Altus Group James Wagner/iStock Editorial via Getty Images The recent AI-driven software selloff beat down some good stocks; Altus Group Limited ( AIF:CA ) is one of the best. Altus owns Argus, a vertical software solution for commercial real estate focused on property valuation and asset management. The software operates a real estate-focused cash flow-engine model. It has been the industry standard for decades. Argus has a network effect in which parties in CRE deals and valuation work need to operate from assumptions from the same database. That rent roll allows brokers, investors, appraisers, and lenders to work from the same source. Real estate analysts are trained on the platform, creating a common language for CRE. It is common for limited partnership agreements to require Argus for portfolio valuations. In short, it is the industry standard. Shifting to the cloud further entrenched Argus by enabling it to host the databases of tenant data and lease terms on their own servers. By agreeing to contribute their data to this solution, customers can now access detailed benchmarking, transactional, and other data that they could otherwise never access with such precision and depth. This IP creates a wide moat. A quasi-monopoly, even. Shares trade at over an 8% 2027 free cash flow yield. And this cash flow is growing over 15% per year. Net revenue retention is over 100%. The trite concern is that this business is ripe for AI disruption, but it is already priced for that. The company intends to buy back over 30% of outstanding shares around current prices. Consistent with their intent to return capital, the company just announced a substantial issuer bid to repurchase up to C$200 million of shares via a modified Dutch auction. If fully executed, the offer would retire ~10-12% of current outstanding shares. Shares are available for ~C$47 and will be bought back for C$42-52. Based on the shareholder base, it is likely to get ~$52 for any shares tendered. The tender is ...

10am: Stocks open mixed, Cisco and IBM lead Dow higher US stocks have opened mixed, with early losses quickly pared. The Nasdaq is down 0.7%, but the Dow Jones is now up 0.2% after starting down, with the S&P 500 in the middle, down 0.35%. Biggest Dow fallers are Nvidia, down 1.6%,...

INVESTOR ALERT: Pomerantz Law Firm Reminds Investors with Losses on their Investment in Oracle Corporation of Class Action Lawsuit and Upcoming Deadlines - ORCL prnewswire.com

Broadcom Insiders Are Selling Stock. Is AVGO Finally at the End of the Road? FinancialContent

evemilla/iStock Unreleased via Getty Images Since Hershey ( HSY ) was last covered , the stock has performed poorly; however, this was largely due to unprecedented cocoa price inflation. With cocoa prices finally normalizing, it is worth revisiting the stock. FY 2025: Operationally a very challenging year Hershey has been going through a rough patch due to highly volatile operating conditions the past few years in the chocolate industry, directly impacting Hershey’s North America confectionery business, which accounts for around 80% of revenues and segment profits. FY 2025, however, was a very challenging year due to a confluence of factors, including high cocoa prices (which had more than tripled, reaching a ten-year high), as well as tariffs on key imported ingredients, including cocoa (which at an estimated $170 million would have shaved off more than 1% of sales). Hershey made several moves to navigate these challenges, including price hikes (by double digits ), packaging innovations, and product reformulations . With the measures taking a while to work through the system, Hershey’s gross margin shrank to 34%, operating margins sank to 13%, and net margins dived to 7.5%, all of them at their lowest levels over the past decade. Much of their net losses were due to mark-to-market losses amounting to around $500 million or so in FY 2025, and when adjusted for this, their net profit would have been around $1.3 billion and net margin would have been roughly 12%, still at its lowest level in several years. Their top line growth of 4% was driven by robust performance from their North America Salty Snacks division, which grew 12% YoY, outpacing a 15% decline in North America Confectionery. Hershey Q4 2025 earnings release Near-Term Relief: Normalizing cocoa prices and tariff exemptions on cocoa Cocoa prices have finally dropped from their multi-year highs, so far stabilizing at what have been historically normal levels. Given inventory timing lags, I expect the benefit ...

