就在其全新办公 AI 工具引发软件股震荡仅数周后，Anthropic 正进一步深入办公场景。 该公司在周二的线上活动中宣布，将升级其 Claude AI 助手，使其在 设计、人力资源、财富管理 等特定职业任务中表现更佳，同时支持在 微软 Excel、PowerPoint 等应用内直接运行。 Anthropic 于今年 1 月推出了 Claude Cowork ，旨在将其广受欢迎的编码工具的实用性扩...
就在其全新办公 AI 工具引发软件股震荡仅数周后，Anthropic 正进一步深入办公场景。 该公司在周二的线上活动中宣布，将升级其 Claude AI 助手，使其在 设计、人力资源、财富管理 等特定职业任务中表现更佳，同时支持在 微软 Excel、PowerPoint 等应用内直接运行。 Anthropic 于今年 1 月推出了 Claude Cowork ，旨在将其广受欢迎的编码工具的实用性扩展到更多类型的办公工作中。此后，该公司已进行多次更新：先是添加插件，增强其在金融、法律分析等领域的能力；随后升级了驱动该智能体的 AI 模型，并推出了一款用于网络安全工作的新工具。如今，它正借助更多行业专用工具，进一步向更广泛的办公领域推进。 这家 AI 公司 快速密集的更新与迭代 让华尔街措手不及，投资者担忧 AI 可能很快让其他企业的产品过时，并引发大规模裁员。Anthropic 对此坚决否认 —— 该公司表示，其并非试图取代企业软件公司的产品，这些产品已深度嵌入企业系统，并拥有处理敏感、专有数据的可靠工具。 相反，Anthropic 企业产品负责人斯科特・怀特表示，公司正在打造 与现有软件和工具互补 的产品。怀特称，Anthropic 将自身定位为 “一个平台，而非一款试图包揽所有工作流的产品”。 但在众多竞争对手紧追不舍的情况下，Anthropic 的快速开发速度依然至关重要。其竞争对手 OpenAI 也在加紧推出自己的企业级产品。 Claude 新工具如何运作 用户无需再将 Claude 当作独立聊天机器人使用，它现在可以 直接嵌入企业软件工具 ，在不离开当前工作窗口的情况下提取上下文与数据。其设计理念是，让 Claude 可以像人一样，利用电子表格数据直接制作幻灯片演示文稿。 怀特表示，这将大幅简化用户与 Claude 的交互，无需在不同应用间复制粘贴信息，并称这将使 Claude “如同一位真正全能的虚拟协作伙伴”。 面向特定领域的全新插件也将让 Claude 更擅长处理各类任务，例如私募股权工作中的情景建模、人力资源领域的职位描述与录用函撰写、设计相关工作的创意简报撰写，以及运营类任务中的供应商提案总结等。Anthropic 表示，其与 FactSet、标普、路孚特（LSEG）等公司合作开发了金融服务插件，与阿波罗（Apollo）合作开发了销售插件。 企业可...
(This is The Best Stocks in the Market , brought to you by Josh Brown and Sean Russo of Ritholtz Wealth Management.) Josh — Bill Gates was doing HALO before it was cool. Through the Bill & Melinda Gates Foundation Trust, he owns about 28.9 million shares of Waste Management (WM) , roughly 7% of the company. That makes the Trust the single largest individual shareholder and one of the top holders o...
