Musk’s Latest Venture Gives Space Stocks Their Own Tesla Surge Bloomberg.com

截至 5 月 20 日当周，美股股票型基金出现九周内第二次资金外流。投资者担忧通胀上行、长期借贷成本飙升，纷纷了结近期行情获利。 伦敦证券交易所集团理柏数据显示，本周美股股票基金净流出资金 120.5 亿美元，创下 3 月中旬单周流出 245.2 亿美元以来最大单周外流规模。 美国 30 年期国债收益率周三攀升至 5.201%，触及 2007 年以来高位，市场担忧其将冲击成长板块行情与企业盈利空间。 细分规模来看，大盘、中盘、小盘股票基金分别净流出 71.8 亿美元、18.6 亿美元、5.55 亿美元。 科技板块基金连续第七周吸纳资金，净流入规模达 25.7 亿美元；工业、金融板块基金则分别出现 14.5 亿美元、13.2 亿美元的单周资金流出。 美国债券型基金本周净流入 125 亿美元，与上周 128.3 亿美元的净流入规模基本持平。 短期至中期投资级债券基金、短期至中期国债基金、市政债券基金分别迎来 46.3 亿美元、44.3 亿美元、15.3 亿美元可观净流入。 货币市场基金扭转上周 41.9 亿美元的外流态势，本周共计净流入 120.4 亿美元。 责任编辑：郭明煜

神舟二十三號載人飛船發射任務組織全區合練，各系統完成功能檢查，做好發射前各項準備工作。 北京航天飛行控制中心，約上午8時30分，統一調度酒泉衛星發射中心、西安衛星測控中心等，全面模擬發射準備、發射及飛行中的各種狀態和過程，驗證火箭、飛船、發射場等，系統設施設備可靠性，目前發射場設施設備狀態良好，後續將按程序進行火箭推進劑、加注和發射工作。 飛船發射後會對接太空站，核心艙徑向端口，而著陸場也陸續展開搜救回收演練，準備迎接神舟二十一號乘組返回地球。

格隆汇5月22日｜据央视，当地时间5月21日，美国国务院宣布，美国政府已批准向乌克兰出售总价值约1.08亿美元的“霍克”地对空导弹系统相关设备，包括导弹组件、备用零件及后勤保障支持。美国国务院在声明中称，此次军售将有助于提升乌克兰应对当前及未来威胁的能力，增强其一体化防空体系和地区安全行动能力。

8am: Wall Street set for higher open US stock futures are pointing to a modestly positive open on Friday, with investors keeping faith that a US-Iran peace deal could be within reach - even as oil prices climb again and Nvidia's post-earnings slide raises a few questions. Dow futures are...

Merchants Bancorp ( MBIN ) declares $0.11/share quarterly dividend , in line with previous. Forward yield 0.94% Payable July 1; for shareholders of record June 15; ex-div June 15. See MBIN Dividend Scorecard, Yield Chart, & Dividend Growth. More on Merchants Bancorp Merchants Bancorp: Earnings Continue To Show Upcoming Headwinds Seeking Alpha’s Quant Rating on Merchants Bancorp Historical earnings data for Merchants Bancorp Dividend scorecard for Merchants Bancorp Financial information for Merchants Bancorp

友芝友生物公告，核心国家1类创新药M701「CD3/EpCAM双特异性抗体」的两项临床研究结果将于2026年美国临床肿瘤学会(ASCO)年会上进行展示：针对恶性腹水(MA)的III期注册临床研究、针对非小细胞肺癌(NSCLC)相关恶性胸水(MPE)的II期临床研究。

