Core Viewpoint - Microsoft is expected to deliver solid but unspectacular growth in 2026, ranking as the No. 4 stock in the "Magnificent Seven" for that year [1][4]. Company Overview - Microsoft is a computing powerhouse, offering a wide range of products including personal computers, operating systems, tablets, gaming consoles, and services like LinkedIn, Edge, and Bing [2]. - The company has made significant investments in artificial intelligence, particularly through its partnership with OpenAI, enhancing productivity and automation for users [2][6]. Financial Performance - Microsoft has experienced substantial growth over the last decade, with revenue increasing by over 230% and earnings per share and net income rising by more than 500% [8]. - For the first quarter of fiscal 2026, Microsoft reported revenue of $77.7 billion, an 18% increase year-over-year, with net income of $27.7 billion, up 12%, and earnings per share of $3.72, up 13% [10]. Segment Performance - The company operates in three primary segments: - **Productivity and Business Processes**: Revenue of $33.02 billion, up 16.6% year-over-year, with operating income of $20.41 billion, up 23.5% [11]. - **Intelligent Cloud**: Revenue of $30.89 billion, up 28.2%, with operating income of $13.39 billion, up 27.5% [11]. - **More Personal Computing**: Revenue of $13.75 billion, up 4.4%, with operating income of $4.16 billion, up 17.8% [11]. - The Intelligent Cloud segment is growing rapidly and is expected to surpass the productivity software tools as the most lucrative segment if the growth trajectory continues [11]. Investment Perspective - Microsoft is viewed as a solid and reliable investment option for 2026, with a stronger growth engine than Apple and a more effective business model than Amazon, while being less volatile than Tesla [12][13]. - The company is positioned in the middle of the pack among the "Magnificent Seven," with dynamic growth opportunities seen in competitors like Nvidia, Alphabet, and Meta Platforms [13].

Microsoft CEO Satya Nadella is reportedly unhappy with an element of his company’s artificial intelligence (AI) progress.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.That’s according to a report Monday (Dec. 22) ...

但纳德拉并不认可微软在同类功能上的表现。他在邮件中说，"微软将 Copilot 与 Gmail 和 Outlook 连接的功能在大多数情况下根本无法正常工作"，而且"并 不聪明"。 报道称，过去几个月里，纳德拉逐渐转变为微软内部最具话语权的产品负责人。9 月时，他曾告知员工自己将下放部分管理职责，把更多时间用于推动 AI 产品开发。 在 AI 投入不断加码的背景下，科技巨头 CEO 普遍承受巨大压力。一方面市场竞争激烈，另一方面也存在 AI 产品收入难以覆盖投入成本的担忧。 一名听过纳德拉相关表态的人士称，纳德拉在微软内部反复强调，这是一个决定企业兴衰成败的关键阶段。 IT之家 12 月 22 日消息，根据《The Information》今晚报道，微软 CEO 萨提亚・纳德拉近期频繁现身公司内部一个由约 100 名核心技术人员组成的 Teams 频道，只要他认为 AI 产品表现不理想，便会直接在其中公开表达不满。 一名了解相关会议情况的人士透露，纳德拉每周都会与这些技术人员举行一次约一小时的会议，并反复追问项目进展，进而下达具体调整要求，例如整合不 同团队在 AI 模型后训练阶段的工作方式。 ▲ 图源微软 ...

