An estimates-crushing quarter was the spark that lit a fire under Sensient Technologies (NYSE: SXT) as the stock trading week came to a close. The rather under-the-radar company, which specializes in flavors, colors, and extracts used across industries such as food and pharmaceuticals, saw its shares rise by a meaty 24% on Friday. Sensient booked revenue of just under $436 million in its first quarter, for a year-over-year improvement of more than 11%. Better, the company's net income under generally accepted accounting principles (GAAP) rocketed 28% higher to almost $44.2 million, or $1.04 per share. Image source: Getty Images. Continue reading

bluebay2014/iStock via Getty Images In last week’s post, this blog took a look at the S&P 500's expected revenue growth this year and then looked back at the last Trump Administration tax bill passed in December 2017 and found two things in common: Tax Cuts & Jobs Act passed December ’17: Q4 ’17 rev growth: +8.3% Q1 ’28 rev growth: +8.4% Q2 ’18 rev growth: +9.5% Q3 ’18 rev growth: +8.6% Q4 ’18 rev growth: +5.1% This blog only started keeping revenue growth by quarter data in Q4 ’12, but the average revenue growth for all of that period – from Q4 ’12 through Q4 ’19 was just +3.2%. OBBBA passed July ’25: Here’s the “expected” revenue growth for 2026, by quarter, per the LSEG data: Q4 ’26 rev growth : +8.6% Q3 ’26 rev growth : +9.1% Q2 ’26 rev growth : +10.3% Q1 ’26 rev growth : +9.7% Q4 ’25 actual rev growth : +9.2% Q3 ’25 actual rev growth : +8.3% The average rev growth rate per quarter from Q1 ’22 through Q4 ’25 (removing Covid’s distortions in 2020 and 2021) was +6.5%. For 2025 and 2026, the difficulty for investors is separating how much is AI and “tech” and how much is tax-bill related. The difference was obvious in 2018, but not so much today. The last 5 quarters' technology revenue growth per quarter: Q1 ’26: +27% (estimated) Q4 ’26: +21.5% Q3 ’26: +16.8% Q2 ’26: +16.3% Q1 ’26: +13.3% It’s easy to oversimplify, but layering the OBBBA onto the rest of the US economy on top of the continued white-hot AI buildout in terms of revenue growth and capex may be one reason why this market seems so strong today. Just sayin… S&P 500 data: The forward 4-quarter S&P 500 EPS estimate increased again this week to $342.49, versus last week’s $340.96. The PE on the forward estimate is 20.9x this week, versus 20.9x last week. The S&P 500 earnings yield (S&P EY) ended the week at the same level as the prior week at 4.78%. High-yield credit spreads have gradually tightened since early April ’26, from +342 to +284 (per Bespoke data). Since January 2nd, ’26, the expected S&P 500 EPS...

The iShares Bitcoin Trust ETF ( NASDAQ:IBIT ) and the iShares Ethereum Trust ETF ( NASDAQ:ETHA ) both track single cryptocurrencies and charge the same expenses, but ETHA has seen stronger recent returns and a smaller asset base—while also exposing investors to greater drawdowns. Both IBIT and ETHA are single-asset exchange-traded funds (ETFs) from iShares, designed to give investors straightforward exposure to Bitcoin or Ether, respectively. This comparison looks at how these two crypto-focused ETFs stack up on cost, performance, risk, and portfolio characteristics to help investors decide which may fit their strategy. Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Continue reading

After a pullback in yesterday's trading, Poet Technologies (NASDAQ: POET) stock went on to deliver a massive rally in Friday's trading . The tech company's share price gained 28.8% in a day of trading that played host to an 0.8% gain for the S&P 500 and a 1.6 % gain for the Nasdaq Composite . While the market bristled at ServiceNow's quarterly results yesterday and broadly sold out of software and technology stocks, the trend proved to be short-lived. Friday delivered a big rebound rally for the tech sector , and the trend helped reignite a powerful bullish rally for Poet stock. The company's share price climbed 120.5% over the last week. Image source: Getty Images. Continue reading

