This article first appeared on GuruFocus. Tesla (NASDAQ:TSLA) is facing mounting legal pressure in Australia after a federal judge sharply criticized the company's handling of a class action lawsuit tied to alleged vehicle defects and self driving claims, adding to the growing global scrutiny around Tesla's safety technology. Shares of Tesla fell more than 4% after Australian federal court judge Tom Thawley warned the company it could face a really bad time if what he described as inadequate cooperation with the lawsuit continued. The judge reportedly questioned whether Tesla had taken the legal process seriously at all, calling the scale of disclosures provided so far gobsmacking. The lawsuit, brought on behalf of roughly 10,000 Australian Tesla drivers, accuses the company of misleading consumers about phantom braking incidents, vehicle battery range and the capabilities of its self driving technology. Tesla has denied mischaracterizing its products and said it remains concerned about disclosing sensitive engineering data and internal information. But the court appeared frustrated with the pace of Tesla's document production during the discovery process. According to Reuters, Tesla has reportedly turned over only about 2,000 documents over eight months, while plaintiffs argued the company failed to provide enough engineering and complaint related records for experts to properly evaluate the claims. Tesla's legal team said the company manually reviewed around 100,000 documents and still had another 75,000 left to examine. The judge ordered Tesla to complete discovery by July 31 and scheduled another hearing for September 1. The lawsuit also arrives while Tesla continues facing broader regulatory scrutiny over its Full Self Driving technology in the United States. The National Highway Traffic Safety Administration has already expanded investigations into millions of Tesla vehicles tied to traffic violations and safety concerns involving the system.

中国早已位列FSD可用国家名单上。5月21日特斯拉更新名单，只是增加了欧洲国家立陶宛 【财新网】 特斯拉（NASDAQ：TSLA）辅助驾驶系统FSD（Full Self-Driving）最新版本何时在中国落地，一直是行业关注的热点话题。5月21日，特斯拉更新了一份FSD监督版可用国家名单，其中包括美国、加拿大、墨西哥、中国、荷兰和立陶宛等10个国家。 FSD目前还是辅助驾驶系统，需要驾驶员监管，特斯拉称之为“监督版”。该公司希望通过系统不断迭代最终实现自动驾驶，即“无监督版”。马斯克在4月称，预计2026年底可开始逐步推送无监督版FSD。

Amazon (NASDAQ:AMZN) is starting to look like a real frontrunner in physical AI. Now, it’s no mystery that Amazon has been putting robots to work at its warehouse, behind the scenes, to help out humans with all those packages. But until you’ve seen the robots at work, it’s difficult to even begin to fathom what ... Amazon Has Over 1.56 Million Workers and 1 Million Robots. A Historic Robot vs. Human Contest Dropped a Hint on What Might Come Next.

Ondas ( ONDS ) stock is trading nearly 2% lower at $9.19 on Thursday even after the company confirmed via its X account and newly filed Form 8-K that it has officially closed the acquisition of Omnisys. On May 18, Ondas announced that it had entered into a definitive agreement to acquire 100% of Omnisys, an Israeli developer of AI-powered BRO software used for multi-domain defense planning and real-time battlefield decision-making. Today, the company confirmed the acquisition has closed, marking a key step in Ondas’ transition into a software-defined defense technology company. Under the agreement, the firm acquired all outstanding shares of Omnisys in a stock deal valued at about $196.6M. The company issued around 3.1M shares at closing, including shares placed in escrow, while the remaining consideration will be paid in additional Ondas common stock through scheduled installments. The company said Omnisys is expected to contribute more than $100M in revenue across 2026 and 2027 while adding a high-margin software business to its platform. Moreover, Omnisys’ BRO mission software is now integrated into the company's systems-of-systems architecture, helping coordinate missions across sensors, autonomous systems, and defense assets operating in complex battlefield environments. Despite the strategic update, ONDS stock is down around ~13% over the past week. On a YTD basis, the stock has returned -4.20%, compared with an 8.58% gain for the S&P 500 ( SP500 ) price return . Investors should note that the Quant Ratings and Wall Street analysts currently maintain a Strong Buy rating on the stock with a 4.84 score. More on Ondas Ondas Inc. 2026 Q1 - Results - Earnings Call Presentation Ondas Inc. (ONDS) Q1 2026 Earnings Call Transcript Ondas: The Bears Forgot One Thing Ondas to buy defense software firm Omnisys Ondas targets at least $390M 2026 revenue as backlog rises to over $450M following World View and Mistral deals

