Electric Reliability Council of Texas Chairman Bill Flores said Thursday that some data centers and cryptocurrency miners voluntarily curtailed power use during the recent winter storm that strained the state’s grid and others across the country. Data centers supporting artificial intelligence and other industrial sites are driving rapid growth in electricity demand in Texas and elsewhere, contrib...
Electric Reliability Council of Texas Chairman Bill Flores said Thursday that some data centers and cryptocurrency miners voluntarily curtailed power use during the recent winter storm that strained the state’s grid and others across the country. Data centers supporting artificial intelligence and other industrial sites are driving rapid growth in electricity demand in Texas and elsewhere, contributing to higher residential utility bills and forcing grid operators to make difficult decisions about who receives power. Texas slashed its power-demand projection for the recent storm by 13% after it began, a revision Flores said reflected a more conservative approach to procuring supplies following the state’s deadly 2021 grid collapse , even at a higher cost. “The last image a crypto miner or hyperscaler wants is they had all their lights running and their processors going the same time some school was getting its lights cut off,” Flores said in an interview Thursday on the sidelines of Baker Hughes’ annual meeting in Florence, Italy. “I think you have a group of large loads in Texas that want to be cooperative and understand the value of working with the grid operator in the state.” Read more: Why Texas Is So Vulnerable to Climate Disasters: QuickTake Some large technology companies are building generation dedicated solely to supplying their data centers rather than feeding power into the broader grid, “but ultimately I see an interconnection for all these hyperscalers,” Flores said. “So some kind of combination.” The scale of electricity consumed by these facilities, combined with Texas’ large interconnection queue — which does not always reflect what will ultimately be built — is complicating efforts to forecast overall demand, Flores said. “It’s really hard to get an idea on what’s real,” he added. Still, the pace of data center development in Texas shows no signs of slowing, and Flores said he’s seeking contributions from all energy sources to meet demand. He even ...
Palantir (PLTR) will release its fourth-quarter financial results on Monday, Feb. 2. Once a favorite stock for investors seeking exposure to artificial intelligence (AI), Palantir has struggled in recent months. Shares have fallen more than 24% over the past three months and are down over 27% from their recent high. During this period, the stock has lagged the broader market, reflecting growing in...
Palantir (PLTR) will release its fourth-quarter financial results on Monday, Feb. 2. Once a favorite stock for investors seeking exposure to artificial intelligence (AI), Palantir has struggled in recent months. Shares have fallen more than 24% over the past three months and are down over 27% from their recent high. During this period, the stock has lagged the broader market, reflecting growing investor caution. The pullback in PLTR stock reflects concerns about Palantir’s significantly high valuation. At the same time, worries about a potential AI bubble have raised doubts about whether the sector’s rapid gains are sustainable, putting added pressure on high-growth stocks like Palantir. Despite the pullback, PLTR stock is still up more than 88% over the past year, reflecting the enthusiasm built into its price. While its valuation remains rich, the recent correction has eased some downside risk and improved the setup from a technical standpoint. One key indicator is the stock’s 14-day Relative Strength Index (RSI), which is currently hovering near 31.7. That is well below the level typically associated with overbought conditions, suggesting the shares may be approaching oversold territory. If Palantir delivers stronger-than-expected earnings or offers upbeat forward guidance, the stock could rebound. Options traders are also preparing for volatility. Derivatives markets are currently pricing in a post-earnings move of about 9.1% in either direction for contracts expiring Feb. 6. The expected move is smaller than Palantir’s average earnings reaction of about 13% over the last four quarters. The stock’s most recent earnings report in Q3 resulted in an 8% decline. AIP to Boost Palantir’s Performance in Q4 Palantir has been delivering solid revenue growth while also widening its profit margins, driven by soaring demand for its Artificial Intelligence Platform (AIP). This growth trend will once again be reflected in its Q4 financials. For Q4, Palantir expects revenue of...
Earnings Call Insights: Ameriprise Financial, Inc. (AMP) Q4 2025 Management View CEO Jim Cracchiolo highlighted that Ameriprise "delivered new all-time records across the board in the fourth quarter," citing adjusted operating revenue growth of 10% to $4.9 billion and a 16% increase in earnings per share to $10.83. He also reported that return on equity reached 53.2%, the company’s highest ever. C...
