Robert Way Even though many semiconductor stocks are up sharply in 2026, Bank of America believes there is much more to come, as high artificial intelligence spending is likely here to stay. “We retain high conviction in continued AI infra strength, driven by: (1) 3–5x YoY sales growth at frontier labs, (2) improving AI monetization, exponential token growth (7x YoY at Google), and continued disru...
Robert Way Even though many semiconductor stocks are up sharply in 2026, Bank of America believes there is much more to come, as high artificial intelligence spending is likely here to stay. “We retain high conviction in continued AI infra strength, driven by: (1) 3–5x YoY sales growth at frontier labs, (2) improving AI monetization, exponential token growth (7x YoY at Google), and continued disruption fears among hyperscalers, (3) tight supply with near-full utilization of all deployed infra, and (4) underappreciated sovereign, enterprise and industrial demand,” analysts led by Wamsi Mohan wrote in a note to clients. “We forecast AI TAM tripling to ~$1.7T by 2030E.” Additionally, the analysts noted that the sharp run-up in semiconductor stocks is being led by earnings, as the forward P/E ratio is around 25.6, roughly unchanged year-to-date and below the peak of around 30. “We see limited evidence of speculative multiple inflation, supporting durability of the rally amid secular AI infrastructure growth,” the analysts added. As such, the firm said its favorite parts of the semiconductor market are still compute (led by Nvidia ( NVDA ), AMD ( AMD ), and Broadcom (AVGO)), memory (Micron (MU)), analog (Analog Devices ( ADI ), and Texas Instruments (TXN)), semiconductor equipment (Lam Research ( LRCX ), and KLA Corp. (KLAC)), electronic design automation (Cadence Design Systems (CDNS)), interconnects (Marvell (MRVL)), and consumer. For the compute part of the market, Bank of America said it expects multiple CPU announcements at next month's Computex event, including more details about Nvidia's forecast that CPUs are a $200B total addressable market. On the analog portion of the market, the firm added that ON Semiconductor ( ON ) and Microchip ( MCHP ) also have exposure via ON's emerging AI power pipeline and Microchip's exposure to the aerospace and defense markets. More on semiconductors Nvidia's $81 Billion Blowout Hides A Major Warning Micron: Massive Upside, But A ...
Robert Way Even though many semiconductor stocks are up sharply in 2026, Bank of America believes there is much more to come, as high artificial intelligence spending is likely here to stay. “We retain high conviction in continued AI infra strength, driven by: (1) 3–5x YoY sales growth at frontier labs, (2) improving AI monetization, exponential token growth (7x YoY at Google), and continued disru...
Robert Way Even though many semiconductor stocks are up sharply in 2026, Bank of America believes there is much more to come, as high artificial intelligence spending is likely here to stay. “We retain high conviction in continued AI infra strength, driven by: (1) 3–5x YoY sales growth at frontier labs, (2) improving AI monetization, exponential token growth (7x YoY at Google), and continued disruption fears among hyperscalers, (3) tight supply with near-full utilization of all deployed infra, and (4) underappreciated sovereign, enterprise and industrial demand,” analysts led by Wamsi Mohan wrote in a note to clients. “We forecast AI TAM tripling to ~$1.7T by 2030E.” Additionally, the analysts noted that the sharp run-up in semiconductor stocks is being led by earnings, as the forward P/E ratio is around 25.6, roughly unchanged year-to-date and below the peak of around 30. “We see limited evidence of speculative multiple inflation, supporting durability of the rally amid secular AI infrastructure growth,” the analysts added. As such, the firm said its favorite parts of the semiconductor market are still compute (led by Nvidia ( NVDA ), AMD ( AMD ), and Broadcom (AVGO)), memory (Micron (MU)), analog (Analog Devices ( ADI ), and Texas Instruments (TXN)), semiconductor equipment (Lam Research ( LRCX ), and KLA Corp. (KLAC)), electronic design automation (Cadence Design Systems (CDNS)), interconnects (Marvell (MRVL)), and consumer. For the compute part of the market, Bank of America said it expects multiple CPU announcements at next month's Computex event, including more details about Nvidia's forecast that CPUs are a $200B total addressable market. On the analog portion of the market, the firm added that ON Semiconductor ( ON ) and Microchip ( MCHP ) also have exposure via ON's emerging AI power pipeline and Microchip's exposure to the aerospace and defense markets. More on semiconductors Nvidia's $81 Billion Blowout Hides A Major Warning Micron: Massive Upside, But A ...
