PashaIgnatov/iStock via Getty Images The Alpha Architect 1-3 Month Box ETF ( BOXX ) is an actively managed ETF that aims to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market while offering primarily capital gain tax treatment on any gains or losses. T...
PashaIgnatov/iStock via Getty Images The Alpha Architect 1-3 Month Box ETF ( BOXX ) is an actively managed ETF that aims to provide investment results that, before fees and expenses, equal or exceed the price and yield performance of an investment that tracks the 1-3 month sector of the United States Treasury Bill market while offering primarily capital gain tax treatment on any gains or losses. The fund attempts to do this through long- and short-dated SPX options that are structured as box spreads (which synthetically create a zero-coupon bond). I am initiating BOXX as a buy on Seeking Alpha. The pre-tax return tracks T-bills closely, and the after-tax return for a high-bracket taxable investor is meaningfully better than SGOV, which is the entire point of holding it. With my rates view of one Fed cut at most in 2026, the front-end yield environment is favorable, and the structural after-tax pickup compounds at approx. 60-70 bps annually for the investors that should be holding this product. However, Section 1258 tax overhang is real and is what keeps this from being a strong buy. What is a Box(x) Spread? The box spread strategy is what BOXX revolves around. A box spread is a four-leg options combination that synthetically replicates a zero-coupon bond. The structure uses four SPX (not SPY ) options, all with the same expiration date, at two different strike prices. A box spread uses a long call and a short put at a lower strike (the synthetic long), combined with a short call and a long put at a higher strike (the synthetic short). The synthetic long and the synthetic short cancel each other out, which means the combined position has zero exposure to where the S&P 500 actually trades. What remains is a guaranteed payoff at expiration equal to the difference between the two strike prices. As an example, the SPX is at 7,000, and an investor constructs a 60-day box spread using the 6,500 and 7,500 strikes. The four legs are as follows: buy the 6,500 call, write the ...
Richard Drury/DigitalVision via Getty Images Investment Thesis Flash memory maker Sandisk Corp. ( SNDK ) has rallied ~2600% over the past 12 months and ~275% since the year began. Revenues are already up 23% to $8.9B, while midpoint sell-side projections estimate Sandisk will eventually end its FY26 with revenues of $16B, up 118%. Simultaneously, EPS will have grown 1340% to $43 per share, accordi...
Richard Drury/DigitalVision via Getty Images Investment Thesis Flash memory maker Sandisk Corp. ( SNDK ) has rallied ~2600% over the past 12 months and ~275% since the year began. Revenues are already up 23% to $8.9B, while midpoint sell-side projections estimate Sandisk will eventually end its FY26 with revenues of $16B, up 118%. Simultaneously, EPS will have grown 1340% to $43 per share, according to the same midpoint projections. All these gains for Sandisk have come solely because demand for memory and flash storage has skyrocketed, leading to the exponentially surging prices of NAND flash storage, which has grown ~675% since last July. But what happens when that astronomical growth in NAND flash spot prices stops? In my analysis below, I highlight how a pullback in NAND flash prices will likely create temporary transitional volatility in the monstrous run seen in Sandisk’s shares so far. I am advising caution to investors in Sandisk because I believe there may be better buy points coming ahead. NAND Prices Begin To Finally Normalize - Impact To Sandisk? If investors look at my coverage archive on Sandisk and review my January and February coverages this year, they will notice that I have mentioned one clear tailwind for Sandisk’s flash storage components and products: AI inference. Exhibit A: Author’s coverage history on Sandisk’s shares. (Seeking Alpha) The sudden yet explosive demand for AI inference has been instrumental in highlighting the wide gap in supply that the entire NAND flash industry experienced over the last few months. Since NAND flash supply was constrained but demand remained stubbornly elevated, the NAND industry reacted via a positive price elastic function, significantly raising the prices of NAND flash components. As seen below, through February, spot prices of NAND Flash Wafers rose 675% since July to a high in excess of ~$22 per wafer. Exhibit B: NAND Flash spot prices appear to be normalizing. (Datatrack) However, since March, NAND flas...
Tesla stock is up again today, poised to finish the week higher and snap a current 8-week losing streak. News on the chipmaking front may be boosting the stock.
Tesla stock is up again today, poised to finish the week higher and snap a current 8-week losing streak. News on the chipmaking front may be boosting the stock.
Tesla stock slipped in early trade but is poised to finish the week higher and snap a current eight-week losing streak. News on the chipmaking front may be boosting the stock.