西方资产多元化收益基金（Western Asset Diversified Income Fund，NYSE： WDI）公布了截至2026年3月31日的财务状况。财报显示，该基金总资产约为18.81亿美元，净资产约为12.53亿美元。 截至报告期末，基金每股市值为23.16美元，而市场价格为20.21美元，折价率达12.73%。相比之下，2025年同期折价率为5.55%，折价幅度明显扩大。 在运营表现方面，基金该季度实现总投资收入约3593万美元，但净已实现及未实现亏损约2040万美元，导致运营净资产增加约1553万美元，每股收益为0.29美元。值得注意的是，未分配投资收入为每股0.10美元。 该基金为多元化封闭式管理投资公司，主要投资于固定收益市场的多个领域，包括企业债券、抵押贷款支持证券、资产支持证券、美国国债及外国政府债券等，旨在通过综合运用多种策略提供高水平的当期收益，并寻求资本增值机会。 该基金的投资顾问为Western Asset Management Company，是富兰克林资源公司的子公司。根据美国证券交易委员会的备案文件，截至第一季度末，共有174家机构持有该基金股份。Rafferty Asset Management LLC是最大的机构股东，持有约1060万股。 责任编辑：张俊 SF065

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Nvidia Stock (NVDA) Drops despite Solid Q1; Crowd Wisdom Has a Catch TipRanks

从现有实践看，低空配送目前更多用于陆地运输“难”的场景。 5月21日，美团无人机宣布旗下“低空航网”正式投入常态化运营，同时面向全国低空物流运营人开启授权服务商招募计划。 从行业看，今年以来多个物流服务商官宣了低空配送的新动作，同时不少城市也发布了支持低空经济的举措。另一方面，低空运输行业仍存在不少挑战。 多个企业有新动作 近期多家企业在低空物流布局上有了新进展。 美团在5月21日公开了最新的低空物流解决方案，包括自研的美团第四代无人机长程索降版 M-Drone 4L Winch、美团智能接驳机场M-Port 3，以及美团无人机云枢M-DaaS 3等。 美团无人机服务范围也逐步扩大。2021年初，美团无人机在深圳完成了首个面向真实用户的订单配送任务。美团无人机2022年12月在上海市开通了常态化航线。截至2025年底，美团无人机已在深圳、北京、上海、广州、香港、迪拜等城市开通70条航线，并累计完成订单超78万。 低空配送成本一直受到关注。美团副总裁、无人机业务负责人毛一年透露过去五年每年的单均运行成本都在下降，幅度在40%至50%。他对第一财经记者表示，从结构看，多方面的成本在优化。一是设备成本的下降。二是单量持续提升，在夜间、雨中等场景开放接单后单量增长，最早一个点位一天仅有10单，目前一个点位一天最多有400单。三是在单量规模提升后，电池、能源以及场地租用成本摊销进一步下降。四是飞行员效率在提升。 从现有实践看，低空配送目前更多用于陆地运输“难”的场景。例如，在医疗场景，美团无人机在上海、四川等地开通了样本配送航线，缩短患者等待时间。 除了美团，其他物流平台近期也有类似实践。4月16日，京东物流宣布携手峰飞航空、贵州省民航低空经济公司共同在贵州完成吨级eVTOL（电动垂直起降飞行器）春茶专线试点飞行，解决了高海拔地区春茶运输保鲜的难题。 此外，在配送员无法触达的场景，也正在用机器代替人力。4月29日，美团内外智能配送机器人“小黄蜂”在重庆江北国际机场投入运营，为候机乘客配送商品。数据显示，“小黄蜂”目前已累计完成近3.7万单配送，平均为每位旅客节省10分钟取餐往返时间。 美团无人机的商业化也有了进展：正式面向全国低空物流运营人招募授权服务商。据了解，今年初美团无人机曾在全国范围内试水招募，首批已签约10个授权服务商。 对于应用场景的扩展，毛一年对第一财经记者表示...

