **Market Dynamics**: - The report indicates a prolonged supercycle in general servers driven by AI demand, with potential risks from component supply constraints [4] This summary encapsulates the critical insights from the J.P. Morgan analysis on the PC and server markets, providing a comprehensive overview of expected trends, challenges, and opportunities within the industry.

Summary of 4Q25 CIO Survey – Key Points Industry Overview - The survey focuses on the **US Tech** industry, particularly the **IT budget outlook** for 2026, highlighting trends in **Software**, **Communications**, **Hardware**, and **IT Services** sectors [2][40]. Core Insights 1. **IT Budget Growth Expectations**: - IT budget growth is expected to moderate from **+3.5% in 2025 to +3.4% in 2026**, a decline of **8 basis points** [2][40]. - Sequentially, the growth expectation for 2026 deteriorated from **+3.8% YoY** in the previous quarter [2][40]. 2. **Sector-Specific Trends**: - **Software**: Expected to see a modest acceleration in growth to **+3.8%** in 2026, up **9 basis points YoY** [2][40]. - **Communications**: Growth is expected to decelerate to **+2.2%**, down **27 basis points YoY** [2][40]. - **Hardware**: Anticipated growth is only **+1.0%**, a significant drop of **58 basis points YoY** [2][40]. - **IT Services**: Expected to grow by **+2.0%**, a slight decrease of **3 basis points YoY** [2][40]. 3. **Regional Insights**: - US CIOs expect budget growth of **+3.5%**, while EU counterparts anticipate **+3.1%**, indicating a narrowing gap between the two regions [2][40]. 4. **CIO Sentiment**: - The **1-year up-to-down ratio** for budget revisions fell to **0.5x**, indicating a more cautious outlook among CIOs [2][40]. - The percentage of CIOs expecting budget increases dropped to **17%**, while those expecting decreases rose to **36%** [2][40]. 5. **AI and IT Spending**: - **Artificial Intelligence** remains the top priority for CIOs, with **68%** planning to engage service providers for AI projects [40]. - **81%** of CIOs expect to have GenAI-based workloads in production by the end of 2026, up from **79%** in the previous quarter [40][37]. Additional Insights 1. **Hiring Expectations**: - **33%** of CIOs expect overall hiring to decrease in 2026, while **18%** expect an increase, reflecting a cautious hiring outlook [6][40]. - **63%** of CIOs believe AI-related IT spending will impact hiring plans, with a significant portion expecting hiring to decrease [6][40]. 2. **K-Shaped IT Budget**: - CIOs may be reallocating budgets from less strategic areas to prioritize AI-related investments, indicating a shift in spending dynamics [6][40]. 3. **Vendor Insights**: - Microsoft, Google, and Amazon are expected to gain the largest incremental share of GenAI spend in 2026, with Microsoft leading at **35%** [8][11][40]. - The survey indicates a trend towards consolidating IT spending with fewer vendors, particularly in software [6][40]. 4. **Concerns Over Hardware Spending**: - Hardware budgets are projected to grow at the slowest rate since 2009, raising concerns about potential demand destruction in the sector [18][40]. 5. **Long-Term Outlook**: - CIOs' confidence in the long-term spending environment has moderated, with only **38%** expecting IT spending as a percentage of revenue to increase over the next three years [40]. Conclusion The 4Q25 CIO Survey indicates a cautious outlook for IT budgets in 2026, with sector-specific deceleration, particularly in Hardware and Communications. Despite the excitement surrounding AI, the anticipated growth in IT budgets does not fully align with expectations, suggesting a need for strategic reallocations and a focus on consolidating vendor relationships.

