Dan Ives, Global Head of Technology Research at Wedbush Securities, discusses the revival of the AI trade and looks ahead to the listings of OpenAI, Anthropic and SpaceX. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Dan Ives, Global Head of Technology Research at Wedbush Securities, discusses the revival of the AI trade and looks ahead to the listings of OpenAI, Anthropic and SpaceX. He speaks with Haidi Stroud-Watts and Paul Allen on Bloomberg: The Asia Trade. (Source: Bloomberg)
Investors should increase their hedging toward the end of summer, as stretched momentum in the S & P 500, macroeconomic risks and persistently higher oil prices heighten market uncertainty, according to Chris Murphy, co-head of derivatives strategy at Susquehanna. After a strong seasonal run, the S & P 500 is "starting to look increasingly vulnerable to a correlation shock," Murphy said. "Investor...
Investors should increase their hedging toward the end of summer, as stretched momentum in the S & P 500, macroeconomic risks and persistently higher oil prices heighten market uncertainty, according to Chris Murphy, co-head of derivatives strategy at Susquehanna. After a strong seasonal run, the S & P 500 is "starting to look increasingly vulnerable to a correlation shock," Murphy said. "Investors are entering the summer window with crowded momentum exposure, heavy large-cap tech positioning, low asset-manager cash, and a market that has become increasingly dependent on a narrow group of AI, semiconductor, and mega-cap leaders," he noted. While the tech sector has been posting one of its strongest two-month runs since 1990 which helped to propel the rally in the S & P 500, the momentum surges "do not last forever," according to Murphy. Murphy noted that the upside call skew has moved sharply higher across Nvidia, Broadcom, Invesco QQQ Trust, VanEck Semiconductor ETF and the broader top-50 S & P component universe, with prime-book momentum exposure at record highs while large-cap tech positioning is near the 95th percentile. Further, current macroeconomic risks would call for more hedging, given that consumer sentiment may be pressured in the coming months by persistently higher oil prices, while decline in the savings rate could signal another sign of fragility, Murphy said. "For investors who have benefited from the AI and tech-led rally, late summer may be a reasonable window to add protection while the market is still calm, rather than waiting for volatility, correlation, and put skew to reprice after the first real break in momentum," he said.
mediaphotos/iStock via Getty Images Thesis: Afrezza expansion As you know, MannKind ( MNKD ) has just seen the approval of Afrezza by the FDA. Now, the way I see it is that this is a pretty meaningful expansion of an already highly differentiated diabetes therapy. So we’re set to expand the use case in an area where Afrezza is already highly competitive. Just as a bit of background here, Afrezza i...
mediaphotos/iStock via Getty Images Thesis: Afrezza expansion As you know, MannKind ( MNKD ) has just seen the approval of Afrezza by the FDA. Now, the way I see it is that this is a pretty meaningful expansion of an already highly differentiated diabetes therapy. So we’re set to expand the use case in an area where Afrezza is already highly competitive. Just as a bit of background here, Afrezza is an ultra-rapid-acting inhaled insulin. It’s administered just before someone takes their meal and uses the lungs for absorption rather than traditional subcutaneous injection. So from that point of view, it’s already an attractive, easy option. It’s been previously approved only for adults, but now this new label extension specifically authorises its use in children who are aged 6 and older who have type 1 or type 2 diabetes. MannKind Corporation Clinically speaking, here this is pretty important since Afrezza actually mimics a lot more the body’s natural insulin response. It also removes the need for pre-meal injections, and if you think about this, it’s incredibly useful to people who follow unpredictable eating patterns. For example, people may want to do exercise or take part in school sports, so now they can simply carry the autoinhaler around with them. It's actually been included alongside injections and pumps in American Diabetes Association standards, which again gives it a lot of legitimacy as a third modality of mealtime insulin delivery rather than just a niche alternative. MannKind Corporation In my previous coverage , I focused more on Furoscix's growth outlook, but now with this approval, I feel the upside case for MannKind will increasingly hinge on Afrezza’s pediatric expansion. So this should act as a durable growth inflection rather than a one-off catalyst. There's access to a 360,000 patient base with an expected steady 30,000 annual inflow. I feel the company now has a clear path to efficient market penetration and long-term patient lifetime value cap...
Market Snapshot USD/INR ₹95.27 +0.3% Nifty 50 Index 23,483.55 +0.4% India 10-Year Bond Yield 7.01% -0.01 Spot Gold ($/oz) $4,481.45 -0.2% S&P 500 Futures 7,621.25 -0.0% Market data as of 08:10 AM IST, Jun. 3, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in New Delhi with your mid-week dose of market news and analyses. The...
