Weekend Update #276

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.

U.S. equities closed the week at record highs, with AI-driven earnings and a stabilizing labor market overcoming persistent geopolitical anxiety tied to the Iran conflict. The S&P 500 advanced roughly 2% on the week — its sixth consecutive weekly gain — while the Nasdaq surged approximately 4%, paced by strong tech results from companies including AMD, Nvidia, and CoreWeave. The Dow lagged, posting a modest weekly gain of around 0.2% as energy and industrials weighed. Intraday volatility was elevated early in the week as U.S. and Iranian forces exchanged fire near the Strait of Hormuz, but markets recovered swiftly as investors grew more confident that diplomacy remained on track. The 30-year Treasury yield briefly broke through 5%, a two-decade high, reflecting concern that oil-driven inflation could delay Federal Reserve rate cuts — but equities pressed higher regardless, buoyed by earnings momentum. Consumer sentiment deteriorated further, with the University of Michigan's preliminary May reading falling to 48.2, the lowest in years, underscoring the divergence between Main Street anxiety and Wall Street optimism.

April's nonfarm payrolls report was the week's standout macro release, showing employers added 115,000 jobs — the second consecutive month of gains after near-zero growth through much of last year and well above consensus expectations of 55,000. The unemployment rate held steady at 4.3%, and hiring was broadest in healthcare, transportation and warehousing, and retail trade; manufacturing shed a modest number of positions. The back-to-back gains represent a meaningful stabilization in the labor market, though the job openings data released earlier in the week added nuance: vacancies dipped slightly to 6.87 million in March from 6.92 million in February, and the ratio of openings to unemployed workers held flat at 0.9, signaling the market is not currently generating inflationary pressure from excess demand. Weekly jobless claims came in at 200,000 for the week ended May 2 — above the prior week but below the 206,000 consensus — while productivity rose 0.8% in Q1, below estimates. Collectively, the data paint a picture of a labor market that is healing but not overheating, though hawkish Fed members are growing more vocal as energy prices keep inflation elevated.

Corporate and sector news was dominated by artificial intelligence. Anthropic signed a computing deal with SpaceX to access more than 300 megawatts of capacity from the Colossus 1 data center in Memphis, and separately unveiled new AI agents targeting financial services tasks — deepening its joint venture with Blackstone and Goldman Sachs. OpenAI similarly formed a Wall Street joint venture, raising more than $4 billion from investors. AI chipmaker Cerebras Systems moved to raise its IPO price range to $125–$135 per share amid demand exceeding 20 times the shares available. In transportation, FedEx and UPS shares tumbled after Amazon announced it would open its freight and fulfillment logistics network to third-party businesses beyond Amazon sellers — a potential watershed moment for the parcel and freight industry. Coinbase announced a 14% workforce reduction, cutting roughly 700 employees, citing volatile crypto markets and a strategic pivot toward AI capabilities. The Trump administration also circulated a draft executive order directing U.S. agencies to partner with AI companies on cybersecurity — notably without mandatory pre-release model testing.

The coming week's primary focus will remain the U.S.-Iran diplomatic track, with Iran having sent its formal response to Washington's peace proposal via Pakistan; market participants will scrutinize any developments around the Strait of Hormuz as a potential catalyst for a sharp move lower in oil prices. On the economic calendar, investors will watch for April CPI data, which will be particularly important given elevated energy prices and hawkish Fed commentary following the payrolls beat. Treasury yields near multi-decade highs will keep pressure on rate-sensitive sectors, and any Fed speakers scheduled through the week could set the tone heading into the June FOMC meeting. On the corporate side, a number of retailers are expected to report earnings, offering a read-through on consumer health against a backdrop of falling sentiment. The IPO market will also remain in focus with Cerebras Systems pricing expected shortly and continued appetite for AI-adjacent offerings.

Friday's Close
(Weekly Performance)

Index‍ ‍Price‍ ‍Weekly %

S&P 500 7,398.93 (+2.33%)

Nasdaq 26,247.08 (+4.51%)

Dow Jones 49,609.16 (+0.22%)

Thank you Blue Room Senior Analyst NICK PEART.

