TSMC, the world's largest contract chipmaker, is expected to launch equipment installation and mass production of 3-nanometre wafers in 2028 at its second factory in Japan, according to a Taiwanese government filing late on Tuesday. In February, TSMC CEO CC Wei said the company plans to mass-produce advanced 3-nanometre chips at its second fabrication plant in Japan, during a meeting with Japa...
TSMC, the world's largest contract chipmaker, is expected to launch equipment installation and mass production of 3-nanometre wafers in 2028 at its second factory in Japan, according to a Taiwanese government filing late on Tuesday. In February, TSMC CEO CC Wei said the company plans to mass-produce advanced 3-nanometre chips at its second fabrication plant in Japan, during a meeting with Japan's Prime Minister Sanae Takaichi.
Alexyz3d/iStock via Getty Images I have covered Kratos Defense & Security Solutions ( KTOS ) before , where I outlined the investment thesis in detail and explained why I considered it slightly overvalued. Since then, the stock has dipped around 35%, while the inflection point regarding hypersonic missiles is closer and the company is beating earnings estimates . This makes me to upgrade the compa...
Alexyz3d/iStock via Getty Images I have covered Kratos Defense & Security Solutions ( KTOS ) before , where I outlined the investment thesis in detail and explained why I considered it slightly overvalued. Since then, the stock has dipped around 35%, while the inflection point regarding hypersonic missiles is closer and the company is beating earnings estimates . This makes me to upgrade the company to buy. Background Kratos is an American technology company focused on the defense and national security sectors. Today the company has more than 30 programs organized into six different divisions that cover most of the main defense needs: unmanned systems, hypersonic, space, microwave and digital solutions, propulsion and power, and finally, weapon systems. Company's webpage As mentioned in the previous article and confirmed by management during the last earnings call , the two main pillars of Kratos will be the XQ-58 Valkyrie, which is expected to ramp up production from 8 annually to 40 by the end of 2028, and the hypersonic franchise, which will be the most important growth driver going forward. Company's webpage Kratos has already won the MACH‑TB 2.0 award , a five year agreement worth up to $1.45 billion. Moreover, management expects to win the development of Mach 5+ hypersonic missiles. This will position the company as the clear referent in the sector. We are also hoping to receive an additional approximate $1 Billion hypersonic program related opportunity by the end of this year, which we believe will be sole source to Kratos as prime. Kratos’ hypersonic franchise is expected to be a primary driver of our expected future revenue growth. In fact, the company has achieved a record backlog of $1.6 billion and a record opportunity pipeline of $13.7 billion. The increase in backlog comes despite revenues growing during the quarter which means new awards are outpacing billings and the new capacity additions, providing visibility for the future years. In fact, in Q4, t...
Restoring Meaning To American Citizenship Authored by John Velleco via Gun Owners of America, This week, the Supreme Court will hear oral arguments in a case that could redefine one of the most fundamental questions in American law: Who is a citizen of the United States? Does birth on U.S. soil automatically confer citizenship, even when the parents owe allegiance to a foreign nation? Gun Owners o...
Restoring Meaning To American Citizenship Authored by John Velleco via Gun Owners of America, This week, the Supreme Court will hear oral arguments in a case that could redefine one of the most fundamental questions in American law: Who is a citizen of the United States? Does birth on U.S. soil automatically confer citizenship, even when the parents owe allegiance to a foreign nation? Gun Owners of America and Gun Owners Foundation, along with several others, have filed a Friend of the Court brief urging the Court to take a fresh look at that question. At issue are two cases , State of Washington v. Trump and Barbara v. Trump, challenging President Trump’s 2025 Executive Order, “Protecting the Meaning and Value of American Citizenship.” What interest do Second Amendment rights organizations have in asking the Court to review a case that on its face deals with immigration and the practice of so-called birthright citizenship? The answer is simple and goes to the heart of who, precisely, constitutes a nation. A nation is defined by those who pledge loyalty to it, not by those who briefly cross its borders for the sole purpose of obtaining citizenship by birth. Citizenship must reflect genuine allegiance and lasting connection, or it becomes little more than an administrative label, stripped of substance. And the rights uniquely reserved for citizens, especially the right to keep and bear arms, gradually lose the constitutional footing needed to sustain and protect them. The Trump executive order simply reaffirms a principle that was once widely understood but has been steadily obscured: citizenship is not an accident of geography, but a solemn bond of allegiance . It directs federal agencies not to treat as U.S. citizens those born here to parents who are neither American citizens nor lawful permanent residents. This policy aligns precisely with the text and original understanding of the Fourteenth Amendment. The Fourteenth Amendment states: “All persons born or natura...
Douglas Rissing/iStock Unreleased via Getty Images If life gives you lemons, make lemonade. For Dine Brands ( DIN ), it might actually apply. Today I woke up and saw the headline that an Applebee's franchisee in Florida, Georgia, and Alabama filed for bankruptcy. Well, actually, that had already been reported on Friday, if I'm not mistaken. Seeking Alpha It ended up flying under my radar, I admit....
Douglas Rissing/iStock Unreleased via Getty Images If life gives you lemons, make lemonade. For Dine Brands ( DIN ), it might actually apply. Today I woke up and saw the headline that an Applebee's franchisee in Florida, Georgia, and Alabama filed for bankruptcy. Well, actually, that had already been reported on Friday, if I'm not mistaken. Seeking Alpha It ended up flying under my radar, I admit. And it also makes sense if you consider that the stock isn't sitting above my price target of ~$30. The 'Hold' has aged well, don't you think? I know it hasn't been a quarter or anything since my last article, but I think you (like me) are curious about two specific things: What will the bankruptcy of Neighborhood Restaurant Partners change in Dine Brands' thesis? You've probably already read that they plan to scoop up some of it for their own portfolio, but what opportunity (and especially its size) is on the table now? At $26 per share, the upside is approximately 20%, not including dividends and share buybacks. Is it time to upgrade to 'Buy' again? Short Pain, Big Gain Currently, Dine has a portfolio of ~50 company-owned restaurants. The largest chunk of these is coming from the bankruptcy of Louisiana Apple at the end of 2024. And looking at the situation at Neighborhood Restaurant Partners, I think the approach here will be similar. First, they buy some strategic restaurants. Some are truly 'bad apples' and need to be closed. The ones they buy end up being sold at a bargain price (~3 to 5x EBITDA). Many of these restaurants have some kind of execution problem along the way. I think Dine will step in there, focusing on operations first. If you ask me, most of the lift they need is in AUVs. Most (if not all) of the restaurants are on leased land, and to dilute these fixed costs, they would need a boost in sales. The franchisee peaked a little over ten years ago (~$20 million in 2015); I think the AUV peaked there and has been declining ever since. Since the average chec...