akinbostanci/E+ via Getty Images Introduction Nvidia ( NVDA ) has been a great pick for a long time. Since I upgraded to strong buy in June 2025 , the stock has delivered a return of 47% compared to the market return of 25%. Today, however, I believe the stock has likely seen the rapid price appreciation phase as in the rear-view mirror, at least for now. The company reported stellar earnings rece...
akinbostanci/E+ via Getty Images Introduction Nvidia ( NVDA ) has been a great pick for a long time. Since I upgraded to strong buy in June 2025 , the stock has delivered a return of 47% compared to the market return of 25%. Today, however, I believe the stock has likely seen the rapid price appreciation phase as in the rear-view mirror, at least for now. The company reported stellar earnings recently, to which the stock did absolutely nothing. This suggests to me the bar Nvidia now has to clear in order to see its stock price move meaningfully is very high indeed. This is partly a function of size; at $5tn in market cap, even a $50bn flow into the stock would only produce a 1% move. The stock looks cheap on a forward P/E basis, but I think earnings being baked in are potentially at risk due to documented delays in the planned data center build-out. A clogging up of the data center pipeline could cause customers to meaningfully slow down their purchases and installations of Nvidia chips. I don't think this would lead to a decline in earnings, but it does make the current consensus estimates look quite challenged. Markets are expecting Nvidia to grow EPS by close to 90% in FY27 and another 40% in FY28. From a technical perspective, the stock has put in a very neat head and shoulders pattern, which often signals a reversal of a prior trend. Nvidia had broken out of its price range as we came into earnings; however, the muted reaction suggests to me it might drift back down to its prior range. TradingView I'm struggling to see the stock price moving meaningfully from here without a catalyst, and if strong earnings and a stellar keynote by Jensen at Computex failed to be that catalyst, I'm not sure what more the company can do in the near term. With all this considered, I am downgrading Nvidia to a hold as I expect it to be range bound for a while. Earnings Nvidia reported its Q1 FY27 earnings on May 20 th . Simply put, the numbers delivered against a very high set of a...
akinbostanci/E+ via Getty Images Introduction Nvidia ( NVDA ) has been a great pick for a long time. Since I upgraded to strong buy in June 2025 , the stock has delivered a return of 47% compared to the market return of 25%. Today, however, I believe the stock has likely seen the rapid price appreciation phase as in the rear-view mirror, at least for now. The company reported stellar earnings rece...
akinbostanci/E+ via Getty Images Introduction Nvidia ( NVDA ) has been a great pick for a long time. Since I upgraded to strong buy in June 2025 , the stock has delivered a return of 47% compared to the market return of 25%. Today, however, I believe the stock has likely seen the rapid price appreciation phase as in the rear-view mirror, at least for now. The company reported stellar earnings recently, to which the stock did absolutely nothing. This suggests to me the bar Nvidia now has to clear in order to see its stock price move meaningfully is very high indeed. This is partly a function of size; at $5tn in market cap, even a $50bn flow into the stock would only produce a 1% move. The stock looks cheap on a forward P/E basis, but I think earnings being baked in are potentially at risk due to documented delays in the planned data center build-out. A clogging up of the data center pipeline could cause customers to meaningfully slow down their purchases and installations of Nvidia chips. I don't think this would lead to a decline in earnings, but it does make the current consensus estimates look quite challenged. Markets are expecting Nvidia to grow EPS by close to 90% in FY27 and another 40% in FY28. From a technical perspective, the stock has put in a very neat head and shoulders pattern, which often signals a reversal of a prior trend. Nvidia had broken out of its price range as we came into earnings; however, the muted reaction suggests to me it might drift back down to its prior range. TradingView I'm struggling to see the stock price moving meaningfully from here without a catalyst, and if strong earnings and a stellar keynote by Jensen at Computex failed to be that catalyst, I'm not sure what more the company can do in the near term. With all this considered, I am downgrading Nvidia to a hold as I expect it to be range bound for a while. Earnings Nvidia reported its Q1 FY27 earnings on May 20 th . Simply put, the numbers delivered against a very high set of a...
adventtr/iStock via Getty Images By Dalya Hahn Accelerating capital spending on AI buildouts by mega-cap hyperscalers and emerging AI model developers continues to surpass expectations. The positive trajectory of capex has supported equity performance across the semiconductor industry, with memory players seeing particularly strong gains. Just as skepticism has emerged over the potential return on...
