Hon Hai Precision Industry Co. reported a 29.7% rise in quarterly sales, a sign of sustained AI demand during the first weeks of war in the Middle East. Revenue for the three months ending in March grew to NT$2.13 trillion ($66.5 billion), while analysts on average were looking for NT$2.14 trillion. That’s as concerns about a rush to build power-guzzling data centers are growing in the face of esc...
Hon Hai Precision Industry Co. reported a 29.7% rise in quarterly sales, a sign of sustained AI demand during the first weeks of war in the Middle East. Revenue for the three months ending in March grew to NT$2.13 trillion ($66.5 billion), while analysts on average were looking for NT$2.14 trillion. That’s as concerns about a rush to build power-guzzling data centers are growing in the face of escalating conflict in the Middle East, which is putting pressure on global shipping routes and gas prices. What Bloomberg Intelligence Says Hon Hai — the world’s largest electronics manufacturer — will likely strengthen its sales growth this year as AI server rack shipments continue to expand. The Taiwanese company’s deep vertical integration and global presence offer an edge amid increasing server complexity and demand for localized production. Further upside is possible from a surge in ASIC-based server projects, followed by the Vera Rubin platform deployment in 2H. Click here for research - Steven Tseng and Rebecca Wang The Taiwanese company in March projected strong sales growth in 2026, fueled by sustained AI momentum. Chairman Young Liu warned about uncertainty around the business environment stemming from the Middle East crisis, however. Sales in the current quarter are expected to continue to grow quarter-on-quarter and year-on-year, although “it remains necessary to monitor the impact of the volatile global political and economic situation,” the company said in a statement on Sunday. Hon Hai has established itself as a key AI hardware player by assembling servers that house Nvidia accelerators. That’s as Alphabet Inc. , Amazon.com Inc. , Meta Platforms Inc. and Microsoft Corp. are earmarking about $650 billion on AI spending this year, even while warnings about overcapacity and questions about how to monetize the technology linger. The Taiwanese company also derives a large portion of revenue from assembling Apple Inc. ’s iPhones and MacBooks, and is in position to b...
(Bloomberg) -- Hon Hai Precision Industry Co. reported a 29.7% rise in quarterly sales, a sign of sustained AI demand during the first weeks of war in the Middle East. Revenue for the three months ending in March grew to NT$2.13 trillion ($66.5 billion), while analysts on average were looking for NT$2.14 trillion. That’s as concerns about a rush to build power-guzzling data centers are growing in ...
(Bloomberg) -- Hon Hai Precision Industry Co. reported a 29.7% rise in quarterly sales, a sign of sustained AI demand during the first weeks of war in the Middle East. Revenue for the three months ending in March grew to NT$2.13 trillion ($66.5 billion), while analysts on average were looking for NT$2.14 trillion. That’s as concerns about a rush to build power-guzzling data centers are growing in the face of escalating conflict in the Middle East, which is putting pressure on global shipping rou
nopparit/E+ via Getty Images The Militia Long/Short Equity ETF ( ORR ) is an actively managed, long/short global equity fund that launched on January 14, 2025. It is sub-advised by Militia Investments LLC, with ETF Architect (Empowered Funds) serving as the RIA and PINE Distributors as the distributor. The fund seeks capital appreciation by investing in both long and short positions in equities an...
