One struck a market in North Darfur and the other hit a truck carrying civilians in North Kordofan as the country’s civil war approaches its fourth year At least 28 civilians have been killed in two separate drone strikes in Sudan, according to health workers, as the country’s brutal civil war between the army and the paramilitary Rapid Support Forces approaches its fourth year . A strike hit a ma...
One struck a market in North Darfur and the other hit a truck carrying civilians in North Kordofan as the country’s civil war approaches its fourth year At least 28 civilians have been killed in two separate drone strikes in Sudan, according to health workers, as the country’s brutal civil war between the army and the paramilitary Rapid Support Forces approaches its fourth year . A strike hit a market in the town of Saraf Omra in North Darfur state on Wednesday, killing “22 people, including an infant, and injuring 17 more”, a health worker at the local clinic told AFP. Continue reading...
Alexander Sikov/iStock via Getty Images Investment Thesis In my last article on Broadcom Inc. ( AVGO ), I initiated coverage on the name by analyzing its Q1 report and by evaluating whether investors were right to be cautious on the name. I had a Buy rating on the name. Since the article was published in December 2025, the stock has lost 8.73%, underperforming the S&P 500, which lost 5% during the...
Alexander Sikov/iStock via Getty Images Investment Thesis In my last article on Broadcom Inc. ( AVGO ), I initiated coverage on the name by analyzing its Q1 report and by evaluating whether investors were right to be cautious on the name. I had a Buy rating on the name. Since the article was published in December 2025, the stock has lost 8.73%, underperforming the S&P 500, which lost 5% during the same period. The question then becomes: has anything substantially changed when it comes to the AI revolution in general and AVGO’s business in particular, which has led to such a drastic negative sentiment? Have the long-term growth prospects of AVGO dimmed either due to deteriorating demand for its chips or the Tomahawk 6? In this article, I evaluate the company’s Q1 report and dissect the aforementioned questions and re-evaluate the long-term prospects of AVGO. I also deploy an upgraded ensemble valuation model to compute the company’s updated price target. AVGO’s AI Business Enters the Acceleration Phase In my previous article, I argued that 2025 was the year when AVGO’s business had reached an inflection point. If the latest quarter was anything to go by, then 2026, in my view, should be the year when the business transitions from an inflection point to an acceleration phase. For instance, in Q1, the company’s AI semiconductor revenues saw a 106% jump y/y , coming in at $8.4 billion, surpassing management’s own guidance of $8.2 billion. The guidance was even more stunning. More specifically, management now expects Q2 AI semiconductor revenues of $10.7 billion, which would represent a y/y growth of 140%, a remarkable sequential growth in my opinion. Moreover, CEO Hock Tan also announced that the company sees AI chip revenues of over $100 billion in 2027 , which, to me, is one of the most significant takeaways from AVGO’s latest quarter. Critically, management announced that the company has secured the supply chain capacity through 2028, which lends further support to b...
Alexander Sikov/iStock via Getty Images Investment Thesis In my last article on Broadcom Inc. ( AVGO ), I initiated coverage on the name by analyzing its Q1 report and by evaluating whether investors were right to be cautious on the name. I had a Buy rating on the name. Since the article was published in December 2025, the stock has lost 8.73%, underperforming the S&P 500, which lost 5% during the...
Alexander Sikov/iStock via Getty Images Investment Thesis In my last article on Broadcom Inc. ( AVGO ), I initiated coverage on the name by analyzing its Q1 report and by evaluating whether investors were right to be cautious on the name. I had a Buy rating on the name. Since the article was published in December 2025, the stock has lost 8.73%, underperforming the S&P 500, which lost 5% during the same period. The question then becomes: has anything substantially changed when it comes to the AI revolution in general and AVGO’s business in particular, which has led to such a drastic negative sentiment? Have the long-term growth prospects of AVGO dimmed either due to deteriorating demand for its chips or the Tomahawk 6? In this article, I evaluate the company’s Q1 report and dissect the aforementioned questions and re-evaluate the long-term prospects of AVGO. I also deploy an upgraded ensemble valuation model to compute the company’s updated price target. AVGO’s AI Business Enters the Acceleration Phase In my previous article, I argued that 2025 was the year when AVGO’s business had reached an inflection point. If the latest quarter was anything to go by, then 2026, in my view, should be the year when the business transitions from an inflection point to an acceleration phase. For instance, in Q1, the company’s AI semiconductor revenues saw a 106% jump y/y , coming in at $8.4 billion, surpassing management’s own guidance of $8.2 billion. The guidance was even more stunning. More specifically, management now expects Q2 AI semiconductor revenues of $10.7 billion, which would represent a y/y growth of 140%, a remarkable sequential growth in my opinion. Moreover, CEO Hock Tan also announced that the company sees AI chip revenues of over $100 billion in 2027 , which, to me, is one of the most significant takeaways from AVGO’s latest quarter. Critically, management announced that the company has secured the supply chain capacity through 2028, which lends further support to b...
