The commercial space sector has crossed into recurring commercial revenue at scale. SpaceX’s Starlink unit is now throwing off subscription cash flow at a scale that supports an IPO pipeline being shepherded by Bank of America as lead underwriter. Pure-play satellite operators are booking recurring service revenue rather than one-off launch fees. Even prime defense ... The Commercial Space Economy Just Crossed a Real Revenue Threshold and After Following This Industry for Years These Are the 3 E

格隆汇5月25日｜在今晚的新品发布会上，荣耀600系列正式亮相。该系列共有幸运星、光羽蓝、青苹果、曜石黑四款配色，发布行业3D星河美学设计，打造42颗钻闪四芒星、双重磁吸猫眼双子星环、渐变星云三重星光协奏。产品经多轮打样调校，应用光谱渐变镀膜、0.007mm极细腻光砂、一体冷雕等多项工艺，行业首次实现0.98mm极窄等距黑边，搭配圆润R角和雾面金属中框，摄像头模组采用黄金比例星光水晶岛Deco设计，兼顾质感与握持舒适度，沉浸式体验大幅提升。

鼻咽癌是香港及華南地區常見的頭頸部癌症，每年新增約700宗病例，男性發病率是女性的近四倍。由於鼻咽位置隱蔽，症狀容易被忽略，大部分病人確診時已屬中後期。 十年前，當時46歲的漫畫家大泥發現自己經常流鼻涕，有時還夾雜血絲，但因為頸部沒有症狀，被家庭醫生認為只是黏膜受損。 大泥表示：「乘飛機，我記得回程時打了一個大噴嚏，我用紙巾按著。之後再按鼻，誰料一看那些鼻涕，竟然像茄汁一樣的顏色，才知道有點不對勁。其實去旅行時已有直覺，整理行李時，你也放了十幾包紙巾，因為你知道自己一直有鼻涕。」 之後家人建議大泥看耳鼻喉科醫生，做內窺鏡和抽組織檢查，最終確診鼻咽癌第三期。耳鼻喉科醫生指出，鼻咽癌最常見病徵並非流鼻血。 耳鼻喉科專科醫生邱騏驄稱：「最常見的病徵，逾半病人是先出現頸部腫塊。如果頸部有腫塊的病人，我們一定要排除鼻咽癌或淋巴癌等疾病。」 鼻咽癌對電療和化療敏感，第一期治癒率達九成以上，但第三期復發率可達兩至三成。腫瘤科醫生指，近年電療機的發展和治療都有新突破。 臨床腫瘤科顧問醫生陳方婷說：「包括會用螺旋加速器，甚至腫瘤貼近一些重要器官，包括腦幹或重要神經線，會考慮質子治療，這可大大減低副作用，亦令治療更精準。」 醫生提醒，如果直系親屬曾患鼻咽癌，風險會大幅提高，可透過驗血檢測EB病毒抗體和DNA做篩查，及早求醫。

Van Cleef Asset Management Inc acquired a new stake in Intel Corporation (NASDAQ:INTC - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,600 shares of the chip maker's stock, valued at approximately $207,000. Several other institutional investors and hedge funds have also added to or reduced their stakes in INTC. Sivia Capital Partners LLC lifted its stake in Intel by 271.8% in the 2nd quarter. Sivia Capital Partners LLC now owns 34,201 shares of the chip maker's stock valued at $766,000 after purchasing an additional 25,001 shares during the last quarter. United Bank bought a new position in Intel in the 2nd quarter valued at approximately $205,000. Gamco Investors INC. ET AL lifted its stake in Intel by 12.3% in the 2nd quarter. Gamco Investors INC. ET AL now owns 13,737 shares of the chip maker's stock valued at $308,000 after purchasing an additional 1,508 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Intel by 29.6% in the 2nd quarter. NewEdge Advisors LLC now owns 158,277 shares of the chip maker's stock valued at $3,545,000 after purchasing an additional 36,116 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Intel by 9.9% in the 2nd quarter. Sei Investments Co. now owns 828,352 shares of the chip maker's stock valued at $18,556,000 after purchasing an additional 74,838 shares during the last quarter. Institutional investors own 64.53% of the company's stock. Get Intel alerts: Sign Up Insider Buying and Selling at Intel In other news, EVP Boise April Miller sold 40,256 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $99.53, for a total transaction of $4,006,679.68. Following the completion of the sale, the executive vice president directly owned 105,077 shares in the company, valued at $10,458,313.81. This represents a 27.70% decrease in their ownership of...

