格隆汇1月30日｜美国总统特朗普：美国目前的钢铁产量超过日本。

Keir Starmer has taken a major step towards rapprochement with China, opening the door to a UK visit from Xi Jinping in a move that drew immediate anger from British critics of Beijing. During the first visit by a British prime minister to China in eight years – a period which Starmer described as an “ice age” – he said talks with the Chinese president had left the bilateral relationship in a stronger place. However, while Starmer and his team were flaunting the results of the visit – including a visa waiver, a cut in whisky tariffs and economic cooperation agreements – there was growing concern in the UK over the prospect of a return trip. While travelling to Beijing, Starmer had said the UK government would remain “clear-eyed and realistic” about national security threats from China, despite Beijing’s espionage activities in the UK and imposition of sanctions on British MPs. But, asked whether Starmer would like Xi to visit the UK, his official spokesperson said: “The prime minister has been clear that a reset relationship with China, that it’s no longer in an ice age, is beneficial to British people and British business. I’m not going to get ahead of future engagements, we’ll set those out in the normal way.” Five Conservative MPs, who are some of the most vocal critics of Beijing in parliament, and two peers are among nine Britons who had sanctions imposed on them by China in 2021 in retaliation for measures taken by the UK over human rights abuses against the Uyghur people. It would be politically challenging for Starmer to invite Xi to the UK while the sanctions remained in place – although No 10 said progress had been made on this in the talks – and while Chinese diplomats are banned from parliament after a spying row. 11:17 Starmer thaws China relations: what’s at stake? - The Latest The first, and last, time Xi travelled to the UK was for a state visit in 2015, at the height of the “golden era” in relations under the then prime minister, David Cameron, when...

Apple set to report earnings: iPhone growth, AI, memory costs will be in focus in first quarter CNBC

SIGNAUX GIROD (ISIN : FR0000060790) RESULTATS CONSOLIDES 2024/2025 Bellefontaine, le 29 janvier 2026 – 18h00 Le conseil d’administration a arrêté le 29 janvier 2026 les comptes consolidés de l’exercice clos au 30 septembre 2025. Les procédures d’audit sur les comptes consolidés ont été effectuées. Le rapport de certification est en cours d’émission. En millions d’Euros 2024/2025 2023/2024 Variations (Chiffres arrondis au dixième de million le plus proche) Du 01/10/2024 Du 01/10/2023 en Au 30/09/2025 Au 30/09/2024 M€ Chiffre d’affaires 101,6 101,8 - 0,2 Résultat opérationnel courant + 1,4 + 1,7 - 0,3 Perte de valeur - 0,4 - 0,4 0,0 Autres produits et charges opérationnels + 0,3 + 0,6 - 0,3 Résultat opérationnel + 1,3 + 1,9 - 0,6 Résultat net consolidé + 0,8 + 0,9 - 0,1 Résultat net part du groupe + 0,8 + 0,9 - 0,1 EBITDA* + 7,3 + 7,4 - 0,1 * L’EBITDA représente le résultat net consolidé avant impôt, amortissements, provisions, pertes de valeur et résultat financier tels qu’ils apparaissent au compte de résultat consolidé. Cet indicateur non défini par une norme IFRS, est utilisé pour mesurer la capacité du groupe à générer de la trésorerie à partir de ses activités opérationnelles. Sur l’exercice 2024/2025, le chiffre d’affaires est en léger recul de 0,2 %. Le bénéfice net consolidé de l’exercice atteint 0,8 M€. Il intègre une perte de valeur de 0,4 M€ constatée sur le goodwill de notre filiale spécialisée Atech. L’EBITDA est stable à 7,3 M€ et passe de 7,3 % du chiffre d’affaires au 30 septembre 2024 à 7,1 % du chiffre d’affaires au 30 septembre 2025. Les marges ont sur le groupe légèrement baissé durant l’exercice mais une amélioration du résultat financier et une baisse de la charge d’impôt ont permis de maintenir le niveau de résultat net consolidé. Le résultat opérationnel courant ressort à +1,4 M€ et se décompose de la manière suivante sur les différents pôles : Signalisation France : (CA : 61,7 M€ - ROC : -0,7 M€) Dans un contexte économique et budgétaire cont...

While generative AI is being adopted at various levels of game development, a new survey suggests that developers increasingly think the technology is bad for the industry. According to the most recent survey from the Game Developers Conference, 52 percent of respondents said that gen AI is having a “negative” impact on the games industry, versus just 7 percent who viewed the technology as “positive.” Perhaps most startling is how the negative outlook has grown over the years: in 2024, just 18 percent of those surveyed viewed the tech as a negative, and that number jumped to 30 percent in 2025. Now it’s up to more than half. GDC surveyed 2,300 “game industry professionals” to get these results, and the demographics are primarily male (64 percent), white (67 percent), and based in the United States (54 percent). The organizers admit that this makeup is “far from truly representative of the global community, and we know more work is needed.” (You can check out the full report right here.) However, the results still provide some fascinating insight into how actual developers feel about the AI, at the same time that the leaders of major publishers like EA and Krafton are espousing its virtues (and as Larian has had to clarify how it’s using the technology). As for how much the gen AI is actually being used in the industry, 36 percent of those surveyed said they utilize it as part of their jobs, while 64 percent said they don’t. The majority of those who do use gen AI said they use the tech for research and brainstorming (81 percent), as well as administrative tasks like email (47 percent). But some did admit to using AI for more development-oriented tasks, including prototyping (35 percent), testing or debugging (22 percent), and asset generation (19 percent). Only 5 percent of that group said they use gen AI on “player-facing features.” The other major topic broached in the survey was the persistent layoffs and studio closures that have ravaged the industry over the la...

