Lumentum CEO Michael Hurlston and VP of Investor Relations Kathy Ta join Bloomberg Intelligence’s Jake Silverman on this episode of the Tech Disruptors podcast to discuss how optics are playing an increasingly critical role in networking inside and across AI data centers. They explore how the company is becoming a key supplier of systems and lasers to hyperscalers. Hurlston unpacks his broad and lengthy tenure as an executive across semiconductors and hardware and how it’s helping him tackle new

jetcityimage/iStock Editorial via Getty Images Introduction While I really dislike investing in uncertainty, and Corteva, Inc. ( CTVA ) having announced they are dividing into two companies definitely qualifies. I reviewed both of its preferred stocks last fall, as owning them would diversify a portfolio’s allocation away from financial issuers. Covered again here will be: Corteva, Inc., $3.50 Series Cumulative Preferred Stock ( CTA.PR.A ). Corteva, Inc., $4.50 Series Cumulative Preferred Stock ( CTA.PR.B ). I contacted the company and was told the preferred stocks will be the responsibility of the new Corteva company, not the spinoff part. That also aligns with the fact that the old DuPont company was the original issuer of both preferred stocks. As then, and despite not being able to analyze the financial statements of the part retaining ownership, I’m maintaining the Strong Buy rating on CTA-B and lowering CTA-A to a Buy based on the current yield spread between the issues. Corteva reviewed Data by YCharts Seeking Alpha describes this current company as (edited): Corteva, Inc. operates in the agriculture business. It operates through two segments, Seed and Crop Protection. The Seed segment develops and supplies advanced germplasm and traits that produce optimum yield for farms. It offers trait technologies that enhance resistance to weather, disease, insects, and herbicides used to control weeds, as well as food and nutritional characteristics. The Crop Protection segment offers products that protect against weeds, insects and other pests, and diseases, as well as enhances crop health above and below ground through nitrogen management and seed-applied technologies. The company operates in the United States, Canada, Latin America, the Asia Pacific, Europe, the Middle East, and Africa. Corteva, Inc. was incorporated in 2018 and is headquartered in Indianapolis, Indiana. Breakup news From the news release announcing they are dividing breakup: Indianapolis, Ind., Oct...

Jordan Siemens/DigitalVision via Getty Images Co-authored by Kody's Dividends When I was a child, I used to love visiting my grandparents' farm, especially in the evening or at night. There have been many a Christmas evening where my family and I were walking to our car, leaving my grandparents' house across their farm, and looking at the sky in awe. The night sky was filled with millions upon millions of stars. There's something to be said about leaving the city and its lights behind and embracing the darkness of night to see all the stars in their glory. When it comes to investing, more often than not, when I write about a closed-end fund or exchange-traded fund, I regularly hear about another star. For many of us, when we look at our 401K or even do research on our brokerages into different funds, we're presented with various evaluative metrics, and one of those frequently is a star rating provided by Morningstar. We rely on their opinions and evaluations, but rarely do we look into the company that issues them. Today we're going to rectify that. Let's dive in! An Investment Research Giant At A Deep Discount Morningstar Q4 2025 Earnings Press Release Morningstar ( MORN ) is a leading investment research, data, and investment management services company. Across well-known platforms like Morningstar Direct, Morningstar Data, Morningstar Credit, and PitchBook, it serves millions of investors, hundreds of thousands of financial advisors, and more than 15,000 institutional clients. In Q4 2025 , MORN demonstrated the strength of its trusted brands once again. The company's revenue rose 8.5% year-over-year (8.1% organically) to $641.1 million during the fourth quarter. This growth was powered by various factors. Notably, Morningstar Credit logged its first $100 million quarter. Its consolidated revenue jumped 27.9% over the year-ago period (25.7% when backing out the DealX acquisition) to $105.3 million. This was due to strength in corporate credit ratings revenue globa...