博俊科技公告，公司拟通过增资方式投资5.12亿元，取得重庆蓝电科技5.1493%的股权。增资协议及股东协议已签署，尚未完成工商变更登记。本次投资旨在优化产业布局，增强市场竞争力，满足战略发展需要。资金来源为自筹，存在现金流减少风险。标的公司后续经营可能面临行业政策变化、市场竞争等因素影响，盈利能力难以预测，存在投资收益不达预期的风险。

中国芯片的“换道宣言” 本文作者 | 哥吉拉 数据 支持 | 勾股大数据（www.gogudata.com） 5 月 25 日， A 股半导体板块上演了一场久违的史诗级暴涨行情。 单单是芯片链，就有近十家飙涨 20% 封板，华虹半导体 20CM ，甚至中芯国际也飙涨了 18.78% 。其余涨幅超 10% 的 更是 数不胜数。 这波史诗级行情的唯一核心催化剂，正是在横空出世的 —— 韬（ τ）定律 。 01 过去半个多世纪，摩尔定律是全球半导体的唯一 “金科玉律”。 全行业所有玩家，都死守同一套迭代逻辑：无限缩小晶体管尺寸，依靠几何缩微提升芯片密度与性能。 在微米时代、几十纳米时代，这招确实好用。 但到了 3nm 、 2nm 这个级别，问题全来了。 摩尔定律彻底撞上了两道无法逾越的产业天花板， 第一道，是物理极限。 现在的晶体管，尺寸小到只有几十个原子的宽度。 但再往下压，量子隧穿效应就压不住了 ——电子会不受 控制 地穿透绝缘层产生漏电，晶体管彻底丧失 “开 / 关”功能，芯片稳定性，基本归零。 这种情况下，工艺再精进，也无济于事，物理层面的迭代空间彻底耗尽。 第二道，是经济极限。 一条 3nm 产线，投资动辄几千亿 。 更麻烦的是，就算有钱、有人，核心技术的缺失也不是砸钱能解决的。 目前全球能稳定量产顶尖先进制程的，也就台积电和三星两家。 而中国芯片，还多了一层更加致命的枷锁： 外部技术封锁。 一直以来，欧美对 EUV 光刻机的绝对垄断，且拒绝对我们出口，让我们在先进制程赛道上步步受限、被动追赶，长期深陷越追越被动的产业焦虑。 现在， 韬定律出来了。 它的本质，不再是在物理极限上抠空间，而是换了一套思路： 用 “时间缩微”代替“几何缩微”。 有人把它简单理解为晶体管 3D 堆叠的优化，其实差远了。 堆叠只是物理层面的数量叠加，没有任何逻辑革新。 韬定律是全栈式的 ——从器件、电路、芯片到系统，整套重构。 举个通俗的例子： 摩尔定律的思路，是把城市道路越修越窄、建筑越排越密，靠缩短物理距离来提速。最后窄到车根本没法走。 韬定律的思路，是不缩道路、不挤建筑，重构整套交通体系，修高架、建立体通道、优化通行规则，让车流（芯片信号）跑得更快、效率更高，从根源上突破性能瓶颈。 这个新思路的核心锚点，是一个叫 τ（时间常数）的东西。 它代表芯片内部信号传输的延迟。 τ越小，时延...

Intel Foundry is leading the race towards Glass Substrates with its Rio Rancho facility, aiming to become the world's first to initiate mass production. Glass Substrates Are The Future of Semiconductors & Intel Foundry is Well on Its Way To Become The First To Initiate Mass Production Glass Core substrates have been gaining interest, as they have several benefits over traditional organic substrate solutions. The current substrates are also facing shortages due to the AI supercycle, leading one of the biggest substrate suppliers, Ajinomoto, to raise prices. These supply constraints are pushing the industry to look into new advanced packaging solutions, and that's where Glass substrates come in. Announced back in 2023, Intel's Glass Substrates not only help reduce warpage issues but also provide a significant increase in densities and interconnect capabilities. Earlier this year, Intel showcased its first "Glass Core" substrate with EMIB Advanced packaging, and since then, the company has been drawing interest for the tech from major firms such as Apple and Tesla. Both of these companies have already partnered with Intel to leverage Chipzilla's advanced process technologies, such as 18A-P and 14A. Since then, Intel partners have backed the development of glass substrates aggressively. Amkor's lead engineer recently said that Glass Substrates will be ready for commercialization within three years. And it looks like we already have a hint at where the first Glass Substrates will be made. Intel CEO Pat Gelsinger holds up a glass carrier wafer with silicon photonic integrated circuits die stacks. Gelsinger displayed the wafer on Tuesday, Sept. 19, 2023, at Intel Innovation in San Jose, California. (Credit: Intel Corporation) As per Forbes, Intel's Rio Rancho fab, based in New Mexico, is manufacturing silicon photonics for external customers. Silicon Photonics and Co-Packaged Optics are set to reshape the data center segment, adding faster interconnects that replace relian...