champc/iStock via Getty Images The information technology sector now accounts for more than one-third of all S&P 500 capital expenditures, underscoring how aggressively hyperscalers are investing in artificial intelligence infrastructure. The IT sector’s share of total S&P 500 capex has climbed to a record 35%, according to a chart published by Apollo Chief Economist Torsten Slok. The measure has risen sharply since 2023 as major technology companies ramp up spending on AI data centers, chips, and cloud infrastructure. The chart shows IT capex as a share of overall S&P 500 spending hovering mostly in the low-to-mid teens through the 2000s and early 2010s before steadily climbing over the past decade. The latest surge has pushed the ratio well above prior peaks reached during the dot-com era. The rise reflects the scale of investment tied to generative AI adoption, with hyperscalers racing to expand computing capacity and secure AI leadership. The trend has also reinforced the market dominance of large-cap technology companies, which continue to drive a disproportionate share of corporate investment spending. The data highlights how AI infrastructure spending is increasingly reshaping overall U.S. corporate capex patterns, with technology firms now accounting for the largest share of investment activity within the S&P 500. Here is a chart: Apollo Artificial Intelligence/Robotics ETFs: ( AIQ ), ( BOTZ ), ( DTEC ), ( WTAI ), ( XAIX ), ( WISE ), ( GINN ), ( ROBT ), ( TECB ), ( XT ), ( THNQ ), and ( CHAT ). More on tech An AI Infrastructure Sanity Check And Where Do We Go From Here As Chip Stocks Warn Of 'Empire State Building' Top, How To Profit No Matter What Happens Next VGT And XLK: Why I Am Downgrading Them From chips to missiles: Deutsche Bank maps the market winners Only two sectors are driving the S&P 500 bull market higher since 2022

Broadcom is locked in a clash of titans with rival artificial intelligence chip giant Nvidia but seems to be holding its own as the member of Investor's Business Daily's Sector Leaders list hovers just below a buy point. As it awaits its second-quarter results, due June 3, Broadcom ended trading Thursday just below a cup base's pivot of 414.61 after recently scoring an all-time high, according to chart analysis tools on IBD's MarketSurge. In April, Broadcom scored a partnership with Google parent Alphabet.

All three of China’s aircraft carriers could soon be able to operate the country’s J-35 stealth fighter, which Chinese experts say would “significantly” bolster the navy’s combat abilities. Currently, only China’s most advanced carrier, the Fujian , can host the J-35 as it has an electromagnetic catapult to assist the fifth-generation fighter into the air. The Liaoning and Shandong carriers launch J-15 fighters from an upwardly curved “ski-jump” deck. However, there are signs that the two older vessels are being upgraded. Advertisement “Liaoning trains in the western Pacific, could the J-35 be on board?” the military channel of Chinese state broadcaster CCTV said in a social media post on Wednesday. China does not usually announce military developments while they are still in progress, but it sometimes uses state media to imply or tease new developments. Advertisement

A neglected part of downtown Chicago is perking up as Alphabet Inc. redevelops a 1980s-vintage building designed to house legions of state government workers. Startups and other small companies have been snapping up space in the LaSalle Corridor district, which once served as the city’s financial center and as backdrop for movies from The Dark Knight to The Untouchables . The catalyst: the renovation of the James R. Thompson Center, where Alphabet’s Google plans to start moving workers next year. The real estate rush — part of a wider phenomenon often dubbed the “Google effect” in which the tech giant drives real estate investment around its offices — is fueling signs of recovery in a hard-hit part of downtown as Chicago struggles to rebound from the pandemic. Since Google announced the project in 2022, office leasing volume has advanced 14% in LaSalle Corridor, compared with a 13% drop in the broader Central Loop district of which it’s a part. Within just a half-mile radius of the Thompson Center, the gain is 23%, according to real estate brokerage CBRE Group Inc. “We’re just getting started in terms of being able to see the Google effect,” said Jeffrey Cheng , chief executive officer of Nautilus Solar Energy, which relocated from New Jersey to Chicago last year and took space near the Thompson Center. “The commercialization of this area is only going to continue to increase, which is going to be great for our employees and our company just to be an ancillary beneficiary of that effect.” Google’s investment has a complement in a JPMorgan Chase & Co. renovation just three blocks away. The bank, which is requiring employees to be in the office five days a week, is overhauling its longtime office tower with a revamp of all floors plus a new lobby, gym and food hall-style cafeteria. The “combined effect” of the JPMorgan and Google projects will boost the neighborhood, said Anthony Maggiore, managing director and segment head of Midwest and Canada commercial banking. Go...

His starring role in Richard Gadd’s brutal toxic masculinity series is a far cry from his days as Billy Elliot. The actor opens up about gruelling shoots, dancing on toilets – and why he can’t ever just chill out Not many actors are relieved when they have to film an eye-poppingly explicit sex scene, but that was the case with Jamie Bell on Half Man. His role involved chemsex in saunas, dogging in car parks and illicit quickies in library loos. “Honestly, I was so grateful to be shooting that stuff and not fucking 16-page dialogue scenes, where you’re emoting and it’s so intense,” says Bell. “On days when my character had to have sex with random people, I’d think: ‘Thank God!’ Frankly, it came as a welcome reprieve.” Richard Gadd’s first TV show since the Emmy-gobbling global Netflix hit Baby Reindeer, Half Man chronicles the combustible, codependent relationship between two “brothers from another lover”. Niall (Bell) is bookish, bullied and closeted. Ruben (Gadd) is the swaggeringly violent ex-con son of his mother’s girlfriend. The six-part drama – which reaches its devastating finale next week – traces the inseparable duo’s toxic relationship across three decades. Continue reading...

