Every frontier AI lab right now is rationing two things: electricity and compute. Most of them buy their compute for model training from the same supplier, at the steep gross margins that have turned Nvidia into one of the most valuable companies in the world. Google does not. On Tuesday night, inside a private gathering at F1 Plaza in Las Vegas, Google previewed its eighth-generation Tensor Proce...
Every frontier AI lab right now is rationing two things: electricity and compute. Most of them buy their compute for model training from the same supplier, at the steep gross margins that have turned Nvidia into one of the most valuable companies in the world. Google does not. On Tuesday night, inside a private gathering at F1 Plaza in Las Vegas, Google previewed its eighth-generation Tensor Processing Units. The pitch: two custom silicon designs shipping later this year, each purpose-built for a different half of the modern AI workload. TPU 8t targets training for frontier models, and TPU 8i targets the low-latency, memory-hungry world of agentic inference and real-time sampling. Amin Vahdat, Google's SVP and chief technologist for AI and infrastructure (pictured above left), used his time onstage to make a point that matters more to enterprise buyers than any individual spec: Google designs every layer of its AI stack end-to-end, and that vertical integration is starting to show up in cost-per-token economics that Google says its rivals cannot match. "One chip a year wasn't enough": Inside Google's 2024 bet on a two-chip roadmap The more interesting story behind v8t and v8i is when the decision to split the roadmap was made. The call came in 2024, according to Vahdat — a year before the industry at large pivoted to reasoning models, agents and reinforcement learning as the dominant frontier workload. At the time, it was a contrarian read. "We realized two years ago that one chip a year wouldn't be enough," Vahdat said during the fireside. "This is our first shot at actually going with two super high-powered specialized chips." For enterprise buyers, the implication is concrete. Customers running fine-tuning or large-scale training on Google Cloud and customers serving production agents on Vertex AI have been renting the same accelerators and eating the inefficiency. V8 is the first generation where the silicon itself treats those as different problems with two set...
baona/iStock via Getty Images EQT ( EQT ) corporation just had a winter first quarter that is likely to be hard to beat for some years to come. Naturally the cold La Niña helped things along. But that hardly got mentioned as management "patted itself on the back" for that excellent first quarter. To be sure, management deserves at least some recognition for what happened (just not all of it), as t...
baona/iStock via Getty Images EQT ( EQT ) corporation just had a winter first quarter that is likely to be hard to beat for some years to come. Naturally the cold La Niña helped things along. But that hardly got mentioned as management "patted itself on the back" for that excellent first quarter. To be sure, management deserves at least some recognition for what happened (just not all of it), as the last article mentioned. Those operating improvements will last a lot longer than a cold winter. Not only that, but continuing operating improvements will likely provide downside protection when the inevitable pricing decrease part of the business cycle begins. This management has long had a growth mentality that never stops looking for ways to grow the business (and profits). This company has minimal exposure to liquids. Therefore, it does not benefit as much from the Strait of Hormuz situation as oil companies do. But there is the rising exportability of North America. As that export ability rises, the price of natural gas could (at some point in the future) join world market pricing that is generally much stronger than the United States or even North America's natural gas prices in general. That provides yet another avenue of profit and cash flow expansion if it happens. First Quarter The first quarte r got a big boost from the weather and operational improvements to post one of the larger first quarter comparisons we may ever see for this company. EQT First Quarter 2026, Earnings Summary (EQT Earnings Press Release First Quarter 2026) Keep in mind that earnings are really a small percentage of revenue. Also, it needs to be remembered that costs are paid for (in a very large part) at the lower level of prices shown (elsewhere in the press earnings release in much more detail) in the quarter for the past fiscal year (shown above). Therefore, the increase in the commodity prices that resulted in a much higher realized price (for the current fiscal year) largely heads str...
Beyond Meat (NASDAQ: BYND) stock is zooming higher in Wednesday's trading. Its share price was up 7.8% as of 1 p.m. ET amid bullish momentum for the broader market. The S&P 500 was up 0.6% at the same point in the day, and the Nasdaq Composite was up 1.1%. Stocks are moving higher today thanks to news that the U.S. has extended its ceasefire with Iran. Beyond Meat's valuation is also rising thanks...
Beyond Meat (NASDAQ: BYND) stock is zooming higher in Wednesday's trading. Its share price was up 7.8% as of 1 p.m. ET amid bullish momentum for the broader market. The S&P 500 was up 0.6% at the same point in the day, and the Nasdaq Composite was up 1.1%. Stocks are moving higher today thanks to news that the U.S. has extended its ceasefire with Iran. Beyond Meat's valuation is also rising thanks to new product launches and meme-stock momentum. Image source: Getty Images. Continue reading
Shares of leading robotic-assisted surgery (RAS) specialist Intuitive Surgical (NASDAQ: ISRG) are up 8% as of noon ET on Wednesday after the company sailed past Wall Street's expectations with its first-quarter earnings. Intuitive Surgical grew sales and adjusted earnings per share by 23% and 38%, respectively, and guided that its next-gen da Vinci system will see procedure growth of 13.5% to 15.5...
