For the past several months, many institutional investors have cited the U.S. stock market capitalization-to-GDP ratio, also known as the "Buffett Indicator," a metric he first described 25 years ago in an interview with Fortune, as an indication that equities may potentially be overvalued. According to Bloomberg Research, as of Friday U.S. equities are currently at a market-cap-to-GDP ratio of approximately 2.3x. The ratio was ~1:1 at the time of the Fortune article in 2001, having descended from just under 1.5x at the tech bubble peak in March 2000. In the 2008/2009 GFC trough, the U.S. publicly traded equity market (as measured by the Wilshire 5000) was ~half US GDP, which, for illustrative purposes, we'll estimate averaged about $14.5 trillion nominal. GDP has since more than doubled, to ~$31.5 trillion, but U.S. equity valuations have increased more than 400%. For perspective, consider that the five largest publicly traded U.S. companies today have a combined market capitalization of over $17.5 trillion as of Friday's close, approximately equal to the United States' nominal GDP twelve years ago. In fact, the combined market cap of the top 25 companies in the S & P 500 exceeds U.S. GDP at the moment, totaling $32 trillion. Before panicking and selling all your stocks, though, a bit more context is necessary. For one thing, the trend for decades has been that the largest publicly traded companies in the U.S. have represented an ever larger (growing) share of the economy. Between 1980 and 1996, the relationship grew at a fairly steady rate from ~40% to ~75%, nearly doubling its share over that 16-year stretch. The tech bubble disrupted that trend, but by 2006, U.S. equities were back on the long-term trendline and continued to follow it until 2007 or so, when it was disrupted once again by the GFC. Just prior to the pandemic, US equities were around 140% of GDP, but again, that was consistent with the broader trend of large companies growing the share of the econo...

This is Lowpass by Janko Roettgers , a newsletter on the ever-evolving intersection of tech and entertainment, syndicated just for The Verge subscribers once a week. These days, if you sign up for a new streaming service, you generally have two options: Either pay a massive premium for an ad-free experience, or endure frequent commercial breaks and all the sneaky tracking that comes with ad targeting. Web data aggregator Bright Data has been pitching streaming service operators on an alternative approach for apps running on Samsung's Tizen and LG's webOS platform - one that comes without ads and sky-high fees. All publishers have to do to u … Read the full story at The Verge.

Artificial intelligence (AI) continues to transform industries across the board, with a growing range of tools reaching mainstream adoption. Among them is Seedance 2.0 , a product from ByteDance (the parent company of TikTok) that allows users to generate high-quality videos from simple prompts -- work that would traditionally require studio budgets in the millions. It removes many barriers to entry for people who want to create their own films, which could give Hollywood a run for its money in a few years. That’s just one example of how AI is reshaping industries, but a range of essential components make this technology possible. While AI chips have dominated headlines in recent years, SSD controllers -- such as those developed by Silicon Motion Technology (NASDAQ: SIMO) -- also play a critical role in supporting AI infrastructure. Image source: Getty Images. Continue reading

Source: Bloomberg, 0:00

Investors in Okta Inc (Symbol: OKTA) saw new options begin trading today, for the April 10th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the OKTA options chain for the new April 10th contracts and identified one put and one call contract

Corn price action is up 1 to 2 cents early on Thursday. Futures posted 2 to 3 ½ cent gains across most contracts on Wednesday. Open interest was down 14,323 contracts, mainly in the March, dropping 34,798 contracts ahead of FND. The CmdtyView national average Cash Corn price was up...

Tech CEOs Are Perplexed by Software Selloff. AI Expectations May Be Driving Volatility

百濟神州(688235.SH)2025年度歸母淨利潤14.22億元，同比扭虧爲盈 作者 智通財經 Investing.com 香港 - 股市報價& 財經新聞

AVGO April 10th Options Begin Trading Nasdaq

Earnings Call Insights: Akebia Therapeutics (AKBA) Q4 2025 Management View CEO John Butler emphasized that "2025 was an important year for Akebia, marked by the commercial launch of Vafseo" and highlighted total net product revenue of $227 million for the year, with Vafseo and Auryxia as key contributors. Butler noted, "the body of evidence is growing that supports the potential for Vafseo to become standard of care in what is a $1 billion U.S. market opportunity after the TDAPA period ends when we expect Vafseo will be priced roughly in parity with ESA pricing." Butler discussed the impact of new clinical data, stating, "At the ASN meeting in November, we presented a post-hoc hierarchical composite endpoint analysis...patients treated with Vafseo experienced a lower risk of dying or being hospitalized than patients treated with the ESA comparator." The CEO announced a cost comparison analysis to be presented at the ADC, showing Vafseo "demonstrated a 7.7% lower annual hospitalization rate, 16% reduction in hospitalization days and...approximately 15% lower Medicare hospitalization costs for patients treated with Vafseo versus darbepoetin." Butler introduced the company’s rare kidney disease pipeline, noting, "Strategically, this initiative is a natural extension for us as it leverages our expertise in kidney disease drug development." Plans include an R&D Day on April 2 to discuss mid-stage assets such as praliciguat and AKB-097, with a Phase II trial for praliciguat and a Phase II basket trial for AKB-097 expected to initiate in the second half of 2026. SVP & Chief Commercial Officer Nicholas Grund reported, "During the quarter, approximately 800 prescribers wrote a prescription for Vafseo...128 of those were new prescribers." Grund highlighted expanding access, improved adherence, and momentum in 2026, with "first refill adherence with approximately 87% among the now larger subset of patients on an observed dosing regimen." CFO Erik Ostrowski stated, "Total reven...

