asbe/iStock via Getty Images By Roxanna Islam, CFA, CAIA Last week, I published an update on the crypto ETF landscape , but one area worth revisiting is crypto equities—particularly Bitcoin miners. For many investors, miners can seem too niche, too volatile, or simply redundant now that spot Bitcoin ETFs exist. But that view misses how much the space has evolved. Bitcoin miners were once primarily seen as high-beta proxies for Bitcoin, especially before spot Bitcoin ETFs made direct exposure easier. Today, they offer an equity-based way to access the digital asset ecosystem, with growing exposure to artificial intelligence (AI) infrastructure, data centers, and high-performance computing (HPC). That helps explain why Bitcoin miner ETFs have recently outperformed spot Bitcoin ETFs, even as flows into the category remain relatively muted. Bitcoin miner performance surprisingly resilient Bitcoin miners had a difficult 4Q25. Bitcoin itself dropped around 30% from its early October high to late December levels, but miners were hit even harder as their underlying economics deteriorated alongside the price decline. Lower Bitcoin prices in addition to higher network competition weighed on profitability, making 4Q one of the most challenging quarters for the group. 1Q26, however, became more interesting. While mining fundamentals remained under pressure, miner equities traded on more than just Bitcoin prices and near-term margins. Some stocks held up better than Bitcoin as investors increasingly rewarded companies with exposure to AI and high-performance computing, highlighting how quickly the market is starting to view certain miners as broader digital infrastructure plays. Bitcoin miners are no longer small, niche stocks Some of the largest Bitcoin miners are listed below, and this group is not as niche as it may seem. Public Bitcoin-mining stocks now represent roughly a $70 billion market cap universe, with names like IREN Ltd. ( IREN ) exceeding $15 billion on their own....

总台记者当地时间16日获悉，俄罗斯联邦安全会议秘书绍伊古表示，乌克兰无人机“借道”芬兰和波罗的海国家领空袭击俄罗斯的情况“日益频繁”。绍伊古称，要么是西方防空系统“效率极低”，要么是这些国家蓄意开放领空，“即公然成为对俄侵略的共犯”。他进一步强调，后一种情况将适用《联合国宪章》第51条，即国家在遭受武装攻击时拥有不可剥夺的自卫权。（央视新闻）

The seven-member body, whose ranks are composed of Trump appointees, was expected to approve the arch. The proposed monument strongly resembles Paris' Arc de Triomphe, but almost 100 feet taller. (Image credit: Brendan Smialowski)

Manchester City will lose the services of their dependable captain next season as Bernardo Silva announced he will leave the club when his contract expires this summer.

中芯國際：中芯國際集成電路製造有限公司發行股份購買資產暨關聯交易報告書（修訂稿） Moomoo

peterschreiber.media/iStock via Getty Images Tokyo Electric Power ( TKECF ) ( TKECY ) said Thursday it started commercial operations at one of its reactors in Japan’s largest nuclear power plant, 14 years after its final reactor was taken offline following the meltdown at the company's Fukushima Daiichi plant. Japan's Nuclear Regulation Authority conducted a final check of the No. 6 reactor at the Kashiwazaki Kariwa plant before giving the utility approval to restart commercial operation. If the No. 6 reactor can operate at capacity, it has the potential to reduce liquefied natural gas imports from the Persian Gulf by ~30% annually, the government has said. The plant w as initially scheduled to resume commercial operation in February after it was reactivated in January, but a malfunctioning alarm system and other problems forced Tepco ( TKECF ) ( TKECY ) to postpone the restart date twice. The Kashiwazaki Kariwa plant includes seven reactors; Unit 7 also has passed safety approval from the Japanese regulator but has not yet restarted, while the other five reactors remain offline. ETFs: ( URA ), ( NLR ), ( URNM ) More on uranium and nuclear URA: A HALO (Hard Asset Low Obsolescence) ETF URA And NLR: Both Still Strong Buys, But Which One Should You Pick? URA: The Uranium Bull Market Still Has Fuel