Earnings Call Insights: Ameriprise Financial, Inc. (AMP) Q4 2025 Management View CEO Jim Cracchiolo highlighted that Ameriprise "delivered new all-time records across the board in the fourth quarter," citing adjusted operating revenue growth of 10% to $4.9 billion and a 16% increase in earnings per share to $10.83. He also reported that return on equity reached 53.2%, the company’s highest ever. Cracchiolo pointed to organic growth as a driver, with total client assets in Advice & Wealth Management (AWM) reaching $1.2 trillion, up 13%, and client inflows totaling $13.3 billion, up 18%, marking one of the best quarters for flows. The Wrap business saw assets increase 17% to $670 billion. Early feedback on the Signature Wealth unified management account rollout was described as "very positive." The CEO noted investments in technology, digital, AI, and cloud infrastructure, along with new product solutions and a full rollout of checking accounts in the bank offering. Adviser productivity was up 8% to $1.1 million per adviser for the quarter. Advisor count increased 1% year-over-year, with 91 new experienced advisers added in Q4. In Asset Management, assets under management and advisement reached $721 billion, up 6%. There were $1.9 billion in net inflows for the quarter, with broad product expansion including six new active ETFs in the U.S. and initial launches in EMEA. Cracchiolo stated, "As you saw, we increased our capital return to more than 100% in the quarter. We were opportunistic with a discount in the share price and the size of the buyback brought our total capital return for the year to nearly 90%." CFO Walter Berman reported, "Ameriprise delivered excellent financial and metric performance in the quarter with adjusted operating earnings per share up 16% to $10.83 and a strong operating margin of 27%." Berman emphasized the company’s balance sheet strength, with excess capital of approximately $2.1 billion and holding company available liquidity of $2.2 bill...
Earnings Call Insights: Lockheed Martin (LMT) Q4 2025 Management View CEO James Taiclet highlighted record demand for Lockheed Martin's defense technologies, citing a year-end backlog of $194 billion, representing about 2.5 times annual sales and 6% year-over-year sales growth. He emphasized operational execution, noting deliveries of 191 F-35 fighter jets and 620 PAC-3 MSE interceptors, both reco...
Earnings Call Insights: Lockheed Martin (LMT) Q4 2025 Management View CEO James Taiclet highlighted record demand for Lockheed Martin's defense technologies, citing a year-end backlog of $194 billion, representing about 2.5 times annual sales and 6% year-over-year sales growth. He emphasized operational execution, noting deliveries of 191 F-35 fighter jets and 620 PAC-3 MSE interceptors, both record figures in 2025. Taiclet stated, “We finished the year with record high backlog of $194 billion, about 2.5x annual sales and delivered 6% year-over-year sales growth.” Taiclet announced a multiyear framework agreement for PAC-3 MSE interceptors, with plans to increase annual production from approximately 600 to 2,000 units, and a similar agreement for THAAD interceptors, supporting the Department of War’s Acquisition Transformation Strategy. He explained, “As the first implementation of such a long-term multiyear agreement, the PAC-3 MSE will increase annual production capacity from approximately 600 to 2,000 per year. That’s more than tripling the production rate.” The company intends to invest several billion dollars over the next three years to accelerate munition production, including new facilities across five states. A new munitions acceleration center is breaking ground in Camden, Arkansas. For 2026, Taiclet projects about 5% sales growth at the midpoint and over 25% segment operating profit growth, with free cash flow anticipated between $6.5 billion and $6.8 billion. Internal investment is set to increase 35%, approaching $5 billion. CFO Evan Scott stated, “2025 was a transformative year for Lockheed Martin. Backlog grew $17.3 billion or 17% and included significant awards for key programs such as F-35, PAC-3, JASSM and LRASM and CH-53K, providing better visibility through the end of the decade.” Outlook Management expects 2026 sales in the range of $77.5 billion to $80 billion, representing a projected 5% organic growth year-over-year. Segment operating profit ...
Earnings Call Insights: Dow Inc. (DOW) Q4 2025 Management View Chairman & CEO James Fitterling highlighted that "Team Dow continued to execute with discipline during a year marked by persistent macroeconomic challenges and trade and policy volatility as well as anticompetitive behaviors by certain industry players." He emphasized a fourth quarter operating EBITDA of $741 million, a sequential decl...
Earnings Call Insights: Dow Inc. (DOW) Q4 2025 Management View Chairman & CEO James Fitterling highlighted that "Team Dow continued to execute with discipline during a year marked by persistent macroeconomic challenges and trade and policy volatility as well as anticompetitive behaviors by certain industry players." He emphasized a fourth quarter operating EBITDA of $741 million, a sequential decline attributed to "lower seasonal demand and typical margin compression across many end markets." Fitterling announced the "Transform to Outperform" program, describing it as "a fundamental change in how we will operate and serve our customers," with the goal to deliver at least $2 billion in near-term EBITDA improvement—two-thirds from productivity gains and one-third from growth. Chief Operating Officer Karen Carter reported that cost savings measures "gained significant traction across every business in the second half of 2025," with the Packaging & Specialty Plastics segment delivering $4.7 billion in fourth quarter net sales and an operating EBIT of $215 million. She stated, "Polyethylene sales volume increased year-over-year and grew sequentially, driven by continued global demand growth." Carter outlined strategic moves including the start-up of the Poly-7 polyethylene train and the shutdown of higher-cost upstream assets in Europe, expected to result in an annual EBITDA uplift of $200 million by 2029, with benefits beginning in 2026. Chief Financial Officer Jeffrey Tate stated, "Our expectations for first quarter EBITDA is approximately $750 million," noting sequential improvement from anticipated margin expansion and seasonal uplift, though partially offset by higher planned turnaround spending and lower equity earnings. Outlook Tate shared guidance for first quarter EBITDA of approximately $750 million, reflecting expected margin expansion and seasonal improvements. He noted, "We also expect continued tailwinds from our efforts to reduce costs across every busines...