Huawei Technologies Co. said it has come up with a new pathway to shorten its gap with industry leader Taiwan Semiconductor Manufacturing Co., potentially achieving a breakthrough in making advanced semiconductors without cutting-edge equipment. Right now there is about a five-year gap between what TSMC is capable of and what Huawei together with its manufacturing partner Semiconductor Manufacturing International Corp. can produce. Huawei will start making 1.4-nanometer chips by 2031 with its own “LogicFolding” technology, Huawei’s semiconductor chief He Tingbo said in a rare public appearance during a chip conference on Monday, while TSMC has said that it will begin mass production of the same product in 2028. The executive said that her team has found a way for “sustainable evolution.” She told reporters after her speech on Monday that Huawei can advance its chipmaking prowess significantly without the use of Dutch supplier ASML Holding NV’s extreme ultraviolet lithography machines, widely considered as essential for production of cutting-edge semiconductors that China doesn’t have access to. He added that the Kirin mobile chips to be launched this fall will be the first to adopt the LogicFolding architecture, which helps boost performance of a chip by increasing the number of transistors it carries and optimizing data transmission speed. “This year we have prepared a surprise for the whole industry. Not saturation, not continuation, but a big leap ahead,” she said. The Star 50 Index in Shanghai, which includes several major Chinese chip firms, rose to a record after He’s announcement on Monday. Shares of SMIC rose more than 18% while foundry peer Hua Hong Semiconductor Ltd. surged by the daily limit of 20%. If Huawei can manage to make 1.4nm semiconductors in large quantities, it means it’s defying the industry consensus that ASML’s EUV lithography machines are necessary to mass-produce chips that are 5nm or more advanced. Such semiconductors are used to power th...

BASF SE BASFY has strengthened its refinery catalyst innovation capabilities by opening a new state-of-the-art research and development center in Attapulgus, GA, at the company’s largest global refinery catalyst production site. The new facility is designed to accelerate the development and commercialization of next-generation refinery catalyst technologies, with a focus on Fluid Catalytic Cracking (FCC) catalysts. The strategic co-location of the R&D center alongside BASF’s manufacturing operations is expected to enhance collaboration between research scientists, process engineers and production teams. By integrating laboratory development with large-scale production operations, BASF aims to shorten innovation cycles, improve pilot testing efficiency and accelerate the commercialization of advanced catalyst solutions for refining customers worldwide. The facility will primarily focus on applied research and advanced FCC catalyst testing. FCC technology is a critical refining process that uses catalysts and heat to convert heavy crude oil fractions and alternative feedstocks into lighter, higher-value products such as gasoline, liquefied petroleum gas (LPG) and olefins. BASF mentioned the new center will support the development of catalyst technologies that improve refinery efficiency, enhance product yields and boost operational profitability for customers. The R&D center also houses advanced quality assurance and quality control laboratories, enhancing BASF’s operational and analytical capabilities. By locating research activities directly at the production site, BASFY said scientists and engineers can work under real-world manufacturing conditions, enabling faster customization of catalyst solutions based on customer needs. The Attapulgus facility will operate as an extension of BASF’s global R&D Verbund network, using advanced digital tools and worldwide expertise to develop innovative refinery catalyst technologies. BASF noted that advanced FCC technologies can...