Alistair Berg/DigitalVision via Getty Images By Kevin Flanagan and Andrew Okrongly, CFA Prior to the war in the Middle East, the U.S. financial markets were being confronted with headlines and attendant concerns surrounding the credit markets. Obviously, the storyline involving the Middle East conflict is still taking center stage and will likely continue to impact markets in the weeks ahead. Howe...
Alistair Berg/DigitalVision via Getty Images By Kevin Flanagan and Andrew Okrongly, CFA Prior to the war in the Middle East, the U.S. financial markets were being confronted with headlines and attendant concerns surrounding the credit markets. Obviously, the storyline involving the Middle East conflict is still taking center stage and will likely continue to impact markets in the weeks ahead. However, we continue to believe that once the markets get a sense that the situation in the Middle East begins to de-escalate, the market focus could shift back to a pre-conflict setting. After several months of relative calm, credit markets have been a bit noisier. Spreads have drifted wider, and questions around liquidity and fundamentals—especially in private credit and BDCs—have resurfaced. Two forces are driving most of the conversation. The first is a structural shift in liquidity, as more capital—particularly retail—has moved into less liquid credit vehicles. The second is AI-driven disruption, which is beginning to reshape parts of the economy, especially software. These forces do not impact all credit equally. To see why, it helps to break credit into three broad buckets: high yield (HY), broadly syndicated/leveraged loans (BSL) and private credit (PC)—and focus less on labels and more on structure. Structure Drives Outcomes: Liquidity and Credit Quality High yield is the most liquid and accessible, widely held through mutual funds and ETFs. It also tends to be higher quality with larger issuers. The benefit is daily liquidity and real-time pricing; the tradeoff is more visible volatility as markets adjust quickly. Leveraged loans are somewhat less liquid and more institutional, but still broadly accessible. Their floating-rate structure reduces interest rate sensitivity, while strong CLO demand provides a steady source of support. This creates a middle ground: less rate risk, but greater exposure to credit fundamentals and default cycles. Private credit looks similar ...
Chinese food and on-demand delivery giant Meituan reported on Thursday its second consecutive quarterly loss since 2022, as intense competition and a prolonged price war with Alibaba Group Holding and JD.com last year squeezed margins. The company reported a 15 billion yuan (US$2.2 billion) adjusted net loss – worse than the 12.9 billion yuan average estimate by analysts – for the fourth quarter e...
Chinese food and on-demand delivery giant Meituan reported on Thursday its second consecutive quarterly loss since 2022, as intense competition and a prolonged price war with Alibaba Group Holding and JD.com last year squeezed margins. The company reported a 15 billion yuan (US$2.2 billion) adjusted net loss – worse than the 12.9 billion yuan average estimate by analysts – for the fourth quarter ended December 31, compared with adjusted net profit of 9.8 billion yuan a year earlier. Its...
Zscaler (NASDAQ: ZS) is one of the most misunderstood stocks in the cybersecurity space. Though it has maintained a consensus buy rating from the Wall Street analysts who cover it, the stock is down by more than 36% so far in 2026. The median analyst price target for the stock is $220, implying an upside of more than 52% from where it was trading Wednesday morning. The most bullish 12-month target...
Zscaler (NASDAQ: ZS) is one of the most misunderstood stocks in the cybersecurity space. Though it has maintained a consensus buy rating from the Wall Street analysts who cover it, the stock is down by more than 36% so far in 2026. The median analyst price target for the stock is $220, implying an upside of more than 52% from where it was trading Wednesday morning. The most bullish 12-month target price is $335, implying an upside of almost 133%. While these growth estimates may appear aggressive, they do not require extraordinary assumptions. A shift in narrative could be enough. Right now, what is driving the stock is the fear that artificial intelligence (AI) tools will disrupt Zscalar's business. But I suspect that those fears will fade and be replaced by recognition of AI-driven demand for its services, and as that occurs, the combination of continued earnings growth and valuation expansion could push the stock toward even the most bullish analyst target. Image source: Getty Images. Continue reading
Stocks and bonds fell across the world as Iran’s persistent rejection of the Trump administration’s push for talks to end the war in the Middle East sent oil prices higher. The wrangle over a de-escalation in the Middle East has seen Iran rebuff the White House’s insistence that peace talks are ongoing and issue conditions of its own. Iran’s parliament has meanwhile begun drafting legislation to i...
