Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images I have been writing about the structural cracks under the biggest AI bull theses. Nvidia ( NVDA ) at $5 trillion needs a power grid that does not exist yet. SpaceX ( SPCX ) at $1.75 trillion is bailing out xAI while masking problems at Tesla. I have made versions of the same argument about Palantir ( PLTR ). Advanced Micro Devices, I...
Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images I have been writing about the structural cracks under the biggest AI bull theses. Nvidia ( NVDA ) at $5 trillion needs a power grid that does not exist yet. SpaceX ( SPCX ) at $1.75 trillion is bailing out xAI while masking problems at Tesla. I have made versions of the same argument about Palantir ( PLTR ). Advanced Micro Devices, Inc. ( AMD ), at about $885 billion, has a quieter problem, and it is hiding in the share count . AMD’s AI revenue is real, and it is growing fast. That is not the bear case. The bear case is how AMD bought a chunk of that growth. To lock in its largest AI customers, AMD handed them warrants to buy nearly a fifth of the company for a penny a share. The income statement does not show that cost. The share count will. The Warrants In October 2025, AMD and OpenAI ( OPENAI ) announced a deal for OpenAI to deploy 6 gigawatts of AMD Instinct GPUs. Alongside the supply agreement, AMD issued OpenAI a warrant to purchase up to 160 million AMD shares at an exercise price of one cent each . The warrants vest in tranches as OpenAI deploys the GPUs, starting with the first gigawatt of MI450 chips in the second half of 2026, and the later tranches are tied to AMD’s own stock price climbing toward $600. Read that again. AMD is giving its customers the right to buy the stock at a penny, and the payout grows as AMD’s stock rises. The customer gets paid in AMD upside for buying AMD chips. Then, in February 2026, AMD signed the same structure with Meta ( META ): another 6 gigawatts, another warrant for up to 160 million shares. Two deals, two customers, up to 320 million new shares. Against the 1,630,600,639 shares AMD had outstanding as of April 29, 2026, that is close to a fifth of the company, promised to the two buyers who matter most. The Cost That Does Not Hit The Income Statement Here is the part that should bother shareholders. In its most recent annual report, AMD states that the issua...
Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images I have been writing about the structural cracks under the biggest AI bull theses. Nvidia ( NVDA ) at $5 trillion needs a power grid that does not exist yet. SpaceX ( SPCX ) at $1.75 trillion is bailing out xAI while masking problems at Tesla. I have made versions of the same argument about Palantir ( PLTR ). Advanced Micro Devices, I...
Marvin Samuel Tolentino Pineda/iStock Editorial via Getty Images I have been writing about the structural cracks under the biggest AI bull theses. Nvidia ( NVDA ) at $5 trillion needs a power grid that does not exist yet. SpaceX ( SPCX ) at $1.75 trillion is bailing out xAI while masking problems at Tesla. I have made versions of the same argument about Palantir ( PLTR ). Advanced Micro Devices, Inc. ( AMD ), at about $885 billion, has a quieter problem, and it is hiding in the share count . AMD’s AI revenue is real, and it is growing fast. That is not the bear case. The bear case is how AMD bought a chunk of that growth. To lock in its largest AI customers, AMD handed them warrants to buy nearly a fifth of the company for a penny a share. The income statement does not show that cost. The share count will. The Warrants In October 2025, AMD and OpenAI ( OPENAI ) announced a deal for OpenAI to deploy 6 gigawatts of AMD Instinct GPUs. Alongside the supply agreement, AMD issued OpenAI a warrant to purchase up to 160 million AMD shares at an exercise price of one cent each . The warrants vest in tranches as OpenAI deploys the GPUs, starting with the first gigawatt of MI450 chips in the second half of 2026, and the later tranches are tied to AMD’s own stock price climbing toward $600. Read that again. AMD is giving its customers the right to buy the stock at a penny, and the payout grows as AMD’s stock rises. The customer gets paid in AMD upside for buying AMD chips. Then, in February 2026, AMD signed the same structure with Meta ( META ): another 6 gigawatts, another warrant for up to 160 million shares. Two deals, two customers, up to 320 million new shares. Against the 1,630,600,639 shares AMD had outstanding as of April 29, 2026, that is close to a fifth of the company, promised to the two buyers who matter most. The Cost That Does Not Hit The Income Statement Here is the part that should bother shareholders. In its most recent annual report, AMD states that the issua...
karandaev/iStock Editorial via Getty Images In a video, I offer an overview of AI and the current tech landscape, discussing competition, AI infrastructure, and context for investment strategy surrounding major tech firms. A 30,000-foot view offers ideas to think about investing going forward. "MANGOS" is proposed as a favored future acronym, representing: M eta ( META ), Microsoft ( MSFT ) A pple...