matejmo/iStock via Getty Images I rate the NEOS Gold High Income ETF ( IAUI ) as a Buy. My thesis rests on three main points: gold has likely shifted out of its explosive rally phase and into a period of consolidation; the current implied volatility environment in gold options remains favorable for premium sellers; and IAUI's active, dynamic options strategy is perfectly suited to take advantage of current market conditions. IAUI is designed for exactly this kind of environment, and it performs best when gold stops rallying and starts moving sideways. IAUI, which won the "Best New Options Income ETF" from the 2026 ETF.com awards, offers a way to benefit from a sideways-moving gold market and collect double-digit yield paid out monthly while still having exposure to gold after its incredible rally. Gold After The Rally Any discussion of IAUI starts with its underlying gold. Gold had a massive run in 2025. Prices jumped as much as 55% and pushed past $4,000 per ounce. Moves like that don’t happen very often. They also expose the main weakness of covered call funds. When prices of the underlying surge quickly, the upside gets capped. While the option income is still there, IAUI has still performed very well. It looks small in comparison to the underlying stock appreciation. Looking ahead, we may see a different picture. Ongoing geopolitical tension and softer economic growth support gold, but not in a way that drives another sharp rally. Instead, the more likely outcome is a sideways market, roughly between $4,500 and $5,500. That’s where IAUI starts to shine. When prices move slowly or stay flat, option premiums become the main source of return. A standard gold ETF like the SPDR Gold Shares ETF ( GLD ) doesn’t offer that. A steady, slow uptrend would be ideal. IAUI still participates in gains while continuing to collect income along the way. Covered call performance relies on volatility setup more than on price direction alone. It’s not enough for gold to move sideway...

数据中心开发商Related Digital周五表示，已为其在密歇根州为 甲骨文 公司建造的价值160亿美元的数据中心园区筹集到了资金。 该公司表示，此次融资包括Related Digital及 黑石 集团旗下基金提供的股权投资，以及由 PIMCO 管理的基金和账户主导的固定利率长期债务融资。 OpenAI、甲骨文和Related Digital于10月宣布了在密歇根州萨林镇建设一座装机容量超过1吉瓦的数据中心的项目，作为其推动扩大美国人工智能基础设施容量的举措之一。 责任编辑：刘明亮

夏季消费高峰期将来临。 受能源价格上涨，经济前景担忧升温等因素影响，美国4月消费者信心跌至历史新低。尽管特朗普宣布美伊无限期停火，但民众对此不以为意，仍聚焦于冲突引发的通胀冲击。油服公司则警告称，高油价可能持续更长的时间。 消费者“压力山大” 密歇根大学周五公布的消费者调查数据显示，信心指数终值降至49.8，创下该调查有史以来最低纪录。不过，这一数值较本月初公布的47.6略有回升。 本次信心下滑现象跨越各政治党派，并波及所有持有股票投资的消费群体。美伊冲突扰乱了霍尔木兹海峡的航运，推高油价，最终导致汽油与柴油价格上涨。化肥、石化产品、铝等其他大宗商品价格也大幅飙升，这些成本很快将传导至消费者端。 自2月28日冲突爆发后，伊朗方面事实上封锁了该海峡。特朗普本周宣布无限期延长停火，但美国海军对伊朗港口的封锁仍在继续。“美伊冲突主要通过汽油及其他商品价格冲击影响消费者预期。” 密歇根大学消费者调查主任乔安妮徐表示，“相比之下，无法缓解供应紧张或压低能源价格的军事与外交进展，难以提振消费者信心。” 美国能源信息署（EIA）数据显示，本月全美汽油零售价平均高于4美元 / 加仑，柴油价格则远超5美元/加仑。益普索（Ipsos）民调显示，绝大多数美国人将油价上涨归咎于特朗普，这在11月国会中期选举前对其共和党构成明显压力。 柴油价格高企或将推高公路运输商品的成本。尽管消费者信心与支出的相关性较弱，但预计家庭，尤其是低收入群体，将被迫削减消费。“我们预计，油价上涨对实际可支配收入的冲击将拖累消费增速。” 牛津经济研究院美国经济学家格雷斯・兹默在给第一财经记者发送的报告中称，“影响将主要集中在中低收入家庭，因为汽油在其总支出中占比更高。” 值得一提的是，调查显示消费者对未来一年通胀预期从3月的3.8%飙升至本月4.7%，创近三年新高。消费者对未来五年通胀预期也从上月的3.2%升至3.5%。 通胀预期走高叠加标普全球周四发布的4月企业商品与服务定价指数升至近四年新高，进一步强化了市场预期 ——美联储今年或不会降息。 “运输成本上涨将转嫁至食品、家电、玩具及所有依赖海运、陆运或空运的商品，民众将承受更多压力，” 海军联邦信用合作社（Navy Federal Credit Union）首席经济学家希瑟・朗表示，“只有霍尔木兹海峡恢复通航、冲突永久结束，消费者信心才会改善。” 能源价格短期难...

Data center developer Related Digital ‌said on Friday ‌it has secured financing for ​a $16 billion data center campus it is building in Michigan for Oracle. The ‌financing includes ⁠equity from Related Digital and funds ⁠affiliated with Blackstone, and fixed-rate, long term ​debt financing ​anchored ​by PIMCO-managed funds ‌and accounts, the company said. OpenAI, Oracle and Related Digital in October announced the project of ‌a more than ​1 gigawatt ​data ​center in Saline ‌Township, Michigan, as part ​of ​their push to expand U.S. AI infrastructure ​capacity.