Earnings Call Insights: DIRTT Environmental Solutions Ltd. (DRT:CA) Q4 2025 Management View CEO Benjamin Urban stated that "Q4 reflected a return to normal theme in terms of sales and earnings power or adjusted EBITDA." He emphasized that transformation initiatives are gaining traction and are expected to drive structural improvements in long-term revenue and earnings. Urban highlighted recent commercial wins, including projects with Google for their Toronto office and a major new contract with U-Haul, stating these demonstrate "the caliber of repeat and new enterprise relationships we continue to prioritize and expand." The company evolved its service delivery, formalizing its DIRTT Construction Services team to elevate the business "from manufacturing to a multi-trade prefabricated interior construction company." Urban explained this move expands technical capabilities and allows DIRTT to pursue projects in markets without partner coverage and in sectors requiring specific expertise. CFO Fareeha Khan reported, "Revenues for the fourth quarter were $50.9 million, an increase of 4% compared to the same period in 2024. Gross profit margin increased from 35.9% of revenue in the fourth quarter of 2024 to 36.6% of revenue in the fourth quarter of 2025." Khan stated that net loss after tax for Q4 was $3.7 million, impacted by elevated reorganization expenses and impairment charges. Adjusted EBITDA for Q4 was $6.2 million. She also noted, "Our working capital continues to improve with DIO decreasing from 61.4 days to 53.7 days and trailing 3-month average cash conversion cycle stepping down to 47.2 days from 49 days in September 2025." Outlook DIRTT expects 2026 revenue between $194 million and $209 million and adjusted EBITDA between $26 million and $31 million, with guidance reflecting current tariff impacts but not potential new trade policy changes. Management indicated, "We are encouraged by the anticipated conversion of our pipeline into revenue." Financial Results ...

British Muslim Trust says fund announced last week falls short as it requires mosques to prove they have been targeted Ministers are being urged to drop the requirement for mosques to prove they have faced a hate crime before they can apply for protective security. Last week, the Home Office announced up to £40m in funding for security staff, CCTV, fencing, alarms and floodlights for mosques, Muslim schools and community centres through the Protective Security for Mosques Scheme. Continue reading...

Esteban Alejandro/iStock via Getty Images One of the things that really was down in the "all other" part of the earnings announcement was a realization by Diamondback Energy ( FANG ) management that the acquisition game was coming to an end because possible targets were just not there in the quantity that they once were. So instead, there was a shift in strategy to the upside potential of the acreage held. Interestingly, one of those intervals was the Barnett. Some investors know this as high-cost dry gas production that is no longer considered competitive. But there are plenty of wells that will be producing long into the future from "back in the day." Now, all of a sudden, some very familiar names are being explored for their value as either rich gas or outright liquid production (with likely some gas). Although with the usual suspects, there are some completely new intervals as well. All of this signals a company shift away from growth by acquisition back to organic growth in the future. Much of the Permian is just loaded with intervals. Many of those intervals are unexplored. The thing to remember about the Permian is that the general area has been producing since long before I was born. It will likely be producing long after I am gone. As a result, the oil & gas industry is not running out of production possibilities any time soon. Instead, the main issue will be technology advances and cost. Last Article The last article mentioned that the company is an industry leader when it comes to low costs. Oftentimes, during past downturns, this company chose whether or not to produce. As an investment-grade idea, the debt is not the issue here that it is for the competition. Therefore, management can produce through a cyclical downturn, or it can choose to withhold production until it can get more value for what it produces. But that is very different from competitors that shut in production to avoid a negative cash flow situation. Those competitors can be squeezed. Th...

