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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Manning & Napier (MN) investor relations material
Manning & Napier has been delisted
Manning & Napier Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary9 Oct, 2025
Market overview and economic context
U.S. economy remains resilient, driven by high-end consumption and robust non-residential fixed investment, especially in AI-related sectors.
Economic growth is bifurcated, with consumer tech strong but enterprise IT spending tepid outside of AI investments.
Rate-sensitive sectors like housing and small business show weakness, prompting the Fed to cut rates despite persistent inflation.
Inflationary pressures are rising, and the Fed is balancing labor market softness with above-target inflation.
Long-term rates remain high, raising concerns about the effectiveness of rate cuts and future economic risks.
AI value chain and investment landscape
The AI value chain is divided into infrastructure (data centers, chips), operators (hyperscalers, neoclouds, REITs), model providers, and application providers.
Hyperscalers (Amazon, Google, Microsoft, Meta) dominate CapEx spending, funding investments mainly through cash flow, while neoclouds rely on debt and equity issuance.
Vendor financing and circular investment deals are increasing, with companies like NVIDIA and Oracle playing key roles in funding AI buildout.
Risks are concentrated among neoclouds due to high leverage, customer concentration, and uncertain payback periods.
Investment opportunities are more attractive in consolidated, high-margin segments like semiconductors and hyperscalers, while infrastructure and neoclouds are viewed as riskier.
Revenue generation and monetization challenges
Application layer revenue is currently dominated by ChatGPT, with $10B+ run rate, but total AI app revenue ($15–20B) lags far behind infrastructure investment.
Consumer monetization is mostly via subscriptions, with advertising expected to become a major driver.
Enterprise adoption is fastest in coding assistants, but broader enterprise impact is still limited.
There is a growing mismatch between the scale of infrastructure investment and current monetization at the application layer.
Most fast-growing app companies are private; public exposure is mainly through hyperscalers and select tech giants.
How does AI investment compare to past bubbles?
Is AI investment sustainable given monetization?
How is AI impacting power grid demand?
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Frequently asked questions
Manning & Napier Inc was an investment management firm providing a range of investment solutions for individuals, institutions, and retirement plans. The company offered active investment strategies in equity, fixed income, and alternative asset classes, as well as financial planning and advisory services. It was headquartered in Fairport, New York, and its shares were listed on the NYSE.
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