A web application (or web app) is application software that is created with web technologies and runs via a web browser. Web applications emerged during the late 1990s and allowed for the server to dynamically build a response to the request, in contrast to static web pages. Web applications are commonly distributed via a web server. There are several different tier systems that web applications use to communicate between the web browsers, the client interface, and server data. Each system has its own uses as they function in different ways. However, there are many security risks that developers must be aware of during development; proper measures to protect user data are vital. Web applications are often constructed with the use of a web application framework. Single-page applications (SPAs) and progressive web apps (PWAs) are two architectural approaches to creating web applications that provide a user experience similar to native apps, including features such as smooth navigation, offline support, and faster interactions. Web applications are often fully hosted on remote cloud services, can require a constant connection to them, and can replace conventional desktop applications for operating systems such as Microsoft Windows, thus facilitating the operation of software as a service as it grants the developer the power to tightly control billing based on use of the remote services as well as vendor lock-in by hosting data remotely. Modern browsers such as Chrome offer sandboxing for every browser tab which improves security and restricts access to local resources. No software installation is required as the app runs within the browser which reduces the need for managing software installations. With the use of remote cloud services, customers do not need to manage servers as that can be left to the developer and the cloud service and can use the software with a relatively low power, low-resource PC such as a thin client. The source code of the application can stay the same across operating systems and devices of users with the use of responsive web design, since it only needs to be compatible with web browsers which adhere to web standards, making the code highly portable and saving on development time. Numerous JavaScript frameworks and CSS frameworks facilitate development. == History == The concept of a "web application" was first introduced in the Java language in the Servlet Specification version 2.2, which was released in 1999. At that time, both JavaScript and XML had already been developed, but the XMLHttpRequest object had only been recently introduced on Internet Explorer 5 as an ActiveX object. Beginning around the early 2000s, applications such as "Myspace (2003), Gmail (2004), Digg (2004), [and] Google Maps (2005)," started to make their client sides more and more interactive. A web page script is able to contact the server for storing/retrieving data without downloading an entire web page. The practice became known as Ajax in 2005. Eventually this was replaced by web APIs using JSON, accessed via JavaScript asynchronously on the client side. In earlier computing models like client-server, the processing load for the application was shared between code on the server and code installed on each client locally. In other words, an application had its own pre-compiled client program which served as its user interface and had to be separately installed on each user's personal computer. An upgrade to the server-side code of the application would typically also require an upgrade to the client-side code installed on each user workstation, adding to the support cost and decreasing productivity. Additionally, both the client and server components of the application were bound tightly to a particular computer architecture and operating system, which made porting them to other systems prohibitively expensive for all but the largest applications. Later, in 1995, Netscape introduced the client-side scripting language called JavaScript, which allowed programmers to add dynamic elements to the user interface that ran on the client side. Essentially, instead of sending data to the server in order to generate an entire web page, the embedded scripts of the downloaded page can perform various tasks such as input validation or showing/hiding parts of the page. "Progressive web apps", the term coined by designer Frances Berriman and Google Chrome engineer Alex Russell in 2015, refers to apps taking advantage of new features supported by modern browsers, which initially run inside a web browser tab but later can run completely offline and can be launched without entering the app URL in the browser. == Structure == Traditional PC applications are typically single-tiered, residing solely on the client machine. In contrast, web applications inherently facilitate a multi-tiered architecture. Though many variations are possible, the most common structure is the three-tiered application. In its most common form, the three tiers are called presentation, application and storage. The first tier, presentation, refers to a web browser itself. The second tier refers to any engine using dynamic web content technology (such as ASP, CGI, ColdFusion, Dart, JSP/Java, Node.js, PHP, Python or Ruby on Rails). The third tier refers to a database that stores data and determines the structure of a user interface. Essentially, when using the three-tiered system, the web browser sends requests to the engine, which then services them by making queries and updates against the database and generates a user interface. The 3-tier solution may fall short when dealing with more complex applications, and may need to be replaced with the n-tiered approach; the greatest benefit of which is how business logic (which resides on the application tier) is broken down into a more fine-grained model. Another benefit would be to add an integration tier, which separates the data tier and provides an easy-to-use interface to access the data. For example, the client data would be accessed by calling a "list_clients()" function instead of making an SQL query directly against the client table on the database. This allows the underlying database to be replaced without making any change to the other tiers. There are some who view a web application as a two-tier architecture. This can be a "smart" client that performs all the work and queries a "dumb" server, or a "dumb" client that relies on a "smart" server. The client would handle the presentation tier, the server would have the database (storage tier), and the business logic (application tier) would be on one of them or on both. While this increases the scalability of the applications and separates the display and the database, it still does not allow for true specialization of layers, so most applications will outgrow this model. == Security == Security breaches on these kinds of applications are a major concern because it can involve both enterprise information and private customer data. Protecting these assets is an important part of any web application, and there are some key operational areas that must be included in the development process. This includes processes for authentication, authorization, asset handling, input, and logging and auditing. Building security into the applications from the beginning is sometimes more effective and less disruptive in the long run. == Development == Writing web applications is simplified with the use of web application frameworks. These frameworks facilitate rapid application development by allowing a development team to focus on the parts of their application which are unique to their goals without having to resolve common development issues such as user management. In addition, there is potential for the development of applications on Internet operating systems, although currently there are not many viable platforms that fit this model.
