Key Points AI is a game-changing technology that PwC analysts believe can create $15.7 trillion in global economic value by 2030. Demand for Nvidia's and AMD's graphics processing units (GPUs) has been insatiable, leading to sales growth of 68% and 32% for their respective data center segments last year. However, shares of both companies plunged following their latest earnings reports, signaling t...
Key Points AI is a game-changing technology that PwC analysts believe can create $15.7 trillion in global economic value by 2030. Demand for Nvidia's and AMD's graphics processing units (GPUs) has been insatiable, leading to sales growth of 68% and 32% for their respective data center segments last year. However, shares of both companies plunged following their latest earnings reports, signaling that a much-needed reset of investors' AI expectations may be forthcoming. 10 stocks we like better than Nvidia › The advent and proliferation of the internet began altering corporate growth trajectories more than three decades ago. Since then, investors have been waiting (impatiently) for the next technological leap forward. While several other hyped trends followed in the footsteps of the internet, including nanotechnology, 3D printing, and blockchain technology, it's artificial intelligence (AI) that's truly stepped up. Analysts at PwC believe artificial intelligence can add $15.7 trillion to the global economy by 2030. If this estimate is even remotely close, it explains why shares of graphics processing unit (GPU) titans Nvidia(NASDAQ: NVDA) and Advanced Micro Devices(NASDAQ: AMD), commonly known as "AMD," have soared. Since the start of 2023, shares of Nvidia and AMD have climbed by 1,140% and 208%, respectively. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But while the operating results of this dynamic duo validate investors' excitement, Wall Street's immediate reaction to their quarterly results is nothing short of a $711 billion warning that AI investors can't ignore. Nvidia and AMD have laid a solid foundation as GPU titans However, before digging into the details behind this warning, investors need to understand how Nvidia and AMD became two of the most consequential companies in the AI aren...
Vietnam’s prime minister left on Sunday for an official visit to Russia during which the two nations will sign several agreements, including on oil and gas cooperation, Hanoi said. Prime Minister Pham Minh Chinh’s trip to the major oil-producing nation from Sunday to Wednesday comes as Vietnam seeks to shore up its fuel reserves amid global supply disruptions due to the war in the Middle East. His...
Vietnam’s prime minister left on Sunday for an official visit to Russia during which the two nations will sign several agreements, including on oil and gas cooperation, Hanoi said. Prime Minister Pham Minh Chinh’s trip to the major oil-producing nation from Sunday to Wednesday comes as Vietnam seeks to shore up its fuel reserves amid global supply disruptions due to the war in the Middle East. His visit will focus on deepening ties with Russia and expanding cooperation in trade, investment and energy, Vietnam’s government said in a statement on Sunday. Advertisement “During this visit, a series of important agreements related to nuclear power plant projects, as well as cooperation in energy and oil and gas will be signed,” another statement from Hanoi said on Saturday. “Cooperation in oil and gas energy will be reinforced in all fields of trade, exploration, extraction, and human resource training,” it added. Advertisement Since the US-Israel war against Iran began in late February, sparking fuel price hikes and fears of shortages around the world, the cost of 95-octane petrol and diesel in Vietnam, a manufacturing hub, has soared by 50 per cent and 70 per cent respectively.
The government’s top cost of living adviser has called on ministers to explore a temporary cap on the profits of energy and petrol companies to prevent them from cashing in excessively on the war in the Middle East. Richard Walker – a Labour peer, the chair of Iceland supermarkets and the prime minister’s “cost of living champion” – said he had asked the government to examine limiting how much bus...
