TMT Daily: GLOB -11% after ACN print; TOTVS: SAP‘s cloud clients now majority in BZ; INTB/POSI: Apple warns memory costs may lift device prices

Research evidence excerpt

TMT Daily: GLOB -11% after ACN print; TOTVS: SAP‘s cloud clients now majority in BZ; INTB/POSI: Apple warns memory costs may lift device prices

Telmex for fully

digital ISPs such as Mega, citing high costs and poor service, based on user

testimonials gathered this week. Key points were:

Service complaints and a generational shift cited as drivers: The article

reports that users' main complaint is Telmex's traditional service model, based

on paper tickets, call centers with long wait times, and slow technician

scheduling, with customers also pointing to union structures as holding back

modernization. The article adds that specialists see the digital gap as

decisive, with users under 45 preferring to handle everything from their

phones, and says Telmex is losing market share month over month by not

modernizing.

Mega positioned as a low-cost, fully digital alternative: The article describes

Mega as an ISP that operates 100% digitally with no physical branches, offering

app-based support and technician scheduling at an exact day and time,

against the 4-8 hour windows still used by traditional players.

UBS's take: Neutral read for AMX. Despite the points raised by the local article, we

haven't seen this translate to recent numbers, with Telmex posting solid broadband

net adds of 175k in 1Q26 and 184k in 4Q25. We also note Telmex raised speeds across

all its commercial plans by about a third in 1Q26 while fiber penetration sits above

90%. For 2Q26, we expect broadband net adds to hold around 175k.

Other news:

Vivo expands Google partnership to offer free Gemini access to customers.

Vivo expanded its partnership with Google to offer up to 12 months of free

Google AI Plus to customers on Vivo Controle, Pós, Fibra, and Total plans. The