Sharamand/iStock via Getty Images Sure enough, Marvell Technology, Inc. ( MRVL ) has been one of my greatest calls over the past year. Since my initial coverage back in September, the stock has surged by 250% and strongly outperformed the benchmark. MRVL: Stock Surged 250% Since My Initial Coverage (Seeking Alpha) But, quite frankly, I feel that the run-up may be overstretched. Marvell has appreci...
Sharamand/iStock via Getty Images Sure enough, Marvell Technology, Inc. ( MRVL ) has been one of my greatest calls over the past year. Since my initial coverage back in September, the stock has surged by 250% and strongly outperformed the benchmark. MRVL: Stock Surged 250% Since My Initial Coverage (Seeking Alpha) But, quite frankly, I feel that the run-up may be overstretched. Marvell has appreciated 40% over the past two days , and then again, it's up in double digits pre-market. If anything, I wouldn't be surprised by a breather here. On top of this, it's not a cheap AI play anymore. Of course, it doesn't mean that stocks can't rally further. With the current AI sentiment, anything can happen. But purely from a risk management perspective, I think that too many expectations have been built in this name. And I don't really find it easy to justify. So, I have decided to downgrade my rating to Hold. Here's my thought process around this. Historical Earnings Performance Suggests Continued Growth Now, I'd like to start by saying that its top and bottom-line growth remains very much intact. If we were to look at its historical earnings , it's pretty much stable with barely any misses versus analysts' estimates. But given its forward P/E at roughly 72x versus the FY2026 estimate, it seems that the market already knows how good MRVL is. MRVL: Earnings History (Seeking Alpha) Just a week before, the semiconductor delivered earnings , and it was a solid one. Another double beat on the table. And the bullish AI narrative develops favorably for the stock. But I am not sure whether such growth remains significant enough for multiple expansion. MRVL: Key Metrics (Marvell Technology Investor Relations) Now, Marvell posted roughly $2.42 billion in revenue. And that's a 28% surge on a year-over-year basis. On the surface it looks great. But I have one concern in mind. Now, revenue derived from the data centers accounted for $1.83 billion, or about 76% of the total top line. Of co...
Getty Images Introduction The iShares Russell Top 200 Growth ETF ( IWY ) has been a good way to own large-cap US growth. The fund owns many of the companies that have driven US equity market returns over the last decade, and its long-term performance record remains very strong. However, a good ETF is not always at a good entry point. IWY has rebounded sharply from the spring correction and is now ...
Getty Images Introduction The iShares Russell Top 200 Growth ETF ( IWY ) has been a good way to own large-cap US growth. The fund owns many of the companies that have driven US equity market returns over the last decade, and its long-term performance record remains very strong. However, a good ETF is not always at a good entry point. IWY has rebounded sharply from the spring correction and is now again trading close to the upper end of its 52-week range. Over the past year, the ETF is up nearly 30%. At the same time, the fund remains heavily concentrated in mega-cap technology and AI-linked winners. This leaves investors heavily exposed to the same part of the market that has already driven the rally. IWY Is A Strong ETF, And The Long-Term Record Proves It The fund has $17.61 billion in assets under management and charges a 0.20% expense ratio. It’s not the cheapest large-cap growth ETF out there, but it’s still reasonable. Liquidity is also adequate, with an average daily volume of about $151 million. The ETF grades point to a solid product. Seeking Alpha Quant gives IWY an A for momentum, an A- for expenses, and an A+ for liquidity. The fund also receives a Buy rating from both SA analysts and the Quant system. Those ratings are understandable, as IWY has exposure to the largest US growth stocks, and the long-term numbers are hard to criticize. IWY has returned 112.87% over five years and 457.49% over ten years. Those are the best results in the peer table, ahead of products like iShares S&P 500 Growth ETF ( IVW ) and iShares Core S&P US Growth ETF ( IUSG ). Over the full decade, IWY has been one of the best ways to capture the dominance of US mega-cap growth. Recent Performance No Longer Leads The Peer Group The current relative setup is less favorable than the long-term record suggests, however. Over one year, IWY returned 29.87%. That’s strong in absolute terms, but it trails several relevant growth ETF peers . IVW returned 36.42%, and IUSG returned 36.07% over...
