Kenneth Cheung/iStock Unreleased via Getty Images One of the most important elements of the stock market in 2026 that we need to recognize is the complete turnover in market leadership. Semiconductor stocks and all AI-linked hardware that are directly involved in the data center buildout are soaring, while the assets that drove much of the gains since COVID (software stocks, crypto, and retail) ha...
Kenneth Cheung/iStock Unreleased via Getty Images One of the most important elements of the stock market in 2026 that we need to recognize is the complete turnover in market leadership. Semiconductor stocks and all AI-linked hardware that are directly involved in the data center buildout are soaring, while the assets that drove much of the gains since COVID (software stocks, crypto, and retail) have floundered. In my view, the best thing that investors should do in this market is to prepare for a rotation. That said, while I used to view Coinbase ( COIN ) as a countercyclical bet on a down crypto market, I'm disappointed by the company's recent downturn in subscription and services revenue, which materially changes my prior buy thesis on the stock. Down ~20% since the start of the year and ~30% in the past twelve months, it's possible that Coinbase has re-rated permanently downward in the near term with few catalysts to rebound. Data by YCharts I last wrote a buy opinion on Coinbase in February, when the stock was trading lower at $140 per share. Since then, the company has rebounded, sympathizing with the rest of the stock market, but that said, I'm disappointed in the company's recent Q1 earnings print. With adjusted EBITDA evaporating and making its valuation more difficult to justify, I'm downgrading my viewpoint on the stock to neutral. Decelerating subscription & services revenue, potential stablecoin weakness Let's dig straight into the biggest change in my previous buy thesis for Coinbase. I had previously reasoned that while Coinbase couldn't control the crypto market, it would rebound when Bitcoin and other crypto assets rebounded (a view I still hold today), but in the meantime the company was still generating meaningful revenue growth from non-transactional subscription and services revenue, which was growing to a meaningful share of the company's revenue. Q1 trends slipped somewhat, as can be seen in the earnings summary below: Coinbase Q1 earnings summ...
Ebola is spreading faster than responders can track it in eastern Congo, where health workers managed to follow up with barely one in five identified contacts in a single day. Authorities in the Democratic Republic of Congo reported 83 confirmed infections, 746 suspected cases and 1,603 identified contacts as of May 21, according to the health ministry. Yet health workers were able to follow up wi...
Ebola is spreading faster than responders can track it in eastern Congo, where health workers managed to follow up with barely one in five identified contacts in a single day. Authorities in the Democratic Republic of Congo reported 83 confirmed infections, 746 suspected cases and 1,603 identified contacts as of May 21, according to the health ministry. Yet health workers were able to follow up with only 342 contacts that day — about 21% of the total under monitoring — according to ministry data released Friday. The figures suggest the response is falling behind the outbreak itself, even as governments and international agencies ramp up emergency measures after the World Health Organization declared the epidemic a public health emergency of international concern on May 17. The outbreak has now spread across three provinces including South Kivu, where officials confirmed a case this week near Bukavu, a major city near Congo’s border with Rwanda. Two cases were confirmed earlier this week in neighboring Uganda , while health officials warn that insecurity, population movements and distrust of authorities are complicating efforts to trace infections and isolate cases. The epidemic is unfolding in “one of the most challenging operational environments possible,” the WHO’s emergency committee said Friday. Tensions are already surfacing around containment measures. Relatives of a man who died at Rwampara Hospital near Bunia, the capital of Ituri province, where the outbreak was first detected, clashed with health workers after authorities refused to release the body for burial because of infection risks, according to local media reports. Ebola treatment tents run by the aid group Alima were set on fire during the unrest, and six patients fled the facility, including three confirmed Ebola cases, according to reports from the area. Read more: What to Know About Ebola After WHO Sounds Alarm The outbreak is caused by the rare Bundibugyo strain of Ebola, for which there is no a...
AI-driven demand has memory makers completely booked, with Micron committing $100 billion to new manufacturing as analysts predict multi-year supply tightness. The world runs on memory chips. Every AI model, every data center, every smartphone relies on DRAM and NAND flash memory to function. And according to Micron Technology’s CEO Sanjay Mehrotra, there simply aren’t enough of them to go around,...