List of large language models
A large language model (LLM) is a type of machine learning model designed for natural language processing tasks such as language generation. LLMs are language models with many parameters, and are trained with self-supervised learning on a vast amount of text. == List == For the training cost column, 1 petaFLOP-day equals 1 petaFLOP/sec × 1 day, or 8.64×1019 FLOP (floating point operations). Only the cost of the largest model is shown. The number of parameters is measured in billions, and the training cost is measured in petaFLOP-days. === 2018 === === 2019 === === 2020 === === 2021 === === 2022 === === 2023 === === 2024 === === 2025 === === 2026 ===
Exercism
Exercism is an online, open-source, free coding platform that offers code practice and mentorship on 77 different programming languages. == History == Software developer Katrina Owen created Exercism while she was teaching programming at Jumpstart Labs. The platform was developed as an internal tool to solve the problem of her own students not receiving feedback on the coding problems they were practicing. Katrina put the site publicly online and found that people were sharing it with their friends, practicing together and giving each other feedback. Within 12 months, the site had organically grown to see over 6,000 users had submitted code or feedback, and hundreds of volunteers contribute to the languages or tooling on the platform. In 2016, Jeremy Walker joined as co-founder and CEO. In July 2018, the site was relaunched with a new design and centered around a formal mentoring mode, at which point Katrina stepped back from day-to-day involvement. == Product == In the past, the website differed from other coding platforms by requiring students to download exercises through a command line client, solve the code on their own computers then submit the solution for feedback, at which point they can also view other's solutions to the same problem. Since its second relaunch in 2021, solutions can be edited and submitted through a web editor, though the command line client remains available. Exercism has tracks for 74 programming languages. Among the notable languages taught: ABAP, C, C#, C++, CoffeeScript, Delphi, Elm, Erlang, F#, Gleam, Go, Java, JavaScript, Julia, Kotlin, Objective-C, PHP, Python, Raku, Red, Ruby, Rust, Scala, Swift, and V (Vlang). In 2023, the site launched a "12 in 23" challenge for users to learn the basics of 12 different languages - one per month in 2023. == Open source == The Exercism codebase is open source. In April 2016, it consisted of 50 repositories including website code, API code, command-line code and, most of all, over 40 stand-alone repositories for different language tracks. As of February 2024 Exercism has 14,344 contributors, maintains 366 repositories, and 19,603 mentors.