Angelica Zander/iStock via Getty Images I track several watchlist and review each one multiple times a week. Some contain ETFs, and others have stocks. And I make them all available for public viewing. They're not my holdings; they are the securities I'm most likely to consider owning "at a price." That list includes about 100 stocks and 75 ETFs. One of those lists is the S&P 500's ( SPY ) top 20 stocks by weight. Here they are as of last Tuesday's close. Ycharts Those top 20 make up a big chunk of the full 500-stock index. How much? Before I tell you, take a guess. And try not to look at the figures. Just think about how much room within a 500-stock index 20 stocks would reasonably account for. I'll give you a few seconds (Final Jeopardy theme song playing...). OK, time's up. The answer is nearly 45%. Yes, 20 stocks make up nearly 45% of the S&P 500 index. The other 55%? 480 stocks. If this doesn't make you think, I suggest it should. But think about what, start with how influential these 20 stocks are on the unprecedented amount of money invested passively in S&P 500 index funds. As I've written here recently, I think that is the No. 1 thing holding this market up in 2026. "Passive flow" that continues to drip into SPY, IVV, VOO, and the mutual fund and institutional equivalents. So with all of this money chasing the S&P 500 index, it stands to reason that if enough of the top 20 stocks melt down, the rest of the market can't do enough to stop it. In particular, my technical/chart review of those 20 stocks was a motivation to write this article. Many investment strategists talk about "keys to the market." What's going to drive it? With the S&P 500 index, which to man y is the market, those 480 stocks must pull their weight soon. Otherwise, the AI trade runs the market. And as we've seen with software names, among others, that narrative is forever a day away from crumbling. Here's the SPY sector allocation as of Wednesday's close. We all know that technology is the...

tadamichi/iStock via Getty Images We're approaching the end of the first quarter of 2026, and trading in this environment has been nothing short of exhausting. Market headlines continue to give us new reasons to be bearish, ranging from a stubbornly weak global macroeconomy to the possibility of extended tension in the Middle East. Investors with a strong stomach for near-term volatility can leverage the downside to pick up shares of incredible businesses at an attractive price, especially in a software sector that has been battered by the "SaaSpocalypse" narrative. That said, I think now is a critical time to be a stock picker, and we're fully prepared for a "changing of the guard" in the tech landscape, with many legacy incumbents poised to be net losers. Sprinklr ( CXM ), a customer-experience software company, is one of the companies that I believe will be a net decliner amid the AI revolution. The stock is down 20% since the start of January and nearly 40% over the past year, but those declines have also been accompanied by terrible results, with the company also expecting no growth at all in the coming year. Data by YCharts I last downgraded Sprinklr to a neutral rating in December, when the stock was trading around $7.50 per share. Since then, much has moved in a negative direction for the company. While the company has succeeded in adding a number of high-profile logos to its customer base, its count of large customers has dwindled. Moreover, subscription revenue growth is slowing, and the company's increasing reliance on services revenue has dampened its gross margin profile. Amid Sprinklr's failure to grow its long-term backlog, I'm losing confidence in this company's ability to remain relevant in a rapidly shifting IT landscape. I'm downgrading Sprinklr by a notch further to sell. To me, these are the core red flags that investors need to be aware of in this stock: High chance of disruption by AI. Overall, I believe the "SaaSpocalypse" narrative to be ove...

This thing is poised to eat their lunch. | Photo by Amelia Holowaty Krales / The Verge The MacBook Neo is here, and it took no time at all for an executive from a major PC manufacturer to put their foot in their mouth trying to discuss this new competition from Apple's $600 laptop. On Asus' latest earnings call , CFO Nick Wu said that the Neo and its aggressive entry-level pricing were "certainly a shock to the entire market." Wu also disclosed that Asus had some knowledge of Apple developing the Neo back in 2025, much as many of us had heard rumors of a MacBook with an iPhone chip for months - and yet, Asus and other PC makers seem to have been caught flat-footed. What's worse is these company executives don't even seem to r … Read the full story at The Verge.