Seeking Alpha reports that Bank of America continues to flag Nvidia, AMD, Broadcom, Micron Technology, and Marvell Technology among top semiconductor picks as AI-related spending remains strong. Seeking Alpha quotes Bank of America as viewing AI data-center systems as a large addressable market, projecting a $1.7 trillion total addressable market for AI data-center systems by 2030 and citing susta...
Seeking Alpha reports that Bank of America continues to flag Nvidia, AMD, Broadcom, Micron Technology, and Marvell Technology among top semiconductor picks as AI-related spending remains strong. Seeking Alpha quotes Bank of America as viewing AI data-center systems as a large addressable market, projecting a $1.7 trillion total addressable market for AI data-center systems by 2030 and citing sustained hyperscaler capex as a growth tailwind. The coverage also notes potential supply-chain bottlenecks that could limit shipments even as compute and memory diversification expands the market. The call is framed as a sector-level bullish outlook rather than a company-specific operational update.
"Let the die be cast!" - Julius Caesar mustafaU/iStock via Getty Images Thesis VICI Properties, Inc. (NYSE: VICI ) is a largest REIT focused on experiential real estate. With a heavy concentration in Las Vegas, properties are leased under triple net terms to tenants primarily providing gambling and entertainment services. Management appears awake and has pursued an aggressive M&A strategy; VICI is...
"Let the die be cast!" - Julius Caesar mustafaU/iStock via Getty Images Thesis VICI Properties, Inc. (NYSE: VICI ) is a largest REIT focused on experiential real estate. With a heavy concentration in Las Vegas, properties are leased under triple net terms to tenants primarily providing gambling and entertainment services. Management appears awake and has pursued an aggressive M&A strategy; VICI is now materially larger and stronger that at its 2018 IPO. VICI currently offers a 6.3% dividend, with a forward P/AFFO of 11.6, and a share price about 19% below Wall Street fair value consensus, earning an A- valuation grade from Seeking Alpha. Total Return over the last five years has been unexceptional, matching the real estate index, but underperforming vs. direct competitors and traditional triple net REITs. The company faces specific risks; discretionary services, tenant and geographic concentration, increasing online competition, and very long lease commitments. Overall, VICI's strong management, attractive dividend, reasonable valuation, and REIT diversification may persuade investors the odds favor a roll of the dice on this investment. About VICI Properties VICI Properties Inc. was formed on 6 October 2017 as the result of an agreement between Caesars Entertainment Operating Company (“CEOC”) and its creditors. VICI's spin-off from CEOC followed CEOC’s financial restructuring and emergence from Chapter 11 bankruptcy. On 1 February 2018, VICI went public with $1.4 billion IPO. On 3 June 2022, VICI joined the S&P 500, and is now one of 29 REITs in that group. VICI describes themselves as "an experiential-asset focused real estate investment trust", owning "one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations", with 61 gaming properties and 39 others, in the United States and Canada. These are typically "large-scale, long-duration real estate assets", with leases measured in decades. The name “VICI” was ...
Treasury Secretary Scott Bessent is facing what may become his biggest financial-market test yet, in the form of a steady increase in benchmark Treasury yields that’s generating economic headwinds and leaving him with few easy options. The former hedge fund manager has developed a reputation since taking office for tamping down sharp market moves, from US bonds and stocks to Japan’s yen and Argent...
Treasury Secretary Scott Bessent is facing what may become his biggest financial-market test yet, in the form of a steady increase in benchmark Treasury yields that’s generating economic headwinds and leaving him with few easy options. The former hedge fund manager has developed a reputation since taking office for tamping down sharp market moves, from US bonds and stocks to Japan’s yen and Argentina’s peso. Vishal Khanduja at Morgan Stanley Investment Management is among those labeling him a “volatility seller.” Bessent’s boss, President Donald Trump put it more simply in October: “He soothes the markets.” The $31 trillion Treasuries market has appeared less than soothed since Trump took the US to war against Iran 12 weeks ago, sending energy costs sharply higher and boosting inflation. The 10-year yields that Bessent has focused on as his key market metric have soared over half a percentage point in that period, while 30-year bond rates last week touched the highest levels since 2007. When Treasuries were tumbling in April 2025, Bessent said that while officials were “a long way” from needing to take action, “we have a big toolkit that we can roll out,” including amping up buybacks of particular securities. Another option is to trim sales of the longest-dated Treasuries, market participants highlight. But the next scheduled update of debt-issuance strategy isn’t until Aug. 5, and any early move — akin to an inter-meeting Federal Reserve decision — could risk spooking investors about the depth of the Treasury’s fears about the market. No ‘Silver Bullet’ “The bond market has woken up to the fact that there’s a war in Iran and is beginning to push back,” said George Catrambone , head of fixed income at DWS Americas. “I don’t imagine that Scott has a silver bullet.” Catrambone said the only likely ways that 10-year yields get back to pre-Iran war levels are a resolution to the conflict that reopens energy supply chains, or signs of an economic downturn that has trader...
