“养龙虾”（OpenClaw）突然走红，受本地部署需求激增驱动，苹果Mac mini M4在短时间内销量大增。第一财经记者近日从深圳苹果官方线下门店了解到，自年前OpenClaw走红以来，Mac mini 的销量就开始增加，目前所有门店内的Mac mini都处于缺货状态，苹果官网的发货周期已经超过了15天。在华强北，二手Mac mini的价格从3100元左右一路涨至4000元，更有商家直言市场上的...
“养龙虾”（OpenClaw）突然走红，受本地部署需求激增驱动，苹果Mac mini M4在短时间内销量大增。第一财经记者近日从深圳苹果官方线下门店了解到，自年前OpenClaw走红以来，Mac mini 的销量就开始增加，目前所有门店内的Mac mini都处于缺货状态，苹果官网的发货周期已经超过了15天。在华强北，二手Mac mini的价格从3100元左右一路涨至4000元，更有商家直言市场上的货不够卖。 “养龙虾”（OpenClaw）突然走红，受本地部署需求激增驱动，苹果Mac mini M4在短时间内销量大增。第一财经记者近日从深圳苹果官方线下门店了解到，自年前OpenClaw走红以来，Mac mini 的销量就开始增加，目前所有门店内的Mac mini都处于缺货状态，苹果官网的发货周期已经超过了15天。在华强北，二手Mac mini的价格从3100元左右一路涨至4000元，更有商家直言市场上的货不够卖。更现场、更财经，一探究竟！
Advertisement Why Taiwan Semiconductor Manufacturing is on investors’ radar Taiwan Semiconductor Manufacturing (NYSE:TSM) has drawn fresh attention after recent share price swings, with the stock up about 1.1% over the past year but roughly flat over the past month. Recent trading has been choppy, with a 2.9% 1 day share price return contrasting with a 5.5% 7 day share price decline. However, the ...
Advertisement Why Taiwan Semiconductor Manufacturing is on investors’ radar Taiwan Semiconductor Manufacturing (NYSE:TSM) has drawn fresh attention after recent share price swings, with the stock up about 1.1% over the past year but roughly flat over the past month. Recent trading has been choppy, with a 2.9% 1 day share price return contrasting with a 5.5% 7 day share price decline. However, the 90 day share price return of 14.9% and very large 3 year total shareholder return of over 3x suggest longer term momentum remains stronger than the latest pullback. If TSM’s swings have you thinking about broader chip exposure, it is a good moment to scan our list of that could benefit from similar themes. With TSM trading around US$348.70, solid recent revenue and net income growth near 17% a year, and mixed short term returns, you have to ask: is this a genuine mispricing, or is the market already baking in future growth? Most Popular Narrative: 195% Overvalued According to the most followed narrative on Simply Wall St, Taiwan Semiconductor Manufacturing’s fair value sits at $118.40, well below the last close of $348.70. This sets up a sharp valuation gap for investors to weigh. TSMC''s broad moat is so impressive that it even attracted Warren Buffett''s attention. The company heavily invests in research and development to improve and produce chips with higher performance and lower power consumption than anyone else. Most recently, the company launched the first dedicated research center in Hsinchu, Taiwan, aiming at developing the next 2-nanometer generation chips while keeping the technology within their borders. Curious how strong growth expectations, generous profit margins, and a premium future earnings multiple come together to justify that fair value? The narrative leans on a specific revenue path, a steady profitability assumption, and a valuation multiple usually linked to long term winners, but the exact mix might surprise you. Result: Fair Value of $118.40 (OVE...
Laurence Dutton/E+ via Getty Images Autodesk ( ADSK ) is a high-quality software compounder with durable network effects and strong reinvestment economics. The stock is a bit overvalued for my liking, in spite of a more recent decline. Even though the ongoing cloud and AI transition should strengthen its moat over time, execution risk and sustained multiple compression limit near-term upside. I am...
Laurence Dutton/E+ via Getty Images Autodesk ( ADSK ) is a high-quality software compounder with durable network effects and strong reinvestment economics. The stock is a bit overvalued for my liking, in spite of a more recent decline. Even though the ongoing cloud and AI transition should strengthen its moat over time, execution risk and sustained multiple compression limit near-term upside. I am bullish on the business long term, but the stock is slightly too expensive for me. They are an American software company that specializes in architecture, engineering, and construction. They were founded in 1982 and IPO'd in 1985. Data by YCharts Their revenue breaks down into AER (architecture, engineering, construction, and operations) at half of revenue, AutoCAD at 24%, Manufacturing at 19%, Media & Entertainment at 4%, and the rest classified as Other. Their most well-known products are AutoCAD and Revit. Let's take a look at their return profile compared to peers: Company Revenue 10-Year CAGR Median 10-Year ROE Median 10-Year ROIC EPS 10-Year CAGR FCF 10-Year CAGR ADSK 9.3% 42.1% 12.4% 30.8% 9.5% Dassault Systèmes ( DASTY ) 8.7% 13.2% 9.5% 12.9% 10.6% PTC Inc. ( PTC ) 8.1% 9.9% 5.8% 31% 19.1% Trimble Inc. ( TRMB ) 4.4% 11.2% 7.3% 22.4% 3.3% Nemetschek SE ( NEMTF ) 14.5% 26.8% 18.8% 16.8% 19.8% Click to enlarge Capital Allocation Let's take a closer look at how capital has been allocated for the past ten years: Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue 2,504 2,031 2,057 2,570 3,274 3,790 4,386 5,005 5,497 6,131 EBIT 1 -419 -415 17 344 629 618 989 1,128 1,369 FCF 414 170 1 377 1,415 1,432 1,520 2,065 1,283 1,545 Acquisitions 148 85 1,040 246 1,250 96 70 825 Debt Repayment 400 500 450 350 Repurchases 347 502 605 203 349 438 965 977 665 731 SBC 197 222 261 250 362 398 555 657 703 683 Click to enlarge Source The capital allocation at ADSK is straightforward because, objectively, reinvesting internally is still priority number one even though top line g...
