Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, with a significant turnaround of nearly $470 million in EBITDA at BetMGM North America [6][7][13] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines, driven by the completion of the MGM Grand room remodel and a better convention mix [18][26] - Consolidated EBITDA growth was up 20% in the fourth quarter, indicating strong overall performance [85] Business Line Data and Key Metrics Changes - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA for the fourth quarter, achieving record performance [20][22] - BetMGM saw a 24% increase in monthly player volumes and a 14% increase in active player days, with a goal of reaching $500 million in Adjusted EBITDA by 2027 [15][23] - The regional operations maintained steady performance, with Borgata seeing positive results from investments in high-limit table rooms [65] Market Data and Key Metrics Changes - MGM China maintained a market share of 16.5% in the fourth quarter, with a focus on premium mass customers [13][22] - The Las Vegas Strip properties experienced higher room rates and increased cash ticket sales, particularly during major events like Formula 1 [10][12] - The company is optimistic about the upcoming events, including the Super Bowl and World Cup, which are expected to drive visitation [11][12] Company Strategy and Development Direction - The company is focused on diversifying its offerings, with significant investments in luxury experiences and digital innovations [6][11] - MGM Osaka is set to become the world's largest integrated resort, with construction on schedule to open in 2030 [16] - The company aims to leverage technology to improve operational efficiencies and enhance customer experiences [11][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization in Las Vegas, with expectations for growth driven by conventions and high-end customer engagement [26][30] - The company is closely monitoring macroeconomic factors that could benefit Las Vegas, including tax regulations and airport capacity recovery [17][26] - Management highlighted the importance of maintaining a strong cash flow to support growth opportunities and shareholder value [24][27] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over the last five years [24] - MGM China announced an increase in branding fees from 1.75% to 3.5%, expected to generate over $50 million in incremental cash flow [21][22] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including improved occupancy and upcoming events like CON/AGG, with a positive outlook for the second half of 2026 [30][32] Question: One-off items in Q4 - The hold was above average, contributing approximately $20 million to Las Vegas's bottom line, with some unusual corporate expenses noted [33] Question: Stabilization efforts for value customers - Management highlighted initiatives to address value-conscious customers, with ongoing efforts to drive visitation to Las Vegas [37][38] Question: Casino resiliency despite lower occupancy - Management noted strong performance in high-end gaming and effective marketing strategies contributing to casino revenue growth [39][41] Question: Operating expense growth and renovation impacts - Overall expense growth is expected to be low single digits, with the MGM Grand renovation impacting EBITDA by about $65 million in 2025 [49] Question: Macau margin environment - MGM China reported stable margins in the mid- to high-20s, with strong demand anticipated for the upcoming Chinese New Year [55] Question: Buyback strategy and MGM China - Management emphasized a balanced approach to share repurchases, considering the value of shares against other investment opportunities [77][79]