Mohamed Salah loves to hear stories about Steven Gerrard and Sir Kenny Dalglish from Liverpool fans who work at the training ground. He can recite his predecessors’ numbers and achievements, having spent the past nine years in pursuit of both, but what really captivates him are tales of how they became legends in the eyes of the Kop. Salah has always longed to be in that company. While that makes his recent public criticisms all the more unfortunate, it does not diminish his phenomenal achievement in reaching that goal. There is acrimony at the end of Salah’s Liverpool career as there was a degree of antipathy at the start. He will be celebrated for the relentless brilliance in between. A Chelsea failure who had rebuilt his career “only” in Serie A, it is amusing to recall the lukewarm reception to the announcement on Friday 23 June 2017 that Liverpool had completed the club-record signing of Salah for £36.9m from Roma. Jürgen Klopp’s welcome message, however, contained a few clues into the character that would forge one of the greatest of all Liverpool careers. “His pace is incredible, he gives us more attacking threat and we are already strong in this area,” said the Liverpool manager. So far, so standard for a new arrival. But Klopp, who had trusted the data analysts who pushed Salah’s claims over his German contacts who vouched for Bayer Leverkusen’s Julian Brandt, continued: “Most important though, for us, is that he is hungry, willing and eager to be even better and improve further. He is an ambitious player who wants to win and win at the highest level; he knows he can fulfil those ambitions with Liverpool.” As Salah prepares to take his leave from Liverpool after 257 goals, 441 appearances, eight major honours and numerous rewrites of the record books, he does so secure in the knowledge he could not have given any more to realise Klopp’s mission statement. He will depart with legendary status assured at Anfield and as a global star. And still, one month shy ...

Our highball menu at Circle 13 champions lower-ABV pours for relaxed evenings of petanque. This one’s a favourite at our park takeovers, as well as a nod to the Basque-inspired pintxo kitchen at our first permanent site in east London. Cherry kalimotxo Serves 1 1 lemon wedge 40ml red wine 30ml Cynar 130ml cherry cola – just use your favourite Squeeze the lemon wedge into a highball glass, then drop in the spent fruit, too. Measure in the wine and Cynar, then fill the glass with ice and stir to chill and combine. Top up with the cola, lift up the ice gently with a long spoon, so the cola falls into the other liquids without losing too many of its bubbles, then serve.

The world’s richest man can’t stop posting about how Lupita Nyong’o was chosen to play an imaginary woman It was the casting choice that launched a thousand meltdowns. The Oscar-winning actor Lupita Nyong’o was confirmed as Helen of Troy in Christopher Nolan’s film adaptation of Homer’s The Odyssey, and the usual suspects immediately started squealing that the fall of western civilization was nigh. Elon Musk, a man in possession of the world’s thinnest skin and fattest bank account, is obviously among the aggrieved. Musk started moaning about The Odyssey in January, when it was rumoured that Nyong’o had the role. Since a 12 May interview with Nolan in Time magazine made this casting official, Musk hasn’t stopped whining; he’s spent roughly a week attacking Nyong’o on X and amplifying other angry bigots. His main arguments appear to be that this is a historically inaccurate rendering of a mythological poem; Nyong’o, who was named People magazine’s “Most Beautiful Woman” in 2014, is not sufficiently beautiful; and the casting of a Black woman in a movie nobody is forcing him to watch is inextricably intertwined with a leftwing plot to undermine western society. Arwa Mahdawi is a Guardian columnist Continue reading...

