Weekend Update #267

Thank you for your continued support and engagement. Each week, we're sharing what companies we're researching and the what, the who and the how that we think makes the companies interesting and unique. This roundup is brought to you weekly by a group of interns, creative minds, artists and investors who believe that through best in class investing along with the democratization of financial education we can do great things together. Enjoy, Explore and Share.

Equity markets ended the week lower as investors navigated earnings, geopolitical risks, AI-linked fears, and inflation data. The week started with a challenging backdrop as President Trump announced the U.S. would raise tariffs to 15% under Section 122 and vowed to rebuild tariff implementation following last week’s Supreme Court ruling. Tariffs were a cornerstone of President Trump’s Tuesday night State of the Union address. The president’s address, which set the record for the longest in history, featured strong commentary about entering the Golden Age of America and a turnaround in the economy. The president’s comments on the Middle East highlighted ongoing nuclear negotiations with Iran, where the U.S. has positioned a fleet of 16 warships ready for strikes should talks fail. “SaaSpocalypse” fears continued to weigh on software valuations this week, and financials saw selling pressure as private credit concerns re-emerged. New cases of fraud and private credit markdowns were announced among lenders, and UBS strategists stoked further fear with estimates that private credit defaults could reach 15% in a scenario where AI triggers aggressive disruption.

In economic data for the week, the Conference Board’s Consumer Confidence survey for February beat estimates and showed stabilization as future expectations across business conditions, employment, and incomes improved. Initial Jobless Claims were 212,000 for the week ended February 21 were 212,000, slightly less than economists had estimated and showing signs of labor market stability. The January Producer Price Index (PPI) report showed acceleration in producer prices above expectations, rising 0.5% MoM and 2.9% YoY. Professional and commercial equipment wholesaling rose 14.4% in the month, and search, detection, navigation, and guidance systems jumped 15.5%. Offsetting those increases were systems software publishing, falling 12.2%, and a 5.5% decrease in gasoline prices.

The most-anticipated earnings result this week was Nvidia’s Wednesday afternoon report. The company beat both revenue and earnings expectations, with record quarterly revenue up 73% YoY. The vast majority of sales continue to be driven by the data center segment, which generated $62.3 billion in the quarter, up 75% YoY. CEO Jensen Huang stated, “Computing demand is growing exponentially — the agentic AI inflection point has arrived.” Despite the strong outperformance, NVDA shares were still under pressure this week as investors questioned the sustainability of the data center buildout among big tech companies. Meanwhile, AMD provided another show of strength in the AI buildout as it signed a 5-year, $60 billion commitment with Meta Platforms to deploy 6 gigawatts of GPU capacity. Other companies reporting earnings this week included IonQ, Circle, Zoom, CoreWeave, HP, Dell, Synopsys, Home Depot, First Solar, Circle, Salesforce, and Zscaler. OpenAI announced a $110 billion funding round with Amazon, Nvidia, and SoftBank, valuing the company at $730 billion. Completing the Warner Bros Discovery bidding war, Netflix walked away from the deal as Paramount Skydance’s $110 billion bid for the company was deemed superior.

Friday’s Close (Weekly Performance)

S&P 500 6,878.88 (-0.44%)
Nasdaq 22,668.21 (-0.95%)
Dow Jones 48,977.92 (-1.31%)

Thank you Blue Room Senior Analyst JARED FENLEY.

Company Participants

Ramy Farid — President & Chief Executive Officer

Richie Jain — Chief Financial Officer

Karen Akinsanya — President, Head of Therapeutics R&D & Chief Strategy Officer, Partnerships

Jaren Madden — Chief Corporate Affairs Officer & Head of Investor Relations

Ramy Farid

President & Chief Executive Officer

Thank you everyone for joining us today. Schrödinger is the leader in advancing and deploying computational methods for molecular discovery. We have developed a highly differentiated computational platform that integrates physics, AI, and a scalable data infrastructure that is dramatically accelerating molecular discovery across life sciences and material science R&D globally. Our software business generated approximately $200 million in annual contract value in 2025.

We also have a collaborative and internal therapeutics portfolio that leverages our computational platform at scale. We have an extensive and unmatched track record of delivering high-quality development candidates that has generated a high-value portfolio of future milestones and royalties on sales.

Before highlighting our 2025 results and 2026 outlook, I would like to take a few moments to describe our vision for the future of molecular discovery. Our goal is to virtually generate all relevant molecules, computationally assay their key properties, and select the optimal molecule. We have made significant progress toward this ambitious vision, already achieving substantial reductions in the time and cost required to discover differentiated drugs and materials.

This progress is powered by our unique computational engine that is an integration of the most advanced ground truth physics and cutting edge AI. Our platform's value is clearly validated by our high customer engagement, clinical success in our therapeutics portfolio, and the success in our research collaborations and the biotech companies we have co-founded.

