Guildhall & St Mary’s Bathwick, Bath The festival’s new artistic director Adrian Brendel presided over – and was a key part of – a day of virtuosic and adventurous performances Taking up the mantle of the late Amelia Freedman as artistic director of Bath Bachfest is no small task for Adrian Brendel, but his determination to breathe new life into the two-day festival is apparent, not least in estab...
Guildhall & St Mary’s Bathwick, Bath The festival’s new artistic director Adrian Brendel presided over – and was a key part of – a day of virtuosic and adventurous performances Taking up the mantle of the late Amelia Freedman as artistic director of Bath Bachfest is no small task for Adrian Brendel, but his determination to breathe new life into the two-day festival is apparent, not least in establishing the BachFest Ensemble that unites highly talented players in the early stages of notable careers. The energy and commitment of the younger players was palpable and, in a concert of music by Handel, Purcell, Bach and Vivaldi, their collaboration with an older cohort – Brendel himself anchoring the ensemble as cellist, together with oboist Nicholas Daniel and the American countertenor Reginald Mobley – there was a very real sense of their joy in performing together and the audience’s in being part of the equation. Continue reading...
Anthropic PBC Chief Executive Officer Dario Amodei will meet with US Defense Secretary Pete Hegseth on Tuesday, according to a senior Pentagon official, as contract talks with the artificial intelligence startup remain deadlocked over the company’s insistence on guardrails for use of its technology. There were no further details on the meeting between Amodei and Hegseth, according to the official,...
Anthropic PBC Chief Executive Officer Dario Amodei will meet with US Defense Secretary Pete Hegseth on Tuesday, according to a senior Pentagon official, as contract talks with the artificial intelligence startup remain deadlocked over the company’s insistence on guardrails for use of its technology. There were no further details on the meeting between Amodei and Hegseth, according to the official, who spoke on condition of anonymity. The Pentagon had grown concerned that the company did not support its aims after hearing it had questions about how its AI was used during the US raid last month that captured Venezuelan President Nicolas Maduro , the official said. In a statement Monday, Anthropic said it was committed to using AI to support national security. “We are having productive conversations, in good faith, with” the Pentagon “on how to continue that work and get these complex issues right,” the company said via a spokesperson. Read More: Anthropic’s Pentagon Talks Snag on AI Surveillance, Weapons Anthropic is also seeking additional protections governing use of its Claude AI tool, a person familiar with the matter told Bloomberg News last week. Those conditions would include measures to stop it from being used for mass surveillance of Americans or to develop weapons that can be deployed without a human involved. The company’s stance has prompted objections from the Pentagon, which wants to be able to use Claude as long as its deployment doesn’t break the law. A Defense Department spokesman said last week the company’s relationship with the Pentagon was under review. “Our nation requires that our partners be willing to help our warfighters win in any fight,” Pentagon spokesman Sean Parnell said. Axios reported earlier Monday on the meeting between Amodei and Hegseth, citing people familiar with the matter, who described it as decisive moment in the discussions over the contract. Anthropic positions itself as a company focused on the responsible use of AI with a...
PM Images/DigitalVision via Getty Images Introduction Focusing largely on tech and AI, I often spin toward constraints and supply shortages that this AI boom creates . We’ve already seen a massive surge in high bandwidth memory, or HBM, demand, and those who have been following me knew about Micron ( MU ) before this stock surged. Even though most of the energy stocks have already repriced, waitin...
PM Images/DigitalVision via Getty Images Introduction Focusing largely on tech and AI, I often spin toward constraints and supply shortages that this AI boom creates . We’ve already seen a massive surge in high bandwidth memory, or HBM, demand, and those who have been following me knew about Micron ( MU ) before this stock surged. Even though most of the energy stocks have already repriced, waiting for the real shortage (or panic as a result of it) to begin, today, I want to break down Bloom Energy Corporation ( BE ). There are a couple of reasons this stock has interested me. The most important fact you need to know about Bloom Energy, is that it does not rely on the grid to provide power solutions, and in a couple of years, it will most likely prove to be the largest catalyst, as the grid will be one of the major constraint points of power supply in the U.S. According to Bloom’s research, 73% of operators are embedding onsite power into long-term strategies, and to me, this estimation sounds reasonable. Just 2 months ago, I broke down Alphabet’s ( GOOG )( GOOGL ) acquisition of Intersect , which is a clean energy company Alphabet had been previously working closely with. This company provides solutions to the data centers using a co-location model, which means that the energy plants are built directly next to data centers, avoiding the grid problem. It did not surprise me to see that Alphabet has already started solving this problem, as its assets that are not yet in service have surged about 55% year over year from $50.6 billion to $78.6 billion. These mostly represent data centers, including GPUs that have been bought but stay offline for now. GOOG 10-K Unfortunately, there isn't much information or research online about how many chips have been bought but not used yet, but it’s not a small number. By some estimates, it takes hyperscalers 6-12 months after the purchase to get those online, partly due to supply chain lags from chip producers like Nvidia ( NVDA ),...
