Microsoft has named the next default font for its productivity applications, such as Word and Outlook, after testing five candidates it introduced in 2021. Since then, it’s been called Bierstadt. Now it’s getting a new name: Aptos.
The move amounts to a subtle refinement for some of the most popular software in the world. Microsoft doesn’t take such steps lightly, because its Office products fetch almost 24% of its revenue. They’re growing faster than other parts of the business, such as video game content and search advertising, as Microsoft seeks to line up more end users and get existing clients to spend more.
If the core applications look fresh, Microsoft can make a better argument when the time comes to renew subscriptions to Microsoft 365, formerly known as Office 365. The company is now ready to do that, after accepting input from end users about the five new fonts.
“Today we begin the final phase of this major change where Aptos will start appearing as the new default font across Word, Outlook, PowerPoint and Excel for hundreds of millions of users,” Si Daniels, principal program manager for Office design at Microsoft, wrote in a blog post published Thursday. “And, over the next few months it will roll out to be the default for all our customers.”
Aptos will remain available in the font list under the old Bierstadt name for people who are accustomed to it. Users can also choose to set any other font as the default. That includes older standards, such as Times New Roman, Arial or even Calibri, which has been the default since 2007, before the launch of Office 365 in 2011. Many people perceive Microsoft as a friendlier place since Satya Nadella replaced Steve Ballmer as its CEO in 2014, but that updated identity isn’t necessarily reflected when someone starts writing an email in Outlook with a font that predates Nadella.
In 2019, Microsoft asked font designer Steve Matteson to develop a font in the grotesque sans-serif style that includes the classic Helvetica. The company didn’t let on that it was considering it as a possible successor for Calibri, Matteson said in an interview with CNBC this week.
At the time, Matteson was still working for the font company Monotype, and he and his colleagues gave Microsoft four or five proposals to look at, without including the names of the contributors. That’s important because the designers didn’t want his connection to Microsoft to influence the software maker’s decision, he said.
Matteson’s work with Microsoft goes back to the 1990s. He helped with Microsoft’s TrueType fonts for Windows 3.1 and created the Segoe font Microsoft uses for its current logo and marketing materials. He also contributed to the aptly named font Curlz. That was not his proudest moment, he said.
Of the bunch that Matteson and his colleagues sent to Microsoft, they picked his, which at that point was dubbed simply Grotesque No. 2. Then Microsoft gave it a codename, Koyuk. Then he came up with the name Bierstadt, taking the name of a mountain in Colorado, where he lives. In German, Bierstadt means “beer city.”
Some people didn’t take the name seriously and Microsoft decided to come up with a new one for the font, Matteson said. Aptos, an unincorporated town in Santa Cruz County, California, came to his mind.
“Aptos has this unique coastal climate, where it’s a beach, and all the way up to the redwoods,” he said. “It’s what I loved about California is the diversity, and it kind of told me that there’s all these different moods and experiences you can have. Similarly, with Aptos, you have all these different voices you can speak in without distorting the message.”
Matteson came up with a serif version of the font, along with a monospace version that can work for typing out code. He’s worked on monetary symbols and support for Greek and Cyrillic languages. He collaborated with Microsoft to ensure it will work well in different scenarios. If one were to convert cells in an Excel spreadsheet from Calibri to Aptos, it’s unlikely that numbers in a cell will overflow into the one next to it, he said.
He hasn’t seen every response to the font. But he has observed people saying that in Bierstadt, a lowercase L and a capital I can’t be mistaken for each other.
Still, Matteson has nothing but respect for Calibri and its creator, Lucas de Groot.
“I can understand Microsoft wanting to, you know, make a change, but I don’t think there’s ever been anything wrong with Calibri,” he said.