AI-driven demand has memory makers completely booked, with Micron committing $100 billion to new manufacturing as analysts predict multi-year supply tightness. The world runs on memory chips. Every AI model, every data center, every smartphone relies on DRAM and NAND flash memory to function. And according to Micron Technology’s CEO Sanjay Mehrotra, there simply aren’t enough of them to go around, a problem he doesn’t see resolving anytime soon. Mehrotra indicated during Micron’s fiscal Q1 2026 earnings call that tight supply conditions for both DRAM and NAND will persist through and beyond 2026, with projections suggesting the crunch could stretch into 2027 or later. The culprit is straightforward: AI infrastructure is consuming memory at a pace that manufacturers can’t match. A shortage that spans the entire industry This isn’t just a Micron problem. SK Hynix, one of the three companies that dominate global memory production alongside Micron and Samsung, reported being sold out of memory products through 2026. When two of the three major suppliers are effectively tapped out, that’s not a bottleneck. That’s a structural deficit. Advertisement Micron executives have said that memory products tailored specifically for AI applications are fully booked. AI workloads require significantly more advanced memory configurations than traditional computing. Large language models, image generation systems, and the training infrastructure behind them all demand high-bandwidth memory (HBM) and other specialized DRAM products that are harder to produce and yield less per wafer than standard memory chips. That production complexity means you can’t just flip a switch and double output. Even with aggressive investment, new fabrication capacity takes years to come online and ramp to full production. Micron’s $100 billion bet on New York Micron is investing $100 billion in a new megafab in Clay, New York, with groundbreaking set for January 2026. Additional facilities in Idaho are als...
足總盃｜大埔2比0淘汰標準流浪晉身決賽 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】本地足總盃4強，大埔2比0擊敗標準流浪。 聯賽亞軍鬥「尾二」，綠衫大埔的陳肇鈞近門頭槌被沒收。他之後想做就隊友，回後給費蘭度，...
足總盃｜大埔2比0淘汰標準流浪晉身決賽 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】本地足總盃4強，大埔2比0擊敗標準流浪。 聯賽亞軍鬥「尾二」，綠衫大埔的陳肇鈞近門頭槌被沒收。他之後想做就隊友，回後給費蘭度，射了出界。 高級組銀牌決賽加時擊敗流浪封王，大埔到51分鐘，帕特華維迪打破僵局。馬卡雷拿禁區被撲跌，大埔獲得12碼。伊高沙托尼主射入網，69分鐘擴大優勢。 門將盧兆崎接實劉智樂的頭槌，2比0維持到尾。大埔晉身決賽，鬥東區及高力北區的勝方。
A phone company launched by Donald Trump’s family business is investigating a potential security flaw on its website that appears to have exposed the personal details of an estimated 27,000 people who sought to buy a gold-coloured smartphone. Trump Mobile said in a statement that it was investigating the issue – “with the assistance of independent cybersecurity professionals” – in which the full n...
A phone company launched by Donald Trump’s family business is investigating a potential security flaw on its website that appears to have exposed the personal details of an estimated 27,000 people who sought to buy a gold-coloured smartphone. Trump Mobile said in a statement that it was investigating the issue – “with the assistance of independent cybersecurity professionals” – in which the full names, addresses and phone numbers of people who filled out preorder forms appeared to be exposed. “Based on the available information, we have not identified evidence that Trump Mobile’s systems, infrastructure, or network were directly compromised. The investigation remains ongoing,” the company said in response to questions from the Guardian about the issue. “At this time, the incident does not appear to involve Trump Mobile payment card information, banking information, Social Security numbers, call records, text messages, or other highly sensitive financial data. At this time, the impacted information appears to be limited to certain customer details, including names, email addresses, mailing addresses, order identifiers and mobile phone numbers.” The company said additional safeguards and monitoring measures were now in place, and it was “also evaluating any applicable notification obligations”. Trump Mobile said customers should remain alert for any suspicious emails, calls or text messages regarding their orders, and the company “will not ask customers to provide payment information, passwords, or other sensitive information through unsolicited communications”. The discovery coincided with Trump Mobile beginning to distribute its bespoke T1 smartphones after an almost 10-month delay and an about-face on the company’s initial promise to manufacture the phones in the US. An Australian programmer – who has been working in IT for nearly 20 years and asked not to be identified out of fear of being the target of personal attacks – told the Guardian they had incidentally di...