(This is The Best Stocks in the Market , brought to you by Josh Brown and Sean Russo of Ritholtz Wealth Management.) Josh — Bill Gates was doing HALO before it was cool. Through the Bill & Melinda Gates Foundation Trust, he owns about 28.9 million shares of Waste Management (WM) , roughly 7% of the company. That makes the Trust the single largest individual shareholder and one of the top holders overall. Microsoft is a $3 trillion global software platform tied to enterprise spending and AI capex. Waste Management is almost its polar opposite: A collection and landfill operator with contracted revenue, embedded price escalators and assets that cannot be replicated because you're not permitting new landfills in America. Waste Management generates more than $20 billion in annual revenue, over $5 billion in EBITDA and roughly $2 billion in free cash flow. It has increased its dividend for more than 20 consecutive years. Gates didn't spend the last 20 years hedging his tech exposure with another growth stock. He paired the legacy Microsoft position with a heavy-asset, low-obsolescence compounder that throws off cash in any environment. The company has been spending big money on modernizing its equipment and building in automation. This is the year that investment cycle finally pays off. Sean's going to tell you the story and I'll be back with the setup. Best Stock Spotlight: Waste Management, Inc. (WM) Sean — The story I am about to tell is, of course, already priced in. But it's an interesting one nonetheless and allows you to feel a bit better about pulling the buy trigger on a stock within 5% of 52-week highs. The market has been hyper-focused on capital expenditures (capex) and Waste Management has its own capex story to tell. WM essentially went through a multiyear reinvestment cycle where they deliberately sacrificed free cash flow to build out a new, higher-margin business. Their management team described this as the "planting years" referring to farmers planting ...
BING-JHEN HONG/iStock Editorial via Getty Images Let's talk about Nvidia ( NVDA ) earnings. In my note yesterday, we talked about the 2026 revenue pipeline - half a trillion dollars' worth (that's 2026, calendar year). Jensen revealed last October that the demand was on the books already. But fulfilling it was/is a different story. It would take significant expansion of global manufacturing capaci...
BING-JHEN HONG/iStock Editorial via Getty Images Let's talk about Nvidia ( NVDA ) earnings. In my note yesterday, we talked about the 2026 revenue pipeline - half a trillion dollars' worth (that's 2026, calendar year). Jensen revealed last October that the demand was on the books already. But fulfilling it was/is a different story. It would take significant expansion of global manufacturing capacity. With that, we had evidence in Q3 that Nvidia's growth was back (after seven quarters of stagnant growth) - that supply was opening up. And we got more confirmation of that today, from Q4. Here's what the quarterly revenue change looks like now. That said, to fulfill on Jensen's half-a-trillion-dollar (datacenter revenue) target by the end of the year, manufacturing capacity will have to have another step-change - and soon. But what's rapidly carrying more of the growth load for Nvidia's data center revenue is networking. Compute (Nvidia's GPUs) gets all of the attention. But networking growth is exploding. It did $11 billion last quarter - up 34% quarter-over-quarter, and 3.5x year-over-year. Nvidia is now (maybe) the largest ethernet networking company in the world. Keep in mind, this is all Q4, prior to the game changer on February 5th. What happened on Feb. 5th? On that single day, two of the most important AI companies in the world released models that represented a big leap in model capabilities. Anthropic ( ANTHRO ) released Claude Opus 4.6, with autonomous agent teams that can manage entire workflows in parallel. Not answering questions. Doing the work. Twenty minutes later, OpenAI ( OPENAI ) fired back with GPT-5.3-Codex - a model that helped build itself. And then, almost overnight, an open-source personal AI agent called OpenClaw went viral. People began running autonomous AI assistants on their laptops around the clock, with access to their files, their browsers, their messaging platforms. This is the moment AI crossed from "AI can think" to "AI can act." On ...
"Gold For Me Is A Savings Product": Rick Rule On Debt, Oil Cycles, & Uranium's Political Reversal Last night’s discussion featuring Rick Rule , Bill Fleckenstein , and Erik Townsend covered the macro landscape from hard assets to energy markets and nuclear policy. Below are highlights from Rule’s remarks. (We recommend readers listen to Fleckenstein and Townsend’s full comments in the complete deb...