Microsoft CEO Satya Nadella:

It was a record third quarter, powered by the continued strength of the Microsoft Cloud, which exceeded $54 billion in revenue, up 29% year–over–year. Our AI business surpassed $37 billion ARR, up 123%. We are at the beginning of one of the most consequential platform shifts that will change the entire tech stack as agents proliferate and become the dominant workload. This will drive TAM expansion and change the value creation equation across the entire economy.

2026 05 04 BLUE ROOM: MSFT

Blue Room Investment Team Bullpen
Monday, May 5, 2026
8:30 AM

Ms. Huong Dinh reviews (MSFT) Microsoft F2026 Q3 Earnings

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.

AMD CEO Dr. Lisa Su

Data center is now the primary driver of our revenue and earnings growth. And as AI adoption scales, demand is increasing, not only for accelerators, but also for the high performance CPUs that power and orchestrate those workloads.

2026 05 06 BLUE ROOM: AMD

BLUE ROOM Investment Team Bullpen
Wednesday, May 6, 2026

AMD: AMD Q1 2026 by Minyoung Sohn

Michael Weiss — Chairman, President, & Chief Executive Officer

Thank you, Jenna, and good morning, everyone. We appreciate you joining us.

The first quarter of 2026 was, in my view, exceptional. Not because of any single milestone, but because of the consistency and durability we're now seeing across the business. Let me start with the commercial side. At a high level, Q1 was a record-setting quarter across nearly every metric we track. The momentum puts us on a very strong position as we move through the rest of the year. From a revenue standpoint, we delivered approximately $195 million in U.S.-BRIUMVI product revenue in core one, ahead of our guidance of $185 to $190 million. On a global basis, revenue exceeded $200 million for the quarter, marking another important milestone. And as we move toward a billion-dollar annualized run rate, expected before year-end, we continue to believe we are still early in the BRIUMVI adoption curve, making peak revenue from the IV franchise alone still years ahead of us and multiples of where we are today.

Physicians are increasingly recognizing the value of BRIUMVI, not just on efficacy, but on the overall treatment experience. And that's translating into durable, repeatable growth. And importantly, the data continues to support that differentiation. Earlier this year, we were pleased to see our five-year follow-up data from the ULTIMATE 1 and II open-label extension study published in JAMA Neurology, reinforcing sustained efficacy of BRIUMVI, along with a consistent safety and tolerability profile over time. At AM earlier this month, we continue to build on that story with real-world data, demonstrating sustained and rapid B-cell depletion, low annualized relapse rates maintained over time, and continued evidence of a favorable infusion experience and tolerability profile. And for the first time, we presented prospective data from patients who switched from a prior anti-CD20 therapy to BRIUMVI, which showed improvement in patient-reported wearing-off symptoms, sometimes refers to the crop gap after switching to BRIUMVI. Given that meaningful number of patients report this wearing-off effect, the potential to address it represents a clear and differentiated use case.

Turning to the pipeline, this is where we continue to invest in both strengthen and extend the franchise. First, our phase 3 ENHANCE study, evaluating initiation of BRIUMVI therapy with a single 600 milligram IV infusion, as compared to the currently approved schedule of 600 milligrams, divided into two infusions, one on day one and one on day 15. I'm pleased to report that based on current timelines, we expect topline data from this phase 3 study in the coming weeks, assuming a positive outcome and regulatory approval, we believe this positions us to launch the consolidated dosing schedule next year. This is about simplicity. Your infusions, same efficacy. And feedback on eliminating the day 15 infusion continues to be very positive from both patients and providers.

Now turning to our subcutaneous program, we're developing a self-administered at-home version of BRIUMVI, expected to be delivered via an auto-injector and a pen-like device. This program is designed to expand optionality and, importantly, expand the number of patients we can reach. The program began with a phase 1 dose escalation bioavailability study, evaluating subcutaneous dosing relative to our approved IV schedule. Based on encouraging preliminary results, we advanced directly into our phase 3 program. In phase 3, we are evaluating two subcutaneous dosing schedules every two months and quarterly dosing, with the primary endpoint being non-inferiority to IV based on drug exposure over 24 weeks. We were pleased to report in April that the study is now fully enrolled and we expect top-line data around year-end or early next year, putting us on track for a potential 2028 launch of subcutaneous BRIUMVI, assuming a positive outcome and regulatory approval. And I know many of you have been waiting for the phase 2 bioavailability data. We now expect to share those results in the coming weeks.

