Charles MacGlashing
Corporate Treasure & Senior Director of IR

Good morning, and welcome to HubSpot’s Spring 2026 Spotlight Investor Webinar. I’m Chuck MacGlashing, and I’m here with Yamini Rangan, our Chief Executive Officer; and Duncan Lennox, our Chief Product and Technology Officer.

Today, we’ll walk through HubSpot’s 2026 strategy and how the new products and innovations we released at Spring Spotlight yesterday are making AI work for growth companies. I’ll also share an update on how HubSpot is transforming how it builds, grows and operates with AI.

Before we start, I’d like to draw your attention to our safe harbor statement. Statements made during this webinar that are not historical facts may be considered forward-looking within the meaning of the federal securities laws. These statements reflect our views only as of today involve risks and uncertainties, and we undertake no obligation to update them. Please refer to our most recent SEC filings for a discussion of the relevant risk factors.

Now it’s my pleasure to turn it over to HubSpot’s Chief Executive Officer, Yamini Rangan.

Yamini Rangan
CEO, President and Director

Thank you so much, Chuck. Welcome. Hello, everybody, and thanks so much for taking the time today to join us in this investor webinar. Look, the pace of innovation is just accelerating. There is a lot happening in the industry in just a matter of weeks, and there’s a lot happening at HubSpot. We just had our spring spotlight yesterday and a lot of exciting updates. So we wanted to provide a product and strategy update.

NEW YORK — Starbucks Corp. shares have climbed more than 15 percent year-to-date in 2026, trading near $98 in mid-April as investors weigh early signs of a turnaround under new CEO Brian Niccol against lingering pressures from cautious consumers and a complex China market.

At around $98.47 on April 15, 2026, SBUX stock sits well above its recent lows but remains far below the all-time highs above $120 seen in prior years. The company’s market capitalization hovers near $110 billion after a volatile stretch marked by declining traffic in key markets and aggressive cost-cutting efforts. Year-to-date gains outpace the broader market modestly, reflecting guarded optimism around the “Back to Starbucks” strategy launched after Niccol’s arrival from Chipotle in late 2024.

Wall Street’s consensus leans toward cautious optimism. Across roughly 40 analysts, the average 12-month price target stands near $101 to $104, implying modest single-digit upside from current levels. Ratings tilt toward Hold with a sprinkling of Buy recommendations, though some firms have nudged targets higher following positive Q1 signals. The highest targets reach $165 in optimistic scenarios, while bears see downside risks toward $74 if momentum stalls.

Fiscal first-quarter 2026 results released in late January offered the clearest evidence yet that Niccol’s plan is gaining traction. Global comparable store sales rose 4 percent, driven by positive U.S. transaction growth for the first time in eight quarters. Revenue climbed 5 percent to approximately $9.9 billion, beating estimates, though adjusted earnings per share of $0.56 missed consensus slightly amid higher labor investments and one-time items.

The company introduced full-year fiscal 2026 guidance calling for global comparable sales growth of 3 percent or better, with similar revenue expansion. Non-GAAP earnings per share are projected in a range of $2.15 to $2.40, and Starbucks plans to open 600 to 650 net new stores worldwide. Executives described the turnaround as “ahead of schedule,” highlighting menu simplification, improved store operations and a renewed focus on the core coffeehouse experience.

Niccol has emphasized returning Starbucks to its roots — faster service, friendlier baristas and a stronger sense of community — after years of over-reliance on digital orders and drive-thru efficiency that some critics said eroded the brand’s soul. Early moves included trimming the menu by 25 to 30 percent to reduce complexity and waste, enhancing in-store ambiance and retraining staff. U.S. traffic trends have stabilized, with transaction growth turning positive amid targeted promotions and value offers.

International markets present a more mixed picture. China, once a high-growth engine with plans to reach 20,000 stores through a partnership with Boyu Capital, continues facing headwinds from intense local competition and a sluggish consumer environment. While the company maintains long-term ambitions in the region, near-term traffic remains soft. Starbucks closed a strategic deal in China earlier in 2026, aiming to accelerate expansion while sharing risk.