Deejpilot/E+ via Getty Images SEGRO ( SEGXF ) delivered solid results for fiscal year 2025. This led shares to start trending toward their over GBP 9, or about $12 per share net asset value (NAV). This was the situation the last time we wrote about the company. A few things have changed since then. The most important thing is that external factors knocked the recovery off course. These include a more unstable political environment in the UK, and resurging inflation due to the ongoing Middle East conflict causing gilt yields to rise significantly. SEGRO also put out its Q1 trading update . SEGRO does two in-detail updates every year, with their half-year and full-year results. The trading updates tend to include fewer details. Still, SEGRO's Q1 trading update confirmed fundamentals remain solid, with GBP 23 million of new headline rent contracted, of which GBP 12 million is from new developments. Another detail worth highlighting is that SEGRO completed GBP 106 million of disposals above book value. The biggest change since our last article, though, is that shares are once again trading at a substantial discount to NAV. SEGRO's share price is heavily influenced by UK gilt rates. With the ten-year gilt recently reaching levels last seen around 2008, it is no surprise SEGRO's stock has been under pressure. What the market seems to be overlooking is that SEGRO owns real assets, and its dividend growth has been outpacing UK inflation. SEGRO's many properties in excellent locations, where new development is difficult, give it strong pricing power. This has been evident in the strong renewal leasing spreads while maintaining a very healthy occupancy of close to 95%. Despite a less-than-ideal economic environment in 2025, SEGRO delivered adjusted EPS growth of 6.1%; when adding the over 4% dividend yield, that puts total returns comfortably over 10%, assuming an unchanged valuation multiple. This is why we see the share price weakness caused by the gilt selloff as creating ...

Key Points Hilton Capital Management sold 478,741 shares of GPIX during Q1 2026 -- with an estimated transaction value of $25.0 million. After the sale, Hilton's remaining stake in GPIX stood at 282,772 shares, valued at $14.2 million. As of March 31, 2026, GPIX represents 1.1% of Hilton Capital's 13F-reported assets under management (AUM), placing it outside the firm's top five holdings 10 stocks we like better than Goldman Sachs ETF Trust - Goldman Sachs S&P 500 Premium Income ETF › What happened In a recent SEC filing, Hilton Capital Management, LLC, disclosed the sale of 478,741 shares of the Goldman Sachs S&P 500 Premium Income ETF (NASDAQ:GPIX) during the first quarter of 2026. The estimated transaction value was $25.0 million, calculated using the quarter’s average closing price. The fund's quarter-end GPIX position value decreased by $26.1 million -- reflecting both the shares sold and GPIX’s price movement during the quarter. What else to know The GPIX position accounts for 1.1% of Hilton Capital Management, LLC's 13F AUM after the sale. Top holdings after the filing: NYSE: SGOV: $157.4 million (11.9% of AUM) NASDAQ: VCIT: $87.7 million (6.6% of AUM) NASDAQ: VCSH: $82.8 million (6.3% of AUM) NASDAQ: JEPQ: $60.3 million (4.6% of AUM) NYSE: JPIE: $44.7 million (3.4% of AUM) As of May 22, 2026, GPIX shares were trading at $55.46, up about 27% over the past year -- trailing the S&P 500 by roughly 1.2 percentage points, while outperforming its Derivative Income category benchmark by roughly 2.6 percentage points. ETF overview Metric Value AUM $3.7 billion Expense ratio 0.29% Distribution yield (trailing 12 months) 8.00% 1-year return (as of 5/22/26) 26.74% ETF snapshot The Goldman Sachs S&P 500 Premium Income ETF (GPIX) is designed to generate current income while maintaining the potential for capital appreciation, primarily through a premium income approach linked to the S&P 500 Index. Sells options on S&P 500 equities to generate premium income, combining equi...

If you're planning to retire in 2030, you may already be picturing a time when you don't have to report to work every day. But the glorious retirement you've earned is going to cost money. And while Social Security might help pick up some of the slack, it's important to make sure your 401(k) is set up to serve your needs. Here are a few key moves to make with your 401(k) if you're planning to retire in under five years. 1. Reassess your investment risk At some point, you were probably told to invest your 401(k) aggressively for retirement to grow your money. And whoever told you that gave you good advice in your 20s, 30s, 40s, and maybe even 50s, depending on your retirement timeline. But now that you're getting a lot closer to that milestone, it's important to reassess your portfolio. Going heavy on stocks makes sense when retirement is far off. But as it gets closer, it's important to shift, at least partially, into less volatile investments. To be clear, you don't want your 401(k) to be devoid of stocks in retirement. But a more balanced mix of stocks and bonds could give you the best of both worlds -- ongoing growth and steady income without undue risk. Now if you have your 401(k) invested in a target date fund, you may not need to make any portfolio moves in the coming years. That's because these funds are specifically designed to adjust your risk profile as retirement nears. But if you're loaded up on stock-focused index funds you chose yourself, it's probably time to rebalance. 2. Estimate how much income your 401(k) can actually produce If you've been funding your 401(k) steadily for many years, you may be sitting on a nice balance as retirement gets closer. But while the number might look impressive on screen, it's important to break it down into annual income so you get a sense of what lifestyle you can afford. To do that, you'll need to land on a withdrawal rate. You could use the popular 4% rule or pick another rate you feel more comfortable with. From t...

