太空港进入市政债，美国商业航天补地面短板。 近日，美国《大而美法案》（One Big Beautiful Bill Act）中的太空港设施债券条款已经生效。 根据该条款，合格太空港及相关空间基础设施，可以通过免税私人活动太空港设施债券融资，进入美国市政债市场。 这项政策把太空港、发射场、再入设施，以及与发射或再入活动相关的制造、集成、测试和服务设施，放进了长期基础设施融资框架。 该法案旨在推动解决...
Darshan Hiranandani, CEO of Hiranandani Group, one of India's premier real estate and infrastructure development conglomerates, discusses how his company aims to help transform the nation into a global hub for cloud computing, AI and digital services. He speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Darshan Hiranandani, CEO of Hiranandani Group, one of India's premier real estate and infrastructure development conglomerates, discusses how his company aims to help transform the nation into a global hub for cloud computing, AI and digital services. He speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Douglas Rissing/iStock via Getty Images The U.S. House of Representatives has passed a war powers resolution aimed at curbing President Donald Trump’s military actions in Iran. The House passed a Democratic-led measure on Wednesday with a 215-208 vote. Four Republicans joined all Democrats in voting yes to end the war with Iran: Brian Fitzpatrick of Pennsylvania, Thomas Massie of Kentucky, Tom Bar...
Douglas Rissing/iStock via Getty Images The U.S. House of Representatives has passed a war powers resolution aimed at curbing President Donald Trump’s military actions in Iran. The House passed a Democratic-led measure on Wednesday with a 215-208 vote. Four Republicans joined all Democrats in voting yes to end the war with Iran: Brian Fitzpatrick of Pennsylvania, Thomas Massie of Kentucky, Tom Barrett of Michigan, and Warren Davidson of Ohio. The resolution calls on Trump to withdraw U.S. armed forces from hostilities involving Iran unless Congress formally declares war. However, the resolution would not force Trump to end the conflict and is largely viewed as symbolic unless it passes the Senate and survives a presidential veto. “Donald Trump’s reckless and costly war of choice has cost everyday Americans hundreds, if not thousands of dollars more in increased costs, particularly as it relates to gas prices,” House Minority Leader Hakeem Jeffries told reporters in the Capitol on Tuesday. “This war—this reckless and costly war of choice—needs to end today.” “It’s very powerful,” said Representative Jared Huffman, a Democrat from California, “We’re inching closer to having both chambers of Congress declare this an illegal war. That’s huge.” “It’s just becoming more and more untenable, what he has done,” he added. The House resolution was opposed by Speaker Mike Johnson and most Republicans, who argued it could undermine Trump's efforts to secure a nuclear deal with Iran. Brian Mast, a Republican representative from Florida called the measure "just a total BS vote," arguing that it "weakens the president's hands as he's negotiating with Iran." Republicans had blocked three previous war powers resolutions this year, including the most recent that ended with a 212-212 vote tie. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on markets President T...
Former Singapore Defense Minister Ng Eng Hen offers his perspective on the intersection of geopolitics and defense. He speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Former Singapore Defense Minister Ng Eng Hen offers his perspective on the intersection of geopolitics and defense. He speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Thawatchai Chawong/iStock via Getty Images Market Review The quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty. Markets faced headwinds from weakness in Technology/Software (driven by artificial intelligence disruption concerns) and escalating geopolitical tensions, though supportive macroeconomic conditions helped offset some of the pressur...
