Mike Chang
Vice President of Corporate Development & Investor Relations

All right. Good afternoon, and welcome to Samsara’s Investor Day. My name is Mike Chang, and I’m SVP of Finance here at Samsara. And first off, just thank you all for making the journey out here to a very, very hot Las Vegas to join us in person. And it’s amazing to see so many familiar faces in the audience. And for those who are joining virtually, it’s great to have you on as well.

We have an awesome, awesome agenda pack for you today. We have about 2.5 hours full of content, and we’re going to talk about how we’re bringing AI to the world of physical operations.

Before we get it started, there are a few housekeeping items. The key 2 things is, first, we’re going to be assessing forward-looking metrics during today’s presentation. These should be taken in addition to — sorry, these statements contain risks and uncertainties, and these are detailed further in SEC filings and our Investor Relations website. Second, we’ll

The Invesco S&P 500 Low Volatility ETF was among the top-performing exchange-traded funds focused on stocks with particular characteristics, or factors, while the Invesco S&P 500 Momentum ETF was one of the big laggards.

Anything focused on momentum, growth, and tech was struggling, while value, dividend stocks, and ETFs with a lot of consumer staples, real estate, health care, or energy stocks were rising.

Ferrari’s marketing boss has quit after 16 years at the company just weeks after a backlash over the launch of the supercar maker’s first-ever electric car, the Luce.

The firm announced this week that Enrico Galliera would leave the role of chief marketing and commercial officer. He will be replaced by former BMW Italy head Massimiliano Di Silvestre in July.

Ferrari thanked Galliera for his service and said he had “decided to embark on a new chapter in his professional journey – a decision shared with the company some time ago.”

The Luce was heavily criticised when it was unveiled in May. Ferrari did not mention the launch in its statement about Galliera’s departure.

Chief executive Benedetto Vigna said that Galliera “has played a significant role in the company’s growth and in strengthening the Ferrari brand worldwide.”

Galliera’s role involved managing which clients could purchase the luxury car maker’s highly sought-after vehicles.

“He has the gratitude of the entire Ferrari team and my personal best wishes for the future,” Vigna said in the statement.

The BBC has contacted Galliera for comment.

Since taking the role in 2010, Galliera has been involved in many of the firm’s key events.

LaFerrari, Ferrari’s first production hybrid hypercar, which combines a petrol engine and an electric motor, was launched in 2013.

In 2015, the firm listed on the New York Stock Exchange and in Milan the following year.

However, the launch of the $640,000 (£485,552) Luce spawned a host of internet memes and negative reactions.

Its looks, the brain-child of iPhone designer Sir Jony Ive, was criticised by the company’s former chairman, Italy’s deputy prime minister and transport minister Matteo Salvini.

The company’s shares plunged by 8% the day after the Luce was unveiled.

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Casey’s General Stores, Inc. (CASY) Analyst/Investor Day June 24, 2026 9:30 AM EDT

Company Participants

Brian Johnson – Senior Vice President of Investor Relations & Business Development
Darren Rebelez – President, CEO & Board Chair
Stephen Bramlage – Senior VP & CFO
Thomas Brennan – Senior VP & Chief Merchandising Officer
Brad Haga – Senior Vice President of Prepared Food & Dispensed Beverage
Ena Koschel – Chief Operating Officer
Nathaniel Doddridge – Senior Vice President of Fuel
Chad Frazell – Chief Human Resources Officer

Conference Call Participants

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Corey Tarlowe – Jefferies LLC, Research Division
Krisztina Katai – Deutsche Bank AG, Research Division
Bradley Thomas – KeyBanc Capital Markets Inc., Research Division
Robert Griffin – Raymond James & Associates, Inc., Research Division
Jacob Aiken-Phillips – Melius Research LLC
Pooran Sharma – Stephens Inc., Research Division
Michael Montani – Evercore ISI Institutional Equities, Research Division
Phillip Blee – William Blair & Company L.L.C., Research Division
Mark Carden – UBS Investment Bank, Research Division
Kelly Bania – BMO Capital Markets Equity Research
Thomas Palmer – JPMorgan Chase & Co, Research Division
Bonnie Herzog – Goldman Sachs Group, Inc., Research Division
Edward Kelly – Wells Fargo Securities, LLC, Research Division

