The U.S. defense secretary said there is "rightful alarm" of China's military build up. But he also struck a more moderate tone on U.S.-China relations – and notably sidestepped bringing up Taiwan. (Image credit: Anupam Nath)
The U.S. defense secretary said there is "rightful alarm" of China's military build up. But he also struck a more moderate tone on U.S.-China relations – and notably sidestepped bringing up Taiwan. (Image credit: Anupam Nath)
Former safeguarding minister calls for sentencing guidelines review and fears crime now seen as ‘content for an eyeball economy’ The former safeguarding minister Jess Phillips has said victims of sexual offences committed by children are being asked to “suck it up” for the sake of their attackers’ rehabilitation and called for a review into sentencing guidelines. In the past month, cases of teenag...
Former safeguarding minister calls for sentencing guidelines review and fears crime now seen as ‘content for an eyeball economy’ The former safeguarding minister Jess Phillips has said victims of sexual offences committed by children are being asked to “suck it up” for the sake of their attackers’ rehabilitation and called for a review into sentencing guidelines. In the past month, cases of teenage boys given lenient sentences after being convicted of rape and sexual assault have provoked public outrage. Continue reading...
Andoni Iraoli among frontrunners to replace him Live reaction: Slot leaves Anfield after two years Liverpool have sacked Arne Slot after an end-of-season review into the club’s disappointing title defence. The Dutch coach guided Liverpool to a record-equalling 20th league title only last season, his first at the helm since replacing Jürgen Klopp, but a difficult season that culminated in a fifth-p...
Andoni Iraoli among frontrunners to replace him Live reaction: Slot leaves Anfield after two years Liverpool have sacked Arne Slot after an end-of-season review into the club’s disappointing title defence. The Dutch coach guided Liverpool to a record-equalling 20th league title only last season, his first at the helm since replacing Jürgen Klopp, but a difficult season that culminated in a fifth-placed finish has prompted his exit. Slot has departed with immediate effect. Andoni Iraola, who left Bournemouth at the end of this season, is among the frontrunners for the Anfield vacancy. Continue reading...
J Studios/DigitalVision via Getty Images Thesis With the market at an ATH, leverage near an ATH, and sharp fiscal deficits, all of which we discussed in our previous articles, it is clear to us that we are currently living in a market environment where investors reward vision over economics. If the upcoming IPO is to be successful, then no company illustrates this better than SpaceX. Beneath the h...
J Studios/DigitalVision via Getty Images Thesis With the market at an ATH, leverage near an ATH, and sharp fiscal deficits, all of which we discussed in our previous articles, it is clear to us that we are currently living in a market environment where investors reward vision over economics. If the upcoming IPO is to be successful, then no company illustrates this better than SpaceX. Beneath the headlines about rockets, artificial intelligence, and technological disruption is a business valued at $1.8 trillion despite generating less than $20 billion of annual revenue while producing substantial operating losses in its AI segment, and relying on accounting transactions to rebuild shareholder equity, long-term contracts with a 90-day termination notice, and declining ARPU in the only profitable segment it has. The result is a valuation that leaves virtually no room for disappointment and a risk-reward profile that, in our view, ranks among the most unattractive in today's market. IPO SpaceX ( SPCX ) is planning for an IPO that could happen as early as June 2026. According to the recent news , the company is expected to raise as much as $75 billion at a $1.8 trillion valuation. The initial target was a $2 trillion valuation. From the recently issued S-1 form , just to get things early into perspective, the company had sales of $18.674 billion for FY 2025. From the data presented, we can calculate the TTM sales of $19.3 billion. Calculated on a $1.8 trillion valuation, we get a TTM P/S of x93. P/S multiples (Seeking Alpha) As can be clearly seen from the chart above, we are talking about a substantial outlier above the valuation levels historically associated with some of the most aggressively priced growth companies. Business overview From the same report, we can see that SpaceX is less space and more AI. Although the Space and Connectivity segments contributed the substantial majority of consolidated revenue, the AI segment made more than 70% of its total CapEx durin...
South Korea's Hanwha Aerospace is increasing weapons manufacturing at home, and expanding operations in Europe and the US. The company's Global Chief Strategy Officer, Alex Wong spoke with Bloomberg’s Haslinda Amin on the sidelines of the Shangri-La Dialogue, Asia’s premier defense summit. (Source: Bloomberg)
South Korea's Hanwha Aerospace is increasing weapons manufacturing at home, and expanding operations in Europe and the US. The company's Global Chief Strategy Officer, Alex Wong spoke with Bloomberg’s Haslinda Amin on the sidelines of the Shangri-La Dialogue, Asia’s premier defense summit. (Source: Bloomberg)
The Case For Air Conditioning Is Growing In Britain A recent spell of extreme heat has intensified debate over whether UK homes should be designed with built-in cooling systems, according to FT . Air conditioning remains uncommon in Britain, with fewer than 5% of homes equipped with it, reflecting a long-standing view that cooling is a luxury rather than a necessity. FT writes that current buildin...