is a senior reporter covering technology, gaming, and more. He joined The Verge in 2019 after nearly two years at Techmeme. Posts from this author will be added to your daily email digest and your homepage feed. This week, a new generative AI tool from Google let me create bad knockoffs of 3D Nintendo worlds. Check out my version of something like Super Mario 64: I didn’t like Metroid Prime 4: Beyond, but it’s better than my version of a Metroid Prime experience: Or how about my take on The Legend of Zelda: Breath of the Wild, complete with a paraglider (and, briefly, a second Link): It was all possible thanks to Project Genie, an experimental research prototype that Google gave me access to this week, though I don’t think I’m using it in exactly the way Google intended. Google DeepMind has been putting a lot of effort into building its AI “world” models that can generate virtual interactive spaces with text or images as prompts. The company announced its impressive-looking Genie 3 model last year, but it was only available as “a limited research preview” at the time. Project Genie, which will be rolling out to Google AI Ultra subscribers in the US starting today, will be the first opportunity for more people to actually try out what Genie 3 is capable of. Google is releasing Project Genie now partly because it wants to see how people use it. “It’s really for us to actually learn about new use cases that we hadn’t thought about,” Diego Rivas, a product manager at Google DeepMind, tells The Verge. The company is already excited about how Genie could help to visualize scenes for filmmaking or for interactive educational media. You could, if you wanted, take a photo of your kids’ favorite toy and use it to prompt a Genie-generated world. Genie could potentially help robots navigate the real world, too. But Project Genie isn’t yet an “end-to-end product that we expect people to just use every day,” stressed Shlomi Fruchter, a Google DeepMind research director. With Proj...

is transportation editor with 10+ years of experience who covers EVs, public transportation, and aviation. His work has appeared in The New York Daily News and City & State. Posts from this author will be added to your daily email digest and your homepage feed. Waymo has finally broken through its SFO logjam. The company announced today that it will start offering robotaxi rides to a select group of passengers traveling to and from the San Francisco International Airport, a major step in Waymo’s effort to increase its footprint in the Bay Area. The company plans on gradually growing the number of riders until anyone who wants to can hail a Waymo at the airport, which the company says should happen “in the coming months.” After years of back-and-forth negotiations with the airport’s operators, Waymo finally signed “Testing and Operations Pilot Permit” with SFO in September 2025. Under the agreement, Waymo’s airport service would roll out in three phases, including testing vehicles with a human driver, testing without a driver, and eventually beginning commercial service. Waymo has successfully completed the first two phases of that plan and now is entering the third phase, said SFO spokesperson Doug Yakel. But Waymo won’t have unfettered access to SFO’s terminals, at least not this year. Pickups and drop-offs will take place at SFO’s Rental Car Center, which is accessible to the terminals via the AirTrain. Additional locations, like the airport’s main terminals, will come later. Yakel noted that starting in the rental car lot allows airport operators to “isolate” Waymo’s robotaxis from the busy passenger terminals, which he noted was similar to how Phoenix’s airport initially rolled out Waymo’s access. SFO may call for adjustments based on how well Waymo does during this phase of the pilot program, he said. SFO wants to ‘isolate’ Waymo from its terminals for now “This careful, deliberate approach makes us comfortable launching passenger operations, knowing full well ...

is a senior editor and author of Notepad , who has been covering all things Microsoft, PC, and tech for over 20 years. Windows is in a weird spot. In its 40-year history, the operating system has weathered its fair share of missteps, but Windows 11 is testing the patience of its users in new ways. Persistent bugs, performance issues, intrusive prompts, ads, and bloatware have eroded the core Windows experience. Early system requirement decisions have also damaged trust among Microsoft’s most loyal users, an erosion that’s accelerated by the company’s aggressive push into AI that doesn’t always deliver on its promises. Windows is at breaking point, and Microsoft knows it. Sources familiar with the company’s plans tell me Windows engineers are now focusing on fixing the core issues of Windows 11 over the coming months, in a process known as “swarming.” Microsoft is redirecting engineers to urgently fix Windows 11’s performance and reliability issues, aiming to halt the operating system’s death by a thousand cuts. Microsoft is also going to spend the rest of the year focusing on all of the Windows 11 pain points. “The feedback we’re receiving from our community of passionate customers and Windows Insiders has been clear. We need to improve Windows in ways that are meaningful for people,” says Pavan Davuluri, president of Windows and devices, in a statement to Notepad. “This year you will see us focus on addressing pain points we hear consistently from customers: improving system performance, reliability, and the overall experience of Windows.” Some of these improvements will be basic changes like fixing dark mode in Windows 11 and modernizing parts that have felt neglected over the past decade. While Microsoft has done a good job on improving driver stability and reducing BSODs in Windows 11, it still needs to address basic performance issues with File Explorer, or the fact that Linux can often run Windows games better than Windows. We’re only a month into the new year...

