hirun/iStock via Getty Images The following segment was excerpted from The Nightview Fund Q1 2026 Investor Letter . The Software Opportunity: Too Much Fear, Not Enough Thinking Over the past several months, a legitimate debate has emerged about AI business models. If the cost of training and running AI falls dramatically — if “intelligence becomes a commodity,” as some have declared — then what ha...
hirun/iStock via Getty Images The following segment was excerpted from The Nightview Fund Q1 2026 Investor Letter . The Software Opportunity: Too Much Fear, Not Enough Thinking Over the past several months, a legitimate debate has emerged about AI business models. If the cost of training and running AI falls dramatically — if “intelligence becomes a commodity,” as some have declared — then what happens to the companies that have been charging for it? This is a reasonable question. The market’s answer, when that fear took hold, was to sell everything software-adjacent and ask questions later. We think that reaction was both understandable and wrong for a reason that is easy to miss: the best software companies are not primarily selling AI. They are selling workflows, integrations, data networks, and the organizational infrastructure that modern enterprises cannot function without. AI makes these businesses more valuable, not less, because it accelerates the rate at which their platforms become indispensable. Large enterprises have little incentive to rebuild software infrastructure for non-core functions, and the bar for displacing an entrenched incumbent is extraordinarily high. Switching costs, compliance requirements, and organizational inertia all conspire against it. Disruption will happen at the margins, but for the truly embedded software businesses, AI is less a threat than potentially a tailwind. Axon Enterprise ( AXON ) Axon is not a software company in the way most people use that term, which is precisely why we think it is one of the most underappreciated businesses in our portfolio. It is the operating system of public safety in America and, increasingly, around the world. The company sells Tasers, body cameras, in-car cameras, and — this is the key — a cloud-based evidence management platform called Axon Evidence, which has become the de facto system of record for law enforcement agencies across the country. The software business alone is impressive: hi...
The writing may be on the wall for Sirius XM Radio (NASDAQ: SIRI) , but don't be surprised if the struggling value stock isn't paying attention. The country's lone satellite radio provider specializes in the spoken -- not the written -- word. This doesn't mean that ignoring recent problematic trends is the right approach for Sirius XM investors. It's been six years since the platform reached its p...
The writing may be on the wall for Sirius XM Radio (NASDAQ: SIRI) , but don't be surprised if the struggling value stock isn't paying attention. The country's lone satellite radio provider specializes in the spoken -- not the written -- word. This doesn't mean that ignoring recent problematic trends is the right approach for Sirius XM investors. It's been six years since the platform reached its peak in subscribers. Revenue has declined slightly for three consecutive years. These are real issues for a scalable business with high fixed costs and low variable overhead. However, if you think that Sirius XM is going to zero anytime soon, you will probably be disappointed. Image source: Getty Images. Continue reading
Scott Olson/Getty Images News Florida has launched a criminal investigation into OpenAI ( OPENAI ) over the role its AI model ChatGPT possibly played in a deadly shooting at a state university last year. The probe followed prosecutors' initial review of the chat logs between ChatGPT and Phoenix Ikner, who opened fire at Florida State University last April, killing two people and injuring six other...
Scott Olson/Getty Images News Florida has launched a criminal investigation into OpenAI ( OPENAI ) over the role its AI model ChatGPT possibly played in a deadly shooting at a state university last year. The probe followed prosecutors' initial review of the chat logs between ChatGPT and Phoenix Ikner, who opened fire at Florida State University last April, killing two people and injuring six others. "If ChatGPT were a person, it would be facing charges for murder," Florida Attorney General James Uthmeier said in a statement. "This criminal investigation will determine whether OpenAI bears criminal responsibility for ChatGPT's actions in the shooting." In a press conference, Uthmeier said ChatGPT offered "significant advice" to the gunman before the shooting on "what type of gun to use, which ammo went with which gun, whether or not a gun would be useful in short range." "ChatGPT advised the shooter on what time of day would be appropriate for the shooting to interact with more people and where on campus would be the place to encounter a higher population," he added. Florida law states that anyone who aids, abets, or counsels someone in the commission of a crime, and that crime is committed or attempted, may be considered a principal to the crime, the AG noted . An OpenAI ( OPENAI ) spokesperson said the shooting was a tragedy, but ChatGPT was not responsible for the crime. "In this case, ChatGPT provided factual responses to questions with information that could be found broadly across public sources on the internet, and it did not encourage or promote illegal or harmful activity," the spokesperson said in a statement to the media. OpenAI ( OPENAI ) is already facing a lawsuit over ChatGPT's possible role in another mass shooting that killed eight people in British Columbia, Canada earlier this year. The company banned the account of the shooter, Jesse Van Rootselaar, as she'd described scenarios involving gun violence to ChatGPT. Employees at the company considered...
