Feverpitched/iStock via Getty Images Investors who are exploring options to get most out of the market recovery driven by de-escalation optimism have multiple ETFs to consider, starting with the iShares Core S&P 500 ETF ( IVV ) as perhaps the simplest, intuitively evident, and time-tested option. However, they might want to go a bit further and experiment with a little more sophisticated products,...
Feverpitched/iStock via Getty Images Investors who are exploring options to get most out of the market recovery driven by de-escalation optimism have multiple ETFs to consider, starting with the iShares Core S&P 500 ETF ( IVV ) as perhaps the simplest, intuitively evident, and time-tested option. However, they might want to go a bit further and experiment with a little more sophisticated products, like those offering concentration in exchange for the theoretical potential of higher returns. And the iShares Top 20 US Stocks ETF ( TOPT ) is one of the key names in this cohort. But does TOPT deserve a Buy rating? I do not think so. My analysis confirmed that its ultra-concentrated portfolio encompassing the Magnificent Seven names and other U.S. heavyweights has solid growth, GARP, and quality characteristics. With that being said, I believe TOPT is only a Hold. The problem is that the current market environment is notable for extreme volatility amid swings in the narrative. For example, as of writing this article, President Trump ordered "an immediate blockade of the Strait of Hormuz" as peace talks stalled, which, I suppose, looks quite bullish for oil and a little bearish for equities. And even though I still believe the consistent de-escalation is achievable, it is reasonable to stick with more diversified vehicles like IVV to avoid too deep drawdowns and enjoy stronger risk-adjusted returns. Besides, there is also something to dislike about TOPT's past performance (i.e., inability to beat the more diversified Invesco QQQ Trust, Series 1 ETF ( QQQ )). TOPT Strategy As we know from the iShares website , the S&P 500 Top 20 Select Index is the basis of the ETF's strategy. And as we can already guess from its name, there is nothing particularly sophisticated about its methodology. As explained on page S-2 of the summary prospectus, it ... measures the performance of the 20 largest U.S. companies by float-adjusted market capitalization within the S&P 500® (the “Parent I...
Asian liquefied natural gas imports have dropped to the lowest in almost six years as the conflict in the Middle East chokes supplies and forces buyers to curb consumption. The 30-day moving average of net shipments to the region fell below 600,000 tons over the weekend, the least since June 2020, according to ship-tracking data compiled by Bloomberg. That was when the Covid pandemic slashed gas d...
Asian liquefied natural gas imports have dropped to the lowest in almost six years as the conflict in the Middle East chokes supplies and forces buyers to curb consumption. The 30-day moving average of net shipments to the region fell below 600,000 tons over the weekend, the least since June 2020, according to ship-tracking data compiled by Bloomberg. That was when the Covid pandemic slashed gas demand across Asia. Asian buyers are preparing for a longer LNG shortfall after the US and Iran failed to reach a peace deal during talks in Pakistan over the weekend, prolonging the conflict that has cut about a fifth of supply from global markets since it started in late February. President Donald Trump said separately that the US would begin a full naval blockade of the Strait of Hormuz, escalating a standoff that has already brought the waterway to a near standstill. Pakistan, which depends heavily on LNG from Qatar, hasn’t received a shipment of the super-chilled fuel since early March, according to the data. Qatar stopped production after attacks last month. The 30-day average for deliveries to China, the biggest buyer in 2025, plunged 30% from a year earlier, while India saw a 20% drop. Shipments to other major buyers, including Japan and South Korea, have also declined to around the lowest seasonal level in six years. Some gas-fired power plants in Japan are cutting output, while South Korea has lifted limits on its coal plants to reduce LNG consumption.
Half Of US Data Centers Scheduled To Start In 2026, Will Be Canceled Or Delayed Just over two years ago, we first penned our views on " The Next AI Trade " , which looked beyond the hyperscalers and the data centers supporting the AI revolution, and instead focused on the energy and logistical needs that would be so very critical in allowing the US to dominate China in the existential race to firs...
Half Of US Data Centers Scheduled To Start In 2026, Will Be Canceled Or Delayed Just over two years ago, we first penned our views on " The Next AI Trade " , which looked beyond the hyperscalers and the data centers supporting the AI revolution, and instead focused on the energy and logistical needs that would be so very critical in allowing the US to dominate China in the existential race to first reach Artificial General Intelligence ( which many have dubbed the next nuclear arms race due to its profound civilizational implications ). It was here that we defined the " Power Up America " basket as the next AI trade. Yet as one can see in the chart below, after outperforming the AI Data center and the TMT AI baskets in 2024 and much of 2025, the Power Up America trade has lagged and clearly underperformed, as some investors have started to express doubt that the US would ever be able to "grow" into its massive AI computing needs... with dire consequences for record AI capex budgets, something the market has yet to grasp. And unfortunately, with every passing day, the outlook for the US AI revolution looks increasingly more dim. That's because, as Canaccord Genuity analyst George Gianarikas writes, "the American data center boom is hitting a formidable wall of logistical friction ." He is referring to the latest outlook by Sightline Climate , which is also reinforced by recent articles from Bloomberg and others, and reveals a sobering reality for 2026: nearly half of the nation's planned 16-gigawatt capacity faces cancellation or delay, with only 5 gigawatts currently under construction. This inertia stems from a volatile mix of local permitting hurdles, community resistance, and a desperate reliance on overextended global supply chains for critical components like transformers and helium. That's right: half. That's right: despite $700BN+ of expected 2026 hyperscaler capex, nearly half of the data centers scheduled to begin operations in the US in 2026 "will either f...