Scenery generator
A scenery generator (or terrain generator) is a software used to create landscape images, 3D models, and animations. These programs often use procedural generation to generate the landscapes, or sometimes created and rendered by a 3D artist. These programs are often used in video games or movies. Basic elements of landscapes created by scenery generators include terrain, water, foliage, and clouds. The process for basic random generation uses a diamond square algorithm. == Common features == Most scenery generators can create basic heightmaps to simulate the variation of elevation in basic terrain. Common techniques include Simplex noise, fractals, or the diamond-square algorithm, which can generate 2-dimensional heightmaps. A version of scenery generator can be very simplistic. Using a diamond-square algorithm with some extra steps involving fractals, an algorithm for random generation of terrain can be made with only 120 lines of code. The program in example takes a grid and then divides the grid repeatedly. Each smaller grid is then split into squares and diamonds and the algorithm then makes the randomized terrain for each square and diamond. Most programs for creating landscapes also allow for adjustment and editing of the landscape. For example, World Creator allows for terrain sculpting, which uses a similar brush system as Photoshop, and allows for additional terrain enhancement with its procedural techniques such as erosion, sediments, and more. Other tools in the World Creator program include terrain stamping, which allows you to import elevation maps and use them as a base. The programs tend to also allow for additional placement of rocks, trees, etc. These can be done procedurally or by hand depending on the program. Typically the models used for the placement objects are the same as to lessen the amount of work that would be done if the user was to create a multitude of different trees. The terrain generated the computer does a generation of multifractals then integrates them until finally rendering them onto the screen. These techniques are typically done “on-the-fly” which typically for a 128 × 128 resolution terrain would mean 1.5 seconds on a CPU from the early 1990s. == Applications == Scenery generators are commonly used in movies, animations, 3D rendering, and video games. For example, Industrial Light & Magic used E-on Vue to create the fictional environments for Pirates of the Caribbean: Dead Man's Chest. In such live-action cases, a 3D model of the generated environment is rendered and blended with live-action footage. Scenery generated by the software may also be used to create completely computer-generated scenes. In the case of animated movies such as Kung Fu Panda, the raw generation is assisted by hand-painting to accentuate subtle details. Environmental elements not commonly associated with landscapes, such as ocean waves, have also been handled by the software. Scenery generation is used in most 3D based video-games. These typically use either custom or purchased engines that contain their own scenery generators. For some games they tend to use a procedurally generated terrain. These typically use a form of height mapping and use of Perlin noise. This will create a grid that with one point in a 2D coordinate will create the same heightmap as it is pseudorandom, meaning it will result in the same output with the same input. This can then easily be translated into the product 3D image. These can then be changed from the editor tools in most engines if the terrain will be custom built. With recent developments neural networks can be built to create or texture the terrain based on previously suggested artwork or heightmap data. These would be generated using algorithms that have been able to identify images and similarities between them. With the info the machine can take other heightmaps and render a very similar looking image to the style image. This can be used to create similar images in example a Studio Ghibli or Van Gogh art-style. == Software == Most game engines, whether custom or proprietary, will have terrain generation built in. Some terrain generator programs include, Terragen, which can create terrain, water, atmosphere and lighting; L3DT, which provides similar functions to Terragen, and has a 2048 × 2048 resolution limit; and World Creator, which can create terrain, and is fully GPU powered. === List of 3D terrain generation software ===
Database virtualization
Database virtualization is the decoupling of the database layer, which lies between the storage and application layers within the application stack. Virtualization of the database layer enables a shift away from the physical, toward the logical or virtual. Virtualization enables compute and storage resources to be pooled and allocated on demand. This enables both the sharing of single server resources for multi-tenancy, as well as the pooling of server resources into a single logical database or cluster. In both cases, database virtualization provides increased flexibility, more granular and efficient allocation of pooled resources, and more scalable computing. == Virtual data partitioning == The act of partitioning data stores as a database grows has been in use for several decades. There are two primary ways that data has been partitioned inside legacy data management systems: Shared-data databases: an architecture that assumes all database cluster nodes share a single partition. Inter-node communications are used to synchronize update activities performed by different nodes on the cluster. Shared-data data management systems are limited to single-digit node clusters. Shared-nothing databases: an architecture in which all data is segregated to internally managed partitions with clear, well-defined data location boundaries. Shared-nothing databases require manual partition management. In virtual partitioning, logical data is abstracted from physical data by autonomously creating and managing large numbers of data partitions (100s to 1000s). Because they are autonomously maintained, the resources required to manage the partitions are minimal. This kind of massive partitioning results in: Partitions that are small, efficiently managed, and load-balanced. Systems that do not require re-partitioning events to define additional partitions, even when the hardware is changed. “Shared-data” and “shared-nothing” architectures allow scalability through multiple data partitions and cross-partition querying and transaction processing without full partition scanning. == Horizontal data partitioning == Partitioning database sources from consumers is a fundamental concept. With greater numbers of database sources, inserting a horizontal data virtualization layer between the sources and consumers helps address this complexity. Rick van der Lans, the author of multiple books on SQL and relational databases, has defined data virtualization as "the process of offering data consumers a data access interface that hides the technical aspects of stored data, such as location, storage structure, API, access language, and storage technology." == Advantages == Added flexibility and agility for existing computing infrastructure. Enhanced database performance. Pooling and sharing computing resources, either splitting them (multi-tenancy) or combining them (clustering). Simplification of administration and management. Increased fault tolerance.
