At first blush, there doesn’t appear to be a whole lot happening with the S&P 500 in 2026. But dig a little bit deeper, and it is a whole different story.

The stock market is going through turbulence driven by two conflicting ideas about the AI trade. On the one hand, investors seem worried that big AI companies like Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) are spending too much money on AI data centers and other AI-related capital expenditures (capex). Amazon's stock recently dropped after the company announced plans to spend $200 billion on AI-related capex in 2026. The stock is down about 9% year to date as I write this and 12% in the past year. Microsoft stock is also getting hit by AI doubts. On Jan. 28, the company reported strong quarterly earnings with a 17% year-over-year increase in revenue and a 21% year-over-year increase in operating income. But the stock went down the next day, driven by concerns about the company's plans to spend more than $100 billion on capex this year. Microsoft stock is down 17% year to date, and about 3.5% in the past year. Continue reading

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Micron Climbs as Kioxia Earnings Spark Semiconductor Rally

格隆汇2月13日｜当地时间2月12日，美国总统特朗普表示，美国“必须”与伊朗达成协议，否则局势将“非常严重”。此外，特朗普称以色列总理内塔尼亚胡“没有说过”要求停止谈判，双方也“没有讨论过”这一问题。他强调，“我愿意和他们（伊朗）谈多久就谈多久”，如果无法达成协议，“将进入第二阶段”，而第二阶段“对他们来说会非常艰难”。特朗普称，如果伊朗不达成协议，“将会是另一种局面”，并警告未来一个月内局势可能迅速发展。特朗普表示，与以色列总理内塔尼亚胡的会谈“非常好”，但是否达成协议“最终取决于我”。他强调，协议必须是“非常公平、非常好的协议”。

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Pimco and Blue Owl back delayed-draw term loan to finance Nvidia GPUs for European customers.

March NY world sugar #11 (SBH26 ) today is down -0.06 (-0.43%), and March London ICE white sugar #5 (SWH26 ) is down -8.20 (-2.12%). Sugar prices extended their 5-month-long plunge today and posted 5.25-year nearest-futures lows. Concerns that a global sugar surplus will persist are hammering prices. Last Wednesday,...

丹麦第二大退休基金ATP表示，由于与其他机构一样正在重新考虑涉及美国的潜在投资风险，因此可能需要降低对该国私募市场敞口。 首席执行官Martin Præstegaard接受采访时表示，这家1120亿美元的资管公司目前正在“对美国政治体系进行全面评估”。他表示，美国“多年来表现一直非常出色”，但问题是“那能不能持续”。 他还说，即使撤离美国市场也会循序渐进。ATP的私募资产组合截至12月底约为1130亿克朗（合180亿美元）且高配美国，组合中包括未上市股权、房地产和基础设施。 “我们正在密切关注美国不断上升的债务，” 他说，“而世界其他经济体正在变得更加成熟、运转更加良好，存在着增长潜力和追赶效应，人们或许都想从中分一杯羹。”

Russia To Send Oil To Cuba Amid US-Imposed Blockade Russia is preparing to rush urgently needed oil to Cuba under what officials describe as a "humanitarian" arrangement, according to a report Thursday by the pro-government newspaper Izvestia . The Russian Embassy in Havana told Izvestia that "as far as we know, Russia is expected to supply oil and petroleum products to Cuba as humanitarian aid in the near future " - amid the island's worst energy crunch in years. Adobe stock After decades of already crippling sanctions, President Trump's latest Executive Order "imposes a new tariff system that allows the United States to impose additional tariffs on imports from any country that directly or indirectly provides oil to Cuba." The most devastating move has been to block the ability of the post-Maduro Venezuelan government to send supplies to Cuba. Caracas was Cuba's chief oil supplier. Key airlines have stopped flights into Havana's main international airport for lack of jet fuel. As we reported earlier , Russia is allowing its airlines to temporarily operate outbound flights only. 5,000 Russian tourists remain stranded in Cuba , amid an evacuation overseen by Moscow, according to AFP citing Russia's Association of Tour Operators. Earlier this month international reports said Cuba was merely days from running out of fuel, and widescale power outages across various districts of the country have only worsened. " The last known delivery came via a tanker from Mexico in early January , but Mexico halted exports amid US pressure," The Guardian notes. "At the same time, crude flows from Venezuela have dried up after a US operation in January that resulted in the capture of Nicolás Maduro, cutting off support from Cuba’s most trusted energy supplier." Havana's lone primary international airport has seen drastic developments such as the following : In recent hours, a video has gone viral on social media showing dozens of tourists disembarking from a plane on the tarmac in Mos...

