Jeff Spicer/Getty Images Entertainment It hurts to look at Adobe Inc. ( ADBE ) through bearish lenses. After all, this is still one of the highest-quality software businesses in the world. Adobe arguably has the best products in the creative space, and they remain deeply embedded in creative and document workflows. And in normal circumstances, a stock like ADBE, trading at depressed valuation leve...
Jeff Spicer/Getty Images Entertainment It hurts to look at Adobe Inc. ( ADBE ) through bearish lenses. After all, this is still one of the highest-quality software businesses in the world. Adobe arguably has the best products in the creative space, and they remain deeply embedded in creative and document workflows. And in normal circumstances, a stock like ADBE, trading at depressed valuation levels with this kind of quality, would probably look like a clear buy-the-dip opportunity. But the point is that these are not normal circumstances for Adobe. In my previous article , I argued that Adobe's story was becoming harder to trust. Not because the company was suddenly becoming a bad business. Not at all. But rather because the market was beginning to question whether Adobe's premium software model could hold up in an AI-first world. And after the San Jose, California-based company’s Q2 print, even delivering a beat across the board (on a non-GAAP basis), I believe that this concern has only become stronger. Seeking Alpha The quarter itself was not weak on the surface, and if you haven't read the earnings call transcript , I recommend reading the summary made by Seeking Alpha at this link . Briefly, Adobe delivered record revenue, strong cash flow, and raised its annual guidance. None of this helped, however, when the market was clearly not focused on traditional quality metrics anymore. The real issue Adobe faces is whether the company can turn AI usage and freemium adoption into high-quality ARR without sacrificing pricing power, margins, or the strength of its creative moat. That is where I think the thesis remains fragile. Usage is here, but it's not the same as monetization. Until there is evidence that its AI-led freemium strategy can convert into durable recurring revenue—which has historically driven the company’s stock—I believe that ADBE may remain stuck in a negative sentiment loop, and I am downgrading ADBE to Sell. The Weakest Part of Adobe’s Q2 Was the F...
Brandon Moser We have liftoff. SpaceX's ( SPCX ) long-awaited initial public offering happened on Friday, as shares officially opened on the Nasdaq at $150, for a gain of 11%. Musk and AI The offering makes Elon Musk, who leads both SpaceX and Tesla ( TSLA ), the world's first trillionaire. That his net worth crossed the trillion-dollar mark after the debut is notable, given that much of his wealt...
Brandon Moser We have liftoff. SpaceX's ( SPCX ) long-awaited initial public offering happened on Friday, as shares officially opened on the Nasdaq at $150, for a gain of 11%. Musk and AI The offering makes Elon Musk, who leads both SpaceX and Tesla ( TSLA ), the world's first trillionaire. That his net worth crossed the trillion-dollar mark after the debut is notable, given that much of his wealth is tied to the rocket and artificial intelligence company. His stake in SpaceX is worth roughly $866B, and he retained overwhelming voting control after the IPO, giving him effective authority over SpaceX's strategic direction and board composition. According to a new filing, Musk holds options to purchase 350M Class B common shares at an exercise price of $8.3998 per share through Feb. 11, 2031. The Elon Musk Revocable Trust indirectly owns 526.2M Class A shares. Another vehicle, EM 2024 GRAT-A, indirectly owns 7.4M Class A shares. The offering was led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, alongside a broader syndicate of banks. Goldman Sachs President John Waldron appeared on Bloomberg on Friday and said the offering was indicative of investor demand for funding all things related to artificial intelligence. Recently, SpaceX has focused more on artificial intelligence than just putting rockets into space. Musk has talked about putting data centers into space, using the company's rockets to get them there. The company has other AI-related assets, including its Grok chatbot and its Colossus data centers. It has also increasingly positioned itself as an AI infrastructure provider, providing computing power to Anthropic ( ANTHRO ) and Google ( GOOG ) ( GOOGL ) in separate deals, aside from its traditional businesses in launch services and satellite communications. Goldman Sachs recently said it expects SpaceX's revenue related to AI to jump 100 times between now and 2030. Google's parent company, Alphabet, is a long-time investor ...
从纽约到东京，全球机构投资者和散户投资者周五都紧盯着自己的屏幕，等待史上规模最大IPO马斯克的SpaceX开始交易。 多伦多Triple D Trading市场结构主管兼自营交易员Dennis Dick表示，“我已经醒了5个小时了，到现在还没吃东西！我饿坏了，肚子一直在叫。我死死盯着屏幕，真希望SpaceX赶紧开始交易，这样我才能去吃饭。我现在根本离不开座位，甚至连厕所都不敢去，因为我怕错过这一刻...