Strategically, it's important to understand what subcu represents. This is not about incremental growth and it's not about building a new infrastructure or entering a new indication. This is about expanding our reach within the same disease with largely the same physicians and commercial footprint. Creating significant operating leverage by enabling us to compete across both infusion and self-administered settings. We move from participating in a portion of the market to potentially participating across the entire anti-CD20 landscape. And as a result, we believe this has the potential to nearly double our addressable market with a relatively limited incremental operating expense.

2026 05 06 BLUE ROOM: TGTX

BLUE ROOM Investment Team Bullpen
Wednesday, May 6, 2026

TGTX: TG Therapeutics Q1 2026 by Jared Fenley

Evan Spiegel — Chief Executive Officer

Hi, everyone, and welcome to our call. Last fall, we described a crucible moment for Snap and the imperative to grow our community and engagement, reaccelerate revenue growth, improve gross margins, and establish a clearer path to net income profitability. We made meaningful progress on each of these priorities in Q1. Q1 marked a return to growth in daily active users, reaching 483 million, while monthly active users grew to 956 million. Revenue increased 12% year-over-year to $1.53 billion, including a 3% year-over-year increase in advertising revenue to $1.24 billion and an 87% year-over-year increase in other revenue to $285 million. Net loss improved to $89 million. Operating cash flow was $327 million. Free cash flow was $286 million and adjusted EBITDA was $233 million.

These results indicate that we are closing the gap between engagement and monetization while converting revenue growth into a more durable path towards gap profitability. As we look ahead, our priorities are clear:

First, grow our community and deepen engagement across Snapchat. With a focus on highly monetizable geographies.
Second, accelerate and diversify revenue growth.
And third, build a more profitable and cash generative core business while investing with discipline and Specs and our long term opportunity in intelligent eyewear.

Our first priority is growing our community and deepening engagement by making Snapchat the best place to communicate with close friends and family. Engagement on our platform is built around relationships. People use Snapchat to talk to their friends, to express themselves visually, to share what they're seeing and to stay connected to what is happening around them. That is why we continue to believe that our communication service is our strongest long-term advantage.

In Q1, we continue to invest in new conversation starters to make communicating with friends easier and more fun. Topic Chats, which allows Snapchatters to participate in public conversations around trending topics and events, gain momentum as we broaden the rollout in Q1. For example, the March Madness Topic Chat was one of the most active real-time group chats with more than 90,000 messages sent and peak concurrent participation exceeding 40,000 people.

Games are also emerging as a popular conversation starter with new two player turn based experiences, creating low friction ways for friends and family to connect. We also added new entry points for Games in Q1 to improve discovery, contributing to Games reaching 255 million monthly active users. In addition, we enhanced our messaging infrastructure by improving notification timeliness and relevance, and by making it easier for Snapchatters to seamlessly share content into conversations.

John L. Hopkins — President & Chief Executive Officer

Thank you, Rodney. And good afternoon, everyone.

We are at a true watershed moment for the nuclear industry. Global demand for reliable 24/7 baseload power is surging and the appetite for proven advanced nuclear solutions has never been stronger.

In this environment, NuScale stands apart. Not as a promise a newcomer, but is the clear global leader ready to deliver today.

Let me remind you why NuScale is uniquely positioned to capture this historic opportunity.

As you can see on Slide 3, we are differentiated on the dimensions that matter: regulatory leadership, fuel supply availability, true modular factory fabrication, deployment readiness and safety. In addition, NuScale has the balance sheet to deliver to the commercial market.

First, unmatched regulatory leadership. NuScale stands alone as the only SMR company in the world to have earned U.S. Nuclear Regulatory Commission standard design approval. And we've done it for two separate designs, our 50-megawatt and our 77-megawatt modules. This isn't just a regulatory milestone — it is the critical gateway to commercial operations.