Earnings Call Insights: CNX Resources (CNX) Q4 2025 Management View Alan Shepard, President and CEO, opened the call by thanking industry workers for their efforts during extreme cold weather, emphasizing operational resilience: "I'd be remiss today if I didn't take a moment to acknowledge the hard work and incredible efforts of not just our CNX team, but of all the men and women of the natural ga...
Earnings Call Insights: CNX Resources (CNX) Q4 2025 Management View Alan Shepard, President and CEO, opened the call by thanking industry workers for their efforts during extreme cold weather, emphasizing operational resilience: "I'd be remiss today if I didn't take a moment to acknowledge the hard work and incredible efforts of not just our CNX team, but of all the men and women of the natural gas industry who are working to keep the heat and lights on across America during this extraordinary cold weather event we are experiencing." Everett Good, Chief Financial Officer, addressed capital allocation, explaining first half CapEx would be about 60% of the year's total, allowing flexibility in the second half to accelerate frac activity if market conditions improve. Shepard indicated the RMG business line's annual run rate for 45Z credits remains at about $30 million, contingent on final regulatory guidance. Management reaffirmed confidence in the deep Utica program, with plans to complete about 5 Utica laterals in 2026, attributing any apparent slowdown to timing rather than strategy shifts. Shepard reported that internalized AutoSep technology is providing cost savings and safety benefits, with broader adoption expected in 2026, but no material financial impact yet. Outlook Good explained that first half 2026 CapEx is weighted at approximately 60% of the year's total, providing optionality to adjust activity later in the year depending on natural gas price signals, but current pricing does not support increased activity. Management stated that production volumes are expected to remain flat throughout the year, despite front-loading capital expenditures. Shepard noted that any increase in frac activity would be tied to long-term infrastructure or power demand, not short-term price spikes. The company expects to be approximately 80% hedged for 2027, aiming for a weighted average NYMEX price of about $4, with more than 60% already hedged. Financial Results Good stated,...
Nearly half a century ago, the US Department of Energy launched a clean energy experiment beneath the University of Minnesota with a simple goal: storing hot water for months at a time in an aquifer more than 100 metres below ground. The idea of the seasonal thermal energy storage was to tuck away excess heat produced in summer, then use it in the winter to warm buildings. Now, 45 years after the ...
Nearly half a century ago, the US Department of Energy launched a clean energy experiment beneath the University of Minnesota with a simple goal: storing hot water for months at a time in an aquifer more than 100 metres below ground. The idea of the seasonal thermal energy storage was to tuck away excess heat produced in summer, then use it in the winter to warm buildings. Now, 45 years after the first test wells were drilled under the university’s St Paul campus, one of the first large-scale aquifer thermal energy systems in the country is being built less than 10 miles from the original test site. The Heights, a mixed-use development rising from a former golf course on the city’s Greater East Side, will tap thermal energy from an aquifer 100 to 150 metres below ground. Groundwater from wells spread across the northern half of the 45-hectare development will be drawn by high-efficiency electric heat pumps, powered in part by solar panels, to provide low-cost heating and cooling with little greenhouse gas emissions for 850 homes and several light-industrial buildings. The groundwater could also serve as a thermal battery, storing excess heat in the summer for use in the winter, said Michael Ahern, senior vice-president for system development at Ever-Green Energy, the firm designing the heating and cooling system. The system will be one of the first large-scale aquifer thermal energy projects operating in the US since the Department of Energy field tests in the 1980s, although more than 3,000 similar systems have been built worldwide, according to a 2024 study, with the vast majority in the Netherlands. Marc Hoyer, a retired scientist who worked for the Minnesota Geological Survey and the University of Minnesota, worked on the St Paul project in the 1980s. He and other survey members took turns sleeping in a trailer next to wells, waking each hour to record temperature and pressure gauge readings as part of their round-the-clock monitoring of the system’s performance...
Hiroshi Watanabe/DigitalVision via Getty Images Investment Philosophy: Purchase durable business franchises that are selling at a discount to their intrinsic value. Investment Process: We utilize a business owner’s approach to investing, thoroughly investigating the economics of the business and the quality of the management team. Some of the characteristics of good businesses include strong recur...
