on 20-Feb-2026 20 February 2026 European Technology/Software AI disruption radar - Want to try it yourself? Richard Nguyen +33 1 42 13 54 22 richard.nguyen@bernsteinsg.com Mark L. Moerdler, Ph.D. +1 917 344 8506 mark.moerdler@bernsteinsg.com Derric Marcon +33 1 58 98 06 30 derric.marcon@bernsteinsg.com Specialist Sales Kiran Shah +44 20 3547 1533 kiran.shah@bernsteinsg.com This report includes minor clarifications following recent feedback from companies and investors. See the Disclosure Appendix of this re ...

GE Aerospace (NYSE:GE) is among the 11 best military technology stocks to buy right now. On February 20, Morgan Stanley initiated coverage on the stock with an Overweight rating and announced a price target of $425. Morgan Stanley Initiates Coverage on GE Aerospace (GE) with Overweight Rating According to TipRanks, the firm described the company as the ‘best in class’ stock in the industry and cited its ‘deep competitive moat’, while noting that it operated in a sector that had a high barrier to entry. ...

当前，新一轮科技革命方兴未艾，全球产业链加速重构，以人工智能、大数据、工业互联网为代表的新一代信息技术为制造业与服务业协同发展 注入强劲动能。 （原标题：聚焦制造业与服务业协同发展，广东新春第一会2月24日召开） 南方财经记者程浩广州报道 2月24日，农历正月初八，全省高质量发展大会将在广州召开，围绕"制造业与服务业协同发展"主题，动员全省上下敢为人先、勇立潮头，在开局 之年干出开局之势、关键之年干出关键之为，奋力跑好"十五五"第一程。 据悉，全省高质量发展大会会期一天，当天上午将举行全体大会，聚焦制造业与服务业协同发展主题，为现代化产业体系建设注入新动能；当天 下午将围绕产业融合与政策创新、科技创新赋能产业融合、金融创新赋能产业融合、智能制造与工业互联网、数字经济与贸易新业态、"百千万工 程"县域产业融合与高质量发展等主题举行分会场会议；会议结束后还将举行新闻发布会，由省发展改革委发布广东省制造业与服务业协同发展白 皮书，由省有关部门解读制造业与服务业协同发展相关扶持政策，并答记者问。 作为制造业大省和服务业强省，广东不断推动先进制造业和现代服务业深度融合，现代化产业体系基础雄厚、门类齐全，规上工业企业营业 ...

UK private sector activity rises in February despite ongoing job losses: S&P Global Proactive uses images sourced from Shutterstock UK private sector output expanded in February, according to the latest data from S&P Global reported. The Flash UK PMI Composite Output Index rose to 53.9, up from 53.7 in January, marking a 22-month high. Manufacturing output strengthened to 53.6 from 51.6 in January, a 17-month high. Services output eased slightly to 53.9 from 54.0, a 2-month low. New orders increased fo ...

Core Viewpoint - Primoris Services Corporation will report its fourth quarter and full year 2025 financial results on February 23, 2026, after market close [1] Financial Reporting - The press release regarding the financial results will be available on the Primoris website [1] - Management will host a conference call and webcast on February 24, 2026, at 9:00 a.m. U.S. Central Time [1]

Dividend Announcement - GE Aerospace's Board of Directors declared a dividend of $0.47 per share on outstanding common stock [1] - The dividend is payable on April 27, 2026, to shareholders of record as of March 9, 2026 [1] - The ex-dividend date is also set for March 9, 2026 [1] Company Overview - GE Aerospace is a leader in aerospace propulsion, services, and systems with an installed base of approximately 50,000 commercial and 30,000 military aircraft engines [2] - The company employs around 57,000 people and has a history of over a century of innovation [2] - GE Aerospace is focused on inventing the future of flight and ensuring safe transportation for people [2] Investor Relations - GE Aerospace provides extensive information for investors on its Investor Relations website and corporate blog [3] - Investors are encouraged to visit these platforms regularly for updates and new information [3]

Group 1 - The services industry in Canada has experienced a significant contraction at the beginning of the new year, indicating a continued downturn [1] - The contraction is attributed to the impact of tariffs and broader uncertainties affecting the market [1]