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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stocks are selling off Thursday, with the Dow Jones Industrial Average , S & P 500 and Nasdaq all down more than 1%. When the market was on a steadier footing early in the session, we said on the Morning Meeting that we planned to take some profits and raise cash in a market that was beginning to look overbought. Sure enough, the market tumbled shortly after our program ended. Fortunately, we were still able to lock in profits in Eaton and Procter & Gamble into their double-digit percentage gains this year. To answer the question of why the market moved sharply lower, there's fear across numerous industries about AI disruption. It's hitting software again, the financials , office real estate stocks, and even trucking and logistics names. AI models are getting smarter and becoming more advanced by the day, and investors would rather shoot first and sell stocks that may be in crosshairs before finding out how real the risks are. One tech stock hanging in during the broader sell-off was Alphabet . The stock edged higher Thursday after the company announced what it called a major upgrade to its Gemini 3 Deep Think reasoning model. Google said the latest version of Deep Think can now solve modern science, research, and engineering challenges. It's the latest sign that Alphabet has the lead in the ongoing AI frontier model horse race. We made one small buy of Alphabet this Tuesday, and we're interested in adding again on weakness, as indicated earlier Thursday. Existing home sales in January fell 8.4% month over month to a seasonally adjusted rate of 3.91 million, the National Association of Realtors said Thursday morning. Sales were 4.4% lower than in January 2025. For comparison, in December, sales were up 5.1% from the prior month to a seasonally adjusted rate of 4.35 million; and on an annual basis,...

The company intends to take on $1 billion worth of debt as it looks to create a space-based cellular network.

NiSource Inc. recently reported fourth-quarter 2025 results showing sales of US$1,891.4 million and net income of US$249.2 million, with diluted EPS from continuing operations of US$0.51, alongside full-year revenue of US$6,642.2 million and net income of US$929.5 million. Alongside beating analyst earnings expectations, NiSource reaffirmed its 2026 adjusted EPS guidance and outlined about US$28.00 billion of planned 2026–2030 investments, including nearly US$7.00 billion directed to data...

Anthropic ( ANTHRO ) confirmed on Thursday that it has closed its oft-speculated latest funding round, raising more money than expected. The maker of the Claude family of artificial intelligence models raised $30B in a Series G funding round at a $380B valuation. The round was co-led by D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX, Anthropic said in a statement. It also includes several asset managers, hedge funds, and venture capital firms, as well as some of the previous money that came from Microsoft ( MSFT ) and Nvidia ( NVDA ). Anthropic said the money will be used for "the frontier research, product development, and infrastructure expansions that have made Anthropic the market leader in enterprise AI and coding." “Whether it is entrepreneurs, startups, or the world’s largest enterprises, the message from our customers is the same: Claude is increasingly becoming more critical to how businesses work,” said Krishna Rao, Anthropic’s Chief Financial Officer. “This fundraising reflects the incredible demand we are seeing from these customers, and we will use this investment to continue building the enterprise-grade products and models they have come to depend on.” In addition, Anthropic said that the company's revenue run rate is now $14B, and this figure has grown more than 10 times annually over the past three years. Anthropic's revenue run rate surpassed $9B at the end of 2025, according to previous reporting . Included in that is a surge in Claude Code, the company's agentic AI coding tool. Claude Code's revenue run rate is now more than $2.5B and has more than doubled since the start of the year, Anthropic added. Weekly active users for Claude Code have also doubled since Jan. 1, Anthropic explained. "Business subscriptions to Claude Code have quadrupled since the start of 2026, and enterprise use has grown to represent over half of all Claude Code revenue," Anthropic said. Anthropic, which competes with OpenAI ( OPENAI ) and xAI ( X.AI ), ha...

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格隆汇2月13日｜Anthropic：年化收入现已达到140亿美元。

Earnings Call Insights: West Pharmaceutical Services (WST) Q4 2025 Management View CEO Eric Green reported "another solid quarter with fourth quarter revenues, adjusted EPS and cash flow coming in above our expectations," highlighting that the company "surpassed the $3 billion mark in net sales, achieving year-over-year organic growth of over 4%." He outlined the achievement of 8% adjusted earnings per share growth and a 70% increase in free cash flow for the year. Green emphasized that "growth was fueled by increasing demand for high-value product components" and cited key drivers: the rise of biologics and biosimilars, increased global regulatory requirements such as Annex 1, and the expanding GLP-1 market. Green stated the launch of the West Synchrony prefillable syringe system "marks a significant shift in drug delivery solutions" and noted the sale of the SmartDose 3.5mL business aligns with their focus on "patient-centric approach for large on-body delivery devices." The CEO announced that the Contract Manufacturing segment commenced commercial production in Dublin and highlighted that "5 out of the 10 members" of the executive leadership team joined in the last 12 months. CFO Robert McMahon reported, "Q4 revenue increased 7.5% on a reported basis and grew 3.3% organically," with HVP components delivering $390 million in revenue and growing 15.1% organically. He also stated, "Gross margin was 37.8% in the quarter, up 130 basis points year-over-year," and "free cash flow to $469 million for the year, up 70% year-on-year." Outlook Management guided for 2026 revenue in the range of $3.215 billion to $3.275 billion, reflecting reported growth of 4.6% to 6.5% and organic growth of 5% to 7%. HVP components are expected to "grow high single digit to low double digits organically for the year." McMahon explained, "We expect the non-GLP-1 HVP components to drive the majority of growth, accounting for 4 of the 5 points of growth." He added, "GLP-1s to grow in 2026, albe...