Hiroshi Watanabe/DigitalVision via Getty Images Investment Philosophy: Purchase durable business franchises that are selling at a discount to their intrinsic value. Investment Process: We utilize a business owner’s approach to investing, thoroughly investigating the economics of the business and the quality of the management team. Some of the characteristics of good businesses include strong recurring revenue and attractive returns-on-invested capital (ROIC). We have a strong orientation to low absolute and relative valuation, which are key to the execution of our investment strategy. A new idea will come from a variety of sources including company visits, screens, conferences, trade periodicals and general reading. All members of the research team are responsible for fundamental research. Once an investment opportunity is identified it is put through an extensive due diligence process, which typically includes management interviews and site visits. When an acceptable level of conviction is achieved, the appropriate weighting (considering liquidity, valuation, etc.) is discussed and determined. A new company purchased in the portfolio will usually have an initial position size of 2-4%. The portfolio generally consists of 25-35 companies and is diversified across industries. We are long-term investors, a typical holding period for our companies is three to five years, and portfolio turnover averages 20-40% per annum. Performance Quarter YTD 1 Year 3 Years 5 Years 10 Years Since Inception Global Equity (Gross) 0.38% 6.95% 6.95% - - - 8.35% Global Equity ( NET ) 0.21% 6.27% 6.27% - - - 7.77% iShares MSCI World ETF 2 3.15% 21.35% 21.35% 21.31% 12.36% 12.35% 20.00% iShares MSCI ACWI ETF 2 3.25% 22.40% 22.40% 20.69% 11.24% 11.88% 19.90% Click to enlarge Please note disclosure footnote on reverse side. 1Estimated valuations are based on a representative account from the FMI Global Equity Composite, and are weighted average calculations, not reweighted to exclude cash, and ...
SoundHound AI’s SOUN expanded partnership with Five Guys is more than a routine customer renewal — it is a tangible proof point that the company’s voice AI platform is working at scale in demanding, real-world environments. Five Guys has already processed well over a million AI-powered customer interactions using SoundHound’s technology, validating its ability to handle complex menus, natural spee...
SoundHound AI’s SOUN expanded partnership with Five Guys is more than a routine customer renewal — it is a tangible proof point that the company’s voice AI platform is working at scale in demanding, real-world environments. Five Guys has already processed well over a million AI-powered customer interactions using SoundHound’s technology, validating its ability to handle complex menus, natural speech and peak-hour volumes without degrading accuracy or speed. The significance lies in what this says about enterprise-grade reliability. Restaurants are among the toughest verticals for voice automation due to high order complexity, background noise and zero tolerance for errors. A renewal from a global brand signals that SoundHound’s solution has moved beyond pilot economics into mission-critical deployment — a hurdle many AI vendors fail to clear. More importantly, the Five Guys renewal reinforces SoundHound’s land-and-expand model highlighted in its recent quarterly update. Management emphasized that restaurants are one of its most mature verticals, often serving as a launchpad for additional products such as Employee Assist and Voice Insights, which deepen customer relationships and increase recurring revenue per location. This same expansion logic is now being applied across other industries, including retail, healthcare, financial services and energy. The partnership also supports SoundHound’s broader strategy of building a neutral, independent voice AI platform that enterprises can deploy without surrendering brand control or customer data — a theme emphasized in its investor presentation. As enterprises increasingly prioritize automation that delivers measurable ROI, the Five Guys renewal stands as a case study for how SoundHound’s technology can scale across sectors well beyond restaurants, strengthening its long-term growth narrative. Peer Competitive Landscape: Beyond Restaurants In evaluating SoundHound AI’s opportunity beyond restaurants, two competitors often...
Meta just silenced Wall Street’s AI spending fears. A booming ad business drove holiday-quarter sales past expectations, sending shares soaring. Now Mark Zuckerberg is front-loading massive AI investment — betting advertising strength can bankroll the race to superintelligence. Brian Wieser, Principal at Madison and Wall joined Bloomberg Open Interest to talk about Meta's results. (Source: Bloombe...
Meta just silenced Wall Street’s AI spending fears. A booming ad business drove holiday-quarter sales past expectations, sending shares soaring. Now Mark Zuckerberg is front-loading massive AI investment — betting advertising strength can bankroll the race to superintelligence. Brian Wieser, Principal at Madison and Wall joined Bloomberg Open Interest to talk about Meta's results. (Source: Bloomberg)
Sundry Photography/iStock Editorial via Getty Images Valero Energy ( VLO ) +3.8% in Thursday's trading to an all-time intraday high of $194.50 after comfortably beating estimates for Q4 adjusted earnings and revenues, helped by record refining throughput and ethanol production. Valero ( VLO ) kicked off the earnings season for U.S. refiners by reporting Q4 profit attributable to stockholders jumpe...
Sundry Photography/iStock Editorial via Getty Images Valero Energy ( VLO ) +3.8% in Thursday's trading to an all-time intraday high of $194.50 after comfortably beating estimates for Q4 adjusted earnings and revenues, helped by record refining throughput and ethanol production. Valero ( VLO ) kicked off the earnings season for U.S. refiners by reporting Q4 profit attributable to stockholders jumped to $1.13B, or $3.73/share, compared with $281 million, or $0.88/share, in the year-earlier quarter; stripping out one-time items, adjusted EPS of $3.82 topped FactSet expectations for adjusted EPS of $3.27, and revenues fell 1.2% to $30.37B but topped the $28.5B consensus estimate. The company's refining margin per barrel of throughput surged 61% to $13.61 in the quarter from $8.44 in the same period in the year-earlier quarter, while average throughput volume rose to 3.1M bbl/day from 2.9M bbl/day a year ago. Q4 r efining throughput volumes averaged 3.1M bbl/day, and refining margin per barrel of throughput surged to $13.61 from $8.44 for the same period of 2024; ethanol production volumes averaged 4.8M gal/day. Valero ( VLO ) said it has engaged with three authorized sellers of Venezuelan crude and will purchase barrels from all three of them. "We anticipate the Venezuelan crude making up a pretty large part of our heavy diet as we move into February and March," Valero ( VLO ) VP for crude oil supply and trading Randy Hawkins said on the company's earnings conference call. Hawkins also said Valero ( VLO ) expects to have the capability to process more than 240K bbl/day of Venezuelan crude, as the start of operations in 2023 at a coker in its Port Arthur refinery in Texas has substantially raised the company's ability to process heavy crude. More on Valero Energy Valero Energy: Sell The Venezuela Hype Valero Energy In The Post Maduro Era Valero Energy: Valuation Reflects Improved Macro (Rating Downgrade)
The iShares U.S. Utilities ETF is seeing unusually high volume in afternoon trading Thursday, with over 805,000 shares traded versus three month average volume of about 213,000. Shares of IDU were off about 0.1% on the day. Components of that ETF with the highest volume on Thursday were Pacific Gas & Electric, trading up about 0.9% with over 10.9 million shares changing hands so far this session, ...