Core Insights - Lumen Technologies, Inc. (LUMN) is set to report its fourth-quarter 2025 results on February 3, with a consensus estimate indicating a loss of 21 cents per share compared to earnings of 9 cents in the same quarter last year, and total revenues expected to be $3.08 billion, reflecting a 7.4% year-over-year decline [1][7] Financial Performance - Lumen has consistently outperformed the Zacks Consensus Estimate in the previous four quarters, with an average surprise of 97.7% [2] - The company anticipates $350 million in run-rate cost benefits for 2025, an increase from the previously targeted $250 million, which is expected to cushion margin performance in the upcoming quarter [9] Growth Drivers - The demand for Lumen's Private Connectivity Fabric (PCF) solutions is being driven by the proliferation of AI, with $10 billion in PCF deals reported at the end of Q3 [4] - Network-as-a-Service (NaaS) adoption is increasing, with over 1,500 customers and a 32% sequential increase in active customers, alongside a 30% rise in fabric ports deployed and a 36% increase in services sold [5] Strategic Developments - Lumen is building a connected ecosystem to enhance the purchasing and management of network services, collaborating with companies like Palantir, Commvault, and QTS [6] - The company is optimistic about the sale of its Mass Markets' fiber-to-the-home business to AT&T for $5.75 billion, expected to close in early 2026, which will help reduce debt [8] Challenges - The normalization of public sector "Harvest" revenues and ongoing declines in legacy wholesale, voice, and managed services revenues are expected to impact fourth-quarter performance [10] - Higher costs associated with PCF deals, macroeconomic volatility, and competition in the AI space are additional concerns for Lumen [10] 2025 Outlook - For 2025, adjusted EBITDA is projected to be between $3.2 billion and $3.4 billion, with expectations to report near the high end of this range [11] - Capital expenditures are estimated to be between $4.1 billion and $4.3 billion, primarily influenced by project timings, while free cash flow is anticipated to be between $1.2 billion and $1.4 billion [12]

Economic Growth - The European economy recorded modest growth of 0.3% in the last quarter of 2025, matching the previous quarter's figure, with a year-over-year growth of 1.3% compared to Q4 2024 [1] - Germany's economy showed improved growth at 0.3% in the quarter, marking its best quarterly performance in three years, although it still faces significant short- and long-term challenges [8] Tariff Impact - Moderate growth has persisted despite earlier recession fears linked to U.S. President Trump's threats to raise tariffs, which were ultimately capped at 15% on EU goods [2] - The assurance from the tariff deal allowed businesses to plan ahead, although the situation was complicated by subsequent threats from Trump regarding higher tariffs on EU member countries [3] Consumer Behavior - European services businesses have shown moderate growth, with lower inflation at 1.9% in December and rising wages contributing to increased consumer purchasing power and willingness to spend [4] Currency Fluctuations - The dollar has weakened significantly, falling 14.4% against the euro in the past year, which could make European exports less competitive in key markets [6][5] - Analysts suggest that continued dollar weakness may prompt the European Central Bank to consider cutting interest rates later this year to stimulate growth [7]

Core Insights - Japan's manufacturing activity expanded in January for the first time in seven months, driven by a significant rise in new export orders, marking a return to expansionary territory with a PMI of 51.5 [1][2] Manufacturing Sector - The S&P Global flash Japan Manufacturing PMI increased from 50.0 in December to 51.5 in January, indicating growth [1] - Key sub-indexes showed that factory output and new orders ended their contraction streaks, with new export orders climbing at the fastest rate since November 2021 [2] - Input price inflation for manufacturers reached a nine-month high, while they raised prices charged to customers at a faster rate in January [5] Services Sector - The flash Japan services PMI improved from 51.6 in December to 53.4 in January, indicating the steepest increase in services activity since last July [3] - The flash composite PMI rose to 52.8 from 51.1 in December, reflecting overall growth in both manufacturing and services [3] Employment and Capacity - Growing customer demand led to increased pressure on capacity, with outstanding business rising at the fastest rate since late 2007 [4] - Employment across Japan increased at the steepest rate since April 2019, driven by the need for more staff [4] Future Outlook - Both manufacturers and service firms forecast growth in future output, although optimism has slightly decreased due to concerns about rising costs, global economic uncertainty, labor shortages, and an aging population [4] - The Bank of Japan is expected to raise its growth forecast and signal readiness for the next rate hike, influenced by recent yen falls and a solid wage outlook [5]