On this special edition of “Bloomberg Tech,” Caroline Hyde and Ed Ludlow discuss Apple’s CEO transition as the company announces hardware boss John Ternus will take over for Tim Cook on Sept. 1. Plus, Cook will become executive chairman, ensuring his corporate diplomacy skills and his strong ties with President Donald Trump remain on call for Apple. And, Ternus’ appointment signals Apple plans to ...
On this special edition of “Bloomberg Tech,” Caroline Hyde and Ed Ludlow discuss Apple’s CEO transition as the company announces hardware boss John Ternus will take over for Tim Cook on Sept. 1. Plus, Cook will become executive chairman, ensuring his corporate diplomacy skills and his strong ties with President Donald Trump remain on call for Apple. And, Ternus’ appointment signals Apple plans to stay focused on hardware. (Source: Bloomberg)
VichienPetchmai/iStock via Getty Images Thesis I'm choosing to now upgrade my rating on Cybin Inc. ( HELP ) since we’ve seen quite a few recent regulatory and clinical shifts in favor of the company’s trajectory. The biggest beneficiary I see from the recent policy shift is likely HLP003. It’s their lead psilocybin-based candidate for major depressive disorder, and given it’s already in an advance...
VichienPetchmai/iStock via Getty Images Thesis I'm choosing to now upgrade my rating on Cybin Inc. ( HELP ) since we’ve seen quite a few recent regulatory and clinical shifts in favor of the company’s trajectory. The biggest beneficiary I see from the recent policy shift is likely HLP003. It’s their lead psilocybin-based candidate for major depressive disorder, and given it’s already in an advanced stage with a strong early efficacy profile, I think it’s now in a decent position to take advantage of accelerated FDA pathways. We should also see some increased institutional support tied to PTSD and broader mental health indications. Now, at the same time, the valuation has become unusually attractive. The market is still pricing the business close to cash value here and assigning just limited value to their pipeline, even with the clear catalysts ahead, as I’ll explain. For investors, the big milestones to watch would include further Phase 2/3 data readouts for HLP003 and progress on HLP004 for anxiety disorders. We could also see updates from management tied to regulatory engagement under the new framework in the next earnings call. So taken together, I see a favorable risk-reward skew emerging here and one that supports my upgrade to a Buy rating with the new policy tailwinds. For a review of HLP003, I went over the progress so far on the candidate in detail in my previous coverage . Trump Orders Faster PTSD Research As you know, Cybin has seen a recent surge, as have quite a few psychedelic-related stocks. Specifically, this would be a nice tailwind from a policy shift signaled by President Trump’s executive order . Essentially, the aim of the Trump administration here is to accelerate research, regulatory review, and eventually patients’ access to certain therapies involving substances like psilocybin, MDMA, LSD, and ibogaine. Now, accelerating access to drugs such as LSD does sound a bit dramatic, and we should keep in mind that historically, these kinds of compo...
Pla2na/iStock via Getty Images The trend of investors diversifying away from U.S. assets remains in full swing despite equity markets hitting all-time highs, according to Alexis Crow, partner and chief economist at PwC US. Speaking in an interview with Bloomberg Radio, Crow pointed to the underwhelming performance of traditional safe haven assets as evidence that the “debasement trade” continues t...
Pla2na/iStock via Getty Images The trend of investors diversifying away from U.S. assets remains in full swing despite equity markets hitting all-time highs, according to Alexis Crow, partner and chief economist at PwC US. Speaking in an interview with Bloomberg Radio, Crow pointed to the underwhelming performance of traditional safe haven assets as evidence that the “debasement trade” continues to play out in global markets. Crow noted that the dollar and U.S. Treasury yields ( US10Y ), ( US2Y ), ( US30Y ) have not responded to recent geopolitical shocks as one would expect from traditional safe havens. “This debasement trade, the diversification trade… is not over,” she said. “It’s certainly not as dramatic as it was in the wake of Liberation Day. But for qualitative reasons and quantitative reasons, investors are looking elsewhere.” Despite the apparent disconnect between geopolitical uncertainty and soaring equity markets, Crow attributed the strength in stocks to expectations of continued government spending. “Financial markets are expecting the spigots to open, and we’ll pay for that down the line,” she warned, noting that the S&P 500 ( SP500 ) and Nikkei (KNY:IND), ( NTETF ) have hit historic highs largely off the back of fiscal impulses rather than underlying economic fundamentals. Among the risks not being widely discussed, Crow highlighted rising Japanese government bond yields and their potential impact on global asset allocation. Central bankers have also expressed concern about private credit, with several deputy governors warning that even slender parts of the credit market could trigger contagion effects and “runnable scenarios.” The modern political landscape presents additional challenges for investors, Crow explained. “The rise of the right is not your dad’s GOP. The rise of the right is not traditional, obviously, laissez-faire free markets,” she said, noting that PwC advises clients to consider where governments might intervene in their businesse...