The iShares U.S. Utilities ETF is seeing unusually high volume in afternoon trading Thursday, with over 805,000 shares traded versus three month average volume of about 213,000. Shares of IDU were off about 0.1% on the day. Components of that ETF with the highest volume on Thursday were Pacific Gas & Electric, trading up about 0.9% with over 10.9 million shares changing hands so far this session, and AES, off about 1.9% on volume of over 5.0 million shares. UGI is the component faring the best Thursday, higher by about 1.1% on the day, while Vistra is lagging other components of the iShares U.S. Utilities ETF, trading lower by about 2.6%. VIDEO: Thursday's ETF with Unusual Volume: IDU The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Jonathan Freedland’s conclusion that Donald Trump’s most recent actions and insults leave the “middle powers” with no option but to strengthen their own defences fits well with the earlier assessments by both Mark Carney and Gordon Brown (As the world finally punches back, was this the week Donald Trump went too far?, 23 January). All three have identified the need for those countries that desire ...
Jonathan Freedland’s conclusion that Donald Trump’s most recent actions and insults leave the “middle powers” with no option but to strengthen their own defences fits well with the earlier assessments by both Mark Carney and Gordon Brown (As the world finally punches back, was this the week Donald Trump went too far?, 23 January). All three have identified the need for those countries that desire to maintain world peace, promote a collective approach to trade and security, and settle disputes by arbitration, should combine to create a body outside of the sphere of the US, Russia or China. There is a growing consensus on the need for a non-aligned coalition of the middle powers, and Mark Carney has emerged as the spokesperson able to articulate a platform around which nations of goodwill can cluster. To begin the walk along this “third path”, as defined by Mark Carney, Keir Starmer and other western leaders must be forthright in convincing their electorates that this venture will need significant long-term investment. It is a rallying cry which can potentially fracture an already sceptical and bruised electorate, and the work must begin now to convince voters that without such an endeavour, their current way of life can not be assured. Peter Riddle Wirksworth, Derbyshire In 1823, William Webb Ellis, frustrated with the constraints of football, picked up the ball and ran. His defiance birthed rugby – a game where the rules were rewritten, and physicality became central. Today, we see Donald Trump doing much the same in politics. Fed up with the established rules, he has picked up the ball and run, not just changing the game but enforcing his own version of it. He also enforces these new rules and positions himself, as the classic bully does, as the referee of the game too, altering the rules to suit as he sees fit. His opponents, however, are still playing by the old rules. They dangle a foot, hoping to trip him up, or gently tackle with outdated conventions. But rugb...
Insurance platform Ethos Technologies Inc. shares dropped as much as 15% in its trading debut, after the company and some of its shareholders raised roughly $200 million in an initial public offering. The San Francisco-based company’s shares traded at $16.13 each as of 12:24 p.m. in New York, below its IPO price of $19 apiece. The trading gives the company a market value of about $1 billion, based...
Insurance platform Ethos Technologies Inc. shares dropped as much as 15% in its trading debut, after the company and some of its shareholders raised roughly $200 million in an initial public offering. The San Francisco-based company’s shares traded at $16.13 each as of 12:24 p.m. in New York, below its IPO price of $19 apiece. The trading gives the company a market value of about $1 billion, based on the outstanding shares. The shares had priced at the midpoint of the marketed range of $18 to $20. The oversubscribed offering consisted of 5.1 million shares sold by Ethos and 5.4 million shares offered by the selling shareholders. Read more: Insurance Platform Ethos, Backers Seeking $211 Million in IPO The company is led by co-founders Peter Colis and Lingke Wang , its chief executive officer and president respectively. The platform enables users to find and sign up for life insurance policies. Users can secure life insurance without a medical exam in just 10 minutes, according to its website . It was last valued at $2.7 billion in a funding round led by SoftBank Vision Fund 2 that was announced in July 2021. Ethos had net income of $46.6 million on revenue of $277.5 million for the nine months ended Sept. 30, compared with net income of $39.3 million on revenue of $188.4 million from a year earlier, according to an earlier filing. For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS . To subscribe to ECM Watch , Bloomberg’s daily roundup of news from around the region, click here . Ethos follows several US-based insurance-sector companies that have gone public in recent months, including Neptune Insurance Holdings Inc. , Slide Insurance Holdings Inc. and Aspen Insurance Holdings Ltd . Read more: Flood-Focused Neptune’s IPO Joins Boom in Niche Insurer Debuts The offering was led by Goldman Sachs Group Inc and JPMorgan Chase & Co. The shares trade on the Nasdaq Global Select Market under the...
