luza studios/E+ via Getty Images Thesis Hut 8 Corp. ( HUT ) is trying to transition from a volatile Bitcoin miner to a long-duration, AI and energy infrastructure platform. Now, I see it as a good thing, but the aim has to be more towards predictable, contract-driven cash flows. With the support coming from high-efficiency and their vertically integrated data centers, which take advantage of some ...
luza studios/E+ via Getty Images Thesis Hut 8 Corp. ( HUT ) is trying to transition from a volatile Bitcoin miner to a long-duration, AI and energy infrastructure platform. Now, I see it as a good thing, but the aim has to be more towards predictable, contract-driven cash flows. With the support coming from high-efficiency and their vertically integrated data centers, which take advantage of some disciplined project-level financing. The upside here is that if Hut 8 executes on their multi-gigawatt pipeline and flagship AI deals we saw in 2025, whilst keeping the build cost-efficient, it could convert future revenue into utility-like, infrastructure-style earnings. This would be needed to justify the premium valuation despite near-term losses. Hut 8’s management is well aware that AI-driven compute demand is still pretty robust despite the broader market noise we’re seeing. It puts management’s focus on relationships with strategic partners like Fluidstack/Anthropic. They need to use these partnerships to align their capacity expansion with actual customer demand going forward. On the financial side, the FY25 earnings showed us some of this operational strength, with revenue growing 45% year-over-year to $235.1 million, and their Compute segment alone now driving $202 million of that growth, which is good to see. Gross margins managed to expand to 54%, which goes to show the improving unit economics, which I’ll explain. However, the bottom line here is still extremely pressured. There was a net loss of $248 million, largely from about $220 million in unrealized Bitcoin ( BTC-USD ) losses, compared to the significant gains we saw back in 2024. So the key worry for me is that whilst Hut 8’s core operations with the new AI-focused infrastructure are improving markedly, the headline earnings are still being distorted by crypto exposure. So I think this will mask the underlying operational progress and long-term potential of the business in 2026 as well. So I do expect mo...
Marvell Technology deepens NVIDIA tie-up, boosting its role in AI infrastructure and unlocking new growth avenues in high-speed connectivity and custom silicon demand.
Marvell Technology deepens NVIDIA tie-up, boosting its role in AI infrastructure and unlocking new growth avenues in high-speed connectivity and custom silicon demand.
Historian Ian Buruma chronicles the lives of ordinary Berliners — including his own father — during World War II. Stay Alive is about the past, but has powerful lessons for the present.
Historian Ian Buruma chronicles the lives of ordinary Berliners — including his own father — during World War II. Stay Alive is about the past, but has powerful lessons for the present.
Grandbrothers/iStock Editorial via Getty Images Ultragenyx Pharmaceutical ( RARE ) announced on Thursday that the Food and Drug Administration accepted its resubmitted biologics license application, which seeks U.S. approval for its gene therapy candidate UX111. The FDA has issued Sept. 19, 2026, as the target action date for the BLA, which targets the accelerated approval for UX111 as a treatment...
Grandbrothers/iStock Editorial via Getty Images Ultragenyx Pharmaceutical ( RARE ) announced on Thursday that the Food and Drug Administration accepted its resubmitted biologics license application, which seeks U.S. approval for its gene therapy candidate UX111. The FDA has issued Sept. 19, 2026, as the target action date for the BLA, which targets the accelerated approval for UX111 as a treatment for a rare and fatal lysosomal storage disease known as Sanfilippo syndrome Type A (MPS IIIA). In July 2025, the regulator issued a complete response letter declining to approve the AAV gene therapy, citing a requirement for additional information regarding several manufacturing-related issues. The company added that pending FDA approval, it plans to produce UX111 entirely using U.S.-based sites, including its gene therapy manufacturing facility in Bedford, Massachusetts. More on Ultragenyx Pharmaceutical Ultragenyx Pharmaceutical Inc. (RARE) Presents at Leerink Global Healthcare Conference 2026 Transcript Ultragenyx Pharmaceutical Inc. (RARE) Presents at Barclays 28th Annual Global Healthcare Conference Transcript Ultragenyx Pharmaceutical Inc. (RARE) Presents at TD Cowen 46th Annual Health Care Conference Transcript Ultragenyx gains FDA IND clearance of UX016 for GNE myopathy Ultragenyx downgraded to neutral at Goldman Sachs on setrusumab data
The private equity firm that acquired Walgreens as part of a $10 billion deal plans to double the pharmacy chain’s profitability over the next several years, according to people familiar with the matter. Sycamore Partners , a New York-based buyout firm, wants to grow the retailer’s earnings before interest, taxes, depreciation, and amortization to $4 billion, said the people, who asked not to be i...