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Core Insights - The tech sector is experiencing heightened investor anxiety due to skyrocketing AI valuations and record data center expenditures, with potential repercussions if the $10 trillion AI boom loses momentum [2] Company Analysis Google: The Utility - Google operates on recurring human behavior, maintaining relevance in both economic booms and downturns, with a diversified revenue stream and high switching costs [5][8] - As one of Nvidia's largest clients, Google could impact Nvidia's revenue if it reallocates workloads to its own TPUs, which are reportedly improving [8] Microsoft: Workflow Subscription - Microsoft provides essential infrastructure for daily operations, ensuring stable revenue through its subscription model, which includes tools like Outlook, Excel, and Azure [6][8] - The integration of AI functionalities across its services enhances average revenue per user (ARPU) and promotes cloud consumption [8] Apple: Consumer Ecosystem - Apple relies on consumer loyalty and device cycles rather than heavy investments in data centers, with a strong position in digital services exceeding $100 billion [7][9] - The company could benefit from AI advancements due to its vast user base of over 2 billion [9] Oracle: Legacy Lock-In - Oracle's established presence in sectors like banking and government creates a legacy lock-in, providing a reliable revenue base despite lacking glamour [7][9] - Significant investments in AI, with a capital expenditure of $35 billion in FY'26, are backed by substantial take-or-pay contracts, ensuring high-visibility revenue [9] Risk Exposure Exposed Models - Companies heavily reliant on capital cycles and non-recurring orders are most vulnerable to downturns, experiencing significant gains during booms but suffering first when conditions soften [10] - Nvidia, with 60% revenue growth and a concentration of sales from a few customers, faces risks if hyperscalers reduce GPU purchases [14] Valuation-Dependent Growth - Companies with diversified demand, steady revenue streams, and strong customer lock-in are better positioned to withstand market corrections [12] - Established software firms like Palantir may face steep re-evaluations if IT budgets tighten, lacking the long-term customer lock-in that Oracle enjoys [14]

Core Insights - The iShares Future AI and Tech ETF provides a diversified investment option in the AI sector, which has been a significant driver of the S&P 500's performance in recent years [1][2][3] - The ETF has outperformed the S&P 500 since its restructuring, with a 42% gain compared to the S&P 500's 23% return [7] Investment Strategy - Investing in an ETF can mitigate risks associated with individual AI stocks, as demonstrated by the contrasting performances of Palantir Technologies (+124%) and Upstart Holdings (-26%) [2] - The ETF includes 48 AI stocks, providing exposure to various segments of the AI value chain, including software, services, and infrastructure [3][4] Notable Holdings - Key software companies in the ETF include Palantir, Microsoft, and Snowflake, which offer AI-powered platforms and tools [5] - The ETF also features significant holdings in semiconductor companies like Broadcom and Micron Technology, as well as major tech firms such as Amazon and Meta Platforms [6] Performance Metrics - The iShares Future AI and Tech ETF was restructured in August 2024 to focus specifically on AI, leading to a strong performance since then [6][7] - The ETF's expense ratio is 0.47%, which is higher than many index funds but justified by its active management and strong returns [8][10] Future Developments - Nvidia and Advanced Micro Devices are key players in the AI hardware space, with Nvidia's latest GPUs designed for AI workloads and AMD's upcoming Helios data center rack expected to enhance competition [9]

Core Insights - The essence of startups is a grand experiment in finding product-market fit (PMF) [1] - Many startups fail to clearly identify their target audience and the willingness of that audience to pay for their product [2] - Superhuman's case illustrates a successful PMF validation through targeted user research and product optimization [3][4] User-Centric Product Design - Superhuman was founded in 2014, focusing on email as a productivity tool, taking nearly two years to develop its MVP [7] - The PMF strategy of Superhuman includes extensive user research, prioritizing user needs, and rapid prototyping [9][10] PMF Strategy Components - **User Research**: Over 500 in-depth interviews were conducted to understand user habits and pain points, leading to product adjustments [9] - **Prototype-First Development**: Rapid prototyping was used to test core concepts and gather user feedback through usability tests [10] - **Core Focus on Speed**: Speed was identified as the product's core value, leading to the development of various efficiency features [11] PMF Measurement and Optimization - A key metric for measuring PMF is the percentage of users who would be "very disappointed" if they could no longer use the product, with 40% being a critical threshold [23][24] - Superhuman's initial measurement showed only 22% of users felt "very disappointed," indicating a need for improvement [26] PMF Engine Framework - The PMF engine consists of four components: precise segmentation, feedback analysis, roadmap planning, and iterative processes [28] - **Precise Segmentation**: Identifying core users and defining "high-expectation customers" to focus product development [28][33] - **Feedback Analysis**: Transforming casual users into passionate advocates by understanding what core users value [36] - **Roadmap Planning**: Balancing resource allocation between enhancing favored features and addressing user pain points [47][49] Continuous Improvement - The PMF score improved from 22% to 58% through systematic user feedback and product enhancements [54] - The company emphasizes the importance of ongoing evaluation and adjustment of the product roadmap to meet evolving user expectations [58] Conclusion - Startups must prioritize finding a small group of users who are "extremely eager" for their product rather than a larger group with mild interest [36] - Continuous iteration and optimization are essential for maintaining PMF as the user base grows and changes [60]

