Salesforce (NYSE:CRM) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsBrent Thill - Tech Sector Leader of Software & Internet ResearchGabriela Borges - Managing Director and Head of US Software Equity ResearchJason Lemkin - Founder and CEOJeff Ballotti - President and CEOKirk Materne - Senior Managing Director of SoftwareMarc Benioff - Chair and CEOMark Barrocas - CEO and DirectorMiguel Milano - President and Chief Revenue OfficerMike Spencer - EVP of Finance and Investor RelationsPa ...

Salesforce (NYSE:CRM) Q4 2026 Earnings call February 25, 2026 05:00 PM ET Company ParticipantsBrent Thill - Tech Sector Leader of Software & Internet ResearchGabriela Borges - Managing Director and Head of US Software Equity ResearchJason Lemkin - Founder and CEOJeff Ballotti - President and CEOKirk Materne - Senior Managing Director of SoftwareMarc Benioff - Chair and CEOMark Barrocas - CEO and DirectorMiguel Milano - President and Chief Revenue OfficerMike Spencer - EVP of Finance and Investor RelationsPa ...

在衡量大语言模型（LLM）代码生成能力的竞赛中，一个日益严峻的问题正浮出水面：当模型在 HumanEval、MBPP 等经典基准上纷纷取得近乎饱和的成绩时，我 们究竟是在评估其真实的泛化推理能力，还是在检验其对训练语料库的「 记忆力」？ 现有的代码基准正面临两大核心挑战： 数据污染 的风险，以及 测试严谨性不足 。前者使评测可能退化为「 开卷考试」，后者则常常导致一种「 正确的幻觉 」 （Illusion of Correctness）—— 模型生成的代码或许能通过少数示例，却在复杂的真实世界边缘场景中不堪一击。 为了打破这种「 高分幻觉」，来自北京航空航天大学的研究团队提出了一种全新的基准构建哲学 —— 双重扩展（Dual Scaling） ，并基于此构建了端到端的自动化 框架 Code2Bench 。该研究旨在为代码大模型的评估，建立一个更动态、更严苛、也更具诊断性的新范式。 目前，该论文已被 ICLR 2026 接收。 论文标题：Code2Bench: Scaling Source and Rigor for Dynamic Benchmark Construction 我们需要什么样的 Benchma ...

AI dominated by a few firms risks market abuse, Mistral CEO says https://t.co/IYfwP5slp7 ...

Core Viewpoint - Capgemini CEO Aiman Ezzat rejects the notion of complete technological sovereignty in Europe, emphasizing the need for a balanced approach to digital autonomy that accommodates both sovereignty and global competitiveness [1] Group 1: Technological Sovereignty - Ezzat states that "there is no such thing as absolute sovereignty," highlighting that no entity possesses complete control over the entire value chain necessary for service delivery [1] - The current European tech policy reflects a tension between the desire for autonomy and the reality of reliance on U.S. tech giants like Amazon, Google, and Microsoft [1] - Ezzat outlines a four-layer framework for digital autonomy: data, operations, regulation, and technology, indicating that Europe has independence at the first three levels but lacks complete technological independence due to U.S. dominance [1] Group 2: Strategic Partnerships - Instead of pursuing full autonomy, Ezzat advocates for finding "the right sovereignty solution based on the use case, the client environment, the government" [1] - Capgemini has formed partnerships with U.S. hyperscalers such as AWS, Google Cloud, and Microsoft to provide "sovereign" AI solutions, which are cloud services offered by a European company but utilize American infrastructure [1] - The company is also engaging with European AI firms like France-based Mistral as part of its strategy to navigate the complexities of technological sovereignty [1] Group 3: Reputational Challenges - Capgemini is facing reputational issues related to government contracts, exemplified by its decision to sell its U.S. subsidiary, Capgemini Government Solutions, following backlash over a $4.8 million contract with U.S. Immigration and Customs Enforcement [1]