The private equity firm that acquired Walgreens as part of a $10 billion deal plans to double the pharmacy chain’s profitability over the next several years, according to people familiar with the matter. Sycamore Partners , a New York-based buyout firm, wants to grow the retailer’s earnings before interest, taxes, depreciation, and amortization to $4 billion, said the people, who asked not to be identified discussing private matters. That’s up from about $2 billion that the US drugstore chain earned in 2024. The target was presented to shareholders and some employees at the end of last year, the people said. The presentation included options for Sycamore to exit its investment when the goal is reached or pay dividends if it decides to hold on to the investment for longer, according to the people. Walgreens and Sycamore declined to comment on the financial target. Walgreens, one of the most recognizable drugstore chains in the US, was taken private last year after its stock fell steadily over a decade, in part due to increasing competition from online retailers and big-box stores. The company, once valued above $90 billion, also floundered as insurance companies tightened reimbursements for prescription drugs. Rivals have also struggled, with major chains across the country closing thousands of stores. Rite Aid went bankrupt and shut down last year. Sycamore has been reducing costs at Walgreens by cutting staff and taking away paid holidays for some employees, while working to boost store sales by adding products, like electronic cigarettes . The retailer is making progress getting better payments for its drugs, now turning a profit on once loss-making GLP-1s, a company executive told employees at a meeting in February, according to attendees who aren’t authorized to speak publicly. Sycamore’s Ebitda target excludes profits from other businesses that used to be part of publicly-traded Walgreens Boots Alliance Inc. and are now separate entities. Walgreens expects adju...
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. Who are you going to believe about whether private credit is a threat to the financial system, Jerome Powell or Warren Buffett? The Fed chairman said that while people ...
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. Who are you going to believe about whether private credit is a threat to the financial system, Jerome Powell or Warren Buffett? The Fed chairman said that while people are going to lose money, he doesn’t see a systemic risk . The Sage of Omaha by contrast sees signs of fragility in the banking system because of ties to nonbanks. Each view has support from lesser gods: DZ Bank is in Buffett’s camp, calling private credit a major risk for the US economy. Moody’s sounded a note of caution, as did the Bank of England and the head of Japan’s banking lobby. Powell’s corner includes Apollo Global Management’s Jim Zelter and anyone else holding some of the $1.4 trillion of private credit extended to nonbanks . It’d be good to know the answer now, because there’s a lot more money heading that way as the US seeks to open the gates and let alternative assets into retirement accounts. This is in stark contrast with existing investors rushing to get out of private credit, with holders demanding 40.7% of their money back from one beleaguered Blue Owl fund . In between existential issues, there was some upbeat news, with M&A top of mind. Citigroup might be looking at owning a big regional bank , and in Japan, Shizuoka Financial Group and Bank of Nagoya agreed to combine . Wells Fargo, liberated from the asset-cap punishment imposed by the US seven years ago, has emerged as a stabilizing force for the sometimes-rickety repo market. And who doesn’t like the sunny optimism of April quarterly earnings reports, which start mid-month with Goldman Sachs leading the pack amid a robust deals market? Not career advice, but if you’re planning to do something legally sketchy, there are fewer people to catch you — the SEC lost 18% of its employees last fiscal year. ...
Google is launching another update to its Home app, which is supposed to make controlling your smart home with its Gemini AI assistant "more natural and reliable," according to this week's release notes . With the update , you can describe the type of lighting you want, such as "the color of the ocean," and Gemini will pick the color based on your prompt. You can also use more natural and precise ...
Google is launching another update to its Home app, which is supposed to make controlling your smart home with its Gemini AI assistant "more natural and reliable," according to this week's release notes . With the update , you can describe the type of lighting you want, such as "the color of the ocean," and Gemini will pick the color based on your prompt. You can also use more natural and precise language when asking Gemini to control your appliances or climate. That means you can now tell Gemini to "preheat the smart oven to 350 degrees" or set specific humidity levels. Google has improved Gemini's ability to identify your devices, too - lik … Read the full story at The Verge.
The average brokerage recommendation (ABR) for Advanced Micro (AMD) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought-after metric questionable. So, is it worth buying the stock?
The average brokerage recommendation (ABR) for Advanced Micro (AMD) is equivalent to a Buy. The overly optimistic recommendations of Wall Street analysts make the effectiveness of this highly sought-after metric questionable. So, is it worth buying the stock?
Iran War volatility has tossed finance stocks "out with the bathwater." It's giving us a nice "second chance to buy" my favorite finance-focused dividend.
Iran War volatility has tossed finance stocks "out with the bathwater." It's giving us a nice "second chance to buy" my favorite finance-focused dividend.