World model (artificial intelligence)
A world model in artificial intelligence is a machine learning system that builds an internal representation of an environment. The model predicts how that environment changes over time in response to actions. Researchers design world models to help agents plan, reason, and act without constant real-world trial and error. World models differ from systems that merely classify or generate outputs. They simulate dynamics such as physics, object interactions, and causality. Early ideas date to the 1990s. Modern versions power robots, autonomous driving, and interactive video generation. == History == Jürgen Schmidhuber introduced the term world model in machine learning in 1990. He proposed recurrent neural networks that predict future states from observations and use those predictions to train agents. David Ha and Schmidhuber revived the concept in a 2018 paper. Their agents learned to drive virtual cars and play video games inside self-generated simulations. Yann LeCun advanced the idea in a 2022 position paper titled "A Path Towards Autonomous Machine Intelligence". He argued that intelligence requires predictive models of the world rather than pure pattern matching. LeCun proposed the joint embedding predictive architecture (JEPA) as a practical foundation. LeCun and collaborators developed several JEPA variants. V-JEPA 2 reached state-of-the-art performance on video understanding and physical reasoning at the time. It supports zero-shot robot control in unfamiliar environments. Introduced in March 2026, LeWorldModel trains stably end-to-end from raw pixels and uses two loss terms and avoids hand-crafted heuristics. LeCun founded Advanced Machine Intelligence Labs in 2026 to further develop world models. Google DeepMind introduced Genie in 2024. The model learned interactive environments from unlabeled internet videos. Genie 2 followed in late 2024 and added three-dimensional generation. The Genie series set benchmarks for general-purpose simulation. Genie 3 was introduced in August 2025. It produces photorealistic, real-time interactive worlds from text prompts which are displayed at 24 frames per second and explored in real time with text or image prompts. The model supports persistent three-dimensional worlds and real-time interaction. Waymo adopted Genie 3 in February 2026 and used it to create a specialized world model for autonomous driving simulation, called the Waymo World Model. It produces synchronized camera and lidar outputs and creates edge cases that real robotaxis rarely encounter. The edge cases were reported to be unusual by PCMag. General Intuition announced a $133.7 million seed round. World Labs raised $1 billion. AMI raised $1.03 billion. In April 2026, Alibaba announced Happy Oyster, its world model designed for real-time and “flowy” world model. It includes a directing mode for world building based on text and image prompts and a wandering mode for exploring the resulting world. It can generate 3-minute in-world video clips. Also in April, World Labs, co-founded by Li Fei Fei, unveiled Spark 2.0, an open-source 3D Gaussian splatting rendering engine that targets smartphone-class devices. In June 2026, Nvidia released Cosmos 3, a family of open-weight models. It combines previously independent physical reasoning, world simulation, and action generation. Cosmos 3 integrates can process and generate text, image, video, audio, and action sequences. The model employs a Mixture-of-Transformers" (MoT) approach. An autoregressive (AR) transformer handles reasoning and next-token prediction, while a diffusion transformer (DT) does multimodal generation. Encoders (ViT for vision, VAE for visual/audio, and domain-specific for actions) and generate a shared representation space using 3D multi-dimensional rotary position embedding (mRoPE) for spatial and temporal information. The family includes Cosmos3-Nano (16B parameters) for workstations; Cosmos3-Super (64B parameters) for research. == Architecture == World models process raw sensory data such as video frames or lidar scans. They compress this input into compact latent representations. The system then predicts future representations rather than pixel-by-pixel reconstructions. Many modern world models use joint embedding predictive architecture (JEPA). An encoder turns observations into embeddings. A predictor estimates one or a suite of embeddings from the current one and an action. In some cases a critic chooses one embedding as the best result. A regularizer keeps embeddings well-behaved. The model trains by minimizing prediction error in embedding space. This approach avoids the high cost of generating every detail. Some architectures add explicit components. A fast reactive path handles immediate responses. A slower deliberative path performs longer-horizon planning. Video prediction accuracy or robot success rates are key metrics, but do not always predict real-world performance. Generative world models such as Genie 3 combine these with a simulator. They accept text prompts or layouts and output consistent video, lidar, or three-dimensional scenes. World