Asian currencies extended a rebound as the artificial intelligence trade gathered pace and sentiment improved on hopes of a peace deal between the US and Iran. The Korean won led currencies higher, rising the most in almost three weeks as Samsung Electronics Co.’s market value hit $1 trillion on booming demand for microchips. The Thai baht climbed as much as 0.8%, the most since April 17, leading ...
Asian currencies extended a rebound as the artificial intelligence trade gathered pace and sentiment improved on hopes of a peace deal between the US and Iran. The Korean won led currencies higher, rising the most in almost three weeks as Samsung Electronics Co.’s market value hit $1 trillion on booming demand for microchips. The Thai baht climbed as much as 0.8%, the most since April 17, leading most Asian peers — especially those most exposed to fluctuations in oil prices — higher. The rally comes as renewed optimism for AI lifts Asian markets, a key part of the global AI ecosystem. US President Donald Trump also suspended a plan to escort ships through the Strait of Hormuz following clashes with Iran, in an effort to reach a deal to end the conflict. “Trump’s suspension of Project Freedom, which may raise the hope of negotiation between US and Iran” is driving high-beta FX higher, said Kiyong Seong , lead Asia macro strategist at Societe Generale SA in Hong Kong. While it’s hard to speculate if the worst is over for Asian currencies, “the worst case of re-intensifying military action can be avoided,” he said. The rebound eases some pressure on Asian currencies. The jump in oil last week — driven by fears of a breakdown in the US-Iran ceasefire — pushed currencies of countries facing high crude-import bills like the Indonesian rupiah and Indian rupee to record lows. That prompted repeated interventions from central banks including Bank Indonesia and Reserve Bank of India to stem the weakness. AI Boom Drowns Out War Fears to Fuel Asia’s Great Market Divide One by One, Asian Currencies Are Faltering as Oil Worries Worsen Still, the rally may not endure as the performance between Asian currencies exposed to the AI-trade and oil swings diverges. India, Indonesia and the Philippines are yet to face the full impact of high energy costs, while the Korean won will likely be supported by inflows into stocks, according to Eugenia Victorino, head of Asia strategy at Skandina...
ozgurdonmaz Apple ( AAPL ) agreed on Tuesday to pay $250M to settle a shareholder lawsuit that accused the company of delaying AI upgrades to its Siri voice assistant, as per reports. Plaintiffs accused the California tech giant of having "promoted AI capabilities that did not exist at the time, do not exist now, and will not exist for two or more years" in order to boost iPhone sales, the documen...
ozgurdonmaz Apple ( AAPL ) agreed on Tuesday to pay $250M to settle a shareholder lawsuit that accused the company of delaying AI upgrades to its Siri voice assistant, as per reports. Plaintiffs accused the California tech giant of having "promoted AI capabilities that did not exist at the time, do not exist now, and will not exist for two or more years" in order to boost iPhone sales, the document - reviewed by AFP - stated. The lawsuit, brought by Peter Landsheft in a U.S. federal court in California in 2024, followed the iPhone maker’s announcement, and promotion, of a range of AI upgrades at its annual developer conference that year, stating they would roll out with new iPhones in the fall. In 2025, Apple said that the AI overhaul of Siri would not come until this year, and executives have now confirmed that the new Siri features will be unveiled at Apple's annual developer conference next month. Apple ( AAPL ) did not admit to any fault in the settlement, which still needs approval from a judge. "Apple has reached a settlement to resolve claims related to the availability of two additional features. We resolved this matter to stay focused on doing what we do best, delivering the most innovative products and services to our users," the company said in a statement told Reuters . More on Apple Apple: iPhone And Services Drive Growth, But Margin And Supply Risks Loom Apple: A Once-In-A-Generation Buy Signal Just Flashed Apple: Wait For A Drop Apple pulls high-memory Mac mini, Mac Studio configs from store on supply crunch Apple plans to allow users to pick outside AI models to power iOS 27 features: report
A gauge of Chinese tech shares surged to a record high, joining a broader artificial intelligence-related rally sweeping across Asian markets as investors piled into growth sectors. The Star 50 Index climbed as much as 9.2% as trading resumed after an extended holiday, pushing the gauge past a peak set in 2021. Memory chipmakers including Hygon Information Technology Co. tracked regional peers hig...