Stocks and bonds fell across the world as Iran’s persistent rejection of the Trump administration’s push for talks to end the war in the Middle East sent oil prices higher. The wrangle over a de-escalation in the Middle East has seen Iran rebuff the White House’s insistence that peace talks are ongoing and issue conditions of its own. Iran’s parliament has meanwhile begun drafting legislation to impose a fee on vessels seeking passage through the Strait of Hormuz, a key artery for crude that has effectively been shut since the conflict began. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Lizzy Burden and Tom Mackenzie. (Source: Bloomberg)
Good morning . Military strikes continue as the US and Iran wrangle over talks. The Trump administration is said to be examining what a major spike in oil would mean. And on Wall Street, bankers are coming off a bumper year with a surge in bonuses. Listen to the day’s top stories . — Marc Perrier Market Snapshot S&P 500 Futures 6,595.75 -0.7% Nasdaq 100 Futures 24,178.25 -0.8% Bloomberg Dollar Spo...
Good morning . Military strikes continue as the US and Iran wrangle over talks. The Trump administration is said to be examining what a major spike in oil would mean. And on Wall Street, bankers are coming off a bumper year with a surge in bonuses. Listen to the day’s top stories . — Marc Perrier Market Snapshot S&P 500 Futures 6,595.75 -0.7% Nasdaq 100 Futures 24,178.25 -0.8% Bloomberg Dollar Spot Index 1,212.11 +0.1% Market data as of 06:20 AM ET. Data is subject to provider delays. Oil climbed as persistent Middle East tensions, coupled with conflicting signals from Washington and Tehran over ceasefire talks, fueled fears of a global energy shock . While Donald Trump has pushed for negotiations to end the war, the US has also ordered thousands of troops to the region, fanning fears of a risky ground invasion . As military strikes continue in the region, keep up with the latest developments with our blog. Iran is working on a draft bill that would impose a fee on vessels seeking safe passage through the Strait of Hormuz, according to the semi-official Fars news agency. The narrow waterway has been all but closed since US and Israeli strikes on Iran began almost a month ago. Here’s an explainer on what it would take to reopen it . BlackRock President Rob Kapito said investors may be underestimating the risks stemming from the Iran war, warning growth may be hit by as much as two percentage points and oil could spike to $150 a barrel. Check out the latest on what’s happening in the markets. Wall Street bonuses jumped last year, with the total pool rising to $49.2 billion —the largest in records going back to 1987. The average bonus rose 6% to $246,900, New York State Comptroller estimates show. Bankers started 2026 on a high after a windfall last year that included a record $134 billion of trading revenue and an upswing in dealmaking. Not as rosy. Former Goldman chief Lloyd Blankfein warned of a “fire” risk in private assets , saying a spark may trigger a widespread...
Evgeniia Medvedeva/iStock via Getty Images Listen below or on the go via Apple Podcasts and Spotify Olaplex ( OLPX ) to be acquired by Henkel ( HENKY ) for $1.4B; stock surges 49% premarket. (00:14) JetBlue ( JBLU ) jumps on report it's exploring potential sale . (01:14) LA jury finds Meta, Google liable for inducing social media addiction in young woman. (02:05) This is an abridged transcript. Ol...
Evgeniia Medvedeva/iStock via Getty Images Listen below or on the go via Apple Podcasts and Spotify Olaplex ( OLPX ) to be acquired by Henkel ( HENKY ) for $1.4B; stock surges 49% premarket. (00:14) JetBlue ( JBLU ) jumps on report it's exploring potential sale . (01:14) LA jury finds Meta, Google liable for inducing social media addiction in young woman. (02:05) This is an abridged transcript. Olaplex Holdings ( OLPX ) is up 49% in premarket action. Olaplex agreed to be acquired by German consumer giant Henkel AG & Co. KGaA ( HENKY ) ( HELKF ) ( HENOY ). The all-cash transaction is valued at $1.4B . The $2.06 per share cash offer represents a massive 55% premium over Olaplex’s March 25 closing price, and a premium of approximately 45% over the volume weighted average price for the last 30 trading days. Upon completion of the deal, expected in the second half of 2026, Olaplex will be delisted from the Nasdaq but will continue to operate as a standalone brand within Henkel’s professional hair care portfolio. Notably, Advent International, which holds a majority of the voting power in Olaplex, has already provided written consent for the transaction, so no further action is needed from other stockholders. Advent will fully exit its investment upon closing. JetBlue ( JBLU ) closed the day Wednesday up 13% on a report that it's evaluating plans to sell itself to a rival airline . According to a Semafor report on Wednesday, which cited people familiar with the matter, JetBlue ( JBLU ) has tapped advisers to see how a deal with United Airlines ( UAL ), Alaska Airlines ( ALK ) or Southwest Airlines ( LUV ) might be perceived in Washington. According to the report, this is preliminary, and the airline may decide to keep the status quo and not try to sell itself. It wasn't known whether JetBlue ( JBLU ) had held any talks or received indications of interest. JetBlue declined to comment on internal talks to Semafor. United ( UAL ) and Southwest ( LUV ) also declined to commen...