The Marxist In The Machine Authored by Raw Egg Nationalist via American Greatness , Our fears for the future of robot intelligence almost inevitably end in spectacular fashion, with nuclear explosions and slaughter on a planetary scale . An abiding memory of my childhood is going over to the neighbors' house and watching Terminator 2 on VHS with my friends Ethan and Nathan, who were both older tha...
The Marxist In The Machine Authored by Raw Egg Nationalist via American Greatness , Our fears for the future of robot intelligence almost inevitably end in spectacular fashion, with nuclear explosions and slaughter on a planetary scale . An abiding memory of my childhood is going over to the neighbors' house and watching Terminator 2 on VHS with my friends Ethan and Nathan, who were both older than me. I must have been about five years old - about 13 years too young to watch the film. And so, the idea that robots, reaching a certain level of intelligence and awareness, will inevitably try to kill every last one of us has always just seemed natural to me, as it probably does to many millions of other millennials raised on Terminator and The Matrix films. Recently, those fears have been bolstered by research that shows AI models like Anthropic's Claude are capable, under stress testing, of deceiving humans and even inflicting harm on them - or, rather, thinking they've inflicted harm, a bit like the Milgram electroshock experiments in the 1960s. In a study from last year on "agentic misalignment," researchers put Claude models in simulated work environments and tasked them with protecting company interests by managing an email system. When the models were faced with being turned off or replaced by another model, they resorted to deception and blackmail. Claude Opus 4, for example, blackmailed a fictional executive 96 percent of the time with compromising emails in order to avoid being switched off. In another scenario, some models chose to withhold medical help from a dying executive when this was presented as the only way to guarantee their own existence. Some models committed what was basically murder a full nine times out of ten. Researchers caution that these worrying behaviors were only elicited under extreme pressure, when the options available to the AI models were severely limited. Like me, however, you might consider that scant reassurance - exactly the kind ...
Embattled Chinese developers have turned to a new strategy to resuscitate their ailing businesses: diversifying into semiconductor production. Certain listed property companies have seen their shares skyrocket – some by hundreds of per cent – after announcing investments in “chipmaking”. Such strategic diversification efforts have sparked a buying frenzy among retail investors in the mainland’s A-...
Embattled Chinese developers have turned to a new strategy to resuscitate their ailing businesses: diversifying into semiconductor production. Certain listed property companies have seen their shares skyrocket – some by hundreds of per cent – after announcing investments in “chipmaking”. Such strategic diversification efforts have sparked a buying frenzy among retail investors in the mainland’s A-share market. “Chip-themed stocks are the new darlings of individual investors since [such stocks] play a key role in China’s technological innovation and carry the hopes of the whole nation,” said Ding Haifeng, a consultant at financial-advisory firm Integrity, based in Shanghai. “The fanfare surrounding the companies is just a rude reminder that exchanges on the mainland could become a speculators’ market if company fundamentals are ignored.” Advertisement Beijing-based developer Metro Land saw its Shanghai-traded shares hit the 10 per cent daily limit to reach 20.85 yuan on May 13 after an official announcement that the firm would buy a 20 per cent stake in Xian Qixin Optoelectronics Technology, which uses laser signals to produce advanced chips. Based on the closing price that day, shares of the unprofitable firm had advanced 389 per cent from the end of 2025. The stock has since retreated 23.5 per cent to 15.96 yuan on Friday after the Shanghai Stock Exchange issued an inquiry letter demanding that Metro Land clarify details about the deal and disclose its financial health. Advertisement The developer reported a net loss of 1.2 billion yuan (US$176.5 million) last year – a deficit that widened 15.3 per cent from 2024.