It’s wonderful to read such a robust defence of classical music (Classical music brings us joy and meaning. In this time of doom and gloom, we need to talk about that, 26 January). As one of “the infantry” playing in and helping to run an amateur orchestra in my city, I wholeheartedly agree with James Murphy’s view that striving with others to give the best possible performance embeds our humanity...
It’s wonderful to read such a robust defence of classical music (Classical music brings us joy and meaning. In this time of doom and gloom, we need to talk about that, 26 January). As one of “the infantry” playing in and helping to run an amateur orchestra in my city, I wholeheartedly agree with James Murphy’s view that striving with others to give the best possible performance embeds our humanity and connection to each other. It also teaches us something invaluable and increasingly hard to find. And that is that we can only make this kind of music with others and not by ourselves alone. We need each other to play a symphony. We have to work together, listen to each other, follow each other, stay connected. We put the “me” to one side and become an “us”. It’s one of the best collaborative and collective experiences we have available. That’s the only way to make it work and for the magic to happen. The connection between classical music and global politics isn’t immediately obvious – but the invaluable experience gained through playing this music together provides a much-needed antidote to the prevailing zeitgeist of “me first” and divisiveness that is dragging our world to its knees. Chris Scarlett Sheffield
Key Points Nvidia's investment thesis from 2025 remains largely unchanged. Meta Platforms' social media business is doing well, but the market is skeptical about the company's AI infrastructure plans. 10 stocks we like better than Meta Platforms › In January 2025, I wrote an article suggesting that investors buy artificial intelligence (AI) stocks Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: ...
Key Points Nvidia's investment thesis from 2025 remains largely unchanged. Meta Platforms' social media business is doing well, but the market is skeptical about the company's AI infrastructure plans. 10 stocks we like better than Meta Platforms › In January 2025, I wrote an article suggesting that investors buy artificial intelligence (AI) stocks Nvidia (NASDAQ: NVDA) and Meta Platforms (NASDAQ: META) hand over fist. My argument for each was fairly simple: Nvidia's computing hardware would continue to be in high demand, and Meta's base business would carry its stock higher while its AI developments took form. Both of those cases panned out as I predicted, but their share price moves were not as parallel as I expected. In 2025, Nvidia's stock rose an impressive 39%, while Meta gained 13%. In a normal year, those would both be considered strong results. But last year, the S&P 500 (SNPINDEX: ^GSPC) rose by more than 16%, which made Meta a market laggard. However, I still think each is well worth buying today. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Nvidia What I wrote about Nvidia a year or so ago could nearly be copied and pasted into today's analysis, as its outlook is nearly the same. Nvidia's graphics processing units (GPUs) are still the top processors available for training and running artificial intelligence models. Additionally, Nvidia is again preparing to ship another revolutionary chip architecture. Last year's launch was the Blackwell Ultra architecture, which provided major improvements over 2024's Blackwell architecture. In 2026, the new tech is the Rubin platform, which provides further huge gains. Tech companies using Rubin hardware will be able to train AI models with a quarter of the processors they needed before, and they'll only need a tenth as many to handle the same volume of inference workloads, compared to using Blackwell. A year ago, Wall Street anal...
Dr Claire Bessant says we should not vilify parents who are under pressure from family and friends to share photographs of their children on social media – but Rachel Linthe says the harms are well known While it’s important to recognise that “sharenting” can impact children, should we really be blaming parents and telling them that their children are going to rebel ( Brooklyn Beckham and Prince H...
Dr Claire Bessant says we should not vilify parents who are under pressure from family and friends to share photographs of their children on social media – but Rachel Linthe says the harms are well known While it’s important to recognise that “sharenting” can impact children, should we really be blaming parents and telling them that their children are going to rebel ( Brooklyn Beckham and Prince Harry are the canaries in the coalmine. The children of Instagram will be next, 25 January )? Many parents feel under immense pressure from family and friends to share their children’s photos. Academic research with parents shows that many struggle to reconcile their concerns about protecting their children’s privacy with their desire to make their family proud and to respond to family demands to share photos with them. There are increasing numbers of parents who are making money out of sharenting, but we also need to think carefully before we criticise these parents and consider why they may be doing so. Research again shows that pressure on parents to ensure their children do well, expectations that parents are physically present to support their children, and workplace environments that fail to support parents juggling home and work, are all key drivers for them becoming influencers. And where parents start earning money through sharenting, but subsequently express concerns about harming children’s privacy, it can be a struggle to get out of it. Continue reading...
