00:00 Speaker A this great AI trade and trend Ben, that we talk about basically every day on this show. All the investor excitement and enthusiasm about that, Ben. How does it, how does it compare and contrast, Ben to other notable periods you've studied, if at all? 00:23 Ben Yeah, if we're just looking at the returns, it's pretty darn close to history's big time booms. So I looked at the Dow in the 1920s, the roaring 20s. Uh the S&P 500 in the 1950s following World War II, uh Japan in the 1980s, certainly the Nasdaq in the 1990s. And the returns are pretty darn close. The returns for the Nasdaq 100 over the past 10 years are now better than the roaring 20s. 00:54 Ben It's better than the S&P in the 1950s. It's catching up to the Nasdaq in the 1990s, but it's not quite there yet, but it's pretty darn close, which is which is kind of insane because that was perhaps the biggest boom we've seen in US stocks in history. 01:14 Speaker A Ben, how do you define bubble? When clients ask you, what do you tell them? 01:21 Ben It's a hard question to answer because everyone knows when you're in a financial crisis. And when you're in a bubble, it's much harder to tell. So I guess my favorite definition of a bubble is just it's a situation where the present is impossible to morph into the future, right? What's happening fundamentally today is impossible to be explained by what will happen in the future. And so I think that's what makes the current boom so hard to handicap. 01:53 Ben because what we're seeing now is earnings growth that's kind of keeping up with the market. So if this is a bubble or a meltup, whatever you want to call it, it's probably the most logical one in history because earnings growth is there. It's not like these are just prices going insane with no backup in fundamentals. That's what makes this period so hard to handicap. 02:18 Speaker A Do you who do you think Ben, ultimately will reap the most rewards from this great AI buildout? Will it be the, will wi...

Micron Technology Inc (Derivatives) Price Today | MU to USD Live Price, Market Cap & Chart Binance

The pricing of a Honeywell (HON +1.67%) carve-out juiced the stock of the storied industrial company on Tuesday. After the company provided crucial financial details for the soon-to-be independent Quantinuum that morning, investors signaled their approval by collectively trading the stock up by 1.7%. That was good enough to beat the S&P 500 index's 0.6% rise on the day. A cutting-edge IPO Honeywell has priced its planned initial public offering (IPO) for Quantinuum (which, as the name implies, is a quantum computing business) at $45 to $50 per share. It's aiming to sell roughly 21.05 million shares, which would bring in as much as $1.05 billion in gross proceeds. The announcement came less than three weeks after Honeywell filed an S-1, a foundational IPO registration document, for Quantinuum. In it, the company revealed that JPMorgan Chase unit J.P. Morgan and Morgan Stanley are leading the syndicate that will take the unit public. Honeywell, which will hold a stake in Quantinuum of slightly over 49%, certainly has timing on its side. Investors are eager to own shares of quantum companies -- not only are they considered by many to be the future of powerful computing, but they've also been the target of direct federal financial assistance and involvement exceeding $2 billion. Expand NASDAQ : HON Honeywell International Today's Change ( 1.67 %) $ 3.80 Current Price $ 231.72 Key Data Points Market Cap $144B Day's Range $ 230.62 - $ 235.91 52wk Range $ 186.76 - $ 248.18 Volume 6.6M Avg Vol 3.9M Gross Margin 38.06 % Dividend Yield 2.03 % Mr. Market is hungry Given that level of excitement, it might surprise some to learn that there aren't many quantum stocks available for investment now. The arrival of Quantinuum will be impactful on that basis alone, and the involvement of the well-known Honeywell should boost confidence in the company's viability. I wouldn't buy Honeywell simply because of its relationship to Quantinuum, but I think the industrial giant is making a sma...

Scott Olson Cboe Global Markets ( CBOE ) chose an ABN AMRO executive to head up its global risk management function to further strengthen its enterprise risk framework, operational resilience, and governance, the company said Tuesday. Boudewijn Duinstra, who has more than 30 years of experience in risk management, clearing, and derivatives, will become executive vice president and chief risk officer when he joins the company at a future date. Most recently, he served as CEO of ABN AMRO Clearing USA. He previously served as head of risk management at ICE Clear Europe and held multiple senior roles at ABN AMRO. "Boudewijn Duinstra brings deep enterprise risk expertise, proven operational leadership, and direct experience in areas core to Cboe's future growth – particularly derivatives and clearing – which will be highly valuable as we scale our capabilities globally," said Cboe CEO Craig Donohue. Cboe ( CBOE ) stock ticked down 0.1% in after-hours trading. More on Cboe Global Markets Cboe Global Markets, Inc. (CBOE) Q1 2026 Earnings Call Transcript Cboe Global Markets, Inc. 2026 Q1 - Results - Earnings Call Presentation Cboe Global Markets: Good Hedge For High Volatility Cboe expects $100M-$120M annualized expense savings as it lowers 2026 adjusted operating expense guide to $838M-$853M Cboe stock jumps after unveiling headcount cut, trimming opex guidance