格隆汇5月21日｜美国5月制造业活动扩张幅度为四年来最大，因客户试图赶在伊朗战争推高价格压力之前囤货。S&P Global周四发布的5月制造业采购经理指数初值上升0.8点至55.3。读数高于50表示扩张。投入品支付价格指数飙升逾11点，至2022年6月以来最高水平。数据显示这场冲突暂时提振了制造业，战争扰乱供应链并推高能源等成本。与此同时，涵盖服务业指标的综合PMI在5月持平。标普全球市场财智的首席商业经济学家Chris Williamson在声明中表示，数据显示“企业活动仅温和增长，因为需求再次受到价格进一步飙升的挤压，而企业因担忧成本上升和经济前景而裁员。”Williamson称：“过去三个月平均来看，订单增长已放缓至两年来最弱水平，而出于对进一步涨价和供应延迟担忧而进行的预防性囤货不会永远持续下去。”

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ZKH Group press release ( ZKH ): Q1 GAAP EPS of RMB0.06. Revenue of RMB2.11M. More on ZKH Group Seeking Alpha’s Quant Rating on ZKH Group Historical earnings data for ZKH Group

总部位于洛杉矶的空中出行平台企业Surf Air Mobility宣布，公司首席执行官Deanna White和首席财务官Oliver Reeves将于2026年6月8日出席Jefferies创新航空航天虚拟峰会，并进行专题演讲。 Surf Air Mobility通过其AI驱动的SurfOS软件，致力于推动航空运营现代化和下一代飞机的应用。公司目前运营着美国最大的通勤航空公司之一，按定期航班起降量计算位居前列，同时提供私人包机服务。 此次峰会为行业专业人士和投资者提供了一个了解航空业发展趋势的平台。作为区域航空出行领域的重要参与者，Surf Air Mobility正积极推进电气化战略。今年3月，公司与BETA Technologies达成战略合作，订购了25架全电动ALIA飞机，并拥有追加75架的期权，计划成为首家将电动客机投入商业运营的135部运营商。 投资者如需与公司安排会议，可通过Jefferies代表或发送邮件至指定邮箱联系。峰会上的演讲内容预计将涉及公司区域航空业务拓展、AI技术应用及电动飞机商业化进展等战略方向。 责任编辑：张俊 SF065

This article first appeared on GuruFocus. Apple (AAPL, Financials) has reduced prices on several iPhone 17 models in China ahead of the country's major 618 shopping event next month. According to listings on JD.com and Alibaba's Taobao platform, some iPhone 17 Pro models received discounts of up to 1,000 yuan, or about $138. With trade-in offers and additional promotions, the starting price for certain Pro models dropped to 6,999 yuan. The base iPhone 17 lineup also saw price cuts as Apple looks to stay competitive in China's crowded smartphone market. Rival brands including Huawei and Xiaomi have also rolled out promotions ahead of the shopping holiday. China's government trade-in subsidy program has also helped reduce smartphone prices for consumers, adding more pressure across the market. For Apple, the discounts highlight how important China remains for iPhone sales as local brands continue gaining ground.

This article first appeared on GuruFocus. Bill Ackman (Trades, Portfolio) is betting that Microsoft's pullback may have created a window for investors, with Pershing Square building a new core position in Microsoft (NASDAQ:MSFT) after the company's shares fell 15% this year through Thursday's close. Ackman said Pershing began buying in February and will disclose the stake in a regulatory filing Friday, describing Microsoft's 365 suite and Azure cloud service as two of the most valuable franchises in enterprise technology. Microsoft shares rose 2.9% to $421.40 late Friday morning in New York after Ackman revealed the position on X, suggesting investors were paying close attention to Pershing's latest move into big tech. Ackman's argument centers on the idea that Microsoft may be stronger and more durable than the market currently reflects. He said 365 products such as Word and Excel are deeply embedded across large companies and supported by infrastructure that may be nearly impossible to replicate, while Azure's demand could make concerns about its growth look misplaced. The investment comes as Microsoft faces questions over Copilot adoption, competition around its 365 business and whether the company can add enough data center capacity to meet cloud demand. Ackman also pointed to LinkedIn and Xbox as leading businesses beyond Microsoft's core software and cloud franchises. The move also appears to come alongside a possible shift in Pershing's exposure to Alphabet (NASDAQ:GOOG). Ackman said he had sold Google, though he did not say how much of the remaining stake was sold or whether it was a new sale, after filings showed Pershing had already sold down most of its Alphabet position in December. Pershing still has sizeable stakes in Amazon.com (NASDAQ:AMZN) and Meta Platforms (NASDAQ:META), where Ackman has previously made similar arguments that investors may be underestimating long-term upside tied to AI or cloud recovery. For investors, the message is direct: Ackma...

