claffra/iStock via Getty Images Transcript Oscar Pulido: AI has been growing exponentially since ChatGPT burst onto the scene in November of 2022. The backdrop for the energy supporting AI today looks very different from two years ago. Models are growing larger, data centers are scaling faster, and the demand for electricity is rising at a pace few expected. Will Su: So even with some of the effic...
claffra/iStock via Getty Images Transcript Oscar Pulido: AI has been growing exponentially since ChatGPT burst onto the scene in November of 2022. The backdrop for the energy supporting AI today looks very different from two years ago. Models are growing larger, data centers are scaling faster, and the demand for electricity is rising at a pace few expected. Will Su: So even with some of the efficiency gains that we have made on the semiconductor side, the reality is today's AI models are more power hungry than ever to create. Oscar Pulido: The story now goes beyond innovation in silicon. It's about the strain on global power grids, the race to build new generation, and the emerging divide between countries rich in energy and those constrained by it. As AI becomes more deeply embedded in the global economy, the question isn't just what this technology can do, it's what amount of energy will it require to run? Welcome to the Bid where we break down what's happening in the markets and explore the forces changing the economy and finance. I'm Oscar Pulido. Today we're joined by Will Su from BlackRock's Fundamental Equities Group. Will has been closely tracking the surge in electricity demand driven by AI and the implications for natural gas renewables, and nuclear power. We'll discuss how the energy landscape has shifted over the last 18 months, whether the world can build fast enough to meet AI's needs, and how investors might expect to see the energy landscape evolve. Will, thank you so much for joining us on The Bid. Will Su: Thanks for having me back, Oscar. Oscar Pulido: It has been almost two years since you were here. You and I spoke in May of 2024, and I actually remember that conversation because, Will, I think you were one of the first people that, at least, drew some attention in my mind to the fact that the AI story is also an energy story. In fact, AI consumes a lot of energy, and you put a lot of numbers around that. AI has obviously become an even more do...
Outbound shipments of electronic products and stronger inbound demand for raw materials and machinery pushed Thailand’s exports and imports to their highest levels in four years, as the country seeks a trade agreement with the US. Thai exports jumped 24.4% in January from a year earlier, while imports soared 29.4%, Commerce Ministry data showed Monday. Both figures far exceeded even the most optim...
Outbound shipments of electronic products and stronger inbound demand for raw materials and machinery pushed Thailand’s exports and imports to their highest levels in four years, as the country seeks a trade agreement with the US. Thai exports jumped 24.4% in January from a year earlier, while imports soared 29.4%, Commerce Ministry data showed Monday. Both figures far exceeded even the most optimistic estimate in a Bloomberg survey of economists and marked the fastest growth since late 2021. Nantapong Chiralerspong, the ministry’s director-general of the Trade Policy and Strategy Office, said the export surge reflected an “upcycle” in demand for electronics tied to artificial intelligence and data centers, rather than transshipments of Chinese goods to the US via Thailand. Read More: China, India Among Winners After US Court Blocked Trump Tariffs The ministry official told reporters at a briefing that Thailand will press ahead with US trade talks after the Supreme Court struck down most of President Donald Trump ’s global tariffs. Trump has since proposed a new 15% levy to keep pressure on trading partners. “We need to continue talking to them, to show that we are cooperating,” Nantapong said. “We are running a high trade surplus against the US, so they could come up with any measures later.” Thailand’s trade deficit with China was $7.2 billion in January, while the Southeast Asian nation had a $4.8 billion trade surplus with the US. The data are good news for Thai Prime Minister Anutin Charnvirakul , whose party this month sealed a coalition deal after a stronger-than-expected election result. Anutin has pledged to boost the growth that has lagged that of other major Southeast Asian economies. Read More: Thailand Raises Growth Outlook in Boost to New Government
While profitability is essential, it doesn’t guarantee long-term success. Some companies that rest on their margins will lose ground as competition intensifies - as Jeff Bezos said, "Your margin is my opportunity".
While profitability is essential, it doesn’t guarantee long-term success. Some companies that rest on their margins will lose ground as competition intensifies - as Jeff Bezos said, "Your margin is my opportunity".
ArtMarie/E+ via Getty Images Overview When I previously covered Calamos Convertible & High Income Fund ( CHY ), I issued a buy rating due to the attractive valuation at the time. I also stated that CHY would be an efficient way to offset a market pullback, which started to happen shortly after that last article was published. CHY's total return since my last coverage sits at 10.7%, which has outpa...
ArtMarie/E+ via Getty Images Overview When I previously covered Calamos Convertible & High Income Fund ( CHY ), I issued a buy rating due to the attractive valuation at the time. I also stated that CHY would be an efficient way to offset a market pullback, which started to happen shortly after that last article was published. CHY's total return since my last coverage sits at 10.7%, which has outpaced the S&P 500. Since that last coverage, CHY has released an updated annual report that prompted me to revisit the fund's performance and outlook for the remainder of the year. I continue to believe that CHY can be a great choice for investors looking to hedge against continued market uncertainty. Looking at the performance over the last twelve months, we can see that CHY's share price has nearly increased by 7%. The fund has demonstrated its ability to participate in the positive market momentum over the last few quarters. When including all distributions paid out to shareholders, the total return jumps up to 19.3% over the same time frame. CHY now offers investors a starting dividend yield of 10% while issuing payouts on a monthly basis. Based on the latest annual report, CHY continues to generate earnings that outpace the distributions being paid. Therefore, I believe that CHY remains a great option for investors seeking income stability through different market cycles. Data by YCharts After reviewing the earnings, CHY continues to demonstrate the efficiency of its strategy. However, there are some clear flaws within its portfolio approach that I would like to see improved. For instance, CHY has consistently reported negative net investment income, which can be a vulnerability during unfavorable market conditions. Additionally, the transparency into the fund's credit ratings can be improved so that investors have a better idea of the risk profile in this higher interest rate environment. Fund Strategy According to the most updated fact sheet , CHY has total managed ass...