Teacher’s assistant Iman Khatib was administering tests at the elementary school inside the Islamic Center of San Diego (ICSD) when she heard the bangs. She locked the classroom door, turned off the lights, silenced her phone and walkie-talkie, and crawled under a desk with her co-worker. In the preschool classrooms nearby, three- and four-year-olds did the same – staying completely silent, hiding in corners, following the protocols they had been taught during drills. Outside, the first-grade class was at recess when the first shot rang out. “We were so grateful that we made it out alive,” Khatib said two days later. “None of us are sleeping. We don’t want to relive the things that we saw.” When police evacuated the staff and students, they passed the body of the security guard, Amin Abdullah, lying on the ground in front of the mosque. When the shooting started, he radioed the lockdown, returned fire, and kept the two teenage gunmen from reaching the approximately 140 children and 20 staff members who were steps away in the school. View image in fullscreen Community members embrace after a vigil for victims of the shooting at the Islamic Center of San Diego, on 19 May 2026. Photograph: Zoe Meyers/AFP/Getty Images Also killed were Mansour Kaziha, the manager of the mosque store, and Nader Awad, who was across the street and ran over when he heard the shots; his wife is a kindergarten teacher at the school. The attack is being investigated as a hate crime. At a press conference held the day after the attack, Abdullah’s daughter Hawaa stood before cameras surrounded by her siblings. “My dad was my role model and my best friend,” she said. She shared that she had just received her teaching credentials last week, and her father couldn’t be there because he was working at the center. “He was even afraid to go take meal breaks because he was afraid something would happen if he stepped away from the Islamic center,” Abdullah told the crowd through tears. A father of eight ...

In this article STLA STLA Follow your favorite stocks CREATE FREE ACCOUNT Stellantis CEO Antonio Filosa listens as U.S. President Donald Trump announces new fuel economy standards, in the Oval Office at the White House in Washington, D.C., U.S., December 3, 2025. Brian Snyder | Reuters AUBURN HILLS, Mich. — Stellantis CEO Antonio Filosa said he believes there's opportunity to expand the automaker's partnerships in North America to fill plants and increase sales — and potentially to produce Chinese-branded vehicles outside of the U.S. Filosa on Thursday said the company "for sure" sees opportunity in expanding its production and sale of vehicles with Chinese automaker Zhejiang Leapmotor Technology Co. to Mexico as well as potentially Canada. "I believe that there is space in Mexico. … There is maybe space in Canada. We'll see," he said during a news conference after an investor day at the company's North American headquarters near Detroit. "Now there is no space in the United States. We don't see that." Legacy automakers, especially ones with deep roots in the region such as Stellantis, have been concerned about Chinese automakers entering North America. U.S. executives have expressed worries that the operations could be a gateway to American consumers. Read more about Stellantis Ram unveils lineup of Hemi V-8 engine-powered 'muscle trucks' despite high gas prices Stellantis targets 35% North American sales increase, led by Ram Trucks and Chrysler revival Stellantis unveils $70 billion turnaround plan, targets positive cash flow by 2027 Stellantis CEO Antonio Filosa is about to unveil his plan to turn the company around as the automaker's stock lags Shares of Jeep maker Stellantis fall as much as 10% after first-quarter results Amid trade tensions with the U.S., Canada is currently allowing 49,000 Chinese-made electric vehicles to be imported for retail sales annually at a tariff rate of 6.1%. A notable option in Canada is a large Stellantis assembly plant in Brampto...

Bunting from hospital sheets, drawings on letters from the DWP, an installation made of damp: a new exhibition celebrates art that takes the challenges the artists have faced and turns them into drivers of creativity “I’m having a flare-up’, is a really common phrase that you hear in the ‘crip’ community,” says Mariana Lemos, the co-curator of Flare Up, a group exhibition focused on art powered by illness, chronic conditions, disability, neurodivergence and deafness. The show includes artists who do and don’t identify as ‘crip’ (a defiant reclaiming of derogatory slang) and underlines the ebb and flow of symptoms to explore illness as anything but static. A flare, adds Lemos’s collaborator Natasha Hoare, “brings light to things that have been kept in the dark, ignored or invisible-ised. There’s a sense of celebration to it, perhaps.” This would seem to be the case for French artist Benoît Piéron, a leading figure among artists addressing illness and who now also has a big solo show at Paris’s edgiest art space, Palais de Tokyo. In Flare Up, his pastel bunting crisscrosses a ceiling, before pooling on the floor in a heap, its energy apparently drained. Cut from hospital sheets, the party flags defy the infantilised days of the bedbound. The fabric, in its typically soothing nursery colours, has also soaked up the seeping life of the bodies it hides: be that fever sweats or sex. Piéron’s subtle, poetic reminder of the physical reality of an ill person, as well as the ups and downs of a chronic condition, is typical across the exhibition’s witty, ever-surprising artworks. Continue reading...