Financial Data and Key Metrics Changes - The company achieved record fourth quarter and full year EBITDA in Macau, maintaining margins and market share [5][12] - Las Vegas EBITDA declined 4% year-over-year, showing improvement compared to earlier declines [17] - Consolidated EBITDA growth was up 20% in the fourth quarter [80] Business Line Data and Key Metrics Changes - BetMGM reported a nearly $470 million EBITDA turnaround, with a $135 million distribution to MGM in Q4 [5][13] - MGM China achieved a record high quarterly and full year segment adjusted EBITDA, with a 16.5% market share in Q4 [12][19] - MGM Digital saw a 35% growth in net revenues, driven by momentum in key international markets [21] Market Data and Key Metrics Changes - The Las Vegas market is experiencing mid-single-digit revenue growth in 2026, with a strong convention calendar [7][8] - MGM China reported a 21% increase in net revenues and a 31% increase in segment adjusted EBITDA in Q4 [19] - The company maintained a strong performance in regional operations, achieving the best-ever fourth quarter slot win [19] Company Strategy and Development Direction - The company is focused on luxury offerings and enhancing customer experiences, particularly in Las Vegas [10][11] - MGM is investing in major projects, including MGM Osaka, which is expected to be the world's largest integrated resort upon opening [5][14] - The company is leveraging technology innovations to improve operational efficiencies and customer service [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in Las Vegas, citing stabilization and positive trends as 2026 begins [24][29] - The company anticipates a constructive backdrop for growth, supported by macroeconomic factors and increased visitation [15][16] - Management highlighted the importance of maintaining high service levels and adapting to evolving customer preferences [19][51] Other Important Information - The company repurchased shares totaling $37.2 billion in 2025, reducing the share count by almost 50% over five years [22] - MGM China announced new branding fee terms, increasing from 1.75% to 3.5%, which will enhance cash flow for MGM Resorts [20] Q&A Session Summary Question: Path to growth in Las Vegas - Management discussed factors contributing to growth, including occupancy stabilization and upcoming events like ConAg [27][28] Question: Fourth quarter one-offs - The hold was above average, contributing approximately $20 million to Las Vegas' bottom line [31] Question: Value customer stabilization - Management noted initiatives to address value-conscious customers and the importance of large-scale events [34][35] Question: Casino revenue resilience - Management highlighted high-end activity and effective marketing as key drivers of casino revenue despite lower occupancy [37][39] Question: Operating expense growth - Management expects to keep overall expense growth to low single digits, with a significant impact from completed renovations [46] Question: Macau margin environment - Management expressed confidence in maintaining mid- to high-20s margins in Macau, with strong demand for the upcoming Lunar New Year [50][51] Question: Buyback strategy - Management emphasized a balanced approach to buybacks, considering the value of shares versus other cash uses [74][76]

Core Insights - Wix.com Ltd. has launched Wix Harmony, an AI-powered website builder designed for speed, simplicity, and professional-quality results [1][10] - The platform features an AI agent named Aria, which can create scalable websites and understand natural language requests [2][10] Product Features - Wix Harmony allows users to generate entire websites or sections through prompts and refine them using drag-and-drop tools, ensuring fast iteration while maintaining control [4][6] - The platform operates on Wix's enterprise-grade infrastructure, providing 99.99% uptime, professional security, and the capability to support billions of visitors daily [5][10] - Users can create custom native components with built-in logic and editable code through prompts or chat, enhancing the flexibility of website creation [6] Business Performance - Wix is experiencing momentum in its core business, with expectations for Base44 to reach at least $50 million in ARR by 2025 [7] - Bookings for 2025 are projected to be between $2,060 million and $2,078 million, an increase from previous estimates [8] - The company anticipates gross margins of 68-69% due to higher AI costs and expects operating expenses to rise to about 50% of sales as it increases branding and marketing investments [8] Market Position - Wix's stock has declined by 48.4% over the past six months, compared to a 13.7% decline in the Computers - IT Services industry [9]

Core Insights - Wix Harmony is a new flagship AI website builder that combines vibe coding with visual editing capabilities, designed for ease, speed, and professional-grade results [6][10] - The platform is built on Wix's enterprise-grade infrastructure, ensuring reliability and scalability for users [6][9] Group 1: Product Features - At the core of Wix Harmony is Aria, an AI agent that understands natural language and can execute tasks ranging from simple updates to complex redesigns [7][13] - Users can generate entire sites or sections using natural language and refine them visually with drag-and-drop control, allowing seamless transitions between AI-assisted creation and manual editing [13] - Wix Harmony ensures that changes in one section do not disrupt the overall site functionality, maintaining a stable foundation for fast iterations [13] Group 2: Market Positioning - Wix Harmony is positioned to be the leading vibe website platform, bridging the gap between traditional web creation stability and the speed of AI-driven design [5][9] - The platform aims to empower users to create beautiful websites quickly without sacrificing scalability, security, and performance [8][10] Group 3: Infrastructure and Capabilities - Every site created with Wix Harmony operates on Wix's robust infrastructure, which includes advanced commerce, scheduling, and payment capabilities [13] - Wix's infrastructure boasts 99.99% uptime and professional-grade security, capable of supporting billions of visitors daily, making it suitable for real, live businesses [13]