The government’s top cost of living adviser has called on ministers to explore a temporary cap on the profits of energy and petrol companies to prevent them from cashing in excessively on the war in the Middle East. Richard Walker – a Labour peer, the chair of Iceland supermarkets and the prime minister’s “cost of living champion” – said he had asked the government to examine limiting how much businesses were able to benefit from higher energy prices after Iran’s blockade of the strait of Hormuz, a crucial shipping route for Europe’s oil and gas, and the wider conflict in the region. “I have asked the government to consider a temporary profit cap … to stop producers and retailers exploiting the crisis to make windfall profits at the expense of consumers,” Walker wrote in a column in the Sunday Times. “As executive chairman of a retailer, I have no problem with profit. It’s what allows businesses to invest, employ people and pay tax. But I do have a big problem with profiteering, especially when families are under real pressure.” His comments come after suggestions that the chancellor, Rachel Reeves, had been planning to ease the UK’s existing windfall tax – the energy profits levy – before the US and Israel attacked Iran on 28 February with airstrikes that killed Iran’s supreme leader, Ali Khamenei. They also come as Chris O’Shea, the chief executive of the British Gas owner, Centrica, said an increase in energy prices may be “inescapable” if the war in the Middle East “stays as it is”, although he predicted that petrol prices would be affected much more than energy bills. “The world uses about 100m barrels of oil a day. We’ve lost about 20% of that through the strait of Hormuz. The loss of gas through the strait of Hormuz being closed is about three or 4% of global gas,” he told the BBC’s Sunday with Laura Kuenssberg programme. “So the impact on gas, and therefore on electricity bills, should be lower than the impact on oil. So my gut feel is that you’ll see more o...
Key Points AI is a game-changing technology that PwC analysts believe can create $15.7 trillion in global economic value by 2030. Demand for Nvidia's and AMD's graphics processing units (GPUs) has been insatiable, leading to sales growth of 68% and 32% for their respective data center segments last year. However, shares of both companies plunged following their latest earnings reports, signaling t...
Key Points AI is a game-changing technology that PwC analysts believe can create $15.7 trillion in global economic value by 2030. Demand for Nvidia's and AMD's graphics processing units (GPUs) has been insatiable, leading to sales growth of 68% and 32% for their respective data center segments last year. However, shares of both companies plunged following their latest earnings reports, signaling that a much-needed reset of investors' AI expectations may be forthcoming. 10 stocks we like better than Nvidia › The advent and proliferation of the internet began altering corporate growth trajectories more than three decades ago. Since then, investors have been waiting (impatiently) for the next technological leap forward. While several other hyped trends followed in the footsteps of the internet, including nanotechnology, 3D printing, and blockchain technology, it's artificial intelligence (AI) that's truly stepped up. Analysts at PwC believe artificial intelligence can add $15.7 trillion to the global economy by 2030. If this estimate is even remotely close, it explains why shares of graphics processing unit (GPU) titans Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD), commonly known as "AMD," have soared. Since the start of 2023, shares of Nvidia and AMD have climbed by 1,140% and 208%, respectively. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » But while the operating results of this dynamic duo validate investors' excitement, Wall Street's immediate reaction to their quarterly results is nothing short of a $711 billion warning that AI investors can't ignore. Nvidia and AMD have laid a solid foundation as GPU titans However, before digging into the details behind this warning, investors need to understand how Nvidia and AMD became two of the most consequential companies in the AI ar...
Although AMD's Instinct series GPUs haven't been able to keep up with Nvidia over a short sprint, its chips nevertheless remain highly valuable. They're less costly than Nvidia's hardware and may offer shorter wait times. First-mover advantage in the AI space isn't all about compute, and AMD can absolutely take advantage of this dynamic. To build on this point, it's unlikely that AMD or any overse...
Although AMD's Instinct series GPUs haven't been able to keep up with Nvidia over a short sprint, its chips nevertheless remain highly valuable. They're less costly than Nvidia's hardware and may offer shorter wait times. First-mover advantage in the AI space isn't all about compute, and AMD can absolutely take advantage of this dynamic. To build on this point, it's unlikely that AMD or any overseas competitors will close the gap anytime soon. Nvidia CEO Jensen Huang is spearheading an aggressive innovation cycle that'll see a new advanced AI chip introduced annually. The Vera Rubin GPU will succeed Blackwell Ultra when it hits the market in the second half of 2026. Nvidia's GPUs have held a virtual monopoly in enterprise data center market share for years. Several generations of its GPUs, including Hopper, Blackwell, and Blackwell Ultra, have been superior to external competitors, including AMD, in terms of compute capabilities. Most of the hoopla surrounding these juggernauts stems from their GPUs. While both companies have other product lines, many of which are profitable/successful, investors' focus has been on growth in their respective GPUs -- i.e., the brains powering split-second decision-making, generative AI solutions, and large language model training in AI-accelerated data centers. However, before digging into the details behind this warning, investors need to understand how Nvidia and AMD became two of the most consequential companies in the AI arena. But while the operating results of this dynamic duo validate investors' excitement, Wall Street's immediate reaction to their quarterly results is nothing short of a $711 billion warning that AI investors can't ignore . Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Analysts at PwC believe artificial intelligence can add $15.7 trillion ...