The generative AI boom has driven the cost of memory into the stratosphere, and Google is a key part of that trend. So it's only fitting that Google should offer some less RAM-hungry local AI models. The company has announced the release of a new Gemma 4 model that fills a gap in the lineup that launched earlier this year. The new model is efficient enough that you may be able to run it on a prett...
The generative AI boom has driven the cost of memory into the stratosphere, and Google is a key part of that trend. So it's only fitting that Google should offer some less RAM-hungry local AI models. The company has announced the release of a new Gemma 4 model that fills a gap in the lineup that launched earlier this year. The new model is efficient enough that you may be able to run it on a pretty average consumer laptop. In April, Google released four models in the Gemma 4 family , which also marked the shift to a more open Apache 2.0 license. The initial models included two mobile-optimized options (E2B and E4B) along with a pair of models for more serious work (26B Mixture of Experts and 31B Dense). That left a rather large unserved space in the middle, which is right where the new model falls. Gemma 4 12B is considerably more capable than the mobile versions, but it won't require a $20,000 AI accelerator to run locally. Google says Gemma 4 12B is unique in that it can run on many consumer laptops without sacrificing quality. As long as you've got a computer with 16GB of system RAM or VRAM, the 12-billion-parameter model will work. That's about half the total memory footprint of Gemma 4 26B MoE, and Google claims the new model is almost as capable, at least as far as benchmarks go. Read full article Comments
Love Employee/iStock via Getty Images Portfolio Managers: Tom Carney, CFA® & Nolan Anderson Investment Style: Short-Term Bond The Short Duration Income Fund's Institutional Class ( WEFIX ) returned +0.64% in the first quarter compared to a +0.32% return for the Bloomberg 1-3 Year U.S. Aggregate Index. Overview The U.S. fixed-income market in the first quarter of 2026 was characterized by a transit...
Love Employee/iStock via Getty Images Portfolio Managers: Tom Carney, CFA® & Nolan Anderson Investment Style: Short-Term Bond The Short Duration Income Fund's Institutional Class ( WEFIX ) returned +0.64% in the first quarter compared to a +0.32% return for the Bloomberg 1-3 Year U.S. Aggregate Index. Overview The U.S. fixed-income market in the first quarter of 2026 was characterized by a transition from the strong, rate-driven performance of 2025 to a more volatile, income-oriented environment shaped by persistent inflation risks and shifting monetary policy expectations. Treasury yields moved higher—particularly in March—as investors scaled back expectations for near-term Federal Reserve rate cuts amid renewed inflation concerns and geopolitical uncertainties, leading to broadly negative total returns in March, despite positive returns for the quarter overall. At the same time, the Federal Reserve maintained a cautious stance, holding policy rates steady while signaling limited easing ahead, which contributed to a steeper yield curve as short-term rates stabilized and longer-term yields remained elevated. Credit markets remained fundamentally resilient, supported by solid corporate balance sheets and strong investor demand, though spreads stayed near historically tight levels, limiting further price appreciation and increasing the importance of income (carry) and security selection as primary return drivers. Overall, the quarter reflected a shift toward a “higher-for-longer” rate backdrop, where elevated yields continued to offer attractive income opportunities, but with greater sensitivity to macroeconomic data, inflation dynamics, and geopolitical developments. The chart below provides a view of U.S. Treasury interest rates over time (first quarter and year-over-year) across the yield curve. The bulk of changes in U.S. Treasury interest rates in the first quarter occurred in shorter-maturity Treasuries (2- to 5-years) as investors began to dial back expectation...
Substack's new Reply Rules feature is currently available for all English-language publications and is designed to give creators greater control over how their audiences respond.
Substack's new Reply Rules feature is currently available for all English-language publications and is designed to give creators greater control over how their audiences respond.
Live cattle futures started Wednesday with losses, but is slowly pulling off to post midday losses of just 17 to 85 cents. Cash trade started to creep in this week at $255 this week, with $256 bids reported this morning. The Wednesday Fed Cattle Exchange showed sales of $257 on...