从纽约到东京，全球机构投资者和散户投资者周五都紧盯着自己的屏幕，等待史上规模最大IPO马斯克的SpaceX开始交易。 多伦多Triple D Trading市场结构主管兼自营交易员Dennis Dick表示，“我已经醒了5个小时了，到现在还没吃东西！我饿坏了，肚子一直在叫。我死死盯着屏幕，真希望SpaceX赶紧开始交易，这样我才能去吃饭。我现在根本离不开座位，甚至连厕所都不敢去，因为我怕错过这一刻。” 在地球另一端的澳大利亚悉尼，当地交易时段早已结束。Global X Management投资策略师Justin Lin 通常会在周五晚上和女朋友一起重温Netflix上的《神烦警探》。但他也在密切关注SpaceX的动向。 他说，“她可能会因为我在旁边开着终端而有点生气，但这就是这份工作的性质……我认为这件事的重要性不仅仅在于市场对SpaceX的需求。某种程度上，它更像是在测试市场对于‘希望与梦想型交易’有多大的热情，而整个芯片行业目前其实都在依赖这种逻辑。”（彭博）
Kirpal Kooner UDR ( UDR ) is optimistic about its outlook as new apartment supply in the Sunbelt moderates, and it sticks to its knitting while two major rivals are set to merge. Furthermore, the REIT has been intensifying its outreach to investors. The company will switch to paying a monthly dividend from quarterly, starting in July, to bolster its profile among prospective investors. “We think t...
Kirpal Kooner UDR ( UDR ) is optimistic about its outlook as new apartment supply in the Sunbelt moderates, and it sticks to its knitting while two major rivals are set to merge. Furthermore, the REIT has been intensifying its outreach to investors. The company will switch to paying a monthly dividend from quarterly, starting in July, to bolster its profile among prospective investors. “We think that we can attract some new investors to our story, and that, in turn, should help lift the stock price and benefit all investors,” Chief Financial Officer Dave Bragg said in an interview with Seeking Alpha. There’s a “minor administrative cost” to increasing the frequency of the dividend, but he sees the higher profile as more than offsetting the costs. It also expands its access to capital, one of the three main points the apartment REIT is making to investors. The other two are operational excellence, which involves maximizing revenue growth and margins, and capital allocation. In capital allocation, the company sees a limited arbitrage opportunity. “If our stock trades at a meaningful discount to the underlying value of assets — which has been the case for all of the apartment REITs — it allows us to temporarily sell assets and buy back stock and create value,” Bragg said. Last month, the company increased its share repurchase authorization by 25M shares. That’s also improving its asset base, setting it up for improved growth, because it’s divesting the properties that are deemed as inferior performers. Once the stock revives, there’s another opportunity. “If you see the stock trade above the underlying value of the assets, that could be an opportunity to issue equity and grow,” he said. “But to run the business on a day-to-day basis, we have more than enough capital due to what we generate,” Bragg explained. “It helps us fund the capital expenditure needs for the portfolio, and currently the playbook that we've been reading from is mostly centered around selling assets...
Sometimes when I worked in government, I felt like I was in an over-egged political TV drama in need of a disciplined edit. Too many plot lines, too many crises. It felt like life was imitating art as everyone turned up to work addicted to the high-octane pace of whatever TV they’d been streaming. I think we all agree that now, we are building towards a Starmer season finale. The Prime Minister ha...
Sometimes when I worked in government, I felt like I was in an over-egged political TV drama in need of a disciplined edit. Too many plot lines, too many crises. It felt like life was imitating art as everyone turned up to work addicted to the high-octane pace of whatever TV they’d been streaming. I think we all agree that now, we are building towards a Starmer season finale. The Prime Minister has a week to wait to see if his great rival Andy Burnham can return to parliament on the explicit basis of removing him; the Defence Secretary and the Armed Forces minister have resigned, accusing him of the worst thing he can be accused of - not doing enough to keep the country safe. Added to this surfeit of plot lines, stats out today shows the economy is contracting again . This last one is perhaps the bitterest twist for Keir Starmer: by depressing economic growth, the war in Iran is one of the things that is making it so hard to fund defence adequately. This is only going to get worse as more of the aftershocks feed through into the economy: this crisis moves at the pace of a container ship. With the economy slowing, inflation rising and Bloomberg Economics still predicting an interest rate rise, borrowing to fund the required uplift in defence spending would be risky. But Starmer hasn’t been able to make cuts in government spending elsewhere and the last option-an income tax rise, in defiance of his own manifesto-would only worsen his political position. It is a trilemma with no easy answer. For the duration of this debate about how to adequately fund defence, our reporter Ellen Milligan has been one of my must-read journos - consistently winkling defence scoops out of Whitehall to bring us the inside track on government deliberations. This most consequential of weeks was no exception as she revealed the harsh spending settlement No10 was imposing on the Ministry of Defence. A day later, Healey and Carns jumped. As she writes in her analysis this morning, the situation...