"Gold For Me Is A Savings Product": Rick Rule On Debt, Oil Cycles, & Uranium's Political Reversal Last night’s discussion featuring Rick Rule , Bill Fleckenstein , and Erik Townsend covered the macro landscape from hard assets to energy markets and nuclear policy. Below are highlights from Rule’s remarks. (We recommend readers listen to Fleckenstein and Townsend’s full comments in the complete debate, linked at the bottom.) Gold: “I Have No Interest In Selling” Rule made clear he views gold not as a trade, but as monetary insurance. Nominal yields on Treasuries offer little protection if purchasing power continues to erode. “Owning the U.S. 10-year Treasury getting paid 4.1%, 4.2% in a currency where I think the real deterioration of the purchasing power is limping along to some number more like eight doesn’t make me feel comfortable.” Rule pointed to structural fiscal imbalances, debt, deficits, and what he estimates at roughly $120 trillion in unfunded entitlement liabilities as the core risk. Policymakers can either default in real terms or inflate away the burden . “I think they take door two.” Until he sees a credible political resolution to debt and entitlement obligations and what he considers genuinely positive real yields on fiat savings products, Rule said he has “no interest in selling” his gold. “Gold for me is a savings product.” Rick Rule: "Let me tell you what would cause me to sell my gold..." pic.twitter.com/pdNgNQ62uk — ZeroHedge Debates (@zerohedgeDebate) February 26, 2026 Oil: Short-Term Oversupply, Long-Term Capital Shortage On oil, Rule was nuanced. “I believe in the very, very near term that oil is ahead of itself,” he said, citing geopolitical headlines and “news traders in the market.” For the next year to 18 months, he sees a “plurality of supply over demand,” reflecting a softer global economy. But beneath that near-term slack, he sees a longer-term issue: underinvestment . Rule estimates global underfunding of sustaining capital in the oi...
In trading on Thursday, shares of MSCI Inc (Symbol: MSCI) crossed above their 200 day moving average of $564.50, changing hands as high as $570.61 per share. MSCI Inc shares are currently trading up about 2.3% on the day. The chart below shows the one year performance of MSCI
In trading on Thursday, shares of MSCI Inc (Symbol: MSCI) crossed above their 200 day moving average of $564.50, changing hands as high as $570.61 per share. MSCI Inc shares are currently trading up about 2.3% on the day. The chart below shows the one year performance of MSCI
tongstock/iStock via Getty Images The following segment was excerpted from the Touchstone Non-U.S. Equity Fund Q4 2025 Commentary. Portfolio Review The Touchstone Non-US Equity Fund (Class A Shares, Load Waived) underperformed its benchmark, the MSCI All Country World Ex-U.S. Index, for the quarter ended December 31, 2025. Stock selection in Consumer Discretionary and Materials detracted from perf...
tongstock/iStock via Getty Images The following segment was excerpted from the Touchstone Non-U.S. Equity Fund Q4 2025 Commentary. Portfolio Review The Touchstone Non-US Equity Fund (Class A Shares, Load Waived) underperformed its benchmark, the MSCI All Country World Ex-U.S. Index, for the quarter ended December 31, 2025. Stock selection in Consumer Discretionary and Materials detracted from performance, as did our overweight allocation within the Communication Services sector. Stock selection within IT and Financials contributed positively to performance during the quarter. Samsung Electronics Co. Ltd. ( SSNLF ) (South Korea, IT sector), a consumer and industrial electronic manufacturer, including products such as semiconductors, was the top contributor during the quarter after rising memory prices amid tight supply-demand conditions for memory products supported performance. We anticipate this environment to continue into 2026, with ongoing data center expansion contributing to sustained demand for memory products. Nintendo Co. Ltd. ( NTDOY ) (Japan, Communication Services sector), a videogame hardware and software manufacturer, was the top detractor during the period. We believe shares traded lower following a recent period of strong console launches, with additional downward pressure attributed to concerns over rising memory prices, which may affect margins, and a temporary gap in new title releases. Component supply for the company is expected to be well managed in the near term, and incremental announcements for new games are anticipated to begin as early as February, which we believe will support growth for the business moving into the new year. The Fund added a position in Erste Group Bank AG ( EBKDY ) (Austria, Financials sector), an Austrian and Central Eastern European bank, as we believe the market is underappreciating the company's outsized loan growth, improving profitability prospects, and increasing capital generation potential. The strategy also in...