nopparit/E+ via Getty Images The Militia Long/Short Equity ETF ( ORR ) is an actively managed, long/short global equity fund that launched on January 14, 2025. It is sub-advised by Militia Investments LLC, with ETF Architect (Empowered Funds) serving as the RIA and PINE Distributors as the distributor. The fund seeks capital appreciation by investing in both long and short positions in equities and ETFs across all market capitalizations, including U.S. and foreign securities. The fund is currently holding 196 positions and charges a management fee of approx. 1.30%. ORR manages approx. $417 million in net assets as of 04/02/2026 . I am initiating ORR as a buy for its exceptional use as a non-correlated sleeve within a diversified portfolio. Since its inception, ORR has returned 47.1% on NAV through February of 2026, which is about 2.5X S&P 500 TR for the same period, all while running structurally lower net market exposure. The fund exploits uncrowded factor anomalies in areas that most U.S. long/short ETFs ignore, carries great fee alignment with the fund manager reinvesting 100% of fee revenue back into shares, and provides low correlation to U.S. equities. There are caveats to this ETF, as this is a levered, single-manager fund with a limited history. How ORR Works ORR runs a fundamentally based global stock selection strategy and runs at about 150% long and 100% short. The leverage utilized by ORR gives it characteristics of a hedge fund, but instead of 2/20, it is just a 1.30% management fee. The long section of their book concentrates on developed-market equities outside of the U.S., mainly Japanese small/mid-caps and Mexican infrastructure, while the short side of the book hedges through broad market equity exposure in the form of index ETFs or targets impaired businesses in concentrated positions. The investment strategy that is employed by ORR is well studied, involving low-volatility premium and small-cap value premium. 90% of long exposure also sits outsid...
Buildup to Sunday’s football action Get in touch: mail Daniel and follow us on BlueSky On the one hand, he did well to coax a title out of a squad whose best players are ageing; on the other, it was Jürgen Klopp’s team and it relied upon Mo Salah delivering half a season of dead-cat bounce brilliance that had little to do with anyone’s tactics. And as for this season, who signed off on all the sum...
Buildup to Sunday’s football action Get in touch: mail Daniel and follow us on BlueSky On the one hand, he did well to coax a title out of a squad whose best players are ageing; on the other, it was Jürgen Klopp’s team and it relied upon Mo Salah delivering half a season of dead-cat bounce brilliance that had little to do with anyone’s tactics. And as for this season, who signed off on all the summer business? Changing five players is never going to be seamless, but ignoring the major weaknesses in the squad – the middle of defence and the middle of midfield – to splurge on an attack that didn’t need that level of refreshment, was a colossal error. Continue reading...
SimonSkafar/E+ via Getty Images The Strait of Hormuz is often associated with the choked oil flow that has sent oil prices surging. However, what is often ignored is the importance of the region for fertilizer production. In September, I added Yara International ( YARIY , YRAIF ) to my coverage with a buy rating . Since then, the stock price has climbed 54% against the 67% upside I saw for the sto...
SimonSkafar/E+ via Getty Images The Strait of Hormuz is often associated with the choked oil flow that has sent oil prices surging. However, what is often ignored is the importance of the region for fertilizer production. In September, I added Yara International ( YARIY , YRAIF ) to my coverage with a buy rating . Since then, the stock price has climbed 54% against the 67% upside I saw for the stock. So, the upside did not fully materialize, but the new setting regarding the Middle East and urea provides a good moment to assess whether there is additional upside. Yara Stock Boosted By Urea Shock The bullish thesis that I initially laid out prior to the war is a simple one. The world population is set to grow in the decades ahead, while arable area will not grow nearly as much and will actually be more or less stable. That drives demand for crop protection, where companies such as FMC ( FMC ) may play a role. It also drives demand for fertilizers to improve yield. That positions Yara well for the long term even when it is not the biggest producer of fertilizers. Food security is gaining more attention these days, and with food being a basic need, there usually is a strong pass-through mechanism when input costs rise. However, competition from countries with low gas prices, which are a feedstock and energy source for the production of fertilizers, does provide a somewhat challenging backdrop for Yara, which has been experiencing higher gas prices, particularly in Europe. So, it is not necessarily a no-brainer to invest even if the never ending demand for food is. China is generally seen as the dominant producer of urea, together with India and Russia. We do note that particularly China and India are small exporters of urea, and most of the produced fertilizers are used domestically. So, Yara will not easily sell into those markets, if at all, but in the global fertilizer market, India and China are less meaningful. The top exporters are in the Middle East. Collectivel...