One analyst estimates Tesla could ultimately make $25 billion a year by selling Optimus robots manufactured on former Model S and Model X production lines.

Green Thumb expects to generate significantly more free cash flow due to marijuana's rescheduling. There was a lot of hype and excitement around marijuana rescheduling in December, which lifted many pot stocks in the process. While investors were generally bullish on a wide range of marijuana companies due to the executive order President Trump signed to expedite the rescheduling of cannabis from a Schedule I to Schedule III substance, the truth is that not all companies will benefit from the development. The main benefit will flow through to multi-state operators in the U.S. market today selling cannabis products. And one of the biggest pot producers today that may benefit from marijuana rescheduling is Green Thumb Industries (GTBIF 4.46%). Here's why the pot stock could have a lot of upside ahead. Green Thumb's CEO expects much more free cash flow The big win for multi-state operators from cannabis rescheduling is that they will have to pay much less in taxes. That's because Section 280e of the tax code will no longer apply, and it blocks many standard deductions for cannabis companies. With that gone, multi-state operators will generate much more profit and free cash flow. In a recent interview, Green Thumb's CEO estimated that his company will generate an extra $60 million in free cash flow per year due to the rescheduling, noting that with the change, the business will be taxed based on operating income rather than gross margin. By freeing up additional cash, the company can use that to pursue more growth initiatives to expand its operations. Expand OTC : GTBIF Green Thumb Industries Today's Change ( -4.46 %) $ -0.32 Current Price $ 6.86 Key Data Points Market Cap $1.7B Day's Range $ 6.71 - $ 7.25 52wk Range $ 4.63 - $ 10.43 Volume 385K Avg Vol 620K Gross Margin 48.93 % The company is already one of the better-run cannabis businesses out there today Today, Green Thumb is already one of the safer cannabis stocks to invest in, as it is generating not only positiv...

Mortgage rates in the US rose for a second week as demand from buyers remains sluggish. The average for 30-year , fixed loans was 6.1%, up from 6.09% last week , data from Freddie Mac showed Thursday. Mortgage rates that have fallen in the past few months are helping to ease the affordability crisis, but demand so far remains sluggish. Some would-be buyers are holding out for even lower rates, while others may be discouraged by the weakening job market. The Federal Reserve left benchmark rates unchanged at its Wednesday meeting, signaling a more-cautious approach to potential future adjustments. “Mortgage rates will remain elevated in 2026,” Ershang Liang, an economist at PNC Economic Research, wrote in a note this week. “But stronger job growth and continued wage gains should help juice housing demand and increase housing affordability, even with modest price growth.”

Prosecutors investigating the deadly new year bar fire that killed 40 people in the Swiss ski resort of Crans-Montana have opened a criminal investigation into a current and a former local council official, according to documents and local media reports. The municipality’s head of public safety was this week summoned to a hearing next Friday, their lawyer, Nicolas Rivard, confirmed on Thursday, adding that his client would be reserving any statement for the public prosecutors. A former council fire safety officer is also due to be questioned by investigators in the south-western canton of Valais on 9 February. Their lawyer, David Aioutz, said his client would be present at the state prosecutor’s office then. The official and former official have not been named. Documents from the prosecutor’s office seen by Reuters describe both individuals as “defendants” in the case and indicated that past and present town hall officials could be held responsible for safety failings at Le Constellation bar. The bar’s French owners, Jacques and Jessica Moretti, who face formal charges of negligent manslaughter, negligent bodily harm and negligent arson, were until now the only suspects under criminal investigation in the tragedy. The new year’s inferno also injured 116 people, most of them teenagers. The dead include 21 Swiss nationals, nine French citizens, six Italians, and a person from Belgium, Portugal, Romania and Turkey; the average age was 19. Authorities believe the blaze started in the basement party room of the crowded bar after sparklers attached to champagne bottles were held too close to the ceiling, which was clad with soundproofing foam that caught fire. Questions have been raised about the presence and accessibility of fire extinguishers in the basement, and whether the exits – including a reportedly narrow single staircase up to the bar – complied with regulations. Jacques Moretti was held in preventive custody for nearly two weeks before being released on bail of...

