US Defence Secretary Pete Hegseth on Saturday urged Europe to counter what he termed an “invasion” of its coastline by migration, as he marked the 82nd anniversary of the World War II D-Day landings in northern France. Hegseth also called on European countries to do more to contribute to their defence, in a speech at the American military cemetery in Colleville-sur-mer in Normandy. He was however ...
US Defence Secretary Pete Hegseth on Saturday urged Europe to counter what he termed an “invasion” of its coastline by migration, as he marked the 82nd anniversary of the World War II D-Day landings in northern France. Hegseth also called on European countries to do more to contribute to their defence, in a speech at the American military cemetery in Colleville-sur-mer in Normandy. He was however conspicuously set to skip the main international ceremony marking the anniversary of the landings,...
Kylian Mbappé, Ousmane Dembélé and Michael Olise have the attacking power to shred opponents but will Didier Deschamps let them off the leash? This article is part of the Guardian’s 2026 World Cup Experts’ Network , a cooperation between some of the best media organisations from the 48 countries who qualified. theguardian.com is running previews from three countries each day in the run-up to the t...
Kylian Mbappé, Ousmane Dembélé and Michael Olise have the attacking power to shred opponents but will Didier Deschamps let them off the leash? This article is part of the Guardian’s 2026 World Cup Experts’ Network , a cooperation between some of the best media organisations from the 48 countries who qualified. theguardian.com is running previews from three countries each day in the run-up to the tournament kicking off on 11 June. Continue reading...
Welcome to The Brink . It’s Luca Casiraghi and Irene García Pérez , and we’ve been looking at the $165 billion opportunity resulting from unsuccessful LMEs. We also have news on Reno de Medici and private credit redemption requests. Follow this link to subscribe . Send us feedback and tips at debtnews@bloomberg.net . ‘No more, no más’ The throngs of aggressive debt restructuring deals that have be...
Welcome to The Brink . It’s Luca Casiraghi and Irene García Pérez , and we’ve been looking at the $165 billion opportunity resulting from unsuccessful LMEs. We also have news on Reno de Medici and private credit redemption requests. Follow this link to subscribe . Send us feedback and tips at debtnews@bloomberg.net . ‘No more, no más’ The throngs of aggressive debt restructuring deals that have been forced onto creditors in recent years may have created a unique opportunity for distressed investors. Holly Kim , co-founder of hedge fund Glendon Capital , identified at least 66 issuers in the market that went through a so-called liability management exercise in recent years and whose debt is now trading at distressed levels. That’s about $165 billion of bonds and loans, split between $90 billion of super-senior paper and $75 billion of subordinated debt, she said at the Bloomberg Global Credit Forum on Wednesday. Watch: Credit Titans Warn of Shakeout on Deals That ‘Don’t Make Sense’ “Those are defaults that are ready to go,” she said. “For the first time in my career there is a pipeline of defaults” that are “already baked into the system.” Out-of-court restructurings that push some creditors ahead of others in the repayment order became ubiquitous as debt covenants grew weaker over the last decade, allowing private equity firms to extend the life of their investments in some of the most troubled companies. But those types of deals have often failed to improve companies’ financial health, and investors are increasingly pushing back against them. While private equity owners are coming up with new ways to get these deals done — like using non-disclosure agreements to divide and conquer creditors — the number of LME deals are dwindling. There were at least 50 LMEs finalized in 2024, and the total dropped to 33 last year. About 10 LMEs have been completed between January and May this year, and at least four are in the works at the moment, according to data compiled by Blo...
Benn refuses to be pigeon holed. | Image: Benn Jordan Benn Jordan may have initially gained notoriety for his music as Flashbulb and later, reviewing synths and effects pedals on YouTube under Benn and Gear. But about five years ago, Benn decided to take his YouTube channel in a different direction. He didn't stop covering music gear overnight, but as time progressed, his channel became more focus...