Cargill Inc. is permanently closing a plant that produces ground beef in Milwaukee, resulting in the elimination of 221 jobs, according to a notice . The move comes as the US cattle herd has dropped to the lowest in 75 years , leaving meatpackers like Cargill with fewer animals to keep plants running. Cargill, one of the world’s largest beef packers, said it would begin winding down production at the plant soon, with a full closing around the end of May. Rival beef producer Tyson Foods Inc. in November said it would close a cattle slaughtering plant in Nebraska while JBS NV said it would close a meat-processing plant in California. “Separations will happen in phases, based on customer and operational needs,” Cargill said in a statement, adding that workers can apply at other plants. Cargill didn’t immediately reply to a request for additional comment.

The stock market continued what has been a turbulent period with another drop Feb. 12 attributed to concerns over AI, experts said.

The Trump administration on Thursday rolled out a much-anticipated effort to repeal what’s known as the endangerment finding, which provides the legal foundation for climate regulations — but analysts are warning that the move is most likely just the start of a long legal battle.

solvod/iStock via Getty Images Steady execution on sales and clinical development builds value over time for biotechs but tends to be rather boring from a market sentiment standpoint. Neurocrine Biosciences ( NBIX ) is doing the right things to build value for its shareholders, but 2026 is looking pretty light on sentiment-changing data, and the company is going to have to improve its sales execution to drive upside. Neurocrine shares are relatively flat since my last update , underperforming mid-teens appreciation for the biotech sector. Over the past year, the performances are closer, but Neurocrine has underperformed the sector by around 5%. I believe Neurocrine is worth $181.50 per share, but sales execution with Ingrezza and Crenessity has to improve, and I expect the Street to remain concerned about pricing pressures on Ingrezza in the near term. I also see meaningful value in the pipeline, but programs in major depressive disorder and schizophrenia are high-risk, and the company won’t have much meaningful clinical data until 2027. All of that makes for a risk of a value trap where the lack of sentiment-changing data outside of earnings reports leads the shares to drift before a catalyst-rich 2027. A Decent Fourth Quarter Neurocrine’s fourth quarter results were fine, but not anything that will likely change the tone on the stock (guidance is another story, and I’ll get to that soon). Revenue rose 28% year over year, beating by more than 1%, with product revenue up 29%. Ingrezza revenue rose 7% yoy and fell 4% qoq, matching sell-side expectations. The company’s newer drug, Crenessity, saw almost 38% sequential growth, beating by 12%. Gross margin remains ridiculously good (97.8% vs. 98.5% a year ago). R&D spending was in line with expectations (up 42% yoy), while SG&A spending was about 3% higher (up 6% yoy). Operating income (non-GAAP) rose 30% but did miss by about 6%. Neurocrine ended the quarter with $2.5 billion in cash and cash equivalents. Guidance Didn...

Spire Global (NYSE: SPIR) had a tumultuous 2025 that knocked the stock up and down. The price chart has been rocky so far in 2026, too, and investors need to understand the good and bad of this business. Spire owns and operates a constellation of satellites that provide data to customers on a subscription basis. It also commissions the development and launch of customer-owned satellites. These spacecraft are packed with sensors that collect nonvisual data from low-Earth orbit. They are useful for coordinating air travel and logistics. They also capture valuable atmospheric and geologic data. Continue reading