A gauge of Chinese tech shares surged to a record high, joining a broader artificial intelligence-related rally sweeping across Asian markets as investors piled into growth sectors. The Star 50 Index climbed as much as 9.2% as trading resumed after an extended holiday, pushing the gauge past a peak set in 2021. Memory chipmakers including Hygon Information Technology Co. tracked regional peers higher, while heavyweight Cambricon Technologies Corp. also jumped. “Tech came out swinging and ended up blowing the whole stage apart” in post-holiday trading, said Xu Dawei, a fund manager at Jintong Private Fund Management in Beijing. The move is mainly due to a “spillover of strength in global peers,” he said. The move underscores renewed investor appetite for semiconductor names, which have led advances across regional markets. Tech hardware makers may see continued gains as major customers announce robust outlooks for capital expenditures. The Star 50 gauge has struggled for years to top a previous high set in the early days of its creation as companies failed to deliver on earnings. Stronger demand for AI-related hardware in recent quarters has given them a new lift. Investor sentiment also got a boost from a stronger services purchasing managers’ index print from RatingDog for April. That’s helped the Shanghai Composite Index gained as much as 1.2%, while the ChiNext Index was up as much as 3.7%.
VV Shots/iStock Editorial via Getty Images If there was ever any doubt about it, Microsoft's ( MSFT ) latest quarter confirms one thing that I believe the market has yet to internalize. Microsoft is no longer just benefiting from AI demand ; it is increasingly becoming the system through which that demand flows. Azure is accelerating, the company's Copilot adoption continues to spread across enter...
VV Shots/iStock Editorial via Getty Images If there was ever any doubt about it, Microsoft's ( MSFT ) latest quarter confirms one thing that I believe the market has yet to internalize. Microsoft is no longer just benefiting from AI demand ; it is increasingly becoming the system through which that demand flows. Azure is accelerating, the company's Copilot adoption continues to spread across enterprises, and the backlog grows faster than usual. Microsoft is a buy now. The market is concerned about capex, but the actual story here is one of increased demand. If that demand holds, today’s investment cycle becomes tomorrow’s earnings engine. The Real Story is Demand, Not the Beat This past Q3 FY2026 was a good quarter for Microsoft Corporation. Revenues reached $82.9 billion (+18% YoY) , while EPS landed at $4.27, while Cloud revenues came in at $54.5 billion (+29%), with Azure growing by 40%. Meanwhile, the company's AI business exceeded a $37 billion annualized revenue run rate, marking a 123% increase from last year. The beat is not the most critical part of the story. The focus has now shifted towards whether Microsoft will be able to earn enough from its AI investments in the future. Data by YCharts In my view, the most crucial part of Microsoft's earnings has been the re-acceleration in Azure growth. 40% growth in Azure services at Microsoft's size is a massive deal for a company of this magnitude, suggesting that the AI demand may not only substitute the previous one but also build an extra layer on top of it. At the same time, management mentioned that the customer demand continues to outstrip the available capacity. This is an essential part of interpreting the spike in capital expenditures, and without that, the capex might have been seen as excessive and irrational. The second major event is Microsoft's Commercial RPO reaching $627 billion , a 99% increase compared to last year. However, I am inclined to view it not as just another number from the earnings r...
VV Shots/iStock Editorial via Getty Images If there was ever any doubt about it, Microsoft's ( MSFT ) latest quarter confirms one thing that I believe the market has yet to internalize. Microsoft is no longer just benefiting from AI demand ; it is increasingly becoming the system through which that demand flows. Azure is accelerating, the company's Copilot adoption continues to spread across enter...