随着对美国与伊朗达成持久协议的希望令全球市场趋于稳定，交易员正试探性地恢复一系列受益于波动率下降的押注。 自3月下旬以来，衡量债券、货币和股票波动的主要指标几乎每天都在下降，因市场愈发乐观地认为，美国与伊朗正朝着达成协议迈进。 周四，一项衡量美国利率波动的指标小幅走低，接近中东冲突爆发前的水平，美国10年期国债收益率维持在4.28%。截至纽约时间上午9点，美国国债期货成交量仅为近期平均水平的50%，远低于正常水平。与此同时，已抹去战争以来全部跌幅、曾于周三创下新高的美股于周四早盘稍作喘息。 市场趋于平静有利于那些能够随时间推移产生稳定收益的策略，即便标的货币或债券本身并未波动。在外汇市场，一项衡量此类交易（即投资者借入低收益货币、投资于高收益货币的交易）回报的指标已攀升至纪录高位。 在债券市场中，押注美国国债表现将跑赢利率互换的交易自3月底以来已实现盈利。这是一种受到对冲基金欢迎、通常在低波动环境中表现良好的策略。 法国外贸银行美国利率策略主管John Briggs表示，投资者将“寻找正套息交易”。不过他提醒说，这类头寸的规模可能不大，因为“新闻很容易改变市场叙事”。 近几日，债券期权市场中突出的交易包括押注收益率将继续走低，以及旨在从波动率下降中获利的空头头寸。周三，其中一笔交易是1000万美元的所谓“勒式交易”卖盘。如果当前低波动环境持续数周，该策略将受益。 当然，在当前环境下押注波动性下降存在风险。尽管美国与伊朗正考虑延长停火以争取更多时间达成协议，但围绕霍尔木兹海峡的紧张局势依然高企。美国已于周一开始对进出伊朗港口的船只实施封锁，此举遭到伊朗批评，并暗示这可能违反4月7日达成的停火。油价虽已从高位回落，但仍明显高于战前水平。 “鉴于当前风险环境，直接做空波动率的交易未必是合适的选择，但市场目前正朝这个方向发展，”道明证券利率策略师Jan Nevruzi表示。 高盛 的策略师表示，停火降低了大宗商品价格飙升和破坏性通胀或增长冲击的风险，为利率波动逐步缓解铺平了道路。 “温和增 长和 稳定的政策环境通常是套利策略蓬勃发展的温床，”George Cole和William Marshall等策略师在4月14日报告中写道。 责任编辑：何云

bgwalker/iStock Unreleased via Getty Images Shares of KeyCorp ( KEY ) have been a strong performer over the past year, gaining about 50%. The stock has been a bit more volatile over the past two months, given uncertainty about the war in Iran and private credit losses. Key has positioned itself well with a stake sale to Scotiabank ( BNS ), which improved its capital position to enable a balance sheet optimization program. Its relationship has proven so fruitful that BNS is considering upping its stake to 20%, a potential technical support for shares. I last covered Key in January , rating the stock a “ B uy,” and shares have gained 2% since then, in keeping with the market. With updated financials, now is a good time to revisit shares. Seeking Alpha In the company’s first quarter , KeyCorp earned $0.44 per share, which beat estimates by $0.03 as revenue jumped 10% to $1.95 billion. EPS was up a third from last year, speaking to the benefits of its balance sheet optimization, which has greatly improved its margins and allowed the company to return to a growth footing. Looking first at its balance sheet, deposit performance has been muted. As you can see below, deposits were down 2% sequentially and 1% from last year. This year-over-year decline is entirely due to lower brokered CDs, which are the highest-cost type of deposit. Key has excess liquidity on its balance sheet with just a 75% loan-to-deposit ratio (this could safely be 80%), and so it is strategically letting these high-cost balances roll off. Client deposits were up 1% from last year. This is still quite muted, and I classify Key’s deposit performance as “stable” more so than growing. Given its excess liquidity, Key has been aggressive in cutting deposit rates, cutting interest-bearing rates by 22bps sequentially, an ~80% beta to the drop in fed funds during the quarter. This aggressive rate action has likely hampered growth, but it has enhanced margins. KeyCorp On the asset side of the balance sheet, loa...

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares 10-20 Year Treasury Bond ETF (Symbol: TLH) where we have detected an approximate $262.7 million dollar inflow -- that's a 2.2% increase week

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares 1-3 Year Treasury Bond ETF (Symbol: SHY) where we have detected an approximate $297.0 million dollar inflow -- that's a 1.2% increase week ov

格隆汇4月16日｜高盛将戴尔科技的目标价从195美元上调至215美元，维持“买入”评级。(格隆汇)

Anthropic PBC introduces an updated version of its AI model, Opus 4.7, which the company says is better at software engineering and hard coding. A more advanced AI offering, Mythos, has been in the news since Antrhopic says it's too dangerous to be released to the general public. Bloomberg's Ed Ludlow reports. (Source: Bloomberg)