Commodore Capital reduced its stake in Centessa Pharmaceuticals (NASDAQ:CNTA) by 1,850,000 shares in the fourth quarter, according to a February 17, 2026, SEC filing. The estimated transaction value, based on quarterly average pricing, was approximately $46.86 million. According to a filing with the Securities and Exchange Commission dated February 17, 2026, Commodore Capital sold 1,850,000 shares...
Commodore Capital reduced its stake in Centessa Pharmaceuticals (NASDAQ:CNTA) by 1,850,000 shares in the fourth quarter, according to a February 17, 2026, SEC filing. The estimated transaction value, based on quarterly average pricing, was approximately $46.86 million. According to a filing with the Securities and Exchange Commission dated February 17, 2026, Commodore Capital sold 1,850,000 shares of Centessa Pharmaceuticals in the fourth quarter. The estimated transaction value, calculated using the average closing price for the quarter, was $46.86 million. The fund’s quarter-end position value in Centessa declined by $44.10 million, a change that captures both sale activity and price movement. Centessa Pharmaceuticals plc is a clinical-stage biotechnology company headquartered in the United Kingdom, with a focus on advancing a diverse pipeline of innovative medicines targeting rare and serious diseases. The company leverages a portfolio approach, developing multiple assets across different therapeutic areas to diversify risk and maximize clinical impact. Its strategy centers on progressing high-potential candidates through pivotal trials, aiming to address significant unmet medical needs and establish a competitive position in the biopharmaceutical sector. Continue reading
Dario Amodei, chief executive officer of Anthropic, at the AI Impact Summit in New Delhi, India, on Thursday, Feb. 19, 2026. Ruhani Kaur | Bloomberg | Getty Images Anthropic CEO Dario Amodei will meet with Defense Secretary Pete Hegseth at the Pentagon on Tuesday morning to discuss how the military will use the startup's artificial intelligence models, according to a senior Department of Defense o...
Dario Amodei, chief executive officer of Anthropic, at the AI Impact Summit in New Delhi, India, on Thursday, Feb. 19, 2026. Ruhani Kaur | Bloomberg | Getty Images Anthropic CEO Dario Amodei will meet with Defense Secretary Pete Hegseth at the Pentagon on Tuesday morning to discuss how the military will use the startup's artificial intelligence models, according to a senior Department of Defense official. Negotiations between Anthropic and the DoD have hit a snag in recent weeks as the two organizations have clashed over the terms of use for Anthropic's technology. Anthropic wants assurance that its models will not be used for autonomous weapons or to spy on Americans. The DoD has made clear it wants to use Anthropic's models "for all lawful use cases," without limitation. As of February, Anthropic is the only AI company that has deployed its models on the DoD's classified networks and provided customized models to national security customers. The company was awarded a $200 million contract with the DoD last year. Read more CNBC tech news Tesla loses bid to toss $243 million verdict in fatal Autopilot crash suit Meta and Apple face serious questions about child safety and privacy From 'vanlords' to safe parking sites: How RVs became Silicon Valley's housing safety net Who's laughing now? China's humanoid robots go from viral stumbles to kung fu flips in one year Axios was first to report the upcoming meeting between Amodei and Hegseth. The conflict has been the latest hurdle in Anthropic's increasingly strained relationship with the Trump administration, which has publicly criticized the company in recent months. The meeting between Amodei and Hegseth could help the organizations come to a resolution and establish a path forward. "Anthropic is committed to using frontier AI in support of U.S. national security," a spokesperson said Monday, adding that the company is having "productive conversations, in good faith" with the DoD about how to "get these complex issues ...
