多图速览>> 本周（2月2日至6日）三大指数齐跌，沪指累计下跌1.27%，深成指跌2.11%，创业板周跌3.28%。 ► 牛熊股：8股涨超40%，最牛股周涨超115% Wind数据显示，本周（2月2日至2月6日）共有8只个股涨幅超40%，有19只个股涨幅超30%。 民爆光电本周涨幅居首，周涨幅达115.92%。凯龙高科、泽润新能、杭电股份周涨幅居前，分别为72.80%、70.84%、51.66%。 跌幅榜中，本周20只个股跌幅超20%，航天宏图周跌33.82%居首，开普云、湖南白银跌幅分别为32.80%、32.56%。 ► 活跃个股：55股累计换手率超100% 本周共有55只个股换手率超过100%。其中，泽润新能排名居首，周换手率达到233.68%，C世盟周换手率226.91%，天地在线周换手率192.93%。 按照申万一级行业分类看，本周换手率100%以上的个股中，所属电力设备、基础化工、传媒等行业的个股居多。 从一周涨跌幅来看，本周换手率超过100%的个股中，民爆光电、泽润新能、巨力索具涨幅居前。 ►主力资金：煤炭板块获资金青睐 中际旭创遭抛售超百亿元 按申万一级行业来看，本周（2月2日至2月6日）五个交易日内，煤炭、综合板块获得主力资金青睐。电子、有色金属、通信、传媒、计算机、机械设备、国防军工等板块遭净流出额居前。其中电子板块遭抛售近360亿元。 个股方面，本周宁德时代获净流入16.23亿元居首，周涨幅达5.46%。美的集团、中超控股主力净流入分别为14.66亿元、9.76亿元。净流出方面，中际旭创、新易盛、蓝色光标分别遭抛售108.44亿元、79.41亿元、67.17亿元。 ► 杠杆资金：中际旭创获融资买入额居首 Wind统计显示，本周（2月2日至2月6日）共有1501只个股获融资净买入，净买入金额在千万元以上的有618只，共有71只融资净买入额超1亿元。 中际旭创本周获融资净买入居首，净买入额为6.38亿元，周跌16.79%。中国卫星、捷佳伟创、中芯国际获净买入额居前；贵州茅台、澜起科技、天孚通信遭净卖出额居前，金额分别为14.15亿元、13.65亿元、13.00亿元。 ►机构调研个股：耐普矿机、环旭电子获113家机构关注 Wind数据显示，机构本周（2月2日至2月6日）共调研了129家上市公司，其中耐普矿机、环旭电子最获关注，参与调研的机构为113家。...

JavierHuras/iStock via Getty Images Strategy The iShares JP Morgan EM Local Currency Bond ETF ( LEMB ) was launched on 10/18/2011 and tracks the J.P. Morgan GBI-EM Global Diversified 15% Cap 4% Floor Index. It has a portfolio of 432 debt securities, a 30-day SEC yield of 5.94%, a 12-month trailing yield of 2.41%, an average yield to maturity of 6.68%, and an expense ratio of 0.30%. Distributions are paid annually (theoretically, but as we will see, reality is different). As described in the prospectus by iShares , the underlying index targets bonds issued by emerging market governments in the local currency of the issuer. Eligible countries are selected based on Gross National Income and Index Purchasing Power Parity Ratio. Individual country weights are capped at a maximum of 15% and floored at a minimum of 4%. Individual securities must have at least 2.5 years to maturity and $500 million equivalent of face amount outstanding for inclusion in the index. The index is rebalanced monthly, and the portfolio turnover rate was 31% in the most recent fiscal year. Unlike dollar-denominated bonds, distributions and face value in USD of the constituents may vary with currency rates. Prior to 6/1/2017, the fund was tracking the Bloomberg Barclays Emerging Markets Broad Local Currency Bond Index. It was not a major strategy change. Portfolio The fund is geographically well-diversified, with significant exposure in China (15%) and India (9.3%). Asia is the top region with about 40% of assets, followed by Latin America (30%), Eastern Europe (25%), and Africa (5%). Issuer Weight% PEOPLE'S REPUBLIC OF CHINA (GOVERNMENT) 15.00 INDIA (REPUBLIC OF INDIA) 9.27 MEXICO (UNITED MEXICAN STATES) (GOVERNMENT) 6.10 MALAYSIA (GOVERNMENT) 5.50 INDONESIA (REPUBLIC OF INDONESIA) 5.17 KINGDOM OF THAILAND (GOVERNMENT) 4.83 POLAND (REPUBLIC OF POLAND) 4.80 SOUTH AFRICA (REPUBLIC OF SOUTH AFRICA) 4.53 FEDERATIVE REPUBLIC OF BRAZIL (GOVERNMENT) 4.09 HUNGARY (GOVERNMENT) 4.00 Click to enlarge LEMB ha...