Presentation

Brian Johnson
Senior Vice President of Investor Relations & Business Development

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Hello, and thank you for joining us today for our Investor Day. It’s great to see both new and familiar faces in the crowd, and we are very excited to share our strategic plan. I’m Brian Johnson, Senior Vice President of Investor Relations and Business Development.

Before we begin, I’ll remind you that today’s presentation includes forward-looking statements and non-GAAP measures within the meaning of the Private Securities Litigation Reform Act of 1995, including those related to the expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, business and/or integration strategies, plans and synergies, supply chain, growth opportunities and performance at our stores. There are a number of known and

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Shares of Space Exploration Technologies Corp., known as SpaceX, traded modestly lower in private markets Wednesday, closing at $154.35 after declining about 1.13 percent.

The move came amid broader market fluctuations as the privately held company continues pushing boundaries in reusable rocketry, satellite internet deployment and ambitious plans for human spaceflight. SpaceX remains one of the most valuable private companies in the world, with its valuation reflecting investor confidence in its technological leadership and government contracts.

While SpaceX does not trade on public exchanges, secondary market transactions and tender offers provide liquidity for employees and early investors. These private valuations often signal broader sentiment around the company’s growth trajectory and competitive positioning.

SpaceX’s core businesses include its Falcon rocket family, the Starlink satellite constellation and the next-generation Starship vehicle designed for missions to the Moon, Mars and beyond. Recent Starship test flights have demonstrated progress toward full reusability, a key factor in reducing costs for deep space exploration.

The company’s Starlink service has expanded rapidly, providing broadband connectivity to remote areas and supporting operations in challenging environments. Government and commercial contracts for Starlink have grown, particularly for maritime, aviation and military applications.

Recent Achievements and Challenges

SpaceX has maintained a high cadence of launches from facilities in Florida, California and Texas. Falcon 9 rockets continue serving as reliable workhorses for NASA cargo missions, commercial satellite deployments and crew rotations to the International Space Station.

Starship development remains a primary focus. Successful integrated flight tests have validated heat shield performance, booster catch attempts and in-orbit refueling concepts critical for future lunar and Martian architectures.

The company also faces regulatory and environmental scrutiny at its Boca Chica, Texas launch site. Coordination with federal agencies ensures compliance while balancing innovation timelines and local community concerns.

Competition in the commercial space sector has intensified with players like Blue Origin, Rocket Lab and international entrants. SpaceX’s vertical integration and manufacturing scale provide significant advantages in cost and production speed.

Valuation and Investor Interest

Private valuations for SpaceX have climbed steadily, supported by massive funding rounds and secondary share sales. Tender offers allow employees to realize gains while attracting new capital from institutional investors.

Analysts tracking the space economy project substantial growth in satellite services, launch demand and exploration contracts. SpaceX is positioned to capture significant market share across these segments.

Recent funding activity and partnerships underscore confidence in long-term prospects. The company’s ability to execute on ambitious roadmaps while generating revenue from operational services distinguishes it from many peers.

Starlink Expansion

Starlink has emerged as a major revenue driver, with thousands of satellites in low-Earth orbit delivering high-speed internet globally. The service has proven valuable in disaster response, rural connectivity and maritime communications.

International regulatory approvals and spectrum coordination remain ongoing priorities as the constellation grows. Capacity enhancements and user terminal improvements continue expanding addressable markets.

Military and government adoption of Starlink highlights its strategic importance. Secure communications capabilities support operations where traditional infrastructure is limited or compromised.

