SpaceX's ( SPCX ) self-assessed total addressable market of $28.5T would, if realized, approach the entire output of the U.S. economy. In its IPO prospectus, the company said it has "identified the largest actionable total addressable market in human history," largely driven by AI software and the smallest contribution from space. And SpaceX notes that for "illustrative purposes of sizing our addr...
SpaceX's ( SPCX ) self-assessed total addressable market of $28.5T would, if realized, approach the entire output of the U.S. economy. In its IPO prospectus, the company said it has "identified the largest actionable total addressable market in human history," largely driven by AI software and the smallest contribution from space. And SpaceX notes that for "illustrative purposes of sizing our addressable market opportunity" they are excluding China and Russia from global estimates. The $28.5T forecast compares to U.S. Q1 2026 nominal GDP of nearly $32T, with the estimate for the market of AI enterprise applications of $22.7T about 70% of total U.S. economic output. Here's how they break it down: AI enterprise applications — $22.7T AI infrastructure — $2.4T Starlink Broadband — $870B AI consumer subscriptions — $760B Starlink Mobile — $740B AI digital advertising — $600B Space-enabled solutions — $370B SpaceX S-1 More on SpaceX SpaceX IPO: Accelerated S&P 500 Inclusion Could Create A Liquidity Vacuum To A Trillion(s) Dollars And Beyond: A SpaceX IPO Odyssey SpaceX: $1.75T IPO And 220x EV/EBITDA Could Trigger Surge In Aerospace And Defense Tesla booked about $890M in revenue tied to SpaceX and xAI since 2023 Anthropic signs $45B deal with SpaceX to secure AI infrastructure
Equity Residential ( NYSE: EQR ) and AvalonBay Communities ( NYSE: AVB ) agreed to combine in an all-stock merger of equals, creating a major U.S. rental housing company with about $52B in equity market value, $69B in enterprise value, and more than 180,000 apartment units. The transaction is expected to be completed in the second half of 2026, subject to shareholder approval by both AvalonBay and...
Equity Residential ( NYSE: EQR ) and AvalonBay Communities ( NYSE: AVB ) agreed to combine in an all-stock merger of equals, creating a major U.S. rental housing company with about $52B in equity market value, $69B in enterprise value, and more than 180,000 apartment units. The transaction is expected to be completed in the second half of 2026, subject to shareholder approval by both AvalonBay and Equity Residential and satisfaction of other customary closing conditions. It is expected to qualify as a tax-free reorganization for U.S. federal income tax purposes. Under the terms of the agreement, which has been unanimously approved by the Board of Directors of AvalonBay and the Board of Trustees of Equity Residential, AvalonBay shareholders will receive 2.793 shares of Equity Residential common stock for each share of AvalonBay common stock owned. Upon closing, AvalonBay shareholders will own ~51.2% and Equity Residential shareholders will own ~48.8% of the combined company on a fully diluted basis. The deal will be accretive to both AvalonBay ( AVB ) and Equity Residential ( EQR ) shareholders, generating $175M of gross synergies and $125M of net synergies after real estate tax reassessments. The transaction also delivers an initial annualized dividend of $2.81/share, equivalent to Equity Residential's existing dividend per share and higher than AvalonBay's current dividend yield. More on AvalonBay Communities, Equity Residential AvalonBay Communities Is Capitalizing On Valuation Gaps Equity Residential (EQR) Q1 2026 Earnings Call Transcript AvalonBay Communities, Inc. (AVB) Q1 2026 Earnings Call Transcript AvalonBay replaces Mid-America in BofA Securities' industry top picks after Q1 results AvalonBay, Equity Residential weigh megamerger - report
Key Points This car company’s robust brand supports ongoing pricing power, which leads to incredible profits. Investors might be nervous about an upcoming product launch, even though the business exceeded analyst estimates in Q1. Despite a winning long-term track record, this stock trades 36% below its peak, resulting in a compelling valuation. 10 stocks we like better than Ferrari › It seems like...
Key Points This car company’s robust brand supports ongoing pricing power, which leads to incredible profits. Investors might be nervous about an upcoming product launch, even though the business exceeded analyst estimates in Q1. Despite a winning long-term track record, this stock trades 36% below its peak, resulting in a compelling valuation. 10 stocks we like better than Ferrari › It seems like all the attention in recent years has gone to the artificial intelligence trade. This is understandable. The poster child of this boom, Nvidia, is trying to close in on a mind-boggling $6 trillion market cap. Investors should learn to expand their horizons, though. Even in areas of the market that might appear boring, such as the industrial sector, there can be worthwhile opportunities, like this special company. Continue reading to learn about the best industrial stock to own for the next 10 years. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » These favorable traits highlight a high-quality business The business investors should focus their attention on is Ferrari (NYSE: RACE), the Italian carmaker that stands out in the industry. There are notable factors indicating that this is an outstanding company. Ferrari's success ultimately depends on its brand, which is recognized as a luxury one in the industry. The business intentionally limits the volume of cars that it makes and sells, supporting incredible demand. This strategy leads to pricing power, with Ferrari cars costing as much as houses do. Some models even fetch seven-figure price tags. Consequently, the business generates impressive profits. Its operating margin came in at 29.7% in the latest quarter. Perhaps an overlooked characteristic is that this company would likely fare well in an adverse economic scenario, something that can't be said ab...