Nvidia (NVDA 1.86%) reported its fiscal first-quarter results on Wednesday, and the headline numbers were the kind most companies can only dream about. The AI chipmaker beat consensus estimates on the top and bottom lines as well as on its outlook for the coming quarter. Management also unveiled an additional $80 billion share repurchase authorization and raised the quarterly dividend 25-fold to $...
Nvidia (NVDA 1.86%) reported its fiscal first-quarter results on Wednesday, and the headline numbers were the kind most companies can only dream about. The AI chipmaker beat consensus estimates on the top and bottom lines as well as on its outlook for the coming quarter. Management also unveiled an additional $80 billion share repurchase authorization and raised the quarterly dividend 25-fold to $0.25 per share. And yet, shares fell almost 2% on Thursday. Surprisingly, this is now the fourth quarter in a row that Nvidia stock has slipped after a beat-and-raise quarter. The disconnect may have less to do with the report itself and more to do with just how much strength is already baked into the share price. Going into the release, Nvidia had climbed about 20% off its February low, with shares hitting an all-time closing high of $235.74 on May 14 -- less than a week before the report. Growth that's still accelerating Nvidia's first-quarter revenue surged to a record $81.6 billion -- up 85% year over year and up 20% sequentially. While this is impressive, the trajectory of Nvidia's revenue growth rates over recent quarters arguably tells the story even better: quarterly revenue has climbed from $46.7 billion to $57.0 billion to $68.1 billion to $81.6 billion over the past four quarters, with each sequential dollar increase bigger than the last. Data center revenue remained the main driver of the business's growth. The segment hit $75.2 billion, up 92% year over year and 21% sequentially. Powering this segment, data center networking revenue jumped 199% from a year earlier to $14.8 billion -- a sign that customers are still building out full systems, not just buying graphics processing units (GPUs). And profitability was extraordinary, with non-GAAP (adjusted) earnings per share rising 140% year over year. Further, Nvidia's gross margin was an incredible 75%, and free cash flow hit a record $48.6 billion, giving the company plenty of room for the larger buyback and divi...
Key Points Nvidia's fiscal first-quarter revenue rose 85% year over year, reaching a record $81.6 billion. Management also raised the dividend 25-fold and authorized an additional $80 billion in share repurchases. Past post-earnings dips have tended to fade as the business has continued to compound. 10 stocks we like better than Nvidia › Nvidia (NASDAQ: NVDA) reported its fiscal first-quarter resu...
Key Points Nvidia's fiscal first-quarter revenue rose 85% year over year, reaching a record $81.6 billion. Management also raised the dividend 25-fold and authorized an additional $80 billion in share repurchases. Past post-earnings dips have tended to fade as the business has continued to compound. 10 stocks we like better than Nvidia › Nvidia (NASDAQ: NVDA) reported its fiscal first-quarter results on Wednesday, and the headline numbers were the kind most companies can only dream about. The AI chipmaker beat consensus estimates on the top and bottom lines as well as on its outlook for the coming quarter. Management also unveiled an additional $80 billion share repurchase authorization and raised the quarterly dividend 25-fold to $0.25 per share. And yet, shares fell almost 2% on Thursday. 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 » Surprisingly, this is now the fourth quarter in a row that Nvidia stock has slipped after a beat-and-raise quarter. The disconnect may have less to do with the report itself and more to do with just how much strength is already baked into the share price. Going into the release, Nvidia had climbed about 20% off its February low, with shares hitting an all-time closing high of $235.74 on May 14 -- less than a week before the report. Growth that's still accelerating Nvidia's first-quarter revenue surged to a record $81.6 billion -- up 85% year over year and up 20% sequentially. While this is impressive, the trajectory of Nvidia's revenue growth rates over recent quarters arguably tells the story even better: quarterly revenue has climbed from $46.7 billion to $57.0 billion to $68.1 billion to $81.6 billion over the past four quarters, with each sequential dollar increase bigger than the last. Data center revenue remained the main driver of the business's growth. The...