Future Outlook

SpaceX’s long-term vision includes establishing a human presence on Mars and enabling point-to-point Earth transport via Starship. These goals require sustained technical breakthroughs and substantial capital investment.

NASA partnerships for Artemis lunar missions provide both funding and technical validation. Successful crewed Starship flights would mark a significant milestone in commercial human spaceflight.

The company continues hiring across engineering, manufacturing and operations disciplines. Its culture of rapid iteration and acceptance of calculated risks has driven repeated successes in a historically challenging industry.

Challenges include supply chain management for high-volume production, talent retention in a competitive technology landscape and navigating complex international regulations for global services.

Broader Space Industry Context

The commercial space sector has matured rapidly, transitioning from government-dominated activities to vibrant private enterprise. Lower launch costs have democratized access to orbit, spurring innovation in Earth observation, communications and scientific research.

SpaceX’s achievements have accelerated this transformation while inspiring new generations of engineers and entrepreneurs. Its reusable rocket technology has fundamentally altered cost structures industry-wide.

Global interest in space capabilities continues rising, with nations and companies investing in sovereign launch capacity and satellite networks. SpaceX benefits from this trend while facing increased competition.

Investment in space infrastructure reflects confidence in multi-decade growth opportunities. Satellite broadband, space tourism, in-orbit manufacturing and resource utilization represent expanding frontiers.

As SpaceX navigates its next phase of development, private market valuations will likely remain closely watched. The company’s execution on Starship, Starlink scaling and deep space ambitions will shape its trajectory for years ahead.

The modest decline in secondary trading reflects normal market fluctuations rather than fundamental concerns. SpaceX’s operational momentum and contract backlog provide a strong foundation for continued leadership in commercial space.

NEW YORK — Nike Inc. shares closed lower on Wednesday, falling about 1.32 percent to $41.82 as investors weighed ongoing challenges in the athletic apparel sector and the company’s efforts to regain momentum.

The modest decline came amid broader market dynamics and continued scrutiny of Nike’s sales trends, inventory management and competitive positioning. The sportswear leader has navigated shifting consumer preferences, increased competition from smaller brands and macroeconomic pressures affecting discretionary spending.

Nike remains a dominant force in global athletic footwear and apparel, with iconic brands, innovative product lines and extensive marketing partnerships. However, recent quarters have shown softer demand in key markets, prompting strategic adjustments including cost-cutting measures and portfolio simplification.

The company has focused on elevating its direct-to-consumer business while optimizing wholesale relationships. Investments in digital capabilities and personalized experiences aim to strengthen customer loyalty amid evolving retail environments.

Financial Performance and Strategy

Nike has reported mixed results in recent periods, with revenue impacted by inventory reductions and cautious consumer behavior. Gross margins have faced pressure from promotional activity and supply chain costs, though operational efficiencies are beginning to show benefits.

Leadership emphasizes innovation in product design, sustainability initiatives and athlete endorsements as pillars for future growth. The company continues leveraging partnerships with high-profile athletes and sports leagues to maintain cultural relevance.

Cost optimization programs target supply chain improvements, marketing efficiency and organizational streamlining. These efforts seek to improve profitability while preserving brand strength and long-term growth investments.

Analysts monitor Nike’s inventory levels and wholesale channel health closely. Progress in reducing excess stock and improving sell-through rates could signal stabilization in core categories.

Market Challenges

The athletic apparel industry has become increasingly fragmented, with direct-to-consumer startups and lifestyle brands capturing younger consumers. Nike’s response includes expanding lifestyle offerings and accelerating innovation cycles.

International markets present both opportunities and complexities. Currency fluctuations, regional economic conditions and varying consumer tastes require localized strategies. Greater China remains an important growth market despite periodic volatility.

E-commerce acceleration during recent years has permanently altered retail dynamics. Nike’s digital platforms have grown significantly, though competition for online attention remains fierce.

