Just_Super/iStock via Getty Images Google ( GOOGL ) blew the doors off with its latest earnings report—cloud growth rapidly accelerated, margins expanded, and backlog soared 400% YoY to $462 billion. However, the quarter 's most pivotal development wasn 't in the financials; rather, it came from a strategic announcement. In April, Google announced it would begin selling its TPUs to select third-pa...
Just_Super/iStock via Getty Images Google ( GOOGL ) blew the doors off with its latest earnings report—cloud growth rapidly accelerated, margins expanded, and backlog soared 400% YoY to $462 billion. However, the quarter 's most pivotal development wasn 't in the financials; rather, it came from a strategic announcement. In April, Google announced it would begin selling its TPUs to select third-party data center operators, which is something the market has anticipated for nearly a decade. The TPU-versus-Nvidia-GPU debate has long fueled both bulls and bears; yet it may finally carry real stakes. Google 's announcement is far from a coincidence—it is driven by several converging factors that make now the right moment to move. As hyperscalers look to monetize their models, AI workloads are expanding from training to inference. This changes the focus away from accumulating expensive compute to a very different goal, which is lowering cost per token in order to scale inference economically. In a previous article covering Google 's TPUv7 , we stated: “[...] custom silicon 's cost advantages and ability to drive lower inference serving costs at scale create a strong value proposition for Big Tech.” Building on this, NVIDIA ( NVDA ) may be facing a Rubin delay, which opens a window of opportunity for Google to make the case for diversification beyond a single vendor for AI accelerators. Below, we look at how Google 's entrance into the merchant AI accelerator market sits at the center of three converging trends - and how the newly released TPU v8 generation positions custom silicon to meet the moment, giving Google a fighting chance against Nvidia. The Shift From AI Training to Inference: Why It Opens a Window of Opportunity for Google To understand why the market is opening up for more players, we should first discuss why inference is becoming the dominant AI workload—and what this means for Nvidia. Training frontier models is a discrete, multi-month event with a clear be...
Investors love low interest rates. When rates are low, companies can borrow money more cheaply to fund their expansion plans. Lower interest expenses help boost earnings. As earnings go, so do stock prices. Presidents love low interest rates, too. The economy booms in low-rate environments. When the economy is strong, the president's political party tends to perform well in elections. It's unsurpr...
Investors love low interest rates. When rates are low, companies can borrow money more cheaply to fund their expansion plans. Lower interest expenses help boost earnings. As earnings go, so do stock prices. Presidents love low interest rates, too. The economy booms in low-rate environments. When the economy is strong, the president's political party tends to perform well in elections. It's unsurprising, therefore, that President Trump wants the Federal Reserve to cut interest rates. And there's good reason to believe that he expects new Fed Chair Kevin Warsh to deliver what he wants. However, the reality is that Warsh could soon be on a collision course with Trump. Continue reading
Tippapatt/iStock via Getty Images The AMG GW&K Small Cap Core Fund ((Class N)) returned 0.03% for the first quarter of 2026, compared with 0.89% for its benchmark, the Russell 2000® Index. For the 12 months ending March 31, 2026, the Fund returned 15.69%, while the benchmark returned 25.73%. Please note that this Fund has multiple share classes. Market Overview ► The broadening theme we have often...