JHVEPhoto/iStock Editorial via Getty Images Shares of Ameriprise Financial ( AMP ) have been a poor performer over the past year, losing about 13% of their value. Ameriprise has been weighed down by concerns about peaking revenue from its cash sweep given Fed rate cuts, though this is just one piece of its business, and a rising market should support higher advisory fees. The underlying strength of its business model was apparent in the company’s fourth quarter, and those results sent shares up about 5% in early trading on Thursday. I last covered Ameriprise in October when I rated the stock a "B uy," and it has gained 15% since then, justifying my rating. I remain bullish. Seeking Alpha In the company’s fourth quarter , Ameriprise Financial earned $10.83, which beat estimates by $0.52 as revenue grew 9% to $5.05 billion. AUM was up 11% to $1.7 trillion, reflecting both market appreciation and a strong pace of inflows. Earnings were up 16% from last year, given revenue growth and solid operating leverage. For the full year, the company earned $39.29, up 14%. Importantly, AMP is positioned for ongoing earnings growth in 2026. Drilling into results, its wealth management business grew revenue by 12% to $3.2 billion, with operating earnings rising 13% to $926 million. During Q4, the company had $13.3 billion of client inflows, up $2 billion from last year, translating to a 4.7% organic growth rate. Aided by a rising market, revenue per advisor went up 8% to $1.1 million. Advisory fees were up an excellent 18% to $1.8 billion. These fees provide stable, recurring revenue and are the base of the business. They are typically charged quarterly in arrears and move with the market. Given the strong 12/31 close, we should see a sequential rise again in Q1, and with the market remaining strong, that strength should extend beyond just the first quarter. Ameriprise Financial Cash sweep balances were $29.9 billion, essentially flat from last year. This was up $2.8 billion sequent...

美国参议院投票，无法通过政府融资立法草案，对众议院支持的权宜性融资草案的投票仍在继续。 目前，（国会山与白宫）仍然在讨论政府融资草案。

The post Best Real Estate Crowdfunding Platforms for Non-Accredited Investors by Kevin Vandenboss appeared first on Benzinga . Visit Benzinga to get more great content like this. Arrived Homes and Fundrise are our top picks for the best real estate crowdfunding platforms for non-accredited investors. They offer opportunities to invest with lower minimum investments, diversified portfolios, and user-friendly interfaces. Real estate crowdfunding has evolved significantly in recent years, expanding access beyond accredited investors to include a broader range of participants. Non-accredited investors can now access diversified real estate portfolios, fractional ownership opportunities, and income-generating properties through digital platforms that were previously restricted to high-net-worth individuals. These platforms operate under specific regulatory frameworks, primarily Regulation A+ and Regulation Crowdfunding, which permit non-accredited investors to participate while maintaining investor protections. The distinction between accredited and non-accredited investors is defined by the Securities and Exchange Commission based on income and net worth thresholds. Accredited investors must earn at least $200,000 annually ($300,000 if married) in each of the prior two years with reasonable expectation of the same for the current year, or maintain a net worth of at least $1 million excluding their primary residence. Holders of Series 7, 65, or 82 licenses in good standing also qualify as accredited. Non-accredited investors are those who do not meet these criteria, and regulatory frameworks limit their investment amounts in certain offerings to protect against disproportionate risk exposure. Real estate crowdfunding platforms for non-accredited investors typically offer several investment structures: individual property shares, where investors purchase fractional ownership in specific rental properties; private real estate investment trusts that pool capital across comm...

Microsoft (MSFT) Stock Plummets After Q2 Results: Analyst Says Buy Now For 'Multi-Year Journey' Benzinga

The Senate Agriculture Committee advanced its version of digital asset market structure legislation on a party-line vote, as key lawmakers on another panel continue to negotiate their piece of the contentious bill. The Agriculture Committee’s measure would establish the Commodity Futures Trading Commission as the primary regulator of a vast swath of the digital asset industry, giving it authority to regulate spot commodities, like Bitcoin, for the first time. Historically, the CFTC has regulated derivatives on commodities, such as wheat futures, rather than the spot commodities themselves. Senators Cory Booker and Adam Schiff said Thursday there are Democratic lawmakers who want to advance bipartisan crypto market structure legislation but argued the bill needed stronger ethical safeguards. Senator Michael Bennet , a Colorado Democrat, offered an amendment to restrict lawmakers’ and the president and vice president from engaging in digital assets while in office but that proposal was rejected. Senate Agriculture Committee Chairman John Boozman said he understood the concern behind the amendment but that ethics provisions were “way beyond” the panel’s jurisdiction and would need to be addressed on the Senate floor. Senate Banking Committee A companion market structure measure in the Senate Banking Committee has stalled over attempts to limit crypto exchanges’ ability to offer rewards tied to customer holdings of tokens. The banking industry has fiercely opposed such rewards programs. Banking and crypto industry officials are planning to meet at the White House on Monday to discuss the bill. Next week’s meeting could be delayed if a deal isn’t reached by then, according to people familiar with the plans who were not authorized to speak on the record. Coinbase Global Inc. chief executive officer Brian Armstrong said earlier this month it seemed “risky” to move ahead with the bill given senators were expected to vote on amendments that would effectively halt the rewards...