Shares of leading robotic-assisted surgery (RAS) specialist Intuitive Surgical (NASDAQ: ISRG) are up 8% as of noon ET on Wednesday after the company sailed past Wall Street's expectations with its first-quarter earnings. Intuitive Surgical grew sales and adjusted earnings per share by 23% and 38%, respectively, and guided that its next-gen da Vinci system will see procedure growth of 13.5% to 15.5% this year, spurring the stock's healthy rally today. Intuitive Surgical reported that: Image source: Getty Images. Continue reading
The S&P 500 Index ($SPX ) (SPY ) today is up +0.84%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.76%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.28%. June E-mini S&P futures (ESM26 ) are up +0.80%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.84%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.76%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.28%. June E-mini S&P futures (ESM26 ) are up +0.80%, and June E-mini Nasdaq futures...
Earnings Call Insights: Moody's (MCO) Q1 2026 Management View "Q1 was a strong start to the year despite a volatile geopolitical backdrop" and "Moody's again delivered sustained revenue growth across both businesses and powerful operating leverage" (President, CEO & Director Robert Fauber). "Both MIS and MA grew revenues by 8%" and "disciplined cost management drove 150 basis points of adjusted op...
Earnings Call Insights: Moody's (MCO) Q1 2026 Management View "Q1 was a strong start to the year despite a volatile geopolitical backdrop" and "Moody's again delivered sustained revenue growth across both businesses and powerful operating leverage" (President, CEO & Director Robert Fauber). "Both MIS and MA grew revenues by 8%" and "disciplined cost management drove 150 basis points of adjusted operating margin to 53.2%"; management highlighted "adjusted diluted EPS of $4.33" and said it "returned $1.7 billion through buybacks and dividends" while "increased full year buyback guidance by $500 million to approximately $2.5 billion" (President, CEO & Director Fauber). On Ratings demand, management said "in the first quarter, rated issuance surpassed $2 trillion for the first time" and highlighted "private credit-related revenue in Ratings growing more than 80% year-over-year" (President, CEO & Director Fauber). On distribution into enterprise AI, management said "through Model Context Protocol integrations, Moody's licensed intelligence can now be accessed directly within enterprise AI environments such as ChatGPT Enterprise and Claude" and emphasized "these are bring-your-own license models" that "preserve our direct relationship with our customer" (President, CEO & Director Fauber). "I am absolutely thrilled that Christina Kosmowski will become Moody's Analytics CEO in June" and management thanked "Andy Frepp for stepping up to serve as the Interim President" (President, CEO & Director Fauber). "MA revenue increased 8% in the first quarter as reported or 6% on an organic constant currency basis" and "ARR ended Q1 at $3.6 billion, up 8% year-over-year" (Senior VP & CFO Noemie Heuland). Outlook "Looking ahead, our full year guidance remains unchanged across revenue, adjusted operating margin and adjusted diluted EPS" (Senior VP & CFO Heuland). "For the second quarter, we expect MIS revenue growth in the low to mid-teens with adjusted diluted EPS of approximately $4.15...
Check out the companies making the biggest moves midday: Calix — The AI and cloud platform tumbled 16% after the company warned of margin headwinds for the year, overshadowing better-than-expected results for the first quarter. TE Connectivity — Shares of the electrical components maker shed 12% after the company's second-quarter guidance underwhelemed investors. TE sees earnings per share, adjust...
Check out the companies making the biggest moves midday: Calix — The AI and cloud platform tumbled 16% after the company warned of margin headwinds for the year, overshadowing better-than-expected results for the first quarter. TE Connectivity — Shares of the electrical components maker shed 12% after the company's second-quarter guidance underwhelemed investors. TE sees earnings per share, adjusted, of $2.65 and revenue of $4.7 billion. Both figures are about in line with FactSet consensus figures. Sonoco Products — The maker of steel and aerosol cans dropped more than 15% after the company said it was targeting the low end of its full-year earnings guidance. Q1 earnings and revenue were also below expectations. Axe Compute — Shares skyrocketed more than 90% after Axe Compute secured a $260 million contract to develop Nvidia graphics processing units. AST Spacemobile — The stock jumped 5% after the company announced the Federal Communications Commission approved its plan to deliver direct-to-device cellular broadband. It will permit the company to operate up to 248 satellites in low Earth orbit. Healthcare Services Group — Shares of the houskeeping and dining services provider jumped 18% on better-than-expected first-quarter results. The company posted a profit of 37 cents per share on revenue of $462.8 million. Analysts polled by FactSet expected a profit of 22 cents per share on revenue of $460 million. Masco — The home improvement company's stock jumped 12% as improving demand, especially at its plumbing supplies business, led to a first-quarter beat. In the latest period, Masco earned $1.04 per share, excluding items, on sales of $1.92 billion, compared with the FactSet consensus estimate for a profit of 88 cents per share on revenue of $1.83 billion. United Airlines — Shares fell 6% after the airline posted disappointing guidance for its current quarter and full year as rising fuel prices pressure its outlook. United expects 2026 adjusted earnings of between $...
