Just_Super/E+ via Getty Images Thesis I think Zscaler is one of the more compelling risk-reward opportunities in enterprise cybersecurity currently. Shares were crushed in 1H26, down some 34% YTD to around $146 due to general AI disruption hysteria that engulfed the software space. Within the business, however, fundamentals remained strong with 23%+ revenue growth, ~32% FCF margins and a $1.65bn n...
Just_Super/E+ via Getty Images Thesis I think Zscaler is one of the more compelling risk-reward opportunities in enterprise cybersecurity currently. Shares were crushed in 1H26, down some 34% YTD to around $146 due to general AI disruption hysteria that engulfed the software space. Within the business, however, fundamentals remained strong with 23%+ revenue growth, ~32% FCF margins and a $1.65bn net cash position providing a healthy buffer. I see around 49% upside potential (over the next two years) from market share expansion in zero-trust security, margin improvement, and hopefully, multiple re-rating as the market discovers that AI is more of an enabler than a boogeyman. YCHARTS Company Overview Zscaler runs a cloud-native security platform that leverages the zero-trust design paradigm. Instead of funneling enterprise traffic through corporate firewalls or legacy hardware, the platform forwards all sessions through a worldwide security cloud, which inspects every session in real-time and allows access only when the user, device, and policy requirements are met. The network perimeter is replaced with identity-based, context-aware security. It is built on two pillars. The first is Zscaler Internet Access, which secures outgoing web and SaaS traffic through inline threat inspection, sandboxing, browser isolation and data loss prevention. Second is Zscaler Private Access, replacing or augmenting VPNs by establishing direct, short-lived connections between authenticated users and applications inside the data center or cloud without placing those applications on the public internet. To this base, the company overlays CASB controls, SASE features and increasingly AI-enabled threat detection and automation. Target market: medium to large companies, especially distributed workers, multi-branch office structure, heavy SaaS usage, complicated compliance requirements. The global 2000 is a very attractive segment, but a sizeable portion of mid-market companies with very signi...
Jaguar Mining press release ( JAG:CA ): Q1 Non-GAAP EPS of $0.12. Revenue of $44.59M (+63.4% Y/Y). More on Jaguar Mining Historical earnings data for Jaguar Mining Financial information for Jaguar Mining
Jaguar Mining press release ( JAG:CA ): Q1 Non-GAAP EPS of $0.12. Revenue of $44.59M (+63.4% Y/Y). More on Jaguar Mining Historical earnings data for Jaguar Mining Financial information for Jaguar Mining
Pershing Square Capital Management (PSCM), a roughly $15.5 billion fund run by the billionaire Bill Ackman, typically carries only 10 to 12 stocks at any given time. Four of them are now "Magnificent Seven" stocks. While the fund's 13F filings disclosing the company's holdings at the end of the first quarter of 2026 won't be released until later today (May 15), Ackman on X disclosed that PSCM, the...
Pershing Square Capital Management (PSCM), a roughly $15.5 billion fund run by the billionaire Bill Ackman, typically carries only 10 to 12 stocks at any given time. Four of them are now "Magnificent Seven" stocks. While the fund's 13F filings disclosing the company's holdings at the end of the first quarter of 2026 won't be released until later today (May 15), Ackman on X disclosed that PSCM, the investment manager of Pershing Square Holdings , has taken a new stake in Microsoft (NASDAQ: MSFT) . Continue reading
The S&P 500 Index ($SPX ) (SPY ) today is down -1.17%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.96%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.64%. June E-mini S&P futures (ESM26 ) are down -1.07%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is down -1.17%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is down -0.96%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -1.64%. June E-mini S&P futures (ESM26 ) are down -1.07%, and June E-mini Nasdaq futures...
Robert Way/iStock Editorial via Getty Images Nvidia Corporation ( NVDA ) is one of the best positioned plays ahead of earnings given that the underlying demand backdrop continues to appear more supply-constrained than cyclical. Estimates continue to move higher, hyperscaler capex is still aggressive and Blackwell demand should prove strong enough to drive another massive sequential revenue spike t...