beekeepx/iStock via Getty Images Shares of Arcosa ( ACA ) have seen quite a pullback in recent weeks, with shares having fallen from a high of $130 to $100 per share. This followed the release of the 2025 results, and certainly after the company provided the outlook for the current year. That news flow actually followed a substantial divestment announced just days before, enough of a reason to upd...
beekeepx/iStock via Getty Images Shares of Arcosa ( ACA ) have seen quite a pullback in recent weeks, with shares having fallen from a high of $130 to $100 per share. This followed the release of the 2025 results, and certainly after the company provided the outlook for the current year. That news flow actually followed a substantial divestment announced just days before, enough of a reason to update coverage on the firm here. The company is divesting its inland barge business, a cyclical and capital-intensive business. While this is taking place at somewhat cheaper multiples, frankly, this looks fair. Amidst all these observations, I applaud the strategic transformation that the company made in recent years, which, combined with a lagging share price, leaves a highly-regarded business trading at reasonable multiples here. All this makes me rather upbeat here, willing to buy shares on dips, with shares down meaningfully from their recent peak. Other, higher conviction ideas, including secular growth plays in industrial segments, can be found at Value In Corporate Events . A Solid 2025 Arcosa reported its full-year results in February, with full year sales up 12% to $2.88 billion. The company is quite diversified, with nearly half of sales generated from construction materials and products. This is complemented by a large, near $1.2 billion engineered structures business, comprised of utility and wind towers, complemented by a near $400 million inland barges business. Operating profits of $342 million came in at 11.8% of sales, up a full four points from the year before. In between interest expenses and taxes, GAAP earnings improved in a huge way to $208 million, for earnings equal to $4.24 per share. Adjusted earnings came in at $4.47 per share, with the gap to GAAP earnings being both small and fair. Net debt is reported at $1.31 billion, for a 2.2 times leverage ratio based on adjusted EBITDA reported at $583 million. The 49 million shares of the company now trade...
Inside a rare lab that's blazing a bold trail as it hunts for new drugs toggle caption Tommy Trenchard for NPR Kelly Chibale says that the hunt for new drugs is kind of like a fairy-tale quest. And it takes a lot of time and patience. "It doesn't mean that there aren't surprises or miracles," he says. "They do happen, but you have to kiss many frogs before you meet the prince." The "prince" might ...
Inside a rare lab that's blazing a bold trail as it hunts for new drugs toggle caption Tommy Trenchard for NPR Kelly Chibale says that the hunt for new drugs is kind of like a fairy-tale quest. And it takes a lot of time and patience. "It doesn't mean that there aren't surprises or miracles," he says. "They do happen, but you have to kiss many frogs before you meet the prince." The "prince" might just be a new medicine to treat malaria or tuberculosis. This search is what motivated Chibale to found the Holistic Drug Discovery and Development (H3D) Centre at the University of Cape Town in South Africa, where he currently serves as director. Sponsor Message The discovery of new medicines often takes place in North America, Europe and Asia. So that's where the agenda tends to be set for which diseases to treat and who benefits. But Chibale says H3D is a rare facility in Africa with everything needed to discover drugs for some of humanity's most intractable ailments. For the 61-year-old Zambian, it's a natural outgrowth of his love of chemistry. When he was a student and started visualizing molecules and puzzling through how to transform one into another, he knew that he had found his cerebral soulmate. Chibale grabs a chemistry book off the shelf in his office and riffles through a parade of molecules — each one like an old friend. "Calicheamicin, zaragozic acid, taxol, brevetoxin B even — all of them are here!," he exclaims. "It's a science, but it's also an art. And that's what really fascinates me about organic chemistry, and I fell in love. When you fall in love, you can't explain," he says with a laugh. That love affair is what led Chibale to found his center so he and his team can go, in his words, drug hunting. "When you go hunting, you are hungry," he says. Sponsor Message And he's confident that this unrelenting hunt and hunger will pay off before long. A return to Africa Chibale moved to the U.K. and U.S. for graduate school and to work as a researcher. That'...
