Two things hit us from the Q223 print: 1) the cautious commentary around the demand environment for digital services and 2) Microsoft’s (MSFT) further investment in OpenAI. MSFT’s scale and reach makes for a great bellwether of macro trends. In terms of our coverage, where MSFT sees challenged digital investment, Darktrace, GB Group and Kainos will too. The OpenAI investment is fascinating and opens up a Pandora’s box to wider AI-centric innovation and disruption.
Davy research
Davy ResearchFlutter Entertainment - FY23 the inflection year
Davy ResearchVistry Group - FY2022 in line while 2023 expectations have been upgraded
Davy ResearchMarket comment - UK CPI inflation accelerates to 10.4%
Davy ResearchHostelworld - FY22 print… focus on FY23 guide and the €30m debt
Davy ResearchKenmare - FY22 results – another record year of financial performance
Davy ResearchMarket comment - DUP opposition won’t stop EU/UK deal on Northern Ireland
Davy ResearchErgomed - Robust performance in 2022
Davy ResearchTrustpilot Group plc - FY22 print – next year's guidance