Analysts credit Niccol’s operational discipline for margin stabilization efforts even as investments in labor and store refreshes weigh on near-term profitability. Operating margins contracted in Q1 but executives expect slight improvement for the full year through efficiency gains and disciplined pricing. Free cash flow generation remains solid, supporting the company’s quarterly dividend of about $0.61 per share, which yields roughly 2.5 percent at current prices.

The stock’s valuation sparks debate. Trading at a forward price-to-earnings multiple in the high 30s to low 40s based on 2026 estimates, SBUX commands a premium that assumes successful execution of the turnaround. Bulls argue the multiple is justified by Starbucks’ powerful global brand, loyal customer base and potential for mid-single-digit long-term growth as digital, ready-to-drink products and new store development compound. Bears counter that the premium leaves limited room for error if U.S. consumer spending weakens further or China recovery lags.

Next earnings for the fiscal second quarter are scheduled for late April, with investors eager for updates on U.S. traffic trends, China performance and progress on store renovations. Any positive surprises on same-store sales or margin trajectory could fuel further gains, while softer commentary might trigger profit-taking.

Competition remains fierce. Rivals such as Dutch Bros, local coffee chains and even fast-food players offering premium beverages continue chipping away at market share, particularly among price-sensitive younger customers. Starbucks has responded with value bundles, seasonal drinks and loyalty program enhancements designed to boost frequency without deep discounting that could erode margins.

Longer-term catalysts include international expansion beyond China, growth in the Global Coffee Alliance and ready-to-drink beverages, and potential innovation in plant-based or premium offerings. The company also continues investing in technology, including mobile order improvements and data-driven personalization, to enhance the customer experience.

For investors debating buy or sell decisions in 2026, Starbucks represents a classic turnaround story in the consumer discretionary space. Optimists see an attractive entry point after years of underperformance, with Niccol’s proven track record at Chipotle providing credibility. The current dividend yield and share repurchase activity add appeal for income-oriented portfolios. At depressed levels relative to historical peaks, the stock offers asymmetric upside if the “Back to Starbucks” plan restores mid-single-digit growth and expands margins toward pre-pandemic levels.

Skeptics highlight structural challenges: a maturing U.S. market, persistent inflation pressures on discretionary spending and geopolitical risks in China. Execution risk remains high as the company balances cost discipline with investments in people and stores. If traffic gains prove temporary or new store openings fall short, the premium valuation could compress quickly.

Portfolio considerations matter. Defensive qualities in the consumer staples-adjacent sector make Starbucks appealing during economic uncertainty, yet its sensitivity to discretionary spending ties it more closely to cyclical trends. Dividend growth history and strong balance sheet provide some downside protection.

As spring advances, attention will focus on summer beverage sales, back-to-school traffic and any updates on China operations or new product launches. Broader economic factors — interest rates, employment trends and consumer confidence — will influence results.

At current levels near $98, Starbucks offers a blend of recovery potential and income. Short-term traders may await the April earnings reaction for clearer direction, while longer-term investors can lean on the brand’s resilience and Niccol’s strategic shifts. Those with high conviction in a U.S. traffic rebound and successful China navigation see room for the stock to climb toward the $110-$120 range by year-end.

The coming months will test whether early positive trends translate into sustained momentum. Strong Q2 results, accelerating U.S. transactions and credible progress on margins could validate the bullish case and support multiple expansion. Any signs of renewed softness, however, might pressure shares toward the lower end of the 52-week range.

Starbucks built its empire on the simple promise of a welcoming third place between home and work. Under Niccol, the company is rediscovering that heritage while adapting to a more competitive, cost-conscious environment. Whether 2026 marks the inflection point for renewed growth or another transitional year will shape shareholder returns for years ahead.

For now, the data point to a Hold with upward bias for those willing to tolerate volatility. The golden siren has weathered storms before. If the turnaround delivers, patient investors could be rewarded as Starbucks reclaims its position as a premium growth name in the restaurant sector. Execution will be everything in the months ahead.