AlexSecret/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The Guggenheim Active Allocation Fund ( GUG ) provides investors with a diversified exposure to investment securities. While the fund has the flexibility to be quite active in its approach to asset allocation, the fund has largely remained invested in fixed-income instruments. That perhaps isn't all that surprising, given that the fund sponsor is known as a fixed-income asset manager. The fund's discount has narrowed quite materially over the last ~6 months, reducing its relative appeal as it comes less attractively valued. GUG Basics 1-Year Z-score: 1.33 Discount/Premium: -4.65% Distribution Yield: 9.13% Expense Ratio: 1.80% (3.27% including leverage) Leverage: 24.47% Managed Assets: $717 million Structure: Term (anticipated liquidation date of November 22, 2033) GUG's investment objective is "to maximize total return through a combination of current income and capital appreciation." To achieve this, the fund will... ...pursue both a tactical asset allocation strategy, dynamically allocating across asset classes, and a relative value-based investment strategy, utilizing quantitative and qualitative analysis to seek to identify securities with attractive relative value and risk/reward characteristics. In doing this, the fund's "sub-adviser seeks to combine a credit-managed fixed-income portfolio with access to a diversified pool of alternative investments and equity strategies." Performance To GOF GUG has delivered positive total returns since our prior update , though some of that has come from discount narrowing. At the same time, it has still fallen a bit short of what the S&P 500 Index has delivered during this period. GUG Performance Since Prior Update (Seeking Alpha) That isn't necessarily the worst, as this fund is more heavily tilted toward fixed-income investments, despite its overall hybrid approach. This has generally been the case since I've been covering the fun...

Jonathan Kitchen/DigitalVision via Getty Images Investors Should Know: Even while some major tech firms cut staff as part of their AI development strategy, adoption of the technology is often limited for reasons related to human resources. Internal talent gaps, labor cost pressure, and shifting commercial models are shaping how companies make their AI investment decisions. This puts AI technology companies in the spotlight, as companies look for ways to optimize their workforces. Background Last week, Cisco ( CSCO ) became the latest high-profile tech player to announce job cuts related to its AI strategy. The firm joins a list that includes Amazon ( AMZN ), Meta ( META ), and Block ( XYZ ). Still, the staffing story as it relates to AI is more complicated than just replacing human workers with machines. Large-scale tech giants are trimming their workforces in the face of AI's productivity promise. But smaller firms are having trouble finding the right people. According to a recent study of mid-market firms, the most commonly cited barrier to expanding AI adoption is a "lack of internal expertise," alongside labor costs and talent gaps. Organizations are prioritizing AI and digital transformation, but workforce readiness is a gating factor. While companies scramble to optimize their workforces and bring in the right people, companies closely related to the AI buildout are working to push the technology forward. How these processes intersect could dictate the future of the workforce. Key publicly traded companies aligned with the AI and machine learning theme include Nebius Group N.V. ( NBIS ) and Advanced Micro Devices, Inc. ( AMD ) as core infrastructure and compute players. Twilio Inc. ( TWLO ), SentinelOne, Inc. ( S ), Arista Networks, Inc. ( ANET ), and Autodesk, Inc. ( ADSK ) represent direct exposure across cloud communications, cybersecurity, networking, and design software. Innodata Inc. ( INOD ) and Kingsoft Cloud Holdings Limited ( KC ) round out the thema...