Tesla stock slipped in early trade but is poised to finish the week higher and snap a current eight-week losing streak. News on the chipmaking front may be boosting the stock.
spawns/iStock via Getty Images Odds on prediction market site Polymarket for Kevin Warsh’s confirmation as Federal Reserve chair by May 15 have dropped to fresh lows, with the probability now at 42%, down sharply from earlier highs near 80%. The decline reflects growing uncertainty around the timing and viability of the nomination, even as the process formally advances. The Senate Banking Committe...
spawns/iStock via Getty Images Odds on prediction market site Polymarket for Kevin Warsh’s confirmation as Federal Reserve chair by May 15 have dropped to fresh lows, with the probability now at 42%, down sharply from earlier highs near 80%. The decline reflects growing uncertainty around the timing and viability of the nomination, even as the process formally advances. The Senate Banking Committee is scheduled to hold a confirmation hearing next week, according to Sen. Tim Scott (R-SC), the panel’s top Republican, marking a key milestone in President Donald Trump’s push to install Warsh at the helm of the Fed. Crucially, the timeline is complicated by what happens if the deadline is missed. Current Fed Chair Jerome Powell has indicated he would step in as interim, or “pro tem,” chair under existing legal provisions, a continuity mechanism the Fed has relied on in the past. President Donald Trump, however, has said he would move to fire Powell if he remained in place, setting up a potential institutional clash. Such a step would be unprecedented and likely face immediate legal challenge, echoing last year’s dispute over the attempted removal of Fed Governor Lisa Cook. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on the Federal Reserve Warsh confirmation odds slip after hearing delay, Kalshi shows Fed officials see higher risk in inflation and labor market, while the Iran war clouds outlook: FOMC minutes Federal Reserve Watch: Fed Keeps Adding Securities To The Portfolio
Alones Creative Boeing ( BA ) on Thursday said it is expanding satellite production capacity and broadening its space portfolio through its subsidiary Millennium Space Systems, aiming to address increasing demand from government and commercial customers. The company said it is targeting 26 satellite deliveries in 2026, supported by investments in standardized components and repeatable manufacturin...
Alones Creative Boeing ( BA ) on Thursday said it is expanding satellite production capacity and broadening its space portfolio through its subsidiary Millennium Space Systems, aiming to address increasing demand from government and commercial customers. The company said it is targeting 26 satellite deliveries in 2026, supported by investments in standardized components and repeatable manufacturing processes. The effort includes scaling manufacturing output and introducing a new mid-sized satellite platform, as Boeing ( BA ) seeks to position itself for faster deployment timelines and more flexible mission requirements across defense and commercial space markets. The expansion underscores Boeing’s effort to capture a larger share of the fast-growing satellite market, where demand for smaller, more flexible systems is increasing amid rising defense spending and commercial space investment. For investors, the move signals a potential avenue for revenue growth and backlog expansion in Boeing’s space segment, which has faced scrutiny over execution and profitability in recent years. A central component of the expansion is “Resolute,” a newly introduced mid-class satellite platform designed to bridge the gap between smaller satellites and more complex, large-scale systems. The platform is intended for missions requiring greater capability than small satellites can provide, but with shorter development timelines than traditional large programs. Boeing ( BA ) said the broader strategy reflects a shift toward scalable satellite architectures that can be adapted more quickly as mission requirements evolve. Millennium, which focuses on higher-rate manufacturing, is expanding its production capacity to support a growing backlog and a wider range of customer needs. The companies emphasized that combining Boeing’s engineering and mission expertise with Millennium’s production approach is intended to increase delivery speed while maintaining flexibility for customized spacecraft....
Alphabet's Google is negotiating an agreement with the Department of Defense that would allow the Pentagon to deploy its Gemini AI models in classified settings, the Information reported on Thursday, citing two people with direct knowledge of the discussions. The two parties are discussing an agreement that would allow the Pentagon to use Google's AI for all lawful uses, according to the rep...
Alphabet's Google is negotiating an agreement with the Department of Defense that would allow the Pentagon to deploy its Gemini AI models in classified settings, the Information reported on Thursday, citing two people with direct knowledge of the discussions. The two parties are discussing an agreement that would allow the Pentagon to use Google's AI for all lawful uses, according to the report. During the negotiations, Google has proposed additional language in its contract with the department to prevent its AI from being used for domestic mass surveillance or autonomous weapons without appropriate human control, the Information reported.
Tom Werner/DigitalVision via Getty Images Summary I gave a hold rating to DoubleVerify Holdings, Inc. ( DV ) in December last year, with my key thesis being that the setup wasn’t attractive anymore, as there was no visible revenue growth. My view today stays neutral. There are clearly some encouraging signs, especially around social activation and MAP. But the bigger issue has not changed. Consoli...