As of last quarter, Tesla (TSLA 3.33%) controls more than half of the U.S. electric vehicle (EV) market. This is not unusual for the company. For years, Tesla has dominated the EV category in the U.S. What is unusual, however, is the competitive landscape moving forward. In some ways, Tesla will face more competition this year than ever before. But in other ways, the competitive landscape has impr...
As of last quarter, Tesla (TSLA 3.33%) controls more than half of the U.S. electric vehicle (EV) market. This is not unusual for the company. For years, Tesla has dominated the EV category in the U.S. What is unusual, however, is the competitive landscape moving forward. In some ways, Tesla will face more competition this year than ever before. But in other ways, the competitive landscape has improved considerably. There are two important factors to understand about Tesla's unusual competitive position in 2026. Expand NASDAQ : TSLA Tesla Today's Change ( -3.33 %) $ -12.67 Current Price $ 367.63 Key Data Points Market Cap $1.4T Day's Range $ 364.48 - $ 379.87 52wk Range $ 214.25 - $ 498.83 Volume 3.8M Avg Vol 61M Gross Margin 18.03 % 1. Tesla will get more competition for its biggest moneymaker in 2026 Tesla is the No. 1 EV brand in the U.S. by sales volumes. But it may not be for long. When you dig into Tesla's sales numbers, you'll find one curious fact: One model is responsible for the bulk of Tesla's annual car sales. Last year, for example, Tesla shipped 418,227 vehicles. Around 406,000 of those vehicles were either a Model 3 or Model Y -- Tesla's two affordable models. And yet, an even closer look reveals that more than 350,000 units of that figure included Model Y shipments alone. Put together, Tesla's Model Y accounts for more than 80% of Tesla's unit volumes in 2025. Tesla CEO Elon Musk revealed earlier this year that the company will soon discontinue production of its luxury Model S and Model X models, meaning that the Model Y will become an even more important revenue and profit driver for the company. But starting next month, the Model Y will face one of its biggest competitive threats in years: Rivian's (RIVN 7.44%) R2 SUV. Rivian's R2 won't be alone. Once shipments begin to scale, the company expects to start production on two additional Model Y competitors: Rivian's R3 and R3X SUVs. By this time next year, Rivian may have three SUVs all priced under $5...
Key Points Tesla faces increased competition for the Model Y. Some competitors, however, are pulling back. These 10 stocks could mint the next wave of millionaires › As of last quarter, Tesla (NASDAQ: TSLA) controls more than half of the U.S. electric vehicle (EV) market. This is not unusual for the company. For years, Tesla has dominated the EV category in the U.S. What is unusual, however, is th...
Key Points Tesla faces increased competition for the Model Y. Some competitors, however, are pulling back. These 10 stocks could mint the next wave of millionaires › As of last quarter, Tesla (NASDAQ: TSLA) controls more than half of the U.S. electric vehicle (EV) market. This is not unusual for the company. For years, Tesla has dominated the EV category in the U.S. What is unusual, however, is the competitive landscape moving forward. In some ways, Tesla will face more competition this year than ever before. But in other ways, the competitive landscape has improved considerably. There are two important factors to understand about Tesla's unusual competitive position in 2026. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. Tesla will get more competition for its biggest moneymaker in 2026 Tesla is the No. 1 EV brand in the U.S. by sales volumes. But it may not be for long. When you dig into Tesla's sales numbers, you'll find one curious fact: One model is responsible for the bulk of Tesla's annual car sales. Last year, for example, Tesla shipped 418,227 vehicles. Around 406,000 of those vehicles were either a Model 3 or Model Y -- Tesla's two affordable models. And yet, an even closer look reveals that more than 350,000 units of that figure included Model Y shipments alone. Put together, Tesla's Model Y accounts for more than 80% of Tesla's unit volumes in 2025. Tesla CEO Elon Musk revealed earlier this year that the company will soon discontinue production of its luxury Model S and Model X models, meaning that the Model Y will become an even more important revenue and profit driver for the company. But starting next month, the Model Y will face one of its biggest competitive threats in years: Rivian's (NASDAQ: RIVN) R2 SUV. Rivian's R2 won't be alone. Once shipments begin to scale, the company...