Live cattle futures started Wednesday with losses, but is slowly pulling off to post midday losses of just 17 to 85 cents. Cash trade started to creep in this week at $255 this week, with $256 bids reported this morning. The Wednesday Fed Cattle Exchange showed sales of $257 on...
Lean hog futures are up 25 to 80 cents in the front months on Wednesday. USDA’s national base hog price was reported at $94.37 on Wednesday afternoon, down 38 cents from the day prior. The CME Lean Hog Index was back up 14 cents on June 1 at $91.65. USDA’s...
Lean hog futures are up 25 to 80 cents in the front months on Wednesday. USDA’s national base hog price was reported at $94.37 on Wednesday afternoon, down 38 cents from the day prior. The CME Lean Hog Index was back up 14 cents on June 1 at $91.65. USDA’s...
Corn futures are falling 5 to 6 ½ vents across the front months on Wednesday. The CmdtyView national average Cash Corn price was down 6 ¼ cents at $3.98 ¼. USDA reported a private export sale of 136,000 MT of corn to South Korea this morning for 2026/27 shipment. Ahead...
Corn futures are falling 5 to 6 ½ vents across the front months on Wednesday. The CmdtyView national average Cash Corn price was down 6 ¼ cents at $3.98 ¼. USDA reported a private export sale of 136,000 MT of corn to South Korea this morning for 2026/27 shipment. Ahead...
Key PointsSpeaking at a trade show recently, Nvidia CEO Jensen Huang said publicly he sees one AI company joining an exclusive group and reaching a $1 trillion market cap.
Key PointsSpeaking at a trade show recently, Nvidia CEO Jensen Huang said publicly he sees one AI company joining an exclusive group and reaching a $1 trillion market cap.
Robert Cohen, director of global developed credit at DoubleLine, says artificial intelligence debt will almost certainly reach bubble levels during a panel at the Bloomberg Global Credit Forum in New York. (Source: Bloomberg)
Robert Cohen, director of global developed credit at DoubleLine, says artificial intelligence debt will almost certainly reach bubble levels during a panel at the Bloomberg Global Credit Forum in New York. (Source: Bloomberg)
Andrii Dodonov/iStock via Getty Images Raul Shah of DocShah Financial is sharing tax planning strategies that he says could save investors substantial money over time—potentially more than $100K in a single decade. In a recent episode of the Seeking Alpha podcast “Investing Experts,” the tax expert introduced the concept of asset location, which he describes as “putting your investments in the rig...
Andrii Dodonov/iStock via Getty Images Raul Shah of DocShah Financial is sharing tax planning strategies that he says could save investors substantial money over time—potentially more than $100K in a single decade. In a recent episode of the Seeking Alpha podcast “Investing Experts,” the tax expert introduced the concept of asset location, which he describes as “putting your investments in the right accounts to pay the least in taxes.” The strategy hinges on understanding how different account types are taxed. Traditional individual retirement accounts are tax-deferred, meaning withdrawals are taxed at ordinary income rates. Brokerage accounts benefit from lower long-term capital gains rates. Roth IRAs offer tax-free growth and withdrawals. Shah recommends placing slow-growth assets like bonds ( AGG ) and treasuries ( TLT ) in traditional IRAs, since those accounts will be taxed at the highest rates. High-growth assets like growth stocks ( VUG ) should go in Roth IRAs where gains accumulate tax-free. Tax-advantaged investments like municipal bonds ( MUB ) belong in brokerage accounts. Using a hypothetical $900K portfolio split equally across three account types—$300K each in a brokerage, traditional IRA, and Roth IRA—Shah demonstrated the dramatic difference strategic placement can make. In the unoptimized scenario, an investor placing S&P 500 index funds ( SPY ) ( VOO ) in their traditional IRA, Nvidia ( NVDA ) stock and treasuries ( TLT ) ( TLH ) in their brokerage, and corporate bonds ( IGIB ) in their Roth IRA would pay approximately $308K in taxes over 10 years. But by relocating those same investments strategically—moving bonds ( AGG ) and treasuries ( TLT ) to the traditional IRA, shifting the S&P 500 ( SPY ) and municipal bonds ( MUB ) to the brokerage account, and placing high-growth stocks like NVDA in the Roth IRA—the 10-year tax bill drops to $193K. That’s a savings of $115K, or roughly $11.5K annually. For dividend-paying stocks, Shah noted the placemen...