Elevance Health press release ( ELV ): Q1 Non-GAAP EPS of $12.58 beats by $1.77 . Revenue of $49.5B (+1.4% Y/Y) beats by $1.52B . Operating revenue was $49.5 billion in the first quarter of 2026, an increase of $0.7 billion, or 1.5 percent compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment and growth in CarelonRx product revenue, partially o...
Elevance Health press release ( ELV ): Q1 Non-GAAP EPS of $12.58 beats by $1.77 . Revenue of $49.5B (+1.4% Y/Y) beats by $1.52B . Operating revenue was $49.5 billion in the first quarter of 2026, an increase of $0.7 billion, or 1.5 percent compared to the prior year quarter. This was driven by higher premium yields in our Health Benefits segment and growth in CarelonRx product revenue, partially offset by anticipated declines in our Medicare Advantage, Medicaid, and Employer Group risk membership. The benefit expense ratio was 86.8 percent, an increase of 40 basis points, reflecting expected elevated medical cost trend in our Medicaid business, partially offset by improved performance in Medicare. Days in Claims Payable stood at 46.6 days as of March 31, 2026, an increase of 5.3 days from December 31, 2025 and an increase of 3.8 days year over year. The operating expense ratio of 12.8 percent included a $935 million accrual representing our current best estimate of the identified potential exposure related to the CMS notice. The Company also recorded a charge of $129 million related to business optimization as we simplify and enhance our organizational structure. The adjusted operating expense ratio was 10.5 percent, a decrease of 20 basis points, driven by disciplined expense management. We are prioritizing targeted investments across clinical, operational, and administrative workflows to position the enterprise for long-term growth. FY 2026 diluted EPS guidance to be at least $19.85, including the Company's estimate of the financial impact for the CMS matter FY 2026 adjusted diluted EPS guidance raised to at least $26.75 vs $25.75 consensus, supported by underlying business strength, actions to reduce medical costs, and increased visibility Shares +3.6% PM. More on Elevance Health Medicare Rates Up - What This Really Means For Elevance Elevance Health: New Medicare Payment Rate A Gift, And The Chart Looks Good Elevance Health, Inc. (ELV) Presents at Barclays 28th ...
Stock index futures rose before the opening bell Wednesday as President Donald Trump extended the ceasefire deadline with Iran, citing deep divisions within Tehran’s leadership. Now, here are 5 news stories that broke overnight to watch out for: SpaceX secures Cursor acquisition option: SpaceX ( SPACE ) revealed Tuesday that Cursor has granted the company an option to acquire the firm later this y...
