Blockbuster initial public offerings from tech champions such as Anthropic and SpaceX are about to fundamentally reshape global capital markets. This wave will redirect capital flows and alter valuations across the tech sector. As competition intensifies, investors worldwide will be forced to completely rethink where future returns will come from. For China, the rise of these companies will intens...
Blockbuster initial public offerings from tech champions such as Anthropic and SpaceX are about to fundamentally reshape global capital markets. This wave will redirect capital flows and alter valuations across the tech sector. As competition intensifies, investors worldwide will be forced to completely rethink where future returns will come from. For China, the rise of these companies will intensify an already fierce contest for global capital, putting further strain on foreign investment...
FreshSplash/E+ via Getty Images Shares of Navan ( NAVN ) have been a muted performer since their IPO late last year, trading up about 4%. This return masks a substantial amount of volatility, with the stock losing over half of its value just to recoup those losses in the past three months. The company is using AI to disrupt the corporate travel sector, and shares have rallied substantially as opti...
FreshSplash/E+ via Getty Images Shares of Navan ( NAVN ) have been a muted performer since their IPO late last year, trading up about 4%. This return masks a substantial amount of volatility, with the stock losing over half of its value just to recoup those losses in the past three months. The company is using AI to disrupt the corporate travel sector, and shares have rallied substantially as optimism around AI has accelerated. That said, the company is still in its infancy, and shares are discounting meaningful growth. This is why I rated shares a “sell” in March , but this call was a mistake with NAVN gaining 60% since then. On Wednesday afternoon, NAVN reported excellent results, sending shares up 20% in extended trading. With updated financials and such a strong rally, now is a good time to revisit shares. Seeking Alpha In the company’s first quarter , Navan turned an $0.08 profit, beating estimates by $0.07 as revenue reached $220 million. Now, like many tech companies, Navan excludes share-based compensation from its adjusted earnings. While this is a non-cash expense, I believe investors should factor this cost in when valuing a company, as this expense dilutes existing owners via a larger share count—it is a true cost. During Q1, it paid out $38 million in share-based compensation. Factoring this in, the company lost about $0.05. Share-based compensation more than doubled from a year ago, offsetting improvements in non-GAAP income. Revenue was up a staggering 40% from last year, reflecting increased penetration. Gross bookings were up 50% to $3.1, an excellent result. That does continue the trend of bookings growing more quickly than revenue, pointing to ongoing pricing competition as legacy players fight to maintain market share. RFP activity more than tripled from last year, which should lead to a meaningful pipeline of new customers and revenue over the coming months. Navan Now, the company gets about 90% of its revenue from usage fees and just ~9% from s...
Surging airfares have made it harder for price-conscious travelers to justify summer vacations in Europe — and many are opting to travel within the U.S. instead.
Surging airfares have made it harder for price-conscious travelers to justify summer vacations in Europe — and many are opting to travel within the U.S. instead.
As summer returns, I'm again reminded of my limits as I head into the great outdoors: I can put up with a heavy, uncomfortable backpack, bug bites, mud, and even bland dehydrated food, but I will not forsake my morning brew. I've tried every imaginable coffee gadget in my half-century of camping. These range from simple drip systems when ultralight backpacking, an AeroPress when not weighing every...
As summer returns, I'm again reminded of my limits as I head into the great outdoors: I can put up with a heavy, uncomfortable backpack, bug bites, mud, and even bland dehydrated food, but I will not forsake my morning brew. I've tried every imaginable coffee gadget in my half-century of camping. These range from simple drip systems when ultralight backpacking, an AeroPress when not weighing every gram, French press plungers when assisted by bicycle , and small countertop coffee makers when adventuring by van . Yet I keep returning to handheld espresso makers whenever possible for reasons of taste, convenience, and - let's face it - gadget ap … Read the full story at The Verge.
Jacques LOÏC/Photononstop via Getty Images Investment Thesis Yesterday, Super Micro Computer ( SMCI ) announced a massive order win, securing ~$39B worth of AI server orders . The catch? The company needs up to $7B in additional financing to buy parts and components from its supply chain to build and ship AI servers so it can fulfill the ~$39B worth of orders it has received. Super Micro has said ...
Jacques LOÏC/Photononstop via Getty Images Investment Thesis Yesterday, Super Micro Computer ( SMCI ) announced a massive order win, securing ~$39B worth of AI server orders . The catch? The company needs up to $7B in additional financing to buy parts and components from its supply chain to build and ship AI servers so it can fulfill the ~$39B worth of orders it has received. Super Micro has said it intends to fulfill these orders over the next few quarters, so analysts are highly likely to revise up their estimates for Super Micro’s 30% projected growth next fiscal year. But the immediate dilutive impact that the $7B equity raise will have on Super Micro’s FY26 EPS numbers, as highlighted in my analysis below, will likely bring additional scrutiny to the margin profile of the $39B worth of server orders the company claims to have won. I am reiterating my Bearish rating on Super Micro as several compounding risks—most notably structural margin pressure—continue to weigh on the company's outlook. Watch The $7B Impact Rather Than The $39B Growth Number In March this year, I downgraded Super Micro Computer after severe compliance issues returned amidst scrutiny from the US Department of Justice. In that same March post, I argued investors would do well by moving portfolio capital away from Super Micro Computer to the industry leader, Dell Technologies ( DELL ), which has been on an absolute tear since my March coverage. Exhibit A: Super Micro Computer shares underperform vs. industry peers, Dell & HPE, as well as broader markets, ytd basis. (Seeking Alpha) In Super Micro Computer’s case, I continue to argue that structural issues will periodically pressure Super Micro’s gross profit-adjusted growth. One of those structural risks is reflected in the company’s recurring needs to raise additional capital to finance its forward growth. In yesterday’s announcement, Super Micro said that the company will issue $7B in fresh equity, and the proceeds for the share sale will be ...