Core Insights - Mistral, a French AI startup, has achieved remarkable growth with an annual recurring revenue (ARR) exceeding $400 million, a 20-fold increase from $20 million a year ago, positioning itself as "Europe's OpenAI" [1][2] - The company plans to surpass $1 billion in ARR by the end of this year, driven by aggressive expansion among large enterprise clients, now exceeding 100 [1][2] - Mistral is investing €1.2 billion to build a new AI data center in Sweden, marking its first facility outside France, aimed at reducing reliance on external infrastructure [1][3] Vertical Integration and Infrastructure Expansion - Mistral is pursuing a vertical integration strategy by constructing and operating its own AI data centers instead of relying solely on major U.S. cloud providers [3] - The new Swedish facility will provide 23MW of computing power and is expected to be operational next year, leveraging low-carbon and relatively inexpensive local energy [4] - This infrastructure investment is projected to generate over €2 billion in revenue over the next five years, providing a predictable business model [4] Geopolitical Drivers of "Sovereign AI" Demand - There is growing concern in Europe regarding over-reliance on U.S. digital services, with over 80% of digital services and infrastructure depending on foreign providers, primarily American companies [5] - Mistral's position as the only homegrown developer of cutting-edge language models in Europe places it in a favorable position to meet the demand for data sovereignty among clients [5] - Current clients include major corporations and various European governments, with approximately 60% of revenue generated from Europe [5] Financial Position and Future Plans - Mistral's CEO indicated that the company does not require an IPO this year due to sufficient debt financing, although it may consider going public in the future to ensure independence [6] - The company is not currently pursuing an IPO, unlike competitors such as OpenAI and Anthropic, which are preparing for public offerings [5][6] Practical Applications and Market Realities - Despite the rapid growth of products like ChatGPT and Claude, Mistral's CEO expressed a pragmatic view of the market, noting that many enterprise clients are disappointed with off-the-shelf chatbot solutions [7] - There is skepticism regarding the notion that a single system can manage all business processes, emphasizing the continued relevance of traditional software companies that hold critical business data [7] - Mistral warns that startups focused solely on creating user interfaces for specific industries may find their strategies less valuable as AI technology evolves [7]

被视为"欧洲版OpenAI"的法国人工智能初创公司Mistral正通过一项重大的跨境投资，加速构建欧洲本土 的AI计算能力，此举不仅标志着这家独角兽企业战略重心的扩展，也凸显了欧洲在地缘政治紧张局势 下寻求科技主权的迫切需求。 据CNBC报道，Mistral周三宣布将投入12亿欧元（约合14.3亿美元）在瑞典建设数字基础设施，重点包 括人工智能数据中心、先进计算能力以及本地化的AI功能开发。这是Mistral在其本土市场法国以外进行 的首个AI基础设施投资，预计新设施将于2027年投入运营，届时将支持该公司下一代AI模型的开发与 运行。 作为投资计划的一部分，Mistral将与瑞典公司EcoDataCenter合作部署"大规模"AI计算能力。北欧地区凭 借较低的能源成本和利于散热的寒冷气候，正成为欧洲计算设施的首选地。此前，OpenAI也于去年7月 宣布作为其"Stargate"计划的一部分，将在挪威启动AI数据中心项目。 Mistral首席执行官Arthur Mensch表示，此项投资是建立欧洲独立AI能力的具体步骤，旨在通过提供数 据本地处理和存储的全垂直服务，加强欧洲的战略自主权和竞争力。这也为服务于工 ...