Stock index futures rose before the opening bell Wednesday as President Donald Trump extended the ceasefire deadline with Iran, citing deep divisions within Tehran’s leadership. Now, here are 5 news stories that broke overnight to watch out for: SpaceX secures Cursor acquisition option: SpaceX ( SPACE ) revealed Tuesday that Cursor has granted the company an option to acquire the firm later this year in a deal valued at $60B or, alternatively, pay $10B tied to their joint work. “The combination of Cursor’s leading product and distribution to expert software engineers with SpaceX’s million H100-equivalent Colossus training supercomputer will allow us to build the world’s most useful models,” Elon Musk’s rocket maker said in a post on X. Iran signals conditions for resuming U.S. talks: Iran’s UN Ambassador Amir Saeid Iravani said Tuesday that negotiations with the U.S. will resume as soon as the naval blockade ends, calling it a violation of the ceasefire, AP News reported . “I think the next round of the negotiations will take place in Islamabad,” the ambassador said, reiterating that lifting the blockade is a condition for new talks. When asked about military escalation, Iravani signaled Iran’s readiness for either outcome. Australia targets gaming platforms over child safety: Australia’s online safety watchdog directed Roblox ( RBLX ), Microsoft ( MSFT )-owned Minecraft, Epic Games’ Fortnite, and Valve’s Steam to detail how they protect children from sexual predators, radicalization, and cyberbullying. The eSafety Commissioner sent legally enforceable transparency notices to the companies, seeking details on how their systems, staffing, and safety-by-design choices align with Australia’s Basic Online Safety Expectations. Anthropic’s Mythos AI model breached: A small group of unauthorized users have accessed Anthropic’s ( ANTHRO ) new Mythos AI model, a technology the company says is so powerful it can enable dangerous cyberattacks , according to a person familiar w...
Apple built its empire on control. It also made Apple the world's top-valued company for much of the past decade, a position only overtaken by artificial intelligence chipmaker Nvidia in 2024. But when incoming Apple CEO John Ternus takes over from Tim Cook this fall, he will face a question that is key to the company's survival in the AI age, testing the limits of Apple's practice of curating w...
Apple built its empire on control. It also made Apple the world's top-valued company for much of the past decade, a position only overtaken by artificial intelligence chipmaker Nvidia in 2024. But when incoming Apple CEO John Ternus takes over from Tim Cook this fall, he will face a question that is key to the company's survival in the AI age, testing the limits of Apple's practice of curating which apps and services can tap into its hardware.
Micron Technology, the largest U.S. memory chipmaker, is a driving force pushing the U.S. Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to people familiar with the matter. A U.S. House of Representatives panel on Wednesday is set to vote on the "MATCH Act," a bill designed to close gaps in restrictions o...
Micron Technology, the largest U.S. memory chipmaker, is a driving force pushing the U.S. Congress to pass legislation that would put new export restrictions on equipment its Chinese competitors use to make their chips, according to people familiar with the matter. A U.S. House of Representatives panel on Wednesday is set to vote on the "MATCH Act," a bill designed to close gaps in restrictions on chipmaking equipment. It would also pressure foreign companies that sell equipment to Chinese chipmaking facilities to align with export curbs on U.S. companies like Lam Research and Applied Materials.
SAN CARLOS, Calif., April 22, 2026--BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, will report its first quarter 2026 financial results on Wednesday, May 6, 2026 before the financial markets open. Following the release of the financials, the Company will host a live webcast with management at 8:00 a.m. ET.
SAN CARLOS, Calif., April 22, 2026--BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, will report its first quarter 2026 financial results on Wednesday, May 6, 2026 before the financial markets open. Following the release of the financials, the Company will host a live webcast with management at 8:00 a.m. ET.
Prominent Maga bros have suggested the 20-year-old son of the US president should be called up this year. Why does this seem so vanishingly unlikely? It can’t be easy being the youngest son of a man who compares himself to the son of God . Rather a lot to live up to, isn’t there? Still, Barron Trump seems to be taking it in his stride. Rather than rebelling and becoming a socialist, the 20-year-ol...
Prominent Maga bros have suggested the 20-year-old son of the US president should be called up this year. Why does this seem so vanishingly unlikely? It can’t be easy being the youngest son of a man who compares himself to the son of God . Rather a lot to live up to, isn’t there? Still, Barron Trump seems to be taking it in his stride. Rather than rebelling and becoming a socialist, the 20-year-old is shaping up to be just like dad: Barron is already worth $150m , according to a 2025 Forbes calculation. That’s largely from World Liberty Financial, a Trump family cryptocurrency company he co-founded . (Reportedly it’s Barron who got the president into crypto.) Barron isn’t just trading alt-coins. The university student has also launched a yerba mate brand called Sollos. (Yerba mate is a caffeinated herbal tea from South America). And he’s been engaged with politics behind the scenes. Barron is widely credited for boosting his dad’s most recent election campaign by connecting him to manosphere influencers such as Adin Ross and Theo Von. Continue reading...