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格隆汇2月8日｜华泰证券研报认为，本周，A股缩量下跌，高低切换较为明显，主要由风险偏好下降驱动。总量上看，外部宏观风险已初步定价，融资资金降温、ETF净流出收窄，内外资机构逆势净流入。结构上，浮盈筹码、交易拥挤、业绩验证压力较大的细分方向逐步完成初步定价，研报认为，调整波段或接近尾声，且2月A股的日历效应偏积极，建议逐步提升组合的弹性。配置上，主要在景气反转或改善趋势延续的品种中筛选β相对高、估值性价比相对高的细分方向，关注锂电链、通信设备、半导体、部分建材和化工品。低β品种中，关注农业。中期视角下，建议超配电力链中上游、保险、航发产业链等。

J Studios/DigitalVision via Getty Images Central Securities Corporation ( CET ) has traded at a double-digit discount to its NAV for the last five years. From available data of 32 years, across 129 quarters, it has traded at double-digit discounts in 114 quarters, or 88% of the time. The widest discount has been ~24.9% (1999), and it has only traded 3 quarters at premiums - very small, 0.04%, 0.27%, and 0.29%. A natural question: so you buy at a discount, you sell at a discount - how do you make money? Answer: You make money by selling at a larger NAV than you bought. To see how this works, take the last five years. In Sept 2020, NAV was $35.78, and by September 2025, NAV was $61.39 - a gain of $25.61 per share, or roughly 72%. CET also distributed $14.70 per share in cash. This consisted of a small mid-year NII and a larger year-end capital gain. So, had you put $100 into CET in late 2020, buying at the prevailing market price, you would today be sitting on roughly $228 of combined share value and cash distributions - more than doubling your money in five years despite the fund continuing to trade at a persistent discount to NAV. So where’s that discount coming from? And more importantly, how is CET compounding so well? Well, the discount happens because the market consistently thinks of CEF as something that it is not - it is not a fund designed to make a fixed payout by whatever means possible. And the compounding happens because of what CET is - a repository of high quality blue chip stocks that generally do well over longer durations. Understanding CET’s Mandate: Capital First, Distributions Second CET’s mandate is to compound blue chip stocks over longer holding periods. It has no use of income engineering techniques. This simple objective has practical consequences. First, CET does not use leverage to amplify returns, or even engineer stable distributions. Second, it does not use options or other distribution enhancers. Third, it does not target a managed dis...

Can Peloton turn around? Buying stocks when the price falls sounds like a tantalizing strategy. But it requires more research, particularly during this period when the overall stock market had a strong gain. Over the last year, through Feb. 3, the S&P 500 index produced a total return of 16.9%. During this period. Peloton Interactive (PTON +5.35%) lost 21.9%. Have investors missed something, and does the stock present a value opportunity in which they've discounted Peloton's long-term prospects? To make that determination, it's time to learn more about the company and valuation. What's happened? Peloton sells exercise equipment, including stationary bikes, treadmills, and rowing machines. The company also sells subscriptions to fitness classes. The company's equipment and subscriptions became popular during the early days of the pandemic when people were stuck at home. You might've seen the company's commercials, which tended to generate a lot of buzz. Its sales took giant leaps. Peloton's fiscal 2020 sales, for the period ended on June 30, were $915 million. This figure more than quadrupled in two years, reaching more than $4 billion in 2022. But the equipment and subscriptions aren't cheap, and lower-cost competitors have cropped up. And when governments lifted stay-at-home restrictions, people went back to the gym. As a result, Peloton's top line has been under pressure. For the recently reported second quarter, paid fitness subscriptions fell 7% year over year to under 2.7 million. Seemingly counterintuitively, management raised prices in the face of faltering subscriptions, although there were some product enhancements. Still, churn, or the rate at which customers cancelled or paused their subscriptions, increased, albeit at a better rate than management expected. And revenue continued dropping, falling 3% compared to a year ago. It's of small consolation that Peloton's operating loss narrowed from $45.9 million to $14.3 million. Expand NASDAQ : PTON Peloton In...

Key Points The electric vehicle industry continues to grow well (at least outside of the United States). The industry, however, needs to begin mass-producing its solution to one key challenge weighing on the entire business. The problem is, most of the major names are working on the same solution as this pure-play company. 10 stocks we like better than QuantumScape › Recent marketwide weakness notwithstanding, electric vehicles (EVs) remain a solid growth opportunity for investors. Worldwide sales of EVs grew 20% last year, in fact, according to Benchmark Mineral Intelligence. The next EV frontier investors need to know about? The lithium-based batteries that power them. They can be improved, mostly by becoming more durable with a greater driving range. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Enter QuantumScape (NASDAQ: QS). Since 2010, it's been working on so-called solid-state lithium batteries that will do both. And, after the usual post-IPO rise and fall, its stock started to soar in the latter half of last year after the company announced a crucial battery production process had been perfected. Although it's still only shipping prototypes to its developmental partner PowerCo -- a subsidiary of Volkswagen -- it was a sign that the company would probably be able to begin large-scale commercial production sometime in 2027. It almost seemed as if it would be the first to enter the solid-state lithium EV battery business, in fact. Straits Research expects this sector to grow at an annualized pace of 36.4% between now and 2033. Is QuantumScape getting leapfrogged? Much has changed since then, however. Namely, a shocking number of rivals have unveiled their own solid-state lithium EV battery development efforts, suggesting time frames for commercialization that are at least as short as Quant...