Nico De Pasquale Photography/DigitalVision via Getty Images The conundrum of 'high yield' investing In the world of income investing for retirees, most often flock to choices where the yield is paid in a fashion that may be static or have a potential for income volatility. There's no free lunch and often times extracting 7-10% from a fund, corporate entity or stock takes some creative financial en...
Nico De Pasquale Photography/DigitalVision via Getty Images The conundrum of 'high yield' investing In the world of income investing for retirees, most often flock to choices where the yield is paid in a fashion that may be static or have a potential for income volatility. There's no free lunch and often times extracting 7-10% from a fund, corporate entity or stock takes some creative financial engineering. This engineering could be from the selling of options or the introduction of leverage. In the prior [options and options hybrids], some upside is given up and an investor may lose tax efficiencies of qualified dividends if held in taxable accounts. With the introduction of leverage in a fund to amplify returns, this is usually most appropriate in stable non cyclical strategies [like utilities]. Anything with large standard deviations, and your losses also get amplified, making it harder for these funds to recover while melting from interest payments or forced liquidations to maintain a debt to equity ratio in the funds. How SCHD can benefit income strategies The Schwab US Dividend Equity ETF (NYSEARCA : SCHD ), is not by itself 'high yield', but it is one of the most consistent dividend growth funds in existence. The goal in constructing an income portfolio for retirement that one can use for daily living without touching the principal should have a few factors: 1: A high enough yield that one wouldn't have to consider selling shares in a pinch, letting the portfolio work for you without excessive monitoring. 2: Control standard deviations with reliable backtests to make sure the portfolio volatility is not more than the market. This point is often missed by investors and many underlying distribution strategies from a fund relies on the underlying stocks and bonds in said funds being more or less stable. 3: Account for inflation . The main problem with high yield strategies like BDCs [business development companies] and CEFs [closed end funds], is the amount paid...
Getty Images Beginning of a major inflationary spike The U.S. BLS is set to release March CPI inflation on Friday, April 10th. Early indications suggest that it will be a hot report, with headline inflation spiking to 3.2% from 2.4% in February - due to an unfolding spike in oil prices. This could be only a beginning of the major inflationary shock over the next few months and quarters, into 2027....
Getty Images Beginning of a major inflationary spike The U.S. BLS is set to release March CPI inflation on Friday, April 10th. Early indications suggest that it will be a hot report, with headline inflation spiking to 3.2% from 2.4% in February - due to an unfolding spike in oil prices. This could be only a beginning of the major inflationary shock over the next few months and quarters, into 2027. Specially, due to the war in Iran, the price of WTI crude oil has increased from $55/barrel before the war to as high as $120/barrel intraday in March, currently near the highest closing price at $102/barrel. Below is the chart of WTI Crude oil ( CL1:COM ), the price is approaching the 2022 spike level, which also contributed to the inflationary spike that forced to the Fed to aggressively hike interest rates. WTI Crude (Barchart ) The price of gasoline ( XB1:COM ) is also spiking, here is the chart of RBOB gasoline futures, up from $1.68/gallon to $3.4/gallon, more than a double. RBOB Gasoline (Barchart ) Expectations for March CPI The Cleveland Fed publishes Inflation Nowcast , which is an econometric model that uses high frequency daily energy prices to predict inflation for the next two months. Based on Inflation Nowcast: Headline CPI will spike by 0.84% MoM in March, which will push the annual headline CPI to 3.25% in March from 2.4% in February. Looking at the April projections, the annual headline CPI is expected to spike to 3.71% - that's already a substantial spike. Note, the current phase of unfolding inflationary spike is limited only to headline CPI inflation, as the annual core CPI, which excludes food and energy, is expected to stay at 2.5-2.6%, unchanged from the February 2.5% level. Cleveland Fed Cleveland Fed First indications of inflationary pressures We already have some early indications of building inflationary pressures in March. Specifically, the ISM Manufacturing Prices Paid Index for March spiked to 78, which adds to the February spike - and it at ...
If you're flying United Airlines you'll now have a better idea of when you need to get to the airport to make your flight. Yesterday the airline announced several updates to its iOS and Android mobile apps including estimated security wait times at all of United's US hub airports as a result of the ongoing partial government shutdown that left TSA agents unpaid and checkpoints understaffed. That i...
If you're flying United Airlines you'll now have a better idea of when you need to get to the airport to make your flight. Yesterday the airline announced several updates to its iOS and Android mobile apps including estimated security wait times at all of United's US hub airports as a result of the ongoing partial government shutdown that left TSA agents unpaid and checkpoints understaffed. That includes airports in Chicago, Denver, Houston, Los Angeles, New York / Newark, San Francisco, and Washington, DC, and both standard security and TSA PreCheck lineups. Other features that will benefit flyers on travel day include personalized turn- … Read the full story at The Verge.