Sustainability demands from consumers and regulators influence product development and supply chain practices. Nike’s Move to Zero initiative and use of recycled materials align with broader industry shifts toward environmental responsibility.

Competitive Landscape

Rivals including Adidas, Under Armour and emerging players challenge Nike across price points and categories. Differentiation through technology, such as advanced footwear cushioning and smart apparel, helps maintain premium positioning.

Athlete endorsements and sponsorships remain powerful marketing tools. High-visibility partnerships with basketball, soccer and running stars reinforce brand aspiration and performance credentials.

Retail partnerships with major chains and specialty stores complement direct channels. Balancing these relationships while growing owned retail requires careful navigation to avoid channel conflicts.

Investment Considerations

Nike’s dividend and share repurchase programs appeal to long-term investors seeking exposure to consumer discretionary trends. The company’s strong balance sheet and global brand equity provide resilience through economic cycles.

Valuation metrics have adjusted to reflect recent performance, potentially creating entry points for those bullish on brand recovery. Near-term pressures include promotional environments and cautious consumer spending.

Longer-term tailwinds encompass health and wellness trends, premiumization in emerging markets and opportunities in women’s and youth segments. Successful execution on innovation and digital transformation could drive renewed growth.

Risks include prolonged weakness in discretionary spending, supply chain disruptions and intensifying competition. Currency translation effects and geopolitical factors also influence reported results.

Industry Context

The global athletic footwear and apparel market continues expanding, driven by lifestyle shifts, fitness awareness and performance demands. Nike’s market leadership provides scale advantages in sourcing, distribution and marketing.

Sustainability reporting and transparency requirements are rising across the sector. Companies demonstrating measurable progress in ethical sourcing and circular design gain consumer preference.

Digital transformation reshapes how brands interact with customers. Personalized recommendations, virtual try-on and community building enhance engagement beyond traditional advertising.

As Nike navigates its current chapter, focus remains on product excellence, operational discipline and brand storytelling. The company’s history of reinvention through innovation supports optimism for adaptation to changing consumer landscapes.

The stock’s recent movement reflects typical market fluctuations rather than fundamental shifts. Nike’s enduring cultural relevance and strategic initiatives position it to capitalize on eventual recovery in consumer confidence.

Analysts will scrutinize upcoming earnings for signs of stabilization and forward guidance. Progress on inventory, margins and digital growth will likely influence investor sentiment in coming quarters.

Nike’s journey reflects broader retail challenges and opportunities in a post-pandemic world. Its ability to evolve while staying true to performance heritage will determine sustained leadership in the athletic category.

While India may not have a direct listed play on the global semiconductor and AI boom, another theme is quietly gathering momentum on Dalal Street, and it’s not power. The connection with water is stronger than it appears.

Water is critical to the functioning of AI infrastructure and data centres. So much so that Moody’s recently cautioned about rising water stress due to rapidly growing demand from data centres. It also warned that India’s fragmented water management framework raises fiscal and credit risks.

Yet, what may be a challenge for some is turning into an opportunity for others. Water-linked stocks such as Shakti Pumps, VA Tech Wabag, Jash Engineering, Enviro Infra and Ion Exchange among others have surged as much as 45% in just a month, drawing investor attention to a sector that has largely remained outside the spotlight.

Data centres that power AI applications consume large quantities of water for cooling and temperature control, creating demand for water treatment, recycling and efficient distribution systems. Companies such as VA Tech Wabag, Ion Exchange and Enviro Infra operate in water and wastewater treatment, while Shakti Pumps supplies pumping solutions and Jash Engineering provides flow control and water infrastructure equipment.

What is lifting these stocks?