Without NRC design approval, no SMR can deliver power to the grid.

NuScale has already cleared the highest regulatory bar in the industry, giving us a significant competitive advantage and derisking the path to deployment for customers and investors.

Additionally, what makes this regulatory milestone even more powerful is that NuScale achieved it under 10 CFR Part 52, the modern one-step licensing framework specifically designed for more efficient nuclear deployment.

Why does this matter? Under the traditional Part 50 licensing process Investors and utilities faced a higher degree of risk. They need to secure a construction permit based on a preliminary safety analysis report or concrete and potentially spend billions then hope to pass a second full safety review later to receive an operating license.

History shows how problematic this path can be. A problem that could persist today. Recently, the Advisory Committee on Reactor Safeguards or ACRS, has highlighted deficiencies of new reactor submittals and warned of delays ahead for Part 50 applicants. Most generation for designs rely on new fuels, coolants and safety concepts never before license in the United States.

This explains why the Department of Energy still classifies them as demonstration projects. Part 52 changes the game.

It provides a single combined license that addresses major safety, design in operational issues before the first dollar is spent on construction. Even better, NuScale is the only SMR company to earn full NRC standard design approval under Part 52.

Our core technology is approved and proven. Every future project can simply reference our approved designs rather than reinventing the wheel. NuScale delivers the clearest, low-risk NRC approved pathway to commercial operation, a solution that is ready for deployment now. NuScale offers certainty you can take to the bank.

Second, fuel that is available today NuScale power tags run on proven widely available commercial low-enriched uranium or LEU. Fuel that has reliably powered upwards of 400 commercial reactors around the world for decades.

In contrast, other advanced designs depend on high assay low enriched uranium or HALEU, a field that is not currently available at commercial scale within North America. When your project timelines matter, NuScale removes a critical supply chain risk that others are still hoping to resolve.

Harley Finkelstein — President

Thanks, Carrie, and thanks to everyone for joining us. We've got a lot to talk about today. Commerce is moving at lightning speed right now and so is Shopify. So first, let's kick-off with the headlines. Q1 One, GMV was $101 billion, that is up 35%. I'll say that again. Q1 GMV was $101 billion. That is the second consecutive quarter our merchants have done over $100 billion in sales. Now that is commerce at a truly vast scale. Our revenue was $3.2 billion for the quarter that is up 34% and our free cash flow was $476 million, delivering a 15% free cash flow margin. That means we've now put up four straight quarters of 30% or more revenue and GMV growth, alongside mid to high teens free cash flow margins every single quarter. There are very few publicly traded companies today that are able to make that claim at anything like this scale. It is a very small club and that is something we are very proud of. And the reason is actually very simple.

We've never lost sight of our mission to help our merchants win. And that is why every day we are seeing new businesses light up with their very first sale. And in tandem, we're seeing more of the world's biggest brands migrating to us from all corners of commerce.

In Q1, we signed three Legends of Luxury, Mulberry, Ballman and LVMH. And in fashion, we welcomed and Bone, luxury Outlets, the OutNet and Rue Guilt Group and the iconic Land's End. BevMo, one of the largest liquor store retailers in the US has brought us into power all of their locations with Shopi point-of-sale. And Orvis, the outdoor brand that was founded in 1,856, is moving to Shopify for a full unified commerce solution. Meanwhile, Q1 saw us go-live with incredible brands like the Beneton Group, Victoria's Secrets, Body, Epic Shop by Vale Resorts and. And here's the best part. We're not just winning the retail legends of today, we're powering the retail legends of tomorrow and it's happening really fast. We'll get into some real merchant stories later because the velocity we're creating is important to understand.

Okay, let's step back for a second. There's a lot of noise around what AI will mean at an individual level, at a company level and at a cultural level. Now here's our perspective. First, we're not approaching a new era anymore. We are already in it. In 2026, AI is now Shopify's native language. We bet early on AI and forced its adoption. It's embedded in everything we do, the products we build, the channels we power, the way every single person on the team operates. AI has become an exoskeleton for everyone at Shopify, giving them a virtual team of agents and that makes room for rapid experimentation. It allows them to pursue multiple ideas at the same time and then double down on the winners. And here's what else we believe to be true.