models often train with self-supervised learning. They use large unlabeled datasets of video or robot interactions. Self-supervised learning can speed learning. Reinforcement learning can fine-tune a model for specific tasks. == Applications == World models support robot learning. Agents train inside simulations and transfer skills to the physical world. This reduces the need for dangerous or expensive real-world trials. Autonomous vehicles use world models to test rare events. Waymo's system simulates tornadoes or unusual pedestrian behavior. Companies train planners without putting vehicles on public roads. Interactive entertainment benefits from world models. Genie 3 lets users generate playable environments from simple descriptions. Game studios prototype levels faster. Scientific simulation gains from these models. Researchers model physical systems or biological processes at scale. Planners in logistics or urban design test strategies inside accurate digital twins. == Comparison with large language models == Both world models and large language models (LLMs) use inferencing on their inputs to make predictions. LLMs operate on textual inputs. They predict the next token in text sequences. They excel at language-oriented tasks such as translation or summarization. However, they lack understanding of physics. World models operate on sensor inputs such as pixels. They predict state changes in that data in latent space. This design supports planning and causal reasoning. LLMs generate fluent text but often fail at consistent physical predictions. Their architecture employs transformers with refinements such as mixture of experts. World models divide an inferencing task into work performed by encoders, predictors, simulators, and other pieces. They typically handle multimodal inputs such as video, lidar, radar, and audio, guided by textual prompting. LLMs power chatbots and code assistants. World models drive embodied agents that act in dynamic environments, such as autonomous driving. The two may be combined in hybrid systems. For example, a LLM handles instructions, while a world model manages low-level control. World model proponents such as LeCun claim that because LLMs are trained only on text, they have no ability to predict anything beyond text, such as real-world events. == Benchmarks == World model benchmarks test physical understanding, long-term consistency, planning, and generalization from sensor data. Meta introduced three benchmarks for V-JEPA 2. IntPhys 2 measures a model's ability to detect physics violations. It presents pairs of videos that diverge when one breaks physical rules. Humans score near 100% accuracy. V-JEPA 2 achieves little better than random chance on many conditions. Minimal Video Pairs (MVPBench) tests physical understanding through multiple-choice questions based on short video clips. It probes object interactions and causality. Something-Something tests action recognition. Epic-Kitchens-100 tests human action anticipation. DeepMind benchmark: Interactive evaluation measures consistency over minutes of interaction, memory of off-screen objects, and response to user actions or text prompts. Waymo benchmark: Output generation quality: Metrics include realism, controllability (via text prompts), and usefulness for training planners in simulated worlds. However, pixel reconstruction error rate with episodic rewards often fails. Other: Epic-Kitchens-100 (often measured with Recall@5) Ego4D 50 Salads, Breakfast, etc. Potential benchmarks: Zero-shot transfer to robots Long-horizon planning Implausible prediction rate
Ibotta
Ibotta, Inc. is an American mobile technology company headquartered in Denver, Colorado. Founded in 2011, the company offers cash back rewards on various purchases through its Ibotta Performance Network and direct to consumer app. Ibotta partners with CPG (consumer packaged goods) brands and network publishers to provide these rewards. As of 2024, the company operates solely in the United States. The company's rewards-as-a-service offering, the Ibotta Performance Network, went live in 2022. In August 2019, Ibotta received a $1 billion valuation after its Series D funding, and in 2023, the company surpassed $1.5 billion cash rewards paid to over 50 million consumers since the company's founding. Ibotta became a publicly traded company in April 2024 with a listing on the New York Stock Exchange. As of September 2025, Ibotta is trading at approximately $27.13 per share, marking a 69% decline from its initial public offering price of $88 per share on April 18, 2024. == History == === Founding through early 2019 === Ibotta was founded by current CEO Bryan Leach. The company was incorporated in 2011 and the app launched to both the App Store and Google Play stores in 2012. Early investors included entrepreneur and computer scientist Jim Clark and Tom “TJ” Jermoluk, Chairman of @Home Network. In 2015, Ibotta expanded beyond item level grocery, adding the ability to get cash back on in-store retail purchases. In 2016, in-app mobile commerce began, allowing users to navigate from the Ibotta app to its partners' apps to earn cash