Earnings Call Insights: Exelon Corporation (EXC) Q4 2025 Management View Calvin Butler, CEO, President & Director, highlighted Exelon's strong operational and financial performance, stating, "For 2025, we reported adjusted operating earnings per share of $2.77, delivering above expectations. This continues our track record of exceeding the midpoint of guidance in each year as a stand-alone utility. And since 2021, we've achieved a 7.4% annual earnings growth rate and 8% rate base growth through 2025, highlighting our ability to navigate changes and consistently execute." Butler underscored Exelon's industry-leading reliability and noted that the utilities maintained "top-quartile reliability metrics once again, and we're ranked 1, 2, 4 and 7 amongst our peers based on 2024 benchmarking data." He emphasized the company's investments in grid resilience, referencing the response to Winter Storm Fern where "fewer than 1% of our customers experienced outages even as an extreme weather impacted our regions." Butler also addressed regulatory progress, mentioning "final settlements for the Atlantic City Electric and Delmarva gas rate cases, reconciliation orders at ComEd and BGE, and the filing of ComEd's second multiyear grid plan." Butler announced an updated capital plan: "Looking ahead, we now expect to invest $41.3 billion of capital to support our customers, with more than 70% of the plan-over-plan increase driven by transmission." He further stated, "With continued returns on equity in the 9% to 10% range, we expect rate base growth of approximately 8% and annualized earnings growth of 5% to 7% through 2029, with the expectation of being near the top end of that range." Jeanne Jones, Executive VP of Audit & Risk and CFO, reported, "In 2025, we delivered $2.73 per share on a GAAP basis and $2.77 per share on a non-GAAP basis for the full year, reflecting strong year-over-year growth. For the quarter, Exelon earned $0.58 on a GAAP basis and $0.59 on a non-GAAP basis. F...

Earnings Call Insights: Belden Inc. (BDC) Q4 2025 Management View CEO Ashish Chand reported "record revenue of $720 million" and a "record adjusted EPS... of $2.08," both surpassing the high end of guidance for the fourth quarter. Chand emphasized "order momentum was also robust with record full year orders" and highlighted "record full year orders." Chand announced a significant strategic realignment: "Effective January 1, 2026, Belden transitioned from a legacy business segment structure to a unified functional operating model that applies across the entire enterprise." He explained this shift will "organize us around core functions rather than separate businesses to better align resources and accountability with our continued solutions transformation." The solutions portfolio accelerated, as "solutions wins as a percentage of total revenue crossed 15%" for the year, described by Chand as "a major driver of our success this year." CFO Jeremy Parks stated, "Revenue for the quarter was $720 million, up 8% year-over-year and ahead of expectations set forth in prior guidance." Parks added, "EBITDA was $122 million, up 7% year-over-year. Net income for the quarter was $83 million, up 5% from $79 million in the prior year quarter." Outlook First quarter 2026 guidance was presented by Parks: "revenues for the first quarter of 2026 are expected to be between $675 million and $690 million. Adjusted EPS is expected to be between $1.65 and $1.75." Chand articulated confidence in the solutions-first strategy and progress toward the goal of "at least 20%" solutions revenue mix by 2028, noting, "we are well on our way to start achieving that goal, even surpassing that goal." Financial Results For the full year 2025, Belden reported "record revenue of approximately $2.7 billion, up 10% year-over-year and record adjusted EPS of $7.54, a 19% increase year-over-year" (Chand). Free cash flow for the year was $219 million, and share repurchases totaled 1.7 million shares for $195 mil...

Earnings Call Insights: Piedmont Realty Trust (PDM) Q4 2025 Management View Christopher Smith, President and CEO, highlighted a shift in the national office market, noting "momentum in the national office market clearly shifted in the latter part of 2025 to the point where several independent research reports state we've been -- we've seen peak vacancy for this cycle." Smith emphasized leasing success, stating Piedmont completed "2.5 million square feet or approximately 16% of the portfolio, the most leasing we have completed in over a decade and 1 million square feet ahead of our original 2025 leasing guidance." He reported that the company's out-of-service portfolio was "62% leased as of the end of the year," with most leases commencing in 2026 and expected to contribute to FFO growth. Smith announced Alex Valente's promotion to Co-Chief Operating Officer to lead new operational initiatives across the firm and oversee the Eastern portfolio. George Wells, Executive VP & Co-COO, described leasing velocity as "vigorous," with 60 transactions for nearly 700,000 square feet and "new deal activity...the dominant theme again, accounting for 69% of total volume with 54% of that activity filling current vacancy." He noted that "our average accrual base roll-up over the past 8 quarters is an impressive 17%." Christopher Kollme, EVP of Investments & Strategy, said, "2025 was a pretty quiet year for Piedmont on the transactions front," but noted two land parcels under contract going through rezoning, potentially generating over $30 million in gross proceeds if closed. Sherry Rexroad, CFO, stated, "Core FFO per diluted share for the fourth quarter of 2025 was $0.35 versus $0.37 per diluted share for the fourth quarter of 2024," attributing the decrease to asset sales and higher net interest expense, partially offset by operational growth. She noted, "we issued $400 million in aggregate principal amount of new bonds and used the net proceeds to repurchase approximately $245 mil...

Emails published by the Justice Department revealed cybersecurity veteran Vincenzo Iozzo emailed, and arranged to meet, Jeffrey Epstein multiple times between 2014 and 2018.