Benn refuses to be pigeon holed. | Image: Benn Jordan Benn Jordan may have initially gained notoriety for his music as Flashbulb and later, reviewing synths and effects pedals on YouTube under Benn and Gear. But about five years ago, Benn decided to take his YouTube channel in a different direction. He didn't stop covering music gear overnight, but as time progressed, his channel became more focused on science and technology investigations. He even turned the entire enterprise into a nonprofit. While there will still be the occasional video focused on music or audio - say, poisoning AI music systems or storing data in bird song - lately Benn has been largely focused on the surveillance state. … Read the full story at The Verge.
Get ahead of the market by subscribing to Seeking Alpha's Wall Street Week Ahead, a preview of key events scheduled for the coming week. The newsletter keeps you informed of the biggest stories set to make headlines, including upcoming IPOs, investor days, earnings reports, and conference presentations. Wall Street’s major market averages moved lower on Friday as traders assessed May's labor repor...
Get ahead of the market by subscribing to Seeking Alpha's Wall Street Week Ahead, a preview of key events scheduled for the coming week. The newsletter keeps you informed of the biggest stories set to make headlines, including upcoming IPOs, investor days, earnings reports, and conference presentations. Wall Street’s major market averages moved lower on Friday as traders assessed May's labor report, while tech continued to be under pressure. On the economic front, nonfarm payrolls soared past consensus in May, while the unemployment rate stood at 4.3%. The next week is expected to be relatively quiet on both the economic and the earnings front, with no economic data scheduled for Monday. On Tuesday, existing home sales data for May will be released, followed by the monthly CPI data on Wednesday. Thursday will see the release of the PPI number for May alongside initial jobless claims numbers. _______________________________________________________________ Earnings spotlight: Wednesday: Oracle ( ORCL ) and Chewy ( CHWY ). See the full earnings calendar . Earnings spotlight: Thursday: Adobe ( ADBE ) and Aurora Cannabis ( ACB ). See the full earnings calendar . Volatility watch: Seabridge Global ( SA ) and Medical Properties Trust ( MPT ) have seen options volatility increase over the last week. The most overbought stocks per their 14-day relative strength index include Laser Photonics ( LASE ), Solidion Technology ( STI ), and Netclass Technology ( NTCL ). The most oversold stocks per their 14-day Relative Strength Index include Mountain Lake Acquisition ( MLAC ) and ADC Therapeutics ( ADCT ). Short interest is elevated once again on Groupon ( GRPN ) and Vital Farms ( VITL ). Dividend watch: Companies that have an ex-dividend date coming next week include Alphabet ( GOOG ) ( GOOGL ), Occidental Petroleum ( OXY ), Travelers ( TRV ), and Taiwan Semiconductor Manufacturing Company ( TSM ). IPO watch: SpaceX ( SPCX ) will dominate IPO talk with the aerospace giant position...
quantic69/iStock via Getty Images Investment Thesis Execution is running ahead of every target management has set . Contracted power has gone from just over 1 GW in August 2025 to more than 3.5 GW today. The year-end target has been raised to over 4 GW , capacity is effectively sold out, and pipeline generation rose roughly 3.5x quarter over quarter in Q1. Q1 revenue of $399M grew 684% YoY and 75%...
quantic69/iStock via Getty Images Investment Thesis Execution is running ahead of every target management has set . Contracted power has gone from just over 1 GW in August 2025 to more than 3.5 GW today. The year-end target has been raised to over 4 GW , capacity is effectively sold out, and pipeline generation rose roughly 3.5x quarter over quarter in Q1. Q1 revenue of $399M grew 684% YoY and 75% QoQ, with both growth rates accelerating from Q4. The revenue is substantially de-risked . Roughly $47B of committed contract value across Microsoft ( MSFT ) ($17.4B) and Meta ( META ) (up to $29.9B across two agreements), $4.8B of customer prepayments sitting in deferred revenue, and a $2.0B NVIDIA ( NVDA ) equity investment have converted the financing problem that kills most neoclouds into a solid delivery schedule. The equity at $220 prices exactly my base case . Counting the funding still to come, the market is paying roughly 7.4x my 2027E revenue, effectively in line with my 7.5x target multiple, against CoreWeave ( CRWV ) at roughly 4.2x 2027E revenue. The weighted diluted share count grew 30% in twelve months, and I model a further ~$25B of net debt by the end of 2027. The 20% pullback from the June 1 high of $274.80 has taken the bull-case premium out of the price, but it has not created a discount (yet). The unit economics clear the cost of capital, but not by much, and only across two contract cycles . My rough calculation is that a five-year committed contract at $8-9M of revenue per MW-year returns ~75 cents per dollar of the ~$33M per MW invested within the first GPU cycle; the equity return lives in the owned shell-and-power layer (more than 75% of Nebius contracted GW) and in re-contracting refreshed fleets at held prices, neither of which is yet observable at scale. Bottom line : I am Equal Weight, $220 PT . My bull case of $300 offers ~35% upside; my bear case of $100 implies ~55% downside. I believe the skew at current levels is negative. I would conside...