In this article GOOGL Follow your favorite stocks CREATE FREE ACCOUNT A Waymo vehicle exits a charging lot on Jan. 15, 2026 in Austin, Texas. Brandon Bell | Getty Images Alphabet -owned Waymo has informed the National Highway Traffic Safety Administration that one of its driverless vehicles "struck a child near an elementary school" in Santa Monica, California The Jan. 23 incident is now being investigated by the U.S. vehicle safety authority. According to records posted to the NHTSA website, the child sustained minor injuries. The Waymo collision occurred within two blocks of an elementary school during normal school drop-off hours, while other children, a crossing guard and several double-parked vehicles were nearby. "The child ran across the street from behind a double-parked SUV towards the school and was struck by the Waymo AV," NHTSA said in a document describing the incident that necessitated their "preliminary evaluation." The vehicle was running on Waymo's 5th Generation Automated Driving System with no human safety supervisor in the vehicle. NHTSA's Office of Defects Investigations plans to assess "whether the Waymo AV exercised appropriate caution given, among other things, its proximity to the elementary school during drop off hours, and the presence of young pedestrians and other potential vulnerable road users." The agency's investigation will include analysis of the "intended behavior" of Waymo's driverless vehicles in school zones and neighboring areas, especially during normal school pick-up and drop-off times, as well as the company's post-impact response. "Our technology immediately detected the individual as soon as they began to emerge from behind the stopped vehicle. The Waymo Driver braked hard, reducing speed from approximately 17 mph to under 6 mph before contact was made," Waymo said in a statement on their blog. The company wrote that a fully attentive human driver in the same situation would have likely "made contact with the pedestrian" ...

Keir Starmer landed a hatrick of relatively decent agreements with China over the last few hours, as the prime minister continues his historic trip to what he would probably like us to remind you is the world’s second biggest economy. Those headline agreements: First, Brits will no longer need a visa if they visit China for fewer than 30 days. Fair play. Second, both sides will consider pursuing a bilateral trade deal specifically on services. While this only marks the possibility of possibly doing something, any positive outcome would be huge for the UK economy which, as another likely unnecessary reminder, is 80% made up of services. Third, China’s tariff on our whisky (which provides the services of happiness and delight, in my humble opinion) will be halved to 5% . Bottoms up! As ever, the leaders tried to add to the sense of amicable cooperation by presenting each other with gifts. Starmer received three flutes (he played the instrument as a child, you see) as well as a copper statue of a horse, given China is soon to usher in the year of the horse. It was a different animal that caught my attention, however. Starmer said that Xi Jinping told him about a Chinese idiom, which essentially stems from the idea of blind men touching parts of an elephant and getting confused about what it is. “One touches the leg and thinks it’s a pillow, another feels the belly and thinks it’s a wall,” Starmer told the UK-China Business Council. The point being, if you only notice one part of something, you can get a very misleading impression: a neat way of arguing that while parts of Britain’s relationship with China may be strained, to say the least, as a whole it should be seen as a different beast. Which is all very well. It’s just hard to brush off the extent of the, ahem, elephants-in-the-room when UK officials negotiate with their Chinese counterparts. There’s the imprisonment of Jimmy Lai (a campaigner for democratic values in Hong Kong); China’s treatment of Uyghurs ; alle...

财联社1月30日讯（编辑 史正丞） 就在全球市场关注科技巨头微软暴跌之际，欧洲那边的“AI叙事”也迎来猛烈冲击。 截至周四欧股收盘， 欧洲最大软件公司SAP暴跌16%，创2020年以来最大单日跌幅 ，目前股价已经跌回2024年初的水平。 （SAP欧股日线图，来源：TradingView） 消息面上，SAP周四表示，作为衡量未来已签约销售的重要指标，其 云业务订单积压（cloud backlog）的增长率今年将“小幅放缓” ，低于2025年实现的25%。公司指出，近期签署的一些大型合同，其 收入爬坡速度将慢于此前预期 。 公司同时预计，2026年云业务收入将增长23%至25%，整体符合分析师的预期，但这也意味着相较于2025年26%的增速放缓。 令公司股价雪上加霜的是，SAP不仅是“AI叙事”的成员，也是“AI受害者”——软件公司阵营的一线巨头。 近几周这一板块已经遭遇抛售，原因是市场担忧企业会使用AI来取代传统软件服务。类似的跌幅也出现在美股SaaS公司赛富时、ServiceNow身上。后者在周三公布财报后，因未能打消投资者对AI的顾虑，周四开盘后大跌超10%。 作为欧洲为数不多的大型科技公司，SAP近年来正在从销售软件转向云服务。公司与微软拥有合资云服务子公司，并籍此与OpenAI合作，计划于今年推出面向德国政府的“德国版OpenAI”。 这一转型曾让投资者感到兴奋，并在去年初推动SAP 短暂成为欧洲市值最高的上市公司 ，目前“欧洲股王”的位置已经交给光刻机龙头阿斯麦。周四大跌后，SAP市值回落至1900亿欧元，大概在全球上市公司市值榜的70位上下，排在英特尔、宁德时代中间。 SAP也试图用业绩和逻辑安抚投资者，看起来尚未起效。 克莱因表示， 随着应用程序越来越多地可以由人工智能生成，投资者开始质疑软件即服务（SaaS）公司的角色，这类公司目前正处在“被罚坐冷板凳”的阶段。 他同时强调，SAP通过将AI深度嵌入企业数据和业务流程中，具备明显的受益优势。 他强调：“一切往往都是从芯片和硬件开始，但 如果要为企业创造真正的价值，就必须沿着技术栈向上走 。这些AI智能体必须理解企业的数据和业务流程，才能为客户创造价值，而我们在企业级AI领域具备独一无二的优势。” SAP同时强调，集团当前的云业务积压订单为持续到2027年的整体营收增长奠定了坚实基础。公司也强调，在第四季...