Sahibzada Farhan ‘very hopeful’ of securing a deal 63 Pakistan players on the 710-player auction longlist Pakistan’s Sahibzada Farhan has said he remains hopeful of securing a contract to play in the Hundred this year, despite reports that the tournament’s four Indian-owned teams will not consider signing players from the country, but he admitted that selection decisions are “not in our hands”. Fa...
Sahibzada Farhan ‘very hopeful’ of securing a deal 63 Pakistan players on the 710-player auction longlist Pakistan’s Sahibzada Farhan has said he remains hopeful of securing a contract to play in the Hundred this year, despite reports that the tournament’s four Indian-owned teams will not consider signing players from the country, but he admitted that selection decisions are “not in our hands”. Farhan, who is the leading run-scorer at the T20 World Cup, is one of 63 Pakistani players on the 710-name longlist put forward for the men’s auction on 12 March. Despite the rumours, more Pakistani players have made themselves available than those from any other foreign nation with all but two of the country’s 15-man World Cup squad hoping for a deal. Continue reading...
John Kevin/iStock via Getty Images For a holiday-shortened trading week, the third week of February 2026 was as jam-packed with news with market-moving potential as any we've ever seen. Yet the S&P 500 (Index: SPX ) closed out the week ending Friday, 20 February 2026 at 6,909.51 , up a little over one percent from its previous week's close. Coincidentally, that's about one percent below its record...
John Kevin/iStock via Getty Images For a holiday-shortened trading week, the third week of February 2026 was as jam-packed with news with market-moving potential as any we've ever seen. Yet the S&P 500 (Index: SPX ) closed out the week ending Friday, 20 February 2026 at 6,909.51 , up a little over one percent from its previous week's close. Coincidentally, that's about one percent below its record high recorded back on 27 January, 2026. That outcome came about because the week's biggest market-moving news headlines were mixed. Most of that news hit on Friday, when the U.S. Supreme Court ruled that the law under which President Trump established his administration's global tariff program does not permit him to impose tariffs. That was generally good news for many companies in the S&P 500, which do quite a lot of worldwide business, but was tempered by the Trump administration's announcement that it would impose replacement tariffs of similar magnitude under other provisions of U.S. law, many of which have previously been tested in court. Friday also saw a hot Personal Consumption Expenditure inflation number, which is a negative for markets because higher-than-expected inflation lowers the odds of interest rate cuts. While the CME Group's FedWatch Tool continued projecting the Fed will keep holding the Federal Funds Rate steady until 17 June (2026-Q2), it now gives a 59% probability of a quarter-point rate cut happening then, down from the previous week. Looking further forward, the tool gives a 73% probability that another next quarter point reduction will take place on 16 September (2026-Q3). No other interest rate changes are expected in 2026, which is perhaps the biggest change from the previous week. Overall, stock prices rose from the previous week, which is captured in the latest update of the alternative futures chart. We've added a new red zone forecast range to the chart to compensate for the echoes of past volatility caused by last year's DeepSeek AI shock...
Baron Emerging Markets Fund retreated 1.26% (Institutional Shares) in Q4 2025, underperforming its benchmark, the MSCI Emerging Markets Index. The fund, in its Q4 shareholder letter, stated that Taiwan Semiconductor Manufacturing Company ( TSM ), SK Hynix ( HXSC.F ), and Samsung Electronics ( SSNLF ) were the top contributors, while Alibaba Group, Kaynes Technology India, and Tencent ( TCEHY ) wer...
