滴滴败诉，美团上线，一场商战发生在太平洋彼岸。 昨日，美团旗下品牌Keeta正式在巴西市场运营，首批试点城市为圣保罗州沿海城市桑托斯和圣维森特。但上线前就已经获得了一次胜局，8月Keeta与滴 滴旗下99Food就违反竞争法一事在巴西圣保罗法院对薄公堂，一审判决的结果为，Keeta获得胜诉，巴西圣保罗法院宣布99Food禁止合作餐厅与Keeta开展 业务的合同条款无效。 官司打起来的时候，Keeta在巴西都还没正式营业。就算到了现在，双方也还没在同一个城市正面交锋，目前99Food已经运营的城市为戈亚尼亚、圣保罗 和里约热内卢，双方经营的城市都是对方未涉足之地。新市场、老对手，抢市场之前先在法院相见，巴西市场竞争的火药味，由此可见一斑。 而围绕巴西的看点远不止外卖这么简单。近两年，多家互联网企业都将目光望向了巴西市场。如电商企业Temu、Shopee，内容公司TikTok、Kwai等等， 就连马斯克也喊话说要在巴西押注于超级应用X，挑战在巴西占主导地位的WhatsApp。 超级App是全球数字经济的高地，它们以高频入口聚合多场景服务，在支付、社交、出行、生活等领域形成闭环。从中国的微信，到东南亚的Grab，再 ...

Earnings Presentation October 29th, 2025 3Q25 BRGAAP Disclaimer This presentation may contain certain forward-looking statements and information pertaining to Banco Santander (Brasil) S.A. and its subsidiaries, which reflect the current views and / or expectations of Santander Brasil and its management regarding its business performance and future events. Forward-looking statements include, without limitation, any statement that may predict, forecast, suggest or imply future results, performance or achievem ...

RT Thiago Rüdiger (@thiagorudiger)Huge movement by @ether_fi (one of the biggest LPs in @TanssiNetwork Vaults) announced today their seamless integration with PIX, Brazil’s dominant payment method, powered by the @BancoCentralBR and free for users. For those who don’t know: PIX is a 24/7 instant payment system (no downtime, no fees for individuals) and has become the most used payment method in Brazil, accounting for ~76.4% of all payment transactions in 2024. The impact of PIX in payments sector in Brazil ...

RT ether.fi (@ether_fi)🇧🇷 PIX is live on https://t.co/Q3fKrgeQXw 💸Instantly move BRL ↔️ USD — no 3.5% IOF, low fees, fast transfers.• Deposit BRL → auto-converts to USDC• Spend USD & earn 3% back• Pay or send directly via PIXSimple. Secure. Rewarding. https://t.co/BrZKzAzIDk ...

Core Insights - The article discusses the importance of optimizing GPU performance by analyzing and addressing bottlenecks in rendering tasks, particularly focusing on the utilization of SIMD units and VALU throughput [3][5][22]. GPU Utilization and Performance Improvement - The architecture of GPUs includes numerous SIMD units that are crucial for executing rendering tasks efficiently. Maximizing the utilization of these units is essential for performance enhancement [3]. - Fixed-function units can become bottlenecks, hindering VALU units from operating effectively. Graphics programmers must analyze rendering workloads to eliminate these bottlenecks [5][6]. - Performance analysis tools like Nsight Graphics and AMD Radeon Profiler can help visualize bottlenecks by displaying the utilization of various GPU units [7]. Addressing Bottlenecks - Reducing the cost of high-overhead draw calls and improving VALU utilization is critical. Strategies include minimizing memory latency and optimizing shader designs [8][9]. - The nature of bottlenecks can complicate performance improvements, but methods such as increasing VGPR allocation or using local data storage (LDS) can help mitigate issues [9][10]. Shader Types and Performance - Different shader types have unique performance characteristics. Pixel shaders may be constrained by fixed-function units, while compute shaders can leverage shared memory for faster execution [10][11]. - The choice of shader type can significantly impact execution speed and performance, with compute shaders offering advantages in certain scenarios [11][12]. Asynchronous Computing - Converting workloads to compute shaders allows for asynchronous computing, which can enhance VALU utilization by overlapping tasks that may otherwise be bottlenecked [18][20]. - Asynchronous computing can be beneficial but requires careful management to avoid negatively impacting the graphics pipeline [22]. Conclusion - Achieving optimal rendering performance involves eliminating fixed-function and other bottlenecks while allowing the GPU to perform useful work. Various tools and techniques are available, but effectiveness can vary across different GPU architectures [22].