U.K. leader's chief of staff quits over hiring of Epstein friend as U.S. ambassador toggle caption Leon Neal/Getty Images LONDON — British Prime Minister Keir Starmer's chief of staff resigned Sunday over the furor surrounding the appointment of Peter Mandelson as the U.K. ambassador to the U.S. despite his ties to Jeffrey Epstein. Morgan McSweeney said he took responsibility for advising Starmer to appoint Mandelson, 72, to Britain's most important diplomatic post in 2024. "The decision to appoint Peter Mandelson was wrong. He has damaged our party, our country and trust in politics itself," McSweeney said in a statement. "When asked, I advised the Prime Minister to make that appointment and I take full responsibility for that advice." Starmer is facing a political storm and questions about his judgement after newly published documents, part of a huge trove of Epstein files made public in the United States, suggested that Mandelson sent market-sensitive information to the convicted sex offender when he was the U.K. government's business secretary during the 2008 financial crisis. toggle caption Carl Court/AP Starmer's government has promised to release its own emails and other documentation related to Mandelson's appointment, which it says will show that Mandelson misled officials. Sponsor Message Mandelson, a former Cabinet minister, ambassador and elder statesman of the governing Labour Party, has not been arrested or charged. Metropolitan Police officers searched Mandelson's London home and another property linked to him on Friday. Police said the investigation is complex and will require "a significant amount of further evidence gathering and analysis." Starmer had fired Mandelson in September from his ambassadorial job over earlier revelations about his Epstein ties. But critics say the emails recently published by the U.S. Justice Department have brought serious concerns about Starmer's judgment to the fore. They argue that he should have known better than to...

Once seen as a pure passion play, art has become deeply intertwined with finance, credit, and wealth planning. As prices fluctuate and liquidity tightens, collectors face new risks alongside opportunity. We speak with longtime collector and investor Peter Kraus, Citi art-finance head Fotini Xydas, Fine Art Group president Anita Heriot, and auction veteran Edward Dolman about how today’s art market works. (Source: Bloomberg)

受一股東北季候風影響，明天天氣清涼，最低14度，到周六情人節和下周農曆新年又會回暖。 入夜後，普遍地區氣溫降至攝氏17度以下，在灣仔海傍，不少外出的市民都穿上外套。而荃灣、上水、西貢等，錄得約14度。 天文台指，一股達強風程度的東北季候風，會在周一影響華南沿岸，預計早上相當清涼，氣溫最低只有14度，隨後幾日回暖。 天文台科學主任李茵淇指出：「季候風會在本周中期逐步緩和，而華南氣溫會回升。預料一股清勁的偏東氣流，會在本周後期撤向廣東沿岸。周四、五，市區最高氣溫可達21、22度。」 天文台預測到本周中後期，部分時間有陽光，周六情人節氣溫升至最高24度，下周農曆新年亦偏暖，大年初一市區氣溫介乎19至23度。

蓝电汽车业务“出表”。 2月8日晚间，赛力斯（601127.SH）发布《关于签署合作协议的公告》，公告称，赛力斯于2026年2月8日与重庆市沙坪坝区人民政府签署《合作协议》。 根据《合作协议》，赛力斯以蓝电汽车相关存量资产剥离出资设立标的公司，沙坪坝区政府组建或引入有限合伙企业与其他投资人及经营团队，以现金对标的公司增资，各方出资后，沙坪坝区政府相关方持股约33.5%，赛力斯及其指定主体持股约32%，其他投资人持股约18.5%，标的公司搭建员工持股平台持股约16%。 标的公司董事会由5人组成，赛力斯委派1人。这也意味着，在资产剥离后，赛力斯对蓝电汽车将不具有控制权，仅为后者的参股股东。 蓝电汽车的运营主体是重庆赛力斯蓝电汽车有限公司，成立于2023年3月。当月，赛力斯正式发布全新新能源汽车品牌——蓝电，该品牌旗下首款车型——蓝电E5也同步正式上市，主打10万~15万元级主流新能源汽车市场。 赛力斯的新能源汽车产品以和华为共同打造的问界为主。蓝电汽车的成立承载着赛力斯拓展主流市场、降低单一合作风险、并探索自主研发能力的战略意图。 但是在竞争白热化的10万~15万级市场，作为一个新品牌，蓝电在品牌认知、渠道建设和产品力差异化上仍面临巨大挑战。上险量数据显示，蓝电汽车目前在售的车型只有一款，即蓝电E5，该车在2023年10月以前的月销量均低于1000辆，2024年销量有所起色，全年累计销量超2.9万辆。但随着2025年市场竞争的进一步加剧，蓝电E5去年销量降至2万辆。 第一财经记者发现，赛力斯并未在财报中提及“蓝电”作为独立产品线或独立业务板块的详细经营数据，也未单独披露其营业收入、净利润或销量等财务指标，仅作为赛力斯下属子公司列示于企业集团构成表中。 分析人士指出，作为年销量在2万至3万辆区间的新创品牌，蓝电汽车的财务数据若能“出表”（即不再并入赛力斯上市公司主体的合并报表），或有助于提升赛力斯上市公司报表的利润率水平和盈利表现。 赛力斯也在公告中称，本次合作剥离存量资产旨在优化公司资产结构。值得注意的是，这次合作仍存在较大不确定性，包括投资人的最终出资金额、公司出资资产和估值、对赛力斯经营业绩的影响等。 事实上，赛力斯与沙坪坝区政府的深度合作也早有端倪。2025年9月，赛力斯和重庆市沙坪坝区国资委已经合资注册成立了重庆蓝电汽车科技有限公司，赛力斯持股比例为35%，重庆...