A shop selling hand-carved mahjong tiles will close for good next week after nearly half a century, marking the demise of one of Hong Kong’s few remaining traditional handicraft stores. Kung Yau Cheung Mahjong, founded 47 years ago, announced it would close on March 28. Owner and artisan carver Ko Yun-kan, who entered the trade aged 18, said the closure of the Mong Kok shop was not due to poor bus...
A shop selling hand-carved mahjong tiles will close for good next week after nearly half a century, marking the demise of one of Hong Kong’s few remaining traditional handicraft stores. Kung Yau Cheung Mahjong, founded 47 years ago, announced it would close on March 28. Owner and artisan carver Ko Yun-kan, who entered the trade aged 18, said the closure of the Mong Kok shop was not due to poor business but because the landlord had decided to take back the street-corner premises earlier this year. Advertisement Ko, now in his sixties, said the shop on Shanghai Street was his first job and had been his life’s work. He said he had tried to find a new location but could not secure a suitable site, and had decided to retire for now. Ko added that having devoted himself to the craft every day for years, he lost the work overnight and felt a deep sense of loss. Advertisement The shop was founded by his master, with Ko taking over in the 1990s. He said he grew up along with the business, witnessing both the evolution of Mong Kok and the decline of traditional craftsmanship.
Key Points Kintayl Capita sold 495,390 shares of Core Scientific in the fourth quarter; the estimated trade size was $8.64 million based on quarterly average prices. The quarter-end position value decreased by $9.14 million, reflecting both trading and stock price movements during the period. The post-transaction holding stood at 74,664 shares valued at $1.09 million. 10 stocks we like better than...
Key Points Kintayl Capita sold 495,390 shares of Core Scientific in the fourth quarter; the estimated trade size was $8.64 million based on quarterly average prices. The quarter-end position value decreased by $9.14 million, reflecting both trading and stock price movements during the period. The post-transaction holding stood at 74,664 shares valued at $1.09 million. 10 stocks we like better than Core Scientific › On February 17, 2026, Kintayl Capital disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold 495,390 shares of Core Scientific (NASDAQ:CORZ) during the fourth quarter, an estimated $8.64 million transaction based on average quarterly pricing. What happened According to an SEC filing dated February 17, 2026, Kintayl Capital reported selling 495,390 shares of Core Scientific during the fourth quarter of 2025. The estimated transaction value was $8.64 million, based on the mean closing price for the quarter. The fund ended the period holding 74,664 shares, with a quarter-end value of $1.09 million. The net position change, which factors in both trading and price drift, was a decrease of $9.14 million. What else to know The sale reduced the Core Scientific stake to 0.66% of Kintayl Capital LP’s reportable assets under management, down from 6.3% in the prior quarter. Top holdings after the filing: NYSE:WTRG: $14.43 million (8.7% of AUM) NYSE: SNV: $13.84 million (8.4% of AUM) NYSE: NSC: $10.56 million (6.3% of AUM) NASDAQ: QRVO: $10.50 million (6.3% of AUM) NYSEMKT: NGD: $9.90 million (6.0% of AUM) As of Friday, shares of Core Scientific were priced at $15.81, up 84% over the past year and well outperforming the S&P 500’s roughly 15% gain in the same period. Company overview Metric Value Price (as of market close 2/13/26) $17.84 Market capitalization $5 billion Revenue (TTM) $319.02 million Net income (TTM) ($288.62 million) Company snapshot Core Scientific, Inc. provides digital asset mining, blockchain infrastructure, and colocation...