Memoir tells how the Jewish and Catholic parents of actor Isabelle and Caroline Huppert fell in love amid the rise of the Nazis. She explains why she wanted her ‘children’s children’ to know the story Families have a way of appointing their own historians, even if the recruitment process remains obscure. In the late 1990s, Caroline Huppert – the fourth of five siblings, of whom the youngest is actor Isabelle – found herself alone with her father and a tape recorder. Over five days, he opened up about his life before and during the second world war. “I think I had that privileged position with him, because he had a taste for history, too,” she says. “But we didn’t have the same vision. I like the approach of what is called the nouvelle histoire , things like details of daily life in the past. With him, it was more emperors, kings, dates.” More than 25 years later, their exchanges have led to her memoir, Une Histoire Cachée (A Hidden Story), a work that bundles up quotidian intimacy and big-ticket history in telling the story of how her parents, Raymond and Annick, fell in love. Their relationship so easily might never have happened: he was Jewish, she Catholic, and after they met in 1934 at Paris’s HEC business school, her haute-bourgeois family were opposed to them marrying. A big enough obstacle even before the Nazis invade France, and the young lovers are forced to flee the capital for the Free Zone near Lake Annecy. “I wasn’t aware of any of it in the least,” says the 75-year-old on a phone call from her home in Paris. “My parents weren’t people who talked about the past. They were always absorbed in the present, in action.” Continue reading...

In this article MSFT Follow your favorite stocks CREATE FREE ACCOUNT Microsoft CEO Satya Nadella speaks at a company event on artificial intelligence technologies in Jakarta, Indonesia, on April 30, 2024. Dimas Ardian | Bloomberg | Getty Images Microsoft had all the pieces to win in vibe coding, thanks to the near ubiquity of GitHub, which the company bought for $7.5 billion in 2018. But repeated outages, executive turnover, and the soaring popularity of newer tools like Cursor and Anthropic's Claude Code have eaten away at GitHub's early advantage in generative artificial intelligence, creating another challenge for Microsoft CEO Satya Nadella as he attempts to straighten out his company's AI story. GitHub's reliability challenges in recent months have affected companies as large as Cisco , and have been chronicled by influential names in software development. Mitchell Hashimoto, co-founder of HashiCorp, which IBM acquired last year, wrote in a blog post last month that GitHub "is no longer a place for serious work if it just blocks you out for hours per day, every day." Early Wednesday, GitHub said an employee's device was compromised in a security incident. The attacker was able to obtain about 3,800 of GitHub's own code libraries. Some companies are seeking alternative tools that manage and deploy code. And there are options, whether it's GitLab or offerings from Amazon and Atlassian . Jyoti Bansal, CEO of software delivery startup Harness , said his company has even explored launching a code storage feature. "We are hearing real concerns from enterprise customers, and more of them are actively looking at alternatives," said Bansal. For Nadella, whose 12-year run at the helm of Microsoft is highlighted by a successful pivot to cloud computing, the AI era is proving to be more daunting. With the generative AI boom now well into its fourth year, Microsoft has struggled to carve out a clear lane despite playing a central role early on due to the company's hefty inv...

Joyce Adetutu, a partner and trade attorney at Vinson & Elkins, joins Bloomberg Intelligence litigation analyst Holly Froum on this episode of the Votes and Verdicts podcast to discuss the status of refunds tied to tariffs the Supreme Court found unlawful in February. They explore how a potential appeal by the US government could jeopardize importers’ refund rights, new tariffs that may be on the horizon, the strength of potential legal challenges to those tariffs and more.

abadonian/iStock via Getty Images Co-authored by Kody's Dividends While much of the world is focused on commodity prices, specifically oil price volatility, there is an entire sector in the United States that often trades along with commodity prices but is not directly exposed to them. Those would be midstream partnerships and midstream corporations. These companies overwhelmingly operate a toll bridge-style system with their pipelines, where companies pay for the movement through the pipeline regardless of what the price of the commodity is that's traveling through it. Some of them have a take-or-pay contract where they are committed to a minimum volume that they have to pay for. Whether they use it is up to them. The money is still required to be paid to the toll bridge owner. Pipelines are extremely hard to not only get approved to be built but also to be replaced. This means that those companies that have miles upon miles of pipeline are owners of critical infrastructure that's necessary for the continuation of the economy on a day-to-day scale, but also the growth of that economy. Pipelines are now getting interest from various counterparties who are involved in data center production because these data centers require massive amounts of power to operate, and if you have a cluster of data centers together, the demand on the power grid can be enormous. Utilities are building out their ability to handle the demand and scale of various projects, but some of them are deciding to source power on their own. This usually entails a localized power generation facility tied to a contracted supply of natural gas. Today's focus not only owns miles of pipelines but is also getting interest from data centers. Let's dive in! A Winner Of The Data Center Boom ONEOK Q1 2026 Earnings Presentation As we outlined in February , ONEOK's ( OKE ) network of 60,000 miles of NGL gathering and crude oil transportation pipelines, as well as storage assets, is vital to the U.S. economy. At ...