MargJohnsonVA Weak demand at recent U.S. Treasury auctions is signaling rising stress in global funding markets as Middle East tensions disrupt energy flows and investor behavior, according to Eric Wallerstein , chief macro strategist at Clocktower Group . Two consecutive auctions, including 5-year ( US5Y ) and 2-year ( US2Y ) notes, drew some of the weakest demand in years, with traditional buy-and-hold investors stepping back and primary dealers forced to absorb larger shares of issuance. Wallerstein, in a post on X, said the decline reflects a pullback by large institutional “direct” bidders, which typically anchor Treasury demand, highlighting growing vulnerabilities linked to the role of oil-exporting economies in financing U.S. deficits. As energy infrastructure disruptions threaten export revenues, these investors may need to liquidate U.S. Treasuries to raise dollar liquidity, echoing dynamics seen during the COVID-19 shock. He also pointed to a structural shift in ownership, with foreign holdings increasingly concentrated among private investors such as sovereign wealth funds and pension funds rather than central banks. Unlike official institutions, these investors lack direct access to Federal Reserve liquidity backstops. That raises the risk of sharper market dislocations during periods of geopolitical stress. Wallerstein said the Federal Reserve should expand its existing facilities to include a broader set of foreign investors and extend lending tenors to help stabilize demand. Without preemptive action, he warned, U.S. borrowing costs could rise and market volatility intensify even as policymakers focus on interest rate decisions. Fixed Income ETFs: ( TLT ), ( TLH ), ( IEF ), ( IEI ), ( SHY ), ( SGOV ), ( SCHO ), ( BIL ), ( AGG ), ( BND ), ( VCIT ), ( MUB ), ( MBB ), ( JNK ), ( LQD ), ( HYG ), ( VTIP ), ( TIP ), ( SCHP ), ( STIP ), ( TIPX ), ( SPIP ), ( WIP ), ( GTIP ), ( LQDI ), and ( RINF ) More related stories The Silent Risk In Portfolios: Long-Dur...

超威半导体公司( AMD )称，由于供应趋紧而需求上升，该公司及其竞争对手 英特尔 计划提高CPU价格。 报道称，两家公司均准备将CPU价格上调10%至15%，部分产品可能面临更大涨幅。价格调整预计将在未来数月内生效。 此举是为了应对人工智能服务器用处理器需求不断攀升的现状。需求激增已使供应链承压，并延长了交货周期。报道称，CPU的交货周期已从一至两周延长至多达八至十二周，这表明供需之间存在巨大缺口。 AMD股价当日上涨逾6%，使其年内累计涨幅达到约1.8%。该股在过去一年中累计上涨超过86%，主要得益于投资者对人工智能领域发展的乐观情绪。 当日成交量约为2000万股，低于近三个月日均约3290万股的成交量。华尔街对AMD的共识评级为“适度买入”，分析师认为，随着人工智能基础设施需求增长，该股将继续走高。 投资者将密切关注价格是否会进一步上调，以及需求韧性将如何影响营收增 长和 利润率。 责任编辑：张俊 SF065

Andrii Yalanskyi/iStock via Getty Images Credit spreads are expected to widen “substantially” from current levels even as the broader economy avoids a recession, according to Victor Khosla, founder and chief investment officer of Strategic Value Partners. The opportunistic credit investor, whose firm manages $22B in assets, told CNBC that mounting pressures from software sector stress, AI disruption, and geopolitical tensions are creating conditions for significant credit market turbulence. Khosla warned of contagion risk spreading from the software sector ( IGV ), ( IGPT ), ( XSW ), where some investments have seen their marks collapse from 100 cents on the dollar to zero. He characterized the unfolding distress as “a hiss, not a pop,” suggesting a steady accumulation of pressure rather than a sudden market event. The threat from AI and rapid technological shifts has caused software businesses to “just implode” rather than experience gradual declines in cash flow. The strategist drew comparisons to previous market crises to illustrate the severity of the current situation. He pointed to the 2002 telecom crash, when 25% of telecom debt defaulted over multiple years, and the 2014 oil and gas collapse, which saw 35% of high-yield and leveraged loans default. “Software, same thing. You’ve started the same thing again,” Khosla said. Rather than buying into troubled tech names, Khosla said Strategic Value Partners is focusing on “real economy” businesses affected by contagion spreading from the software sector. He noted that manufacturing has been in a 12-month recession in both the U.S. and Europe, consumer brands are troubled, and chemicals are experiencing “a once-in-a-generation down cycle.” His firm’s opportunistic approach involves buying control of these pressured businesses and assets, then improving them. Strategic Value Partners has positioned itself to capitalize on widening spreads, having been a net seller for the past two years while markets were pressured....