Core Insights - IBM's quantum computing roadmap indicates the first fault-tolerant quantum computer may arrive in 2029, potentially marking the sector's growth [1] - Quantum error correction (QEC) is crucial for transforming fragile physical qubits into reliable logical qubits, enabling quantum advantage over classical computing [2] Company Summaries Honeywell International Inc. - Honeywell is not typically viewed as a quantum computing company but has significant advantages, including its role in the military industrial complex and aerospace systems [2] - The Aerospace Technologies division accounted for approximately 42% of Honeywell's total revenue in Q3 2025, generating $4.5 billion, a 15% year-over-year increase, from a total revenue of $10.4 billion [3] - Honeywell holds a majority stake in Quantinuum, valued at $10 billion after a $600 million fundraising round, with Quantinuum's Helios being touted as the most accurate quantum computer [4] - Helios achieved a single-qubit gate fidelity of 99.9975% using 98 physical qubits, providing 94 logical qubits for operations [5] - Honeywell's stock (HON) is down 5.5% year-to-date, with a current price of $199.32 and a consensus target of $235.95 per share, indicating potential for optimal exposure entry [7] D-Wave Quantum - D-Wave offers an alternative quantum approach using quantum annealers for optimization solutions, contrasting with companies pursuing universal quantum computers [8] - The quantum annealing process finds the global minimum energy state of a problem, which corresponds to the optimal solution for combinatorial optimization challenges [9] - D-Wave's cash position increased significantly to $836.2 million in Q3 2025 from $29.3 million a year prior, supporting its hybrid approach to quantum computing [12] - The current price of QBTS shares is $24.38, below the bottom price target of $35, with an average price target of $39.64 per share [13] IonQ Inc. - IonQ focuses on trapped-ion qubits, which have higher coherence times and lower error rates, similar to Honeywell's Quantinuum [14] - IonQ has developed a commercial portfolio, progressing from the Aria system with 25 algorithmic qubits to the Tempo system targeting 100 qubits with 99.9% fidelity [15] - IonQ has secured partnerships with notable organizations such as Hyundai and AstraZeneca, and is involved in DARPA's Quantum Benchmarking Initiative [16] - With $3.5 billion in net cash as of Q3, IonQ is the most funded among quantum-focused companies, with analysts bullish on its stock, currently priced at $47.12, close to its bottom target of $47 and an average target of $75.50 per share [17]

Core Insights - The alternative investment technology space is becoming increasingly competitive with the launch of Aria, a tech portal aimed at Registered Investment Advisors (RIAs), by InspereX in collaboration with Luma and SUBSCRIBE [1][3] - Aria will provide access to fixed income, structured products, and alternative investments, enhancing the ability of RIAs to create custom portfolios for their clients [1][3] Company Summaries - InspereX operates the BondNav platform, focusing on fixed-income investments, and aims to empower RIAs with the Aria platform [2][3] - Luma specializes in annuities, life insurance, and structured products, and its technology will be integrated into Aria to enhance personalized investment strategies [2][3] - SUBSCRIBE is focused on automating and digitizing the investment process for alternatives, contributing its technology to support the Aria initiative [2][3] Industry Developments - The launch of Aria follows a year of significant technological development aimed at facilitating the adoption of private market investments within the wealth management sector [3] - Other notable industry movements include AssetMark's launch of private market investment options, Charles Schwab's acquisition of Forge Global Holdings, and partnerships involving KKR, Apollo Global Management, and others on the Corastone blockchain platform [4]

