Core Points - CoreWeave reported a 110% year-over-year revenue growth in the fourth quarter, exceeding Wall Street expectations with revenue of $1.57 billion compared to the expected $1.55 billion [1][5] - The company has 850 megawatts of active power capacity and a contracted power capacity of 3.1 gigawatts, surpassing analyst projections of 827 megawatts [2] - CoreWeave's revenue backlog increased to $66.8 billion from $55.6 billion at the end of the third quarter, indicating strong future revenue potential [2] - Capital expenditures for 2026 were reported at $10.31 billion, which is below the consensus estimate of $12.90 billion [2] - As of December 31, CoreWeave had $21.37 billion in debt [2] - The company has seen a 36% increase in stock price in 2026, contrasting with a nearly 22% decline in the iShares Expanded Tech-Software Sector ETF during the same period [3] - CoreWeave announced a partnership with model builder Poolside and launched an object storage service to enhance its competitive position against larger players like Amazon Web Services [4] - The company increased its credit facility from $1.5 billion to $2.5 billion, providing additional financial flexibility [4]

Core Viewpoint - The iShares Exponential Technologies ETF (XT) has achieved a 22.63% return over the past year, outperforming major benchmarks like QQQ and SPY, by diversifying across over 500 holdings in sectors such as AI, genomics, and robotics [1] Group 1: ETF Overview - XT spreads capital across 500+ holdings, with no single position exceeding 3% of assets, aiming to provide balanced exposure to innovation [1] - The fund allocates 30.2% to information technology and 16% to healthcare, with significant investments in semiconductors, cybersecurity, biotech, and cloud infrastructure [1] - XT has $3.7 billion in assets and a 0.46% expense ratio, offering institutional-quality access at a reasonable cost [1] Group 2: Performance Analysis - Over the past year, XT's return of 22.63% significantly outpaced both QQQ and SPY, benefiting from broader sector exposure [1] - Year-to-date in 2026, XT is up 3.91%, while QQQ has entered negative territory, indicating continued momentum [1] - However, over five years, XT's cumulative gain of approximately 31% lags behind QQQ's 83%, highlighting the impact of concentrated mega-cap leadership during that period [1] Group 3: Trade-offs and Considerations - XT's 0.76% dividend yield is not suitable for income-focused investors, as recent distributions appear to be special capital gains rather than sustainable income [1] - The fund's diversification may limit its ability to capitalize on rallies driven by a few mega-cap companies, which can be a disadvantage in strong market cycles [1] - Active rebalancing introduces tracking error, as performance is influenced by the manager's sector timing decisions [1]

As filed with the Securities and Exchange Commission on February 13, 2026. Registration Statement No. 333-292514 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 QUMULUSAI, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Georgia 7374 92-2681813 (I.R.S. Employer Identificat ...

Core Viewpoint - The European Commission has granted unconditional approval for Google's acquisition of Wiz, indicating no competition concerns within the European Economic Area [1] Group 1: Acquisition Details - Google's acquisition of Wiz is valued at $32 billion and was first announced in March 2025 [2] - The US Department of Justice completed its antitrust review in November 2025, removing a significant regulatory hurdle for Alphabet [3] Group 2: Wiz's Role and Market Context - Wiz specializes in cloud-native application protection, providing a platform for organizations to protect applications against cyber threats across various cloud environments [4] - The acquisition is positioned within the rapidly evolving cloud security industry, where Google and Wiz are significant players, competing with Amazon Web Services and Microsoft Azure [4] Group 3: Multi-Cloud Security Solutions - The acquisition aims to enhance Google's position in cloud security and support the use of multiple cloud platforms as AI technology advances [5] Group 4: Regulatory Investigation Findings - The European Commission's investigation assessed potential bundling of Wiz's platform with existing Google products and found sufficient alternative suppliers for customers [6] - Concerns regarding Google's access to commercially sensitive data through Wiz's integrations were addressed, concluding that such information is generally accessible and not sensitive [7] - Teresa Ribera, Executive Vice-President of the EC, stated that the investigation confirmed customers will continue to have credible alternatives and the ability to switch providers [8]

Economic Measures - India announced measures to invest nearly $133 billion to enhance infrastructure and boost manufacturing across various sectors, including textiles and electronic components [2] - A growth fund of 100 billion rupees was allocated for small businesses, along with a 20 billion rupee top-up on a previous self-reliant fund [5] Benefiting Sectors - Pharmaceuticals sector is set to benefit from an outlay of $1.1 billion over the next five years aimed at boosting production and research for biologics and biosimilar drugs, with the Nifty Pharma Index surging post-announcement [6][14] - The textile industry is expected to gain from policy measures including the establishment of 'mega textile parks', with companies like Raymond Ltd. and Trident Ltd. seeing significant stock price increases [7][14] - Electronic manufacturing received a $4.3 billion investment to enhance production capabilities, particularly as companies like Apple Inc. expand their operations in India [7][14] - Cloud infrastructure companies will benefit from a proposed tax holiday for foreign firms providing cloud services from India-based data centers through 2047 [8][14] - Shipping stocks gained traction following the announcement of a ship-repair ecosystem and incentives for seaplanes, with companies like Shipping Corp. of India rising by 4.3% [9][14] - Firms in the cargo and transport sector, such as Container Corp. of India Ltd., are expected to benefit from proposed allocations for new dedicated freight corridors and high-speed city rail corridors [9][14] Losing Sectors - The government increased the securities transaction tax on equity futures from 0.02% to 0.05%, leading to declines in shares of the BSE and stock brokers like Angle One Ltd. [11][14] - State-owned banks faced disappointment as expectations for consolidation and relaxation of foreign shareholding caps were unmet, with shares of major banks like State Bank of India falling significantly [12][14] - The clean energy sector anticipated tax regime rationalization, which did not materialize, leaving the industry disappointed [12][14]