No group benefits more from AI than entrepreneurs. The logic is simple. AI is making entrepreneurship dramatically more accessible and in fact, accelerated. That means we're going to see more entrepreneurs and they're going to scale more easily. AI-powered shopping democratizes discovery. Reach is not just influenced by anymore, it is influenced by relevance, which benefits both merchant and buyer and the right products find the right shopper at the right moment. And this has enormous potential for new and scaling merchants. And because we win when they win, it also has enormous potential for Shopify. So let's just say the thing. There's always going to be some market confusion when we see a significant shift like we're seeing right now with the rise of AI. We've seen it before. I'm sure we'll see it again.

2026 05 05 BLUE ROOM: SHOP

Blue Room Investment Team Bullpen
Tuesday, May 5, 2026

SHOP: Shopify Q1 2026 by Jared Fenley

Ramy Farid — President & Chief Executive Officer

Thanks, Jaren, and thank you everyone for joining us today. We were off to a strong start this year, delivering $28.4 million in ACV, a 12% increase compared to Q1 last year. Our growth was broad-based, reflecting usage scale-ups, new customers, and growth from new products. Drug discovery revenue of $23 million was also a significant contributor in the quarter.

Lilly's announced $2.3 billion acquisition of Ajax Therapeutics, a company we co-founded and in which we have an approximately 6% equity stake, is the latest example of a multi-billion dollar deal for a Schrodinger co-developed molecule and speaks to the power of our platform.

We are pleased with our momentum transitioning customers to hosted licensing. We are seeing positive conversion dynamics upon contract renewals and with new products that are hosted. In limited cases, we are also seeing the early conversion of multi-year on-premise deals to hosted ahead of the scheduled renewal date.

We are encouraged by the improving biopharmaceutical funding environment. While macroeconomic uncertainty remains, it is clear to us that there is a growing recognition of the critical importance of our computational platform as R&D organizations embrace the predict-first computational paradigm that offers a demonstrated path toward improving probability of success and reducing the time and cost of molecular discovery. We remain poised to benefit from the evolving regulatory environment with our predictive toxicology initiative set to address a key element of the FDA's focus on reducing animal testing and broadening the use of computational methods.

Our market-leading position is built on the inherent accuracy and scalability of our physics-based approach and is further reinforced by our unmatched track record. While standard AI models are limited by the scarcity of training data, our platform generates the ground truth simulations, accuracy and scale required for AI to precisely navigate the vastness of chemical space.

By combining the accuracy of physics with the speed and scalability of AI, we are able to evaluate key properties of billions, even approaching trillions of molecules with a level of accuracy impossible to achieve through models trained solely on experimental data. This capability enables our customers to integrate computation more deeply into their workflows, driving the consistent demand that underpins our long-term growth trajectory. We are committed to technology leadership and evolving our platform to meet customer needs.

We are very excited about the upcoming release this summer of an early-access version of Bunsen, our new agentic AI co-scientist. Designed to autonomously execute complex molecular discovery workflows, Bunsen enhances productivity and accelerates the design, predict, make, test, analyze cycle that drives modern molecular discovery. Our material science and therapeutics teams have been successfully using Bunsen internally, and we are excited to offer this capability to our customers. Our throughput-based licensing model is well-positioned to capture the value of this expanding utilization.

The repeated success of our co-invented molecules and the continued progress of our therapeutics portfolio place us at the forefront of a digital transformation, moving material science and life science industries toward a more efficient, predict-first, computationally driven model of discovery. We continue to deliver the technology that transforms the way molecules are discovered, and we look forward to updating you on our progress throughout the year.

2026 05 06 BLUE ROOM: SDGR

BLUE ROOM Investment Team Bullpen
Wednesday, May 6, 2026

SDGR: Schrodinger Q1 2026 by Jared Fenley

Varun Krishna — Chief Executive Officer

Good afternoon, everyone, and thank you for joining our first quarter 2026 earnings call. There is a lot happening at Rocket, so I'm going to keep this simple. Three things matter this quarter. First, we delivered a strong performance in a volatile market. Second, we are using AI, data, and distribution to create opportunity instead of waiting for the market to hand it to us. And third, Rocket is no longer the same company that it was three years ago.