CrowdStrike on Tuesday evening reported better-than-expected fiscal 2026 third-quarter results and forward guidance. The numbers, however, were not enough to power shares higher, given their roughly 24% advance since the cybersecurity company’s fiscal second-quarter print back in late August. That said, the latest beat and raise should help solidify recent stock gains and set the stage for further upside next year. Revenue in fiscal Q3 increased 22% year over year to $1.23 billion, beating the consensus estimate of $1.22 billion, compiled by market data provider LSEG. Adjusted earnings per share (EPS) increased to 96 cents in the three months ending Oct. 31, beating the 94-cent estimate, according to LSEG. Why we own it Cybersecurity is a must-have for companies in the digital age. Led by co-founder and CEO George Kurtz, CrowdStrike is one of the best there is, along with fellow Club name Palo Alto Networks . The company specializes in endpoint protection through its AI-native platform called Falcon. Competitors: Palo Alto Networks, Fortinet , SentinelOne , Microsoft Portfolio weighting: 3.33% Most recent buy: March 10, 2025 Initiation date: Oct. 16, 2024 Bottom Line The October quarter was an encore performance from CrowdStrike — delivering better-than-expected results across the board, with record-high operating cash flow, adjusted operating income, EPS, free cash flow, and net new annual recurring revenue. The Falcon Flex subscription model is clearly helping to drive more business, with annual recurring revenue (ARR) tied to these accounts surging more than 200% versus the year-ago period. Falcon Flex allows customers to quickly deploy additional protection as needed, without all the red tape of going through the often-lengthy procurement process. Artificial intelligence benefits CrowdStrike in two ways: by increasing attack vectors in its customers’ digital infrastructure, resulting in more demand, and by strengthening CrowdStrike’s ability to protect customers against these attacks, resulting in more pricing power and cross-selling. As CEO George Kurtz said on the post-earnings conference call, “Businesses every day are having jarring lightbulb moments, witnessing AI-powered adversarial tradecraft firsthand. … Now, just as anyone can use AI to vibe code and become a software engineer, anyone can also now vibe hack, becoming a sophisticated adversary with AI.” He added that CrowdStrike is mission-critical. “No matter how the market swings, geopolitical tensions evolve, or what technologies are in vogue, our digital society mandates cybersecurity as a necessity, and now, more than ever, synonymous with that, CrowdStrike is a necessity.” CRWD YTD mountain CrowdStrike YTD This speaks to the nature of demand for CrowdStrike and other cybersecurity companies, such as fellow Club name Palo Alto Networks , and what these companies can provide in an all-encompassing, platform approach to digital protection. With attacks becoming more sophisticated and more frequent, companies can no longer afford to have a fragmented solution to cybersecurity. Kurtz said, “Cybersecurity in the agentic era demands a single platform. The criticality in being able to operate with agility, efficacy, and speed to stop breaches is having the data that controls and the actions in a single platform, not multiple platforms. Because when you have multiple platforms, by definition, you don’t have a platform. Tap switching and contact switching cost time. Data stitching doesn’t scale. These are the seams and cracks where adversaries thrive.” Kurtz’s comment about the “agentic era” refers to digital AI agents that can perform complex tasks and problem-solve with little to no human oversight. The proliferation of AI agents exponentially increases the ways hackers can breach systems. In mid-September, at CrowdStrike’s Fal.Con industry conference , the CEO described the rise of agentic AI as a “greater than 100x opportunity for CrowdStrike.” Given the fiscal third-quarter results, strong outlook, and our longer-term view that cybersecurity is a secular growth industry, now benefiting from the need to defend against AI-equipped hackers, using AI protection tools, we’re reiterating our 1 rating and increasing our CrowdStrike price target to $550 per share from $520. While falling 3% in after-hours trading, CrowdStrike shares were up 51% as of Tuesday’s market close. The stock is the Club’s fourth-best performer of 2025. Quarterly commentary Perhaps the most exciting metric, as it indicates the sustainability of the strength we saw in Tuesday night’s results, is net new annual recurring revenue, which came in at $265 million. That resulted in ARR at the end of the period of $4.92 billion, up 23% year over year and up 5.7% sequentially. Helping to drive that growth was Falcon Flex, with management noting that nearly 30% of ending ARR, or $1.35 billion, came from accounts that have adopted the new pricing model. On the call, Kurtz said the number of customers “reflexing,” or re-signing once their credits are used up, more than doubled sequentially, to more than 200 — with 10 customers “reflexing more than 2x their initial flex subscription.” Given the strong response, management expects the Falcon Flex model to become the company’s licensing standard. Guidance For full-year fiscal 2026, CrowdStrike management raised its outlook at the midpoint. The team now expects to realize revenue of between $4.7966 billion and $4.0866 billion, up from the prior range of between $4.7495 billion and $4.8055 billion. That compares to the LSEG consensus estimate of $4.784 billion. The adjusted earnings outlook was also raised, with the team now targeting an EPS range of $3.70 and $3.72, up from the prior $3.60 to $3.72, and comfortably ahead of the $3.67 estimate from LSEG. For its 2026 fiscal fourth quarter, the current quarter going on right now, management guided for revenue to be between $1.29 billion and $1.3 billion, which is better than the $1.293 billion the Street was looking for at the midpoint, according to LSEG. Adjusted EPS are expected to be between $1.09 and $1.11, better than the $1.08 the Street was looking for. (Jim Cramer’s Charitable Trust is long CRWD, PANW. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Okta on Tuesday topped Wall Street’s third-quarter estimates and issued an upbeat outlook, but shares fell as the company did not provide guidance for fiscal 2027.