PBF Energy ( NYSE: PBF ) on Tuesday its indirect subsidiary, PBF Holding Company LLC, priced a private offering of $500 million aggregate principal amount of 7.25% senior notes due 2034. The offering is expected to close on May 28, subject to customary conditions. The notes will be co-issued by PBF Finance Corporation, a wholly owned subsidiary of PBF Holding. PBF Holding said it intends to use the net proceeds from the offering, along with available cash, to redeem in full its outstanding 6.00% senior notes due 2028. Separately, PBF Holding and PBF Finance issued a notice of conditional optional full redemption for all $801.6 million outstanding principal amount of the 2028 notes at 100% of principal value, plus accrued and unpaid interest to, but excluding, the June 25 redemption date. The redemption is conditioned on the completion of one or more debt financings with aggregate gross proceeds of at least $500 million. Source: Press Release More on PBF Energy PBF Energy: Operational Concerns Limit Macro Upside PBF Energy Inc. (PBF) Q1 2026 Earnings Call Transcript PBF Energy: Remaining Counter-Cyclical In My Conservative Approach PBF Energy announces $500M senior notes offering Explosion and fire reported at PBF Energy's Chalmette, Louisiana, refinery

Another BDC Under The Microscope After covering multiple business development companies over the last few weeks, including Blue Owl Capital Corporation ( OBDC ), Ares Capital ( ARCC ), FS KKR Capital ( FSK ), and the Blackstone Secured Lending Fund ( BXSL ), I decided to turn my attention to the fourth largest publicly listed BDC by market capitalization, namely Main Street Capital ( MAIN ). To summarize my previous research, I view Ares Capital and the Blackstone Secured Lending Fund as the two best BDCs in terms of asset quality among those I have written about so far. In addition, I consider Blue Owl Capital Corporation pretty much average, while FS KKR Capital is currently facing serious issues, as discussed in a previous article published last month. FS KKR is one of the BDCs with the highest financial leverage and the poorest credit quality. The company recently lost its investment-grade status with Fitch and Moody's, with both credit rating agencies expressing concerns about credit quality. If we are indeed at the beginning of something much larger in private credit, FSK's elevated leverage and deteriorating asset quality could spell trouble. FS KKR Capital Previous Coverage (Seeking Alpha, David Desjardins) A Few Words On The Private Credit Woes The first element I would like to highlight is the challenging macro environment in which business development companies are currently operating. Since the fall of 2025, we have seen widespread capital outflows from the private credit ecosystem, with multiple alternative asset managers such as Blue Owl Capital ( OWL ), Ares Management ( ARES ), and Apollo Global Management ( APO ) limiting withdrawals from some of their funds. As I wrote in my article about OBDC last March: Blue Owl may have been one of the first private credit firms to experience elevated redemption requests, but as of today, it is far from being the only one. What Blue Owl experienced last month has pretty much become widespread across the industry...

陳祖光：公務員薪酬不應情緒化民粹化 「拉Curve」將打擊紀律部隊士氣 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】公務員薪酬趨勢調查結果即將出爐，曾任警察的立法會議員陳祖光在本台節目《議員同你傾》說，公務員薪酬需要穩定，調整不應情緒化或民粹化，又憂慮若公務員評核制度引入「拉curve」機制會打擊紀律部隊士氣。 選委會界別陳祖光：「警察、紀律部隊與一般公務員職系確實不同，不能夠以相同評核方法去評核。我可以說，警察都挑選過，好少會跌至不合格評級。挑選過的人如果不行，早在投考警察時就不會選中，被選中的警察都有相當水準，強行要在這一群人挑5%，如何選擇？譬如飛虎隊，個個都那麼精英，如何在飛虎隊中找一兩個人評為最低級別，士氣確實有很大影響。」

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Fox Corp (Symbol: FOX) has taken over the #480 spot from FactSet Research Systems Inc. (Symbol: FDS), according to The Online Investor Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Fox Corp (Symbol: FOX), the market cap is now $12.63 billion, versus FactSet Research Systems Inc. (Symbol: FDS) at $8.45 billion. Below is a chart of Fox Corp versus FactSet Research Systems Inc. plotting their respective size rank within the S&P 500 over time (FOX plotted in blue; FDS plotted in green): Below is a three month price history chart comparing the stock performance of FOX vs. FDS: Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform...

