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Fastly operates a content delivery network, which is necessary for entities to provide faster and more reliable online content. Fastly’s strategy differs from traditional CDNs, which focus on locating servers in as many locations as possible to store copies of files that consumers most use. Fastly is in far fewer sites than traditional CDNs, but it houses servers in the most network-dense data centers. Instead of simply storing static content, it allows its customers to program on its platform, enabling edge computing and better service of the more dynamic content that was traditionally not well served by CDNs. Fastly gears its service to the largest, most sophisticated enterprises rather than small companies and generated nearly three fourths of its revenue in the United States in 2023.

Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed either by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers.

Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content multiple operating systems, devices, and media. The company operates with three segments: digital media content creation, digital experience for marketing solutions, and publishing for legacy products (less than 5% of revenue).

Two recent inflation reports indicated that overall pricing pressures continue their downward trek. But both also confirmed that inflation remains above the Fed's target of 2.0%. Let's first take a deeper dive into the Consumer Price Index. There were some positive results here. According to the latest CPI report, the overall inflation rate in August of 2.5% was lower than the prior month's 2.9%. That good news was supported by a low reading in the monthly core CPI rate. The core CPI excludes the impact of food and energy and rose 0.3% from July to August, consistent with subdued readings for the past six months. What's still propping up core CPI? Transportation Services (+7.9% YOY) and Shelter (+5.2%). These elements of the index tend to have stickier prices. In contrast, prices for Gasoline and New and Used Cars are lower year over year. The other inflation report was the Producer Price Index. The PPI measures pricing trends farther up the supply chain, at the manufacturing level. Here, we also saw a decline in the rate of inflation. For example, the PPI final demand annual rate through August was 1.7%, compared to 2.1% in July. We expect pricing pressures to continue to ease as the housing market cools, supplies of new vehicles are replenished, and the price of oil stays below $90 per barrel. The Fed lifted the feds fund rate from 0.0% to above 5.25% over the past 24 months, and the hikes evidently have done their part in reducing inflationary pressures. We now look for the U.S. central bank to be lowering rates in 2H24 and 1H25 as their concern shifts toward economic growth. The cuts should start next week.