01.AI CEO and Sinovation Ventures Chairman Kai-Fu Lee says OpenClaw is a "rallying cry" against American large language models that overcharge. Speaking exclusively on Bloomberg's "The China Show," he also discusses China's AI developments and where they might be headed next. (Source: Bloomberg)
01.AI CEO and Sinovation Ventures Chairman Kai-Fu Lee says OpenClaw is a "rallying cry" against American large language models that overcharge. Speaking exclusively on Bloomberg's "The China Show," he also discusses China's AI developments and where they might be headed next. (Source: Bloomberg)
Thieves made off with three paintings by Renoir, Cézanne and Matisse worth millions of euros from a museum near the city of Parma in northern Italy. (Image credit: Domenico Stinellis)
Thieves made off with three paintings by Renoir, Cézanne and Matisse worth millions of euros from a museum near the city of Parma in northern Italy. (Image credit: Domenico Stinellis)
Practice of using apartments to store relatives’ ashes has risen as rapid urbanisation and aging population increases competition for cemetery plots China is introducing a law to stop people storing the ashes of their dead relatives in empty high-rise flats rather than paying steep costs for increasingly scarce cemetery plots. China’s new funeral management legislation will prohibit the use of “re...
Practice of using apartments to store relatives’ ashes has risen as rapid urbanisation and aging population increases competition for cemetery plots China is introducing a law to stop people storing the ashes of their dead relatives in empty high-rise flats rather than paying steep costs for increasingly scarce cemetery plots. China’s new funeral management legislation will prohibit the use of “residential housing specifically for the purpose of storing cremated remains” and the burial of corpses or construction of tombs in “areas other than public cemeteries”. Continue reading...
primeimages/iStock via Getty Images Willdan Group ( WLDN ) valuations have reset meaningfully toward historical highs seen pre-rally (levels seen last in 2023-24). The concerns that have led to this valuation reset are primarily a risk-off sentiment across the board in growth and high-valuation stocks and Willdan's own near-term growth normalization outlook. The near-term growth normalization is o...
primeimages/iStock via Getty Images Willdan Group ( WLDN ) valuations have reset meaningfully toward historical highs seen pre-rally (levels seen last in 2023-24). The concerns that have led to this valuation reset are primarily a risk-off sentiment across the board in growth and high-valuation stocks and Willdan's own near-term growth normalization outlook. The near-term growth normalization is off a high base, though, and is also driven by timing effects more than by any structural weakness. In fact, the secular tailwinds from electricity demand grid modernization, especially in an era of data center-driven demand, are very much intact. Late-cycle sentiments applicable to semis and other AI infrastructure plays are less applicable here as energy needs are a long lead item and look at long-term needs rather than cyclical troughs. Overall, earnings growth prospects are still strong in my view, and this is additionally supported by earnings quality improvements (supported by margin expansion, operating leverage, and a mix shift toward higher-value energy services). Even if there is moderate multiple compression from here, the earnings growth should be able to generate decent returns for fresh entries. Valuations Have Reset Meaningfully The forward EV to EBITDA ratio has reset significantly from well above 20x levels to ~13.5x levels now. The prices still look elevated, as the 3-year chart below shows, but that has more to do with earnings catch-up than multiple expansion. The forward EV to EBITDA ratio was previously seen in the low double digits before the recent run-up in 2025 - around ~13x in late 2024 and ~11x in late 2023. So, from a valuation perspective, Willdan is no longer pricing in hypergrowth or any narrative excess - unless markets see late-cycle characteristics in the stock (which could push the ratio toward mid- to high-single-digits too, going by historical levels in the past 2-3 years). Data by YCharts Data by YCharts I see fewer concerns around stag...