VV Shots/iStock Editorial via Getty Images If there was ever any doubt about it, Microsoft's ( MSFT ) latest quarter confirms one thing that I believe the market has yet to internalize. Microsoft is no longer just benefiting from AI demand ; it is increasingly becoming the system through which that demand flows. Azure is accelerating, the company's Copilot adoption continues to spread across enterprises, and the backlog grows faster than usual. Microsoft is a buy now. The market is concerned about capex, but the actual story here is one of increased demand. If that demand holds, today’s investment cycle becomes tomorrow’s earnings engine. The Real Story is Demand, Not the Beat This past Q3 FY2026 was a good quarter for Microsoft Corporation. Revenues reached $82.9 billion (+18% YoY) , while EPS landed at $4.27, while Cloud revenues came in at $54.5 billion (+29%), with Azure growing by 40%. Meanwhile, the company's AI business exceeded a $37 billion annualized revenue run rate, marking a 123% increase from last year. The beat is not the most critical part of the story. The focus has now shifted towards whether Microsoft will be able to earn enough from its AI investments in the future. Data by YCharts In my view, the most crucial part of Microsoft's earnings has been the re-acceleration in Azure growth. 40% growth in Azure services at Microsoft's size is a massive deal for a company of this magnitude, suggesting that the AI demand may not only substitute the previous one but also build an extra layer on top of it. At the same time, management mentioned that the customer demand continues to outstrip the available capacity. This is an essential part of interpreting the spike in capital expenditures, and without that, the capex might have been seen as excessive and irrational. The second major event is Microsoft's Commercial RPO reaching $627 billion , a 99% increase compared to last year. However, I am inclined to view it not as just another number from the earnings r...
BEIJING, CHINA - JULY 15: Iran's Minister of Foreign Affairs Seyed Abbas Araghchi and Russia's Minister of Foreign Affairs Sergei Lavrov (not seen) hold a meeting on the sidelines of the 2025 meeting of the SCO Council of Foreign Ministers in Beijing, China on July 15, 2025. Russian Ministry of Foreign Affairs | Anadolu | Getty Images China hosted Iran's Foreign Minister Abbas Araghchi Wednesday f...
BEIJING, CHINA - JULY 15: Iran's Minister of Foreign Affairs Seyed Abbas Araghchi and Russia's Minister of Foreign Affairs Sergei Lavrov (not seen) hold a meeting on the sidelines of the 2025 meeting of the SCO Council of Foreign Ministers in Beijing, China on July 15, 2025. Russian Ministry of Foreign Affairs | Anadolu | Getty Images China hosted Iran's Foreign Minister Abbas Araghchi Wednesday for the first time since the outbreak of the U.S.-Israel war on Tehran, just days before U.S. President Donald Trump 's scheduled visit to Beijing. Wang Yi, China's top diplomat, held a meeting with Araghchi on Wednesday morning, according to state-backed Xinhua News Agency. Chinese state media proactively publicized the visit late Tuesday, citing a foreign ministry statement that noted Beijing initiated the invitation. But the official statement did not disclose an agenda. Iran's foreign ministry said the talks would cover bilateral relations, as well as regional and international issues. "This meeting is deeply strategic," said Amir Handjani, a board member at the Quincy Institute for Responsible Statecraft. "Tehran and Beijing are aligning their interests before Trump's summit with [Chinese President Xi Jinping], and the timing is deliberate." That said, China wants stability in the Persian Gulf to protect trade and energy flows, Handjani noted. "Chinese leadership wants tankers moving and trade flowing out of the Persian Gulf into Asian markets, he said. "They have no appetite for the inflationary shock and potential recession that a prolonged blockade would trigger across the region." Wang and Araghchi have held at least three phone calls since the outbreak of the Iran war on Feb. 28. Beijing has repeatedly called for an immediate ceasefire and for commercial shipping to move freely through the Strait of Hormuz . In late April, Chinese President Xi Jinping urged "normal passage" through the crucial waterway. Before the war, about 20% of the world's oil and liquefied nat...
Manoj Madusanka/iStock via Getty Images For the three months ended March 31, 2026, the total return on the Ave Maria Rising Dividend Fund ( AVEDX ) was 0.09%, compared to the S&P 500® Dividend Aristocrats Index at 2.42% and the S&P 500® Index at -4.33%. The returns for the Ave Maria Rising Dividend Fund compared to its benchmarks as of the end of the quarter were: A N N U A L I Z E D FUND YEAR-TO-...