AMD's EPYC Venice CPUs have entered volume production, making them the first HPC product to achieve the milestone on TSMC's 2nm process tech. AMD & TSMC Enter Volume Production On The Industry's First 2nm HPC Chip, 6th Gen EPYC Venice The Agentic AI boom is driving the CPU market up, unlike anything that came before. High-Performance CPUs are seeing massive demands, and AMD, being a leader in HPC, has just achieved volume ramp of its next-generation EPYC Venice CPUs based on the Zen 6 core architecture. The volume ramp was achieved on TSMC's cutting-edge 2nm process technology. Image Source: AMD Looking ahead, AMD plans to achieve volume ramp for the same EPYC Venice CPUs at TSMC Arizona, further enhancing its manufacturing capacity to fulfill the demands of AI datacenters and Enterprises. AMD will also extend TSMC's 2nm process technology to its next-generation "AI-Focused" CPU called Verano, which is a version of Venice designed specifically for Agentic AI workflows and features the latest memory standards, such as LPDDR, providing the performance, bandwidth, and efficiency advantage for AI. AMD and TSMC’s partnership spans the technologies needed to scale modern data center computing, from TSMC 2nm process technology for next-generation CPUs to advanced packaging technologies, including TSMC’s SoIC-X and CoWoS-L, used across AMD’s broader AI and data center portfolio. With “Venice” ramping on TSMC 2nm, AMD is advancing the CPU foundation for AI infrastructure while continuing to leverage TSMC’s process and packaging leadership to deliver increasingly integrated compute platforms at scale. AMD What We Know About AMD's EPYC Venice CPUs So Far The 6th Gen AMD EPYC family will be codenamed Venice, and will feature the Zen 6 core architecture. AMD's EPYC Venice CPUs will offer over 70% improvement in performance and efficiency. This is quite massive and shows us what Zen 6 is capable of, even if this lineup only represents the server segment. In addition to the perfor...

The Good Brigade/DigitalVision via Getty Images e.l.f. Beauty ( ELF ) shares lifted 9% after reporting Q4 earnings on May 20. The $3.3 billion market cap Consumer Discretionary name has been a major laggard in the US market over the past year, hammered by a series of post-earnings declines. Weakness in health & beauty care spending has weighed, along with other macro factors. But shares are attractive on valuation. Today, with Q1 numbers in hand, I reiterate a buy rating. ELF trades with a sporty mid-teens price-to-earnings ratio, while technical support came about right where I imagined it would. Back in November , I was upbeat fundamentally on ELF, but the stock tumbled 25% to today. I outlined a bearish technical thesis that, unfortunately for stockholders, came to fruition. ELF: Shares Fell Sharply From September to May Stockcharts.com In May, ELF reported a solid set of quarterly results. Fiscal Q4 non-GAAP EPS of $0.32 topped the Wall Street consensus forecast of $0.29, while revenue of $449 million, up more than 35% from the same period a year earlier, was a material $27 million beat. The company issued robust guidance , with fiscal 2027 revenue seen between $1.835 and $1.865 billion, a modest raise. Bigger picture, FY 2026 marked a year of 25% top-line growth, with ELF gaining 115bps in US market share. Recent profitability has been stung by margin pressure due to increased market spend and tariffs. Shares launched 9% by the following morning and as of this writing. If that gain holds to the close, it would mark the first post-reporting climb since May 2025. For perspective, the options market had priced in a high 13.7% earnings-related stock price swing based on the at-the-money straddle expiring soonest after the release, while implied volatility on the Household & Personal Products industry company equity was near 100% leading into the earnings event. Adding to potential upside fuel is a high 12.4% short interest. Looking back on the quarter that was, ELF...

Genius Sports与MediaScience联合发布的一项新研究表明，在体育赛事中情绪高涨的特定时刻后立即投放广告，可使观众的自发品牌回忆率提升约一倍。 这项名为《现场时刻效应》的研究通过生物识别测试发现，观众在观看广告前的情绪状态对其记忆效果有显著影响。在接近得分或比赛势头发生关键转折等高强度体育时刻后播放的广告，其品牌回忆效果约为普通情况下的两倍。 研究还指出，高强度体育时刻之后的60秒是广告效果的黄金窗口期，在此期间，情绪背景对回忆效果的影响力甚至可以超越广告创意本身。该研究挑战了传统广告投放“所有曝光价值均等”的假设，显示并非所有广告时段的商业价值都是相同的。 Genius Sports已应用这些洞察推出了“时刻引擎”，通过官方赛事数据和实时信号，帮助广告主在比赛的关键高潮时刻进行精准投放。Genius Sports首席营收官Josh Linforth表示，体育广告的规则正在被改写，品牌应该围绕粉丝情绪最投入的时刻来部署营销策略。 责任编辑：张俊 SF065