Named in honour of the writer CLR James, the hub did vital work to help the city’s Black communities and now campaigners are seeking its return “When it comes to Manchester history, there’s not a lot of Black Manchester history that’s recorded,” Bianca Danielle said. “We’ve got a lot about certain topics like suffragettes, but if you type in Nello James, hardly anything comes up.” Continue reading...
Named in honour of the writer CLR James, the hub did vital work to help the city’s Black communities and now campaigners are seeking its return “When it comes to Manchester history, there’s not a lot of Black Manchester history that’s recorded,” Bianca Danielle said. “We’ve got a lot about certain topics like suffragettes, but if you type in Nello James, hardly anything comes up.” Continue reading...
ATWEC Technologies ( ATWT ) appointed Jeff Eales as chief executive officer effective immediately following its acquisition of Park-Aid Asphalt and Maintenance. Eales, who has led Park-Aid since 2013, brings more than 25 years of leadership and construction industry experience. Former CEO Joshua Weaver will transition to board member and strategic advisor. More on ATWEC Technologies Financial info...
ATWEC Technologies ( ATWT ) appointed Jeff Eales as chief executive officer effective immediately following its acquisition of Park-Aid Asphalt and Maintenance. Eales, who has led Park-Aid since 2013, brings more than 25 years of leadership and construction industry experience. Former CEO Joshua Weaver will transition to board member and strategic advisor. More on ATWEC Technologies Financial information for ATWEC Technologies
Citigroup Inc. is offering its first investment-grade bonds of 2026, following $123.3 billion of issuance by the five other biggest Wall Street banks this year. The company’s Citibank unit is marketing notes in as many as four parts, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. Initial price talk for the longest-tenored ...
Citigroup Inc. is offering its first investment-grade bonds of 2026, following $123.3 billion of issuance by the five other biggest Wall Street banks this year. The company’s Citibank unit is marketing notes in as many as four parts, according to a person familiar with the matter who asked not to be identified as they’re not authorized to speak publicly. Initial price talk for the longest-tenored bond, maturing in six years, is a premium of about 0.95 percentage point above Treasuries, the person added. Proceeds are for general corporate purposes. Citigroup sold a combined $1.8 billion of junk-rated perpetual notes during the first quarter and last issued US dollar investment-grade bonds in September . The company’s restructuring could continue to lower its capital requirements, Bloomberg Intelligence said in February. In the first quarter , Citigroup had its highest revenue in a decade and the highest return on tangible common equity in five years.
rarrarorro/iStock via Getty Images Introduction The VanEck Vietnam ETF ( VNM ), a passively managed product (it tracks the MarketVector Vietnam Local Index ) that has been facilitating coverage to around 50 Vietnamese-incorporated listed businesses since 2009 (currently, coverage extends to 58 Vietnamese stocks in total, with 40% of this portfolio consisting of mid-caps alone), appears to be going...
rarrarorro/iStock via Getty Images Introduction The VanEck Vietnam ETF ( VNM ), a passively managed product (it tracks the MarketVector Vietnam Local Index ) that has been facilitating coverage to around 50 Vietnamese-incorporated listed businesses since 2009 (currently, coverage extends to 58 Vietnamese stocks in total, with 40% of this portfolio consisting of mid-caps alone), appears to be going through a rough ride in 2026. On a YTD basis, when global markets are up by around 10%, and VNM’s EM peers have managed total returns that are twice as much (as global markets), this ETF in focus has slumped by around 7%. YCharts So, what’s gone wrong with VNM, and is it worth pursuing now? Gulf War Disruptions Could Cap Potential Foreign Inflow Uplift VNM’s underperformance this year may come across as a surprise to a fair few, particularly in light of the FTSE Russell's impending reclassification updates I had written about over a year ago . If I may remind investors, back in May 2025, I had highlighted how this product and the broader Vietnamese markets (which were previously largely propped up by retail flows) were likely to receive a shot in the arm from the foreign institutional investment community because of the country’s impending reclassification from “frontier market” to “EM” by FTSE Russell. We saw an announcement related to this come through in October 2025 (although subject to an interim review in March 2026 to gauge if the regulatory authorities in Vietnam would be taking the necessary steps to ease access to global brokers). In the first week of April 2026, one finally saw the official seal of approval, with Vietnamese stocks set to make it to FTSE Russell’s global equity indices from September 21 ST, 2026 (this will be a phased entry that will carry on through 2027). Following the upgrade, Vietnam was initially expected to benefit from around $6B of foreign inflows (which is quite meaningful when you consider that capital flows to the country over the last...
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