Key Points Make sure your investments are age-appropriate. Figure out how much income your 401(k) will give you. Know how you'll handle taxes once withdrawals start. The $23,760 Social Security bonus most retirees completely overlook › If you're planning to retire in 2030, you may already be picturing a time when you don't have to report to work every day. But the glorious retirement you've earned is going to cost money. And while Social Security might help pick up some of the slack, it's important to make sure your 401(k) is set up to serve your needs. Here are a few key moves to make with your 401(k) if you're planning to retire in under five years. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. Reassess your investment risk At some point, you were probably told to invest your 401(k) aggressively for retirement to grow your money. And whoever told you that gave you good advice in your 20s, 30s, 40s, and maybe even 50s, depending on your retirement timeline. But now that you're getting a lot closer to that milestone, it's important to reassess your portfolio. Going heavy on stocks makes sense when retirement is far off. But as it gets closer, it's important to shift, at least partially, into less volatile investments. To be clear, you don't want your 401(k) to be devoid of stocks in retirement. But a more balanced mix of stocks and bonds could give you the best of both worlds -- ongoing growth and steady income without undue risk. Now if you have your 401(k) invested in a target date fund, you may not need to make any portfolio moves in the coming years. That's because these funds are specifically designed to adjust your risk profile as retirement nears. But if you're loaded up on stock-focused index funds you chose yourself, it's probably time to rebalance. 2. Estimate how much income your 4...

格隆汇5月25日｜受伊朗战事冲击燃料运输的影响，印度的燃气发电量已暴跌至至少六年来的最低水平；与此同时，酷暑天气正将电力需求推向历史新高，导致本已紧张的电力供应雪上加霜。上周，随着气温飙升，民众纷纷开启空调及其他制冷设备，导致印度用电峰值飙升至前所未有的270.8吉瓦，并连续四天呈上升趋势。尽管白天的用电需求在太阳能发电的助力下基本得到了满足，但在夜间需求激增时，电力供应却难以跟上步伐。印度电力部的数据显示，今年4月至5月21日期间，印度燃气发电机组的发电量约为36亿千瓦时，创下该时段至少六年来的最低纪录。这一产出水平仅相当于去年同期的约三分之二，更是仅为2024年同期产出的一半左右。

Bubble brewing that rivals the roaring '20s, but bulls won't sell until these two things happen

Denis Linine/iStock Editorial via Getty Images Generally speaking, I'm interested in investing in quality telecommunication providers. The only time when I am not that "into it" is when the companies are overly risky, overvalued, or have some other characteristics that make them not that qualitative to invest in or unlikely to generate market-beating rates of return. In my investing across Europe, I have invested in telecommunications providers in most of Europe, barring two countries. And that includes countries like Sweden, Norway, Denmark, Finland, the UK, Germany, France, Spain, Portugal, BeNeLux, and others. The two countries I, for the time being, have stayed out of when it comes to telco investing are Italy and Switzerland. However, the reasons that I have elected to stay out of them are quite different. For Italy, it's about the relative safety of the companies involved. For reasons I described in some of my articles on Italian telecom companies, I view the entire market as incorrectly structured, and the companies are in a very poor position to make money, or "generate alpha". For Switzerland, the reasons are far simpler - I simply don't think that most of them are positioned either in earnings or in profit to make any significant money, by which I mean a growth in earnings. In this article, I'll be using Swisscom AG ( SCMWY ) to exemplify this challenge. Swisscom AG is a Swiss-based telco with a market capitalization in excess of 35B CHF at the time of writing this article. At first glance, everything about this company seems to be good. The company has yielded about 3.8%, which is good enough for a telco, especially considering how high the company is trading. It's A-rated, which is very solid, and it has relatively low debt, which, given the investment strain that most of these companies are under, is quite excellent as well. So, what's the problem with Swisscom? Why is the company that is fundamentally so solid not actually generating 20-year positive A...