专题：聚焦美股2026年第一季度财报 第一季度营收增长 13%，至 54.1 亿美元 纽约梅隆银行 公布第一季度利润上升，受手续费收入和净利息收入增长提振。 纽约梅隆银行公布第一季度利润走高，该行首席执行官表示，尽管中东地区存在冲突，但经济和市场仍有理由保持乐观。 “只要看看核心买盘和市场偏向，就能感觉到市场整体有上行意愿，” 首席执行官罗宾・文斯在接受记者采访时表示，“但仍有大量因素需要密切关注，因为我们随时可能遭遇意外情况。” 他表示，美股周三创下历史新高，波动率指数也回到冲突爆发前的水平，风险状况正在改善。此外，报税季结束将在未来几周提振散户市场，而企业财报静默期结束则可能带来股票回购。 不过文斯也警告称，中东冲突和高能源价格带来的经济风险依然存在。 “战争尚未结束，能源价格较年初有所走高，这些影响会逐步传导，” 文斯称。能源价格居高不下将影响定价、商品成本 和信贷 环境。“但目前情况还没到那一步，所以我们确实需要静观其变。” 第一季度，在手续费收入和净利息收入增长的推动下，该行实现利润上升。 该行公布净利润 16.3 亿美元，合每股 2.24 美元，高于上年同期的 12.2 亿美元、每股 1.58 美元。 调整后每股收益为 2.25 美元。路孚特调查的分析师此前预期为每股 1.93 美元。 营收增长 13%，至 54.1 亿美元。华尔街此前预期为 51.8 亿美元。 手续费收入增长 11%，主要得益于客户活跃度提升与新业务拓展、市场估值走高、外汇收入增加，以及美元走弱带来的有利影响。 净利息收入增长 18%，反映出投资证券持续以更高收益率再投资，以及资产负债表规模扩大。 责任编辑：郭明煜

Image source: The Motley Fool. Thursday, April 16, 2026 at 10 a.m. ET Need a quote from a Motley Fool analyst? Email pr@fool.com Continue reading

Vladimir Zakharov/iStock via Getty Images By Kevin Davitt, Head of Options Content Signal, Noise, and NDX Option Indicators In March, the investing and risk management landscape didn’t just shift, it wobbled from challenging to precarious. During the first two months of 2026, the backdrop was colored by valuation concerns, the time frame for hyperscalers’ monetization of capital expenditures, and the potential for declining cost of capital. March came in “like a lion” and, this time, trailed by B-2 stealth bombers. The American and Israeli military campaign across Iran pushed energy prices to multi-year highs and inflation expectations went from benign to malignant. The Nasdaq-100 Index ( NDX ) declined by nearly 5% in March alone. By the 29th of the month, NDX closed ~12% below all-time highs from five months prior. Newspaper and round-the-clock news notifications can be dizzying. It’s challenging to parse "signal" from "noise." NDX option metrics may provide useful indicators about the path forward. The Value of Imperfect Information For many years, the weather app on smartphones was the most frequently used interface. More recently, the data behind the information conveyed has been upgraded , but it will always be based on models/estimates. Despite the imperfect nature of the information, it’s incredibly valuable. How often do you wonder if you need to grab an umbrella and an extra layer for the morning commute? You could hope for the best... or use readily available data to make a more informed decision, knowing full well that forecasts will change. Just as a weather forecast synthesizes atmospheric data into an actionable outlook, implied volatility distills market expectations into a single, interpretable figure. Implied volatility measures can be understood as the current forecast over a specific period. They can and will change dynamically - but with an understanding of what’s typical, it’s possible to upgrade your decision-making. One Step Further Temperatu...

What do you get if you take a bunch of ripped, shirtless male K-pop idols in boxing gloves and have them spar in the ring until they're sweating? For Netflix: another global hit. The streamer's K-drama Bloodhounds , now in its second season, is currently tearing up its global viewing charts. Season 2 attracted 7.4 million views last week, making it the most-watched non-English TV show worldwide on the service, and the third-most-popular show overall. Bloodhounds is no exception for Netflix. Last week, three of the 10 most-watched non-English-language shows on the service were Korean. The week before that, it was four out of 10, and the week … Read the full story at The Verge.