Shares of the identity management provider fell more than 3% in after-hours trading on Tuesday.
Here’s how the company did versus LSEG estimates:
Earnings per share: 82 cents adjusted vs. 76 cents expected
Revenue: $742 million vs. $730 million expected
Compared to previous third-quarter reports, Okta refrained from offering preliminary guidance for the upcoming fiscal year. Finance chief Brett Tighe cited seasonality in the fourth quarter, and said providing guidance would require “some conservatism.”
Okta released a capability that allows businesses to build AI agents and automate tasks during the third quarter.
CEO Todd McKinnon told CNBC that upside from AI agents haven’t been fully baked into results and could exceed Okta’s core total addressable market over the next five years.
“It’s not in the results yet, but we’re investing, and we’re capitalizing on the opportunity like it will be a big part of the future,” he said in a Tuesday interview.
Revenues increased almost 12% from $665 million in the year-ago period. Net income increased 169% to $43 million, or 24 cents per share, from $16 million, or breakeven, a year ago. Subscription revenues grew 11% to $724 million, ahead of a $715 million estimate.
For the current quarter, the cybersecurity company expects revenues between $748 million and $750 million and adjusted earnings of 84 cents to 85 cents per share. Analysts forecast $738 million in revenues and EPS of 84 cents for the fourth quarter.
Returning performance obligations, or the company’s subscription backlog, rose 17% from a year ago to $4.29 billion and surpassed a $4.17 billion estimate from StreetAccount.
This year has been a blockbuster period for cybersecurity companies, with major acquisition deals from the likes of Palo Alto Networks and Google and a raft of new initial public offerings from the sector.
Marvell Technology Group Ltd. headquarters in Santa Clara, California, on Sept. 6, 2024.
David Paul Morris | Bloomberg | Getty Images
Semiconductor company Marvell on Tuesday announced that it will acquire Celestial AI for at least $3.25 billion in cash and stock.
The purchase price could increase to $5.5 billion if Celestial hits revenue milestones, Marvell said.
Marvell shares rose 13% in extended trading Tuesday as the company reported third-quarter earnings that beat expectations and said on the earnings call that it expected data center revenue to rise 25% next year.
The deal is an aggressive move for Marvell to acquire complimentary technology to its semiconductor networking business. The addition of Celestial could enable Marvell to sell more chips and parts to companies that are currently committing to spend hundreds of billions of dollars on infrastructure for AI.
Marvell stock is down 18% so far in 2025 even as semiconductor rivals like Broadcom have seen big valuation increases driven by excitement around artificial intelligence.
Celestial is a startup focused on developing optical interconnect hardware, which it calls a “photonic fabric,” to connect high-performance computers. Celestial was reportedly valued at $2.5 billion in March in a funding round, and Intel CEO Lip-Bu Tan joined the startup’s board in January.
Optical connections are becoming increasingly important because the most advanced AI systems need those parts tie together dozens or hundreds of chips so they can work as one to train and run the biggest large-language models.
Currently, many AI chip connections are done using copper wires, but newer systems are increasingly using optical connections because they can transfer more data faster and enable physically longer cables. Optical connections also cost more.
“This builds on our technology leadership, broadens our addressable market in scale-up connectivity, and accelerates our roadmap to deliver the industry’s most complete connectivity platform for AI and cloud customers,” Marvell CEO Matt Murphy said in a statement.
Marvell said that the first application of Celestial technology would be to connect a system based on “large XPUs,” which are custom AI chips usually made by the companies investing billions in AI infrastructure.
On Tuesday, the company said that it could even integrate Celestial’s optical technology into custom chips, and based on customer traction, the startup’s technology would soon be integrated into custom AI chips and related parts called switches.
Amazon Web Services Vice President Dave Brown said in a statement that Marvell’s acquisition of Celestial will “help further accelerate optical scale-up innovation for next-generation AI deployments.”
The maximum payout for the deal will be triggered if Celestial can record $2 billion in cumulative revenue by the end of fiscal 2029. The deal is expected to close early next year.
In its third-quarter earnings on Tuesday, Marvell earnings of 76 cents per share on $2.08 billion in sales, versus LSEG expectations of 73 cents on $2.07 billion in sales. Marvell said that it expects fourth-quarter revenue to be $2.2 billion, slightly higher than LSEG’s forecast of $2.18 billion.