porcorex/iStock via Getty Images I previously covered Centene Corporation ( CNC ) in November 2025, discussing why I had reiterated my Buy rating despite the double-digit recovery from the last article, thanks to its promising multi-year margin recovery prospects arising from the drastically raised premiums. This is significantly aided by the aggressive share repurchases at a time of impacted stock prices along with the notable gap against the book value per share. In this article, I shall discuss why I am reiterating my Buy rating for the CNC stock here, thanks to the improved margin of safety/cheaper valuations arising from the recent correction, the promising recovery prospects as observed in the management's FY2026 guidance, and the seemingly robust bullish support at the Q4'25 resistance/200-day moving averages of $38s. CNC's Recovery Likely To Be Prolonged & Lumpy CNC 1Y Stock Price (Trading View) Since then, CNC has already charted an excellent recovery along the 50-day moving averages before deeply retracing by -18.6% to retest the 200-day moving averages of $38s by the time of writing. Part of the headwinds may be attributed to January 2026 bringing forth "a more pressured view of rates than industry expectations" for Medicare Advantage in 2027. This is based on the potentially negative spread between the "MA risk scores to increase, on average, by 2.45% due to the underlying coding trend " against the net average payment increase by +0.09% YoY. The flattish reimbursement rates are likely to trigger bottom-line recovery headwinds for CNC indeed, with it delaying the company's path to achieving "breakeven Medicare Advantage results in 2027." This is because the insurer may have to engage in further benefit cuts/market exits and/or further premium raises, all of which are expected to trigger further membership churn moving forward, as similarly hinted by the management in the recent earnings call: We will provide CMS comments on the disappointing 2027 advance...

January shaped up to be a rough month for out-of-work Americans looking to quickly land a job. A slew of data releases this past week suggested that at the start of 2026, the job market remained stuck in a stubbornly frozen state at best — and flashed further signs of splintering at worst. January’s layoff plans were the worst for the month since 2009, while private employers added just 22,000 jobs, compared to the gain of 140,000 jobs during the same period a year ago. Beyond the data points, recent weeks brought broad layoff announcements from Amazon, Pinterest, UPS, Home Depot, the Washington Post, and others. And the sector that dominated job growth last year — healthcare and social services — also appears to be slowing down with postings, according to Cory Stahle, an economist at the Indeed Hiring Lab. Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Subscribe “We can’t necessarily stay frozen like this for long. Either things are going to fall into a deeper freeze, or they’re going to have to start to thaw,” Stahle said. “If we look at the direction that all of the economic indicators are going, there’s definite, clear momentum for things freezing deeper, or things getting worse.” 2025 warning signs? To be sure, the belle of the labor market data ball — the monthly jobs report — has yet to appear. January’s unemployment rate and payroll growth statistics won’t be out until Wednesday morning after a brief delay caused by the partial government shutdown. Do you have a story about navigating the job market? Reach out to Emma Ockerman here. Economists expect payroll growth of 70,000, and the Chicago Fed estimates the unemployment rate declined slightly. The report will also include standard revisions to the Labor Department’s 2025 data, which are expected to show the economy added fewer jobs than initially reported. Federal Reserve Chair Jerome Powell has even suggested that payroll growth might...

A viral Reddit post mocks a $22 grilled cheese sandwich and helps to sink a Bay Area shop. A restaurant owner is forced to push back on a viral complaint. A small business owner in Maine faces a viral backlash after posting a “No ICE” sign. The owner of a furniture store mistakenly receives backlash after being confused with another store. An influencer calls out a South Carolina boutique in a TikTok video after a negative shopping experience. I have had countless bad experiences at small businesses. I have eaten cold pasta and seen mice scurry behind a table. I don’t go back. Sometimes, when the experience is particularly great, I’ll give a quick good review on Google. But when I have had a bad experience? Never. Ever. I’m not even sure what would provoke me into stopping what I’m doing, taking the time out of my day, logging on to a social site, and then putting the thought into a post with the intention of trashing a small business. It would have to be pretty extreme. So I don’t. And neither should you. Why? Because neither of us knows all the facts. We don’t know the first thing about that person’s business or their life. Maybe staff called out sick that day, or they’ve had a hard time finding workers. Maybe someone in the kitchen made a mistake that one time and undercooked a sausage. Or an exterminator was called that morning and was on the way. Perhaps the business owner is struggling with family issues, cashflow challenges, the death of a friend, a cancer diagnosis. And so what if the owner is protesting ICE or voted for Trump? If you don’t want to patronize the business, then don’t. Telling other people not to is the other – worse – sort of patronizing. Running a small business is hard. Employees don’t show up, customers don’t pay, suppliers don’t deliver, things go wrong. Trashing a small business is easy. It’s also usually fruitless for the small business to respond to these comments. You don’t win or lose an online argument. You just generate more intera...