Reading your interview with Sajid Javid, with its account of juvenile theft from slot machines, the beatings he received from his father (which Javid himself now recognises as abuse) and the official leniency that he says changed his life, it’s hard to believe that this is the man who, on spurious national security grounds, took away Shamima Begum’s British citizenship for choices she made, or pre...
Reading your interview with Sajid Javid, with its account of juvenile theft from slot machines, the beatings he received from his father (which Javid himself now recognises as abuse) and the official leniency that he says changed his life, it’s hard to believe that this is the man who, on spurious national security grounds, took away Shamima Begum’s British citizenship for choices she made, or pressures she was put under, as a child. Mark de Brunner Burn Bridge, North Yorkshire Re Adrian Chiles’s item (Is the wayward apostrophe in WALE’S LARGEST VAPE SHOP a sign of the times?, 29 January), while on holiday in Northumberland last year I visited a delightful cafe that sold various local crafts including handmade “Christma’s card’s”. Jane Marsh London My mother regarded duvets (Letters, 28 January) as a “continental affectation”. For her, bed-making was all about the neatness of the hospital corners. Sue Wallace Thame, Oxfordshire Why not have the World Cup in the US (A World Cup boycott over Trump? Football’s hypotheticals cannot be dismissed any more, 22 January)? They had the 1936 Olympics in Berlin and Fifa has already given a prize to our dictator! Kay Keller Schenectady, New York, US Sincere thanks for making my day last Friday. All the way to page 8 of the print edition before I had to look at a picture of him. A Trumpless edition would do wonders for our collective mental wellbeing. Could you arrange that, please? Allan Watson Newcastle upon Tyne
Keir Starmer’s visit to Beijing has been cautiously welcomed by Chinese state media as an act of economic pragmatism by a beleaguered British prime minister. The presence of 50 business and cultural leaders with Starmer, who is the first British prime minister to visit China in eight years, was taken as a sign that the UK was prioritising its ailing economy over political considerations. The repor...
Keir Starmer’s visit to Beijing has been cautiously welcomed by Chinese state media as an act of economic pragmatism by a beleaguered British prime minister. The presence of 50 business and cultural leaders with Starmer, who is the first British prime minister to visit China in eight years, was taken as a sign that the UK was prioritising its ailing economy over political considerations. The reported refusal of Starmer to confirm that he would be seen to pressure President Xi Jinping over his relationship with his Russian counterpart, Vladimir Putin, was seized upon by the state-owned Guancha news website. The site reported that the prime minister did “not take the bait” of western journalists who may have wished to derail the visit. Starmer told reporters in Beijing he wanted a “more sophisticated” relationship and announced economic agreements to make it easier for British businesses to “grow their footprints in China”. A social media account affiliated with the state-owned Beijing Daily wrote: “If the Sino-British relationship in the past few years has been characterised by ‘politics taking precedence and economics taking a backseat’, then this time it is more like a reordering of ‘economics taking precedence and politics taking a backseat’.” An account affiliated with the state outlet China.org.cn echoed that sentiment, framing Starmer’s visit as a functional necessity driven by current pressures, rather than a return to the “golden era” in relations heralded by David Cameron in 2015. The account said: “Against the backdrop of heightened global economic uncertainty, strengthening pragmatic cooperation between China and the UK aligns with the practical needs of both sides. “China is advancing high-quality development and high-level opening up, and British companies have significant opportunities in this process. “Starmer’s visit to China is not an ideological shift, but rather a rebalancing choice under economic pressure. For the UK, it means capital, orders, and...
Pawel Kacperek/iStock via Getty Images Investment Team Derek Smashey, CFA Lead Portfolio Manager John Indellicate, CFA Portfolio Co-Manager Jason Votruba, CFA Portfolio Co-Manager Eric Chenoweth, CFA Portfolio Co-Manager Characteristics Total Net Assets (billions): $3.21 Number of holdings: 118 Top 10 Holdings ATI ( ATI ) First Horizon ( FHN ) Viper Energy ( VNOM ) Citizens Financial Group ( CFG )...
Pawel Kacperek/iStock via Getty Images Investment Team Derek Smashey, CFA Lead Portfolio Manager John Indellicate, CFA Portfolio Co-Manager Jason Votruba, CFA Portfolio Co-Manager Eric Chenoweth, CFA Portfolio Co-Manager Characteristics Total Net Assets (billions): $3.21 Number of holdings: 118 Top 10 Holdings ATI ( ATI ) First Horizon ( FHN ) Viper Energy ( VNOM ) Citizens Financial Group ( CFG ) Agree Realty ( ADC ) WEC Energy Group ( WEC ) Huntington Bancshares ( HBAN ) Atmos Energy ( ATO ) CenterPoint Energy ( CNP ) Evergy ( EVRG ) Market Overview Major U.S. equity indices provided solid positive fourth-quarter returns. The Russell Midcap® Index return lagged, though gains were nominally positive. U.S. equity returns were bolstered by strong corporate earnings revisions and lower short-term interest rates. Despite the long-lasting government shutdown, market volatility remained calm as investors looked past the shutdown and focused on an optimistic 2026 consensus outlook. Sector return dispersion was high for the Russell Midcap Index, led by healthcare, materials, and information technology. Communication services, real estate, and utilities lagged as investors favored higher beta or more cyclical stocks. The macroeconomic environment was relatively constructive, as gross domestic product (GDP) estimates rose above the third-quarter outlook. The U.S. Federal Reserve (Fed) twice cut rates by 25 basis points because of labor market concerns. Unemployment remains low, with a November reading of 4.6%, though it is trending higher. The employment picture was widely described as “no hire, no fire,” as employers held on to their staff but were reluctant to hire more help. Finally, inflation remained higher than Fed officials desire, but long-term inflation expectations remained well-anchored and recent inflation readings are encouraging. Rising unemployment combined with high but declining inflation expectations likely have paused the Fed on cutting rates, positioning ...