St Albans Cathedral, Hertfordshire: The chapel here is a wonderful curiosity, thanks to its restoration by a green-fingered Victorian sculptor All’s quiet in the Lady Chapel, sheltered from the bustle of the city by thick limestone walls of Totternhoe clunch , quarried just a few miles north-west in Bedfordshire. But though I’m aware of being alone in a vast vaulted space, when I look at the stone...
St Albans Cathedral, Hertfordshire: The chapel here is a wonderful curiosity, thanks to its restoration by a green-fingered Victorian sculptor All’s quiet in the Lady Chapel, sheltered from the bustle of the city by thick limestone walls of Totternhoe clunch , quarried just a few miles north-west in Bedfordshire. But though I’m aware of being alone in a vast vaulted space, when I look at the stonework, I feel surrounded by the echoes of women who’ve stood here before me and left their legacy on the chapel walls. By the late 19th century, the Lady Chapel was dilapidated, the 14th-century ornamental stonework almost all obliterated, and an extensive restoration project was under way. John Baker, a London-based ecclesiastical sculptor, was commissioned to recreate the decorative capitals, bosses and corbels on the arches. Baker, known for his naturalistic masonry work, asked the ladies of the parish to bring in plants as models, perhaps to help him replace botanical carvings from the original medieval stonework. Continue reading...
Getty Images By Warren Patterson , Head of Commodities Strategy and Ewa Manthey , Commodities Strategist Energy: Oil market relief The market is now aware of President Trump’s pain threshold on oil prices. ICE Brent surged as much as 28% at one stage yesterday, reaching just below $120/bbl. That came as upstream oil production in the Persian Gulf shut down with little sign of a resumption in oil f...
Getty Images By Warren Patterson , Head of Commodities Strategy and Ewa Manthey , Commodities Strategist Energy: Oil market relief The market is now aware of President Trump’s pain threshold on oil prices. ICE Brent surged as much as 28% at one stage yesterday, reaching just below $120/bbl. That came as upstream oil production in the Persian Gulf shut down with little sign of a resumption in oil flows through the Strait of Hormuz. Yet reports that G-7 finance ministers were considering a significant release of oil from strategic reserves, along with comments from President Trump suggesting that the war might end soon, sent prices plunging later in the session. At one point, Brent traded towards $85/bbl. Trump’s words will only go so far. Ultimately, the market will need to see a resumption of oil flows through the Strait of Hormuz to sustain a move lower in oil prices. Failing that, we are unlikely to have seen the highs yet. Regarding a coordinated release of oil from reserves, the G-7 finance ministers did not make a decision yesterday. There are reports that the group will meet again today and could agree on a coordinated release of 300-400m barrels. This would be a record for coordinated releases. Back in 2022, 182m barrels were released in a coordinated response. When combined with independent releases, this increased to 240m barrels. The mere suggestion of this release has helped ease prices. However, tapping strategic reserves is a temporary fix that only offers short-term relief. A large stock release could affect the forward curve. It could put some pressure at the front end while offering support further along the curve, amid expectations that reserves will need to be replenished down the line. Trump also said his administration will ease oil-related sanctions on some countries until oil flows through the Strait of Hormuz return. While Trump didn’t provide details on which countries could see sanctions eased, reports indicate that his administration is con...
A 42% haircut over just 90 days can make almost any cryptocurrency look like a bargain, at least on the surface. But with Cardano (ADA +2.12%), it's necessary to probe a bit deeper before making a purchase with $1,000 -- despite it being a favorite coin of yesteryear. After all, it's entirely possible for a chain like this one to have a price that's low for a reason. Let's dive in and determine if...
A 42% haircut over just 90 days can make almost any cryptocurrency look like a bargain, at least on the surface. But with Cardano (ADA +2.12%), it's necessary to probe a bit deeper before making a purchase with $1,000 -- despite it being a favorite coin of yesteryear. After all, it's entirely possible for a chain like this one to have a price that's low for a reason. Let's dive in and determine if there's any meat left on the bone here. The coin being priced cheaply doesn't fix its core problem A blockchain's value is determined by the economic activity it hosts, the fees it generates, and the capital it attracts. By those measures, Cardano simply isn't positioned well today, nor is it well-positioned for the future. The chain's total value locked (TVL), which measures the capital held in its decentralized finance (DeFi) protocols, is roughly $141 million. In the grand scheme of things, Cardano's TVL is smaller than that of many chains, which most investors -- including yours truly -- have never even heard of. That makes it an unlikely place to be the next decentralized finance boom. Expand CRYPTO : ADA Cardano Today's Change ( 2.12 %) $ 0.01 Current Price $ 0.26 Key Data Points Market Cap $9.6B Day's Range $ 0.25 - $ 0.26 52wk Range $ 0.23 - $ 1.01 Volume 508M Worse yet, Cardano retained just $270 in chain revenue from the $1,350 in transaction fees it incurred during the 24-hour period ending at 9 a.m. on March 8. For the sake of comparison, Ethereum brought in $77,095 in chain revenue in the same period. Similarly, Cardano's daily active wallet addresses tend to fluctuate between 30,000 and 40,000, versus roughly 700,000 for Ethereum. What's causing Cardano to lag so much? In short, it's a smart contract platform in an ocean of others, including Ethereum. Whatever unique features it's offering to developers or to users with capital, on average, they aren't enough to get people to take the bait and build applications on the chain. Don't pay the patience tax It's s...