A startup backed by Silicon Valley venture firm Andreessen Horowitz plans to revive an abandoned copper mine in Utah to test new technology aimed at automating operations. Mariana Minerals acquired the idled Centennial copper mine from Lisbon Valley Mining Co. LLC last year and will reopen it in April, according to Mariana’s Chief Executive Officer Turner Caldwell . The small mine produced about 2,500 tons of copper a year under Lisbon Valley’s ownership, though Mariana plans to scale the output to 50,000 tons of copper cathode by 2030. The firm will deploy autonomous equipment including haul trucks and drill rigs, Caldwell said. “There just hasn’t been a lot of mining in the US in the last 50 years, partly because we don’t have the people to design and operate these assets,” said Caldwell, who spent about a decade at Tesla Inc. managing the automaker’s battery minerals unit before founding Mariana Minerals. The reopening is the latest example of mining firms looking to revive idled US operations as metal prices climb and the Trump administration pushes to onshore critical minerals. BHP Group and Faraday Copper Corp. are exploring a deal to restart a historic copper mine in Arizona, while Blue Moon Metals Inc. acquired a defunct germanium and gallium mine in Utah from Teck Resources Ltd. in February. Read More: BHP Eyes Restart of Old Arizona Copper Mine With Faraday Deal The closely held firm was among several commodity companies that went to Venezuela last week as part of US Interior Secretary Doug Burgum ’s visit to revive oil and mineral production in the South American country. Mariana closed a Series A funding round in June 2025 backed by Andreessen Horowitz, Breakthrough Energy Ventures and Khosla Ventures .

The war in Iran has ended Canadian drivers’ nearly yearlong sojourn with lower gasoline prices ever since Prime Minister Mark Carney eliminated the country’s consumer carbon tax. The average cost at the pump has surged to C$1.55 ($1.1359) a liter from about C$1.30 in late February, according to price tracker GasBuddy.com . That is equivalent to about $4.28 a gallon in the US. The US and Israel’s war with Iran has disrupted the flow of as much as 20% of the world’s oil supply, driving up the price of crude and in turn gasoline. But higher prices are a mixed bag for Canada . The country is the world’s fourth largest oil producer, pumping more than 5 million barrels a day, and its largest source of export revenue comes from oil and gas. Carney abandoned the consumer carbon tax on April 1 of last year as the country was grappling with a trade war with the US. Cutting the tax sent prices tumbling by about 20 cents a liter within a couple weeks. The current cost is about 6 cents higher than when country had the tax, according to Patrick De Haan , head of petroleum analysis at GasBuddy. Gasoline price gains in Canada tend to outpace the US typically and the current situation is no exception with the fuel up 24.6 Canadian cents from a month ago versus the equivalent of 17.6 Canadian cents in the US, De Haan said. “I would think that the US is probably going to head closer to what Canada is seeing in the days and weeks ahead,” he said. Higher taxes are in party why pump prices in Canada are typically higher than in the US. But drivers in the highest-priced province of British Columbia are still paying less than their West Coast neighbors in California. BC consumers are paying the equivalent of about C$5.12 a gallon versus C$5.35 in the Golden State, according to De Haan.

Market sentiment in the crypto market can turn on a dime. The latest example of that involves Bitcoin (CRYPTO: BTC) . Just five months ago, the price of Bitcoin was soaring, but it's now down to about $70,000, a decline of almost 45% from its record high in October. That's a remarkable reversal of fortune for the world's top cryptocurrency. In the minds of many investors, Bitcoin was as far from a safe asset as possible. So after recovering some lost ground, is Bitcoin on the way back? Heading into 2025, the conventional wisdom was that Bitcoin was a long-term store of value, and one of the best ways to preserve wealth amid macroeconomic headwinds and geopolitical tensions. In fact, some hedge fund investors and Bitcoin advocates were banging the table for the crypto as a digital version of gold . Continue reading