Source: Bloomberg, 4:28

A new Target store in New Jersey highlights ongoing customer frustrations, from confusing promotions to persistent in-store issues.

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Is NVDA's Networking Unit Becoming a Core Growth Engine Amid AI Boom? finance.yahoo.com

monsitj/iStock via Getty Images Gold miners have come under heavy pressure over the past month as gold price suffered major volatility due to the U.S.-Iran war. Front‑month gold futures just snapped a five‑day losing streak, helped by signs of diplomatic progress in the Middle East conflict and a pullback in oil that has eased the most acute inflation fears. At the same time, the backdrop for the metal remains challenging: earlier spikes in crude prices rekindled worries about sticky inflation and fewer rate cuts, boosting bond yields and the dollar, while lighter investor positioning, softer buying from the Middle East, and lingering expectations of higher-for-longer policy rates have all weighed on demand for gold as a portfolio hedge. Against this mixed macro setting, gold‑related equities have fared notably worse than the underlying commodity, with several miners suffering double‑digit declines over the last month. Below is a list of gold stocks ranked by their lowest one-month price performance. The list includes their Seeking Alpha Quant Ratings, which range from Hold to Strong Buy. The list is topped by Hycroft Mining Holding Corporation ( HYMC ), with a one-month price performance of -29.10%. AngloGold Ashanti plc ( AU ) and Coeur Mining, Inc. ( CDE ) are next, with one-month declines of -28.07% and -27.45%, respectively. Perpetua Resources Corp. ( PPTA:CA ) and Royal Gold, Inc. ( RGLD ) round out the top five worst performers. The list features a variety of Quant Ratings, ranging from Hold for HYMC and RGLD to Strong Buy for CDE, Newmont Corporation ( NEM ), Aura Minerals Inc. ( AUGO ), and others. Here is the list: Hycroft Mining Holding Corporation ( HYMC ), 1 month performance percentage: -29.10% AngloGold Ashanti plc ( AU ), 1 month performance percentage: -28.07% Coeur Mining, Inc. ( CDE ), 1 month performance percentage: -27.45% Perpetua Resources Corp. ( PPTA:CA ), 1 month performance percentage: -20.04% Royal Gold, Inc. ( RGLD ), 1 month performance...