Core Viewpoint - France is pushing for the use of domestically developed software to replace Zoom and Microsoft Teams among public servants, marking a significant step in Europe's efforts to reduce dependence on major US tech companies [3][4]. Group 1: Government Initiatives - French Prime Minister Leclerc has instructed ministries to transition to Visio, a French-developed video conferencing solution, by the end of 2026 to ensure secure and stable public electronic communications [3]. - The French government blocked the sale of Eutelsat's ground antenna business to private equity firm EQT, citing its strategic importance and competition with SpaceX's Starlink [3]. Group 2: European Digital Sovereignty - The European Parliament recently passed a resolution urging member states to enhance technological sovereignty by promoting the procurement of European digital products and services [5]. - Researcher Zhao Yongsheng noted that the decision to ban Zoom primarily targets the French public sector, reflecting Europe's response to US geopolitical pressures and the call for "digital sovereignty" [4][5]. Group 3: Challenges and Historical Context - Despite efforts, Europe still relies on non-EU countries, mainly the US, for over 80% of digital services and infrastructure, with past initiatives often failing due to inferior performance or user experience of local alternatives [6][8]. - France has historically announced various state-supported tech projects with limited success, such as the Quaero search engine, which was shut down after five years [8]. Group 4: Future Prospects - The French government aims to develop more tools for the public sector to replace Microsoft Office and Google software, with the Visio project being a key initiative [9]. - The French Secretary of State for Public Service, David Amiel, emphasized the need for high-quality domestic tools to achieve President Macron's goal of "strategic autonomy" [9].

Core Viewpoint - The European Union (EU) is striving for digital sovereignty by reducing reliance on non-EU countries for digital services and infrastructure, with France leading initiatives to promote domestic software solutions [1][5]. Group 1: Digital Sovereignty Initiatives - The EU relies on non-EU countries, primarily the US, for over 80% of its digital services and infrastructure [1][5]. - France is pushing for millions of civil servants to use domestically developed software, such as Visio, to replace Zoom and Microsoft Teams by the end of 2026 [1][5]. - The French government has blocked the sale of Eutelsat's ground antenna business to a private equity firm, citing strategic importance and competition with SpaceX's Starlink [1][5]. Group 2: Legislative and Policy Actions - The European Parliament passed a resolution supporting the development of a European cloud platform and AI models, prioritizing European suppliers in public procurement [5]. - France has been a leader in advocating for digital taxes on large US tech companies within the EU [4]. - The EU is drafting new legislation to promote "digital sovereignty" and reduce dependence on US technology [5]. Group 3: Challenges and Limitations - Despite efforts, Europe has struggled to create competitive alternatives to US technology, with many initiatives failing due to poor performance and user experience [5][6]. - Historical attempts, such as the Quaero search engine, have not succeeded, and Google still holds about 90% of the European search market [6]. - Current cloud infrastructure investments in Europe are still heavily directed towards US providers, with Amazon, Microsoft, and Google controlling over two-thirds of the market [7]. Group 4: Future Outlook - France's Minister of Public Service emphasized the need for high-quality domestic tools to achieve strategic autonomy and reduce reliance on non-European solutions [7]. - The Visio project aims to develop more tools for the public sector, ultimately replacing Microsoft Office and Google software [7]. - The French government plans to collaborate with European tech companies to enhance the development of these tools [7].

Core Insights - Amazon's stock has only gained 2% over the past year despite significant advancements in artificial intelligence (AI) that are driving growth across the organization [1] - The upcoming Q4 2025 operating results on February 5 are anticipated to provide insights into how AI is influencing Amazon's cloud computing and e-commerce sectors [2] Group 1: Cloud Computing - Amazon Web Services (AWS) is the largest cloud computing platform globally, attracting AI developers due to its advanced data centers and services [4] - AWS utilizes AI chips from suppliers like Nvidia and has developed its own chips, Trainium and Inferentia, with the latest Trainium2 chips offering up to 40% better price performance for AI model training [5] - AWS generated $93.1 billion in revenue during the first three quarters of 2025, an 18% increase from the previous year, with a $200 billion order backlog from developers awaiting new data center infrastructure [7] Group 2: Overall Company Performance - Amazon operates as a tech conglomerate with a strong presence in e-commerce, cloud computing, and streaming, with AI significantly enhancing profitability in these sectors [8]