NiseriN/iStock via Getty Images The Trump administration has slowed the sale of Lukoil's portfolio of international assets, including oilfields, refineries, and gasoline stations, to pressure Russia in the Ukraine peace talks , Reuters reported Thursday. T he U.S. Office of Foreign Assets Control will extend the February 28 deadline to April 1 for deals to be concluded, according to an OFAC document reviewed by Reuters. OFAC has been handling Lukoil's asset sale, but the process recently was escalated to include senior White House officials, with Treasury Secretary Bessent more directly involved, according to the report. OFAC has already extended the deadline three times for potential buyers to negotiate with Lukoil for assets valued at $22B since the Trump administration imposed sanctions on Russia's Lukoil and Rosneft in October. Several companies have signed agreements with Lukoil, including U.S. private equity firm Carlyle Group ( CG ) and Saudi Arabia’s Midad Energy working with investment bank Xtellus Partners and United Arab Emirates fund Alliance Investment Partners. A partnership between Chevron ( CVX ) and Quantum Capital also is in active talks for the portfolio but has not yet agreed on terms with Lukoil. More on Chevron Chevron: Forming A Strong Partner With Hess Chevron: Buy And Hold Like Berkshire Hathaway Chevron: Why More Upside Looms In 2026

格隆汇2月27日｜美国国防部已向人工智能公司Anthropic发出最终最优报价，要求在国防部长赫格塞思设定的周五截止日期前，获得其AI模型Claude用于军事用途的全部合法访问权限。若Anthropic拒绝，可能会失去其价值2亿美元的国防合同，被列为供应链风险，并可能依据《国防生产法》面临相关处置措施。

Trade Desk (TTD) posted a strong Q4 beat, but rising competition and lofty Street estimates could we

Broadcom (AVGO) Expects Very Strong Demand for a New Kind of AI Chip TipRanks

2026 年 2 月 24 日，旧金山一场国情咨文观看派对上，电视屏幕播放着唐纳德・特朗普总统的画面。 唐纳德・特朗普总统在周二的国情咨文演讲中简要提及，计划为无法享受雇主赞助退休计划的私营部门员工提供退休储蓄支持。 “仍有一半美国劳动者无法获得带有雇主匹配缴款的退休计划。为解决这一严重不公，我宣布明年，我的政府将为这些常被忽视的美国劳动者…… 提供与所有联邦雇员相同类型的退休计划。我们每年将为你的缴款提供最高 1000 美元的匹配资金。” 特朗普表示。 一名白宫官员周三在发给 CNN 的邮件中称，该提案的新细节将 “很快” 公布。 在此之前，以下是你需要了解的信息： 一个受欢迎却非全新的构想 好消息是，特朗普政府希望缩小所谓的 “退休保障缺口”—— 这一缺口让数千万中低收入劳动者陷入困境，他们既没有雇主提供的固定收益养老金，也无法在工作中便捷、享受补贴地进行退休储蓄。 多年来，国会议员和退休政策专家一直致力于缩小这一缺口，但具体实施方式始终是争议焦点。诸多构想提出又被搁置，而后又被重新提起。即便某些构想最终落地 —— 比如目前 17 个州推出的州级自动个人退休账户（auto IRA）—— 也因各种政治反对意见，覆盖范围十分有限。 白宫官员表示，特朗普的提案 “很大程度上可通过现有行政权力实施”。换句话说：无需国会批准。不过，该官员补充道，“未来立法可进一步强化这一变革性计划”。 特朗普提出的匹配缴款机制早已存在 在探讨可能设立的新储蓄架构复杂性之前，白宫已确认，特朗普提及的匹配缴款机制即 “储蓄者匹配计划”（Saver’s Match），该计划于 2022 年通过，将于明年正式生效。 年收入低于 3.55 万美元（夫妻共同申报为 7.1 万美元）的中低收入劳动者，若每年在合格退休计划（如 401 （k）、IRA 或自动 IRA）中储蓄最高 2000 美元（夫妻为 4000 美元），即可获得联邦政府提供的最高 1000 美元（夫妻为 2000 美元）匹配资金。 新计划可能的形态 总统表示，私营部门员工将 “获得与所有联邦雇员相同类型的退休计划”。 白宫官员补充称，政府的新计划将是一种 “通用、可转移” 的账户，提供 “多元化、基于指数的投资选项和投资组合选择”，且费用低廉。 目前，联邦雇员拥有一种类似 401 （k） 的计划，名为 “节俭储蓄计划”（Thrift S...

Cotton price action is down 15 to 30 points on Thursday morning. Futures posted gains of 61 points across the front months at the Wednesday close. Crude oil futures are down 6 cents per barrel on the day at $65.57. The US dollar index was down $0.170 at $97.600. The...

Wheat is showing mixed action on Thursday morning. The wheat complex posed weakness in the winter wheats on Wednesday, as spring wheat turned higher at the close. Chicago SRW futures closed the midweek session with contracts 1 to 3 ½ cents lower. Open interest dropped 9,200 contracts on Wednesday. KC...

Soybeans are up 4 to 7 ½ cents so far on Thursday morning. Futures were supported by strength in soybean meal on Wednesday, with contracts up 8 to 10 cents. Open interest was down 26,072 contracts in March, with May up 12,641 contracts. The cmdtyView national average Cash Bean price...