Core Insights - StoneCo Ltd. is strategically divesting a significant portion of its software segment, which accounts for 79% of its software segment revenues in 2024, to focus on core financial services and micro, small, and medium businesses (MSMB) [1][9] Group 1: Strategic Moves - The proposed sale of Linx and related software assets to TOTVS for R$3.41 billion has been agreed upon, alongside the sale of SimplesVet to PetLove for R$140 million [2] - This divestiture is expected to enhance operating efficiency and profit margins as StoneCo aims to become Brazil's leading platform for MSMBs [3] Group 2: Financial Performance - In Q1 2025, StoneCo's MSMB total payment volume (TPV) increased by 17% year over year to R$119.5 billion, driven by effective repricing efforts and expanding product adoption [3][9] - The client base for MSMBs grew by 17% to 4.3 million active clients [3] Group 3: Growth Strategies - The bundling strategy has proven successful, with clients using three or more products increasing to 38%, up from 26% a year ago, indicating effective cross-selling of integrated payments, credit, and banking services [4] - The banking segment is also expanding rapidly, with total retail deposits rising by 38% to R$8.3 billion [4] Group 4: Market Trends - The PIX instant payment system has become a significant monetization lever, with transaction volumes increasing by 95% year over year, enhancing client deposits and engagement [5] - StoneCo projects MSMB TPV to exceed R$670 billion by 2027, reflecting a 14% compound annual growth rate (CAGR) from 2024 levels [5] Group 5: Competitive Landscape - PagSeguro Digital Ltd. reported that MSMB TPV grew by 11.2% year over year to R$95.2 billion, with a focus on higher-value MSMBs [6] - MercadoLibre's Mercado Pago saw TPV rise by 43% year over year to $58.3 billion, with a 30%+ increase in monthly fintech users [7] Group 6: Stock Performance and Valuation - StoneCo's shares have surged by 76.5% year to date, outperforming the broader industry and the S&P 500 Index [8] - The Zacks Consensus Estimate for 2025 EPS suggests a year-over-year growth of 10.4%, while the estimate for 2026 indicates a 16.1% increase [10] - StoneCo's shares are currently trading at a forward 12-month P/E of 8.66X, significantly below the industry average of 40.07X, indicating a potentially undervalued position [12]

Financial Highlights - PagSeguro Digital Ltd's net revenue for Q1 2025 reached R$49 billion, a 13% year-over-year increase[17] - The company's total payment volume (TPV) for Q1 2025 was R$129 billion, up 16% year-over-year[17] - Net income for Q1 2025 was R$554 million, representing a 6% year-over-year increase[17] - The expanded credit portfolio grew to R$46 billion, a 34% increase year-over-year[19] - Total funding increased to R$40 billion, a 24% year-over-year increase[19] Operational Highlights - PagSeguro Digital Ltd had 320 million total clients in Q1 2025, a 2% year-over-year increase[17] - The company repurchased R$11 billion worth of shares LTM and R$353 million YTD (Apr-25)[20] - Active banking clients increased by 5% year-over-year[54] Business Performance - Banking revenue increased by 60% year-over-year, contributing to over 22% of total gross profit[128, 92] - Total deposits reached R$339 billion, an 11% year-over-year increase[39, 76] - Payroll loans increased by 63% year-over-year, reaching R$27 billion[39, 82] Future Outlook - The company is on track to deliver its 2025 guidance[128] - PagSeguro Digital Ltd expects to pay a cash dividend corresponding to approximately 10% of its net income on an annual basis[118]

Financial Data and Key Metrics Changes - PagSeguro Digital reported a total payment volume (TPV) of BRL 518 billion, reflecting a 32% year-over-year growth [6] - Net revenues increased by 18% year-over-year, reaching BRL 18.8 billion [6] - Net income reached an all-time high of BRL 2.3 billion, a 28% increase compared to 2023, with diluted earnings per share (EPS) on a GAAP basis at BRL 6.62, growing 30% year-over-year [6][29] - Return on average equity (ROE) improved to 15.2%, a 198 basis points increase year-over-year [7][29] Business Line Data and Key Metrics Changes - The merchant acquiring business saw TPV reach BRL 146 billion in Q4 2024, growing 28% year-over-year [14] - The banking segment's revenue set a record of BRL 513 million, growing 58% year-over-year, driven by interest income from the credit portfolio [23] - The credit portfolio grew by 36% year-over-year, reaching BRL 3.4 billion, with a focus on secured products [20] Market Data and Key Metrics Changes - The banking segment's gross profit margin increased to 69% of revenue, up from 61% a year earlier [25] - Total deposits rose by 31% year-over-year, reaching BRL 36.1 billion, with a reduction in the average cost of funding by 400 basis points [19] Company Strategy and Development Direction - The company aims to explore new growth verticals and improve shareholder value through a buyback program [9] - A disciplined strategy execution is emphasized to achieve long-term growth despite macroeconomic challenges [11] - The focus remains on integrating payments and banking services to enhance customer engagement and transactionality [17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the ability to adapt and perform despite external headwinds, with a commitment to balance growth and profitability [10] - For 2025, the company expects to continue exploring initiatives to navigate challenges, with guidance for gross profit growth between 11% and 15% [32] Other Important Information - The company executed 50% of its current buyback program, amounting to BRL 784 million, as part of its strategy to create shareholder value [30] - The company is focused on maintaining a conservative capital structure while navigating market uncertainties [75] Q&A Session Summary Question: Inquiry about the credit portfolio and non-collateralized loans - Management indicated a healthy growth in the credit portfolio and plans to continue focusing on secured loans while growing non-collateralized products at an appropriate pace [39] Question: Clarification on transaction activities revenue decrease - Management explained that while transaction activities revenue decreased, financial income increased significantly, leading to overall revenue growth [42] Question: Guidance on EPS growth and net income expectations - Management clarified that the EPS guidance does not factor in buybacks and expects net income to grow similarly [47] Question: Details on TPV growth expectations - Management expressed confidence in continuing to grow TPV faster than the industry, with expectations for strong performance in 2025 [48] Question: Insights on the LMAX segment growth - Management noted that the LMAX segment, including e-commerce and cross-border transactions, is expected to continue growing robustly [58] Question: Discussion on repricing strategies - Management confirmed ongoing repricing efforts and indicated that they are being implemented in a way that minimizes client sensitivity [56] Question: Capital allocation and future buyback programs - Management discussed the cautious approach to capital allocation, emphasizing buybacks over dividends in the current uncertain environment [75][98]