karandaev/iStock Editorial via Getty Images In a video, I offer an overview of AI and the current tech landscape, discussing competition, AI infrastructure, and context for investment strategy surrounding major tech firms. A 30,000-foot view offers ideas to think about investing going forward. "MANGOS" is proposed as a favored future acronym, representing: M eta ( META ), Microsoft ( MSFT ) A pple ( AAPL ), Anthropic ( ANTHRO ) N vidia ( NVDA ) Go ogle (GOOG, GOOGL) O penAI ( OPENAI ), Oracle ( ORCL ) S paceX ( SPCX ) Key Highlights Top tech brands have dominated the most valuable brand rankings for years, displacing traditional giants like Coca-Cola ( KO ) and Exxon Mobil ( XOM ); Amazon, Google, Meta, Microsoft, Nvidia (in 2025), and Apple have been top leaders for years, among a few others. AI competition is intensifying, with models like ChatGPT, Gemini, and Anthropic's Claude all vying for position. Upcoming IPOs from Anthropic, OpenAI, and SpaceX will influence indices like the QQQ. AI is not cheap, with hyperscalers spending $600 billion–$700 billion on AI infrastructure. This shifts a largely human capital story to a physical capital story as well. ROI and reliability are part of the enterprise conversation in AI adoption, with "orchestration" (integrating AI into business processes) being a key factor of importance. Energy is re-emerging in investor mindsets with the Iran Crisis highlighting its foundational role. Also, Dallas, a top-two AI infrastructure market in the U.S., is noted. Apple's strategy focuses on on-device AI, with major firms articulating differentiated strategies. Human capital will move up the value chain. Goodwill, an intangible asset, will matter as well. Investment bottom line: In the current environment, a diversified and broad portfolio strategy with tech is suggested. There is room for individual stocks too or concentrated funds to fine-tune one's approach.
Key PointsD-Wave stock surged nearly 49% in May, fueled by a $100 million federal investment commitment from a $2 billion quantum initiative under the CHIPS and Science Act.
Key PointsD-Wave stock surged nearly 49% in May, fueled by a $100 million federal investment commitment from a $2 billion quantum initiative under the CHIPS and Science Act.
South Korea’s $4.9 trillion stock market is starting to flash signs of strain after a world-beating rally. The Kospi has surged 105% this year. Yet, when the benchmark hit a record on Tuesday, only 2.6% of stocks reached 52‑week highs while 31% slid to 52‑week lows. This shows how gains are concentrated in Samsung Electronics Co. , SK Hynix Inc. and a few other heavyweights. Retail participation i...
South Korea’s $4.9 trillion stock market is starting to flash signs of strain after a world-beating rally. The Kospi has surged 105% this year. Yet, when the benchmark hit a record on Tuesday, only 2.6% of stocks reached 52‑week highs while 31% slid to 52‑week lows. This shows how gains are concentrated in Samsung Electronics Co. , SK Hynix Inc. and a few other heavyweights. Retail participation is also losing some steam, while surging margin loans face the risk of a Bank of Korea rate hike in July. With risks piling up, investors warn any downturn may accelerate as quickly as the rally. The rise of leveraged exchange-traded funds, designed to magnify daily moves, may further intensify a reversal, they say. “For now, I am more concerned about signs of overheating in market positioning than a deterioration in fundamentals,” said Ha SeokKeun , chief investment officer at Eugene Asset Management in Seoul. “I expect a period of increased volatility and consolidation over the next one to two months.” Market breadth is the central worry. Samsung Electronics and SK Hynix, enjoying AI-driven chip demand, account for 54% of the Kospi’s market weight and roughly half of the gauge’s average daily turnover in May, according to Korea Exchange data. Nearly three-quarters of its gains this year have come from the two firms. Single‑stock leveraged ETFs tied to Samsung and SK Hynix are adding to concerns. The four most popular single-stock ETFs accounted for 21% of the total ETF turnover in South Korea in their first five sessions after launching May 27, exchange data show. “The current market structure is vulnerable to a downturn as it’s dominated by the short gamma in the leveraged ETFs,” said Kenny Kim , chief executive officer at Meridian One Asset Management. “The setup requires investors to chase rallies with heavy buying when the market rises, but forces them to dump shares when the market falls.” Fading Interest Retail investors, once key drivers, are showing less willingnes...
Pixelbizz/iStock Editorial via Getty Images When the German-based company HelloFresh SE ( HELFY ) swung up during the end of '24, it was a surprise for me since the company lacked the fundamentals to, in my view, justify it. I did a recalculation and update on my targets and assumptions. I checked carefully if I had missed something of note or something of immediate importance, only to reach the c...