adventtr/iStock via Getty Images By Dalya Hahn Accelerating capital spending on AI buildouts by mega-cap hyperscalers and emerging AI model developers continues to surpass expectations. The positive trajectory of capex has supported equity performance across the semiconductor industry, with memory players seeing particularly strong gains. Just as skepticism has emerged over the potential return on investment from an unprecedented period of capex, investors have also begun to raise concerns over the duration of the current semiconductor cycle (Exhibit 1). Exhibit 1: Semiconductor Revenue Highly Cyclical Data as of March 31, 2026. Source: WSTS. The semiconductor industry has historically proven volatile through waves of technology innovation where chip demand has increased faster than available supply, yet we believe the unique and expansive nature of generative AI could elongate and reduce the severity of the traditional boom/bust cycle (Exhibit 2). Exhibit 2: Hyperscaler AI Capex Keeps Surpassing Expectations Source: The term “consensus” for the Hyperscaler capex estimates refers to the average of capex estimates made by sell-side analysts. Data as of March 31, 2026. Source: FactSet. Overall chip demand continues to inflect much faster than supply as the generative AI revolution has transformed what the installed enterprise technology base needs to be. Adding supply, especially for high-end applications, can be an especially lengthy process. For example, an extreme ultraviolet lithography machine that etches intricate circuit patterns required to produce leading-edge chips can take six to 12 months to manufacture and ship to a customer. Indeed, supply is constrained by both physics as well as the production capacity of semiconductor capital equipment makers like ASML ( ASML ) and leading foundries such as Taiwan Semiconductor Manufacturing ( TSM ), especially when building the foundation for an all-new type of compute. While graphics processing units (GPUs) have bee...
Images By Tang Ming Tung/DigitalVision via Getty Images Shopify ( SHOP ) is finally offering a buying opportunity. That is an unusual occurrence for what perennially trades at a premium valuation due to management’s pristine track record of execution. SHOP looks squarely positioned to drive agentic AI adoption across its vast customer base. The company has been able to pair aggressive top-line gro...
Images By Tang Ming Tung/DigitalVision via Getty Images Shopify ( SHOP ) is finally offering a buying opportunity. That is an unusual occurrence for what perennially trades at a premium valuation due to management’s pristine track record of execution. SHOP looks squarely positioned to drive agentic AI adoption across its vast customer base. The company has been able to pair aggressive top-line growth with solid margin expansion. I am upgrading the stock to a buy rating. SHOP Stock Price I last covered SHOP in March , where I upgraded the stock to a neutral rating as I expected the company to be a long-term AI winner. The stock has fallen around 13% since to around $111 per share. Data by YCharts That underperformance has created a buying opportunity that I do not recommend missing. SHOP Stock Key Metrics SHOP is an e-commerce giant whose stock appears to have come under pressure as the market may be concerned that its software may be possibly disrupted by AI. I am inclined to push back on such a narrative, as SHOP may benefit from network effects, as I view it to be the only real challenger to Amazon’s ( AMZN ) grip on e-commerce. 2026 Q1 Presentation SHOP provides a full end-to-end platform offering, making it potentially difficult for competitors to replicate the breadth of the platform. What’s more, it may not make sense from a cost perspective for customers to try to implement the offering themselves when they are likely getting a bundled deal. What’s more, I would expect SHOP to be a long-term beneficiary from agentic AI, as its deep entrenchment in customer workflow may put it in a position to earn a good chunk of any transition to agentic AI in its customer base. In the most recent quarter, SHOP delivered strong results, with revenue growing 34% YoY to $3.2 billion, exceeding guidance for around 30% growth. SHOP is no small company, with gross merchandise volume standing at $101 billion in the most recent quarter. The fact that the company has been able to sh...
World Cup friendly football news from 8am UK time Your essential guide to every player at the World Cup You can email us here | Sign up for Football Daily Sarina Wiegman admitted she “expected a different game” between the Lionesses and Spain last night. The England manager said: “Of course it hurts. I expected a totally different game. I expected a very tight game, a very competitive game, but it...