Meta股价触及2025年5月以来最低水平，最新下跌2.6%，该公司与谷歌因社交媒体对青少年伤害案败诉。

Welcome to Bloomberg’s Banking Monitor . Every Thursday we’ll deliver you the top news of the global banking industry with emerging trends, winners and losers and market opportunities. Sign up now if you’re not already on the list. Before we get into divining how the war will affect basis points and asset prices, let’s first acknowledge that there are very tangible and dire impacts on ordinary people in the conflict zone, as well as colleagues and their counterparts. Let’s hope for their safety, and that by the time you read this, there will be signs that the danger will ease. Even when that finally happens, trends have been set in motion that will be hard to reverse, such as the knock-on effects of $5-a-gallon diesel fuel . French banks have the highest Middle East exposure among Europe’s banks. Stagflation is now on the radar, according to Bloomberg Intelligence, our subscriber-only analytical service. BI’s report published this week also says Europe’s banks might bear the brunt of the fallout among global banks; US lenders “should hold up well at first, then suffer if a recession spurs loan losses.” Midtier lenders in Saudi Arabia and Qatar are exposed to liquidity strain and hot money, BI warned. Another sign of stress: S&P told its subscribers that repeat defaulters reached a new high in February. Perhaps opportunistically, Hong Kong is positioning itself as a stable alternative to Dubai and Singapore. Global banks are ramping up their private banking presence there and handing out big raises as they hire hundreds of bankers. UBS Group pulled back from selling complex currency derivatives to Swiss retail clients , and Barclays is scaling back asset-based lending to smaller borrowers after collapses at Market Financial Solutions and Tricolor Holdings. A slow-motion reckoning is underway for retail versions of private credit. Sponsors are contending that their customers simply don’t understand the product, but it could also be said that it’s the sponsors who don’...

月背采样、深海科考、异种移植、可控核聚变领域均有科学进展入选 嫦娥六号样品首次揭示月背演化历史和巨型撞击效应。图：央视新闻 【财新网】 2025年度“中国科学十大进展”发布，月背采样、深海科考、异种移植、可控核聚变领域均有科学进展入选。3月25日，国家自然科学基金委员会（下称“自然科学基金委”）在2026中关村论坛年会开幕式上发布了上述成果。 嫦娥六号是人类历史上首次月球背面采样返回任务，其带回的样品直接刷新了人类对月球的认知，该进展位列2025年中国十大科学进展之首。据介绍，科研团队对来自月球南极—艾特肯（SPA）盆地样品进行了分析，厘定该盆地形成于42.5亿年前，并首次获得了月背深部月幔的水含量和化学组成。研究发现，月背月幔比正面更“干”，且同位素组成存在显著差异。这一成果证明，月球正面与背面的不对称性并非仅限于表壳，而是延伸到了深部月幔。此外，研究还明确了月球磁场在28亿年前曾发生过波动反弹，而非此前认为的单调衰减。这些发现重塑了内太阳系早期的撞击历史。

中芯國際2025年利潤增長39%。 富途牛牛

谷歌 正悄然将其人工智能技术更深地推入创意领域，而这一次的焦点是音乐。 该公司已将其Lyria模型升级至新版本Lyria 3 Pro，使用户能够创作更长、更完整的歌曲。用户不再局限于生成30秒的短片段，现在可以制作长达三分钟、具备实际结构的曲目。 而这正是此次转型的更大意义所在。这不仅关乎生成更长的音频。用户现在可以引导AI来规划歌曲的展开方式，从前奏、主歌、副歌甚至到桥段。换句话说，这个过程不再像是随机生成，而更像是你在主动进行塑造。 谷歌表示，该模型对音乐的流动有了更好的理解，这使得过渡与风格的融合更加自然。 责任编辑：张俊 SF065

Michael Rousseau says his lack of French overshadowed families’ grief after Mark Carney and Quebec denounced his video Sign up for the Breaking News US email to get newsletter alerts in your inbox The chief executive of Air Canada has apologized for his inability to express himself in French after politicians called for his resignation for his English-only message of condolence after Sunday’s deadly crash in New York. Air Canada’s CEO, Michael Rousseau, has been criticized for the four-minute condolence video posted online that included only two French words – “bonjour” and “merci”. Continue reading...