Related Digital secures financing for $16 billion Oracle data center in Michigan Reuters

Key PointsThe stock's drop followed a pop on Thursday after the company published first quarter earnings.

格隆汇4月25日｜贵州黔东南州生态环境局黎平分局4月25日通报，近日，黎平县坝寨乡高西村犀牛坡养猪场存在粪污乱排、污染周边环境的情况引起关注。事发后，黎平县迅速组织多部门及坝寨乡政府成立联合工作组现场核查处置，查明养猪场粪污溢流系干粪棚密封不严尾水池防渗不到位及集粪池垮塌所致。目前已封堵加固设施，建成临时收集池，并及时将集粪池内粪污转运至其他乡镇蓄粪池存放。此前，网传“贵州黎平一养猪场排污整改后再现偷排污水”与事实不符，实际为依据《畜禽粪肥还田技术规范》要求，根据群众需求将少量低浓度粪污转运到牧草基地淌灌施肥。针对企业违法行为，黎平县已成立专案组并立案调查，目前正依法开展调查取证中。

The state visit to the US looks fraught with difficulty - but could be key to rescuing the special relationship.

Chip stocks surged collectively, with NVIDIA (NVDA.US) closing with a market capitalization surpassing $5 trillion for the first time, while Intel (INTC.US) soared over 23%, marking its best single-day performance since 1987. Moomoo

A U.S. judge on Friday dismissed Elon Musk's fraud claims in ‌his lawsuit accusing OpenAI and co-founder ‌Sam Altman of betraying OpenAI's original mission, but plans ​to proceed to trial on Musk's breach of charitable trust and unjust enrichment claims. Jury selection is scheduled to begin on Monday, and opening arguments are ⁠expected on Tuesday. Musk had said dismissing his fraud and constructive fraud claims, which he proposed, ​would streamline ​the case and ​keep jurors focused on ‌his goal of ensuring that OpenAI benefit humanity rather than be a "wealth machine."

SpaceX is a highly discussed potential investment opportunity right now. But because it's still privately held, shares aren't available to the vast majority of the investing public. That will change with the initial public offering (IPO), which is likely to happen sometime this summer. When SpaceX goes public, it is expected to be valued at anywhere from $1.75 trillion to $2 trillion-plus. If you want access before then, there aren't a lot of alternatives. But they do exist. For instance, exchange-traded funds (ETFs) that allow ownership of privately held companies can give you access. These ETFs have become more popular over the past couple of years, but they also bring risks along with the access. It can be a dangerous time to invest in private capital markets, given redemption freezes at firms like Blue Owl, Cliffwater, and even Morgan Stanley . Liquidity risk can hit the ETFs that own these products, too. Just because the ETF shares are liquid doesn't mean that the securities within them are. But that won't deter some of the folks who want access to SpaceX at all costs. If you're looking to get in, there are two ETFs with sizable stakes in SpaceX that are reasonably large enough to offer acceptable tradability. Continue reading

6月中旬的美联储会议或成为沃什首秀，独立性将成为重大挑战。 美国司法部周五表示，将结束对美联储主席鲍威尔的调查。外界普遍认为，此举预计将为美国总统特朗普提名的美联储主席人选沃什（Kevin Warsh）接任美联储主席铺平道路。不过，如何在通胀压力升级的背景下回应特朗普降息的要求、捍卫货币政策独立性将是摆在沃什面前的重大挑战。 参议院表决尘埃落定？ 美国联邦检察官珍妮娜·皮罗周五表示，美国司法部将结束针对美联储主席鲍威尔任期内、美联储大楼翻新工程成本超支问题的相关调查。皮罗称，目前已责成美联储监察长对该建筑项目开支展开专项审查。“监察长有权让美联储对美国纳税人负责，” 她在社交媒体发文称，“我预计短期内将收到一份全面报告，并相信结果将有助于一劳永逸地解决促使本办公室发出传票的那些问题。” 鲍威尔的美联储主席任期将于三周后届满。然而参议院对沃什出任美联储新掌门的确认程序已停滞数月。原因在于，只要特朗普政府的司法部仍在调查鲍威尔与美联储总部大楼翻新成本超支相关的刑事指控，共和党就无法凑够确认其提名所需的票数。北卡罗来纳州共和党参议员汤姆·蒂利斯此前一直拒绝支持沃什，除非相关调查彻底了结；而他的反对，足以卡住整个任命流程。 上月，美国地区法院首席法官詹姆斯・博斯伯格驳回了司法部向美联储理事会发出的传票，认定其目的不当 —— 意在施压鲍威尔屈服于特朗普要求快速降息或辞职的压力，检方 “几乎未提供任何证据” 证明鲍威尔犯罪。近几个月来，美国司法部一直在调查鲍威尔就翻修项目向国会所作的证词，不过包括参议院银行委员会主席、南卡罗来纳州共和党参议员蒂姆·斯科特在内的几名参议院共和党人表示，他们不认为这位美联储主席的证词构成犯罪。 值得注意的是，鲍威尔此前已明确表示，在调查结束前不会退出美联储理事会，并在必要时将担任代理主席，直至沃什获得确认。 Wolfe Research政策与政治主管托宾・马库斯表示，鉴于蒂利斯的立场，皮罗的决定早已是必然结果。马库斯称，特朗普虽不愿终止调查，但当前首要任务是确保其提名的主席人选获得确认。如今，沃什如今在参议院的确认之路将畅通无阻：“我一直认为，调查问题一旦解决，他的确认将毫无阻碍。” 鲍威尔临近完成美联储主席八年任期，目前仅剩一次政策会议，但其央行理事会的任期要到2028年才届满。由于历任美联储主席通常在主席任期结束后同时退出理事会，打破这一先例将...