Today, I am reviewing the Vanguard FTSE Canadian High Dividend Yield Idx ETF ( VDY:CA ), which is one of the largest and most popular Canadian dividend ETFs. VDY tracks the FTSE Canada High Dividend Yield Index, which selects companies based on their forecast dividend yields rather than dividend history. To me, this makes the fund an income-first strategy designed to maximize the yield rather than...
Today, I am reviewing the Vanguard FTSE Canadian High Dividend Yield Idx ETF ( VDY:CA ), which is one of the largest and most popular Canadian dividend ETFs. VDY tracks the FTSE Canada High Dividend Yield Index, which selects companies based on their forecast dividend yields rather than dividend history. To me, this makes the fund an income-first strategy designed to maximize the yield rather than prioritize long-term dividend growth. I think that VDY is an attractive option for income seeking investors, as it offers an efficient way to generate monthly cash flow from Canadian equities at a relatively low cost. At current levels, I rate VDY a HOLD. Firstly, the extreme concentration in financials (53%) and the fact that there is no single-stock cap give me pause. Moreover, the absence of a dividend growth screen increases the risk of lower-quality or yield-trap exposure within the index. That said, the fund has delivered what it promised to existing owners: strong returns (123% over 5 years and 278% over 10 years), reliable monthly income at 3.17% yield, therefore I do not see a reason to sell existing holdings. However, for new buyers, I think that there might be better alternatives, such as the iShares S&P/TSX Composite High Div Idx ETF ( XEI:CA ) that offers a better balance between diversification and yield stability, with a 5% stock cap and 30% sector cap, at the same 0.22% fee. Looking ahead, I expect VDY to deliver solid, but not spectacular returns. Canadian dividend-heavy sectors, especially banks and insurers, should continue delivering stable earnings and supporting consistent dividend distributions, but I do not expect a meaningful outperformance versus historical returns or key alternatives. In growth-led or tech-led markets, VDY will likely lag given its small exposure to those sectors. In a constructive macro environment with stable interest rates, VDY should perform well, likely in line with the TSX Composite, but I doubt it will exceed its historica...
At $342.23, Arm Holdings (NASDAQ:ARM) appears fairly valued, with a more attractive entry point sitting at or below $310 on any macro-driven technical consolidation. The stock has become the cleanest pure-play on agentic AI infrastructure, but the round trip from $100 to $428 and back to the mid-$300s in six months argues for patience over ... Buy, Hold, or Sell: Arm Holdings Shed 25% to Clear the...
At $342.23, Arm Holdings (NASDAQ:ARM) appears fairly valued, with a more attractive entry point sitting at or below $310 on any macro-driven technical consolidation. The stock has become the cleanest pure-play on agentic AI infrastructure, but the round trip from $100 to $428 and back to the mid-$300s in six months argues for patience over ... Buy, Hold, or Sell: Arm Holdings Shed 25% to Clear the Air as the Warsh Fed Digs In. Is It a Buy at $342?
Spot Bitcoin ETFs were supposed to be the simplest way to own crypto. Funds like the iShares Bitcoin Trust (NASDAQ:IBIT) made it easy: low fees, direct spot exposure, no wallet headaches. Buyers in early 2026 wanted clean access to crypto’s upside. Instead they got a fund tracking a coin down 29.36% year to date. The Amplify Transformational Data Sharing ... Forget Bitcoin ETFs: This Crypto Stock ...
Spot Bitcoin ETFs were supposed to be the simplest way to own crypto. Funds like the iShares Bitcoin Trust (NASDAQ:IBIT) made it easy: low fees, direct spot exposure, no wallet headaches. Buyers in early 2026 wanted clean access to crypto’s upside. Instead they got a fund tracking a coin down 29.36% year to date. The Amplify Transformational Data Sharing ... Forget Bitcoin ETFs: This Crypto Stock Fund Is Up 11% YTD While Bitcoin Drops 29%
Meta Platforms (NASDAQ:META) just delivered Q1 revenue of $56.31 billion, up 33% YoY, and EPS of $10.44 against a $6.66 consensus. CEO Mark Zuckerberg said the company is “on track to deliver personal superintelligence to billions of people.” Shares responded by dropping 13.81% YTD to $568.43. The bull case calls for $700 by year-end. I ... Prediction: Can Meta Stock Reach $700 by Year-End?
Meta Platforms (NASDAQ:META) just delivered Q1 revenue of $56.31 billion, up 33% YoY, and EPS of $10.44 against a $6.66 consensus. CEO Mark Zuckerberg said the company is “on track to deliver personal superintelligence to billions of people.” Shares responded by dropping 13.81% YTD to $568.43. The bull case calls for $700 by year-end. I ... Prediction: Can Meta Stock Reach $700 by Year-End?