Moussa81/iStock via Getty Images AngloGold Ashanti ( AU ) said Thursday the technical report summary for the Arthur gold project in Nevada shows a Tier 1 gold deposit confirming a long-life, large-scale operation with robust economics and strong potential for further growth in the Beatty Mining District. AngloGold ( AU ) reported a first-time probable mineral reserve of 4.9M oz of contained gold and 7.8M oz of contained silver at year-end 2025, supporting an initial nine-year mine life with ~500K oz/year of average production. The Merlin deposit offers potential a dditional upside, hosting an indicated mineral resource of 1M oz of gold and an inferred resource of 5.5M oz of gold, alongside silver by-product at an indicated mineral resource of 2M oz and an inferred mineral resource of 13.7M oz, with aggressive drilling programs remaining underway with the aim to convert additional mineral resource. " The Arthur gold project is a cornerstone of our strategy to build a world-class, long-life production platform in the U.S.," AngloGold ( AU ) CEO Alberto Calderon said. " With average annual production of ~500K oz in its initial phase, with some years projected to be well in excess of that, the project delivers immediate scale in a premier mining jurisdiction." More on AngloGold Ashanti AngloGold Ashanti: 'Buy' The Pullback, Own The Free Cash Flow Machine AngloGold Ashanti: 'Gold Is The Money Of Kings' - Be A King AngloGold Ashanti Q4 2025 Earnings Call Presentation

Investors are getting spooked about the historically cyclical memory market, but trends are “anything but normal” this time around, Morgan Stanley said.

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CRM's margin gains from cost cuts and AI growth, but rising investments may slow future expansion momentum.

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力拓 表示，其在加拿大的戴维克矿已完成最后的生产，结束了该集团超过半个世纪的钻石开采业务。戴维克矿在23年间累计产出超过1.5亿克拉钻石，力拓表示矿区复垦工作将持续至2029年，最后一批钻石将在2026年及之后完成抛光并出售。该矿开采出的最大单颗钻石是一枚552克拉的黄钻。 力拓的钻石业务部门在2025年录得7900万美元亏损，反映出结构性供应过剩以及人造钻石日益激烈的竞争。在首席执行官石道成的带领下，力拓正将投资组合聚焦于铁矿石、铜、铝和锂业务，并已表示计划出售其钛和硼酸盐业务。 戴维克矿的关闭距离力拓关闭其位于西澳大利亚的阿盖尔矿已有五年。力拓于1983年在阿盖尔矿首次开始生产钻石，此次戴维克矿的关闭标志着该公司全面退出钻石行业。力拓股价在伦敦交易时段盘中下跌2.26%。 责任编辑：张俊 SF065

Hi, it’s Pei Li and Manuel Baigorri in Hong Kong, where we’ve been witnessing Chinese companies make dramatic advances in robotics, stoking up some fresh dealmaking opportunities. Also today, how Epstein courted Apollo’s billionaire founders. Today’s top stories Henkel to buy hair-care brand Olaplex in $1.4 billion deal . Equitable, Corebridge plan to merge in all-stock deal . Blackstone commits $250 million to UAE firm despite war. Colorado AG: states ‘ on our own ’ in Paramount-Warner review. Hi, robot A highlight of this year’s Spring Festival Gala—the Chinese New Year show broadcast to more than a billion viewers nationwide and beyond—was the incredible kung-fu skills on display, all perfectly synchronized whirling kicks, lunges and backflips. But it wasn’t special forces soldiers or highly-trained monks cavorting around the stage, it was robots (along with some acrobatic kids). The robots were made by Hangzhou-based Unitree, founded less than 10 years ago and now pumping out a product lineup that includes humanoid robots and robot dogs. February’s show demonstrated rapid advancements from last year. Fast progress in generative AI and high-end manufacturing has attracted the attention of investors and a push by companies to raise cash. China is the standout leader in humanoid robotics globally and is widely reported to have accounted for around 90% of sales last year. Unitree, which shipped more than 5,500 humanoid robots in 2025, has just filed for an IPO in Shanghai. Beijing-based Galbot—also represented in the gala with its robots doing domestic tasks such as folding clothes— is seeking a valuation of as much as $4 billion in a Hong Kong IPO. And in M&A, SoftBank last year agreed to buy ABB’s robotics division for $5.4 billion, while Cadence Design acquired Hexagon’s Design & Engineering business in February for about $3.2 billion. Robotics development has accelerated mainly due to AI and other technological advancements, a sharp decline in hardware costs, ne...

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