Manoj Madusanka/iStock via Getty Images For the three months ended March 31, 2026, the total return on the Ave Maria Rising Dividend Fund ( AVEDX ) was 0.09%, compared to the S&P 500® Dividend Aristocrats Index at 2.42% and the S&P 500® Index at -4.33%. The returns for the Ave Maria Rising Dividend Fund compared to its benchmarks as of the end of the quarter were: A N N U A L I Z E D FUND YEAR-TO-DATE 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE INCEPTION((5/2/05)) Ave Maria Rising Dividend Fund ( AVEDX ) Prospectus Expense Ratio: 0.90% 0.09% -3.93% 8.71% 6.92% 9.96% 9.16% S&P 500® Dividend Aristocrats Index 2.42% 6.48% 7.82% 6.80% 10.03% 10.30% S&P 500® Index -4.33% 17.80% 18.32% 12.06% 14.16% 10.71% Click to enlarge Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value are historical and may fluctuate so that redemption value may be worth more or less than the original cost. Current performance may be lower or higher than what is quoted. Call 1-866-AVE-MARIA for the most current month-end performance. Click to enlarge During the quarter, the Fund's strongest performing sectors were Energy, Industrials, and Materials. Energy was the standout, gaining an exceptional 52%, driven by strong results across all three portfolio holdings. Industrials advanced 6%, supported by the strong performance of Lockheed Martin Corporation ( LMT ) (defense), L3Harris Technologies, Inc. ( LHX ) (defense) and Fastenal Company ( FAST ) (industrial wholesale & rental), which rose 26%, 18%, and 16%, respectively. Materials gained 4%, with both holdings, Carlisle Companies, Inc. ( CSL ) ((building materials)) and AptarGroup, Inc. ( ATR ) (containers & packaging), generating similarly solid returns. The Fund's weakest sectors during the quarter were Communication Services, Financials, and Technology. Communications declined -21%, reflecting weakness in the Fund's sole holding, Booking Holdings, Inc. ( BKNG ) (internet media...
The Petrogas-Dollar: Symptom Or Strategy? Authored 'No1' via Gold and Geopolitics substack, Three people sent me Richard Medhurst’s petrogas-dollar piece this week . I read it. Twice even. There’s a lot in there that I feel is correct. The chronology of the Levantine Basin deals. Cheney’s 2001 National Energy Policy. The roughly $35 billion of Chevron contracts signed across Israel, Syria, Greece,...
The Petrogas-Dollar: Symptom Or Strategy? Authored 'No1' via Gold and Geopolitics substack, Three people sent me Richard Medhurst’s petrogas-dollar piece this week . I read it. Twice even. There’s a lot in there that I feel is correct. The chronology of the Levantine Basin deals. Cheney’s 2001 National Energy Policy. The roughly $35 billion of Chevron contracts signed across Israel, Syria, Greece, and Cyprus in the past six months. None of that is in dispute. The piece is, on the facts, broadly accurate. What I think though is that the reading of those facts is faulty. Some history. In 1944 Bretton Woods pegged the dollar to gold and made it the world’s reserve currency. In 1971 Nixon unpegged it. Three years later, Kissinger negotiated the Saudi arrangement that pegged it to something else - oil. The petrodollar was born. Everyone needed oil, oil was priced in dollars, thus everyone needed dollars. Medhurst’s thesis is that the same trick is being repeated, with gas as the new anchor. The Petrogas-Dollar. Same architecture, new commodity. But gas isn’t oil. Oil is fungible at planetary scale. One global market, one rough price band with quality differentials. Tankers go anywhere where there’s a port and a refinery. Every country needs it. Every industry uses it. Almost every modality of transport runs on it. But gas is regional. LNG requires specialised liquefaction terminals on the export side, cryogenic tankers in transit, and regasification infrastructure on the import side. Each piece takes years and billions to build. Pipeline gas is captive to the geography of the pipe. Henry Hub, TTF, and JKM regularly trade at multiples of each other for what is nominally the same molecule. In 2022, European gas hit roughly 25x the US price - that’s the market telling you that there is no single global gas market, just regional ones tethered by expensive bottlenecks. Anchoring a settlement currency to gas isn’t a step up from oil in my opinion. It’s a step down. Less univer...