The AI landscape is expanding rapidly, but the fundamental challenge remains the same. AI models require massive amounts of highly accurate training data. Because chemical space is nearly infinite, experimental data alone cannot provide the scale needed, and therefore ground truth physics simulations are often the only way to overcome this data scarcity problem. This physics first strategy is already a proven standard in complex fields like autonomous vehicles, weather prediction, chip design, and aerospace.

By leveraging this proven physics first approach, we are pioneering the next frontier in drug and materials discovery. Schrödinger is the only company with a physics engine accurate and validated enough to power the next generation of AI for drugs and materials.

We are uniquely positioned to lead the next era of molecular discovery by scaling our physics plus AI platform across a multi-billion dollar growing market.

2026 02 26 BLUE ROOM: SDGR Q4 2025

Blue Room Investment Team Bullpen
Thursday, February 26, 2026
9:30 AM

Jared Fenley reviews (SDGR) Schrodinger's Q4 2025 earnings.

Disclosure:
This video is for informational purposes only and does not constitute investment advice.

Company Participants

Jeremy Allaire — Co-Founder, Chairman and CEO

Jeremy Fox-Geen — Chief Financial Officer

John Andrews — VP of Capital Markets and Investor Relations

Jeremy Allaire — Co-Founder, Chairman and CEO

Thank you, John, and good morning, everyone. I want to start this morning talking a little bit about what I'm seeing in terms of this extraordinary transformation that's underway. I'm speaking not just about the changes we're seeing from blockchains and stablecoins, but the broader backdrop of technology acceleration, software-powered technology acceleration, and artificial intelligence. I believe we are in the earliest stages of a very deep and very fundamental transformation of the way the global economic system functions and works. Not only will our global economic system become more Internet native, but it's also going to become dramatically more automated. We are entering a world where in my view, likely tens or hundreds of billions of AI agents will interact and perform economic functions over the Internet.

If we look at the past decades, we've seen this progression, and this progression has been accelerating. This progression has been one, where we build more-and-more software-native infrastructure, more-and-more data and transactions on the Internet. The progression from the Internet of information into an Internet of software distribution, interactive media, and commerce, all made possible through the adoption of web, cloud, and mobile platforms has created extraordinary value over-time.

Beginning around 2013, we began to see another transition, this time into the value era of the Internet, where early blockchain platforms emerged. Later, through the innovation of fiat-backed stablecoins, we saw the birth of a transformative Internet native money layer. Now, as we've achieved regulatory clarity and as the technology has matured, we're now seeing these developments directly colliding with another major platform shift, which is the adoption of AI platforms. This value era, this combination of economic operating systems and an internet native money layer, with artificial intelligence, agentic economic activity and automation seems likely to drive the greatest acceleration of economic activity we've ever seen in-human history. And we're really just at the beginning. Our aim at Circle has always been to build a new Internet financial system, to build a software infrastructure that powers it, and we're more excited than ever to have that opportunity today.

Let's talk about our key highlights in Q4. Our stablecoin network continued to grow. We saw USDC end the year around $75 billion in circulation, up 72% year-on-year, despite some of the declines that we saw in Q4 due to the crypto market correction. We also saw tremendous ongoing growth in the amount of transactions happening on our network with onchain USDC volume hitting nearly $12 trillion, representing 247% year-on-year growth. This continues to reflect the growing velocity and utility of digital dollars on the Internet.

Q4 delivered very strong financial results. We realized $770 million in total revenue and reserve income in the quarter, up 77% year-on-year. Adjusted EBITDA for the quarter was $167 million, up 412% year-on-year, with an adjusted EBITDA margin of 54%. Overall, for the quarter, we had very strong yearly growth across-the-board.

Importantly, our platform continues to expand. We launched the testnet of Arc, our Layer-1 blockchain network, and we're on-track to launch mainnet this year. Circle Payments Network continues to see very strong volume growth and participant expansion, as we continue to see traction in real-world payments and cross-border settlements.

We're also adding new products. We introduced StableFX in beta, our new onchain FX app, and xReserve, which supports continued expansion of USDC across a wide range of blockchain ecosystems. And we now support USDC on over 30 different blockchain networks with interoperability being a key piece of Circle's platform strategy.

2026 02 26 BLUE ROOM Investment Team Bullpen – CRCL Q4 2025

Blue Room Investment Team Bullpen
Thursday, February 26, 2026
9:30 AM

Nick Peart reviews (CRCL) Circle Internet Group's Q4 2025 earnings.

Disclosure:
This video is for informational purposes only and does not constitute investment advice.