Funtap/iStock via Getty Images Could the Tanks Run DRY? Commodity markets, and energy markets especially, have always possessed a peculiar instability. Periods of acute shortage and extraordinary profitability have a habit of convincing investors that prosperity will persist indefinitely, while periods of collapse usually persuade them of precisely the opposite. The resulting swings can last far longer than logic would seem to permit. Most of the large moves are driven not by geology, but by psychology and the capital spending cycle. When a commodity market slips into deficit, prices rise sharply and producers begin earning exceptional returns. Capital eventually follows, although bringing on meaningful new supply is rarely a quick process. New mines, pipelines, export terminals and offshore projects often require years before the first incremental barrel or ton reaches the market. By the time that supply finally arrives, the shortage that justified the investment has usually become widely recognized, and too much capital has been committed. The deficit turns into surplus, prices fall heavily, and investor enthusiasm evaporates almost as quickly as it appeared. Capital leaves the industry, depletion gradually tightens the market once again, and the cycle begins anew. In commodity markets, these cycles often take a decade or more to fully resolve. There are very few quick cures. Short-term volatility, however, is usually caused by something altogether different. In those instances, the problem is not psychology or overinvestment, but rather a physical bottleneck somewhere within the system itself. These disruptions can be sudden, violent, and wholly disproportionate to the underlying imbalance that caused them. Natural gas markets offer some of the clearest examples. During especially cold winters, inventories can draw down at an alarming rate. In Boston, where pipeline infrastructure is notoriously constrained, the city occasionally finds itself perilously short of ...

Getty Images The following segment was excerpted from the Goehring & Rozencwajg Q1 2026 Natural Resource Market Commentary. Commodity markets, and energy markets especially, have always possessed a peculiar instability. Periods of acute shortage and extraordinary profitability have a habit of convincing investors that prosperity will persist indefinitely, while periods of collapse usually persuade them of precisely the opposite. The resulting swings can last far longer than logic would seem to permit. Most of the large moves are driven not by geology, but by psychology and the capital spending cycle. When a commodity market slips into deficit, prices rise sharply and producers begin earning exceptional returns. Capital eventually follows, although bringing on meaningful new supply is rarely a quick process. New mines, pipelines, export terminals and offshore projects often require years before the first incremental barrel or ton reaches the market. By the time that supply finally arrives, the shortage that justified the investment has usually become widely recognized, and too much capital has been committed. The deficit turns into surplus, prices fall heavily, and investor enthusiasm evaporates almost as quickly as it appeared. Capital leaves the industry, depletion gradually tightens the market once again, and the cycle begins anew. In commodity markets, these cycles often take a decade or more to fully resolve. There are very few quick cures. Short-term volatility, however, is usually caused by something altogether different. In those instances, the problem is not psychology or overinvestment, but rather a physical bottleneck somewhere within the system itself. These disruptions can be sudden, violent, and wholly disproportionate to the underlying imbalance that caused them. Natural gas markets offer some of the clearest examples. During especially cold winters, inventories can draw down at an alarming rate. In Boston, where pipeline infrastructure is notoriously ...