Thawatchai Chawong/iStock via Getty Images Market Review The quarter was defined by a balance between economic resilience and rising geopolitical and macro uncertainty. Markets faced headwinds from weakness in Technology/Software (driven by artificial intelligence disruption concerns) and escalating geopolitical tensions, though supportive macroeconomic conditions helped offset some of the pressure. Labor market signals were mixed and inflation remained above target, but expectations for earnings growth, fiscal stimulus, and eventual tariff stabilization helped anchor the outlook. Late in the quarter, geopolitical risks intensified as tensions in the Middle East disrupted energy markets and pushed oil prices higher, delaying expectations for rate cuts and introducing near-term inflation risks. Despite this backdrop, the underlying economy remained constructive, supported by solid consumer spending, continued earnings momentum, and expectations for longer-term policy support. ¹ Portfolio Review • The Fund returned -0.71%, reflecting performance at the net asset value (NAV) of Class I shares with all distributions reinvested for the quarter ended March 31, 2026. The Fund's benchmark, the S&P 500 Index ² , returned -4.33% during the same period. • Security selection within the Information Technology and Consumer Discretionary sectors were the largest contributors to performance. The Fund's position in Taiwan Semiconductor Manufacturing Co., Ltd. ( TSM ) (3.26%), which engages in the manufacture and sale of integrated circuits and semiconductor devices, contributed to relative performance. Shares rose as investor confidence improved around AI-related semiconductor production amidst a strong earnings print. • The Fund's position in TJX Companies Inc. ( TJX ) (2.18%), which engages in the retail of apparel and home fashion products, contributed to relative performance. Shares rose as consumers continued to favor off-price retail amid a cautious spending environment. • Con...
panaya chittaratlert/E+ via Getty Images Valero Energy Stock Analysis Data by YCharts Let me start with the part that matters most for anyone thinking about buying here. Valero ( VLO ) is a fantastic operator. I have no quarrel with the business. My quarrel is with the price you're being asked to pay for it today - the stock simply looks too richly valued for my taste. Here’s why: The stock has ro...
panaya chittaratlert/E+ via Getty Images Valero Energy Stock Analysis Data by YCharts Let me start with the part that matters most for anyone thinking about buying here. Valero ( VLO ) is a fantastic operator. I have no quarrel with the business. My quarrel is with the price you're being asked to pay for it today - the stock simply looks too richly valued for my taste. Here’s why: The stock has roughly doubled over the past twelve months. A year ago, this was a cheap refiner that paid you well over 3% to wait. Today it pays you 1.86%. There are better opportunities in the oil and gas sector at the moment, as I argue below. Valero Energy: A Look Inside the Business Valero Energy If you are unfamiliar with the business model, here is a quick summary. Valero Energy is currently the world's largest refiner, operating 14 refineries that hold about 3 million boe/pd combined throughput capacity. These refineries are located on the U.S. Gulf Coast, where they benefit from cheap natural gas prices and a deep pool of skilled labor. According to its April 2026 investor presentation , Valero is the lowest-cost producer in its sector while maintaining top-quartile reliability. That's a good combination for outperformance. There are two other smaller parts of this business to discuss briefly. The first is renewable diesel, run through Diamond Green Diesel, a 50/50 joint venture with Darling Ingredients ( DAR ). It can produce up to 1.2 billion gallons of renewable fuels a year, and in late 2024 it added about 235 million gallons of sustainable aviation fuel capacity at Port Arthur. The second is ethanol: 12 plants in the corn belt with a combined annual capacity of 1.7 billion gallons. These have been great businesses to own, and it has shown through Valero's shareholder returns. Management has run a 70% average payout ratio since 2014, returned cash every single year, and shrunk the share count by about 42% over that span. Data by YCharts In January it raised the quarterly divid...
Nomura International Wealth Management North Asia CIO Julia Wang says the chips rally in Asia is mostly justified by earnings growth, but she thinks valuation has also reset. Wang speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Nomura International Wealth Management North Asia CIO Julia Wang says the chips rally in Asia is mostly justified by earnings growth, but she thinks valuation has also reset. Wang speaks with Haslinda Amin from the sidelines of 'Nomura Investment Forum Asia' in Singapore. (Source: Bloomberg)
Korea Investment Corp . will open its first office in Tokyo this summer as the $232 billion sovereign wealth fund seeks to expand investments in Japan, including alternative assets such as private equity, hedge funds and private debt. The office is scheduled to open in early July, a KIC spokesperson said Thursday. It will be the fund’s sixth overseas outpost, joining offices in New York, London, S...