Earnings Call Insights: NovoCure Limited (NVCR) Q4 2025 Management View Executive Chairman William Doyle highlighted that "2025 was a year of progress and change at NovoCure. We generated a record $655 million in net revenues last year, an 8% increase from 2024." Doyle pointed to final data presentations from two large randomized trials, FDA PMA submissions for TTFields therapy in pancreatic cance...
Earnings Call Insights: NovoCure Limited (NVCR) Q4 2025 Management View Executive Chairman William Doyle highlighted that "2025 was a year of progress and change at NovoCure. We generated a record $655 million in net revenues last year, an 8% increase from 2024." Doyle pointed to final data presentations from two large randomized trials, FDA PMA submissions for TTFields therapy in pancreatic cancer and brain metastases, and the rollout of product enhancements for TTFields therapy. Doyle announced the first milestone of 2026 was the FDA approval of Optune Pax for locally advanced pancreatic cancer, with regulatory filings submitted in Europe and Japan. He further stated, "We expect Optune Pax to be a significant contributor to our long-term growth and are eager to begin treating patients in the coming weeks." Doyle provided a management update: "Dr. Nicolas Leupin, our Chief Medical Officer, resigned from the company effective February 25...Dr. Uri Weinberg, our Chief Innovation Officer, will now also assume the role of Chief Medical Officer." CEO Frank Leonard reported, "2025 was our most successful commercial year to date," citing substantial active patient growth across major markets: "10% year-over-year growth in Germany, 19% in France, and 29% in Japan." He noted U.S. active patient growth was 4% after being flat in recent years. Leonard also described plans for a "tailwind from new market launches in Spain, Czechia, and British Columbia," with expectations for modest first-year revenue contributions. Leonard explained the Optune Lua launch in Japan is proceeding, and that the company has "rightsized our marketing spend based on the current demand and are prioritizing investments in indications with a higher return potential, such as pancreatic cancer." He emphasized the rapid FDA review and approval of Optune Pax, stating, "the FDA review was completed exactly at the 180-day mark, with approval received on February 11." CFO Christoph Brackmann stated, "Fourth q...
Earnings Call Insights: Hormel Foods Corporation (HRL) Q1 2026 Management View Interim CEO Jeffrey Ettinger announced "organic net sales growth of 2%, which marks our fifth consecutive quarter of organic net sales growth. We also achieved adjusted diluted earnings per share of $0.34." Ettinger emphasized the "strength of our protein-centric portfolio" and highlighted "high single-digit organic net...
Earnings Call Insights: Hormel Foods Corporation (HRL) Q1 2026 Management View Interim CEO Jeffrey Ettinger announced "organic net sales growth of 2%, which marks our fifth consecutive quarter of organic net sales growth. We also achieved adjusted diluted earnings per share of $0.34." Ettinger emphasized the "strength of our protein-centric portfolio" and highlighted "high single-digit organic net sales growth" in both Foodservice and International segments, noting that this was "partially offset by the decline in our Retail segment." Ettinger outlined the "definitive agreement to sell our whole-bird turkey business to Life-Science Innovations," clarifying, "the sale involves the hen side of our turkey complex" but "will not affect our value-added turkey products, and we will continue to own and use the Jennie-O brand name." The transaction is expected to close by the end of fiscal Q2 and is designed to "reduce our exposure to volatile commodity-driven businesses and sharpen our focus on our value-added protein portfolio." President John Ghingo stated, "We had an encouraging start to fiscal 2026 with strong performance in both our Foodservice and International segments." He pointed to "strategic exit from select non-core private label snack nuts items" as a factor in Retail's decline but highlighted that "priority brands delivered year-over-year dollar sales consumption growth, including Jennie-O ground turkey, Planters snack nuts, Hormel Gatherings party trays, Applegate meats, and Hormel entrées." Ghingo introduced several leadership changes, including the appointment of Jeff Baker as Group Vice President of Enterprise Business Performance, Natosha Walsh as Group Vice President of Retail Sales, Jason Levine as Enterprise Chief Marketing Officer, and Domenic Borrelli as Executive Vice President of Retail. Interim CFO Paul Kuehneman reported, "Q1 net sales were just over $3 billion, a 2% organic net sales increase compared to the prior year... Adjusted operating inc...