Comcast said its Peacock streaming service booked a $552 million adjusted Ebitda loss in the fourth quarter, largely due to costs associated with its NBA broadcast deal.
Comcast said its Peacock streaming service booked a $552 million adjusted Ebitda loss in the fourth quarter, largely due to costs associated with its NBA broadcast deal.
What Happened? Shares of technology giant Microsoft (NASDAQ:MSFT) fell 11.8% in the afternoon session after the company reported mixed fourth quarter earnings: Business Services and Intelligent Cloud revenue beat, but Personal Computing missed. EPS, even after removing the impacts of OpenAI, also beat expectations. However, the magnitude of the beat in Intelligent Cloud and Azure's growth rate cou...
What Happened? Shares of technology giant Microsoft (NASDAQ:MSFT) fell 11.8% in the afternoon session after the company reported mixed fourth quarter earnings: Business Services and Intelligent Cloud revenue beat, but Personal Computing missed. EPS, even after removing the impacts of OpenAI, also beat expectations. However, the magnitude of the beat in Intelligent Cloud and Azure's growth rate could be called into question by some investors hoping for stronger results, aided by AI products and services. Looking ahead, management expects demand for Microsoft 365 Copilot, GitHub Copilot, and AI-driven business applications to continue driving growth, but cautioned that capital allocation and supply constraints could affect the pace of expansion. Zooming out, we think this was still a good print with some key areas of upside, but the market was expecting more. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Is now the time to buy Microsoft? Access our full analysis report here, it’s free. What Is The Market Telling Us Microsoft’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. Moves this big are rare for Microsoft and indicate this news significantly impacted the market’s perception of the business. The previous big move we wrote about was 6 days ago when the stock gained 4% on the news that a UBS analyst reiterated a Buy rating with a $600 price target. The analyst argued that "continued ramp of the big Fairwater AI data centers in both Atlanta (which went live in October) and Wisconsin (going live in 1Q26)" are "key near-term catalysts for Microsoft Azure growth." Adding to the positive sentiment, the company announced a multiyear partnership with the Mercedes-AMG PETRONAS F1 Team to use the company's cloud and enterprise AI technologies. The collaboration was set to place Microsoft Azure and AI at the center of the racing team's operations, from the factory...
What Happened? Shares of technology giant Microsoft MSFT fell 11.8% in the afternoon session after the company reported mixed fourth quarter earnings: Business Services and Intelligent Cloud revenue beat, but Personal Computing missed. EPS, even after removing the impacts of OpenAI, also beat expectations. However, the magnitude of the beat in Intelligent Cloud and Azure's growth rate could be cal...
What Happened? Shares of technology giant Microsoft MSFT fell 11.8% in the afternoon session after the company reported mixed fourth quarter earnings: Business Services and Intelligent Cloud revenue beat, but Personal Computing missed. EPS, even after removing the impacts of OpenAI, also beat expectations. However, the magnitude of the beat in Intelligent Cloud and Azure's growth rate could be called into question by some investors hoping for stronger results, aided by AI products and services. Looking ahead, management expects demand for Microsoft 365 Copilot, GitHub Copilot, and AI-driven business applications to continue driving growth, but cautioned that capital allocation and supply constraints could affect the pace of expansion. Zooming out, we think this was still a good print with some key areas of upside, but the market was expecting more. What Is The Market Telling Us Microsoft’s shares are not very volatile and have only had 3 moves greater than 5% over the last year. Moves this big are rare for Microsoft and indicate this news significantly impacted the market’s perception of the business. The previous big move we wrote about was 6 days ago when the stock gained 4% on the news that a UBS analyst reiterated a Buy rating with a $600 price target. The analyst argued that "continued ramp of the big Fairwater AI data centers in both Atlanta (which went live in October) and Wisconsin (going live in 1Q26)" are "key near-term catalysts for Microsoft Azure growth."Adding to the positive sentiment, the company announced a multiyear partnership with the Mercedes-AMG PETRONAS F1 Team to use the company's cloud and enterprise AI technologies. The collaboration was set to place Microsoft Azure and AI at the center of the racing team's operations, from the factory to the track, for simulation, performance analysis, and race strategy. This news arrived at a time when investors were looking for signs that Microsoft's investments in AI and cloud expansion were translating...