A misty, rainy day in the uplands of Somerset and the mud was thick and sticky. In some patches, just putting one foot in front of the other without plunging into the mire felt like a win. But Jon Barrett, a community engagement officer for the Quantock Hills national landscape, had a broad grin on his face as he negotiated the ooze. “I know for some, mud may be their nemesis at this time of year but we’re trying to celebrate it, get people to embrace it,” Barrett said. Barrett and his colleagues are running a Month of Mud festival in February, inspired by the Anglo Saxon name for this time of year – Solmōnaþ, sometimes translated as “mud month” (a second possible translation is month of cakes). The landscape team is holding events ranging from squelchy hikes to art sessions in which participants are shown how to make mix the red-hued mud with honey to make paint. There will also be story-telling sessions focusing on earthy legends. “We’re keen to reconnect people with mud,” Barrett said. “Children love splashing through muddy puddles but I think adults can forget that joy. We want people to remember that feeling of freedom when you splash and stamp through muddy puddles.” February has turned out to be extremely muddy due to the repeated pulses of rain that have hit the English West Country hard. Scores of people have been affected after their homes and businesses were flooded. There were around 88 warnings and 223 alerts in England on mostly in the south-west and Midlands on Sunday, the Met Office said adding that it rained alomost every day in the south-west so far in 2026. But in the Quantocks they are determined to find the bright side. While accompanying Barrett on a hike around Cothelstone Hill, near Taunton, where (in the summer) pied flycatchers and dark green fritillary butterflies flit about, it was clear this time of year was mostly about the mud. Trail runners enjoy the slippy paths here and tyre tracks show that mountain bikers make good use of the brid...

Forthcoming legal proceedings against Meta and YouTube are frequently referred to as the “social media addiction trials”, but whether these platforms are truly addictive is still the subject of scientific debate. The lawsuits were brought against Meta, YouTube (Google), Snap Inc and TikTok by plaintiffs alleging these platforms severely damaged their mental health when they were children. Snap and TikTok settled the first case to go to trial, brought by a woman known as KGM, now about 20. The remaining defendants, Meta and YouTube, were set to go to court this week, but the trial was delayed because Meta’s senior attorney became ill. Notably, the plaintiffs’ cases do not hinge exclusively on the idea that they became addicted to the platforms. They allege addiction as the precursor to other severe harms, including depression, eating disorders, self-harm in the form of cutting, attempted suicide and, in at least one case, death by suicide. The firms pushed back strongly on the claims. “Providing young people with a safer, healthier experience has always been core to our work … The allegations in these complaints are simply not true,” a Google spokesperson said. “We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people,” a Meta spokesperson said. TikTok and Snap Inc did not respond to a request for comment. Experts say proving, scientifically, that social media is addictive would be difficult, especially as the research community on the issue is moving away from the term “addiction” and more towards terms like “problematic use” or “use disorders”. Ofir Turel, a professor of information systems management at the University of Melbourne, and Dr Jessica Schleider, a clinical psychologist at Northwestern University, both acknowledged that social media can be harmful, but resisted calling it “addictive”. Turel said the term has become too common. “Everybody is saying, ‘I’m addicted,’ like it...

Key Points Taiwan Semiconductor Manufacturing Company (TSMC) is the world's largest chip foundry. Fourth-quarter earnings show the company is continuing to grow rapidly. 10 stocks we like better than Taiwan Semiconductor Manufacturing › With the rise of artificial intelligence (AI), there are a lot of great tech stocks in the market today. Tech stocks are my favorite segment because these companies are bringing about monumental changes in how we live and work every day. Today, many of those changes are coming from AI, as we are finding new ways to be more efficient. AI is growing as a tool for automating workflows, managing supply chains, providing customer service, predicting future events, and detecting fraud. Fortune Business Insights projects the AI market to grow from $375.9 billion this year to $2.48 trillion by 2034, for a compound annual growth rate of 26.6%. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » There are many ways to invest, but if you have just $1,000, you could do much worse than Taiwan Semiconductor ManufacturingCo.(NYSE: TSM). I think TSMC, as it's better known, is the closest thing you'll get to a surefire winner in the long term. What does Taiwan Semiconductor do? TSMC is an important company in the production of semiconductor chips, which power personal computers, tablets, smartphones, and other devices. When we're talking about AI, these chips are bundled by the thousands and used in data centers to power complex AI programs. Nvidia's graphics processing units are the most well known, but there are plenty of other companies that design chips, including Broadcom and Advanced Micro Devices. But while those companies are designing the chips, they can't make them without a foundry. And TSMC is the biggest foundry in the world. TSMC says it produced more than 11,800 products across 288 separate processes in 2024, giving it ...