Key Points Kevin Warsh was sworn in as the Federal Reserve chairman on May 22. He replaces Jerome Powell, with whom he disagrees on several policies. Warsh wants to change two Fed policies that could have a notable impact on stock valuations. 10 stocks we like better than S&P 500 Index › Kevin Warsh plans to shake up the Federal Reserve under his chairmanship. Not only is he coming in with a monet...
Key Points Kevin Warsh was sworn in as the Federal Reserve chairman on May 22. He replaces Jerome Powell, with whom he disagrees on several policies. Warsh wants to change two Fed policies that could have a notable impact on stock valuations. 10 stocks we like better than S&P 500 Index › Kevin Warsh plans to shake up the Federal Reserve under his chairmanship. Not only is he coming in with a monetary policy agenda that could depart from his predecessor's efforts, but he also has an opposing view on a couple of other FOMC (Federal Open Market Committee) policies from the past 15 years. And if he gets his way, it could create a lot of volatility in the stock market, especially given that valuations for the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) are at such high levels. Warsh wants to change the Fed's communication policies, but doing so could have serious repercussions for financial markets. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Breaking the lines of communication The Federal Reserve Chairman has been hosting press conferences after select FOMC meetings and rate decisions since 2011. Then Chairman Ben Bernanke aimed to provide greater transparency and answer the press's questions. Chairman Powell increased the frequency of those press conferences to provide additional information after every FOMC meeting. In 2012, Bernanke introduced the dot plot, which is released after every other FOMC meeting. It showed the rate projections of all FOMC members for the end of the current year, the next three years, and the long term. At the time, Bernanke felt it would provide more confidence among investors that the Fed would keep rates low. Warsh doesn't think either practice is worth maintaining at the Fed. In his Senate hearing, Warsh didn't completely rule out press ...
Kinross Gold Corporation KGC topped earnings and revenue estimates in the first quarter of 2026 on gold pricing strength, but remains mired in headwinds from higher production costs. Its attributable production cost of sales per gold equivalent ounce was $1,380 in the first quarter, up 33% from the prior-year quarter’s levels. The rise was partly due to higher royalty costs stemming from increased...
Kinross Gold Corporation KGC topped earnings and revenue estimates in the first quarter of 2026 on gold pricing strength, but remains mired in headwinds from higher production costs. Its attributable production cost of sales per gold equivalent ounce was $1,380 in the first quarter, up 33% from the prior-year quarter’s levels. The rise was partly due to higher royalty costs stemming from increased gold prices. All-in-sustaining costs (AISC), a key indicator of cost efficiency in mining, jumped roughly 28% year over year to $1,732 per gold equivalent ounce sold on an attributable basis. While a 71% rise in average realized gold prices led to a surge in first-quarter profits, the rise in unit costs underscores a spike in inflation. KGC’s guidance indicates cost pressures in 2026. The company expects attributable production costs of sales per ounce to reach $1,360 (+/-5%) in 2026 due to higher royalty costs, inflationary impacts and planned mine sequencing. Kinross expects AISC to be $1,730 per ounce (+/-5%) in 2026, indicating a year-over-year increase from $1,571 per ounce in 2025, partly due to inflationary impacts. AISC is expected to be impacted by cost inflation from elevated crude oil prices. Higher expected costs in 2026 signal margin compression risks. Among its peers, Barrick Mining Corporation B saw a 4% year-over-year decline in AISC in the first quarter, reaching $1,708 per ounce. It, however, rose 8% sequentially. For 2026, Barrick projects AISC in the range of $1,760-$1,950 per ounce, indicating a significant year-over-year increase at the midpoint compared with $1,637 in 2025. Barrick forecasts cash costs per ounce to be $1,330-$1,470, up from $1,199 in 2025. Agnico Eagle Mines Limited AEM is also exposed to higher production costs. Agnico Eagle's AISC was $1,483 per ounce in the first quarter, marking a roughly 26% year-over-year rise. AEM’s total cash costs per ounce for gold were $1,093, 22% higher than $895 a year ago, impacted by higher royalty cos...