Shares of SoundHound AI (NASDAQ: SOUN) are down 72% from their 2025 highs. Yet that decline comes as SoundHound consistently reports strong revenue growth each quarter. Businesses are adopting its technology for in-car assistants, restaurant ordering, and other use cases. However, one reason for the stock's recent decline is uncertainty over profitability. SoundHound posted a $40 million generally accepted accounting principles ( GAAP ) net profit in the fourth quarter, but that was due to a non-cash accounting gain from acquisition-related liabilities. The company's adjusted (non-GAAP) net loss was $7.3 million. Image source: The Motley Fool. Continue reading

格隆汇4月16日｜罗素2000指数有望突破1月份所创收盘历史最高位。

Abu Hanifah/iStock via Getty Images Investment Thesis Since my last coverage , Oscar Health (NYSE: OSCR ) is up about 14%, with a highly volatile price path. During the current month, the stock jumped from about $11.70 to $15.30, reflecting a price return of 30% within two weeks, mainly due to Oscar’s CEO buying of $11.9M of shares . My analysis doesn’t focus on insider buys, given that many times those actions aim to stop or reduce the stock’s price decline. In contrast, I highlight that OSCR stock’s price is credibility-driven and less growth-based, and the following Q1 and Q2 results could skyrocket the price or stack it at low levels for a long period. Let me explain! Q4 Results Indicate that Oscar Gained Market Share, but Revenue Growth Didn’t Come with Profitability due to High MLR Oscar's market share increased from 17% to 30% - for the regional markets in which it operates, and not overall in the U.S. market — mainly due to competitors pulling back or exiting the market, with revenue increasing 27% YoY in FY25. However, medical costs rose by 36.6% YoY, leading to a loss of about $396M in FY25, despite SG&A cost discipline of 17.5% as a percentage of total revenue, compared to 19.1% in the previous year. Q4’25 News Release Q4’25 News Release A paradoxical factor that, in my view, is indicative of the strange status quo of the overall health insurance industry is that the medical loss ratio ( MLR ) — which shows the portion of revenue used to cover claims expenses, and noting that this ratio for Q4’25 is 95.4%, meaning that almost all of its revenue went to pay claim expenses in the last quarter — increased from 81.7% in FY24 to 87.4% in FY25, while risk adjustment transfer also increased from about $1.53B in FY24 to $2.6B in FY25. Q4’25 News Release Where is the paradox? High ( MLR ) means that an insurance company, like OSCR, has clients with high morbidity – or, more simply, has more sick clients - while a negative risk adj. transfer line, such as Oscar rep...

Westamerica press release ( WABC ): Q1 GAAP EPS of $1.13. Revenue of $62.2M. The income tax provision (FTE) for the first quarter 2026 was $9.3 million compared to $10.3 million for the fourth quarter 2025. The fourth quarter 2025 income tax provision includes a $628 thousand increase to the book tax provision to reconcile the 2024 income tax provision to the filed 2024 tax returns. More on Westamerica Seeking Alpha’s Quant Rating on Westamerica Dividend scorecard for Westamerica Financial information for Westamerica

The Sigenergy booth in Shanghai. Photo: VCG Shares of Sigenergy Technology Co. Ltd., a Chinese residential energy storage manufacturer, surged more than 100% during its Hong Kong trading debut on Thursday, pushing the startup’s valuation to HK$162.8 billion ($20.8 billion). The Shanghai-based company raised HK$4.4 billion by offering 13.6 million shares in its initial public offering (IPO), with the stock closing at HK$659.5 — up 103% from its issue price. The total fundraising could increase to HK$5.1 billion if the overallotment option is exercised.

中共中央政治局委员、外交部长王毅16日在北京会见意大利副总理兼外长塔亚尼。 王毅表示，中意是全面战略伙伴，双方优势互补，深化互利合作前景广阔。中方愿同意方落实两国领导人重要共识，保持高层及各级别交往势头，增进了解、加强互信、促进合作，推动中意关系保持健康稳定发展势头。 塔亚尼表示，意方高度重视中方在国际事务和联合国等多边平台的重要影响力，赞同习近平主席为推动解决国际和地区热点问题提出的主张倡议，愿同中方加强多边沟通协调，共同维护世界和平稳定与发展。(新华社)

(RTTNews) - The Treasury Department on Thursday announced the details of this month's auction of twenty-year bonds.