KKR & Co. has agreed to buy a majority stake in XCL Education Holdings Pte in a deal that values the Southeast Asian school operator at about $1.3 billion, according to people familiar with the matter. KKR outbid other investment firms for the stake held by TPG Inc. , the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing condit...
KKR & Co. has agreed to buy a majority stake in XCL Education Holdings Pte in a deal that values the Southeast Asian school operator at about $1.3 billion, according to people familiar with the matter. KKR outbid other investment firms for the stake held by TPG Inc. , the people said, without disclosing the exact size of the holding. A transaction is pending regulatory approvals and closing conditions, the people said, asking not to be identified because the information is private. Representatives for KKR and TPG declined to comment. XCL had drawn interest from other private equity firms including Warburg Pincus, Blackstone Inc. and EQT AB, people familiar with the matter said in December. The company has K-12 school campuses across Southeast Asia, including XCL World Academy in Singapore, the American School of Bangkok’s Sukhumvit campus, and Vietnam Australia International School, according to its website. Its other shareholders include Singapore state investor Temasek Holdings Pte . KKR invests widely in education, backing firms including Lighthouse Learning in India and Taylor’s Education Group , which operates international schools in Southeast Asia, as well as EQuest Education and Vinschools in Vietnam and Cognita Schools in Asia. KKR has deployed about $15 billion in Southeast Asia. It led a group that agreed to buy data center operator STT GDC Pte for S$6.6 billion ($5.2 billion) in cash earlier this month. In November, KKR provided Chandra Asri Group with $750 million in financing for its acquisition of Exxon Mobil Corp. ’s Esso-branded retail fuel stations in Singapore.
While strong cash flow is a key indicator of stability, it doesn’t always translate to superior returns. Some cash-heavy businesses struggle with inefficient spending, slowing demand, or weak competitive positioning.
While strong cash flow is a key indicator of stability, it doesn’t always translate to superior returns. Some cash-heavy businesses struggle with inefficient spending, slowing demand, or weak competitive positioning.
Trump 2.0's Grand Strategy Against China Is Slowly But Surely Coming Together Authored by Andrew Korybko, Casual observers are convinced that Trump is a madman with no method behind his madness, but the reality is that he and his team – collectively known as Trump 2.0 – are slowly but surely implementing their grand strategy against China. Every one of their moves abroad should be seen as a means ...
Trump 2.0's Grand Strategy Against China Is Slowly But Surely Coming Together Authored by Andrew Korybko, Casual observers are convinced that Trump is a madman with no method behind his madness, but the reality is that he and his team – collectively known as Trump 2.0 – are slowly but surely implementing their grand strategy against China. Every one of their moves abroad should be seen as a means to this end. They want to comprehensively contain China and then coerce it into a lopsided trade deal that “rebalance[s] China’s economy toward household consumption” per the National Security Strategy . Trump 2.0 doesn’t want to go to war over this, however, which is why they’re careful to avoid replicating the Imperial Japanese precedent . Piling too much economic-structural pressure on China at once could spook it into lashing out in desperation before the window of opportunity closes. They therefore decided to gradually deprive China of access to markets and resources , ideally through a series of trade deals, in order to imbue the US with the indirect leverage required to peacefully derail China’s superpower rise. The US’ trade deals with the EU and India could ultimately result in them curtailing China’s access to their markets under pain of punitive tariffs if they refuse. In parallel, the US’ special operation in Venezuela, pressure against Iran , and simultaneous attempts to subordinate Nigeria and other leading energy producers could curtail China’s access to the resources required for fueling its superpower rise. The combined effect thus far is already placing immense pressure upon China to cut a deal with the US. This is the grand strategic context within which Russia’s talks with the US and Ukraine are taking place. It too is coming under immense pressure after Trump 2.0 unexpectedly (from their view) perpetuated the proxy war in Ukraine, pioneered a breakthrough to Central Asia through last August’s “ Trump Route for International Peace and Prosperity ” across...
We have put together stories from our coverage last weekend to help you stay informed about news across Asia and beyond. If you would like to see more of our reporting, please consider subscribing. 1. Date set for US President Donald Trump’s trip to China 2. EU bans Chinese organisations from critical tech programmes, including AI, chips 3. Trump says raising US global tariff rate from 10 per cent...
We have put together stories from our coverage last weekend to help you stay informed about news across Asia and beyond. If you would like to see more of our reporting, please consider subscribing. 1. Date set for US President Donald Trump’s trip to China 2. EU bans Chinese organisations from critical tech programmes, including AI, chips 3. Trump says raising US global tariff rate from 10 per cent to 15 per cent 4. As high-speed railways saturate China, how far can their global reach...