Tippapatt/iStock via Getty Images The AMG GW&K Small Cap Core Fund ((Class N)) returned 0.03% for the first quarter of 2026, compared with 0.89% for its benchmark, the Russell 2000® Index. For the 12 months ending March 31, 2026, the Fund returned 15.69%, while the benchmark returned 25.73%. Please note that this Fund has multiple share classes. Market Overview ► The broadening theme we have often mentioned as critical to U.S. small cap performance did play out for most of the quarter. However, there were some very strong areas that drove overall performance and it is worth noting the market narrowed in March. ► For Q1, Small Cap Value crushed the Growth benchmark by 777 basis points (bps). ► The energy sector returned 38.2% and was an obvious standout as oil prices surged. The materials and industrials sectors also offered impressive results given a heightened potential for negative economic outcomes from the war. On the opposite side, sectors such as information technology, consumer discretionary, and health care were at the bottom of the rankings. ► In tech, semiconductors were flat, while three industries were up 9% or more and two declined by more than 20%. In health care, typically a standout in times of stress, all industries were in the red, except for biotechnology. Top Ten Holdings ⁶ Holding % of Net Assets Advanced Energy Industries Inc ( AEIS ) 2.29 Sterling Infrastructure Inc ( STRL ) 2.16 RBC Bearings Inc ( RBC ) 2.15 MACOM Technology Solutions Holdings Inc ( MTSI ) 2.06 SPX Technologies Inc ( SPXC ) 1.99 ITT Inc ( ITT ) 1.78 Viavi Solutions Inc ( VIAV ) 1.75 Supernus Pharmaceuticals Inc. ( SUPN ) 1.74 Champion Homes Inc ( SKY ) 1.64 Globus Medical Inc ( GMED ), Class A 1.62 TOTAL % 19.19 ⁶ Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings are subject to change. For a list of all holdings within the fund, please visit wealth. amg. com . Click to enlarge Strategy Review ▶ On...
Depending on who investors read, the SpaceX IPO will either end Western civilization while ruining working-class retirement funds or usher in an AI-enabled global utopia, generating trillions in profits. For bullish investors, including Baron Capital and ARK Invest, the projected $1.8 trillion valuation for SpaceX feels like a bargain for three main reasons.
Depending on who investors read, the SpaceX IPO will either end Western civilization while ruining working-class retirement funds or usher in an AI-enabled global utopia, generating trillions in profits. For bullish investors, including Baron Capital and ARK Invest, the projected $1.8 trillion valuation for SpaceX feels like a bargain for three main reasons.
HSBC Chief Executive Officer Georges Elhedery says that while certain roles will be displaced by artificial intelligence, the productivity gains can be reinvested. "I would like to be able to accelerate and bring forward a lot of the ambitious deliverables we have for the future," Elhedery tells Bloomberg's Francine Lacqua. "That requires investment, and that is job creation." (Source: Bloomberg)
HSBC Chief Executive Officer Georges Elhedery says that while certain roles will be displaced by artificial intelligence, the productivity gains can be reinvested. "I would like to be able to accelerate and bring forward a lot of the ambitious deliverables we have for the future," Elhedery tells Bloomberg's Francine Lacqua. "That requires investment, and that is job creation." (Source: Bloomberg)
HSBC Holdings Plc Chief Executive Officer Georges Elhedery said people will remain central to banks even as artificial intelligence becomes ubiquitous, as many CEO comments in recent weeks have rattled staffers about the future of the industry. “I need human judgment, I need human decision making, I need human accountability at the core,” Elhedery said in an interview with Bloomberg TV. While Elhe...
HSBC Holdings Plc Chief Executive Officer Georges Elhedery said people will remain central to banks even as artificial intelligence becomes ubiquitous, as many CEO comments in recent weeks have rattled staffers about the future of the industry. “I need human judgment, I need human decision making, I need human accountability at the core,” Elhedery said in an interview with Bloomberg TV. While Elhedery said that AI would allow for a revolution in the way banks served their clients with the potential for productivity gains and hyper-personalized services, he insisted that people were still key and that it could even mean more hiring in the future. Many banks have announced plans to cut jobs in recent months, as they prepare to implement AI to make tasks faster and more efficient. When Standard Chartered Plc said it planned to eliminate jobs, CEO Bill Winters sparked controversy after he said AI would lead to the replacement of what he termed “lower-value human capital.” Winters subsequently apologized for his remarks. Bloomberg has reported that HSBC is weighing cutting as many as 20,000 roles, or about 10% of its workforce, in the coming years as a result of AI. Read More: Banks Lay Groundwork for Mass Workforce Cuts as AI Takes Hold “The bank of the future means more capabilities,” Elhedery said. “I would like to be able to accelerate and bring forward a lot of ambitious deliverables we have for the future, and that requires investment, and that is job creation.” HSBC is working to integrate AI across its business and is already using it for know-your-customer compliance checks, among other functions, Elhedery said.