Adobe 股价周五再次下跌7%，原因是有消息称这家Photoshop制造商的长期首席执行官将下台，这使人们对其应对日益激烈的人工智能竞争的战略产生了新的疑虑。 香塔努-纳拉延（Shantanu Narayen）将其创意工具转变为订阅服务，带来了更可靠的收入，从而打造了现代的 Adobe ADBE.O。但近年来，大量人工智能竞争对手涌入Adobe，它们只需简单的文字提示，就能以低成本创建图像，这让Adobe的地位受到质疑。 Adobe周四没有透露何时任命纳拉延的继任者，纳拉延曾担任首席执行官18年，将继续担任董事会主席。分析师称，缺乏清晰度加剧了投资者的担忧，使销售额好于预期、月活跃用户增长强劲的季度业绩黯然失色。 “Quilter Cheviot 公司技术研究主管本-巴林杰（Ben Barringer）说：”市场已经将 Adobe 视为早期人工智能赢家和输家中的错误一方，首席执行官在没有明确继任计划的情况下下台，只会加深这种怀疑。“ 巴林杰说，Adobe 的战略需要更快的执行，而不是彻底的重塑，而这种过渡可能会在竞争对手加速推出产品时减缓决策速度。 Adobe的竞争对手Canva和Figma 已加紧推出GenAI图像、视频和编辑工具，并发布了自己的产品套件，以抢占市场份额。 市场营销人员和电影制片厂也在拥抱这项技术，他们建立了合作伙伴关系，并利用生成功能为目标受众创建活动和短片。 由于新的生成式人工智能工具的兴起，有可能取代传统软件，Adobe 的股票最近陷入了更广泛的抛售潮。 Adobe 的股价今年迄今已下跌约 23%，而在过去两年中，Adobe 的股价跌幅均超过 20%。不过，在纳拉延的任期内，Adobe 的股价还是上涨了六倍多。 责任编辑：刘明亮

美国贸易代表贾米森·格里尔表示，对关税退款支付利息是正常做法。 格里尔在接受采访时回答有关关税退款开始支付后可能需要支付利息的问题。 他还表示，如果美国公司获得任何关税退款，他们应该将这笔钱以奖金或加薪的形式发放给员工。 责任编辑：李肇孚

Pre-Market Stock Futures: Futures are trading higher as we get ready to conclude another dreadful week on Wall Street. The song remains the same as soaring oil prices, another week of war with Iran, and rising inflation worries from current levels remain front and center for investors. All four of the major U.S. indices finished ... Here Are Friday’s Top Wall Street Analyst Research Calls: Adobe, Alcoa, Alphabet, Celanese, Knight-Swift, Linde Plc, Ollie’s Bargain Outlet, Tyson Foods, and More

格隆汇3月13日｜航运研究公司Kpler的统计数据显示，目前有运载近约98万吨化肥的船只滞留在波斯湾地区。Kpler表示，若航运中断常态化，全球肥料原料供应可能会减少30%至50%。

The medtech company, which identified the attack on Wednesday, revealed in an update that its order processing, manufacturing and shipping have been disrupted.

格隆汇3月13日｜据21财经，2026年首批储蓄国债（凭证式）发行，额度“秒光”现象再现。广州地区多家银行网点，得到的普遍是售罄的答复。有国有大行工作人员对记者表示，这是今年首批储蓄国债，部分热衷国债的投资者此前经历了几个月的“空窗期”，因此认购热情相对更高。尤其在中长期定存产品日益紧俏的背景下，5年期储蓄国债明显更为抢手。不过，整体来看，客群仍以中老年人为主。储蓄国债“一债难求”的情况，其实也折射了目前在低利率环境下，资产荒的难题仍难开解。