5天3板风华高科公告，公司股票于2026年5月21日、22日、25日连续3个交易日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动。经核查，公司未与英伟达直接开展业务合作。公司MLCC产品营业收入占整体营收约40%，其中高端MLCC产品（含高容、车规级、中高压等）营收占MLCC总营收约35%-40%，占整体营收约15%。此外，公司主营产品核心材料包含银、铜、镍、锡等金属及陶瓷粉体，原材料价格波动可能对盈利产生较大影响，面临供应链成本上行风险。公司控股股东不存在应披露而未披露的重大事项，生产经营正常。

格隆汇5月25日｜据灯塔专业版，截至5月25日，影片《给阿嬷的情书》总票房已达11.13亿（含预售），超过《熊出没·年年有熊》，进入2026年度票房榜前四。

据之江生物消息，5月22日，非洲疾病预防控制中心（Africa CDC）公布首批针对本迪布焦型埃博拉病毒的RT-PCR分子检测产品推荐名单，之江生物埃博拉病毒核酸检测试剂盒入选。此次全球范围内仅有三款产品通过评审获得推荐。之江生物是全国唯一、全球唯二获得WHO与非洲CDC双认可的企业。之江生物埃博拉核酸检测试剂盒已获得WHO紧急使用清单认证，检测下限达23.9拷贝/反应，已完成血清、血浆样本临床验证。经非洲CDC诊断咨询委员会评审认可，该产品适用于此次本迪布焦型埃博拉疫情的检测，可满足非洲疫区一线快速诊断需求。

Micron Technology (NASDAQ:MU) CEO Sanjay Mehrotra used a Bloomberg interview from the company’s Manassas, Virginia, plant on May 22, 2026, to deliver a message that reframes the memory cycle for investors: this is a structural shortage. “We see this shortage continuing beyond, well beyond 2026 timeframe,” he said, adding that Micron “are able to meet ... Micron’s 50% Problem: Why Having Too Few Microchips is Making Investors Rich

Micron’s 50% Problem: Why Having Too Few Microchips is Making Investors Rich 24/7 Wall St.

Quick Read Micron (MU) reported Q2 2026 revenue of $23.86B and EPS of $12.20, crushing guidance, as its Cloud Memory Business Unit generated $5.284B in revenue at a 66% gross margin while the company can only meet 50-67% of customer demand for HBM and DRAM chips. CEO Sanjay Mehrotra announced a $200B investment to expand US production capacity across three facilities, targeting 40% domestic manufacturing by 2036 and creating 90,000 high-paying jobs. Micron claims the memory chip shortage is structural, not cyclical, because meaningful new industry supply doesn’t arrive until 2028, giving the company two more years of pricing power before capacity additions from competitors begin ramping production. The analyst who called NVIDIA in 2010 just named his top 10 stocks and Micron Technology wasn't one of them. Get them here FREE. Micron Technology (NASDAQ:MU) CEO Sanjay Mehrotra used a Bloomberg interview from the company's Manassas, Virginia, plant on May 22, 2026, to deliver a message that reframes the memory cycle for investors: this is a structural shortage. "We see this shortage continuing beyond, well beyond 2026 timeframe," he said, adding that Micron "are able to meet the demand of our key customers only about 50% to about two thirds in many cases." For an industry conditioned by boom-bust pricing, that is the most important data point of the year. Why "well beyond 2026" matters now Micron is the only US-based memory manufacturer, and Mehrotra is now making the case that the supply gap will outlast the current calendar cycle. He framed memory as foundational to AI: "Memory is a strategic asset for AI across consumer as well as data center industries. Because without memory, you don't really have that intelligence that is critically important." The supply math is the crux of the call. Mehrotra said, "Meaningful new supply in the industry doesn't really start ramping until 2028 timeframe because at Boise, Idaho, fab will have first wafers out middle of next year an...