World Cup friendly football news from 8am UK time Your essential guide to every player at the World Cup You can email us here | Sign up for Football Daily Sarina Wiegman admitted she “expected a different game” between the Lionesses and Spain last night. The England manager said: “Of course it hurts. I expected a totally different game. I expected a very tight game, a very competitive game, but it was different tonight, so that’s of course really disappointing and that hurts.” She went on to add: “We were really struggling to keep the ball and find the passes further away or in behind. They played really well and we didn’t play so well. Out of possession, we were really struggling to stay compact, especially in our own half … our connections weren’t so good and they found the space we left straight away.” It was England’s heaviest defeat in 17 years. They had not lost by a four-goal margin since the Euro 2009 final – a 6-2 loss to Germany. It was the first time the Lionesses had conceded four goals in a World Cup qualifier. Prior to the match, England had not lost a qualifier since November 2002. Continue reading...
Changes to Hong Kong’s public transport subsidy scheme saved the government HK$69 million (US$8.8 million) in the first month, with fewer elderly and disabled commuters taking expensive long-haul routes for short trips, the welfare minister has said. Secretary for Labour and Welfare Chris Sun Yuk-han said on Saturday that, following revisions to the concessionary fare scheme that took effect on Ap...
Changes to Hong Kong’s public transport subsidy scheme saved the government HK$69 million (US$8.8 million) in the first month, with fewer elderly and disabled commuters taking expensive long-haul routes for short trips, the welfare minister has said. Secretary for Labour and Welfare Chris Sun Yuk-han said on Saturday that, following revisions to the concessionary fare scheme that took effect on April 3, the average government subsidy for trips costing more than HK$10 fell from HK$4.90 in March...
Bloom Energy (BE) is drawing fresh attention as multi gigawatt fuel cell deals for AI data centers with Oracle and Brookfield coincide with strong quarterly results, higher guidance, and management’s commitment to growth without new equity. See our latest analysis for Bloom Energy. Despite a recent pullback, including a 1 day share price return that fell 9.53% and a 30 day share price return down ...
Bloom Energy (BE) is drawing fresh attention as multi gigawatt fuel cell deals for AI data centers with Oracle and Brookfield coincide with strong quarterly results, higher guidance, and management’s commitment to growth without new equity. See our latest analysis for Bloom Energy. Despite a recent pullback, including a 1 day share price return that fell 9.53% and a 30 day share price return down 7.66%, Bloom Energy’s 90 day share price return of 94.99% and very large 1 year total shareholder...
In early June 2026, ASML Holding was caught in a broad semiconductor selloff after Broadcom’s guidance and stronger-than-expected U.S. jobs data reset expectations for AI chip spending and raised concerns about higher discount rates. This episode highlights how ASML’s share price can be materially influenced by sector-wide sentiment and macroeconomic shifts, even when its own fundamentals and orde...
In early June 2026, ASML Holding was caught in a broad semiconductor selloff after Broadcom’s guidance and stronger-than-expected U.S. jobs data reset expectations for AI chip spending and raised concerns about higher discount rates. This episode highlights how ASML’s share price can be materially influenced by sector-wide sentiment and macroeconomic shifts, even when its own fundamentals and order trends remain strong. Now we’ll examine how this sector-wide reset in AI chip spending...
US authorities are scrutinizing potential loopholes that may allow Chinese companies, including Alibaba Group Holding (NYSE:BABA), to obtain Nvidia's advanced AI chips despite current export controls. The US Commerce Department has issued clarifications and may introduce tighter rules that could affect Alibaba's access to high end AI semiconductors. Any further restrictions would focus on AI and c...
US authorities are scrutinizing potential loopholes that may allow Chinese companies, including Alibaba Group Holding (NYSE:BABA), to obtain Nvidia's advanced AI chips despite current export controls. The US Commerce Department has issued clarifications and may introduce tighter rules that could affect Alibaba's access to high end AI semiconductors. Any further restrictions would focus on AI and cloud infrastructure hardware, with implications for Alibaba's technology roadmap and global...
In recent months, BlackBerry has highlighted its shift to a growth-focused, profitable software company, underpinned by momentum in its QNX embedded platform, AI-driven cybersecurity offerings, and renewed U.S. government validation of its AtHoc secure communications through FedRAMP Class D (High) re-certification. New collaborations, including an expanded QNX partnership with NVIDIA for safety-cr...
In recent months, BlackBerry has highlighted its shift to a growth-focused, profitable software company, underpinned by momentum in its QNX embedded platform, AI-driven cybersecurity offerings, and renewed U.S. government validation of its AtHoc secure communications through FedRAMP Class D (High) re-certification. New collaborations, including an expanded QNX partnership with NVIDIA for safety-critical edge AI and management’s decision to extend a sizeable share buyback program through...