The spike in oil prices and growing concerns around private credit are causing market activity to resemble the lead-up to the global financial crisis, according to Bank of America’s Michael Hartnett . The strategist flagged how oil doubled to $140 a barrel by August 2008 from $70 in July 2007, accompanied by the start of the “subprime tremors” that engulfed the likes of Northern Rock and Bear Stearns. The Iran war that erupted Feb. 28 has pushed oil prices more than 60% higher this year. “Asset performance in 2026 is more ominously close to price action seen from mid’07 to mid’08,” Hartnett said in a note. Wall Street is “ominously trading ‘07-’08 analog,” he added. Worries are increasing around banks’ exposure to private credit, an asset class grappling with fund redemptions, scrutiny of underwriting standards and the impact of artificial intelligence on some borrowers. At the same time, soaring energy costs caused by the Iran war are driving fears of stagflation, where increasing price pressures force central banks to raise interest rates, just as economic growth stalls. Read more: Economists See Two 2026 Fed Rate Cuts, Worry Over Warsh: Survey The Middle East conflict and its impact on inflation risk pushing the European Central Bank to raise interest rates sooner than anticipated , Governing Council member Peter Kazimir said earlier this week. Hartnett noted that an ECB rate hike in July 2008, on the same day oil prices peaked, turned out to be “one of the greatest policy mistakes of all time.” The ECB was then “forced” to cut by 325 basis points 74 days later as “credit trumped oil,” with the collapse of Lehman Brothers and oil’s plunge to $40 a barrel. For the moment, the market consensus is still pricing a conflict in Iran that won’t be long and that the issues in private credit aren’t systemic, according to Hartnett. This is encouraging continued bullish positioning as investors bank on their view that “policymakers always ride to Wall Street rescue.” The bi...

Got story updates? Submit your updates here. › Quadrature Capital Ltd, a hedge fund, has acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to a recent 13F filing with the Securities and Exchange Commission. The firm purchased 331,708 shares of the semiconductor manufacturer's stock, valued at approximately $109,397,000. Why it matters Broadcom is a major player in the semiconductor industry, providing components and solutions for a wide range of markets including communications, enterprise storage, and broadband access. The acquisition of a significant stake by Quadrature Capital, a prominent hedge fund, suggests the fund sees value and growth potential in Broadcom's business. The details According to the 13F filing, Quadrature Capital Ltd's new position in Broadcom accounts for 1.3% of the firm's overall portfolio, making it the 20th largest holding. The purchase comes as Broadcom has seen its stock price fluctuate in recent months, trading between a 52-week low of $138.10 and a high of $414.61. Quadrature Capital Ltd acquired the new stake in Broadcom during the third quarter of 2026. The players Quadrature Capital Ltd A hedge fund that has acquired a new stake in Broadcom Inc. Broadcom Inc. A global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. Got photos? Submit your photos here. ›

美国总统特朗普在周五播出的福克斯新闻采访中表示，如有必要，美国将护送船只通过霍尔木兹海峡，并称美国将在“未来一周内对伊朗进行猛烈打击”。 当被问及是否会协助油轮通过霍尔木兹海峡这一关键航道时，特朗普表示：“如果需要，我们会这么做。但你知道，希望一切会进展顺利。我们拭目以待。”他未透露其他细节。 他还表示：“未来一周我们将对他们进行猛烈打击。” 特朗普发表上述言论之际，正值美以对伊朗的战争进入第14天，美国及其他国家面临油气价格飙升的局面。 责任编辑：刘明亮