Is It Ok To Want My Investments To Go To Zero So Yield Can Go To Infinity? Klaus Vedfelt/DigitalVision via Getty Images Oxford Lane Capital ( OXLC ) has been one of our favorite funds to write about. The main reason we have enjoyed the process has little to do with the returns of the fund. It also has nothing to do with ownership either , as we have not owned the common units. No, the fun aspect has been the opportunity to dive into human psyche in the comments that followed. Cognitive dissonance, sunk cost fallacy, and defense of indefensible, were all part of the pay package for us. We go over the recent results and look at why the suffering has not stopped. Q4-2026 OXLC's fiscal year ends on March 31. The most recently announced results were for Q4-2026. The "financial highlights" slide captured a lot of what has happened to the fund over the last 12 months. The first thing we would focus on is the drop in NAV which was close to 50% over this timeframe. The most recent drop from $15.51 to $10.56 was also the fastest percentage decline. OXLC Presentation Those are the kind of numbers that make absolutely everything else irrelevant. What stands us out to us here is the fact that OXLC still keeps showing the Core Net Investment Income as if it has any meaning. What is hilarious though, is that OXLC distribution does not even appear to be covered in any of the last 5 quarters, by its favorite metric. Of course the new distribution is now 60 cents a quarter and on the surface, appears to be "covered". What we want to highlight here is that OXLC is running a far riskier setup than what it did 12 months back. We are referring to total leverage (counting preferreds as leverage as well) to total assets ratio. You can see that below. In Q4-2025 this ratio was at 28.5%. OXLC Presentation As of March 31, 2026, we are at 46%. Sure, it is a bit higher if you take the April numbers (which management mentioned in their press release). But what this appears to us is an extremely ...

synthetick/iStock via Getty Images Definium Therapeutics' ( DFTX ) stock continues to lead its psychedelic peers, which potentially stems from the fact that the company has a relatively broad pipeline and expects a number of pivotal data readouts in the next 12 months. Top line data from the Emerge MDD trial is expected in the second quarter and the Phase III readout for GAD is expected in Q3. Positive trial data would lead to NDA submission for DT120 ODT, and while nothing is guaranteed at this point, there is a lot of data supporting the use of LSD to treat psychiatric conditions. In addition, the President's recent executive order could help to provide a smooth path to market for psychedelics. The large increase in Definium's share price over the past 12 months calls into question the strength of near-term returns. I tend to think Definium will still offer reasonable returns though, even if the stock is now likely to tread water until the release of clinical data. Market While Definium Therapeutics is targeting a broader range of conditions than most of its psychedelic peers, its phase III trials of LSD for GAD (Generalized Anxiety Disorder) and MDD (Major Depressive Disorder) are the most advanced, making these more relevant to the share price in the near-term. MDD is characterized by persistent feelings of sadness or a lack of interest in daily life. Patients can also exhibit physical symptoms, like fatigue and changed appetite. To be clinically diagnosed, patients must exhibit symptoms for more than 2 weeks. GAD is characterized by persistent and excessive stress, even when there is no apparent cause for concern. There are a number of existing treatments for these conditions that are broadly adopted and in many cases generate a large amount of revenue. Figure 1: Revenue from Existing Therapies ( Source: Definium Therapeutics) There is still a significant unmet need though as these treatments have poor efficacy and tolerability. As a result, discontinuation rat...

前4个月财政资源正在向民生领域倾斜，预计这一趋势将贯穿全年。 4月份税收收入保持较快增长，折射出中国经济稳定增长的态势。 财政部近日披露最新数据显示，今年前4个月，全国广义财政（一般公共预算和政府性基金预算）收入约9.36万亿元，同比增长0.4%。全国广义财政支出约12.02万亿元，同比增长约0.4%。广义财政支出超出收入2.66万亿元，同比增长约0.4%。 中诚信国际研究院院长袁海霞告诉第一财经，今年前4个月广义财政收入同比增长0.4%，首次实现年内累计增速由负转正，核心驱动力来自税收收入较快增长，其中增值税、个人所得税和进口环节税是主要增长引擎，这反映出工业生产者价格指数（PPI）回升带动的量价效应、就业基本盘稳固和外贸韧性较强等经济基本面稳步修复。 财政收入有所好转，今年以来财政支出也保持一定力度，支出规模维持高位，推动经济稳定增长。不过今年以来广义财政支出增速呈现放缓趋势，4月份财政支出力度边际回落。 粤开证券首席经济学家罗志恒告诉第一财经，财政资金“投资于人”、科技自立自强、稳定投资、纾困成本抬升的行业企业等方面，都需要保持必要的财政支出强度，预计后续财政支出端增速可能会逐步回升。 税收回暖拉动财政 “真金白银”的财政收入不仅事关民生福祉，也反映经济社会运行状况。税收作为经济“晴雨表”，备受市场关注。与前两年税收收入增长乏力不同，今年以来税收收入保持不错的增长势头。 财政部数据显示，1～4月，全国一般公共预算收入83404亿元，同比增长3.5%。其中，全国税收收入68097亿元，同比增长3.9%。其中4月份税收收入同比增长8.2%。这明显好于2025年税收全年（0.8%）和2025年前4月（-2.1%）税收增速。 税收也成为拉动今年广义财政收入转正的关键。罗志恒表示，近期国际局势发生新的变化，美伊冲突导致全球能源冲击推升物价水平，中国的工业生产者价格指数同比大幅上升，客观上使增值税和所得税收入快速增长。同时资本市场的活跃，使得印花税保持较高增速，这些因素都使得下阶段税收收入增速将好于预期和去年。 税收是以现价计算，价格尤其是PPI的增减会带来税收收入同幅度增减。前些年受PPI低迷影响，税收增长乏力，甚至负增长。而今年4月份PPI同比上涨2.8%，环比上涨1.7%，这也直接拉动税收收入增长。 财政部数据显示，今年前4个月，占税收总收入近四成的增值税同比增长5...