Costco has rolled out a new milk product in select locations that lactose-intolerant customers say they had long been “waiting for Costco to put out,” marking a release that shoppers are calling long overdue and highly anticipated.

An ultra-filtered, high-protein, low-calorie 2% fat milk has appeared in Texas stores, according to an early April Reddit post by a user in Georgetown.

FOX Business has confirmed the item has been stocked in select Austin-area stores, with more locations expecting to receive it soon.

Customers can purchase the product in three half-gallon cartons under the Kirkland Signature label for $10.59.

COSTCO TO OPEN ITS FIRST STAND-ALONE GAS STATION WITH SECOND LOCATION COMING NEXT YEAR

Cartons of Kirkland Signature high-protein lactose-free 2% milk are displayed on a Costco shelf in Cedar Park, Texas, on April 15, 2026. (Bonny Chu for Fox News Digital / Fox News)

According to users on social media, the new product has not yet expanded to East Coast locations and is currently part of a West Coast–focused testing phase.

The warehouse addition, product no. 1975527, comes at a convenient time, consumers said, as many users have reported noticing higher prices and intermittent shortages in comparable products sold at competing retailers, including Aldi’s Fairlife line, one of the first major brands to popularize ultra-filtered milk.

“This is exactly what I’ve been waiting for Costco to put out!” one Reddit user said in a post. “I buy the Aldi one but this should be cheaper still. Hope it hits my warehouse soon.”

While 2% lactose-free milk is already available at Costco, including the Kirkland Organic Lactose Free, the new product offers 50% less sugar, 50% more protein, and an increased level of daily vitamins.

It contains 120 calories and 13 grams of protein per cup, compared with roughly 130 calories and 8 grams of protein in similar alternatives.

COSTCO SAYS YOUR NEXT CHECKOUT COULD TAKE UNDER 10 SECONDS THANKS TO NEW AUTOMATED PAY STATIONS

Costco’s new Kirkland Signature 2% milk is a lactose-free product featuring 50% higher protein and 50% less sugar compared to similar alternatives.  (Bonny Chu for Fox News Digital / Fox News)

Users also praised the new product, priced at $10.59 for a total of 1.5 gallons, as a steep discount, with some shoppers noting that Fairlife milk can cost about $5.32 for 0.4 gallons, or more than $10 for less than a gallon at local grocery stores.

“Fair life is $5.32 for .4 gallon at my local grocery store,” one user said. “That’s a pretty solid discount!”

“Woah, I stopped buying the 2% Costco milk and replaced it with the Aldi fair life dupe ($3.89 for 57oz) about 8 months ago, but if this shows up at mine, I’m buying this instead,” another user said. 

The lactose-free, high-protein milk is made possible through an ultra-filtration process that separates milk into components and recombines them for higher protein and lower sugar while reducing lactose. 

While Fairlife milk pioneered and patented a specific multi-stage filtration system, other manufacturers, including Costco, can still use broader filtration methods to concentrate protein and produce lactose-free milk products.

CLICK HERE TO READ MORE ON FOX BUSINESS

A customer enters a fridge unit at a Costco warehouse in Azusa, Los Angeles County, California, the United States.  (Gao Shan/Xinhua / Getty Images)

The process also creates a thicker, creamier product that is often lactose-free, high in macronutrients, and more shelf-stable, according to shoppers.

“I love the flavor, and I really love the expiration date,” another Reddit user said. “Unopened, they last for weeks, so it’s nice to have something that has a fresher taste, but does not expire in two weeks. The shelf stable milk lasts longer unopened, but doesn’t taste fresh.”

If sales perform well in its initial markets, the item could be rolled out to additional locations, which is consistent with Costco’s typical approach of testing private-label products in select regions before scaling distribution chain-wide based on consumer demand.

NEW YORK — Xanadu Quantum Technologies Limited shares rocketed more than 54 percent in midday trading Wednesday, surging to around $22.68 as investors piled into the newly public photonic quantum computing company amid a sector-wide rally triggered by Nvidia Corp.’s launch of open-source AI models designed to accelerate quantum research and development.