Core Viewpoint - The Vanguard Information Technology ETF has significantly outperformed the market over the past decade, primarily driven by the AI boom, but it lacks exposure to key companies in the AI sector, making it potentially less attractive for investors seeking broad AI stock exposure [1][2]. Group 1: ETF Performance and Composition - The Vanguard Information Technology ETF (VGT) has increased by approximately 670% over the past decade, compared to a 270% gain for the S&P 500 [1]. - The ETF tracks the MSCI US IMI Information Technology 25/50 index and holds stakes in 320 companies, with nearly 59% of its value concentrated in the top 10 holdings [3]. - The top three holdings—Nvidia, Apple, and Microsoft—account for nearly 45% of the ETF's assets, indicating a high concentration risk [4]. Group 2: Missing Key Companies - The ETF does not include major players in the AI ecosystem such as Alphabet, Amazon, and Meta Platforms, which are classified in different sectors [5][6]. - Alphabet and Meta are categorized under the communication services sector, while Amazon falls under consumer discretionary, thus excluding them from the ETF's holdings [6]. - The absence of these companies is significant as Amazon and Alphabet are two of the largest cloud infrastructure providers, holding market shares of 29% and 13%, respectively, which are crucial for AI model training and operation [7]. Group 3: Implications of Missing Companies - The exclusion of Amazon, Alphabet, and Meta from the ETF limits its exposure to the AI megatrend, as these companies play vital roles in cloud services and AI development [8].

Core Viewpoints - CoreWeave's stock experienced a significant increase following a strategic partnership with Nvidia, reflecting investor confidence in the company's growth potential [1][2] - Nvidia's $2 billion investment in CoreWeave at a price of $87.20 per share indicates strong belief in CoreWeave's business model and growth strategy [2] Company Performance - CoreWeave's stock price rose by 5.73% to $98.31, with a daily trading range between $98.05 and $108.65 [3] - The company's market capitalization stands at $46 billion, with a gross margin of 49.23% [3][4] Technological Advancements - CoreWeave's technology platform is designed to enhance the efficiency of machine learning workloads, supporting businesses in scaling their AI operations [4] - The partnership aims to integrate CoreWeave's AI software with Nvidia's chips and storage systems, enhancing overall performance [5][6] Future Growth Plans - CoreWeave plans to utilize the investment to accelerate the development of 5 gigawatts of AI factories by 2030, addressing the increasing demand for accelerated computing services [5] - Nvidia's CEO highlighted that the collaboration is part of a larger trend of infrastructure development driven by AI, marking a significant shift in the industry [5]

Group 1 - CoreWeave (NASDAQ: CRWV) stock is experiencing a rebound in early 2026, driven by strong demand for cloud infrastructure and services, as well as positive results from competitor Applied Digital (NASDAQ: APLD) [3][5] - The stock has seen significant upside potential, with a peak increase of approximately 350% from its IPO price, although insider selling poses a risk to near-term gains [4][5] - Institutional investors own about 30% of CoreWeave stock and have been accumulating shares since the IPO, while analysts have a consensus Hold rating and have reduced price targets, indicating potential range-bound trading ahead [7][8] Group 2 - Insider selling is critical to CoreWeave's price action, as insiders own around 25% of the stock and have been taking profits, which may limit further price increases [4][5] - The upcoming Q4 earnings report, expected in mid-February, is seen as a potential catalyst for the stock, with analysts having set low expectations that could allow for significant outperformance if the company meets or exceeds them [8] - Execution risks related to capital-intensive data center builds and negative cash flow could cloud the upside potential despite the promising demand dynamics in the cloud infrastructure sector [5][8]

Group 1 - IREN Limited is a new player in the cloud infrastructure sector for AI, offering a unique advantage due to its existing capacity for data deployment [1] - The company aims to identify profitable and undervalued investment opportunities primarily in the U.S. market, focusing on building a high-yield, balanced portfolio [1] Group 2 - The analysis combines macro-economic insights with real-world trading experience to provide actionable investment ideas [1]

Market Overview - The US equity market ended Q4 2025 positively, with the S&P 500 increasing by 2.7%, reflecting steady upward momentum supported by better-than-expected corporate earnings and the US Federal Reserve's interest rate easing stance [1] - The macroeconomic backdrop remained resilient, with improving clarity on trade policy providing additional support [1] - There was a notable divergence below the index level, particularly regarding AI investments, which faced skepticism due to bottlenecks and financing challenges [1] Fund Performance - The Alger Small Cap Focus Fund's Class A shares outperformed the Russell 2000 Growth Index in Q4 2025 [1] - The Utilities and Financials sectors contributed positively to the Fund's performance, while the Consumer Discretionary and Information Technology sectors detracted from it [1] Company Spotlight: Nebius Group N.V. - Nebius Group N.V. is a technology company focused on AI-driven cloud infrastructure, with a one-month return of 16.63% and a 52-week gain of 201.69% [2] - As of January 16, 2026, Nebius Group's stock closed at $108.73, with a market capitalization of $27.379 billion [2] - The company operates GPU compute capacity across Europe and is expanding into the U.S., positioning itself as a key player in the AI infrastructure market [3] - Despite facing short-term volatility due to a selloff in AI infrastructure stocks, Nebius continues to secure long-term agreements with major cloud service providers, enhancing revenue visibility [3]