Elon Musk will virtually attend a closed door technology conference run by ASML Holding NV to discuss his Terafab project, which the chip-equipment maker considers a “serious endeavor.” ASML invited Musk to speak to employees about Terafab , a SpaceX-Tesla joint venture to produce cutting-edge chips for robotics, artificial intelligence and space data centers. The joint venture, unveiled in March,...
Elon Musk will virtually attend a closed door technology conference run by ASML Holding NV to discuss his Terafab project, which the chip-equipment maker considers a “serious endeavor.” ASML invited Musk to speak to employees about Terafab , a SpaceX-Tesla joint venture to produce cutting-edge chips for robotics, artificial intelligence and space data centers. The joint venture, unveiled in March, recently announced plans to build a chip factory in the US which will cost at least $55 billion. Musk “will share his vision on AI, robotics, space, and semiconductor manufacturing” at the event for ASML employees, a company spokesperson told Bloomberg. ASML said its leadership has discussed the Terafab project with Musk. The billionaire, who is the chief executive officer of both SpaceX and Tesla, wants the project to eventually support a terawatt of computing power per year, the amount he expects the firms to use in the future as he boosts investments in AI and robotics. The facility would aim to produce 2 nanometer chips, at the cutting edge of current technology. ASML is one of the most important companies in the AI supply chain. It is the only company producing the most advanced lithography machines needed to make the semiconductors used in AI. The company, which supplies customers including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co. , recently became Europe’s most valuable stock ever as the surge in artificial intelligence spending fuels demand for its machines. Musk’s ambition is to take on leaders like TSMC and do so at volumes far beyond the industry’s current capacity. He has said the project is needed because the semiconductor industry is moving too slow to keep up with the supply of chips he expects will be required. “Through Terafab, Musk and his team are becoming part of the broader semiconductor ecosystem, and many companies, including ASML, will collaborate on this initiative,” the firm’s spokesperson added.
quantic69/iStock via Getty Images XIC:CA At A Glance The iShares Core S&P/TSX Capped Composite Index ETF ( XIC:CA ) is a passively managed exchange-traded fund (also known as an ETF) with a NAV of ~30 billion CAD that invests in listed stocks across all market cap sizes in the Canadian market. BlackRock's passive offering is very liquid, tracks the S&P/TSX composite very closely, and has a small e...
quantic69/iStock via Getty Images XIC:CA At A Glance The iShares Core S&P/TSX Capped Composite Index ETF ( XIC:CA ) is a passively managed exchange-traded fund (also known as an ETF) with a NAV of ~30 billion CAD that invests in listed stocks across all market cap sizes in the Canadian market. BlackRock's passive offering is very liquid, tracks the S&P/TSX composite very closely, and has a small expense ratio, making it an easy way to get full exposure across small-, mid-, and large-cap Canadian stocks. This article seeks to compare this offering with some other larger ETF fund offerings that cover the TSX 60 or the FTSE Canada All Cap Index. XIC:CA's benchmark target is the S&P/TSX Capped Composite, and after further review, I believe that XIC:CA is a great way to get significant exposure to Canadian equity. I recently wrote about this article in early April, and while the Canadian market initially did well, besting SPY by over 700 basis points through mid-April, as oil prices tapped out and AI surged, the US market came back ahead - not to mention the Carney government passing its comprehensive budget recently, which won't balance the budget. The Canadian market soared in 2025, buoyed by expansionary policy under Mark Carney, focusing on productive sectors like infrastructure, mining, and defense, areas that were forgotten or even attacked under the Trudeau administration. Meanwhile, the fund itself has not materially deviated from its benchmark and is a replication fund, which means it will track the index very closely. While XIU:CA or VCN:CA are other similar solid alternatives, if investors want to get exposure to Canadian equity without excessive fund manager fees, XIC:CA is a solid choice. Q3 2026 Outlook XIC:CA was launched on Feb. 16, 2001, by BlackRock to provide long-term capital growth by replicating the performance of the S&P/TSX Capped Composite Index as closely as possible. The index covers the largest and most liquid stocks on the TSX, of which there...