At approximately 12:29 p.m. EDT on April 15, 2026, XNDU stock had climbed $8.07, or 54.42 percent, from Tuesday’s close of $14.83 on heavy volume exceeding 4.5 million shares — far above recent averages. The Canadian company’s market capitalization swelled toward $7.9 billion intraday, reflecting explosive enthusiasm for quantum plays just weeks after its March 27 Nasdaq and TSX debut via a $302 million de-SPAC transaction with Crane Harbor Acquisition Corp.

The catalyst came from Nvidia’s announcement of a new family of open-source AI models, including Ising, explicitly built to speed advances in quantum computing. The move signaled growing integration between classical AI infrastructure and quantum technologies, lifting the entire sector. Xanadu, D-Wave Quantum, IonQ, Rigetti Computing and others posted double-digit gains, with XNDU leading the charge as one of the freshest pure-play names available to retail and institutional investors.

Xanadu specializes in photonic quantum computing, an approach that uses particles of light rather than superconducting circuits or trapped ions. This room-temperature technology promises easier scaling and compatibility with existing fiber-optic networks, potentially giving it an edge in building fault-tolerant systems. The company’s flagship software platform, PennyLane, has become a popular open-source tool for quantum machine learning and hybrid quantum-classical algorithms, with average monthly downloads growing 161 percent to about 160,000 in 2025.

Fiscal 2025 results released April 9 showed revenue of $4.6 million, up 188 percent from $1.6 million the prior year, driven by expanded customer contracts and services. The company posted a net loss of $70.7 million, widening from $46 million as it ramped research and development and incurred costs tied to the public listing. Cash stood at $16.2 million at year-end 2025, but the de-SPAC injected substantial fresh capital to fund hardware scaling and commercialization efforts.

CEO Dr. Christian Weedbrook highlighted technical milestones in the earnings release. Xanadu introduced Aurora, described as the world’s first modular, networked photonic quantum computer with real-time error correction. Researchers demonstrated 12 logical Gottesman-Kitaev-Preskill (GKP) qubits with error correction, published in the journal Nature. Optical loss was reduced by 60 percent during the year, a 20-fold improvement over three years, addressing a key barrier to scalable photonic systems.

The company advanced in government programs, reaching Stage B of DARPA’s Quantum Benchmarking Initiative for up to $15 million and earning selection for Canada’s Quantum Champions Program with up to CAD $23 million. Negotiations continue for up to CAD $390 million under Project OPTIMISM to build domestic semiconductor and photonic manufacturing infrastructure in Ontario.

Xanadu opened a $10 million photonic packaging facility and forged new partnerships with entities including the U.S. Air Force Research Laboratory, Mitsubishi Chemical, Rolls-Royce, AMD, Lockheed Martin and others. PennyLane integrations with tools from AMD, NVIDIA’s cuQuantum and the Munich Quantum Toolkit continue expanding its software ecosystem, allowing researchers to simulate and optimize quantum algorithms on classical GPUs before deploying on actual hardware.

Wall Street coverage remains limited in the stock’s early public life, but the broader quantum sector commands attention as investors hunt for exposure to technologies that could eventually crack encryption, accelerate drug discovery, optimize logistics and enhance AI capabilities. Analysts note Xanadu’s photonic approach differentiates it from superconducting leaders like IBM or ion-trap players like IonQ, while PennyLane provides a software moat that reaches developers worldwide.

Yet risks abound. Xanadu remains pre-revenue at commercial scale, with significant operating losses and heavy dependence on continued government and private funding. Quantum computing as an industry faces formidable technical hurdles on the path to fault tolerance, with useful, large-scale machines likely still years away. Competition is intense, and execution on manufacturing scale-up will prove critical.

The stock’s 52-week range stretches from a low near $6.97 to an intraday high approaching $25 on Wednesday, underscoring extreme volatility typical of early-stage deep-tech names. Short interest and retail enthusiasm, amplified by social media chatter around quantum and AI convergence, have fueled sharp moves since the March debut, when shares popped 15 percent on the first trading day.