格隆汇5月25日丨风华高科(000636)公告称，公司股票于5月21日、22日、25日连续3个交易日收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动。公司关注到近期有媒体提及公司已切入英伟达供应链，经核查，截至目前，公司未与英伟达直接开展业务合作。公司MLCC产品营业收入占公司整体营业收入的比例约为40%，其中高端MLCC产品营收占MLCC产品总营收的比例约为35%-40%，占公司整体营业收入的比例约为15%。高端MLCC产品包括高容产品、车规级产品以及中高压产品等（如0805X226M250NT，AM05BT475K250NT，0805B105K101NT等产品，以0805X226M250NT为例，0805代表尺寸、X代表温度特性、226代表容量、M代表精度、250代表工作电压、N代表端头方式、T代表包装方式）。

摩根士丹利在研报中指出，人工智能（AI）时代正在把“能源安全”从传统宏观议题，升级为未来十年全球最重要的资本开支主线之一。该行认为，亚洲正在进入一轮规模超过5.5万亿美元的能源投资超级周期，而AI数据中心、电力短缺、地缘政治和供应链重构，将共同推动能源行业重新进入黄金时代。

格隆汇5月25日｜钱江晚报发文称，5月25日收盘，A股各大指数纷纷飘红，科创50指数更是暴涨5.88%再创历史新高。虽然指数上涨，但许多散户的股票账户不涨反跌。事实也证明了这一点。以沪深股市为例，5月25日当天收盘，上涨的个股2100多只，下跌的个股则有近3000只。 5月25日当天收盘，杭州80后股民李丰（化名）的股票账户市值反而缩水6600多元，今年以来的收益率降至1%多。“再跌一跌的话，说不定今年就要亏钱了。”李丰说。他的股票账户里，有军工概念股、人形机器人概念股、创新药概念股、光伏概念股，但今年以来表现都不尽如人意。“上周五我的投资收益还战胜了74.53%的股民。看来今年大部分股民的投资收益都不理想，我所在的证券公司，估计一半多投资者是亏钱的。 老股民张凯（化名）的情况也差不多，他的两个股票账户，一个收益率超过10%，另一个还不到1%。“今天盘中这个账户还一度亏损。”张凯说，“今年行情不好把握。我看了一下那个收益不到1%的账户，交易系统显示还战胜了51.69%的投资者，说明有一半左右投资者今年是亏损的。”现在的这波结构性牛市行情中，资金纷纷涌入半导体、AI、存储芯片、光模块等热门股，张凯觉得，不少个股的股价早已透支未来几年的业绩，一旦业绩不及预期，股价就可能出现踩踏现象。 华泰证券认为，当前A股情绪指数、估值分化系数等均显示结构性行情较极致，AI主线交易拥挤度偏高。短期来看，建议控制仓位、留出应对空间，适当增配低位和红利品种。中期来看，AI产业趋势并未出现明显放缓信号，调整或提供低吸机会，建议交易拥挤度压力释放后择机增配。

wavemovies It would be the largest layoff in its history. Wix ( WIX ) is set to slash around 1,000 jobs in the coming months, or approximately 20% of its workforce, according to multiple Israeli media outlets. The reports come just a week after the website-building company missed heavily on Q1 earnings , leading shares to lose a third of their value in the subsequent session. It was the latest spate of bad news for Wix ( WIX ), whose stock is down nearly 50% since the beginning of the year amid growing fears of the SaaSpocalypse . "There are a few certainties with AI, but one can be sure that basic web design is one that is subject to much disruption. For $20, you can purchase a Claude subscription and make a fully functional custom website that used to take thousands of dollars and weeks or months of time," noted SA Analyst Ten Cent Capital. "[The ARR of] Base44, the vibecoding tool [that] was acquired by Wix for $80M... has been on a tear, with YE 2025 of $59M soaring to $150M. The hockey stick here is real, [but] the issue is that Wix has distorted reality , framing Base44 as a moat, when the truth is that they are just another AI competitor." More on Wix.com Wix.com: Base44 Continues To Be Vastly Underappreciated Wix.com Ltd. (WIX) Q1 2026 Earnings Call Transcript Wix's rating cut at RBC Capital after Q1 results Wix slumps 30% after Q1 results miss estimates