CloudVisual/iStock Editorial via Getty Images CTI has previously initiated coverage of Manchester United PLC ( MANU ). Revisiting our investment theses after 3 fiscal years, we continue to maintain underweight on MANU with a Sell rating of US$12.89, implying a c.26% downside as of the date of writing this article. Revisiting MANU Business Segments MANU generates revenue from three sources: Commerc...
CloudVisual/iStock Editorial via Getty Images CTI has previously initiated coverage of Manchester United PLC ( MANU ). Revisiting our investment theses after 3 fiscal years, we continue to maintain underweight on MANU with a Sell rating of US$12.89, implying a c.26% downside as of the date of writing this article. Revisiting MANU Business Segments MANU generates revenue from three sources: Commercial, Broadcasting and Matchday. We previously highlighted MANU's declining business model, where the inconsistent performance of the team reinforced its matchday revenue and subsequently broadcasting and commercial revenue streams. Since the 2023/24 season, the club had increased ticket prices by c.5% yearly much to fans' backlash, which saw revenues climb from £137.1 million in FY24 to £160.3 million in FY25. With only 40 games to be played in 2025/26 season after MANU's defeat to Brighton and Grimsby in the FA and EFL Cup, we are expecting lower figures to be reported for this segment for FY26 full year. Broadcasting revenue decreased by 22% from £221.7 million in FY24 to £172.9 million in FY25. This is primarily due to participation in the UEL with a lower price pool compared to the UEFA Champions League ( UCL ) in the previous year, plus a lower position (15th) in the table compared to the prior year (8th). Commercial revenue continue to climb steadily from £302.9 million in FY24 to £333.3 million in FY25 due to a new brand deal with Qualcomm and launch of a new e-commerce model with SCAYLE that drove sponsorship and merchandising revenue sub-segments up by 6% and 16% YoY. Competitors Overview Trading Comps (Capital IQ, League attendance database) Within publicly listed European football peers, MANU remains the highest revenue generator, cementing its position as the largest global commercial brand in this industry. Portugese clubs (i.e. Sporting CP, SL Benefica, FC Porto) and dutch clubs (i.e. Ajax) depend heavily on monetising academy talents for revenue, churning out...
Investors in Chemours Co (Symbol: CC) saw new options begin trading today, for the April 10th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CC options chain for the new April 10th contracts and identified the following call contract of
Investors in Chemours Co (Symbol: CC) saw new options begin trading today, for the April 10th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the CC options chain for the new April 10th contracts and identified the following call contract of
saifulasmee chede/iStock via Getty Images My ETF writing has been quite negative, as I am concerned about stocks after the huge bull run from the end of 2022 through 2025. I have been looking for ETFs that I can rate Hold so that my readers have some alternatives. I just added State Street SPDR S&P Software & Services ( XSW ) to my ETF Watch List, and I then added it to my ETF model portfolio. Wha...