Pixelbizz/iStock Editorial via Getty Images When the German-based company HelloFresh SE ( HELFY ) swung up during the end of '24, it was a surprise for me since the company lacked the fundamentals to, in my view, justify it. I did a recalculation and update on my targets and assumptions. I checked carefully if I had missed something of note or something of immediate importance, only to reach the conclusion that no - I had not. Thus, I rated the company a "HOLD" in the article found here . Looking at the returns since then - about 1.5 years at this point - this was entirely justified, I'm sorry to say. Seeking Alpha HelloFresh return Now, about 1.5 years after the fact, I am looking for an update on this company. I have spent a few hours doing a deep-dive into the updated financials, the assumptions, and the way things have gone for the company - and the way things may be going on a forward basis. We have the 1Q26 results that were released about a month ago on today's date, which I will look at as an indicator to see how this may go, together with what I found when I updated my financial modelling. If you look at my previous article, you'll see that I focused on the potential for longer-term declines , which turned out to be exactly the case. The RTE, or ready-to-eat, at that time saw an increase, but unfortunately, the meal kit segment at the time dropped by nearly 10%. The revenue at the time grew, but it masked a decline in volume. Profitability was not good - negative EBIT, alongside rising expenses and continued rising SBC (which, if you follow my work, is a big "red flag" for me as an analyst). Also, there was a significant rise in marketing expenses, which implied to me the company was trying to "push", but without getting much result for it (the volume decline) - at least at that specific time. So, going into 2026-2028E, the company has a lot to prove. We must remember that HelloFresh got into things during ZIRP, when money was basically "free", and interest...
Research analysts across Wall Street are telling would-be SpaceX IPO buyers that they’re modeling for the company’s artificial intelligence division to see 100 times revenue growth at the end of the decade, to help justify a targeted $1.8 trillion valuation. Evercore ISI research analysts expect SpaceX’s AI division to deliver $755 billion of sales by 2031, up from $3.2 billion last year, accordin...
Research analysts across Wall Street are telling would-be SpaceX IPO buyers that they’re modeling for the company’s artificial intelligence division to see 100 times revenue growth at the end of the decade, to help justify a targeted $1.8 trillion valuation. Evercore ISI research analysts expect SpaceX’s AI division to deliver $755 billion of sales by 2031, up from $3.2 billion last year, according to a person familiar with the forecasts. The research team sees total revenue for the company topping $1 trillion that year after posting $18.7 billion in 2025, the person said, asking not to be identified as the information isn’t public. Wall Street firms spent Thursday morning meeting with prospective buyers to pitch the terms of the listing for Elon Musk ’s rocket, satellite and artificial intelligence company as it targets a historic debut. The Starbase, Texas-based company kicked off the marketing process for its $75 billion initial public offering, set to be the biggest of all time, at a fixed price of $135 per share. Read More: SpaceX IPO Sells Rocket Business Hype in 17-Minute Video Pitch Goldman Sachs Group Inc. ’s research team laid out ambitious targets through the end of the decade. The analysts see total revenue hitting $474 billion in 2030, and expects AI revenue to soar roughly 100 times to nearly $322 billion that year, according to some of the people. Evercore puts the total revenue figure in 2030 at $486 billion, and AI revenue at $331 billion, one person said. Goldman Sachs’ team penciled in positive free cash flow for 2031 of more than $72 billion after hitting a trough of negative $105 billion in 2029, the person said. Over at Evercore ISI, the research team projected AI ramping from less than one-fifth of the company’s revenue to 74% by 2031, with its space business’ revenue falling to 1% of the total, versus more than 20% last year, one of the people said. Both firms expect SpaceX’s connectivity unit — predominantly made up of its satellite internet...
(Bloomberg) -- Research analysts across Wall Street are telling would-be SpaceX IPO buyers that they’re modeling for the company’s artificial intelligence division to see 100 times revenue growth at the end of the decade, to help justify a targeted $1.8 trillion valuation.Most Read from BloombergGlazer Family Members Study Manchester United Stake SaleRepublican-Led House Votes to Stop Iran War, Re...
(Bloomberg) -- Research analysts across Wall Street are telling would-be SpaceX IPO buyers that they’re modeling for the company’s artificial intelligence division to see 100 times revenue growth at the end of the decade, to help justify a targeted $1.8 trillion valuation.Most Read from BloombergGlazer Family Members Study Manchester United Stake SaleRepublican-Led House Votes to Stop Iran War, Rebuking TrumpTrump Begins Rebuilding His Tariff Wall, Citing Forced LaborDow Average Hits Peak as Old
Hit-Boy, Grammy-Winning Artist & Producer discusses AI tools, music production and creative experimentation with Bloomberg’s Emily Chang and Tom Giles at Bloomberg Tech 2026 in San Francisco. (Source: Bloomberg)
Hit-Boy, Grammy-Winning Artist & Producer discusses AI tools, music production and creative experimentation with Bloomberg’s Emily Chang and Tom Giles at Bloomberg Tech 2026 in San Francisco. (Source: Bloomberg)
Weingarten Blames Screens, Not Herself, For Falling Test Scores Authored by Aaron Withe and Tina Snider via RealClearPolitics , American Federation of Teachers President Randi Weingarten is sounding the alarm about the decade-long decline in student test scores, pointing to screens and devices as a culprit . She's calling it a "call to action." She left out the part about how she helped cause the ...