Getty Images Executive summary The Fund returned 2.46% (IS share class) during Q1 vs. 2.10% for the Russell 1000® Value Index. Over time the Fund seeks outperformance through access to two primary sources of alpha: equity income security selection and an index-based overlay. Stock selection within the equity income security sleeve contributed most to relative performance during the quarter. For th...
Getty Images Executive summary The Fund returned 2.46% (IS share class) during Q1 vs. 2.10% for the Russell 1000® Value Index. Over time the Fund seeks outperformance through access to two primary sources of alpha: equity income security selection and an index-based overlay. Stock selection within the equity income security sleeve contributed most to relative performance during the quarter. For the equity income security selection, the largest overweights are currently in financials, healthcare, and energy. Market Environment In the US, equity markets delivered negative returns during the quarter, with the Dow Jones Industrial Average® declining 3.19% and the Nasdaq 100® Index falling 5.82%. US fixed income markets were broadly flat over the period. Geopolitical developments in the Middle East, including the effective closure of the Strait of Hormuz, contributed to heightened market volatility and increased downside risks later in the quarter. Against this backdrop, the US economy remained relatively resilient. The Federal Reserve held rates steady as inflation eased from 2.7% year-over-year in December to 2.2% in February. Labor markets remained solid, with payroll growth rebounding after a weaker December reading and unemployment edging down to 4.2%. Consumer data were mixed: sentiment fell to a multiyear low in January before improving through March, while retail spending softened and then stabilized. Meanwhile, manufacturing remained in contraction, highlighting persistent weakness in the industrial sector. The US dollar declined against a basket of major currencies. The S&P 500® Index declined 4.33% for the quarter. Within the Index, six of the 11 Global Industry Classification Standard (GICS®) sectors finished in positive territory, led by energy and materials. Value stocks outperformed growth stocks. Among other major equity benchmarks, the MSCI EAFE® Index, a measure of developed markets excluding the US and Canada, decreased by 1.24%, while the MSCI Emergin...
Coastal GasLink , a pipeline project in Western Canada, is readying a two-part bond sale to raise C$1 billion ($720 million), according to people with knowledge of the matter. The shorter portion of the high-grade bond sale is set to mature in 11.25 years and the size is around C$300 million. Initial pricing talk is around 1 percentage point more than government benchmarks, the people said, asking...
Coastal GasLink , a pipeline project in Western Canada, is readying a two-part bond sale to raise C$1 billion ($720 million), according to people with knowledge of the matter. The shorter portion of the high-grade bond sale is set to mature in 11.25 years and the size is around C$300 million. Initial pricing talk is around 1 percentage point more than government benchmarks, the people said, asking not to be identified as they aren’t authorized to speak publicly. The longer part of the bond will raise around C$700 million and mature in about 19 years. Initial pricing is being discussed at around 1.15 percentage point more than government bonds, according to the people. Coastal GasLink in 2024 sold what was then the largest Canadian-dollar corporate bond to finance the pipeline, which transports natural gas from the Montney shale formation in Western Canada to the Shell-led LNG Canada terminal on the British Columbia coast. The firm is working on the Cedar Link expansion, which connects to a smaller export facility in the same area. The consortium behind LNG Canada is currently mulling a decision to build a second phase for that complex in British Columbia. If it goes ahead, the second phase would double LNG Canada’s capacity. Coastal GasLink’s bond sale will likely hit the market as soon as Thursday, around the time that investors are expecting to receive large coupon payments from maturing Canadian bonds, the people said. A representative for TC Energy , operator and co-owner of Coastal GasLink, didn’t immediately respond to a request for comment. Other owners include KKR & Co. and an Alberta pension fund.