Avoiding Lag: Real-Time Signals in (AMD) Movement Stock Traders Daily

格隆汇5月21日｜国际能源署(IEA)署长法提赫·比罗尔表示，为应对伊朗战争而释放的石油储备仅占库存的约20%，如果各国希望进一步向市场注入储备，该机构已做好准备。今年3月，在IEA的协调下，美国、德国和日本等成员国承诺从其应急储备中投放创纪录的4亿桶原油。“我们目前仍保有80%的库存，” 比罗尔周四在伦敦查塔姆研究所举办的一场活动上表示，“至于释放多少，以及是否释放，将取决于市场如何演变，以及成员国政府是否做出决定。”IEA在本月早些时候发布的一份报告中指出，3月和4月期间，全球可观测的石油库存正以每日约400万桶的速度下降。随着中东冲突导致霍尔木兹海峡实际上处于持续关闭状态，全球石油出口受到的冲击正日益加剧。尽管由IEA协调的石油储备释放帮助遏制了原油期货价格的涨势，但目前油价仍维持在每桶100美元以上。

Tom Werner/DigitalVision via Getty Images Potential sale thesis around the corner ITGR is the sole publicly traded medical device CDMO, a rare asset by any standard and one that has been far more popular in private markets than in public. Integer is the largest outsourced manufacturing partner for the major device OEMs. The company operates in high-growth, sticky end markets with high switching costs due to deep regulatory entrenchment. Despite this quality, the company trades at just 10x EBITDA, driven by a massive sell-off on temporary revenue slowdown expected to be fully normalized by 2027. Based on precedent transaction multiples, I believe fair value is around 110-125, or around 20-40% upside from current levels. More details on the valuation below. There is another kicker to this thesis that makes the fundamental story even more attractive. With no public comps, the company suffers from limited investor and analyst understanding. Public investors simply don't have the information needed to properly analyze the business. A private buyer under a confidentiality agreement would be able to carry out due diligence on Integer's products, contracts, and pipeline in full detail, underwriting future growth with far greater confidence. Fortunately for shareholders, the company announced a strategic review just a few weeks ago. There is a decent chance the potential sale will serve as a key catalyst for the stock over the next few months. Let's unpack. The review was announced in light of heightened interest from multiple parties, meaning there are potentially bidders already working on a deal behind closed doors. This is a far better starting point than a strategic review with a broad and unclear direction. Quote from Bank of America Global Healthcare Conference 2026 (May 12): Integer, as a leader in this space, has always had interest from other parties. That interest has been heightened in recent months. We've had a relatively large number of parties that have expres...