Company Participants

Michael Weiss — Chairman, President, & Chief Executive Officer
Adam Waldman — Chief Commercialization Officer
Sean Power — Chief Financial Officer
Jenna Bosco — SVP, Investor Relations

Conference Call Participants
Brian Cheng — J.P. Morgan
Corinne Johnson — Goldman Sachs
Emily Bodnar — H.C. Wainwright
Michael DiFiore — Evercore ISI
Pankaj Agarwal — Cantor Fitzgerald
Tara Bancroft — TD Cowen
William Wood — B. Riley Securities

Good morning, everyone, and thank you for joining us today. 2025 was a defining year for TG Therapeutics. We didn't just grow, we scaled, we strengthened, and we demonstrated that preempting is becoming a foundational therapy in relapsing multiple sclerosis.

Let's start with what matters most, performance. We delivered approximately $616 million in total global revenue, the vast majority of which came from $594 million of BRIUMVI U.S. net sales, and we capped the year with a strong fourth quarter of $183 million. That represents approximately 92% year-over-year growth and 20% sequential growth from Q4 over Q3.

Those numbers reflect something simple. Physicians are choosing BRIUMVI, patients are staying on BRIUMVI, and confidence in the product continues to build. That confidence is reinforced by our six-year open label extension data from ULTIMATE 1 and 2 presented at ECTRIMS this past September. Nearly 90% of the patients were free from 24-week confirmed disability progression after six years of continuous treatment. Six years, and the relapse rate seen in the six-year BRIUMVI treatment translates into one relapse occurring in every 83 years of treatment. And importantly, no new safety signals emerged.

On the R&D front, we advanced our Phase 3 ENHANCE study evaluating consolidation of the Day 1 and Day 15 BRIUMVI infusions into a single 600-milligram dose. Enrollment is complete. We expect top-line data mid-year with a potential 2027 launch of this consolidated treatment schedule. If successful, this could meaningfully simplify the treatment experience. We believe effective therapies should not only work well but be as convenient as possible for patients, which brings me to our subcutaneous program.

We're developing a self-administered at-home subcu BRIUMVI to be delivered via an auto-injector. Our Phase 3 study is evaluating two dosing schedules — every two months and quarterly administration. The trial is now approximately 75% enrolled, and we're targeting pivotal top-line data later this year or early next year with a potential 2028 launch. We see this program as having significant commercial potential. The subcu portion of the anti-CD20 market is substantial, and being able to compete in this space, we believe, could nearly double our total addressable market opportunity.

Beyond MS, we are actively advancing plans to explore BRIUMVI in additional autoimmune indications, including having treated a series of Myasthenia Gravis patients in a Phase 1 study.

Finally, azer-cel, our allogeneic anti-CD19 CAR-T, is being studied in patients with progressive MS. It's still early, but momentum is building. Our clinical trial sites are identifying patients

Company Participants

Jordan Shapiro — President and General Manager, Quantum Networking
Niccolo de Masi — President and Chief Executive Officer

Inder Singh — Chief Operating Officer and Financial Officer
Dean Kassmann — Senior Vice President of Engineering and Technology

Christopher Ballance — President, Quantum Computing

Niccolo de Masi — President and Chief Executive Officer

Thank you all for joining us on today's historic call. 2025 was a highly successful and transformational year for IonQ, both strategically and financially. Strategically, we expanded our business from leadership in quantum computing to become the world's leading quantum platform solution and merchant supplier. We are the first company in history capable of delivering integrated quantum solutions across computing, networking, sensing, and security in all major allied geographies.

IonQ is the world's only full-stack quantum platform company operating in all domains. This strategic expansion is powered by an unmatched intellectual engine as we continue to attract the world's best and brightest quantum leaders, as well as the leading quantum IP portfolio. IonQ benefits from approximately 300 PhDs and 800 talented colleagues with advanced degrees, many of whom are household names in their fields.

Financially, we delivered a record year, not only for IonQ, but a historic one for the entire quantum industry. In the third quarter of 2025, we delivered nearly as much revenue as we did in all of 2024. In the fourth quarter of 2025, we surpassed this by growing more than 50% quarter-over-quarter. After becoming the first public quantum company to achieve eight figures of revenue in 2024, we grew to deliver substantially more revenue in the fourth quarter of 2025 than in the entire calendar year of 2024. Strong organic growth powered our full-year 2025 revenue to be over 3x that of 2024. Commensurately strong investor interest allowed us to fortify our balance sheet with the two largest capital raises from a single investor in quantum history. Quantum is indeed now and IonQ is confidently leading this revolution by every measure.