matejmo/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg ( GRHAX ) Q1 2026 Natural Resource Market Commentary. The oil market seemed to follow Lenin’s famous observation in the first quarter: there are decades when nothing happens and weeks when decades happen. Events that ordinarily arrive years apart—and sometimes generations apart—were compressed into scarcely more than a few weeks. In the span of less than a month, oil went from being regarded as irrelevant by much of the investment world to becoming the single most important commodity in an unfolding geopolitical struggle. On January 28, an ounce of gold bought 86 barrels of oil, the second-highest reading ever recorded. Only once before had the ratio climbed higher: on April 21, 2020, at the height of the COVID crisis, when a single ounce of gold purchased 97 barrels of Brent crude. The circumstances surrounding that earlier extreme were almost impossibly bleak. Global lockdowns had produced an unprecedented collapse in oil demand just as Saudi Arabia and Russia embarked upon a vicious price war at precisely the worst imaginable moment. The world suddenly found itself confronting a condition previously thought implausible—global oil-storage capacity nearing exhaustion. Given how catastrophic the underlying fundamentals had become in the spring of 2020, it was hardly surprising that the gold-oil ratio reached such extraordinary levels. Indeed, the reading of 97 far exceeded the two previous peaks: the reading of 47 reached in January 2016, at the bitter end of the two-year market-share war between OPEC and the rapidly surging U. S. shale producers, and the reading of 40 reached during the summer of 1933, in the depths of the Great Depression. What made the January 28 reading so remarkable was that it occurred absent any comparable catastrophe. Oil was not in the midst of a grueling market-share war such as the 2014–2016 battle between OPEC and non-OPEC producers, a conf...

Lari Bat/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg ( GRHIX ) Q1 2026 Natural Resource Market Commentary. Extreme volatility has always been the defining characteristic of the U. S. natural-gas market. Indeed, among major commodities, natural gas occupies a category largely its own. Subject to violent swings in demand driven by unpredictable winter cold and summer heat, and constrained by the physical limitations of storage and export infrastructure, gas prices have long exhibited a capacity for sudden and often brutal price movements. Few markets have inflicted greater punishment on speculators caught leaning the wrong way. As 2026 unfolded, natural gas once again demonstrated that its reputation for instability remains thoroughly deserved. U. S. natural-gas prices began the year at $3.62 per mcf and, by January 28, had surged to $7.50—an increase of more than 100 percent in less than four weeks. The move proved short-lived. Over the following ten days, prices collapsed by more than 50 percent. By quarter's end, natural gas traded near $3.00 per mcf, roughly 20 percent below where it had started the year. Few other markets are capable of producing such extraordinary price movements in so compressed a span of time, only to end almost precisely where they started—or lower. The quarter's dramatic surge and subsequent collapse in natural-gas prices was driven almost entirely by weather. Bitterly cold temperatures settled over the eastern half of the United States through much of January, producing the largest weekly storage draw ever recorded. For the week ending January 30, approximately 360 bcf of gas was withdrawn from storage, narrowly surpassing the previous record withdrawal of 359 bcf set during the first week of January 2018. At the time, weather models projected colder-than-normal temperatures extending deep into February and perhaps even into March, raising fears that inventories could become dangerously deplete...

Sakorn Sukkasemsakorn/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Q1 2026 Natural Resource Market Commentary. Global agricultural markets absorbed yet another wartime shock in the first quarter, though this one arrived in forms quite different from the upheaval following Russia's invasion of Ukraine in 2022. The earlier conflict struck at the very heart of the world's grain trade as well as its fertilizer supply. At the time, Ukraine accounted for roughly 15% of globally traded seaborne corn, while Ukraine and Russia together supplied nearly 30% of the world's seaborne wheat exports. Both flows, so long taken for granted by world commodity markets, were severely disrupted once the war began. The Strait of Hormuz crisis, by contrast, presents an altogether different picture. The Gulf states export virtually no grain into world markets, and so the disruption caused by the Iran war has centered not on crops themselves, but on fertilizers. Unlike the Ukraine-Russia conflict—which simultaneously disrupted both grain supplies and the fertilizers needed to grow them—the closure of the Strait of Hormuz has, at least thus far, produced a far more concentrated shock: a fertilizer supply shock, pure and simple. Powered by their enormous natural gas reserves—particularly those of Saudi Arabia and Qatar—the Gulf states have quietly grown into some of the most important suppliers in the global fertilizer trade. Nearly 50% of all seaborne traded urea, the solid form of nitrogen fertilizer, and roughly 25% of globally traded ammonia, its liquid counterpart, pass through the Strait of Hormuz. In phosphate as well, the Gulf states occupy a position of considerable importance, accounting for nearly 20% of total world production. Roughly 50% of globally traded seaborne sulfuric acid—another critical input in fertilizer production—also flows through the Strait of Hormuz. Sulfuric acid occupies a surprisingly central role in global agricultu...

