TD Cowen Insights

Recorded on 06/03/25TD Cowen's Machine Medicine: AI & Health Care podcast series takes on the cross-sector revolution in artificial intelligence and breaks it down one piece at a time. We highlight some of the biggest misconceptions about how AI is and can be used in different health care settings and aim to contextualize the latest and most impactful developments in a field defined by rapid innovation.In this episode, TD Cowen's Health Care Analyst Brendan Smith hosts Sean McClain, Chief Executive Officer and Founder of Absci, to dive deeper into the world of monoclonal antibodies and how Absci's gen AI-powered drug design engine tackles the challenge of creating better drugs against harder-to-treat targets. We discuss the history of developing biologics, where this technology could take us over the very near term, and why this modality is the perfect target for the integration and revolution of AI. https://go.td.com/PodcastDisclosure

Recorded on 06/04/25Magic Meets Logic, Technology Meets Own Brands, & Influencer Innovation. On this episode of Retail Visionaries, we explore Revolve's foundation as a proprietary technology leader within the retail landscape with the company's Chief Financial Officer, Jesse Timmermans. The company owns just 3% of its target market and envisions opportunity to grow through best-in-class customer experiences and a curated but broad assortment with 100k SKU's available online across 1k brands. Secrets to success with respect to strategies include re-accelerating owned brands penetration (18% currently versus peak of 36% in 2019), investing in physical retail, and creating memorable events for key customers. https://go.td.com/PodcastDisclosure

Recorded on 06/03/25Iconic Platform of Saks + Neiman Marcus Drives A New Transformative Vision of Luxury. We host a conversation with Saks Global CEO, Marc Metrick, on the future of luxury, hyper-personalization, and innovation ahead for Saks Global. The company now includes Neiman Marcus and Bergdorf Goodman following the acquisition of Neiman Marcus Group in late 2024, resulting in Saks Global as the largest multi-brand retailer in the world. The luxury consumer remains in a wait & see mode given global uncertainty; however, Saks Global aims to stay connected with the consumer through the Art of You program, bringing hyper-personalized experiences to the shopper. https://go.td.com/PodcastDisclosure

Recorded on 05/29/25TD Cowen analyst Shaul Eyal speaks with Cellebrite's Andrew Kramer, VP of IR, from TD Cowen's 53rd Annual TMT conference about the company's tailwinds, technology, and business model, as well as current market trends as the company remains focused on driving double-digit growth and profitability.  Cellebrite is a rule of 45 company. Additionally, we address the competitive landscape, which remains largely intact given what we view as high barriers of entry. We continue to view Cellebrite as benefitting from a sizable >$15B TAM opportunity as its SaaS offering and its expanding platform support healthy adoption by its current customer base. We also address Cellebrite's enterprise opportunity as well as recent management changes and discuss cash utilization strategies. https://go.td.com/PodcastDisclosure

Recorded on 06/03/25Burberry's Roadmap to Reconnect Their Core. In this episode, we explore the pillars of the Burberry Forward strategy launched in November, diving into how CEO Joshua Schulman is realigning the brand around its core codes, such as the iconic trench, check pattern, and outerwear legacy. The discussion covers how Burberry is refining its product tiers—from good to better to best—and how it is navigating tariff-driven pricing pressure, particularly in the U.S. market. Schulman also shares perspectives on the brand’s innovation pipeline, category priorities, and selective wholesale rationalization, offering a look into how Burberry aims to protect its luxury equity while responding to shifting global dynamics. https://go.td.com/PodcastDisclosure

Recorded on 05/28/25TD Cowen analyst Shaul Eyal speaks with Check Point Software's Kip Meintzer, Global Head of IR from TD Cowen's 53rd Annual TMT conference about the company's renewed momentum and solid market trends as the company is quickly moving to regain market share. The combination of a recently incoming CEO with a strong VC and operational background and a large TAM opportunity should enable the company to revert to double digit growth rate longer term. A healthy cash position is being utilized to broaden the company's security platform through tuck-in acquisitions and a clockwork buyback plan is viewed favorably as good cash utilization. The shift to adopt hybrid security platforms, rise of Gen-AI, compliance, and regulation, as well as a current firewall refresh cycle is providing the industry and the company with the necessary visible growth drivers keeping us positive on the shares. https://go.td.com/PodcastDisclosure

Recorded 05/29/25We spoke with DataBank's CEO Raul Martynek at TD Cowen's 53rd Annual TMT Conference. Mr. Martynek discusses his latest observations of the data center market including hyperscale/enterprise data center demand, the impact of tariffs on data center build costs, development yields, pricing trends, the bottlenecks to capacity delivery, and the LT opportunities/challenges for the data center sector. https://go.td.com/PodcastDisclosure

Recorded 06/03/25TD Cowen Analysts John Kernan, Max Rakhlenko, and Andrew Charles sit down at TD Cowen's 9th Annual Consumer Conference to discuss their key takeaways from the conference. https://go.td.com/PodcastDisclosure

Recorded 05/28/25TD Cowen analyst Yaron Werber speaks with John Oyler about the secret to BeOne's success, the opportunities and challenges of running a global biotech, and John's outlook for the biotech industry given the current geopolitical uncertainty. John believes BeOne is differentiated by its culture of ownership and urgency, which has enabled them to stay innovative and nimble, even at a global scale. The company has streamlined R&D by keeping everything internal (no CROs) and understands the specific nuances of patients, physicians, and systems in each country they operate in, thereby vastly accelerating clinical timelines vs competitors. The current geopolitical uncertainty will be challenging for biotech given the long timescale of investment, but BeOne is well positioned to weather the storm given prudent redundancies in their diversified global supply chain and manufacturing. https://go.td.com/PodcastDisclosure

 Recorded on 05/30/25In this episode, Roman Schweizer, TD Cowen’s WRG geopolitics & defense analyst, discusses top defense topics with an All-Star reporter lineup, including this summer's jam-packed list of things to do in Congress and DoD – the detailed FY26 budget release and the GOP's plans for Reconciliation, not to mention the road ahead for a Musk-less DOGE and Golden Dome. https://go.td.com/PodcastDisclosure