More Than 5,500 Residents Ordered To Evacuate In Hawaii Over Dodgy Dam Authored by T.J. Muscaro via The Epoch Times (emphasis ours), More than 5,500 people on Hawaii’s most populous island have been ordered to evacuate on March 20 as weather conditions continue to worsen and threaten the integrity of a 120-year-old dam. Map of the evacuation zone in response to the risk of a dam failure amid torre...
More Than 5,500 Residents Ordered To Evacuate In Hawaii Over Dodgy Dam Authored by T.J. Muscaro via The Epoch Times (emphasis ours), More than 5,500 people on Hawaii’s most populous island have been ordered to evacuate on March 20 as weather conditions continue to worsen and threaten the integrity of a 120-year-old dam. Map of the evacuation zone in response to the risk of a dam failure amid torrential rains on Oahu, Hawaii, on March 20, 2026. Screenshot/Hawaii Emergency Management Agency That island, Oahu, which is home to the capital, Honolulu, is forecast to face severe rains capable of bringing risks of flash flooding and landslides over the next several days . The National Weather Service predicted that Oahu could receive four to 10 inches of rain between March 20 and March 23. This comes after the island received more than 26 inches of rain between March 10 and March 16. The life-threatening inundation is affecting much of the archipelago. “Much of the state is already saturated with rain from last week’s storm, and this additional rain will bring a major risk of flash flooding and landslides,” Hawaii’s Emergency Management Agency stated on X, urging residents and visitors to sign up for local emergency alerts. 🚨Incredible images of the Spillway, Wahiawa Reservoir (Lake Wilson), upstream from the Wahiawa Dam in Hawaii. DAM/LEVEE FAILURE IN PROGRESS OR EXPECTED at WAHIAWA DAM. Potential life-threatening flooding of downstream areas. 📸Permission: Jacob Vandervelde pic.twitter.com/JymFmegErI — Live Storm Chasers (@LiveStormChaser) March 20, 2026 Honolulu Mayor Rick Blangiardi said in an afternoon press conference that dozens, if not hundreds, of homes had been damaged, but no official damage assessment had been completed by that point. Along with the thousands of evacuations, dozens of people have had to be airlifted to safety, and hundreds more were bused to different shelters. But this rain has brought an extra risk to towns along the island’s north shore, as H...
Key Points Social Security is operating with around 7,000 fewer employees. Much work is being handled via AI and automation. Humans will still be on hand to handle some cases, though. The $23,760 Social Security bonus most retirees completely overlook › Almost all of us will have our lives enhanced by Social Security. Our grandparents and parents have collected benefits -- or will -- and we oursel...
Key Points Social Security is operating with around 7,000 fewer employees. Much work is being handled via AI and automation. Humans will still be on hand to handle some cases, though. The $23,760 Social Security bonus most retirees completely overlook › Almost all of us will have our lives enhanced by Social Security. Our grandparents and parents have collected benefits -- or will -- and we ourselves are also likely current or future beneficiaries. More than 50 million retirees are collecting Social Security benefits currently, with close to 70 million people total collecting some kind of benefit. (Social Security also provides for many disabled workers, surviving spouses, and dependents of some beneficiaries.) So it's kind of important to keep up with any changes in the program, and 2026 is bringing some significant changes. A key one is how the customer service provided by Social Security is changing. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The old system For decades, Social Security has offered Americans the opportunity to take care of Social Security business (such as signing up, making changes, correcting mistakes, etc.) at local field offices. Indeed, in the past, there have been as many as 1,200-plus field offices across the nation, making it very likely that anyone wishing to visit one could do so. What's changing Social Security's customer service is shifting from field offices to a centralized national system. According to a report from the Social Security Administration (SSA), the program had nearly 58,000 full-time-equivalent workers in fiscal 2024, and the 2026 budget calls for 50,278 -- a drop of 7,720. Much of that drop is due to major layoffs enacted by the Department of Government Efficiency, or DOGE. The new system is likely to be employing artificial intelligence (AI) to...