AutoZone NYSE: AZO is a buy-and-hold quality stock nearly beyond compare. The company’s management, strategy, market position, market trends, operational quality, cash flow, and capital returns are a recipe for ever-growing value, as reflected in the long-term price action. AZO’s stock price advanced approximately 500% from the pandemic low to the 2025 peak, and additional highs are still likely i...
AutoZone NYSE: AZO is a buy-and-hold quality stock nearly beyond compare. The company’s management, strategy, market position, market trends, operational quality, cash flow, and capital returns are a recipe for ever-growing value, as reflected in the long-term price action. AZO’s stock price advanced approximately 500% from the pandemic low to the 2025 peak, and additional highs are still likely in 2026. AutoZone Today AZO AutoZone $3,078.90 -327.60 (-9.62%) 52-Week Range $3,001.00 ▼ $4,388.11 P/E Ratio 21.57 Price Target $4,290.91 Add to Watchlist The takeaway in 2026 is that the AZO market is experiencing a much-needed price correction and setting up a buying opportunity of generational proportions. It may take some time for AZO’s market to regain traction and resume its uptrend, but it will, and when it does, the gains could be explosive. Catalysts include international expansion, market share gains, business optimization, and aggressive share buybacks. Get AutoZone alerts: Sign Up The company is expanding aggressively in Latin America, specifically in Mexico and Brazil, where middle-class expansion is fastest. Meanwhile, the company also focuses on capturing the fragmented commercial auto parts markets and driving supply chain efficiency through digitization. The critical factors are earnings growth, cash flow, and aggressive share buybacks. The company is well regarded as an efficient steward of capital, reducing its share count significantly on both a quarterly and an annual basis. Q1 activity amounted to $586 million, about 92% of operating profits, reducing the count by an average of 2% on a trailing 12-month (TTM) basis. Mixed Results Favor AutoZone Investors AutoZone reported a mixed quarter with revenue for its fiscal Q3 2026 falling short of the consensus estimate. However, the $20 million miss was slim and easily overlooked in light of the 8.5% growth and margin strength. Revenue growth was underpinned by increases in store count in the U.S., Mexico, an...
Hezbollah support endures in south Lebanon as ceasefire fails to stop war with Israel Despite continuing Israeli attacks and occupation, many people in the south still believe the armed group is the only force capable of defending them.
Hezbollah support endures in south Lebanon as ceasefire fails to stop war with Israel Despite continuing Israeli attacks and occupation, many people in the south still believe the armed group is the only force capable of defending them.
如今即使再顽固的音乐人都不得不承认，AI已然成为继上世纪末的流媒体之后，又一个重塑唱片业的新物种。面对AI音乐的冲击，就连一向以审慎著称的苹果也坐不住了。日前，苹果方面向各大唱片公司和行业合作方发布了名为《What We’re Doing to Keep Music Fair》的公开信，明确表达了他们对AI音乐的包容态度，但同时也承认AI不能被滥用。 据悉，苹果允许AI生成音乐上架Apple Mu...
A mainland Chinese mother who tried to secure a Hong Kong secondary school place for her son by offering a bribe to an assistant principal received a suspended jail sentence on Tuesday. Cai Yu, 39, was also accused of deleting evidence after anti-corruption authorities launched an investigation. The woman on Tuesday told acting principal magistrate Daniel Tang Siu-hung at Tuen Mun Court that she “...