Tesla’s Terafab hiring push reinforces that it is serious about building its own AI‑chip stack for FSD, robotaxis, Optimus, and space‑based compute, but most of the future upside is already embedded in TSLA stock at current levels.
Tesla’s Terafab hiring push reinforces that it is serious about building its own AI‑chip stack for FSD, robotaxis, Optimus, and space‑based compute, but most of the future upside is already embedded in TSLA stock at current levels.
TMX Group Limited press release ( X:CA ): FY Revenue of $4.7M. 40% gross margin, reflecting strong operating leverage 23% franchise network growth in 2025 Solar Grids integration completed, enhancing scalability Record contract growth and backlog in Q3 2025 3,000+ installers trained, strengthening workforce pipeline More on TMX Group Limited TMX Group Limited (X:CA) Presents at 24th Annual Financi...
TMX Group Limited press release ( X:CA ): FY Revenue of $4.7M. 40% gross margin, reflecting strong operating leverage 23% franchise network growth in 2025 Solar Grids integration completed, enhancing scalability Record contract growth and backlog in Q3 2025 3,000+ installers trained, strengthening workforce pipeline More on TMX Group Limited TMX Group Limited (X:CA) Presents at 24th Annual Financial Services Conference Transcript TMX Group Limited (X:CA) Presents at Bank of America Financial Services Conference 2026 Transcript TMX Group Limited (X:CA) Presents at UBS Financial Services Conference 2026 Transcript Marvel Biosciences lowers conversion price for proposed debenture offering Bank of Canada, major banks discuss Anthropic AI cyber risk - report
petesphotography The U.S. Navy plans to equip warships with Patriot missile interceptors in a move aimed at strengthening defenses against drones and incoming missiles, according to officials Tuesday, broadening the role of a weapon system long associated with land-based air defense. Lockheed Martin ( LMT ) said it received an initial contract valued at about $93 million to integrate the Patriot m...
petesphotography The U.S. Navy plans to equip warships with Patriot missile interceptors in a move aimed at strengthening defenses against drones and incoming missiles, according to officials Tuesday, broadening the role of a weapon system long associated with land-based air defense. Lockheed Martin ( LMT ) said it received an initial contract valued at about $93 million to integrate the Patriot missile into a naval weapons architecture, with the total program potentially reaching roughly $200 million over time. The Navy is also seeking $1.7 billion in its fiscal 2027 budget request to purchase the PAC-3 Missile Segment Enhancement, or PAC-3 MSE, Lockheed’s most advanced Patriot interceptor, according to Pentagon procurement documents. The development signals expanding demand for missile-defense systems at a time when geopolitical tensions are driving higher military spending. For investors, the move underscores a favorable backdrop for defense contractors such as Lockheed Martin ( LMT ) and RTX ( RTX ), particularly in high-margin precision munitions and interceptors where replenishment needs are rising quickly. It also suggests multi-year revenue visibility as the Pentagon commits to larger weapons inventories. The initiative comes as drone and missile attacks in the Persian Gulf have highlighted the strain modern conflicts can place on interceptor stockpiles, forcing militaries to replenish expensive but critical defensive munitions. The Navy’s decision follows several years of testing that demonstrated Patriot missiles could be successfully paired with the Navy’s Aegis Combat System, the radar-and-targeting network used aboard cruisers and destroyers. Patriot systems have historically been deployed by the U.S. Army and allied nations as a ground-based shield against aircraft and missile threats. By adding the interceptor to naval inventories, the Pentagon is expanding flexibility across branches while deepening available missile reserves. Rear Admiral Ben Reynol...