格隆汇4月16日｜摩根大通将康宁的目标价从115美元上调至175美元，评级则从“增持”下调至“中性”。(格隆汇)

Source: Bloomberg, 3:59

格隆汇4月16日｜波罗的海干散货运价指数连续第10个交易日上涨，所有型船均走高。波罗的海干散货运价指数较前一交易日上涨39点，或1.6%，至2523点，为2025年12月初以来最高水平。海岬型船运价指数上涨62点，或约1.6%，至4026点，为逾四个月高点。海岬型船日均获利上涨562美元，至33012美元。巴拿马型船运价指数上涨22点，或约1.1%，至1970点，为3月初以来最高水平。该指数连续第11个交易日上涨。巴拿马型船日均获利上涨202美元，至17730美元。超灵便型散货船运价指数上涨27点，或1.97%，报1398点。灵便型船运价指数上涨15点，报730点。

AMD Stock Hits Record High – Bernstein Says AI Ambitions Get a Boost With Meta Deal Stocktwits

Art Wager/iStock via Getty Images As water levels in the Colorado River system continue to decline, Arizona and Nevada are exploring an unusual solution: tapping desalinated ocean water produced in California, The Wall Street Journal reported Thursday. Officials in both states are in talks with the San Diego County Water Authority to access freshwater generated by the Carlsbad desalination plant, the largest of its kind in North America. The arrangement would not involve physically transporting water. Instead, states would exchange water rights, funding desalinated supply in return for a portion of California’s Colorado River allocation. The push comes as the Colorado River, a critical resource for roughly 40 million people, faces mounting strain from population growth and climate pressures. Lake Mead, the nation’s largest reservoir, has dropped dramatically from historic highs and is expected to fall further after a weak winter snowpack. Arizona has already reduced its water usage significantly, with further cuts likely. In response, states across the West are increasingly turning to water-sharing agreements and alternative supply sources, including wastewater recycling and desalination. San Diego, once heavily dependent on imported water, has spent decades investing in local infrastructure, including desalination, storage and conservation. Those efforts have sharply reduced its reliance on outside sources, and left it with excess capacity that could now be sold. Additional projects are underway. A joint initiative involving California, Arizona and Nevada aims to recycle large volumes of wastewater in Southern California, potentially supplying enough water for millions. Meanwhile, new offshore desalination technologies are being tested that could lower costs and environmental impact. Despite these efforts, challenges remain. Desalination has historically faced high costs and environmental concerns, limiting its adoption. Still, water officials increasingly view a p...

财联社4月16日讯（记者 张校毓） 受长期股权投资减值计提及部分业务验收滞后影响， 网达软件 （603189.SH）向下修正2025年度业绩预告，预计营收低于3亿元，且扣非净利润为负，触及退市风险警示条款，公司股票可能在年报披露后被实施退市风险警示。 公司今日晚间发布的更正公告显示，更正后，预计归属于上市公司股东的净利润降至350万元至600万元，同比减少42.73%-66.59%；扣非净利润变为-250万元至-100万元，同比减少145.33%至213.32%；营业收入2.50亿元至2.60亿元，同比下降22.26%至25.25%。 更正前，公司预计2025年归母净利润为1050万元至1550万元，扣非净利润为360万元至600万元，营业收入2.50亿元至3.30亿元。 公司方面表示，如公司2025年报披露后，经审计的利润总额、净利润或者扣除非经常性损益后的净利润孰低者为负值且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于3亿元，将触及《股票上市规则》第9.3.2条第一款第（一）项情形，公司股票在2025年报披露后可能被上海证券交易所实施退市风险警示。 事实上，导致网达软件此次“业绩变脸”的核心原因在于两大业务的会计处理调整。 具体而言，从利润端来看，年审会计师事务所认为长期股权投资项下之上海 航天信息 科技有限公司尚未形成规模化收入，未来经营情况及现金流量难以可靠预计，基于审慎原则应按净资产持股比例对该项长期股权投资计提减值准备，减值金额为859万元。调减后预计公司2025年度扣非净利润为负。 营收端来看，国产信创业务验收滞后拖累营收。根据公告，公司原计划在2025年第四季度确认约6100万元的国产信创业务收入，业绩预告披露时，公司已取得该项目全部过程验收文件。经后续深入论证，截至2025年12月31日，公司尚未取得合同方出具的最终验收依据，根据企业会计准则相关规定，该笔国产信创业务收入在2025年第四季度不予确认。扣减后的全年营业收入预计变更为2.5亿元至2.6亿元，低于3亿元。 而在此前披露的业绩预告中，公司曾提到鉴于该笔业务适用会计处理尚待后续审计过程中审慎论证，相关收入对当期业绩的影响包含在上述营业收入预计范围内；收入会计处理的选取，不会对公司利润总额、净利润及扣除非经常性损益后的净利润产生影响。 公开资料显示，网达软件专注于大视频领...

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