As most listeners know, late last month, we announced the largest acquisition agreement in quantum history and the first public-to-public planned quantum transaction ever. SkyWater is the leading quantum foundry in the world, commercially supporting not only IonQ but also more than a dozen other quantum and DOW programs. By leveraging SkyWater's unique expertise in pioneering quantum semiconductor scaling within secure trusted environments, we will be positioned to accelerate manufacturability of IonQ's entire quantum platform roadmap. However, our mission extends beyond IonQ to power the broader U.S., quantum industry and all our global allies. We aim to ensure our nation's entire quantum ecosystem moves forward with speed and security.

In our joint IonQ-SkyWater webinar last month, we laid out the fact that IonQ is already a leading merchant supplier to the broader quantum industry. Our precision atomic clocks power a number of quantum computing businesses and government contractors and we already sell our quantum networking solutions and sensors broadly. Our modality agnostic networking components are in fact designed to integrate diverse quantum devices, ensuring seamless connectivity across the quantum industry. Once SkyWater is part of the IonQ family, we will become the largest quantum merchant supplier in the world, with Thomas Sonderman continuing to lead SkyWater.

Our focus is accelerating our nation's quantum industry and we will continue investing to ensure the United States prevails in this geopolitical race. SkyWater has already created the compartmentalization, the protocols, and the IP protections that will allow customers to continue to operate within our foundry model. We are kindred spirits with everyone supporting our nation and our allies in this quantum space race of our era.

(FROM THE)

ECONOMICS DESK

Disclosure:
This video is for informational purposes only and does not constitute investment advice.

______________________________________

Copyright 2026 Blue Room (TM) Investing.
Note: There is no AI generated content in this video.

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MCA Denver
Spring Exhibitions Opening Celebration

Thursday, March 5, 2026
7:30 PM to 10:00 PM

https://mcadenver.org/events/spring-exhibitions-opening-celebration

Exhibition opening party featuring craft cocktails, music, and (of course) art to celebrate MCA Denver’s three spring exhibitions!

*General admission tickets include museum admission, DJ sets, and all the good party vibes. Drinks are available for purchase.
*VIP tickets include first access to the exhibitions at 6PM and curator remarks.

About the Artists

Bethany Collins (b.1984) was born in Montgomery, AL and lives and works in Chicago, IL. Collins is a multidisciplinary artist whose conceptual practice examines the relationship between race and language. Centering language — its biases, contradictions, and ability to simultaneously forge connections and foster violence — her works illuminate America’s past and offer insight into the development of racial and national identities. Drawing on a wide variety of documents, ranging from nineteenth-century musical scores to US Department of Justice reports, she erases, obscures, excerpts, and rewrites portions of text to bring to the fore issues revolving around race, power, and histories of violence. Collins’s early series

Ana María Hernando, from Argentina (b. 1959, Buenos Aires), is a Colorado based multidisciplinary artist whose work focuses on the feminine, using empathy to make the invisible visible, and to question our preconceptions of the other and each other, including nature and the earth, their worth, and value. In her installations, Ana María uses textiles in abundance, and sometimes includes the work of women from around Latin America and beyond, from embroideries of cloistered nuns in Buenos Aires, to mountains of tulle, to the weavings and wares of Peruvian women from the Andes.

Sammy Seung-min Lee (b. 1975, Seoul; lives and works in Denver) explores sculpture, bookbinding, and installation in her interdisciplinary practice. Shaped by her nomadic youth and bicultural identity, she creates assemblages that bridge spatial, temporal, and socio-cultural divides. Lee’s materials — from paper to architectural elements — and her adaptation of traditional techniques reimagine the relationship between the East and the West and connect tradition with contemporaneity.

About the Curator

Leilani Lynch is the Curator at the Museum of Contemporary Art Denver. Lynch has organized numerous museum exhibitions, including Movements Toward Freedom (2024), Gala Porras- Kim: A hand in nature (2024); Steven Yazzie: Meandered (2024); Ken Gun Min: The Lost Paradise (2024); and Anna Tsouhlarakis: Indigenous Absurdities (2023). From 2015 – 2022, Leilani held several curatorial positions at The Bass, Miami Beach. There she curated exhibitions with artists including Jamilah Sabur, Cara Despain, Naama Tsabar, Karen Rifas, Aaron Curry, Mika Rottenberg, in addition to co-organizing exhibitions by Adrián Villar Rojas, Haegue Yang, and Paola Pivi.

MCA Members

Members get discounts to all MCA Denver programs and events! Discount code shared via member email. Not a member yet? Memberships start at just $5/month!

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For more information about us and our general disclosures contact us directly.

Weekend Update #267

(FROM THE)

ECONOMICS DESK

MCA DenverSpring Exhibitions Opening Celebration

Thursday, March 5, 20267:30 PM to 10:00 PM

Weekend Update #268

Weekend Update #266

MCA Denver
Spring Exhibitions Opening Celebration

Thursday, March 5, 2026
7:30 PM to 10:00 PM