style-photography/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Q1 2026 Natural Resource Market Commentary. Gold and silver markets provided no shortage of drama during the first quarter. Gold prices, which began the year at roughly $4,340 per ounce, surged in the opening weeks with a manic energy usually seen only in the final stages of a precious metals bull market. Over the next four weeks prices surged nearly 25%, ultimately peaking above $5,300 per ounce on January 28th. The ascent, however, proved no more durable than it was spectacular. The following week gold prices abruptly collapsed 15%, only to rally sharply once again and produce a double top by March 2nd. After nearly recording yet another all-time high, gold reversed violently for a second time, falling almost 20%. By quarter's end, after all the excitement, gold prices had finished not very far from where they began. The silver sell signal—which arrived with remarkable force at the beginning of 2026—already appears to be exerting its familiar and deeply negative influence over both gold and silver markets. Readers interested in the mechanics of this signal, and the important role it has historically played in precious metals cycles, should consult our 3Q2025 and 4Q2025 quarterly letters, where we discussed the phenomenon and its implications in detail. What is notable today is how closely silver's recent trading behavior resembles the early stages of prior post-signal periods. The message being sent by the silver market is not an encouraging one. At best, it suggests gold may spend the next two to three years grinding sideways in frustrating fashion; at worst, it points toward a much weaker environment altogether—one potentially reminiscent of the difficult periods that followed the sell signals of 1974, 1979, 2011. Silver's movements during the quarter were even more violent. Beginning the year at roughly $70 per ounce, silver embarked on a breathtaking ad...

peshkov/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg ( GRHIX ) Q1 2026 Natural Resource Market Commentary. Coal prices in the United States rose only modestly during the quarter; however, the same could not be said for the rest of the world. Domestic coal benchmarks in Central Appalachia, the Illinois Basin, and the Powder River Basin advanced 6%, 5%, and 8% respectively. International markets, however, reacted far more violently to the closure of the Strait of Hormuz. Australian seaborne thermal coal prices surged 35%, while South African thermal coal exported through Richards Bay rose a strong 30%. The reason was straightforward enough. Across Asia, governments have begun rapidly increasing coal consumption as they struggle to compensate for severe energy shortfalls created by the disruption in liquified natural gas flows following the closure of the Strait. LNG, of course, remains one of the primary fuels used to generate electricity throughout much of Asia. Now twelve weeks into the crisis, nearly 20% of global LNG trade has been disrupted, leaving countries scrambling for replacement energy supplies. In response, at least eight nations have already either increased coal consumption outright or authorized substantial increases in coal-fired electricity generation. China has already increased coal consumption as it races to compensate for the loss of LNG supply. India, meanwhile, has ordered coal-fired power plants to operate at full capacity as the country endures a severe early-spring heatwave, with temperatures across many regions reaching between 40 and 45 degrees Celsius—roughly 104 to 113 degrees Fahrenheit. Japan, in a move that would have seemed politically improbable only a short time ago, has suspended restrictions on older and less-efficient coal-fired plants through 2027. South Korea has gone further still, temporarily removing the country's 80% cap on coal-fired power generation. The immediate effect has ...

LumerB/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg ( GRHAX ) Q1 2026 Natural Resource Market Commentary. Berlin urged to join nuclear power revival - Financial Times April 1, 2026 Uranium markets displayed a decidedly upward bias during the first quarter. Spot prices began the year at roughly $82 per pound and then advanced sharply, ultimately climbing above $103 by the end of January. Strong investor demand, combined with the reemergence of utility buying, pushed uranium prices back through the psychologically important $100-per-pound level for the first time since the market briefly crossed that threshold in January 2024. As has often been the case in uranium markets, however, strength was followed by volatility. After peaking near $103 per pound, prices pulled back sharply before stabilizing. Even so, uranium ultimately finished the quarter at approximately $85 per pound, up 4% overall for the period. Long-term uranium contract prices also continued moving higher during the quarter. Cameco ( CCJ )’s published long-term contract price, which stood at $85.50 per pound at the end of 2025, finished the first quarter at $91.50—a gain of roughly 6%. Beneath the volatility of the spot market, the longer-term pricing structure of the uranium market continues to strengthen steadily. In prior letters, we have discussed at length the remarkably robust demand story that has emerged in uranium markets over the past five years. Nuclear plants once slated for retirement are receiving life extensions. Facilities previously shut down are being reopened. Momentum continues building behind the restart of Japanese nuclear reactors idled after Fukushima. New reactor construction programs continue expanding globally, including the potential development of 20 new Westinghouse AP1000 reactors in the United States. At the same time, the rapid growth of data-center electricity demand has accelerated interest in small modular reactors, or SMRs...