The quantum computing race is heating up, but choosing a winner involves navigating significant financial losses. Will you favor Rigetti Computing (RGTI 5.28%) or the smaller Quantum Computing (QUBT 5.08%) today? Rigetti builds quantum devices using superconducting technology while Quantum Computing focuses on photonics as its approach. Both companies are early-stage players in a field that could redefine computing power. This comparison evaluates their financials and business models to see which is better positioned for your portfolio. The case for Rigetti Computing Rigetti Computing builds superconducting quantum processors and offers access through its own cloud platform. It serves national laboratories and research centers within the tech stocks landscape, with a heavy reliance on the U.S. government. Sales to government entities comprised roughly 90.2% of total revenue in its 2025 fiscal year, which adds a layer of risk to the business. In its 2025 fiscal year, revenue reached $7.1 million, representing a decrease of nearly 34.3% from the prior year. The company reported a net loss of $216.2 million for the period. The net margin reached approximately -3,050.4%, indicating that losses were significantly larger than the total revenue generated. As of its December 2025 balance sheet, the debt-to-equity ratio is zero. This indicates that the company has no total debt relative to its shareholder equity. The current ratio, which measures the ability to cover short-term liabilities with current assets, is very high at nearly 37.4x. Free cash flow, which is cash from operations minus capital expenditures, was negative $77.2 million. The case for Quantum Computing Quantum Computing develops integrated photonics and quantum optics products for high-performance computing. The company says its technologies serve diverse markets, and it has operations in Arizona, California, and Massachusetts. It operates a specialized foundry for integrated photonics to support its machin...

As the earnings season winds down, investors are turning their attention to updated quant ratings following the latest round of corporate results. The scores provide a snapshot of how companies rank across key factors such as valuation, growth, profitability, momentum, and revisions after reporting their quarterly performance. Below is a snapshot of mid-cap utilities companies with market capitalization between $2B and $10B, highlighting those with the highest and lowest quant ratings after the earnings season, underscoring the stocks that strengthened their fundamentals as well as those that lagged. Top-quant rated stocks: Enel Chile S.A.( ENIC ) Rating: Strong Buy 4.60 Northwest Natural Holding Company ( NWN )Rating: Buy 4.28 American States Water Company ( AWR )Rating: Buy 4.26 New Jersey Resources Corporation ( NJR )Rating: Buy 3.87 Otter Tail Corporation ( OTTR )Rating: Buy 3.52 Lowest quant rated stocks: NorthWestern Energy Group ( NWE )Rating: Sell 2.39National Fuel Gas Company ( NFG )Rating: Sell 2.34 Avista Corporation ( AVA )Rating: Sell 2.34 California Water Service Group ( CWT )Rating: Sell 1.93 Chesapeake Utilities Corporation ( CPK )Rating: Sell 1.82 More on Chesapeake Utilities Chesapeake Utilities Corporation (CPK) Presents at 2026 American Gas Association Financial Forum - Slideshow Chesapeake Utilities Corporation 2026 Q1 - Results - Earnings Call Presentation Chesapeake Utilities Corporation (CPK) Q1 2026 Earnings Call Transcript Chesapeake Utilities targets $7.75-$8.00 EPS by 2028 as WRU delay cuts 2026 EPS by about $0.10 Chesapeake Utilities dividend preview: 22-year streak set for another raise

深水埗渠務地盤天降吊機擊中六旬工人 頭部重傷送院搶救 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】深水埗發生工業意外，一名60歲地盤工人遭起重吊機擊中頭部重傷。 現場是欽州街近福榮街，路中一個渠務工程地盤，起重吊機跌落路邊，附近留有血漬及工人的頭盔。早上八時許，這名工人正在工作，一部電動起重吊機突然從約3米高墮下，他走避不及遭擊中頭部，重傷昏迷，送瑪嘉烈醫院搶救，勞工處派員到場調查。

