The Transcript
Airbnb CEO: "Airbnb closed out 2025 with strong momentum, delivering double-digit growth across our key top-line metrics during the fourth quarter. Despite a tough year-over-year comparison, our business accelerated in Q4 compared to Q3"

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The Transcript
$ABNB CEO: AI traffic converts better than Google

"...what we see is that traffic that comes from chatbots, converts at a higher rate than traffic that comes from Google."

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The Transcript
$ABNB CEO on their AI usage in customer support

“We built a custom AI agent trained on millions of our support interactions. It's already resolving a third of our support issues without needing a live specialist & resolution times are significantly faster."
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The Transcript
Pinterest CFO: "So in Q4 25, our largest retail advertisers created a more meaningful headwind than we expected as they sought to protect their margins in this dynamic environment and pulled back on ad spend."

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Jukan
Kioxia: There Won't Be a Second Shock
[Daishin Securities Semiconductor / Ryu Hyung-geun]

This is a Kioxia FY3Q25 (CY4Q25) Review. We maintain our existing view that a surprise will emerge from NAND. This value needs to be further reflected in Korean semiconductor stock prices. We maintain our Buy recommendations on Samsung Electronics and SK Hynix.

Kioxia FY3Q25 (CY4Q25) Review: Please Forget Last November's Disaster

- Results were in line with consensus. The guidance was the surprise. The company issued guidance significantly above consensus, creating a markedly different atmosphere from last November's earnings release.

- Throughout the recent upcycle, Kioxia's high revenue concentration toward a single customer has been a double-edged sword. Pre-negotiated long-term contracts meant products were supplied at prices below market rates, which was the key reason behind Kioxia's lower ASP growth relative to peers.

- Recently, the company appears to have aggressively leveraged the tight supply-demand environment to push through price revisions. Starting from CY1Q26, the revised pricing policy is expected to take effect (estimated ~50% QoQ ASP increase for the North American customer in CY1Q26). This marks the moment Kioxia breaks free from its legacy constraints and the moment mobile NAND ASPs normalize.

- Opportunities are also expanding on the server side. On top of a favorable market backdrop, competitiveness in high-capacity products of 128TB and above is expected to drive outperformance.

NAND Is Just as Strong as DRAM

- AI inference is strengthening the role of storage and driving higher content per unit. In addition, new products are set to be unveiled. At the upcoming GTC 2026 event, new products based on a next-generation solution (Gen 6 Controller) are expected to be announced.

- The supply-demand balance is tightening to historically unprecedented levels. While concerns over weak set-level demand persist, opportunities in the server segment are more than offsetting them.

- Meanwhile, supply discipline is strengthening across the industry. The prevailing approach is to respond through conversion investments and product mix shifts—which carry lower depreciation burdens—rather than new capacity additions. This signals a management philosophy increasingly centered on profitability and long-term supply-demand stability.

- As a result, NAND ASPs are surging. 1Q26 NAND ASP is expected to rise in the mid-to-high 40% range QoQ, and we believe we will soon see operating margins reach the 50%+ levels that marked the previous peak.

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The Transcript
Applied Materials CEO: "Our strong performance and outlook for 2026 and beyond are fueled by the acceleration of investments in AI computing."

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The Transcript
$AMAT CEO: "..we expect to grow our semiconductor equipment business more than 20% this calendar year. We see the demand profile weighted towards the second half of the calendar year, with availability of customer clean room space being a key factor pacing the rate of investment" https://t.co/PkRWv9A9Nw

Applied Materials CEO: "Our strong performance and outlook for 2026 and beyond are fueled by the acceleration of investments in AI computing."

$AMAT: +14% AH https://t.co/nxZ6xCPQid - The Transcript
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The Transcript
Roku CEO: "...we previously set a goal to achieve positive operating income in 2026. We reached that milestone in the second half of 2025 and were nearly breakeven for the full year. Net income was positive for the year..."

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DAIR.AI
RT @dair_ai: Claude Code is one of the most powerful tools for AI builders.

We are excited to introduce our new on-demand course on how to vibe code AI apps with Claude Code.

We cover topics ranging from connecting services to memory to leveraging Skills to build full AI apps. https://t.co/1xceurnf15
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The Transcript
$COIN Coinbase CEO: "Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems. While asset prices can be volatile, under the surface, an undercurrent of technological change & crypto product adoption continues. We’re taking advantage of this opportunity. We’ve repurchased a total of 8.2M shares since November 2025."
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The Transcript
Coinbase has a TLDR section in its FY 25 shareholder letter.

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