In a world first, Chinese researchers have flight-tested new streamlined thrust technology in a high-speed drone, capping nearly two decades of research in the area for the lead scientist. The lighter and simpler aerodynamic thrust vectoring system abandons the complex mechanical parts of elite fighter jets like the F-35B and Su-37 to redirect engine exhaust to make the aircraft more manoeuverable. Nanjing University of Aeronautics and Astronautics announced last month that a team led by Professor Xu Jinglei succeeded in its flight test of an aerodynamic thrust vectoring nozzle on a high-subsonic speed drone. Advertisement Unlike traditional systems that rely on heavy, complex moving parts, the new system achieves greater manoeuverability through a lightweight nozzle with no moving components. The test was conducted in a desert in the country’s northwest using the CK300 high-subsonic unmanned aerial vehicle (UAV). Advertisement The aircraft is 3.6 metres (11.8 feet) long, and has a maximum take-off weight of 140kg (308lbs), a service ceiling of 13,000 metres and a top speed of 0.9 Mach.

Alphabet Inc (GOOGL) announced on Feb. 4 that it would almost double its capex spending in 2026, and GOOGL stock fell. But its free cash flow (FCF) could survive and stay strongly positive, as I will show. Moreover, this provides a great buying opportunity for value investors, as well as cash-secured short-put investors. GOOGL closed at $322.86, down over 6% from its pre-earnings release peak of $343.69 on Feb. 2. However, it's still up 16.9% from a three-month low of $276.14 on Nov. 14, 2025. A closer look at its results shows why it could be worth more. This article will show why. Strong Operating and Free Cash Flow (FCF) Alphabet is making massive investments in AI. Its capex almost doubled over the last year (+95%) from $14.3 billion in Q4 2024 to $27.9 billion in Q4 2025. For the full-year 2025, capex rose 74% to $91.4 billion. But, despite that huge increase, its free cash flow (FCF) stayed strong, actually rising almost 1% to $73.266 billion. This is because its operating cash flow (OCF) rose 31.5% in 2025 and 34% in Q4 on a YoY basis. This can be seen on page 11 of its earnings slide deck. Alphabet Q4 operating and free cash flow - Earnings slide page 11 However, what is more important here is that the OCF margin rose dramatically. That's the secret to why, despite management's guidance that it will raise its capex spending to between $175 billion and $185 billion in 2026, its free cash flow could stay strong. Let's look at this more carefully. For example, the cash flow statement on page 6 of the earnings release shows that in 2024, operating cash flow was $164.7 billion, representing 40.9% of its $402.8 billion in revenue in 2025. Alphabet OCF and FCF margins - Hake analysis, taken from Q4 cash flow results - page 6 of release But, as the table above shows, the OCF margin was higher than the 35.8% OCF margin in 2024. In other words, cash flow, as a percent of revenue, rose 14.2%, based on its large capex AI-related spending (almost double). So, that implie...

One of my pandemic hobbies that stuck was home automation. I discovered Home Assistant — the popular open source, extremely customizable home automation platform — and all the intricate things you can do with it to make your home work better. I have ADHD and have found Home Assistant to be a valuable tool for managing executive dysfunction. I use it for audible calendar reminders, laundry reminders, timers, and monitoring my doorbell camera and my nanny cam for my dog. Its also a great source of pure nerdy joy for me. And I recently took the most joyously nerdy step yet in my home automation fixation. Home Assistant lets you create custom dashboards to interact with your smart home devices. Community members spend untold hours perfecting their dashboards and some of them are really impressive. I even discovered a community theme for Home Assistant that goes a long way to looking like the LCARS computer control system in the Next Generation era of Star Trek I grew up on. LCARS is not a practical or useful computer interface. Its stated purpose is to “suggest something well-organized when a viewer sees [it] in the background of a scene.” What it is, though, is gorgeous. The aesthetic got hold of me at eight years old and has never let go. The homescreen of my iPhone’s dashboard. Most of my home automation happens through actual automation without my input, and I do make extensive use of voice control ( yes, “Computer” is my wake word. The false alarms when I’m watching Star Trek are worth it). But there are some things I’ll always want a dashboard for. Sometimes you want to control things manually. It’s nice for weather displays or triggering custom lighting scenes. Since the beginning of my infatuation with Home Assistant, I’ve been dying to use an LCARS-style interface. The theme linked above is very good — I use it for my phone’s main dashboard. But it’s not perfect. The sizing and the proportions of the elbow dividers is a little off, and the buttons are all broke...