Walmart (NYSE:WMT) fits the profile of a multi-decade compounder because the company has quietly built a high-margin digital flywheel that now compounds independently of any single store it operates. The forever case rests on what is happening behind the storefront. Global advertising revenue rose 37% last quarter, with Walmart Connect up 44% excluding VIZIO. Membership ... The No. 1 Reason to Buy...
Walmart (NYSE:WMT) fits the profile of a multi-decade compounder because the company has quietly built a high-margin digital flywheel that now compounds independently of any single store it operates. The forever case rests on what is happening behind the storefront. Global advertising revenue rose 37% last quarter, with Walmart Connect up 44% excluding VIZIO. Membership ... The No. 1 Reason to Buy and Hold Walmart Forever Has Virtually Nothing to Do With Its Brick-and-Mortar Stores
For months, retirees and investors have been watching inflation data for clues about the size of Social Security’s next cost-of-living adjustment (COLA). The logic seemed straightforward: inflation remained stubbornly elevated, consumers continued to feel the pinch at the grocery store, and early estimates pointed toward a much larger benefit increase in 2027 than anyone expected ... Social Securi...
For months, retirees and investors have been watching inflation data for clues about the size of Social Security’s next cost-of-living adjustment (COLA). The logic seemed straightforward: inflation remained stubbornly elevated, consumers continued to feel the pinch at the grocery store, and early estimates pointed toward a much larger benefit increase in 2027 than anyone expected ... Social Security’s $68 Billion Giveaway Just Ran into a Brick Wall
David Gura, Christina Ruffini, and Lisa Mateo of “Bloomberg This Weekend” play Pointed! Wager your points, leverage your bets and answer wisely. A new quiz is available to play each week on Bloomberg.com (Source: Bloomberg)
David Gura, Christina Ruffini, and Lisa Mateo of “Bloomberg This Weekend” play Pointed! Wager your points, leverage your bets and answer wisely. A new quiz is available to play each week on Bloomberg.com (Source: Bloomberg)
Key PointsNvidia and Sandisk are in the middle of the AI infrastructure boom, driven by the terrific demand for their chips deployed in AI data centers.
Key PointsNvidia and Sandisk are in the middle of the AI infrastructure boom, driven by the terrific demand for their chips deployed in AI data centers.
At $22.04, Redwire (NYSE:RDW) carries a ‘hold’ framing, with the thesis hinging on a pullback before the risk/reward improves. The space and defense contractor has gone vertical, and the gap between its share price and Wall Street’s target now defines the entire investment debate. Redwire builds satellite components, in-space robotics, solar arrays, and tactical drones ... Redwire is a Contract Su...
At $22.04, Redwire (NYSE:RDW) carries a ‘hold’ framing, with the thesis hinging on a pullback before the risk/reward improves. The space and defense contractor has gone vertical, and the gap between its share price and Wall Street’s target now defines the entire investment debate. Redwire builds satellite components, in-space robotics, solar arrays, and tactical drones ... Redwire is a Contract Success Story You’ll Regret Not Buying on the Next Dip
Key PointsThe State Street Technology Select Sector SPDR ETF has a lower expense ratio and higher assets under management than the Roundhill Investments Generative AI & Technology ETF.
Key PointsThe State Street Technology Select Sector SPDR ETF has a lower expense ratio and higher assets under management than the Roundhill Investments Generative AI & Technology ETF.