Annie Otzen/DigitalVision via Getty Images Imperial Petroleum Inc. ( IMPP ) is a company that owns and operates a small fleet of tankers and dry bulk ships. I have covered the company previously , rating it a "Strong Sell" due to poor corporate governance. I am covering it again due to the buyback announcement, which has caused a rally in the share price since my coverage. One Small Buyback Vs. On...
Annie Otzen/DigitalVision via Getty Images Imperial Petroleum Inc. ( IMPP ) is a company that owns and operates a small fleet of tankers and dry bulk ships. I have covered the company previously , rating it a "Strong Sell" due to poor corporate governance. I am covering it again due to the buyback announcement, which has caused a rally in the share price since my coverage. One Small Buyback Vs. One Big Offering The heart of the issue seems to be the $10 million buyback authorization . However, to fully understand why I view this buyback as a distraction, we must put the buyback into context. To understand the company's history of capital allocation, I'd like to draw your eyes towards the recent $60 million offering done on Dec 1st, 2025 . Specifically, on the fact that the offering diluted the common share count from 36.22 million to 45.75 million. In other words, the company has diluted its shareholders by 20.8% through this offering. The company has repurchased 251 thousand shares to date with the buyback program, according to the latest earnings release . This is approximately 0.55% of the float, which is clearly much less than the 20.8% dilution that was done just before that. If the rest of the buyback program were to be executed at the current share price of $4.35, the remaining buyback authorization would retire approximately 2.1 million shares. This represents a new common share count of 43.40 million if the buyback were to be fully executed. Note that this is still higher than the original 36.22 million by nearly 16.5%. The offering also produced double the amount of shares issued in warrants exercisable at $6.30, namely the Class F and Class G warrants. This forms an effective "wall" for investors in the form of 19 million shares worth of dilution at any price above $6.30. Adjusted Share Count Upon looking at the report, a figure caught my attention. That would be the reported 38 million weighted average share count. This is starkly different from the shar...
Yulia Y/iStock Editorial via Getty Images By Anton Kharitonov The primary driver of EUR/USD ( EUR:USD ) over the past week has shifted from macroeconomics to geopolitics. Initially, the market priced in a positive scenario - expectations of a ceasefire and partial restoration of shipping through the Strait of Hormuz. This reduced safe haven demand for the US dollar and allowed the pair to rise ab...
Yulia Y/iStock Editorial via Getty Images By Anton Kharitonov The primary driver of EUR/USD ( EUR:USD ) over the past week has shifted from macroeconomics to geopolitics. Initially, the market priced in a positive scenario - expectations of a ceasefire and partial restoration of shipping through the Strait of Hormuz. This reduced safe haven demand for the US dollar and allowed the pair to rise above 1.1840. However, a subsequent deterioration in rhetoric, combined with oil prices remaining above pre-conflict levels, pushed the market back into a phase of elevated volatility and two-way trading. For the euro, the key factor remains the European Central Bank’s response to the inflation impulse. Christine Lagarde’s recent communication suggests that the eurozone economy is positioned between the baseline and adverse scenarios. At the same time, excessive fiscal cushioning of the energy shock could force the ECB to adopt a more hawkish stance. As a result, the energy factor has a dual effect: it worsens the eurozone’s terms of trade, while simultaneously supporting expectations of tighter ECB policy if inflation proves persistent. On the dollar side, the key signal came from Federal Reserve Governor Christopher Waller. His stance effectively outlines a scenario split: if energy flows normalize and inflationary pressure eases, there will be room for rate cuts later this year; otherwise, the Fed is likely to keep rates higher for longer. As a result, the dollar is currently trading not as a classic safe haven asset, but as a currency highly sensitive to the evolution of the energy scenario. At this stage, EUR/USD’s inability to reclaim and hold above 1.1790 signals downside risks toward the 1.1730 support level, where moderate demand may emerge, potentially allowing bulls to attempt another test of 1.1790. A break below this support would open the way toward 1.1700-1.1680. In the near term, the pair is likely to trade within a range. Original Post Editor's Note: The summ...