Tom Werner/DigitalVision via Getty Images Summary I gave a hold rating to DoubleVerify Holdings, Inc. ( DV ) in December last year, with my key thesis being that the setup wasn’t attractive anymore, as there was no visible revenue growth. My view today stays neutral. There are clearly some encouraging signs, especially around social activation and MAP. But the bigger issue has not changed. Consolidated growth is still too slow, and until DV proves these newer products can move the headline numbers, I do not see a strong reason to get more bullish. What got better The first thing that deserves attention is social activation. By that, I mean DV’s pre-bid and suitability tools on social platforms like Meta, YouTube, and TikTok, which help advertisers avoid unsuitable content and buy better inventory. It was very encouraging and surprising to see social activation growing by ~60% y/y in Q4 2025, and management said the momentum entering 2026 was at an even stronger growth rate. This eased the concern around whether DV can gain a foothold in the social media space. Based on the presentation deck, we know that DV already has 68 advertisers live on Meta, and 28 of the top 100 customers are already live there. This changes the narrative from DV just “being present on Meta” to DV gaining adoption across larger customers, and that matters because social is no longer a small side channel anymore. Referencing IAB’s data , social is expected to grow double-digit and should reach ~18% of US ad spend. This should reduce DV’s reliance on the more mature open web and help it lean more towards where ad budgets and advertiser attention are going. Next, I also like the development around the Media AdVantage Platform [MAP]. MAP is basically DV’s broader framework for combining independent verification, real-time optimization, and outcomes measurement into one offering. That sounds complicated, but in simple terms, instead of only telling advertisers whether an impression was safe or sui...
Geopolitical tensions have been raging in the Middle East since Feb. 28, centered around a direct conflict between the U.S. and Iran. Oil prices have soared as the region grapples with attacks on critical infrastructure and the effective closure of shipping lanes in the vital Strait of Hormuz. As I write this, the price of a barrel of West Texas Intermediate crude is up 60% since the start of 2026...
Geopolitical tensions have been raging in the Middle East since Feb. 28, centered around a direct conflict between the U.S. and Iran. Oil prices have soared as the region grapples with attacks on critical infrastructure and the effective closure of shipping lanes in the vital Strait of Hormuz. As I write this, the price of a barrel of West Texas Intermediate crude is up 60% since the start of 2026. That means American consumers are facing higher prices not only at the gas pump, but for practically every product that travels on a boat, plane, or truck. The S&P 500 (SNPINDEX: ^GSPC) stock market index recently plunged by as much as 9% from its peak as investors weighed the potential negative impacts to corporate earnings and the broader economy. However, sentiment turned on a dime on April 8 when the U.S. and Iran reached a ceasefire agreement. The index has since recovered all of its losses, and it closed at a fresh record high on April 15. Continue reading
One big part of the stock market is finally joining the market party: Software. The iShares Expanded Tech-Software ETF (IGV) has jumped more than 11% this week, clawing back some of its steep declines for the year. IGV is still down more than 21% in 2026 on fears that artificial intelligence will take market share from software companies. This week's rebound coincided with the S & P 500 returning ...
One big part of the stock market is finally joining the market party: Software. The iShares Expanded Tech-Software ETF (IGV) has jumped more than 11% this week, clawing back some of its steep declines for the year. IGV is still down more than 21% in 2026 on fears that artificial intelligence will take market share from software companies. This week's rebound coincided with the S & P 500 returning to all-time highs. This move may signal that the aggressive selling in software providers is over for now, according to Bank of America technical strategist Paul Ciana. "Down as much as ~37% from its September peak, the fifth wave down may be over with familiar support in the mid-$70s holding and price attempting to reclaim the 200-week [simple moving average] at $81.78," Ciana wrote to clients. "We see no clear structural bottom pattern yet … But we do see potential for a head and shoulders base to form to lead a three-wave summer rally." IGV YTD bar iShares Expanded Tech-Software ETF in 2026 Put another way, this may be a bottom for IGV, but not the bottom . For some of the fund's top holdings, however, the worst may be over, according to Ciana. Here's what he said: Microsoft: the chart analyst said there's an "oversold recovery underway" for the Windows and XBox owner. Levels to watch include $413, $431 and $454. The stock closed Wednesday trading at $411. Oracle: "After peaking near $343 in 2025, Oracle shares declined roughly 60% to a low around $135. The selloff appears to have completed a five‑wave decline into a confluence of long‑term support in the $130s," Ciana said. Palantir Technologies: Ciana said he's waiting for a "double bottom" to form around the $120 level, with relative strength and other technical measures supporting this view. Palantir closed Wednesday at $142.15. Salesforce: CRM is the worst performer in the group, down nearly 33% year to date. But Ciana said shares have found support around $160, adding that a bullish divergence in its relative stren...
Hong Kong’s ombudsman has urged the government to empower conservation officers to enter people’s homes to investigate suspected animal cruelty cases, describing existing procedures as “ineffective” with less than 1 per cent of reported cases resulting in prosecutions. A report released on Thursday on the Office of the Ombudsman’s latest direct investigation operation also called for strengthening...
Hong Kong’s ombudsman has urged the government to empower conservation officers to enter people’s homes to investigate suspected animal cruelty cases, describing existing procedures as “ineffective” with less than 1 per cent of reported cases resulting in prosecutions. A report released on Thursday on the Office of the Ombudsman’s latest direct investigation operation also called for strengthening penalties against illegal animal traps, describing current fines as “no deterrence” against the...