宏福苑｜何永賢：解說專隊會就「特設銷售計劃」持續接觸業主 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】房屋局局長何永賢稱，了解到宏福苑業主想加深了解「特設銷售計劃」的資訊，「解說專隊」會持續接觸業主。 一批宏志閣居民去到樂富房委會客戶服務中心，聽取職員講解長遠居住安排方案，參觀可供宏福苑業主選擇的各個居屋項目模型。何永賢稱，業主查詢揀樓程序、具體價單和項目交通配套等，「解說專隊」都一一解答。又陪同業主去到九龍灣盛緻苑及啟德啟陽苑外圍參觀，盛緻苑今年第四季入伙，是不少業主的心水選擇，較遲落成的大埔頌雅路西也是不少業主的三甲之選。

查毅超獲任新田科技城公司首任主席 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】政府委任查毅超擔任新田科技城公司首任主席。 查毅超現為科技園公司主席，任期下月底屆滿，七月一日隨即擔任新崗位，任期三年。查毅超是資深工業家，創新科技及工業局局長孫東讚揚他擁有豐富的公共服務經驗，又稱新田科技城將會是未來新興科技產業發展重鎮，及發展新質生產力的重要基地。新田科技城有限公司於今年成立，全力發展210公頃創科用地。

Reuters Peddles Fake News After Defense Contractor Misuses Civilian Starlink Terminals Reuters dropped another misleading article today - this time attempting to manufacture drama between the Pentagon and SpaceX over Starlink usage during the Iran conflict. The story framed routine commercial contract discussions and terms-of-service enforcement as major "tensions" and growing Pentagon reliance giving Elon Musk undue leverage. Reuters' version of events was that SpaceX used wartime urgency to raise the price of Starlink connections on U.S. drones from roughly $5,000 to $25,000 per terminal , forcing the Pentagon to pay up while exposing how dependent the military has become on Musk-controlled infrastructure. The reality, according to Musk, is that the dispute centered on a more basic issue: a drone manufacturer or contractor allegedly used civilian Starlink terminals on military weapon systems, including drones, in violation of Starlink's commercial terms of service, when the proper government and defense product is Starshield. In other words, Reuters framed the episode as a price-gouging and leverage story, while SpaceX and the Pentagon framed it as a contract-compliance story involving the misuse of civilian satellite service for weapons applications. Reuters article is false. They made improper use of the Starlink civilian system for military purposes. Direct violation of terms of service. - Elon Musk (@elonmusk) May 26, 2026 Musk was clear in multiple posts that this is a longstanding policy. Commercial Starlink is not authorized for weapons applications and is shut down when discovered. It is a violation of commercial Starlink terms of service to use the terminal for weapon systems. This applies to all users and is shut down when discovered. There is a separate network called Starshield, which is operated by the US government. This is not under SpaceX control. - Elon Musk (@elonmusk) March 1, 2026 The Pentagon also pushed back on the story. The Fake News media ...

Nu Holdings (NU +1.88%) owns NuBank, the largest digital-only bank in Latin America. By streamlining its online services, it expanded much faster than its regional brick-and-mortar competitors. From 2021 to 2025, its year-end customer base expanded from 54 million to 131 million, its activity rate (active customers divided by total customers) improved from 76% to 83%, and its average revenue per customer (ARPU) more than tripled from $4.50 to $15. However, most of Nu's customers are in Brazil. To curb its dependence on that saturated market, where it already serves more than half of the country's adult population, it's aggressively expanding in Mexico. Still, that closely watched expansion could face some tough challenges. What challenges does Nu face in Mexico? Nu served 15 million customers in Mexico in the first quarter of 2026, up from 6.6 million customers in the first quarter of 2024 and 2.1 million customers in the first quarter of 2022. However, Nu's customers in Mexico have a much higher non-performing loan (NPL) rate than its customers in Brazil. Therefore, its credit risk is rising as it prioritizes its market share growth over the reliability of those new customers. Expand NYSE : NU Nu Holdings Today's Change ( 1.88 %) $ 0.24 Current Price $ 12.97 Key Data Points Market Cap $62B Day's Range $ 12.66 - $ 13.05 52wk Range $ 11.71 - $ 18.98 Volume 1.7M Avg Vol 54M It's also spending more money in Mexico to cross-sell additional products (credit cards, bank deposits, loans, and other financial services) to grow its revenue per customer. Those investments could drive up its average cost per active customer -- which has held fairly steady since its IPO in 2021, even as it gained more customers and launched new services. Nu recently cleared a major regulatory hurdle toward becoming a full-fledged bank in Mexico. A full authorization would give it access to even more customers, but it would also burden it with tighter regulations, capital requirements, and other ...