美国的盟友们在未来多年里，仍难以脱离对美国军事力量的依赖，也无力挑战美国硅谷巨头的技术霸权。 然而颇具讽刺意味的是，恰逢美国总统唐纳德・特朗普奉行关祱政策，这些盟友却发现， 商品贸易领域 的选择远比想象中更多，且自身具备相对快速的适应能力。 尽管特朗普二次执政前，美国两党就已显露贸易保护主义倾向，但美国市场仍是全球利润最丰厚的市场，尚无任何国家真正试图与其彻底脱钩。 相反，近几周来，一系列双边协定的签署加速了全球贸易版图的重构，而此次重构的目标更为务实 —— 实现与美国经贸关系的 “去风险化”，这一术语直到近期还主要用于形容各国与中国的经贸关系。 如同任何保险策略都需付出成本，经贸 “去风险化” 的代价或是重构供应链，或是与价值观不尽相同的国家做出令人不快的妥协。但迄今为止的种种迹象表明，至少其产生的经济成本仍在各国可承受范围内。 托尼・布莱尔全球变化研究所地缘政治高级总监亚历山大・乔治表示：“贸易领域或许是中等国家拥有最多自主选择空间的领域之一。” 谈及欧盟本月与拉美南方共同市场签署了拖延已久的自贸协定、本周又与印度达成贸易协议时，他称：“看看欧盟就知道了，特朗普的贸易威胁反倒让各国迅速统一了思路，推动各项合作落地。” 目前全球经济从容适应贸易格局新变化 诚然，自由贸易协定的谈判充满法律与政治层面的复杂难题，欧盟能否及时完成与南方共同市场协定的正式批准，将成为检验其行动力的试金石。 同样，英国和加拿大领导人本月开启的对华关系缓和进程，在经历了长期的关系恶化后仍有很长的路要走 —— 尽管双方近期释放了积极信号，且已达成部分初步合作协议。 但企业并未坐等新贸易格局的全貌成型。爱尔兰威士忌协会迅速称赞近期欧盟与印度达成的贸易协议，称其对该协会寻找新客户、抵消最大市场美国征收 15% 关祱的损失而言 “至关重要”。 德国经济研究所的研究显示，尽管欧盟对中国持谨慎态度，但去年德国企业对华投资创下四年新高，部分原因是为应对美国愈发强硬的贸易政策，德企加紧巩固在华本土供应链。 路透社本周发布的针对 220 位经济学家的季度调查得出一个核心结论：尽管特朗普的贸易政策重构迫使全球供应链调整，但今年全球经济增速仍维持在一年前预测的 3% 水平。 一些观点甚至认为，重构过去三十年由大型贸易集团主导的全球化格局，能带来长期收益 —— 这与加拿大总理马克・卡尼呼吁 “中等国家” 构建彼此间...

VladK213/iStock via Getty Images SBSW Can Go Even Higher From Here I covered Sibanye Stillwater Ltd. ( SBSW ) thrice, with my most recent article dating back to May 2025, when I was bullish on the stock. Since then, it looks like SBSW successfully navigated the cycle's trough in the PGM metals, and the firm has managed to change the course, effectively tripling its adjusted EBITDA in Q3. Seeking Alpha, my coverage of SBSW The new CEO, who came in October 2025, seems to have come at the right time as SBSW is enjoying the rise in both gold and PGM prices, letting the firm's diversified portfolio generate extra cash flow at relatively high margins. In my opinion, given that SBSW's loss-making US PGM operations became profitable, and the Sandouville nickel refinery completes its transition to care and maintenance, the cost management should improve in 2026. With that, a possible resumption of dividends ( at 25% to 35% of normalized earnings ) by the end of 2026 (or in 2027) should drive the stock's price higher, even after the 500%+ YoY rally. Seeking Alpha, SBSW Why Do I Think So? One of the key drivers in SBSW lately was the ongoing demand surge for gold, silver, and some other metals. On a YTD basis, the prices of gold, platinum, and palladium gained 24.79%, 31.5%, and 27.88%, respectively, based on Seeking Alpha's data : Seeking Alpha These are the key selling products for SBSW, which has historically benefited from its high operational leverage to selling prices, helping the firm expand FCF exponentially with every dollar increase in the spot price. The key risks for SBSW have always been energy security in the SA region and labor stability. But the situation is going to improve in 2026 after the addition of the 600MW Springbok solar and Witberg wind projects to secure their own energy supplies. Progress towards the overall 600 MW target has been made through the construction of three wind and one solar project totalling 407 MW of generation capacity that is expect...

