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 PRESS RELEASE

Farmers & Merchants Bancorp (FMCB) Authorizes $45 Million Increase to ...

Farmers & Merchants Bancorp (FMCB) Authorizes $45 Million Increase to Share Repurchase Program LODI, Calif., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), announced that, effective immediately, the Company has authorized an increase of $45.0 million to the existing share repurchase program along with an extension of the program through December 31, 2027. The increase will bring the total of the share repurchase program to $57.6 million. ...

Matthew Weiss ... (+2)
  • Matthew Weiss
  • Scott Devitt

2Q25 Postmortem: Sentiment Guide Following Results

Following 2Q results, momentum seems most favorable for the companies below:META (Outperform) - While sentiment was already elevated ahead of the print, 2Q results were strong and guidance for 3Q was encouraging, with expectations for revenue growth ahead of initial St. estimates by ~700bps. Additi

 PRESS RELEASE

Farmers & Merchants Bancorp (FMCB) Announces Quarterly Cash Dividend

Farmers & Merchants Bancorp (FMCB) Announces Quarterly Cash Dividend LODI, Calif., Aug. 13, 2025 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), announced today that the Company is changing its dividend policy related to the frequency of cash dividend payments from semi-annually to quarterly. The unanimous decision to change the frequency of the cash dividend was done after the Board of Directors completed a thorough analysis of the Company’s overall fi...

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

TSMC: Exiting 6" manufacturing and consolidating 8" linesView: This statement from TSMC in our view both 1) highlights the difficult economics of mature manufacturing in areas where China is more effectively competing with Western supply while at the same time 2) potentially creates some opportunit

Dan Salmon
  • Dan Salmon

Meta Platforms (META, Buy, $775 target) First AI capex financing deta...

Last week, Bloomberg reported that META has selected PIMCO and Blue Owl Capital to lead a debt and equity financing to fund its data center expansion in Louisiana. In the report we review:

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

Trump, Lip-Bu Tan: Calls Lip-Bu Tan rise to success "amazing story"; soap opera continuesView: President Trump said he met with Intel CEO Lip-Bu Tan on Monday, days after seeking his resignation, praising Tan and characterizing the meeting "a very interesting one". While an amicable resolution and

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

Finally, we would note, conceptually, we view this decision by the US government to levy a charge for certain foreign companies to procure US technology as worrisome, given it opens the door for the US to selectively tax a variety of companies/products that enjoy technology leadership positions. Bl

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

While the latest update from the Trump administration now points to 50% total tariffs (up from 25% initially), we still expect negotiations between the two countries will continue to unfold over the coming days and weeks, and we would not exclude the possibility a trade deal (containing lower tarif

Pierre FerraguÊ
  • Pierre FerraguÊ

Meta 2Q25: Replatforming overdrive.

Meta reported 2Q25. Please click the link for our updated perspective on capex and technology infrastructure.

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

FMS: August 5th-7th in San JoseView: The Future of Memory and Storage Conference (formerly the Flash Memory Summit) takes place in Santa Clara Aug 5th - 7th. We will be hosting in person investor meetings (centered around a full day of meetings on the 6th) both at FMS and at company HQs close to th

Antoine Legault ... (+2)
  • Antoine Legault
  • Matthew Bryson

Daily Views on Tech Headlines

With a healthy debate going on regarding forward supply/demand fundamentals for memory (and with Samsung's commentary unlikely to shift opinions on this front in our view), we believe investor focus likely gravitates towards Samsung's pessimistic comments on downward pressure on HBM pricing. And wh

Dan Salmon ... (+2)
  • Dan Salmon
  • Pierre FerraguÊ

Meta Platforms (META, Buy, $775 target) Under the hood ad improvement...

In this first take following tonight’s results, we focus on: 1. With ad revenue growth holding ~20%, more investment in core AI vision makes sense 2. Under the hood ad improvements still under appreciated by the Street 3. Capex spending growing to ~$100B in 2026 4. Superintelligence Labs and the operating expense outlook

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