Getty Images Real Estate Earnings Preview Hoya Capital Real estate earnings season kicks into gear this week, and over the next month, we'll see results from over 160 equity REITs, 40 mortgage REITs, and dozens of housing industry companies. After another disappointing year in 2025 - the fourth straight year of underperformance versus major equity benchmarks - REITs have held onto their early-year...
Getty Images Real Estate Earnings Preview Hoya Capital Real estate earnings season kicks into gear this week, and over the next month, we'll see results from over 160 equity REITs, 40 mortgage REITs, and dozens of housing industry companies. After another disappointing year in 2025 - the fourth straight year of underperformance versus major equity benchmarks - REITs have held onto their early-year momentum even amid the recent bout of geopolitical volatility tied to the Iran conflict. Sentiment has improved at the margin, underscored by the successful Janus Living IPO and a pair of pending REIT listings - an encouraging shift following the near-complete halt in public real estate IPO activity throughout 2025. Meanwhile, a growing number of REITs have pursued asset sales - either sizable portfolio dispositions or outright company sales - taking advantage of the still-wide valuation premium offered in private markets. Over the past quarter and into early 2026, the Equity REIT Index has solidly outpaced the S&P 500, though REITs still face a steep climb to close the roughly 60-percentage-point cumulative underperformance gap built up over the past four years. Performance leadership since the start of last earnings season has shifted back toward growth and consumer-sensitive property types, with Data Center, Retail, and Hotel REITs among the strongest performers, while Residential has lagged and Office remains more mixed despite a recent rebound. Hoya Capital In this report, we focus specifically on property-level fundamentals, previewing and forecasting REIT earnings performance based on an analysis of recent indicators across various sources. Notable favorable "green shoots" gleaned from recent data: Notable favorable “green shoots” from recent data include: 1) Resilient travel demand continues supporting hotel fundamentals despite still-soft consumer sentiment; 2) Healthcare real estate strength, particularly senior housing and skilled nursing, is fueling IPO and M&A...
Winner of six grand slams is changing her strategy after a run of poor results, helped by time in Spain with Rafael Nadal Iga Swiatek had little interest in tennis as a teenager, but the one exception was Rafael Nadal. She spent her formative years idolising the Spaniard, who won 22 majors and, from afar, soon became one of his most avid students. His influence is evident in the heavy topspin the ...
Winner of six grand slams is changing her strategy after a run of poor results, helped by time in Spain with Rafael Nadal Iga Swiatek had little interest in tennis as a teenager, but the one exception was Rafael Nadal. She spent her formative years idolising the Spaniard, who won 22 majors and, from afar, soon became one of his most avid students. His influence is evident in the heavy topspin the Pole generates with her forehand, still a singular weapon on the women’s tour, proof of the intensity she demands of herself on every point and her four French Open titles earned by the time she was barely 23. Continue reading...
Getty Images Thesis The main idea of this article is to provide investors with an overview of ETFs with majority exposure to US Treasuries and/or securities that are backed by the US Government, listed by their respective durations. We want to give investors and our readers a quick handbook regarding their investment view/need on duration exposure. We are perfectly aware that the reasons for inves...
Getty Images Thesis The main idea of this article is to provide investors with an overview of ETFs with majority exposure to US Treasuries and/or securities that are backed by the US Government, listed by their respective durations. We want to give investors and our readers a quick handbook regarding their investment view/need on duration exposure. We are perfectly aware that the reasons for investing in this kind of product can vary from income generation, portfolio protection, or asset-liability management ( ALM ), and that there is no one-size-fits-all approach. However, in this article, when providing our recommendation, we will ignore possible ALM needs and focus only on investors with income generation and portfolio protection strategies in mind. In the next part of the article, we will provide you with the list of ETFs with an overview of stated exposures, our view of the duration bucket, and finally any specifics about the ETF itself. The list This is the most straightforward part of the article, with the list of ETFs with main exposure to US Treasuries and/or US Government-backed securities. Please note that only the Vanguard Total Bond Market Index Fund ETF ( BND ) and the JPMorgan Active Bond ETF ( JBND ) have relevant exposure other than direct Treasuries. ETFs with main exposure to US Treasuries and/or US Government-backed securities (Respective ETF webpage, Valuation Rewind) Also, we note the ongoing annual gross fees that the ETF providers charge. Please note that ETF performance is shown net of fees, but we want you to be aware of the differences in fees. The next part of the article is our overview of duration buckets. Overview of duration buckets In general, we would advise investors to remain underweight in the long and ultra-long part of the duration. Please note that our view completely excludes the current war in the Middle East, meaning that any kind of deal would not affect our view in general, but prolonged conflict would strengthen our case...