The Nasdaq Composite and the S&P 500 reached new peaks on Tuesday, driven a Micron Technology (MU) l Upgrade to read this MT Newswires article and get so much more. A Silver or Gold subscription plan is required to access premium news articles.

【有線新聞】機場二號客運大樓啟用，香港航空率先進駐。機管局稱，早上運作大致暢順，預計全日會有約4,200名旅客使用新客運大樓。 完成重建的二號客運大樓迎來首批旅客，新大樓增設八個行段。首日進駐是香港航空，設傳統登機櫃檯外，亦增設全新設計的自助行李託運櫃檯及智能登記櫃檯，地勤及機管局人員在旁協助。楊先生：「一開始都很困惑，但有職員幫我，所以其實整個過程暢順。（如何困惑？）因為之前通常有人在櫃檯，但見到全部都是自助，比之前的概念不同了。」陳先生：「感覺都很好，按數個按鈕或望著鏡頭已解決所有問題。（跟一號客運大樓有何分別？）新很多，我覺得應該舒服很多。」 隨著二號客運大樓啟用，港鐵機場快綫到站後，左右車門會同時打開，左邊去一號客運大樓，右邊就去二號客運大樓。所有A線機場巴士往機場方向亦會停靠新大樓，有旅客不知道。周女士：「我乘搭巴士到外邊街下車，本來我不懂路，行到舊街那邊。後來我發現這麼久都不見團友，我才再問服務員，很樂意告訴我，很順利過來這邊。」 離境和安檢設施設於大堂中央，由於二號客運大樓登機廊預計要到明年底才啟用，旅客現階段要乘坐捷運返回一號客運大樓登機。機管局高層到場巡視，了解問題後，會加派職員協助。機管局行政總裁張李佳蕙：「都知道有人有可能會行錯路，所以我們指示牌擺放了很多。假如真的有人行錯，我們都有很方便的方法可以帶回T2，我見到今日大致暢順。」 15間航空公司將分階段進駐二號客運大樓，最後一間是香港快運，下月10日遷入。

The S&P 500 Index ($SPX) (SPY) on Tuesday closed up +0.61%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +1.76%. June E-mini S&P futures (ESM26) rose +0.61%, and June E-mini Nasdaq futures (NQM26) rose +1.72%. Stock indexes settled mostly higher on Tuesday, with the S&P 500 and Nasdaq 100 posting new all-time highs. Stocks found support as a drop in crude oil prices and bond yields fueled a rally in technology stocks after officials signaled the US was nearing a deal with Iran to reopen the Strait of Hormuz and restore oil flows. According to the Washington Post, the US and Iran have developed a memorandum that would extend the ceasefire by 60 days as the two sides seek a permanent deal, and if agreed, the Strait of Hormuz would be de-mined and reopened in the meantime. Secretary of State Rubio said negotiations will still "take a few days" as both sides discuss language in an initial document. WTI crude oil fell to a 2.5-week low on Tuesday, and the 10-year T-note yield fell to a 1.5-week low of 4.47%. However, stock index futures were undercut after the US Central Command said US forces struck Iranian missile-launch sites and boats trying to place mines in the Strait of Hormuz. Also, weakness in health insurance stocks and energy producers on Tuesday knocked the Dow Jones Industrial Average into negative territory. Tuesday’s US economic news was mixed for stocks. The Apr Chicago Fed National Activity Index rose +0.29 to a 13-month high of 0.14, stronger than expectations of -0.03. Also, the Mar S&P Composite-20 home price index rose +0.83% y/y, a smaller increase than the +0.90% y/y expected and the smallest year-on-year gain in more than 2.5 years. In addition, the Conference Board US May consumer confidence index fell -0.7 to 93.1, a smaller decline than expectations of 92.0. WTI crude oil prices (CLM26) remain extremely volatile and are susceptible to headlines from the Iran war. Crude oil p...

Source: Bloomberg, 6:50

格隆汇5月27日｜美国贸易代表格里尔：美国与加拿大存在贸易争端，该国对特朗普的关税采取了报复措施。