Board of Directors member Keith A. Meister reported the purchase of 351,273 shares of GeneDx (WGS +6.10%) across multiple open-market transactions from May 13 to May 15, 2026, at a weighted average price of $39.19 per share, as disclosed in this SEC Form 4 filing. Transaction summary Metric Value Shares traded (indirect) 351,273 Transaction value $13.8 million Post-transaction shares (direct) 20,129 Post-transaction value (direct ownership) ~$789,000 Transaction and post-transaction values based on SEC Form 4 weighted average purchase price ($39.19). Key questions How does the purchase size compare to Meister's historical trading activity? The 351,273-share acquisition is one of the larger transactions in Meister's history, though the historical cadence reflects infrequent open-market buys, with just over four trades per year and a prior single sell transaction of 883,742 shares. The 351,273-share acquisition is one of the larger transactions in Meister's history, though the historical cadence reflects infrequent open-market buys, with just over four trades per year and a prior single sell transaction of 883,742 shares. What is the structure of Meister's ownership post-transaction? Post-transaction, direct ownership stands at 20,129 shares, while indirect holdings total 5,117,714 shares, primarily managed via Corvex Management LP and CMLS Holdings LLC, as detailed in the filing. Post-transaction, direct ownership stands at 20,129 shares, while indirect holdings total 5,117,714 shares, primarily managed via Corvex Management LP and CMLS Holdings LLC, as detailed in the filing. What percentage of Meister's holdings did this transaction represent, and how does it affect his capacity for future trades? This purchase represented 7.34% of Meister's total holdings at the time, but with direct holdings now comprising only a small fraction of total beneficial ownership, future large-scale purchases would require increased capacity or new share issuances. This purchase repres...

That Queen Elizabeth II was “very keen” for Andrew Mountbatten-Windsor to take on a “prominent role in the promotion of national interests” as a trade envoy in 2001 demonstrates the fierce support the late monarch always gave her second son. Knowing he was “the spare”, and undoubtedly acutely aware of the pitfalls of that position – her sister, Princess Margaret, had struggled to find her own role – a mother’s instinct would be to protect, so far as she could. Presumably, she believed it would give the then Prince Andrew structure and purpose as he was steadily bumped down the line of succession, as well as highlighting the family’s own royal brand of usefulness to the country. After a Royal Navy career, during which he even briefly enjoyed “national hero” status, posing with a rose on his return from combat in the Falklands, it could offer him direction away from the luxury yacht parties and golf courses. How wrong she was. Royal commentators have long espoused the theory that when it came to Andrew, the late queen was blinkered. It is rumoured he was her favourite son. Perhaps he was. What is quite evident, however, is that he was the first of her four children she was able to spend more time with as infants. When Charles and Anne were born, she was undertaking many engagements on behalf of her ailing father, George VI. On his death, she was dealing with the stresses of being a young mother and a monarch. Overseas engagements kept her away from the royal nursery for extended periods. When Andrew was born, having settled into her position she was able to spend more time with him, cutting back on evening engagements, sometimes taking charge of bedtimes. A closer maternal bond, perhaps, was formed with Andrew and then his brother Edward. As he grew older, it was evident, too, that the former Duke of York’s character was very different to that of his older brother, Charles. He was, according to the royal biographer Robert Hardman, “not as bright as the others, he coul...

TSLA stock is moving. See the chart and price action here. Ives made the call in a Wednesday note after SpaceX officially filed its S-1 to go public, a move Wedbush called the largest IPO in stock market history and a "major moment" for space and tech. The analyst also repeated the merger view during an appearance on Anthony Pompliano's podcast, saying the odds of a Tesla-SpaceX combination are now about 80%. Wedbush expects the two Musk-led companies to merge in 2027 after the SpaceX IPO, arguing that the connective tissue between the businesses is already being built. The firm pointed to Tesla's existing stake in SpaceX, which resulted from Tesla's $2 billion investment in xAI being converted into SpaceX shares following SpaceX's acquisition of xAI earlier this year. While that stake represents less than 1% of SpaceX's expected valuation, Wedbush said it marks an important structural link. Musk's AI Ecosystem The bigger strategic rationale, in Ives' view, is artificial intelligence. SpaceX's S-1 lays out a $28.5 trillion total addressable market (TAM) spanning space-enabled solutions, connectivity and AI, including $22.7 trillion in enterprise applications. The filing also highlights SpaceX's push to own more of the physical AI compute stack, including planned V3 satellites in the second half of 2026 and solar-powered AI compute satellites by 2028. Wedbush said the recently announced joint Terafab facility between Tesla and SpaceX further strengthens the case by creating operational overlap. Ives framed the potential combination as part of Musk's broader push to control more of the AI ecosystem. Tesla brings manufacturing scale, energy storage, robotics and vehicle data, while SpaceX adds satellite infrastructure, Starlink connectivity and xAI's Grok platform. "Musk wants to own and control more of the AI ecosystem," Ives wrote, adding that the "holy grail" could be combining SpaceX and Tesla "in some way" to create deeper connective tissue between two disruptive ...