Robert Way/iStock Editorial via Getty Images Nvidia Corporation ( NVDA ) is one of the best positioned plays ahead of earnings given that the underlying demand backdrop continues to appear more supply-constrained than cyclical. Estimates continue to move higher, hyperscaler capex is still aggressive and Blackwell demand should prove strong enough to drive another massive sequential revenue spike towards $79 billion. The point that I find even more interesting is the fact that Nvidia is no longer just selling GPUs. The firm is increasingly monetizing whole AI factory ecosystems through networking and rack-scale systems and inference infrastructures. China is no longer a growth driver but H200 development is taking some of that threat away. Given strong guidance, the AI cycle is still likely years away from running its course. The Real Nvidia-China Story Is Far More Bullish Investors remain stuck in old ways of thinking about Nvidia's China situation. The fact is, CEO Jensen Huang's trip to Beijing certainly didn't open up China overnight, but it has definitely shifted the geopolitical trajectory. From a position where Nvidia was considered to be a company with virtually no access left in China, it's likely to become a company that may be allowed to participate selectively in one of the world's second-largest AI ecosystems. That isn't the significance of the summit at all. The real story is the fact that there has been significant movement in Nvidia's path toward the granting of approvals for H200 use cases to Alibaba ( BABA ), Tencent ( TCEHY ) and ByteDance ( BDNCE ). For whatever reason, Washington doesn't want Nvidia cut out entirely from China's AI ecosystem, although ironically it would seem that more pushback is coming from Beijing than from Washington on the issue. What investors are missing here is the strategic implications for Nvidia. While it is unlikely that Nvidia will ever regain dominance in China, the fact is that it is no longer in danger of becoming...
Robert Way/iStock Editorial via Getty Images Nvidia Corporation ( NVDA ) is one of the best positioned plays ahead of earnings given that the underlying demand backdrop continues to appear more supply-constrained than cyclical. Estimates continue to move higher, hyperscaler capex is still aggressive and Blackwell demand should prove strong enough to drive another massive sequential revenue spike t...
Robert Way/iStock Editorial via Getty Images Nvidia Corporation ( NVDA ) is one of the best positioned plays ahead of earnings given that the underlying demand backdrop continues to appear more supply-constrained than cyclical. Estimates continue to move higher, hyperscaler capex is still aggressive and Blackwell demand should prove strong enough to drive another massive sequential revenue spike towards $79 billion. The point that I find even more interesting is the fact that Nvidia is no longer just selling GPUs. The firm is increasingly monetizing whole AI factory ecosystems through networking and rack-scale systems and inference infrastructures. China is no longer a growth driver but H200 development is taking some of that threat away. Given strong guidance, the AI cycle is still likely years away from running its course. The Real Nvidia-China Story Is Far More Bullish Investors remain stuck in old ways of thinking about Nvidia's China situation. The fact is, CEO Jensen Huang's trip to Beijing certainly didn't open up China overnight, but it has definitely shifted the geopolitical trajectory. From a position where Nvidia was considered to be a company with virtually no access left in China, it's likely to become a company that may be allowed to participate selectively in one of the world's second-largest AI ecosystems. That isn't the significance of the summit at all. The real story is the fact that there has been significant movement in Nvidia's path toward the granting of approvals for H200 use cases to Alibaba ( BABA ), Tencent ( TCEHY ) and ByteDance ( BDNCE ). For whatever reason, Washington doesn't want Nvidia cut out entirely from China's AI ecosystem, although ironically it would seem that more pushback is coming from Beijing than from Washington on the issue. What investors are missing here is the strategic implications for Nvidia. While it is unlikely that Nvidia will ever regain dominance in China, the fact is that it is no longer in danger of becoming...
watch now VIDEO 5:53 05:53 Energy Secretary Chris Wright: China will be buying more U.S. crude oil because of Iran Squawk Box China will ramp its crude oil imports from the United States because the world's two largest economies are natural trade partners when it comes to energy, Chris Wright told CNBC on Friday. China is the largest oil importer in the world and the U.S. is the biggest producer. ...