The shape of our business has not just changed, it has fundamentally evolved. So let's start with the quarter. Adjusted revenue came in at $2.8 billion, above the high end of our guidance range. That is not an accident. It reflects the durability of our model, the strength of our execution, and the discipline and resilience of our team. We do what we say, we say what we do, and we have done that through some of the most volatile operating conditions this industry has ever seen. That consistency is not cosmetic. It defines Rocket. Our $2.1 trillion unpaid principal balance stands out for both scale and quality.

In Q1, we generated over $1 billion in income from servicing fees. The power of that portfolio is simple. It creates stable cash flow, it balances the company, and it gives us a built-in engine for future growth. When you combine that with our origination business, you get a massive recapture platform that expands the top of our funnel without traditional client acquisition costs.

That is a rare combination: recurring cash flow, deep client relationships, and built-in upside when the market moves. Net rate lock volume was $49 billion, up 19% from last quarter. We gained market share in both purchase and refinance, quarter-over-quarter and year-over-year. Adjusted EBITDA reached $738 million, with margin expanding to 26% from 23% in the prior quarter. Adjusted diluted EPS was $0.15, compared with $0.11 in the fourth quarter.

Now, when I look at the housing market, there are two forces at work. The first is the market itself. Rates, affordability, inventory, consumer confidence. Q1 was a wild ride. Rates moved down through the early part of the quarter. The 30-year fixed rate went from 6.15% in January to just under 6% by the end of February. That helped spark both purchase and refinance activity. Then volatility returned. Rates moved back up to 6.5% in March. Affordability tightened. The spring season started unevenly. You can see it in the data. Existing home sales in March were down 1% year over year and nearly 4% from February. That's the market. It moves, it stalls, it surprises people. We do not build Rocket around being surprised.

The second force is much bigger. AI. AI is changing how every industry works, and housing is one of those industries. For decades, housing has been slow, manual, fragmented, and expensive. Consumers have carried too much of the burden. Agents, loan officers, and servicers have fought through too much friction, too many steps, too many handoffs, too much waiting. Artificial intelligence fundamentally changes that. Real-time data, predictive insights, and intelligent automation can make the homeownership experience faster, simpler, more personal, and more affordable.

A lot of companies are talking about AI right now. Some are still trying to find a strategy. Others are bolting tools onto businesses that were never built to use them properly. That is not Rocket. We have been building toward this for years. Over the last six years, we have invested more than $500 million in AI, automation, and the infrastructure underneath it. So when people ask what AI changes for Rocket, the answer is clear.

PBGENE-HBV (Hepatitis B Viral Elimination Program):

PBGENE-HBV is Precision’s wholly owned in vivo gene editing program being evaluated in a global first-in-human clinical trial as a potential curative treatment for chronic hepatitis B. PBGENE-HBV is the only clinical stage program that targets the elimination of cccDNA, the sole source of viral replication, leading to sustained loss of HBV DNA and other downstream viral transcripts. PBGENE-HBV is the first in vivo gene editing approach to prospectively employ repeat administrations of lipid nanoparticle (LNP) in chronic hepatitis B.

As part of the ongoing assessment of the safety and efficacy profile of PBGENE-HBV after repeat doses in Part 1 dose finding, Precision has treated 16 patients with 38 administrations of PBGENE-HBV across five cohorts evaluating the impact of escalating dose levels as well as 8-week and 4-week dosing intervals. The goal during Part 1 of the study is to select the dose and schedule that achieves the desired therapeutic index to move to the expansion phase of the ELIMINATE-B trial.

Looking ahead, Precision expects to share further clinical data from the PBGENE-HBV program at hepatitis-focused medical conferences throughout 2026, starting with the European Association for the Study of the Liver (EASL).