The Case For Air Conditioning Is Growing In Britain A recent spell of extreme heat has intensified debate over whether UK homes should be designed with built-in cooling systems, according to FT . Air conditioning remains uncommon in Britain, with fewer than 5% of homes equipped with it, reflecting a long-standing view that cooling is a luxury rather than a necessity. FT writes that current building standards favor passive methods of controlling indoor temperatures, such as insulation, shading, and natural ventilation. Developers generally prioritize these measures, arguing they are more energy-efficient and better aligned with environmental goals. Concerns about the cost of installation, higher electricity consumption, and pressure on the power grid have also limited the adoption of air conditioning in new developments. However, rising temperatures are challenging this approach. Critics argue that passive measures become less effective during severe heatwaves, particularly in modern, well-insulated buildings that can trap heat indoors. Climate experts have warned that a significant share of the UK’s housing stock may require some form of active cooling as temperatures continue to rise. Consumer attitudes appear to be shifting as hotter summers become more common. Demand for air conditioning has increased among homeowners, tenants, and landlords, while installers report surging enquiries during periods of extreme heat. Yet retrofitting existing properties remains difficult due to high costs and planning restrictions, especially in older buildings. As climate change increases the frequency and intensity of heatwaves, the question is no longer whether overheating is a problem, but how homes can be adapted to remain comfortable while balancing energy efficiency and sustainability. Meanwhile, as Bloomberg notes , the heat is also creating new challenges for people who work remotely . With temperatures reaching record levels for May in London, companies that install air-c...
Getty Images Introduction Unless you've been living under a rock, then you've likely heard all the market talk surrounding artificial intelligence. The Technology ( XLK ) sector has been one of the market's biggest drivers, up more than 57% in the last year at the time of writing. Some investors believe AI can continue sustaining these types of returns, and honestly, this could be true. Personally...
Getty Images Introduction Unless you've been living under a rock, then you've likely heard all the market talk surrounding artificial intelligence. The Technology ( XLK ) sector has been one of the market's biggest drivers, up more than 57% in the last year at the time of writing. Some investors believe AI can continue sustaining these types of returns, and honestly, this could be true. Personally, I believe artificial intelligence will continue shaping the world we know today for years to come. As companies are likely to continue integrating AI into their business operations and the demand for AI infrastructure remains high, tech companies and tech-focused ETFs should continue benefitting. While I currently rate shares of this ETF a hold, it could be worth considering if you believe AI is in its early stages and can sustain its current momentum. All About AI Everywhere you turn, the conversation seems to point to the future of AI. Data Center growth has exploded to support growing demand, and companies with heavy exposure to Technology have benefitted and performed well as a result. How long will AI remain the market's dominant theme? I don't know for certain. However, I do believe artificial intelligence will continue to be one of the market's biggest return drivers for at least the next several years. In the chart below, the AI market is expected to grow at roughly a 31% CAGR for the next 7 years, surpassing over $3 trillion. The U.S. looks determined to position itself as a global leader and capitalize on AI's growth. Grand View Research Investors can capitalize on this in several ways. One is by buying and holding tech stocks like NVIDIA ( NVDA ), who just reported their Q1 earnings and saw their revenue surge 85% year-over-year. Or you could own Apple ( AAPL ) or Microsoft ( MSFT ), which has underperformed recently after ramping up spending to become a leader in the race for AI. You can also own ETFs with high exposure to the Technology sector. If you're look...
Buried deep in SpaceX’s freshly filed IPO paperwork sits one of the strangest risk disclosures I’ve read in years. It describes a threat that could limit launches, ground satellites, and force expensive course corrections in orbit. SpaceX itself is the single biggest contributor to this threat. I’ve been following the commercial space race for over ... SpaceX Quietly Admits to a Threat It Helped C...
Buried deep in SpaceX’s freshly filed IPO paperwork sits one of the strangest risk disclosures I’ve read in years. It describes a threat that could limit launches, ground satellites, and force expensive course corrections in orbit. SpaceX itself is the single biggest contributor to this threat. I’ve been following the commercial space race for over ... SpaceX Quietly Admits to a Threat It Helped Create, and Can’t Stop