Market Snapshot USD/INR ₹95.27 +0.3% Nifty 50 Index 23,483.55 +0.4% India 10-Year Bond Yield 7.01% -0.01 Spot Gold ($/oz) $4,481.45 -0.2% S&P 500 Futures 7,621.25 -0.0% Market data as of 08:10 AM IST, Jun. 3, 2026, or the previous close for Indian markets. Data is subject to provider delays. Good morning... I’m Pratigya Vajpayee in New Delhi with your mid-week dose of market news and analyses. The Nifty 50 staged a strong comeback on Tuesday, ending a four-day losing streak, as shares of software services firms surged. The rally came after Nvidia CEO Jensen Huang rebuffed concerns that AI will disrupt the industry (more on that later). For the broader market, the near-term outlook remains tied to developments in the US-Iran conflict, especially its impact on oil prices, and whether corporate earnings can regain momentum. Oil is higher for a third day on pessimism over the prospects of a US-Iran peace deal and fresh fighting in the Middle East. Asian stocks, though, have edged up after renewed enthusiasm for the AI trade drove US equities to records. In today’s newsletter, we cover: The rebound in IT shares Nomura’s target for the Nifty The outlook for power utilities But first, a look at the spike in borrowing costs for firms and individuals. Markets Buzz: Rate Hike Odds Rise India’s short-term borrowing costs have climbed around 25 basis points over the past three weeks as tighter liquidity conditions and the growing odds of RBI rate hikes push yields higher. Yields on Treasury bills have now caught up with swap rates, which started factoring in a less accommodative monetary policy after the US-Iran war broke out. Tighter liquidity is expected to support the rupee and help rein in creeping inflation. Markets are now pricing in at least two interest-rate hikes, with the gap between the 364-day bill and the RBI’s policy rate widening to the most in more than three years. Shorter-dated securities are also pricing in tighter liquidity, even if the authority leaves rate...
Thanadon Naksanee/iStock via Getty Images Performance Recap • The PGIM Jennison Blend Fund declined but outperformed the -4.0% return of the Russell 3000 Index during the quarter. • Relative to the Index, stock selection within the financials and consumer discretionary sectors, along with overweight's to industrials and energy and an underweight to information technology added the most value. • Th...
Thanadon Naksanee/iStock via Getty Images Performance Recap • The PGIM Jennison Blend Fund declined but outperformed the -4.0% return of the Russell 3000 Index during the quarter. • Relative to the Index, stock selection within the financials and consumer discretionary sectors, along with overweight's to industrials and energy and an underweight to information technology added the most value. • The top absolute contributors over the quarter were Exxon Mobil ( XOM ), Shell ( SHEL ), Walmart ( WMT ), Tower Semiconductor ( TSEM ), and Cheniere Energy ( LNG ). • The top detractors over the quarter were Microsoft ( MSFT ), Alphabet ( GOOGL ), Amazon ( AMZN ), Broadcom ( AVGO ), and Eli Lilly ( LLY ). Positioning & Outlook • No material changes were made to the Fund this quarter. • From a growth perspective, our fundamental research continues to focus on companies with secular growth opportunities that we expect will extend over the next 3-5 years. These multi-year fundamental opportunities (both in magnitude and duration of the earnings growth profile) have been a long-term driver of stock returns, and we believe the business models in the Fund are poised to offer improving rates of relative growth versus the average stock. • From a value perspective, companies have continued to make improvements on operating efficiencies and productivity, which should bode well for ongoing free-cash-flow generation along with intrinsic value growth. Free cash flow durability and consistency remains our focus and will continue to be the driver of long-term wealth creation for equity owners. Additionally, companies with high quality business models should continue to drive a premium valuation from investors, with increasing capital returns to shareholders to be expected. • From a small cap perspective, we continue to identify attractively valued companies that have strong fundamentals, along with stable and high-quality balance sheets and profit margins. Quality and durability of the busi...
Dan Ives, Wedbush Securities Global Head of Technology Research, describes the bull run in AI equities as a "party" that is set to continue until late in the night - projecting confidence in a long-term run of high equity prices. He speaks after Alphabet stocks slid following the announcement of a billion-dollar equity round to pay for AI infrastructure. (Source: Bloomberg)
Dan Ives, Wedbush Securities Global Head of Technology Research, describes the bull run in AI equities as a "party" that is set to continue until late in the night - projecting confidence in a long-term run of high equity prices. He speaks after Alphabet stocks slid following the announcement of a billion-dollar equity round to pay for AI infrastructure. (Source: Bloomberg)
Investors are betting that optical components and photonic networks will become essential for moving massive amounts of data between AI chips, servers, and racks.
Investors are betting that optical components and photonic networks will become essential for moving massive amounts of data between AI chips, servers, and racks.