For investors debating positions in 2026, Xanadu represents a high-risk, high-reward bet on the quantum revolution. Bulls point to the $302 million war chest, strong technical progress, PennyLane’s growing adoption and potential government backing as foundations for long-term value. The Nvidia-driven sector tailwind adds near-term momentum, with some models projecting substantial upside if Xanadu hits roadmap targets such as hundreds of logical qubits by the end of the decade.

Skeptics caution that current valuations embed aggressive assumptions about commercialization timelines. With minimal revenue and ongoing cash burn, dilution risks remain if additional capital is needed. Broader economic conditions, regulatory shifts around quantum technologies and geopolitical competition — particularly with China’s quantum ambitions — could influence sentiment.

Next catalysts include updates on Project OPTIMISM funding, further PennyLane releases, hardware demonstrations and any partnerships leveraging the new Nvidia quantum AI tools. The company’s road map targets meaningful progress toward fault-tolerant systems in the 2029-2030 timeframe, aligning with industry forecasts that the quantum computing market could exceed $11 billion by 2030.

As a newly listed name, Xanadu offers pure-play exposure to photonic quantum hardware and software at a time when AI leaders like Nvidia are explicitly bridging the two fields. Its Toronto headquarters and Canadian government ties add a North American diversification angle within a sector often dominated by U.S. players.

Retail traders have driven much of the recent volume, drawn by the narrative of quantum supremacy potentially disrupting everything from cybersecurity to materials science. Institutional interest appears to be building, though many funds remain on the sidelines pending clearer commercial traction.

At current levels near $22.68, the stock trades at a significant premium to its recent post-IPO range, reflecting both sector excitement and the inherent speculation in frontier technologies. Short-term momentum traders may ride the Nvidia wave, while longer-term believers focus on execution milestones and the eventual transition from research prototypes to revenue-generating systems.

Xanadu’s story blends cutting-edge science with the classic challenges of bringing transformative technology to market. Its photonic platform, open software strategy and fresh public capital position it as a notable contender in the quantum race. Whether Wednesday’s surge marks the start of sustained momentum or another volatile chapter will depend on delivering against ambitious technical and commercial goals in the quarters ahead.

The broader quantum sector continues to capture imagination as AI’s limits push interest toward complementary computing paradigms. For Xanadu, the Nvidia boost provides validation and visibility at a pivotal moment. Investors will watch closely for signs that the company’s hardware-software combination can translate scientific breakthroughs into real-world advantage in an increasingly competitive field.

He died today, according to a post on his LinkedIn page attributed to his spokeswoman, Kylie Wong. John Ninia, a partner at Mobius Investments, said he died in Singapore.

In more than 30 years with Franklin Templeton Investments, officially Franklin Resources Inc., Mobius became an evangelist for money-making opportunities in Africa, Asia, Eastern Europe and Latin America. In a crowd of investing advisers, he was distinctive in part for his impeccably shaved head, which inspired the nickname Bald Eagle.

Hired in 1987 by John Templeton, a pioneer in leading American investors to companies abroad, Mobius started one of the first mutual funds dedicated to rapidly developing new markets. He oversaw the Templeton Emerging Markets Group until 2016, was lead manager of its flagship Templeton Emerging Markets Investment Trust until 2015 and retired in January 2018.

From 1989 until his retirement, the closed-end fund returned 13.4% a year on average, according to Morningstar Direct. From 2001, when the MSCI Emerging Markets Index was introduced, the Templeton fund beat that benchmark by 1.9% a year on average, according to Morningstar.

Live Events

“Mark Mobius is to emerging market investing what Colonel Sanders is to fried chicken,” Peter Douglas, a principal at the Singapore chapter of the Chartered Alternative Investment Analyst Association, said when Mobius stepped aside as portfolio manager. “He is the icon of the industry and has been the global cheerleader of emerging markets.”
Partly based in Singapore, Mobius traveled 250 to 300 days a year in a Gulfstream IV private jet, visiting factories and distributors in remote corners of the globe to identify investment opportunities. He correctly predicted the start of a bull market that began in 2009, snapped up bargains during the Asian financial crisis after Thailand floated its currency in 1997 and bought Russian stocks as panic selling took hold in Russia in 1998. He was also one of the first institutional investors to identify Africa as a promising frontier market, setting up the Templeton Africa Fund in 2012.