saifulasmee chede/iStock via Getty Images My ETF writing has been quite negative, as I am concerned about stocks after the huge bull run from the end of 2022 through 2025. I have been looking for ETFs that I can rate Hold so that my readers have some alternatives. I just added State Street SPDR S&P Software & Services ( XSW ) to my ETF Watch List, and I then added it to my ETF model portfolio. What XSW Is State Street, a huge ETF provider, launched XSW in 2011. The ETF is pretty small at about $342 million, and it aims to track the S&P Software & Services Select Industry Index . This index is based on all the qualifying stocks in the S&P Total Market Index that are GICS Application Software companies, Interactive Home Entertainment, IT Consulting & Other Services, and Systems Software sub-industries. It is not just large caps. The index is rebalanced quarterly using a modified equal-weighted method. According to State Street's website , the ETF has 140 securities now. I like that the ETF is rebalanced quarterly, and the top ten holdings range from just 1.37% for the largest name to 1.01% for the tenth largest. Most of those names are unfamiliar to me, but the ETF holds eleven names that have market caps above $100 billion (as of 2/23): Alan Brochstein, using State Street and Koyfin State Street breaks it down by sub-industry, with 70.2% Application Software, 20.2% Systems Software, 7.1% IT Consulting, and 2.5% Interactive Home Entertainment. The Fact Sheet shares more information about XSW. The ETF has experienced very high volume recently, and the average daily trading over the past month has been 102K shares per day. XSW has just 2560 followers at Seeking Alpha. The Quant Rating is a very low 1.16 (Strong Sell), and this is due to an "F" on Momentum and a "D" on Risk. The ETF has a net expense ratio of 0.35%. XSW Has Plunged Over the past three years, XSW has increased in price, but it has lagged the S&P 500, the NASDAQ-100, the S&P 500 Technology sector, and even...
The automotive Wi-Fi modules market is poised for growth driven by demand for connected infotainment, IoT integration, and advanced technologies like Wi-Fi 6. Opportunities include developing robust modules for harsh environments, leveraging partnerships for innovation, and tapping into the rapid expansion in Asia-Pacific. Automotive Wi-Fi Modules Market Automotive Wi-Fi Modules Market Dublin, Feb...
The automotive Wi-Fi modules market is poised for growth driven by demand for connected infotainment, IoT integration, and advanced technologies like Wi-Fi 6. Opportunities include developing robust modules for harsh environments, leveraging partnerships for innovation, and tapping into the rapid expansion in Asia-Pacific. Automotive Wi-Fi Modules Market Automotive Wi-Fi Modules Market Dublin, Feb. 26, 2026 (GLOBE NEWSWIRE) -- The "Automotive Wi-Fi Modules Market Report 2026" has been added to R
分析：莉萨・埃迪西科、大卫・戈德曼 Anthropic 联合创始人兼首席执行官达里奥・阿莫迪。 Anthropic 正站在成长型科技公司的经典十字路口：如何在扩张规模的同时，不违背让自己脱颖而出的核心原则。 这家 AI 公司始终将安全奉为圭臬。它积极倡导 AI 监管，呼吁在 AI 取代部分人类工作时保障劳动者权益。Anthropic 一直不遗余力地向客户传递一个明确信号： 我们是业界的 “正派玩家...
Live cattle futures saw Wednesday trade close with gains of 97 cents to $1.17 in the front months. Open interest suggested net new buying, up 1,746 contracts. Cash trade has been quiet so far this week. The Wednesday morning Fed Cattle Exchange online auction showed no sales on the 1,456...
Live cattle futures saw Wednesday trade close with gains of 97 cents to $1.17 in the front months. Open interest suggested net new buying, up 1,746 contracts. Cash trade has been quiet so far this week. The Wednesday morning Fed Cattle Exchange online auction showed no sales on the 1,456...
Li Ka-shing’s Cheung Kong Group is selling its stake in U.K. Power Networks to Engie for $14.2 billion Hong Kong tycoon Li Ka-shing’s business empire has agreed to sell its entire stake in U.K. Power Networks Ltd. to French utility Engie S.A. for 10.55 billion pounds ($14.2 billion), in one of the largest recent infrastructure transactions in Britain. The sale marks a substantial windfall for the ...
Li Ka-shing’s Cheung Kong Group is selling its stake in U.K. Power Networks to Engie for $14.2 billion Hong Kong tycoon Li Ka-shing’s business empire has agreed to sell its entire stake in U.K. Power Networks Ltd. to French utility Engie S.A. for 10.55 billion pounds ($14.2 billion), in one of the largest recent infrastructure transactions in Britain. The sale marks a substantial windfall for the conglomerate, which has held the British grid operator since 2010. A market source told Caixin that the Li family’s flagship, Cheung Kong Group, will walk away with a cash return exceeding sixfold its original investment over the 16-year holding period.