Sands Capital Management, LLC's Technology Innovators Fund released its Q4 2025 investor letter for "Technology Innovators Fund". A copy of the letter can be downloaded here. The Fund delivered mixed performance during the fourth quarter of 2025, as market returns were increasingly driven by a narrow group of large-cap growth stocks, with the portfolio’s top ten holdings accounting for roughly 59% of assets, while several high-valuation innovation names faced pressure from slowing momentum and investor risk ...

Core Viewpoint - Applovin Corp (NASDAQ:APP) is identified as a strong investment opportunity within the S&P 500, particularly following a recent 37% stock price drop, which Jefferies views as a buying opportunity, maintaining a Buy rating with a price target of $860 [1][5]. Financial Performance - Applovin reported Q4 2025 results with a 66% year-over-year revenue increase to $1.66 billion, surpassing Wall Street's expectation of $1.61 billion. The earnings per share (EPS) was $3.24, exceeding the forecast of $2.96. Free cash flow rose by 88% to $1.31 billion, increasing total cash on hand to $2.5 billion [3][4]. - For Q1 2026, Applovin anticipates revenue between $1.745 billion and $1.775 billion, indicating a sequential growth of 5% to 7%. Adjusted EBITDA is expected to be in the range of $1.465 billion to $1.495 billion, with an EBITDA margin of 84% [5]. Investment Returns - In Q4 2025, Applovin returned $481.7 million to investors through share repurchases, totaling $2.58 billion for the full year [4]. Market Position and Growth Potential - Analysts believe that concerns regarding CloudX, Meta Audience Network, and Google Genie are overstated, and they expect Applovin's tools, particularly in AI for gaming, to enhance its market position and drive revenue growth with high margins [2]. - The company is recognized for its marketing technology solutions that assist businesses in customer acquisition and revenue enhancement [6].

Core Insights - CleverTap has been recognized as a Leader in Gartner's 2026 Magic Quadrant for Personalization Engines, highlighting its progress in customer engagement and personalization [1][4]. Company Overview - CleverTap is an AI-first, all-in-one customer engagement and retention platform that helps brands build lasting customer relationships through data [7]. - The platform integrates AI-powered segmentation, personalization, experimentation, journey orchestration, and deep analytics, working seamlessly with over 100 leading martech solutions [7]. Technology and Innovation - The company's hyper-personalization approach utilizes CleverAI™, which enables 1:1 engagement at scale and interprets customer intent to deliver the right message at the right time [2][3]. - CleverAI™ is designed for autonomous real-time orchestration, optimizing customer experiences throughout the customer lifecycle [3]. Market Impact - Brands using CleverTap's solutions have reported up to a 35% increase in conversion rates across various industries, including financial services, retail, and telecom [2]. - The company continues to innovate and execute its product roadmap, aiming to revolutionize the customer engagement industry [5]. Clientele and Global Presence - CleverTap serves a diverse range of leading brands such as TD Bank, Burger King, Paytm, and Vodafone, demonstrating its capability to drive measurable growth through effective customer engagement [8]. - The company has a global presence with backing from investors like Accel and Tiger Global, operating across regions including the US, Europe, and Asia [8].

Core Insights - Bridgeline Digital, Inc. reported financial results for Q1 of fiscal 2026, ending December 31, 2025 [1] - The company's core products, particularly the HawkSearch suite, experienced a growth of 17% [1] - Core products now account for over 63% of the company's subscription revenue [1]