“The surge in water stocks has occurred due to the combination of the fundamentals behind water infrastructure and the new emerging data centre theme. With regards to the fundamentals, the increased government funding for water infrastructure projects, the extension of the Jal Jeevan Mission and the resulting order visibility to companies such as Va Tech, Shakti Pumps, Enviro, Jash Engg and many more have created a positive environment for water companies,” said Ravi Singh, Chief Research Officer at Master Capital Services.
On the other side, the data centre narrative has added a new opportunity for investment in water. So far, there have been no significant revenues generated by any listed company that can be linked to data centre operations. Therefore, part of this recent re-rating has been driven by the anticipation of future cash flows that will be generated from data centres rather than actual earnings generated by listed companies today.

“The truth is that the fundamentals are what provided the basis for the rally, however, the data centre theme has also provided a momentum for the move beyond,” he added.

Which segment will prosper?

Singh suggests that the biggest beneficiary of increasing water shortages is likely to be the wastewater treatment and recycling segment. Given that freshwater is becoming increasingly scarce, municipalities, industries and large commercial users will have to treat and reuse water instead of simply sourcing more of it.
This marks a structural shift in the industry, from water distribution to water efficiency and reuse. Companies engaged in wastewater treatment, industrial water solutions, recycling systems and desalination are therefore likely to be among the biggest beneficiaries.

Valuations look stretched?

Santosh Meeena, Head of Research at Swastika Investmart, told ETMarkets that valuations reflect optimism but are supported by order books and policy visibility, making the sector selective rather than outright frothy across the board.

Water stocks often trade at premiums to the broader market, with India Nifty/Sensex trading at around 20–23x forward earnings. VA Tech Wabag has been around 25–35x P/E with strong growth and ROE, while smaller names such as Enviro or pump stocks can appear elevated due to momentum.

Supporting factors include multi-year order books, government spending certainty and earnings growth. For instance, Wabag reported a 22% rise in Q4 revenue and a 29% increase in profit.

Risks remain and these include execution delays, working capital intensity in EPC projects, competition and any slowdown in capital expenditure. Not all companies are positioned equally. Leaders with strong moats and better order visibility justify premium valuations more than pure-play participants.

The rally has already priced in strong growth expectations, making it important to monitor any policy slippages or margin pressures.

Current valuations suggest investors are increasingly pricing in future growth opportunities alongside fundamentals. The market is assigning value to long-term drivers such as rising water stress, government spending, growing industrial demand and the potential emergence of data centres as a new customer segment.

While these are credible long-term growth drivers, most will take years to translate into meaningful revenues and profits. As a result, share prices across several water stocks have risen significantly faster than earnings estimates.

The long-term outlook for the industry remains positive. However, current valuations indicate that investors are paying a premium for future possibilities rather than performance delivered so far.

More legs to this new emerging theme?

Singh believes data centres could become a significant growth opportunity for some water companies over the next three to five years, although they are unlikely to emerge as a major revenue driver for the sector in the near term.

As AI, cloud computing and digital infrastructure continue to expand, demand for water treatment, cooling and recycling solutions is expected to rise, creating opportunities for companies with expertise in industrial water management.

However, for most listed water players, government and municipal projects are likely to remain the primary source of revenue. The data centre opportunity is real and could contribute to growth over time, but its impact on earnings is likely to be gradual.

Water is not merely another infrastructure theme. It sits at the heart of several of India’s most important growth sectors. Reliable water supplies are essential for data centres, semiconductors, pharmaceuticals, power generation and agriculture. As water stress intensifies across the country, the need for treatment, recycling, desalination and efficient water management will only continue to grow.

Unlike energy sources or technologies, water has no substitute. While industries can switch from one source of energy to another or adopt new technologies, they simply cannot operate without water.

For now, the market largely views water companies as beneficiaries of government spending. But the bigger opportunity lies in solving a long-term scarcity challenge. As investors begin to view water as a strategic resource rather than merely an infrastructure segment, the sector could witness a much larger re-rating. The recent rally signals growing interest, but the market may still be underestimating the scale and longevity of the opportunity ahead.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)