On April 22nd, Precision BioSciences announced that a late-breaking poster for PBGENE-HBV was accepted for presentation at the EASL Congress 2026 taking place on May 27–30 in Barcelona, Spain. The poster titled, “First evidence of elimination and inactivation of cccDNA in liver biopsies collected from patients with chronic hepatitis B treated with PBGENE-HBV” will be presented by investigator, Man-Fung Yuen, Chair and Professor of Gastroenterology and Hepatology at The University of Hong Kong. The poster will be presented on May 27–30, 2026 during the Late-Breaker poster session.

In addition, in April the company announced that it received Clinical Trial Application approval to expand ELIMINATE-B into France and Romania, broadening the study’s footprint in Europe. Site initiation activities are underway, and initial patient screening in those countries is expected in the second quarter of 2026.

In March, Precision BioSciences received two Notices of Allowance from the U.S. Patent and Trademark Office (USPTO) for patent applications relating to the company’s PBGENE-HBV program. When issued, each patent arising from these applications is expected to have a standard expiration date in November 2044.

202 6 05 05 BLUE ROOM: DT IL

BLUE ROOM Investment Team Bullpen
Tuesday, May 5, 2026

DTIL: Precision BioSciences Q1 2026 by Jared Fenley

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.

Shweta Khajuria — Wolfe Research

Thanks a lot for taking my questions. Let me try two please. One is on product and the other is on partnership. So first on product, could you please talk about how you envision your product develop over the next 12 to 24 months as you integrate more of agentic and AI capability? So will we have an opportunity to sort of communicate via voice and put a cart together and execute a transaction, even saving us more time or better search and discovery, or whatever it may be, if you could please talk to that.

And then the second one is on partnership. You announced extension and expansion of your partnership with Lyft. And as you think about the greater value proposition around local commerce and becoming the operating system for local commerce, how do you think about travels and adjacency with Uber partnering with Expedia? Is partnering with Airbnb and Booking.com type partnership a value-add or something else? Your thoughts on that would be great. Thanks a lot.

Tony Xu — Chief Executive Officer

Hey, Shweta, it's Tony. Maybe I'll take both of those and feel free to add in anything you want, Ravi. Look, on the first question with respect to product, you know, the DoorDash philosophy and story has always been the same here, which is we have to create the best end-to-end shopping experience. If we do that, we will continue to be the ones that innovate, lead, and we'll continue to deliver great results like the ones that you saw in the quarter and in the many years leading up to the results that we've just shared.

And so there's not one way to do that. You talked a bit in your premise, Shweta, this idea that you should be able to, with the assistance of agentic like tools to have better discovery, search experiences and we agree with you. You know, I think that we absolutely will have agentic ordering experiences in which it will be a lot easier for customers to do many things that they do today with much lower friction to discover things that they perhaps didn't know existed on DoorDash to formulate complicated queries and solve those in the best possible way.

And the most important thing in delivering this is making sure that we actually can do it so that we don't just win on discovery and the upper funnel, but the end-to-end experience, because what's the point of having the best discovery experience, we can't bring you that exact item or that if that exact item were out-of-stock or it doesn't meet your personalized preferences that we can actually solve for that need.

And so, for us, the way I think about it is, there's no one thing. There's no one trick. It's making constant and continuous improvements to the selection quality, the accuracy of the catalogs, making sure that we offer the widest choice in terms of affordability and different price points, offering certainly the best quality of experience in speed, in timeliness, in accuracy and then obviously in customer support, which I think also is having an agentic revolution in of itself. And so you will see all of these things play-out in the DoorDash product experience.

The most important thing though is that we have to build the best end-to-end experience. And we are the only company that has the most robust catalog, much of which is actually about the physical world that does not exist in any digital repository, that cannot be scraped and that we ourselves uniquely own access to because of all the work that we do to actually build-up a repository of the physical world. And so, that is -- that's something that we will continue to build, I think, greater and greater advantage and especially in the world of agentic commerce.

Your second question on membership and kind of this idea of how will partnerships evolve? You know the way to think about it is that membership experiences and the benefits that kind of live underneath the umbrella of membership programs, they kind of only matter if they are best-of-breed experiences to customers, right? This is why you see different customers, for example, choose a variety of different memberships even for the same product, like if you take streaming, for example, some people prefer shows of a certain format on one network, whereas some others prefer shows of a different format on a different network, and that's why they end-up having multiple membership programs and things like this.