jewhyte Microsoft ( MSFT ) shares rose nearly 2% on Tuesday as investment firm Citi said it sees “solid checks” going into the tech giant's fiscal third-quarter results. “We are incrementally more positive into MSFT's F3Q, with upbeat takeaways from our reseller survey, AI Summit, Fabric conference, and intra-Q NDR,” analyst Tyler Radke wrote in a note to clients. “Investor expectations and sentim...
jewhyte Microsoft ( MSFT ) shares rose nearly 2% on Tuesday as investment firm Citi said it sees “solid checks” going into the tech giant's fiscal third-quarter results. “We are incrementally more positive into MSFT's F3Q, with upbeat takeaways from our reseller survey, AI Summit, Fabric conference, and intra-Q NDR,” analyst Tyler Radke wrote in a note to clients. “Investor expectations and sentiment are relatively low, and there are near-term constraints on Azure/O365 growth, we believe fundamentals are improving and should yield a desirable accelerating growth story throughout FY27, where Citi's Azure estimate is 3 points ahead of consensus. Our reseller checks improved QoQ against mixed partner checks. While our CIO survey was more positive for MSFT, amidst tightening budgets showing strong AI mindshare.” Radke reiterated his Buy rating on Microsoft, but lowered his price target to $600 from $635, citing multiple compression. Looking ahead, Radke upped his capex forecasts for both the fiscal fourth-quarter and the first quarter of fiscal 2027, citing Office 365 growth. “MSFT remains a top megacap idea,” Radke added. Microsoft is set to report fiscal third-quarter results on April 29 after the close of trading. A consensus of analysts expects the company to earn $4.07 per share on $81.39B in revenue. More on Microsoft Microsoft's Bear Case Is Hard To Buy Microsoft: Don't Buy The Dip; A 30% Correction Is Still Ahead Microsoft: Not Like Meta In 2022 Microsoft's Q3 likely to 'take back the narrative' amid cautious sentiment: MS Microsoft edges up as new Fairweather data center goes online early
24K-Production Cryptocurrency investment products saw strong inflows of ~$1.4B last week , led by Bitcoin ( BTC-USD ) with ~$1.116M inflows, taking YTD inflows to ~$3.1B. The overall reported inflows of the prior week were the highest since January and also marked the third straight week of positive flows, showing continued global interest. Bitcoin ( BTC-USD ) inflows were mainly driven by the mos...
24K-Production Cryptocurrency investment products saw strong inflows of ~$1.4B last week , led by Bitcoin ( BTC-USD ) with ~$1.116M inflows, taking YTD inflows to ~$3.1B. The overall reported inflows of the prior week were the highest since January and also marked the third straight week of positive flows, showing continued global interest. Bitcoin ( BTC-USD ) inflows were mainly driven by the most awaited price move, as the asset recently surged above ~$76K after two months of sideways movement. Short-Bitcoin products also saw small inflows of ~$1.4M. On the other hand, Ethereum ( ETH-USD ) also saw strong demand with ~$328M inflows, its best week since January, which brings its YTD inflows to ~$197M. Meanwhile, XRP ( XRP-USD ) saw outflows of ~$56M, and Solana ( SOL-USD ) saw small outflows of ~US$2.3M. According to CoinShares Head of Research James Butterfill, this trend shows rising risk appetite. He linked mixed signals to US–Iran ceasefire extension talks and BTC crossing ~$76K. He also said March CPI at 3.3% YoY was mostly ignored by the market, while core CPI at 2.6% suggests inflation is coming more from supply issues, not from broad price pressure. As per the reports, the US led all regions with ~$1.5B inflows, while Germany saw ~$28M inflows. However, Switzerland recorded ~$138M in outflows, the biggest since November, going against the overall positive trend. According to the SoSoValue chart , as of April 20, US spot Bitcoin ETFs recorded ~$238M net inflows, marking the 5th straight day of inflows. US spot Ethereum ETFs also saw ~$67.77M inflows, marking the 8th regular day of positive flows. Overall, the weekly ETF data showed strong and improving investor confidence in crypto markets, with fresh buying interest in Bitcoin ( BTC-USD ) from major market mover companies like Strategy ( MSTR ), Bitmine Immersion Technologies ( BMNR ), and BlackRock ( BLK ). More on Bitcoin USD, Ethereum USD, etc. Bitcoin Rises As Institutional Demand And Macro Backdrop Sup...