Explore how these two short-term bond ETFs differ in tax treatment, holdings, and investor appeal despite sharing similar objectives. Vanguard Short-Term Corporate Bond ETF (VCSH +0.08%) and VanEck Short Muni ETF (SMB +0.06%) both target short-duration bonds, but VCSH emphasizes investment-grade corporates and a higher yield, while SMB provides tax-exempt municipal exposure with a broader portfolio. Both funds aim to limit interest rate risk by focusing on short-term debt, but their approaches and appeal differ. Vanguard Short-Term Corporate Bond ETF is designed for those seeking income from high-quality U.S. corporate bonds, while VanEck Short Muni ETF delivers access to a wide swath of short-term municipal bonds, appealing to investors interested in tax-exempt income. Snapshot (cost & size) Metric VCSH SMB Issuer Vanguard VanEck Expense ratio 0.03% 0.07% 1-yr return (as of 2026-01-22) 2.1% 1.5% Dividend yield 4.3% 2.6% AUM $46.9 billion $302.1 million Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months. While both funds are low-cost, VCSH is slightly more affordable with a 0.03% expense ratio versus 0.07% for SMB, and it currently delivers a higher yield, which may appeal to those prioritizing income. Performance & risk comparison Metric VCSH SMB Max drawdown (5 y) (9.50%) (7.42%) Growth of $1,000 over 5 years $960 $958 What's inside VanEck Short Muni ETF tracks the performance of short-term, tax-exempt municipal bonds, holding 336 different securities as of its most recent data. Top exposures include California Community Choice Financing A (13013JAP1) and State of California (13063DLG1), with the portfolio entirely in cash and other assets for sector allocation. The fund has been operating for nearly 18 years, giving it a long track record. In contrast, Vanguard Short-Term Corporate Bond ETF focuses on investment-grade corporate bonds, with it...

slobo/iStock via Getty Images Introduction Travere Therapeutics ( TVTX ) is a San Diego-based biopharmaceutical company specialized in rare kidney and metabolic diseases, with the key product FILSPARI (sparsentan) that is fully approved for IgA Nephropathy (IgAN). It was slated for a PDUFA decision on Jan 13, 2026, for focal segmental glomerulosclerosis (FSGS), but that decision has now been delayed until April 13, 2026, due to additional clinical benefit data required by the FDA. While TVTX also has other assets on the market and in the pipeline, given the relatively small market those will address, we will skip them in this analysis and only focus on FILSPARI . While FILSPARI's current revenue growth for IgAN is significant and gaining momentum, many other bigger players like Novartis ( NVS ) ( NVSEF ) ( NVS:CA ) and Vertex Pharmaceuticals ( VRTX ) are moving into the IgAN market, adding competitive pressure to FILSPARI's use in IgAN. This makes FILSPARI's approval in FSGS all the more crucial, since the indication represents a $2 billion peak sales opportunity in the U.S. alone, according to Leerink Partners. More importantly, there is no FDA-approved treatment specifically for FSGS. In this article, I will dive into the trial data and evaluate the approval chance of FILSPARI for FSGS, as this is the single most important catalyst for the company in 2026. FILSPARI and focal segmental glomerulosclerosis (FSGS) background FILSPARI is an oral, non-immunosuppressive therapy that acts as a dual endothelin and angiotensin II receptor antagonist (DEARA). It targets podocyte injury, a primary driver of FSGS progression. FSGS is a kidney disease that causes scarring in some parts of the kidney's filtering units, called glomeruli. This scarring, or sclerosis, means the kidneys have difficulty filtering waste, leading to protein in the urine (proteinuria), swelling, and potential kidney failure. It is a devastating disease, since about half of FSGS patients eventually need ...

Gold (GC=F) fell below $5,300 after briefly topping $5,600 per ounce on Thursday while silver also slid as a blistering rally in precious metals appeared to come to a halt. The declines came alongside a selloff in the stock market, with the Nasdaq Composite (^IXIC) dropping more than 2% amid a plunge in Microsoft shares (MSFT). The tech giant's quarterly earnings report spooked investors given higher-than-anticipated capital spending and a slowdown in quarterly cloud sales growth. A rapid rally in precious metals that had stunned Wall Street began to face resistance on Thursday as the US dollar (DX-Y.NYB) rebounded from its lowest level since early 2022. “The continued surge across metals, especially gold and silver, is entering a dangerous phase, in my opinion,” Ole Hansen, head of commodity strategy at Saxo Bank, said on Thursday. “The problem is volatility feeding on itself. As price swings intensify, liquidity thins,” he added. Gold prices had risen roughly 20% year to date as the greenback weakened against other currencies. Just last week Goldman Sachs analysts had put a year-end price target on gold of $5,400, with an upside risk given increased participation from private sector investors. The precious metal rallied past $5,500 on Wednesday after the Federal Reserve held rates steady with commentary from Fed chair Jerome Powell doing little to stop the dollar's slide. “I see this as a sign that conviction levels in the Dollar-down trade are high,” said Robin Brooks, senior fellow at the Brookings Institution, in a note on Thursday prior to gold's descent. He noted that "The weak Dollar is super-charging the debasement trade.” A gold jeweler weighs gold bars for sale in Bangkok, Thailand, Thursday, Jan. 29, 2026. (AP Photo/Sakchai Lalit) · ASSOCIATED PRESS Silver crashed 3% to hover near $106 on Thursday after topping $120 per ounce. The precious metal is up 42% year-to-date after posting a stunning rally in 2025. "Silver prices have already significantly overs...