back on purchases. In 2016 with a Series C investment, Ibotta had raised over $73 million in funding. In March of that year, Ibotta partnered with Anheuser-Busch to offer cash back for adults who purchased its products. In May, the company partnered with LiveRamp so that companies could use their CRM data to create segmented, personalized campaigns. At the time, the company had around 200 full- and part-time employees and moved from offices in Lower Downtown Denver (LoDo) to a 40,000-square-foot office in the central Denver business district. A year later, the company had to expand to a second floor as it added almost another 100 employees. In 2017, Ibotta added cash back for Uber to its app as well as cash back rewards for online and mobile purchases. In 2018, Ibotta was listed on the Inc. 5,000 list as one of the fastest growing private companies in the U.S. A year later, in January 2019, the Ibotta app had been downloaded more than 30 million times with users receiving a reported $500 million in cash back rewards. That year, Ibotta was the largest mobile company in Colorado with six million monthly active users. === August 2019 to present === In August 2019, Ibotta was valued at $1 billion, following a Series D round of funding. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries. 2019 was also the year the company introduced Pay with Ibotta, which allowed users to complete purchases at key retailers on the Ibotta app and earn instant cash back in the process. With that new service, users were able to enter their purchase total and use a QR code to checkout and receive immediate cash back. In 2020, the company partnered with Trees for the Future to plant up to 1 million trees as part of an Earth Month campaign to raise awareness about the waste of unused paper coupons. In response to the COVID-19 pandemic, Ibotta partnered with CPG brands in their “Here to Help” campaign and together committed over $10 million in cash back to American consumers. The company added the ability to earn cash back from online grocery pick-up and delivery orders. Later that year, Ibotta started its free Thanksgiving program, providing users with 100% cash back on select groceries needed for a Thanksgiving meal. By 2022, the company had provided approximately 10 million Thanksgiving meals. In 2021, Ibotta acquired the company OctoShop (originally InStok), a shopping browser extension company. The OctoShop app enables users to compare prices across stores and set restock and price-drop alerts. In April 2022, the Ibotta Performance Network (IPN) was launched. The IPN allows brands to deliver digital offers to consumers through third party publishers. Retailers including Walmart, Dollar General and Family Dollar, food delivery services including Instacart, and convenience stores including Shell are all part of the Ibotta Performance Network. This pay-per-sales or success-based performance network reaches over 200 million consumers. On April 18, 2024, Ibotta had its initial public offering (IPO), trading on the New York Stock Exchange (NYSE) under the ticker symbol IBTA. It was the largest technology IPO in Colorado history. In October 2025, Ibotta announced a partnership with technology and analytics company Circana, integrating Circana's Household Lift measurement into Ibotta campaigns to give CPG brands an increased understanding of the impact of their promotional campaigns. On November 3, 2025, Ibotta launched LiveLift, a tool for companies to measure the return on investment of digital promotions, in order to optimize performance marketing goals. === Athletic partnerships === Ibotta became the official jersey patch partner of the New Orleans Pelicans, a professional men's basketball team in the National Basketball Association (NBA), for the 2020–2021 and 2023–2024 seasons. Ibotta became the official jersey patch partner of the 2023 NBA champion Denver Nuggets baskeetball team beginning in the 2023–2024 season. In March 2023, F1 driver Logan Sargeant, the first U.S. racer to compete in F1 since 2015, partnered with Ibotta. The Ibotta logo was displayed on Sargeant's racing helmet throughout his F1 career. In June 2023, UConn Huskies women's basketball player Paige Bueckers entered into a "name, image, and likeness" (NIL) promotional agreement with Ibotta. According to a press release by Ibotta, the company has agreements with The Brandr Group, which finds NIL opportunities for women college athletes, and the Pearpop social media marketing platform to promote Ibotta. == Legal issues == In April 2025, shareholders filed a class action lawsuit—Fortune v. Ibotta, Inc., in the U.S. District Court for the District of Colorado (Case No. 25-cv-01213)—alleging that the registration statement in connection with Ibotta’s April 2024 initial public offering omitted material information. The complaint claims that, although Ibotta disclosed detailed terms for its contract with Walmart Inc., it failed to warn investors that its agreement with The Kroger Co., its second-largest client, was terminable at will and thus could be canceled without warning, creating a misleading impression of stability.