Madmaxer/iStock via Getty Images As we were approaching year-end 2025, I issued a bullish thesis on Plains All American Pipeline ( PAA ), suggesting that the realized price gains (which were notable since my previous piece ) had not killed the overall case. In other words, I remained bullish despite richer valuation multiples or smaller discounts relative to some of its closest peers, such as Ente...
Madmaxer/iStock via Getty Images As we were approaching year-end 2025, I issued a bullish thesis on Plains All American Pipeline ( PAA ), suggesting that the realized price gains (which were notable since my previous piece ) had not killed the overall case. In other words, I remained bullish despite richer valuation multiples or smaller discounts relative to some of its closest peers, such as Enterprise Product Partners ( EPD ), MPLX ( MPLX ), and Energy Transfer ( ET ). My key driver for the thesis was that the market should eventually recognize the durability of PAA's cash flow and dividend amid the increased volatility in the market and the great rotation. Plus, I thought that PAA's decision to become a pure-play crude oil franchise should ultimately enhance the value, mainly because of a stronger tilt towards a fee-based (predictable) business model. I have to be honest, while I was expecting continued price gains, I did not expect to see 20%+ returns in the space of just one quarter: YCharts It is clear that the overall MLP sector ( AMLP ) has greatly appreciated, but PAA stands out here as a clear leader (especially if we compare it to the largest quality MLP names). Now, for some, including myself, this might raise the question of whether the thesis has already been exhausted, and perhaps it might be worth it to take at least part of these gains home. After seeing what PAA delivered in the Q4 2025 report and considering the prevailing macroeconomic backdrop, I have to say that the case has become even stronger here (despite the higher EV/EBITDA multiple ). Let me explain. Thesis review I will first start with the key messages and data points from the Q4 report, as this will provide a decent basis for the overall picture/play. In Q4, the core segment for PAA, which is the crude oil segment, experienced an uptick of 3% in the EBITDA generation compared to the previous quarter. The key driver was the 2-month effect from the Cactus III acquisition. Higher tariff ...
Tom Werner/DigitalVision via Getty Images With the graying of the Western world, one would think that Healthcare stocks would have been getting a lift from the market, but the sector barely broke even over the past trading year. Of course, there are winners and losers within the Healthcare sector, such as Medical Distribution, which rose 33%, Medical Care Facilities, which were up 25%; and Biotech...
Tom Werner/DigitalVision via Getty Images With the graying of the Western world, one would think that Healthcare stocks would have been getting a lift from the market, but the sector barely broke even over the past trading year. Of course, there are winners and losers within the Healthcare sector, such as Medical Distribution, which rose 33%, Medical Care Facilities, which were up 25%; and Biotech, which rose 21.4%. FVZ We last covered the BlackRock Health Science Term Trust ( BMEZ ) in a January 2025 article . At that point, we advised waiting for a deeper discount than 12%, as BMEZ's "NAV/share discount has run as deep as 17.14% over the past year." Fund Profile BMEZ's investment objective is to provide total return and income through a combination of current income, current gains, and long-term capital appreciation. Under normal market conditions, the Trust will invest at least 80% of its total assets in equity securities of companies principally engaged in the health sciences group of industries and equity derivatives with exposure to the health sciences group of industries. The Trust formerly utilized an option writing (selling) strategy in an effort to generate current gains from options premiums and to enhance the Trust’s risk-adjusted returns. However, the options strategy was cancelled in Q4 '25. BMEZ has a 12-year limited term, subject to extension, with a contingent feature to convert to a perpetual fund. BMEZ has also traditionally invested in the healthcare sector by blending "next generation" healthcare stocks and private investments. (BMEZ site) BMEZ ranks in the top 40 largest market cap equity CEFs, with 283K in average volume, and 179 holdings, as of 2/28/26. Its gross expense ratio is 1.45%. Hidden Dividend Stocks Plus Holdings Large caps form the majority of the portfolio, at ~64%, as of 2/28/26, with mid caps at 15.7%, and small caps at 18.5%. BMEZ Pharma, Biotech & Life Sciences formed ~80% of the holdings, as of 2/28/26, with Healthcare Equipm...