Korea Investment Corp . will open its first office in Tokyo this summer as the $232 billion sovereign wealth fund seeks to expand investments in Japan, including alternative assets such as private equity, hedge funds and private debt. The office is scheduled to open in early July, a KIC spokesperson said Thursday. It will be the fund’s sixth overseas outpost, joining offices in New York, London, Singapore, Mumbai and San Francisco. Japan’s alternative investment market is undergoing a structural transformation, creating opportunities to acquire high-quality assets, Chief Investment Officer Lee Hoon said in a statement this week. Alternative assets accounted for more than a fifth of the fund’s portfolio at the end of 2025, according to its website. The Tokyo office will also pursue opportunities in traditional asset classes, including equities and fixed income, the spokesperson said. “Japan is expected to offer unique investment opportunities in Asia as corporate governance reforms and portfolio restructuring take place,” Lee added. Read: Global Funds Buy Japan as They Flee Asia’s Hottest Stock Markets The fund had allocated around $181.2 billion of its portfolio to traditional assets as of the end of last year, generating an overall annual return of 13.9% in 2025. READ: US Treasuries Get Vote of Confidence From Korea’s Wealth Fund
Cerebras Systems Inc. plans to cooperate with a wide variety of suppliers of AI data center components, opening the way for further partnerships that mirror its agreement with Amazon.com Inc. The AI chipmaker is working with everyone apart from Nvidia Corp. , Chief Executive Officer Andrew Feldman said on Wednesday at the Bloomberg Tech conference in San Francisco. “We’re engaged in the process of...
Cerebras Systems Inc. plans to cooperate with a wide variety of suppliers of AI data center components, opening the way for further partnerships that mirror its agreement with Amazon.com Inc. The AI chipmaker is working with everyone apart from Nvidia Corp. , Chief Executive Officer Andrew Feldman said on Wednesday at the Bloomberg Tech conference in San Francisco. “We’re engaged in the process of using other people’s parts for part of the problem, and ours for another part of the problem, with all members of the community,” Feldman said. But not Nvidia, he said. “Everybody but them.” The Amazon tie-up will put Cerebras products to work alongside in-house designed chips in AWS data centers. That and a deal to supply OpenAI propelled the then-startup toward the front of a race to capture runaway spending on artificial intelligence hardware. Those two agreements were announced in a period that Feldman described as a “pretty good 90-day run” leading up to Cerebras offering shares to the public. Read more: Amazon Will Use Cerebras’ Giant Chips to Help Run AI Models The Sunnyvale, California-based company made its debut as a publicly traded company last month, raising $5.5 billion in the year’s largest initial public offering to date. The stock surged on the first day of trading. Read more: AI Chipmaker Cerebras Climbs 68% After Year’s Biggest IPO Cerebras has a unique design for the main processor used in server computers that train and run AI software. Its so-called wafer-scale processors are huge, allowing them to store and manipulate large amounts of data without needing to access information supplied by other components. The company claims computers based on its chips are faster at inference work, where a trained AI model makes predictions based on new data. But the unique nature of those chips means they don’t fit in regular computer hardware. Cerebras has created its own computers and also runs a network of data centers providing AI processing as a service. Feldma...
(Bloomberg) -- Cerebras Systems Inc. plans to cooperate with a wide variety of suppliers of AI data center components, opening the way for further partnerships that mirror its agreement with Amazon.com Inc.Most Read from BloombergTrump Begins Rebuilding His Tariff Wall, Citing Forced LaborRepublican-Led House Votes to Stop Iran War, Rebuking TrumpTrump to Get Audit Immunity as $1.8 Billion Fund in...
(Bloomberg) -- Cerebras Systems Inc. plans to cooperate with a wide variety of suppliers of AI data center components, opening the way for further partnerships that mirror its agreement with Amazon.com Inc.Most Read from BloombergTrump Begins Rebuilding His Tariff Wall, Citing Forced LaborRepublican-Led House Votes to Stop Iran War, Rebuking TrumpTrump to Get Audit Immunity as $1.8 Billion Fund in DoubtRussia Finance Officials Tell Putin War Spending Is UnaffordableTikTok Billionaire Overtakes M
Apple is only days away from its annual Worldwide Developers Conference, and investors are focused on whether the company can finally deliver the long-awaited AI-powered Siri. The June 8 keynote event is expected to showcase the next generation of iOS, iPadOS, macOS, and watchOS features. But this ...
Apple is only days away from its annual Worldwide Developers Conference, and investors are focused on whether the company can finally deliver the long-awaited AI-powered Siri. The June 8 keynote event is expected to showcase the next generation of iOS, iPadOS, macOS, and watchOS features. But this ...