Consumer sentiment was essentially unchanged this month at 48.2, coming in a scant 1.6 index points below April’s reading and comparable to the trough reached in June 2022.

While the expectations index inched up, current conditions fell back about 9%, owing to a surge in concerns about high prices both for personal finances as well as buying conditions for major purchases.

Real income expectations continued a decline that began in March.

About one-third of consumers spontaneously mentioned gasoline prices and about 30% mentioned tariffs. Taken together, consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump.

Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall.

Chris Rogers — Chief Executive Officer & Board Chair

Thanks, Rebecca. Good morning everybody, and thanks for joining us. Q1 was a strong start to the year. We grew GTV 13% and total revenue 14% year-over-year, surpassing $10 billion in GTV and over $1 billion in total revenue for the first time. We also expanded profitability and repurchased $349 million in shares, reflecting our continued confidence in the business.

Stepping back, the headline is simple. Our strategy is working. We're the leading grocery technology platform delivering a best-in-class consumer experience, powering retailers through our marketplace and enterprise capabilities, and operating a scaled advertising ecosystem for brands.

Each part of our strategy is getting stronger on its own, and more importantly, they're compounding together. When we improve the consumer experience and scale our marketplace, we drive growth for our retail partners. We extend those capabilities into retailers' owned and operated channels, which deepens our integrations, and allows us to create better, more differentiated experiences for consumers. And as our platform grows, it creates more opportunities for us to expand our ads and data capabilities, while also unlocking efficiencies that we can reinvest back into the business. That combination is what's driving our results and gives us confidence in our runway ahead.

Now, let me walk you through what we're seeing across each of our key growth engines, starting with marketplace. Our fundamentals are strong, and we remain laser-focused on delivering the best end-to-end grocery experience. We center on what matters most to customers, selection, quality, affordability, and convenience, and we're increasingly using AI to make our experience more personalized and intuitive.

You can see this in all the product improvements we've made, which may sound simple individually, but at our scale, they compound quickly. For example, we continue to enhance our search functionality, making it faster and more relevant, while also guiding more new users towards search earlier in the journey. That matters because customers, who use search are about 5x more likely to place their first order.

We're also improving how consumers discover and access savings, making promotions more visible and easier to understand, including offers like free pasta sauce, when you buy $10 more of meat. That's helping customers save, while also driving larger baskets.

And as we continue to raise the bar on quality, we've upgraded our AI-powered replacement flow to better reflect consumer preferences in real-time. A strong example of how data and technology have come together to improve outcomes for both shoppers and customers.

On top of this strong foundation, we're introducing new AI-powered capabilities. With over 1.6 billion lifetime orders, we have a unique and deep understanding of the grocery journey, and we're using that to build the gold standard of agentic grocery AI. We recently began testing Cart Assistant, our AI-powered conversational shopping experience, now available to about 25% of U.S. customers.

2026 05 04 BLUE ROOM: SBUX

BLUE ROOM Investment Team Bullpen
Monday, May 4, 2026

SBUX: Starbucks Q1 2026 by Jared Fenley

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Copyright 2026 Blue Room (TM) Investing.

Note: There is no AI generated content in this video.

2026 05 04 BLUE ROOM: AAPL

BLUE ROOM Investment Team Bullpen
Monday, May 4, 2026

AAPL: Apple F2026 Q2 2026 by Ms. Huong

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This video is for informational purposes only and does not constitute investment advice.
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Copyright 2026 Blue Room (TM) Investing.

2026 05 06 BLUE ROOM: ANET

BLUE ROOM Investment Team Bullpen
Wednesday, May 6, 2026

ANET: Arista Networks Q1 2026 by Nick Peart

Disclosure:
This video is for informational purposes only and does not constitute investment advice.
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Copyright 2026 Blue Room (TM) Investing.

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Weekend Update #276

AMD CEO Dr. Lisa Su

Data center is now the primary driver of our revenue and earnings growth. And as AI adoption scales, demand is increasing, not only for accelerators, but also for the high performance CPUs that power and orchestrate those workloads.

Weekend Update #275