财联社5月25日讯（编辑 夏军雄） 摩根士丹利在研报中指出，人工智能（AI）时代正在把“能源安全”从传统宏观议题，升级为未来十年全球最重要的资本开支主线之一。 该行认为，亚洲正在进入一轮规模超过5.5万亿美元的能源投资超级周期，而AI数据中心、电力短缺、地缘政治和供应链重构，将共同推动能源行业重新进入黄金时代。 “没有能源，就没有AI” 随着AI数据中心、云计算和机器人产业迅速扩张，全球能源体系正开始面临数十年来最严峻的压力。未来全球最稀缺的资源之一，可能不再是芯片，而是稳定、可靠且足够廉价的能源供应。 摩根士丹利指出，过去十年，亚洲能源消费增长了约50%，但能源投资却长期停滞。与此同时，AI、电动车、数据中心以及工业电气化正在迅速推高电力需求。 报告预计， AI将推动亚洲新增75GW数据中心容量，到2030年，亚洲数据中心耗电量将占新增电力需求的大约六分之一 ，而AI相关基础设施投资已经开始超过传统能源资本开支。 这种趋势将迫使亚洲各国重新审视能源体系，并推动一轮大规模能源基础设施重建。 摩根士丹利预计，未来五年，也就是2026年至2030年期间，亚洲能源年均投资规模将从过去十年的约6600亿美元，提升至约1.12万亿美元。 整个周期总投资规模将达到约5.45万亿美元，在乐观情景下甚至可能达到6.3万亿美元 。 (大摩对未来五年亚洲能源投资规模的预测） 细分领域来看，可再生能源领域的投资规模最高，达到2.07万亿美元；其次是上游油气，规模达到1万亿美元；紧接着是电网，规模为9690亿美元；煤炭和天然气电力的投资规模将为4950亿美元。 炼油与加工、核电和储能的投资规模将分别为1950亿美元、1620亿美元和710亿美元。 其中，电力系统将成为整个投资周期的核心。 摩根士丹利预计， 到2030年，亚洲将在电网领域投入约1万亿美元资金，同时新增大量火电、天然气发电、储能以及核电项目 。 报告指出，未来真正限制AI发展的瓶颈是电网，而不是芯片。 由于AI数据中心对电力稳定性要求极高，仅依靠风电和光伏等间歇性能源，已经难以满足未来需求。因此，稳定、可靠的基载电力重新变得至关重要。 煤炭和天然气将发挥重要作用 摩根士丹利提出了一个颇具争议的观点：煤炭将重新回到能源体系核心。 报告认为，AI时代首先需要的是稳定电力，而煤电与天然气发电依然是目前最可靠、最成熟的大规模基载能源。...

Injured forward Lamine Yamal has been named in Spain's World Cup squad, which does not feature any Real Madrid players for the first time at the tournament. The 18-year-old missed the final month of the season after tearing his left hamstring while playing for Barcelona on 22 April. Athletic Bilbao winger Nico Williams, who has been struggling with a hamstring problem, also features in the 26-man squad. "We're very relaxed. Barring any setbacks, we'll have everyone available from the very first match," said Spain coach Luis de la Fuente. Real defenders Dean Huijsen and Dani Carvajal were left out.

MediaProduction/iStock via Getty Images Introduction Back in April , I started covering Chiron Real Estate ( XRN ) because of the high monthly dividend it pays combined with a low P/FFO multiple. I wrote the following: XRN shows us that the company traded at 19.5x FFO back in Dec. 2021 compared to 8.9x in Feb. 2026. Q4 2025 FFO came in at $0.97 ($3.88 annualized). A P/FFO multiple of 9x. Q1 2026 saw the same FFO number ($0.97), so the argument that shares are still trading below its historical trading range of 19.5x FFO still holds. Management now wants per share FFO growth to accelerate over time, for which they decided to make a painful short-term decision to get the company growing. Let's dive in. A shift in capital allocation XRN is shifting its focus, as we learned from the Q1 2026 results that were released on Wednesday May 6th. Overall it was a good quarter, but there was bad news for dividend investors as well, so let’s start there. Recently, XRN switched from a quarterly dividend to a monthly dividend. That’s something I like to see, because it provides me with more flexibility in allocating my money on a month-to-month basis. A monthly dividend provides more consistent cash flow and allows investors to compound returns more frequently. Most of our bills are paid monthly as well, so I just prefer dividends to be paid monthly. That said, XNR is reducing its dividend by 36%. Going from $0.25 a month to $0.16. Is this a bad thing? Well, it depends on your investment approach. I like a high and stable dividend that – preferably – grows over time. Although it is always hard to swallow a dividend cut, what matters even more to me is the reason why a dividend is cut. Q1 2026 earnings release Why am I not that worried right now? Because of the reason that management gave for the cut. XRN has shifted its focus from paying a high dividend to executing the portfolio transition and building long-term per-share value and earnings power. Setting up the company for sustai...