is an editor covering deals and gaming hardware. He joined in 2018, and after a two-year stint at Polygon, he rejoined The Verge in May 2025. Dongles have a well-earned reputation for being a nuisance. They’re often costly and annoying to deal with, but for gamers, there’s one that I love to recommend that’s neither. 8BitDo’s $20 USB Adapter 2 lets you wirelessly link controllers to the Switch 2 that would otherwise be unsupported, like the Sony DualSense (complete with rumble and motion controls), Microsoft’s latest Xbox gamepads, and more. You can plug it into the Switch 2’s dock or use a USB-A-to-USB-C adapter to connect it directly to the console. It’s great to save money, since I can simply use a controller that I already own instead of buying a new one. And I sometimes forget that I’m using a PS5 controller in games like Splatoon 3 because its motion controls feel just as accurate as a controller made for the Switch. There’s another similar dongle available that’s a smidge cheaper and a lot smaller. The GuliKit Hyperlink Gen 2 USB-A adapter comes included with the company’s TT Pro and TT Max controllers, or you can buy it alone for $16.99 at Amazon. It’s compatible with Xbox controllers and PlayStation 4 and 5 controllers. Similarly, you can plug it into a Nintendo Switch 2, a PC, a Steam Deck or other handheld PCs, and Android devices. But GuliKit’s list of supported controllers isn’t as extensive as 8BitDo, which dates back to the PS3 and Wii era and also includes its fleet of wireless controllers. Nice as this is, there are some features neither dongle offers: remote console wake-up (you first have to turn on the console manually to pair the controller) or wireless audio (the 3.5mm headphone jacks in the DualSense and Xbox controllers are useless when paired to either). Lastly, you can only connect one controller at a time to each dongle (you’ll need to buy two in order to pair a second controller). I don’t think any of those are deal-breakers, but they’re ...

sankai/iStock via Getty Images Latin American Stock Surge Latin American stocks have led global returns in early 2026, riding trade policy shifts and changing geopolitical dynamics. After crushing the S&P 500 over the past year, Latin American stocks pulled back amid the recent metals whiplash but remain one of the strongest-performing regions. Seeking Alpha Five countries from the region are ranked among the top performing country ETFs. Peru, Colombia, Brazil, Chile, and Mexico are all soundly outperforming the S&P 500 in the past 30 days. Latin American stocks have benefited from several macroeconomic and long-term structural tailwinds. Metal Boom: The global energy transition has lifted demand for metals like lithium and copper, which are highly concentrated in South America. Trade Dynamics: The EU–Mercosur Trade Agreement could expand access to a vast European market and support deeper regional economic integration. Currency Tailwinds: A softer U.S. dollar supports commodity-linked revenue and eases the cost of serving dollar-denominated debt. Geopolitical Shift: U.S. action in Venezuela raised investor hopes of regional stability and freer foreign capital flows. Seeking Alpha Despite trade and policy headwinds, the region continues to experience steady economic growth as inflation stabilizes and most central banks ease rates. According to JPMorgan’s Head of Latin America Investment Strategy, Nur Cristiani, the region is positioned to break free from the boom-bust cycles of the past due to a confluence of structural shifts that are creating a window of opportunity that is fundamentally different from past cycles. “Global dynamics are shifting in ways that play directly to Latin America’s strengths. A growing focus on digital along with green transitions are laying the groundwork for more sustainable growth, while the region’s demographic profile remains favorable, with a young and urbanizing population,” Cristiani wrote in a research report . “As we look toward ...

The Super Bowl is supposed to be the highlight of the calendar for gambling companies. This year, though, a cloud has descended over the industry as the big game approached. The stock of Flutter Entertainment Plc , which runs one of the most popular US gambling apps, FanDuel, is on an eight week skid, the longest in 23 years. It’s main competitor, DraftKings , is trading around the lowest levels since 2023, and is down more than 60% from its all-time high five years ago. The matchup between Seattle-New England — with less celebrity appeal than last year’s Taylor Swift-soaked event — is partly to blame. But the bigger concern hanging over the industry is the rise of prediction markets like Kalshi , which have come out of nowhere over the last year to offer a new way to bet on sports, bypassing the state-level gambling regulations that have restricted the spread of older gambling apps. Jordan Bender , senior equity analyst at Citizens, is expecting record breaking trading volumes on prediction markets this weekend at the same time that legal wagering on traditional sportsbooks — or handle as it is known — falls 2% from last year. “A big piece of why we think Super Bowl handle will be down is that prediction markets are taking a bite out of that,” Bender said. It is quite the reversal of fortunes for gambling companies that seemed to be riding to ever greater heights in recent years as the American obsession with gambling took off in the wake of a Supreme Court decision in 2018 that allowed states to legalize sports betting. The amount wagered on the Super Bowl has grown for eight years straight. The threat to these businesses came from an unexpected direction. Until early last year, Kalshi, the leading US prediction market startup, was using its status as a federally regulated financial exchange to offer niche financial contracts tied to pop culture events and elections. The agency overseeing all this, the Commodity Futures Trading Commission, had indicated that so-ca...