watch now VIDEO 5:53 05:53 Energy Secretary Chris Wright: China will be buying more U.S. crude oil because of Iran Squawk Box China will ramp its crude oil imports from the United States because the world's two largest economies are natural trade partners when it comes to energy, Chris Wright told CNBC on Friday. China is the largest oil importer in the world and the U.S. is the biggest producer. "There's a natural energy trade there," the U.S. energy secretary told CNBC's Brian Sullivan in an interview at Port Arthur, Texas. China relies heavily on the Middle East for its oil imports. Exports from the Persian Gulf have mostly been cut off for weeks now due to Iran's blockade of the Strait of Hormuz. Beijing has a massive strategic reserve that has helped it weather disruption so far. "I suspect we'll see a growth in their oil imports from the United States," Wright told CNBC. China and other Asian buyers will eventually buy more oil from Alaska as the Trump administration ramps up production there, Wright said. For now, Beijing will import more oil from the U.S. Gulf Coast, he said. President Donald Trump told Fox News earlier that China had agreed to buy more oil from the U.S. Beijing so far has not confirmed whether there is such an agreement with the U.S. "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump told Fox News. The U.S. president met with President Xi Jinping for a summit in Beijing this week. Hormuz will lose its importance: Wright Hormuz will lose its importance due to Iran's blockade of the sea lane, Wright said. "This is a card you can play once," the energy secretary said of Iran's disruption to the strait. About 20% of world oil supplies passed through the sea lane before the U.S. and Israel attacked Iran on Feb. 28. Iran's blockade of Hormuz in response has triggered the largest energy supply disruption in history and...
Olivier Le Moal/iStock via Getty Images By William Smith As market conditions shift, opportunities stand out. With tensions simmering in the Middle East and the global economy feeling the pinch of high energy prices, high-yield bonds might not be on every investor’s radar. In our view, they should be. Valuations remain compelling, starting yields are elevated, and corporate fundamentals—while soft...
Olivier Le Moal/iStock via Getty Images By William Smith As market conditions shift, opportunities stand out. With tensions simmering in the Middle East and the global economy feeling the pinch of high energy prices, high-yield bonds might not be on every investor’s radar. In our view, they should be. Valuations remain compelling, starting yields are elevated, and corporate fundamentals—while softening—are coming off relatively strong levels . Technical conditions also remain supportive, with limited net supply and steady demand. As for today’s turbulent times, high yield has historically held up well in periods of low growth and has performed better than equities during market drawdowns . Against this favorable backdrop, we see five opportunities taking shape in today’s high-yield market—plus one additional area worth watching. 1. BBB Quality at BB Yields High-yield spreads are still tight by historical standards even after recent widening. With spreads this compressed, investors don’t need to sacrifice much—if any—yield to move up in credit quality. This can be seen in the historically narrow yield differential between BBB-rated bonds and BB-rated credits ( Display ). Roughly 40% of the BBB market now offers yields comparable to BBs, providing similar income with less credit risk ( Display ). Quality opportunities also extend to fallen angels—formerly investment-grade securities downgraded into the high-yield universe. Rating agency activity has skewed to the downside, with downgrades outpacing upgrades and fallen angels outnumbering rising stars. Historically, fallen angels have tended to outperform following their transition into high yield. 2. Conviction Required in CCC Bonds In our view, the lowest rung of high-yield universe requires the most stringent due diligence. Roughly one-quarter of CCCs trade at distressed levels, with spreads of 1,000 basis points or more—implying significant default risk. But most CCCs offer insufficient compensation for that risk, ...
US President Donald Trump – known for his combative and prolific social media style – struck an unusually restrained online tone during his state visit to China. Trump has shared only 10 social media updates since landing in Beijing on Wednesday evening – mostly videos of his arrival in Beijing and official greetings received from Chinese President Xi Jinping. The latest posts include hailing Xi a...
US President Donald Trump – known for his combative and prolific social media style – struck an unusually restrained online tone during his state visit to China. Trump has shared only 10 social media updates since landing in Beijing on Wednesday evening – mostly videos of his arrival in Beijing and official greetings received from Chinese President Xi Jinping. The latest posts include hailing Xi as “one of the World’s Great Leaders” and asserting that the US should have a ballroom like China...
In breaking news, shares of optical communication and storage-related companies declined collectively. Coherent fell by more than 7%, with put options surging 330%. Astera Labs temporarily dropped nearly 7%, AAOI fell over 6%, Lumentum declined more t Moomoo
In breaking news, shares of optical communication and storage-related companies declined collectively. Coherent fell by more than 7%, with put options surging 330%. Astera Labs temporarily dropped nearly 7%, AAOI fell over 6%, Lumentum declined more t Moomoo