Why This Pullback in Microsoft (MSFT) is a Buying Opportunity TradingView

In a rather uneventful reaction to the first Fed policy decision of the new year, U.S. stocks ended mainly flat on Wednesday. The Fed kept interest rates unchanged as was widely expected following its two-day policy meeting. Governors Chris Waller and Stephen Miran were the only two to dissent in favor of a 25-basis point cut. Policymakers signaled that they would go “meeting by meeting” in 2026 to determine the interest rate path after three consecutive cuts to end last year. Fed Chair Powell stated that future rate hikes are not the base case for anyone on the FOMC, but with economic growth accelerating as of late, the case for more easing also faces headwinds. Former Cleveland Fed President Loretta Mester said further weakness in the labor market would likely serve as a catalyst for the next rate cut. Treasury Secretary Scott Bessent added on Wednesday that President Trump may announce his pick to replace Fed Chair Powell “in the next week or so.” A dovish pick may bolster the major indexes, which are already trading near all-time highs. The Nasdaq in particular appears to be retaking the lead here and is less than 2% away from its former record. The index bounced over the past few days as investors braced for an onslaught of Big Tech earnings reports this week, led by AI behemoth Microsoft. But trading early Thursday was anything but dull, as the major indexes reacted negatively to Microsoft’s results. Microsoft Stock Falls on Spending Concerns Microsoft reported its fiscal second-quarter 2026 results after the market close on Wednesday, delivering a strong performance that beat expectations on both revenue and profitability amid robust AI-driven demand. The company posted revenue of $81.3 billion, up 17% year-over-year, surpassing the Zacks Consensus Estimate of $80.23 billion. Microsoft Cloud revenue hit $51.5 billion, up 26%, underscoring the segment's role as the primary growth engine. Adjusted earnings of $4.14 per share (up 24%) also beat the consensus for...

Why This Pullback in Microsoft (MSFT) is a Buying Opportunity Yahoo Finance Singapore

In a rather uneventful reaction to the first Fed policy decision of the new year, U.S. stocks ended mainly flat on Wednesday. The Fed kept interest rates unchanged as was widely expected following its two-day policy meeting. Governors Chris Waller and Stephen Miran were the only two to dissent in favor of a 25-basis point cut. Policymakers signaled that they would go “meeting by meeting” in 2026 to determine the interest rate path after three consecutive cuts to end last year. Fed Chair Powell stated that future rate hikes are not the base case for anyone on the FOMC, but with economic growth accelerating as of late, the case for more easing also faces headwinds. Former Cleveland Fed President Loretta Mester said further weakness in the labor market would likely serve as a catalyst for the next rate cut. Treasury Secretary Scott Bessent added on Wednesday that President Trump may announce his pick to replace Fed Chair Powell “in the next week or so.” A dovish pick may bolster the major indexes, which are already trading near all-time highs. The Nasdaq in particular appears to be retaking the lead here and is less than 2% away from its former record. The index bounced over the past few days as investors braced for an onslaught of Big Tech earnings reports this week, led by AI behemoth Microsoft. But trading early Thursday was anything but dull, as the major indexes reacted negatively to Microsoft’s results. Microsoft Stock Falls on Spending Concerns Microsoft reported its fiscal second-quarter 2026 results after the market close on Wednesday, delivering a strong performance that beat expectations on both revenue and profitability amid robust AI-driven demand. The company posted revenue of $81.3 billion, up 17% year-over-year, surpassing the Zacks Consensus Estimate of $80.23 billion. Microsoft Cloud revenue hit $51.5 billion, up 26%, underscoring the segment's role as the primary growth engine. Adjusted earnings of $4.14 per share (up 24%) also beat the consensus for...

Earnings Call Insights: Cimpress plc (CMPR) Q2 2026 Management View Robert Keane, Founder, Chairman & CEO, highlighted that "elevated products are driving a step function improvement in our per customer lifetime value," specifically noting a 9% year-over-year growth in variable gross profit per customer at reported currency rates. Keane stated that Cimpress has made "significant progress" in optimizing its production footprint, building focused production hubs, and accelerating new product introductions in elevated categories, which have required elevated capital expenditures but are core to the company's competitive advantage. Keane emphasized the expansion of shared technology and organizational delayering, allowing Cimpress to drive efficiencies and reduce operating expenses, citing the deepened collaboration between Vista, National Pen, and BuildASign as a key example. He noted, "we are deepening the collaboration between Vista, National Pen and BuildASign to share product development, sourcing, performance marketing, telesales, direct mail and manufacturing, while maintaining separate focused brands." Keane also expressed increasing confidence in the path to fiscal 2028 EBITDA of at least $600 million, supported by cost efficiencies in goods, technology, and marketing, and indicated a healthy pipeline of tuck-in M&A and partnership opportunities. Sean Quinn, Executive VP & CFO, stated, "Q2 marked a milestone for Cimpress. We exceeded $1 billion in quarterly revenue for the first time ever, with organic constant currency growth of 4% through the first half of the year, which was ahead of the annual guidance range that we had previously provided of 2% to 3%." Quinn added, "We are raising our annual guidance for revenue, for adjusted EBITDA and for free cash flow." Outlook Management raised expectations for fiscal 2026, now forecasting revenue growth of 7% to 8% and 3% to 4% organic constant currency revenue growth. Net income is expected to be at least $79 millio...