Elon Musk said he intends to rebuild his artificial intelligence startup, xAI, after a series of departures sparked uncertainty about the company’s employee turnover and trajectory. “xAI was not built right first time around, so is being rebuilt from the foundations up,” Musk said in a post on his X social media platform Thursday. The announcement coincides with more high-profile exits from xAI following its merger last month with Musk’s SpaceX . Guodong Zhang, an xAI co-founder who oversaw its image generation product, announced Thursday that he has departed the company. Haotian Liu, who worked closely with Zhang, has also left xAI, citing burnout . Another founding member, Zihang Dai, is also no longer at the company , according to a Business Insider. Dai and xAI did not respond to requests for comment. The rapid exits mean that no more than three of the 12 original xAI co-founders, including Musk, are left at the three-year-old company. On Thursday, Musk hired two senior employees from Cursor, a leading AI coding startup that is currently in fundraising discussions at a $50 billion valuation . Musk admitted at a conference earlier this week that xAI is behind on coding, a key focus for rivals like OpenAI and Anthropic PBC . Musk has been working on the hiring push with Baris Akis, a close ally who’s leading talent recruitment at xAI. “Many talented people over the past few years were declined an offer or even an interview at xAI. My apologies,” Musk posted on X. “Baris and I are going through the company interview history and reaching back out to promising candidates.”

State Street SPDR Portfolio S&P 600 Small Cap ETF (NYSEMKT:SPSM) and iShares Morningstar Small-Cap ETF (NYSEMKT:ISCB) both target U.S. small-cap stocks, but ISCB offers broader diversification and has outpaced SPSM over the past year, albeit with slightly higher costs. Both SPSM and ISCB aim to give investors exposure to U.S. small-cap equities, but they differ in how they construct their portfolios and in some important metrics. This comparison digs into cost, performance, risk, holdings, and trading considerations to help clarify which ETF may appeal more, depending on investor priorities. Continue reading

thamerpic/iStock Editorial via Getty Images Glencore ( GLCNF ) ( GLNCY ) CEO Gary Nagle hopes the recent rise in coal prices will help rekindle Rio Tinto's ( RIO ) interest in creating the world's ​biggest mining company, Reuters reported Friday, citing three investors who met with leaders of both companies this week. The companies held talks earlier this ‌year to forge a $240B company that would combine Glencore's ( GLCNF ) ( GLNCY ) marketing business and copper assets with Rio's ( RIO ) operational expertise to serve fast-growing demand for the metal, but d iscussions ended last month with no deal; u nder U.K. rules, Rio cannot restart talks with Glencore for six months. The three investors said Nagle was optimistic about the prospect of another ​opportunity to agree a deal, according to the report . Glencore ( GLCNF ) ( GLNCY ) is said to believe that Rio's ( RIO ) valuation of the company was tied to the spot price of key commodities like coal on January 7, the day before talks became public, and thinks a more measured view would have been to also take projected prices ​into account. Since January 7, coal prices and Glencore's ( GLCNF ) ( GLNCY ) shares have surged 26%, while Rio's ( RIO ) shares have gained 9%, with iron ore ​prices dropping slightly. Glencore ( GLCNF ) ( GLNCY ) shares now represent ~35% of a combined market value in a Glencore-Rio ( RIO ) tie-up, up from 31.5% when the talks became public and closer ‌to the ⁠40% that Glencore reportedly sought as part of the deal rejected by Rio. More on Glencore Glencore Q4 2025 Earnings Call Presentation Of The World's Five Biggest Copper Producers, Only Glencore Is Still A Buy Rio Tinto And Glencore: A Merger That Could Change The Investment Case

北约防空系统在土耳其上空拦截了冲突爆发以来的第三枚导弹。美军在伊拉克损失了开战以来的第四架军机 【财新网】 3月13日，美以伊战争进入第14天，当事三国仍不断对外释出含混信息。与此同时，冲突规模再次呈现扩大趋势，24小时内，美国一架大型空中加油机在伊拉克坠毁，一名法国士兵在伊拉克库尔德斯坦的训练基地遇袭身亡，另有6人受伤。其他海湾国家遭遇的袭击也在继续，霍尔木兹海峡的封锁局面仍无松动迹象，多国就稳定油价采取紧急措施。 当地时间3月12日，美国总统特朗普开展2月28日以来的首次大规模公众活动，分别到访肯塔基和俄亥俄州，并发表了讲话。其中就美伊战争局势，特朗普强调称，美国“在开始的第一个小时就赢了”，但战争“还没有结束”。