Weingarten Blames Screens, Not Herself, For Falling Test Scores Authored by Aaron Withe and Tina Snider via RealClearPolitics , American Federation of Teachers President Randi Weingarten is sounding the alarm about the decade-long decline in student test scores, pointing to screens and devices as a culprit . She's calling it a "call to action." She left out the part about how she helped cause the problem in the first place. For two years during the COVID pandemic, Weingarten and the AFT fought aggressively to keep schools closed. In July 2020, as the Trump administration urged schools to reopen, Weingarten called the push "reckless," "callous," and "cruel," and threatened the possibility of safety strikes. Internal emails later released by a U.S. House of Representatives subcommittee showed the AFT had access to draft guidance from the federal Centers for Disease Control before it was made public, as well as proposed specific language that could trigger renewed closures. Research published afterward confirmed what was already evident: Districts with stronger teachers unions were significantly less likely to reopen for in-person instruction, even after controlling for local COVID conditions. So kids stayed home. They got on computer screens and stayed there for two years, cut off from teachers, friends, and anything resembling a normal childhood. The consequences were not abstract. The National Assessment of Educational Progress recorded the largest declines in math and reading scores in its history. Reading results dropped to levels not seen since the early 1990s. Researchers documented surging rates of anxiety, depression, and social developmental delays among children who spent critical years in isolation. The damage, experts say, will take a generation to undo. In her book published last fall, Weingarten wrote that she "...led the AFT in developing a concrete plan to reopen schools as quickly and safely as possible." That's a remarkable claim given the documented...
Key PointsWhile it's been available for some time now, the COVID-19 pandemic generated more interest in making electronic payments directly from a bank account.
Key PointsWhile it's been available for some time now, the COVID-19 pandemic generated more interest in making electronic payments directly from a bank account.
It may appear that humanoid robots capable of handling any task have almost arrived—especially when tech companies showcase them performing acrobatic feats or handling household chores. But there is still a significant gap between these robot demonstrations and proving that the same robots can reliably and repeatedly manage such tasks in the real world. The latest wave of robot videos can be parti...
It may appear that humanoid robots capable of handling any task have almost arrived—especially when tech companies showcase them performing acrobatic feats or handling household chores. But there is still a significant gap between these robot demonstrations and proving that the same robots can reliably and repeatedly manage such tasks in the real world. The latest wave of robot videos can be particularly tricky, given the human tendency to anthropomorphize objects with a humanoid figure. A robot arm doing a dance move may simply seem “cool,” but a humanoid robot doing the same dance move can trigger more misleading assumptions, said Jonathan Hurst , cofounder of Agility Robotics and a robotics researcher at Oregon State University. “People automatically extrapolate and assume that the robot that looks like a person can do all the things that a person who can dance could do—which is not true,” Hurst told Ars. “But a lot of the startup companies do kind of prey on that for being able to raise a lot of money.” Read full article Comments
President Donald Trump on Thursday announced plans to add a potential “Trump promenade” to the iconic Lincoln Memorial, in his latest grandiose bid to leave his mark on the US capital. Trump said the walkway would link the huge marble monument, built to commemorate Civil War-era president Abraham Lincoln, to the nearby Potomac River. “They want to call it the Trump Promenade,” Trump told reporters...
President Donald Trump on Thursday announced plans to add a potential “Trump promenade” to the iconic Lincoln Memorial, in his latest grandiose bid to leave his mark on the US capital. Trump said the walkway would link the huge marble monument, built to commemorate Civil War-era president Abraham Lincoln, to the nearby Potomac River. “They want to call it the Trump Promenade,” Trump told reporters in the Oval Office as he unveiled the project for the first time. “I don’t know if I want to do...
Fei-Fei Li, Co-Founder & CEO at World Labs discusses spatial intelligence, large world models and real-world AI applications with Bloomberg’s Emily Chang at Bloomberg Tech 2026 in San Francisco. (Source: Bloomberg)
Fei-Fei Li, Co-Founder & CEO at World Labs discusses spatial intelligence, large world models and real-world AI applications with Bloomberg’s Emily Chang at Bloomberg Tech 2026 in San Francisco. (Source: Bloomberg)