Baron Emerging Markets Fund retreated 1.26% (Institutional Shares) in Q4 2025, underperforming its benchmark, the MSCI Emerging Markets Index. The fund, in its Q4 shareholder letter, stated that Taiwan Semiconductor Manufacturing Company ( TSM ), SK Hynix ( HXSC.F ), and Samsung Electronics ( SSNLF ) were the top contributors, while Alibaba Group, Kaynes Technology India, and Tencent ( TCEHY ) were the top detractors. During Q4 2025, the fund initiated positions in Absa Group Limited ( AGRPY ) and FirstRand Limited ( FANDY ) as it believes South African banks are at the cusp of a favorable banking cycle. The fund also re-established a position in Nu Holdings ( NU ) as it sees the leading digital bank in Latin America emerging from a benign credit cycle with its long-term competitive advantages intact and its growth opportunities enhanced. According to its shareholder letter, the fund strengthened its positions in Alibaba Group ( BABA ) ( BABAF ), Samsung Electronics ( SSNLF ), Kuaishou Technology ( KUASF ), HDFC Bank ( HDB ), Bharat Electronics, Tata Communications, and InPost S.A. ( INPOY ). During the quarter, Baron Emerging Markets Fund exited positions in Gold Fields Limited ( GFI ), KE Holdings Inc. ( BEKE ), and Dino Polska S.A. ( DNOPY ) due to high valuation and/or uncertainties over the earnings growth or competitive positioning going forward. Source: Q4 shareholders letter More on CoreWeave May Be Set For A High-Stakes Q4 Breakout (Preview) Astera Labs: The Market's Overreaction Hands Long-Term Buyers A Gift Medical Properties Trust: The Bear Case Is Getting Dangerous As Cash Flow Turns Up Fast Texas Instruments, Monolithic Power Systems named top picks at Citi PPL seeks to raise $1B in equity units offering
Core US Factory Orders Better Than Expected In December While sentiment is sagging to multi-year lows , 'hard' data is helping support growth forecasts (GDPNOW) and holding stocks at record highs. This morning we get a fresh glimpse at America's manufacturing segment - hard data - with Orders data (which is expected to drop MoM in December). After surging higher in November (+2.7% MoM), analysts e...
Core US Factory Orders Better Than Expected In December While sentiment is sagging to multi-year lows , 'hard' data is helping support growth forecasts (GDPNOW) and holding stocks at record highs. This morning we get a fresh glimpse at America's manufacturing segment - hard data - with Orders data (which is expected to drop MoM in December). After surging higher in November (+2.7% MoM), analysts expected US Factory Orders to drop 0.6% MoM in December but the actual print disappointed, dropping 0.7% MoM Source: Bloomberg Interestingly, Core Factory Orders rose 0.4% MoM - better than expected Source: Bloomberg The final December prints for Durable Goods Orders fell 1.4% as expected (and in line with the preliminary data).\ New orders non-defense, ex-air - a proxy for spending - rose 0.8% MoM (better than expected). The bottom line is this data is overall supportive for GDP guesstimates (and earnings). Tyler Durden Mon, 02/23/2026 - 10:06
Andrii Dodonov/iStock via Getty Images Few investors would have expected that by late 2025 equities would be rallying while credit markets remained almost completely unruffled. Yet that is exactly the environment today. Stocks have climbed steadily, and the extra yield investors demand to own corporate bonds over Treasuries, known as credit spreads, has compressed to levels seen only rarely over t...
Andrii Dodonov/iStock via Getty Images Few investors would have expected that by late 2025 equities would be rallying while credit markets remained almost completely unruffled. Yet that is exactly the environment today. Stocks have climbed steadily, and the extra yield investors demand to own corporate bonds over Treasuries, known as credit spreads, has compressed to levels seen only rarely over the past several decades.¹ Bond investors, much like equity investors, appear confident that corporate balance sheets can withstand near-term economic uncertainty. Credit spreads function as a real-time barometer of financial stress. When economic conditions deteriorate, investors demand more compensation for default risk, and spreads widen. When confidence is high, spreads narrow. Current conditions suggest little concern about a looming slowdown, with credit markets effectively validating the optimism priced into equities.² This alignment between stocks and credit is notable because the two markets often diverge during periods of heightened risk. At present, they are telling the same story. High-yield spreads sit near the tightest levels recorded in more than two decades.³ Investors are accepting minimal compensation for holding lower-rated corporate debt, reflecting expectations of stable cash flows and manageable refinancing conditions. Equity markets have responded to the same backdrop, supported by resilient earnings and easing macro uncertainty.⁴ Historically, equity prices and credit spreads tend to move together because both depend on corporate fundamentals. When companies appear financially sound, stocks rise and spreads compress.⁵ That relationship remains firmly intact. The Asymmetry of Historically Tight Spreads Tight spreads are not without implications. Credit cycles are inherently asymmetric. Spreads can only tighten so much, but they can widen rapidly when sentiment shifts. History shows that periods of extremely low spreads often persist longer than expecte...