The volatility in pockets of the European and US equity markets has yet to engulf the broader indexes, boosting demand for option strategies betting on further dispersion. Equity-market volatility — which has been more subdued than the price swings in other markets like precious metals and currencies so far this year — roared back as software stocks, in particular, were whipped about by concerns about the threats posed by AI. A key software exchange-traded fund in the US fell 12% from Monday through Thursday before rebounding 3.5% on Friday, while the high-low range of the S&P 500 Index for the week was just around 3%. The dispersion trade — namely betting on bigger swings in single stocks than in a basket or index — has been one of the most popular hedge fund option strategies. Its very popularity has narrowed the margin on the deals, threatening to stem the flood of money chasing it. But the trade is getting a fresh jolt as volatility in stocks widens. UBS Group AG derivatives strategist Kieran Diamond noted that European equities experienced one of the highest dispersion sessions in years last week: The gap between the weighted average realized volatility of Euro Stoxx 50 Index constituents and the gauge itself spiked above 30 points, the second-largest gap since 2009. “Implied dispersion remains elevated, but realized dispersion has been extremely high lately — and it’s kept rising month after month since last year,” said Michalis Onisiforou , Banco Bilbao Vizcaya Argentaria SA derivatives strategist. “Dispersion players continue to want to put on dispersion baskets at these levels.” Some players are interested in single-name dispersion trades, while others are reversing dispersion implemented by selling upside calls to capture the higher implied volatility for strikes far above the market, he added. Looking down at a granular level in Europe reveals how sectors dispersed from each other on Feb. 4. Beyond the usual individual moves expected during the earnings s...

At one Connecticut school, students get real-world experience with money; at a California school, they learn the power of compounding.

格隆汇2月8日｜英国首相斯塔默：(在幕僚长辞职后的声明)多年来与麦克斯威尼共事是我的荣幸。我感谢他的服务。

Arsenal’s 1-0 defeat of Manchester City at the Emirates Stadium was never going to be a statement of the Gunners’ title intentions, City’s lead at the top is just too big, but a result against the likely champions still had huge value. It would take the most almighty of collapses for City to lose their grip on a second league title, 10 years after their first. They are eight points clear of Manchester United, and 10 clear of Arsenal, who have a game in hand. Renée Slegers’s side have struggled against other top four teams this season. Until their thumping 2-0 win against Chelsea at Stamford Bridge two weeks ago, they had collected three points from four Women’s Super League games against City, United and Chelsea, with a defeat against City in the reverse fixture and draws in the others. The Gunners have looked a different side since riding out a slow start to the year, this game against City and the defeat of Chelsea sandwiching their victory in the inaugural Women’s Champions Cup. The Champions League holders are now two points behind second-placed United, with that game in hand, and the win, courtesy of Olivia Smith’s first-half goal, keeps them firmly in the hunt for a place in Europe next year. There was some wariness before this showstopperthough, with Andrée Jeglertz’s City having humbled the reigning WSL champions Chelsea the preceding week, with the Brazilian forward Kerolin scoring a hat-trick in the 5-1 win. City’s attacking talent is difficult to contain, Khadija Shaw, Lauren Hemp and Kerolin forming a formidable front three and the former Arsenal forward Vivianne Miedema shining in the No 10 role. The Emirates is Arsenal’s playground though and they had gone hard marketing the game to ensure an atmosphere that could impact, 39,155 fans swarming towards the ground to see the new world champions, following their somewhat meaningless Champions Cup win. It was the home team who started brighter, the red shirts snapping at City’s heels. They were hungrier, qu...

wildpixel/iStock via Getty Images The stock market may have been driven by several factors this past week, but two overlooked reasons may simply have been the Treasury settlement calendar and the dispersion trade. The rebound on Friday likely reflected a volatility reset after a rapid rise and a negative gamma position, at least that is what it appeared to be. Unfortunately, this week could bring more of the same. The Treasury has T-Bill settlements on Tuesday, February 10, and on Thursday, February 12. In total, the Treasury will withdraw $62 billion from markets this week. On Wednesday, February 11, we will get the employment report, and on Friday, February 13, the inflation report. Treasury Settlements The settlement calendar indicates that on most days when the Treasury conducts a settlement, the market tends to be weaker. The chart below uses vertical dotted lines to represent settlement dates, with the red line indicating down-market days and the green line indicating up-market days. The Treasury was paying down bills in December, resulting in fewer cash outflows in December and the first half of January. TradingView Since January 15, 5 of 8 Treasury settlement days have been down days. Whether by chance or not, each subsequent day since January 29 has seen a larger drawdown than the previous one. On average, the S&P 500 has declined 0.43% on settlement days since January 15, with a median decline of 0.28%. More interestingly, on days when the market rose, the median and average gains were 0.41%. On down days, the market fell by an average of 0.93%, with a median of 0.84%. Date Type Net New Cash Raised S&P 500 Return January 15 Coupons/Bills +$27.4bn +0.26% January 20 Bills +$14.0bn -2.00% January 22 Bills +$20.4bn +0.55% January 27 Bills +$39.0bn +0.41% January 29 Bills +$22.0bn -0.13% January 30 Coupons +$21.0bn -0.43% February 3 Bills +$42.3bn -0.84% February 5 Bills +$22.0bn -1.23% February 10 Bills +$40.1bn — February 12 Bills +$22.0bn — February 17 Coupo...