近期市场上多有关于AI需求强劲的消息。 美股4月24日收盘，英伟达股价上涨超4%，市值突破5万亿美元。这是英伟达自去年10月底以来，时隔近6个月，市值再次突破5万亿美元。 近期市场上多有关于AI需求强劲的消息。在当地时间4月23日的业绩发布会上，芯片厂商英特尔CEO陈立武表示，在人工智能需求爆发式增长的驱动下，半导体行业整体潜在市场规模已逼近1万亿美元。 台积电董事长魏哲家则在上周的业绩说明会上表示，来自高性能计算和AI的需求非常强劲，台积电已经在努力调用所有设备来保障供应，但供应仍非常紧张。 随着算力需求增长，4月以来还有一些关于英伟达算力卡租赁价格上涨的消息。4月初市场研究机构SemiAnalysis发布GPU租赁报告，显示单块英伟达H100一年期租赁合同价格从2025年10月的低点1.7美元/小时飙升至2026年3月的2.35美元/小时，涨幅近40%。随后，数据提供商Ornn披露的数据显示，英伟达Blackwell芯片单小时租金已达到4.08美元，比两个月前的2.75美元上涨了48%。 英伟达CEO黄仁勋今年3月则释放了收入展望，预计2025年至2027年英伟达来自Blackwell和Rubin两个平台的订单收入将达到1万亿美元，这还不包括来自CPU、Groq、存储系统、Feyman架构产品等多元化产品的收入。黄仁勋称，AI推理制造更多token（词元）的过程才刚刚开始。 从需求上看，随着今年OpenClaw等“龙虾”类产品扩大应用，token消耗量增加。与此同时，存储等供应链硬件价格也在上涨，全球范围内多个云厂商纷纷调高价格。东吴证券研报称，云涨价周期刚刚开始，随着token用量提升，高端算力越发紧缺。 斯坦福大学上周发布报告，则提到AI普及快速普及。该报告称，AI正在以前所未有的速度普及，生成式AI采用率已达到53%，普及速度比个人电脑和互联网更快。 不过，4月24日，DeepSeek发布新模型DeepSeek-V4，该模型有百万字超长上下文，在智能体能力、世界知识和推理性能上均实现国内与开源领域的领先，该模型与华为昇腾合作。前沿模型与国内算力厂商合作并完成适配，有望推动国产算力使用，客观上也对英伟达构成了挑战。

美國佛羅里達州有兩名博士生失蹤，警方發現其中一人的遺體，死者室友被捕。 在佛州坦帕市，特警隊周五包圍這間屋，一名男子反鎖屋內，之後投降，但拒絕跟警方對話。據報疑犯是失蹤學生利蒙的室友，當局起訴他家庭暴力、非法搬運屍體、妨礙司法公正等。 當局指南佛羅里達州大學，兩名27歲孟加拉籍博士，利蒙及女友布里斯蒂，持學生簽證在美國居留，兩人上周四在校園失蹤。當局近日在一條橋附近，發現利蒙的遺體，布里斯蒂仍下落不明。當局正調查被捕疑犯，跟案件有否關聯。

Steve Ballmer wrote a fiery letter in the sentencing of disgraced founder Joseph Sanberg documenting all the harm that's befalling him as an investor.

Steve Ballmer wrote a fiery letter in the sentencing of disgraced founder Joseph Sanberg documenting all the harm that's befalling him as an investor.

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