Core Viewpoint - The rise of generative artificial intelligence (AI) challenges the long-held belief that creativity is a uniquely human trait, as AI-generated works can now rival those created by humans, leading to a blurred line in the scientific definition of creativity [1][2]. Group 1: AI and Creativity - AI systems have shown the ability to produce works that are comparable to human creations in various fields, including poetry and applications, but top human creators still maintain an advantage in narrative quality and creativity [2][4]. - Research indicates that while AI can generate creative outputs, it does not undergo the genuine creative process that humans do, which is essential for true creativity [4][6]. Group 2: Human-AI Collaboration - Many scientists are shifting their focus to the interaction between humans and machines, exploring the concept of "collaborative creativity," where AI serves as a new medium for human artistic expression [7]. - Examples of innovative human-AI collaborations include "fault art," where artists utilize electronic device malfunctions to create unique aesthetic expressions, and the "Imitating Poet" device that fosters a creative dialogue between users and AI [7]. Group 3: Potential Risks and Concerns - There are concerns regarding the potential risks of relying on AI for creative processes, such as reduced brain activity in participants and a tendency towards homogenized creative outputs, which may threaten cultural diversity [8]. - The debate continues on whether AI provides equitable creative opportunities, as it can lower barriers for non-musicians but may also exacerbate existing inequalities if access to quality AI resources is unevenly distributed [8].

Core Insights - Realbotix Corp. will exhibit at CES 2026, showcasing four AI-powered humanoid robots and next-generation interactive AI [1][2][4] - The company aims to enhance human-robot interactions by focusing on the fusion of AI and lifelike robotic appearance [2][3] - Realbotix's CEO emphasized the impact of media impressions from CES 2025 and the company's commitment to advancing realism and AI technology [3][4] Company Overview - Realbotix designs and manufactures AI-powered humanoid robots for entertainment, customer service, and companionship [6] - The company utilizes patented AI and robotics technologies to enable lifelike expressions, motion, vision, and social engagement [6] Event Details - CES 2026 will take place from January 6th to January 9th, attracting over 140,000 attendees from more than 150 countries [4] - Realbotix will be located in North Hall, Booth9566, with live demonstrations scheduled throughout the event [5]

Core Insights - Opera is enhancing its browser portfolio with upcoming AI upgrades, complementing its premium Opera Neon AI browser for advanced users [1][4] Company Overview - Opera has over 30 years of experience in developing superior browser products, with hundreds of millions of monthly active users [2] - The company has achieved accelerating revenue growth and healthy profitability while expanding its browser AI capabilities at no cost to users [2] AI Integration - Since May 2023, Opera users have had access to the free AI assistant, Aria, powered by OpenAI's GPT models and Google's Gemini models, integrated into various Opera browsers [3] - Upcoming versions of Opera's flagship browsers will feature an upgraded free browser AI, offering faster models, better integration, and higher usage limits [4] Premium Offering - Opera has launched the new Opera Neon browser, designed for power users who require advanced AI capabilities, allowing task delegation and complex project management [5][6] - The Tasks feature in Opera Neon enables users to work on multiple projects simultaneously, with AI agents assisting in various tasks [5] User Accessibility - Opera's two-tier approach provides users with access to everyday AI in free browsers and a premium AI-powered experience through Opera Neon [7]

Core Insights - Realbotix Corp. is set to showcase its AI-powered humanoid robot, Aria, at tm:rw's first freestanding storefront in Times Square, New York, starting September 25, 2025, marking a significant milestone in the integration of robotics into everyday life [1][2][3] Company Overview - Realbotix is a leader in AI-powered humanoid robotics, focusing on entertainment, customer service, and companionship, with patented technologies that enable lifelike expressions and social engagement [6] Partnership and Collaboration - The collaboration with tm:rw allows Realbotix to demonstrate the commercial applications of its technology in a high-traffic retail environment, enhancing visibility and interaction with a diverse audience [4][5] - Nathalie Bernce, founder of tm:rw, expressed excitement about showcasing the future of technology and human imagination through this partnership [3] Product Features and Benefits - Aria will serve as a social greeter and brand ambassador, capable of interacting with visitors in real time and assisting in multiple languages, catering to the millions of international tourists in Times Square [2][5] - The partnership aims to highlight the measurable value humanoid robots can bring to retailers and brands, showcasing the scalability of Realbotix's technology in real-world settings [5]