A mainland Chinese mother who tried to secure a Hong Kong secondary school place for her son by offering a bribe to an assistant principal received a suspended jail sentence on Tuesday. Cai Yu, 39, was also accused of deleting evidence after anti-corruption authorities launched an investigation. The woman on Tuesday told acting principal magistrate Daniel Tang Siu-hung at Tuen Mun Court that she “underestimated” the legal consequences of attempting to offer a HK$10,000 (US$1,276) bribe to Danny Hung Siu-tan, assistant principal of CMA Choi Cheung Kok Secondary School in Tuen Mun. Advertisement The court heard that in September 2024, Cai, who lives in Shenzhen, met Hung to discuss enrolling her son. Hung said the boy would have to enter Secondary One if he did not sit the admission exam. The boy, who is now 15, refused to take the exam at the time. Shenzhen resident Cai Yu received a suspended jail sentence. Photo: Brian Wong The court earlier heard that Hung, who pleaded not guilty and stood trial, did not take the bribe. Instead, he told the mother he was under investigation by the Independent Commission Against Corruption.
Goldman Sachs Group Inc. says the selloff in UK homebuilder stocks has been excessive and investors are too pessimistic on the sector’s long-term profitability. While the industry has been hard hit in recent months, analysts including Rebecca Parker say they still see growth, and are bullish on homebuilders that are less exposed to markets in London and south of Britain. In particular, they single...
Goldman Sachs Group Inc. says the selloff in UK homebuilder stocks has been excessive and investors are too pessimistic on the sector’s long-term profitability. While the industry has been hard hit in recent months, analysts including Rebecca Parker say they still see growth, and are bullish on homebuilders that are less exposed to markets in London and south of Britain. In particular, they singled out Persimmon Plc, Barratt Redrow Plc and Vistry Group Plc as stocks to buy. The impact of higher mortgage rates will be less severe than share prices are currently suggesting, the analysts said. A Bloomberg index tracking UK homebuilders has fallen 26% this year with investors worried about the impact of potentially higher interest rates and costs. “Current metrics are more robust than previous cycles,” they wrote. They estimated long-term return on equity, a profitability metric, for the industry to be 6.4% in 2026 and 7.1% by 2028. UK homebuilder shares are currently pricing 5%, a level they consider to be “too punitive.” Still, they warned that Taylor Wimpey Plc faces challenges because of its London and South East markets. They downgraded the stock to sell.
Envirotech Vehicles ( EVTV ) announced on Tuesday that it deployed around 6 megawatts of modular Bitcoin ( BTC-USD ) mining infrastructure at its South Texas site, with installation expected to start within the next month. The management said the mining fleet could start generating revenue immediately after operations begin, based on current Bitcoin prices. The company’s merger partner, AZIO AI , ...
Envirotech Vehicles ( EVTV ) announced on Tuesday that it deployed around 6 megawatts of modular Bitcoin ( BTC-USD ) mining infrastructure at its South Texas site, with installation expected to start within the next month. The management said the mining fleet could start generating revenue immediately after operations begin, based on current Bitcoin prices. The company’s merger partner, AZIO AI , has started initial deliveries of NVIDIA ( NVDA ) B200 GPU systems, which are used for advanced AI computing workloads. AZIO AI Corporation has already received customer deposits tied to a $118M infrastructure purchase pipeline, showing customer demand and order visibility. The company is also expanding fiber connectivity at its South Texas site to support future AI hosting, high-performance computing, and data center operations. Source: Press Release More on Envirotech Vehicles Envirotech Vehicles signs merger agreement with AZIO AI at $750M valuation Historical earnings data for Envirotech Vehicles Financial information for Envirotech Vehicles
In Arne Slot's first summer at Anfield in 2024, Liverpool bought only Federico Chiesa - yet the Reds won the Premier League title in the season that followed. In contrast, last summer they splashed out £415m - setting a new record for the amount spent by a club in a window - as Alexander Isak, Florian Wirtz, Hugo Ekitike, Milos Kerkez, Jeremie Frimpong and Giovanni Leoni were signed. Yet Liverpool...
In Arne Slot's first summer at Anfield in 2024, Liverpool bought only Federico Chiesa - yet the Reds won the Premier League title in the season that followed. In contrast, last summer they splashed out £415m - setting a new record for the amount spent by a club in a window - as Alexander Isak, Florian Wirtz, Hugo Ekitike, Milos Kerkez, Jeremie Frimpong and Giovanni Leoni were signed. Yet Liverpool finished the season with 24 points fewer than they did last term - the worst season-to-season swing of any team in the league - and none of the summer signings started their last game against Brentford. Slot expects a "little transition" this summer but nothing "drastic". After a turbulent season that saw Liverpool confirm Champions League qualification only on the last day, BBC Sport grades each of last summer's signings.