Animals on Frontier Airlines aircraft tails at Denver International Airport mtcurado/iStock Unreleased via Getty Images A number of U.S. airlines, including Frontier Airlines ( ULCC ), participated in the JPMorgan Industrials conference and provided long-expected guidance updates. Because of the Iran war, there has been a great deal of uncertainty about how much airlines would be impacted as a res...
Animals on Frontier Airlines aircraft tails at Denver International Airport mtcurado/iStock Unreleased via Getty Images A number of U.S. airlines, including Frontier Airlines ( ULCC ), participated in the JPMorgan Industrials conference and provided long-expected guidance updates. Because of the Iran war, there has been a great deal of uncertainty about how much airlines would be impacted as a result of much higher fuel prices and potential demand destruction. ULCC’s guidance update and industry commentary at the conference briefly slowed the decline of airline stocks but cannot reverse the slide in airline stocks since the war began. ULCC stock is down 37% over the past 30 days Frontier Airlines revised 1Q2026 guidance (flyfrontier.com) Strong Demand – At Least In The Near Term The good news in ULCC’s guidance update is that demand remains strong, especially over the next couple of months. The latest Middle East conflict began right in the midst of the busy Spring Break travel period, which traditionally sees peak leisure demand from President’s Day in the U.S. to post-Easter and Passover, both of which are in early April this year. A number of airlines said that they have experienced “best ever” sales days since the first of the year, but those comments need to be viewed with a certain degree of skepticism, including for Frontier Airlines. US airline capacity change 2Q2026 (Airlines for America) The sheer timing of the beginning of the Iran war in the midst of a high-demand travel period and in the midst of the peak summer international booking period very likely meant that some consumers chose to purchase tickets for trips that they were considering but realized prices were not going to go down but likely would go up. In addition, a number of carriers in the industry, including ULCC, were already planning to add significant amounts of capacity, with ULCC being near the upper end of the industry at a planned 11% increase in 2 nd quarter capacity. Fares have been s...
Xesai/iStock via Getty Images Hopes for a strong start to the year in the U.S. economy are fading as rising gas prices erode the impact of larger tax refunds, the Associated Press reported Sunday. A surge in refunds tied to recent tax cuts was expected to give consumers extra spending power this spring. But since the outbreak of war with Iran in late February, fuel prices have jumped sharply, with...
Xesai/iStock via Getty Images Hopes for a strong start to the year in the U.S. economy are fading as rising gas prices erode the impact of larger tax refunds, the Associated Press reported Sunday. A surge in refunds tied to recent tax cuts was expected to give consumers extra spending power this spring. But since the outbreak of war with Iran in late February, fuel prices have jumped sharply, with the national average nearing $4 a gallon. Economists now say much of that refund-driven boost may be canceled out. Higher energy costs are likely to linger even if tensions ease, as supply disruptions take time to resolve. That means more household income will go toward fuel instead of discretionary purchases like dining, travel or retail. Lower- and middle-income households are expected to feel the most strain, since they spend a larger share of their income on gas while receiving smaller refunds. Some forecasts suggest gas prices could climb further before easing later in the year. In that scenario, the average household’s additional fuel costs would nearly match the increase in their tax refund, effectively wiping out the benefit. Other estimates point to a similar outcome at the national level, with higher fuel spending outweighing the total boost from refunds. The timing is particularly challenging for consumers. Job growth has slowed, savings have declined and more households are relying on credit to maintain spending. Analysts warn that this could deepen existing economic divides, with lower-income groups bearing a disproportionate burden. While consumer spending has remained resilient so far, there are signs of strain. Gasoline purchases have jumped, while growth in discretionary spending has been steady but not accelerating. Most economists still expect the U.S. economy to expand this year, though at a slower pace. However, the anticipated lift from tax refunds now appears far weaker, as higher fuel costs absorb much of the potential gain, the AP reported. Dear Re...