NPR has tracked deported Filipino sailors who say they were accused without evidence of possessing child sexual exploitation material. Almost none have been charged or prosecuted.
NPR has tracked deported Filipino sailors who say they were accused without evidence of possessing child sexual exploitation material. Almost none have been charged or prosecuted.
Rod Johnson 又回到了一线。 他是 Spring 的创造者,曾经几乎重新定义了企业 Java 应用该怎么写。二十多年后,他重新创业,做了一个面向企业 AI Agent 的开源框架 Embabel,试图把 LLM 放进真实的业务系统里,让它不只是会调用工具,而是能在可控、可解释、可审计的流程里工作。 有意思的是,这一次他做的仍然是框架,但他对“框架”的未来并不乐观,至少不再是过去那种乐观。...
Rod Johnson 又回到了一线。 他是 Spring 的创造者,曾经几乎重新定义了企业 Java 应用该怎么写。二十多年后,他重新创业,做了一个面向企业 AI Agent 的开源框架 Embabel,试图把 LLM 放进真实的业务系统里,让它不只是会调用工具,而是能在可控、可解释、可审计的流程里工作。 有意思的是,这一次他做的仍然是框架,但他对“框架”的未来并不乐观,至少不再是过去那种乐观。在他看来,模型还会继续变强,工具也会越来越多地替开发者做选择。Embabel 会不会被更强的模型追上?企业还需不需要这样一层 harness?未来的框架到底是由开发者挑选,还是由 AI 工具自动决定?这些问题,都绕不开他在访谈里说出的那句话:这可能是最后一波由人类亲自选择的框架。 这句话放在别人嘴里,可能只是又一次 AI 时代的夸张判断。但从 Spring 创始人口中说出来,意味就不一样了。因为 Rod Johnson 亲手参与过框架时代的兴起,也见过一个框架如何变成企业软件开发的基础设施。现在,他回到战场,却认为选择权正在转移:开发者未必会消失,但开发者亲自挑框架、搭技术栈、决定系统骨架的时代,可能正在进入尾声。 本文基于该播客视频整理,经 InfoQ 编辑。 核心观点如下: 如果我要用 TensorFlow 做模型训练、微调、某些数据处理和摄入,我当然会用 Python。但 GenAI 应用层赋能这件事,更适合在应用原本的语言里完成,如果应用是用 Java 写的,那就在 Java 里完成。 一旦你进入复杂的应用程序,如果你不保持那种架构上的监督,你很快就会陷入一团乱麻。你的 Agent 会愉快地添加新功能,但每添加一个新功能,设计就会退化,代码就会变得非常糟糕。 开发者不应该花大量时间在编写代码上,因为你可以通过专注于你独特增加价值的地方来获得更大的杠杆。 每个开发者原则上都应该每隔一两年学一门新语言,因为它真的会改变你的思维方式。 这可能已经是“最后一代由人类主动选择的框架”了。以后越来越多的技术选型,都会由我们的工具替我们完成。 Spring 创始人回归一线创业 Simon: 我翻你的履历时发现,你在创建 Spring 之前,拥有一个关于 19 世纪巴黎钢琴音乐的博士学位。 Rod: 是的,我的第一个学位是音乐和计算机科学双专业,当时完全没办法决定往哪个方向走。后来...
When it comes to outperforming Nvidia (NASDAQ: NVDA) , investors may underestimate what a major accomplishment that is. Despite its huge size, the artificial intelligence (AI) chipmaker reported 85% revenue growth in the 2027 fiscal first quarter (ended April 26), a feat difficult for most smaller companies growing from much smaller bases. Nonetheless, amid a cloud and AI build-out, a key Nvidia p...
When it comes to outperforming Nvidia (NASDAQ: NVDA) , investors may underestimate what a major accomplishment that is. Despite its huge size, the artificial intelligence (AI) chipmaker reported 85% revenue growth in the 2027 fiscal first quarter (ended April 26), a feat difficult for most smaller companies growing from much smaller bases. Nonetheless, amid a cloud and AI build-out, a key Nvidia partner is growing faster, and this could lead to this cloud stock outperforming Nvidia over the next five years. Image source: Getty Images. Continue reading