‘Kicking the Tires’

“I believe in getting out and kicking the tires,” he wrote in 2015. “I would rather see with my own eyes what’s happening in a company or country. Lies can be as revealing as truth, if you know what the cues are.”

Just last month, via his Substack column, he shared his thoughts on the war in Iran and its impact on equity markets.

Mobius founded London-based Mobius Capital Partners in 2018 and oversaw actively managed funds investing in emerging market equities. He left there in late 2023 but continued to seek out investing opportunities, setting up a new venture in Dubai, where he had lived for three years.

Franklin Resources Inc. was founded in 1947 and is based in San-Mateo, California. It acquired John Templeton’s investment firm — Templeton, Galbraith & Hansberger Ltd. — in 1992 to create Franklin Templeton Investments.

Joseph Bernhard Mark Mobius was born on Aug. 17, 1936, in Bellmore, on New York’s Long Island. His German father, Paul Mobius, was a ship’s cook and baker. His mother, the former Maria Louisa Colon, was Puerto Rican. With his two brothers, Hans and Paul, Mobius grew up with German and Spanish spoken at home.

In 1955, Mobius received a scholarship to study dramatic arts at Boston University and worked as a pianist in a nightclub to help pay for his education. He earned a bachelor’s degree in fine arts and a master’s in communications.

Studied in Kyoto

He successfully applied for a scholarship to learn Japanese culture and the Japanese language in Kyoto, triggering his desire to live and work in Asia. After earning a Ph.D. in political science and economics from Massachusetts Institute of Technology, in 1964, he took a job with International Research Associates, conducting surveys and other consumer research in Thailand and Korea for a year each.

He ended up in Hong Kong, where he started his own industrial research consulting firm. One project — a report on the Hong Kong stock market — was his entre into securities analysis. His Yul Brynner hairstyle, as he described it, was conceived at this time after a fire in his apartment damaged his hair and he shaved the rest off, according to his 1997 memoir.

He was hired by Vickers Da Costa, a UK stock brokerage, to start a Taiwanese fund management company, International Investment Trust. He traveled to the Bahamas to present investment opportunities to Templeton, who in 1986 asked if he would be interested in running an emerging markets fund. The following year they raised $100 million in capital, listed their fund on the New York Stock Exchange and opened a small office in Hong Kong for Mobius and two Chinese analysts. They began investing in six places: Hong Kong, Philippines, Singapore, Malaysia, Mexico and Thailand.

“You must remember, in those days, most countries did not welcome foreign investment,” Mobius recalled in a 2022 interview with Barry Ritholz for Bloomberg’s Masters in Business podcast series. “They were also either socialist or communist like China and Russia. Eastern Europe was out of the question, of course. So we had only six markets in which to invest, and then we started expanding. Gradually, markets opened up. And eventually we were investing in something like 70 different countries around the world.”

1987 Crash

After losing a third of his fund’s value in the October 1987 stock market crash during his first year with Templeton, Mobius diversified to other markets including Argentina, Mexico, Indonesia and Russia.

Mobius wrote more than a dozen books on investing and economics, including The Investor’s Guide to Emerging Markets (1994) and Passport to Profits (1999). He shared rules and aphorisms including, “If you see the light at the and of the tunnel, it’s too late to buy.”

In 1999, he was tapped to serve on the World Bank’s Global Corporate Governance Forum as a co-chairman of a task force on investor responsibility.

Mobius never married. In Passport to Profits, he wrote that there were costs and benefits to being a “full-time nomad — an endangered species I’ve long admired for their fierce independence, their refusal to abide by conventional norms, their desperate desire for freedom.”

“Though some people probably pity me for having no home, no family, no domestic life to speak of,” he wrote, “my somewhat eccentric lifestyle offers untold opportunities for variety, stimulation and creativity.”