Image source: The Motley Fool. Thursday, February 26, 2026 at 10 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

Key market opportunities in the EV battery cell and pack materials sector include solid-state battery commercialization, raw material diversification, and the adoption of advanced battery chemistries. Growing EV production, government incentives, and innovations like fast-charging solutions drive demand, while emphasis on recycling and localized supply chains offers further growth potential. Electric Vehicle (EV) Battery Cell and Pack Materials Market Electric Vehicle (EV) Battery Cell and Pack

Image source: The Motley Fool. Thursday, February 26, 2026 at 10:00 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

4kodiak/E+ via Getty Images Trinity Capital's ( TRIN ) selloff in response to a SaaSpocalypse-driven mania offers an opportunity to build a position in an investment-grade security currently paying a covered dividend yield at a positive 935 basis points spread to the U.S. 10-year Treasury yield ( US10Y ) at 4.04%. The BDC last declared a base monthly cash dividend of $0.17 per share , the first monthly distribution, and an unchanged percentage-wise proportion from the prior distribution to provide a 13.40% dividend yield when annualized at $2.04 per share. TRIN generated fiscal 2025 fourth quarter net investment income ("NII") of $0.52 per share to provide 102% coverage of the 3-month aggregate of its dividend. In a space where the list of BDCs with near-term dividend cuts continues to grow, this level of coverage, in aggregate with net asset value expansion ("NAV") on both a nominal and per-share basis, provides legs for the bulls. Total net assets ended the fourth quarter at $1.094 billion, up 9.6% sequentially from $998 million to continue the trendline of sustained upward growth in place since TRIN started trading on NASDAQ. Data by YCharts Trinity Capital Fiscal 2025 Fourth Quarter Presentation TRIN has dipped around 11% from its 52-week high as the BDC has been swept up in market panic around AI. February has seen wild swings. International Business Machines ( IBM ) saw its largest single-day decline since the 2000 dot-com crash on the launch of a new AI product feature, with the pace of panic pushing private credit giants Apollo Global Management ( APO ), Ares Management ( ARES ), and Blue Owl ( OWL ) to trade with the volatility of small caps, with their respective dividend yields expanding to or close to their highest ever level since they all went public. TRIN had total investments at fair value of $2.42 billion as of the end of its fourth quarter. This had a 9.2% exposure to SaaS, with its largest individual sector allocation to Finance and Insurance comp...

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...

格隆汇2月27日｜据CGTN，伊朗代表团已返回谈判地点，参加美伊日内瓦会谈。

(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 ...

财联社2月27日讯（编辑 赵昊） 美国半导体企业博通公司的一位高管表示，基于最新的堆叠式芯片设计技术，公司预计到2027年将至少售出100万颗芯片。 博通产品营销副总裁Harish Bharadwaj告诉媒体，销量有望达到100万颗的芯片基于一种自主研发的技术方案：将两枚芯片上下堆叠，使不同的硅片紧密结合，从而显著提升芯片之间的数据传输速度。 日内早些时候，博通宣布已开始出货业内首款基于其3.5D eXtreme Dimension System in Package（XDSiP）平台的2纳米定制计算SoC。 作为一个经过验证的模块化、多维堆叠芯片平台，3.5D XDSiP结合了2.5D技术和采用面对面（F2F）技术的3D-IC集成。博通表示，3.5D XDSiP是下一代XPU的基础。 Bharadwaj表示，这种堆叠架构能帮助客户打造算力更强、能耗更低的芯片，以满足人工智能软件日益增长的计算需求，“现在几乎我们所有客户都在采用这项技术。” 据了解，博通大约花了五年时间打基础、反复测试各种方案，才最终实现商业化落地。工程师目前正研发更先进的设计，目标是实现最多八层、每层两枚芯片的堆叠结构。 博通通常并不独立设计完整的AI芯片，而是与客户合作：博通工程师会把早期设计转化为可制造的物理版图，再交由台积电等制造商进行生产。 企业可以根据需求，灵活搭配台积电的不同制程与博通的堆叠技术，两枚芯片会在制造过程中直接融合为一体。 目前，其首位客户富士通（Fujitsu）已开始制作工程样片测试该设计，并计划于今年晚些时候量产这种堆叠式芯片。 富士通正在利用这项新技术开发一款数据中心芯片。该芯片由台积电采用最先进的2纳米工艺制造，并与一枚5纳米芯片进行融合封装。 博通目前还有多个堆叠式设计正在推进中，预计今年下半年将再推出两款相关产品，并计划在2027年再提供三款样片。 受益于与谷歌等公司的定制化合作，博通的芯片业务实现显著增长。公司预计，其AI芯片收入在本财年第一季度将同比翻倍至82亿美元。

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 ...