Summary of Key Points from the Conference Call Industry and Company Overview - **Industry**: China Multi-Asset and Equity Markets - **Focus**: The impact of the 15th Five-Year Plan (FYP) on China's economy and stock market, particularly in sectors like Technology, Healthcare, Internet, and Basic Materials Core Insights and Arguments 1. **Positive Catalysts from the 15th FYP**: The FYP aims to consolidate the economy, endorse technological developments, and build a strong domestic market, which is expected to positively influence the market through 2026 [2][24][26] 2. **Export Growth**: China's share of global exports increased by 0.4 percentage points year-on-year to 15.0% in 2025, with expectations for continued growth in 2026 due to comprehensive value chains and automation in manufacturing [3][38] 3. **EPS Growth Projections**: HSI EPS growth is projected to rise to 9.1% year-on-year in 2026 from 2.2% in 2025, driven by reduced competition in the internet sector and upward revisions in other sectors [4][44] 4. **Sector Upgrades and Downgrades**: Basic Materials upgraded to Overweight due to rising commodity prices, while Consumer is downgraded to Neutral and Auto to Underweight due to low consumption prospects and retail sales declines [5][49] 5. **Economic Outlook**: A measured policy expansion is anticipated, with a fiscal stimulus of approximately RMB 1 trillion and rate cuts expected to support economic growth [6][12] Additional Important Insights 1. **K-Shaped Growth Pattern**: The economy is experiencing a K-shaped recovery, with the new economy performing well while traditional sectors lag behind [6][18] 2. **Government Debt and Fiscal Policy**: The fiscal deficit rose to 4% in 2025, with limited room for further expansion in 2026 due to rising government gearing [14][41] 3. **Youth Unemployment**: High youth unemployment remains a concern, hovering around 20%, while overall unemployment is less of a concern due to rising retirement numbers [18][22] 4. **Trade Relations**: The signing of a China-US trade deal has improved confidence in international trade, which is expected to boost export growth in 2026 [32][36] 5. **Sector Preferences**: The technology sector is prioritized, with expectations for continued upgrades in AI server supply chains and hardware, while the software sector is expected to recover earnings as IT budgets normalize [28][29] Conclusion The conference call highlighted a positive outlook for China's economy and stock market driven by the 15th FYP, with specific sectoral shifts and growth projections. The focus on technological innovation and export competitiveness positions China favorably for the coming years, despite challenges in traditional sectors and youth unemployment.

Core Insights - The iShares Semiconductor ETF (SOXX) focuses specifically on semiconductor companies, while the State Street Technology Select Sector SPDR ETF (XLK) offers broader exposure to the technology sector at a lower cost [1][5] Fund Comparison - SOXX consists of 30 positions entirely within the technology sector, heavily weighted towards semiconductors, with major holdings in Advanced Micro Devices, Broadcom, and Nvidia [2] - XLK holds approximately 70 stocks, covering a wide range of technology subindustries, including hardware, software, IT services, and communications equipment, with top positions in Nvidia (13.72%), Apple (12.82%), and Microsoft (11.17%) [3] Performance Metrics - SOXX has achieved a five-year compound annual growth rate (CAGR) of 21.1%, but has also faced significant volatility, including a maximum drawdown of over 45% in 2022 [6] - XLK has a five-year CAGR of 18.6% and a maximum drawdown of 33.5%, indicating greater stability compared to SOXX [7] Cost and Yield - The expense ratio for SOXX is 0.34%, while XLK is significantly lower at 0.08%, with yields of 0.62% for SOXX and 0.55% for XLK [4][6] Investor Suitability - More conservative investors may prefer XLK due to its lower fees and reduced historical drawdowns, while aggressive investors might be attracted to SOXX's higher returns and concentrated sector focus [8]

Group 1 - The Vanguard Information Technology ETF (VGT) offers a low-cost entry into the tech sector with an expense ratio of 0.09% and a share price of approximately $757 as of January 5, 2026 [2][5] - The ETF tracks the MSCI US Investable Market Index (IMI)/Information Technology 25/50 index, holding over 300 stocks, with significant weightings in major companies like Nvidia (16.6%), Apple (15.3%), and Microsoft (12.4%) [5][6] - Despite a concentration in a few large stocks, the ETF provides exposure to various subcategories within the tech sector, including semiconductors, software, and hardware [7] Group 2 - The tech sector is experiencing a significant boom, driven by innovations such as artificial intelligence, making it a compelling investment opportunity for both short- and long-term strategies [1][3][8] - Current high valuations in tech stocks do not deter their importance in investor portfolios, although there are risks associated with capital expenditures and potential economic slowdowns [9]

Despite a year marred by geopolitical tensions, DeepSeek fears, and persistent whispers of a tech bubble, the AI trade defied skeptics to anchor the stock market in 2025.With the Nasdaq-100 finishing up 20.2%, I/O Fund analyst Beth Kindig has released a review of the year’s top 10 tech stocks, offering a blueprint for identifying the next wave of market leaders in 2026.The ‘Real’ AI Trade EmergesThe 2025 market was defined by a decisive rotation toward the “physical” layers of the AI stack. While early boom ...