Core Viewpoint - Bridgeline Digital, Inc. is set to release its financial results for the first quarter of fiscal 2026 on February 12, 2026, after market close [1] Financial Results Announcement - The financial results will be announced after market close on February 12, 2026 [1] - A live conference call will be hosted by the Company's President and CEO, Ari Kahn, and CFO, Thomas Windhausen, at 4:30 p.m. on the same day [1]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Insights - AI marketing is transforming the marketing logic from "experience-driven" to "data-intelligent-driven," enhancing efficiency and precision in marketing strategies [5][10] - The AI marketing sector is expected to reach a market size of nearly 100 billion by 2029, driven by the increasing demand for digital transformation and technological advancements [5][36] - The emergence of Generative Engine Optimization (GEO) is creating new growth opportunities in the marketing landscape, with significant potential for market expansion [5][41] Summary by Sections AI Marketing: Full-Chain Digital Reconstruction - AI marketing leverages technologies like machine learning and natural language processing to capture user needs and respond in real-time, moving beyond traditional marketing methods [10][11] - The marketing process is divided into four core functions: data insight, content generation, process execution, and interactive assistance [11][12] Acceleration of AI Marketing Commercialization - The AI marketing sector is transitioning into a new phase of commercial application, with three main monetization models: advertising revenue sharing, subscription models, and value-added service fees [17][19] - Leading SaaS companies are integrating AI technologies to enhance marketing effectiveness, with notable examples including Salesforce and Tencent's Magic Agent [23][30] New Opportunities in AI Marketing: GEO - GEO aims to optimize content visibility and credibility in AI-generated responses, significantly improving traffic acquisition efficiency [41][44] - The GEO market is projected to grow substantially, with estimates suggesting a market size of 29 billion yuan by 2025 and 240 billion yuan by 2030, reflecting a CAGR of 52.6% [54][55]

Core Insights - Bridgeline Digital, Inc. has successfully launched HawkSearch for a national industrial supplier, aiming to enhance search relevancy, customer engagement, and merchandising control in digital commerce [1] Group 1: Company Overview - Bridgeline Digital, Inc. is recognized as a leader in AI-powered marketing technology [1] Group 2: Product Launch Details - The launch of HawkSearch is focused on improving search relevancy for the national industrial supplier [1] - The objectives set by the national industrial supplier include engaging logged-in customers and enabling stronger merchandising capabilities [1]

Core Viewpoint - Aurora Mobile Limited has announced a strategic partnership with PAG Pegasus Fund to leverage big data and AI for investment opportunities [1][2][3] Group 1: Partnership Details - PAG Pegasus will allocate $10 million towards an investment strategy supported by Aurora Mobile's data insights [2] - The partnership includes the issuance of three-year warrants to PAG Pegasus, allowing the purchase of up to 725,000 American depositary shares (ADSs) at an exercise price of $13.80 per ADS, representing an 85% premium over the recent average closing price of $7.43 per ADS [2] Group 2: Company Background - Aurora Mobile, founded in 2011, is a leading provider of customer engagement and marketing technology services in China, focusing on stable messaging services and digital transformation solutions [4] - The company has developed solutions such as Cloud Messaging and Cloud Marketing to enhance omnichannel customer reach and interaction [4]

Core Viewpoint - Klaviyo, Inc. (NYSE:KVYO) specializes in marketing automation and email marketing services, providing tools for personalized marketing campaigns, and faces competition from firms like Mailchimp and HubSpot [1] Group 1: Analyst Ratings and Price Targets - Jefferies set a price target of $29 for KVYO, indicating a potential increase of 37.31% from its current price of $21.12 [1] - Benchmark reduced its price target from $46 to $30 while maintaining a buy rating [2] - Jefferies upgraded the stock to a "strong-buy" in October, while Stifel Nicolaus maintained a buy rating and Morgan Stanley set an overweight rating [3] Group 2: Stock Performance - KVYO's stock recently hit a new 52-week low after an analyst downgrade, falling to $18.55 during trading and closing at $19.67 [2] - The stock has shown some recovery, currently priced at $21.12, reflecting a 7.26% increase with a change of $1.43 [3] - Over the past year, KVYO reached a high of $48.17 and a low of $18.55, with a market capitalization of approximately $6.38 billion and a trading volume of 11.48 million shares on the NYSE [3]

02.10.2026 Forward-Looking Statements and Disclaimer This presentation includes certain "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all statements contained in this presentation and accompanying oral commentary, including, but not limited to, statements about Klaviyo's outlook for the first quarter and the full fiscal year ending December 31, 2026, and Klaviyo's e ...