FBI Warns Gmail And Outlook Users—‘Do Not Click’Just days after the FBI warned your financial accounts are now at risk from hackers, with $262 million already stolen this year, there’s a new alert from the bureau. https://t.co/QFDE3N5ZyQ ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported revenue of $60.6 million and adjusted EBITDA of $8.3 million, exceeding guidance [5][17] - Full fiscal year revenue reached $251.8 million, with adjusted EBITDA of $48.1 million, and free cash flow grew almost threefold year-over-year to $46.8 million [6][21] - The price per unit (PPU) increased to $5.05 for the trailing 12-month period, up 12% from the previous year [6][24] Business Line Data and Key Metrics Changes - Variable license revenue for Q4 was $31.6 million, up 25% year-over-year, while connected service revenue was $14.2 million, up 17% year-over-year [18][19] - Professional services revenue for Q4 was $14.2 million, down 18% year-over-year, reflecting a shift towards standardized offerings [19][20] - Total license revenue for the full year grew 13%, despite a decrease in fixed license contracts [18] Market Data and Key Metrics Changes - The company shipped approximately 11.7 million units in Q4, an increase from 10.6 million in the prior year [22][23] - The number of connected cars shipped grew by 14% on a trailing 12-month basis, with 52% of worldwide auto production including Cerence technology [23] Company Strategy and Development Direction - The company is focused on three key priorities for fiscal year 2026: driving top-line growth, advancing the XUI platform, and maintaining cost diligence [28] - The strategy includes expanding partnerships with Microsoft and NVIDIA, and continuing IP monetization efforts [12][15] - The company anticipates fiscal year 2026 revenue in the range of $300 million to $320 million, marking a 23% year-over-year increase at the midpoint [15][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's foundation for long-term sustainable growth, with expectations for continued strong performance in fiscal 2026 [4][15] - The competitive landscape remains stable, with increasing competition from large language model-based technologies [58] Other Important Information - The company resolved a lawsuit with Samsung, resulting in a one-time payment of $49.5 million, which is expected to contribute to future revenue [7][34] - A restructuring plan was initiated to reduce operating expenses and position the company for profitable growth [13][14] Q&A Session Summary Question: Clarification on IP monetization and legal expenses - The $49.5 million payment from Samsung will flow through as revenue, with anticipated legal costs of approximately $24 million [34][38] Question: Interest in XUI and proof of concepts - The company is currently engaged in about half a dozen proof of concepts with various OEMs for the XUI platform [40] Question: Connected revenue and accounting practices - Revenue from connected services is recognized over the life of the contract, with no unusual accounting practices affecting the current quarter [42][44] Question: Non-automotive opportunities - Key non-automotive opportunities include kiosk implementations and a phone answering chat service targeting dealerships [48][50] Question: Breakdown of expected growth in core business - The anticipated 8% growth in core technology is driven by increased billings and amortization of deferred revenue [54] Question: Update on competitive landscape - The competitive landscape remains consistent, with major players like Google and Amazon continuing to drive competition through AI technologies [58]

Gmail And Outlook Warning—Do Not Open Any Of These PDFsA new surge in malicious emails puts all users at risk, and comes as Google and Microsoft warn you to stop using passwords and add passkeys instead. https://t.co/DqdciYuOuE(Photo: SOPA Images/LightRocket via Getty Images) https://t.co/kwraEDDlxr ...