jetcityimage/iStock Editorial via Getty Images Caught in a Vicious Drawdown After updating my investment thesis on The Trade Desk ( TTD ) yesterday, I now turn my attention to the apparel company lululemon athletica inc. ( LULU ). Even though they operate in completely different industries, both companies have been through a significant shift in market sentiment, from extreme optimism to extreme p...
jetcityimage/iStock Editorial via Getty Images Caught in a Vicious Drawdown After updating my investment thesis on The Trade Desk ( TTD ) yesterday, I now turn my attention to the apparel company lululemon athletica inc. ( LULU ). Even though they operate in completely different industries, both companies have been through a significant shift in market sentiment, from extreme optimism to extreme pessimism. To be more specific, lululemon's share price is down by more than 75% relative to its all-time high of $516.39 per share reached at the end of December 2023. lululemon Historical Share Price (Questrade, David Desjardins) Interestingly enough, Lululemon's share price drawdown is perfectly in line with the one currently experienced by NIKE, Inc. ( NKE ), as discussed in a previous article published last month. In other words, two of the largest athletic apparel companies are down by roughly 75% since their all-time highs, so what is going on within the industry? In fact, both Lululemon and Nike have been among the largest casualties of President Trump's import tariffs announced in April 2025. On top of a challenging macroeconomic environment, both companies must also deal with rising competitive pressures. In lululemon's case, I am more specifically referring to other premium and rapidly growing brands like Vuori and Alo , among others. Despite a challenging operating environment, Nike continues to generate significant free cash flows underpinned by a strong balance sheet with no net leverage. The dividend yield is now at the highest level since the company's initial public offering in December 1980, and it is also well-covered by internally generated free cash flows. Nike Initiating Coverage (Seeking Alpha, David Desjardins) Any company caught in a ~75% drawdown is obviously facing challenges, and it is precisely why this is my hunting ground. After four years of living alone in the wilderness, I relate particularly well to Charlie Munger when he talks about the im...
What Happened? A number of stocks fell in the afternoon session after a broader selloff hit the semiconductor sector amid valuation concerns and investor nervousness ahead of Nvidia's earnings report. The decline was part of an industry-wide trend where investors retreat from richly valued chip stocks. These stocks were a primary force behind the U.S. market's climb to record highs. Earnings from ...
What Happened? A number of stocks fell in the afternoon session after a broader selloff hit the semiconductor sector amid valuation concerns and investor nervousness ahead of Nvidia's earnings report. The decline was part of an industry-wide trend where investors retreat from richly valued chip stocks. These stocks were a primary force behind the U.S. market's climb to record highs. Earnings from Nvidia, a key player in the artificial intelligence space, were viewed as a significant test for the AI boom narrative that powered the market. This uncertainty contributed to the negative sentiment across the semiconductor space, leading to a slide in major chipmakers. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Zooming In On Photronics (PLAB) Photronics’s shares are extremely volatile and have had 38 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The previous big move we wrote about was about 21 hours ago when the stock dropped 5.4% on the news that a broad-based sell-off hit the semiconductor sector following news of a potential strike at Samsung and a stake sale by Taiwan Semiconductor Manufacturing (TSMC), which rattled global chip supply chains. These events highlighted significant supply-chain risks, triggering a sharp reversal across the chip industry. Adding to the sector's weakness were rising valuation concerns, inflation fears, and broader market jitters that led to renewed selling pressure on major companies like NVIDIA, Intel, and Micron Technology. Furthermore, ongoing supply constraints for rare earth materials, which are used in semiconductor manufacturing, reportedly caused delays and higher input costs for firms in the sector, compounding the negative sentiment for chip-related s...
Shoe Carnival press release ( SCVL ): Q1 Non-GAAP EPS of $0.23 in-line. Revenue of $270.7M (-2.5% Y/Y) beats by $3.4M . The Company is reaffirming its previously communicated Fiscal 2026 guidance, which continues to contemplate: Net sales of $1.125 billion to $1.147 billion, representing a range of down 1 percent to up 1 percent versus Fiscal 2025; Adjusted EPS of $1.40 to $1.60 vs $1.50 consensus...
Shoe Carnival press release ( SCVL ): Q1 Non-GAAP EPS of $0.23 in-line. Revenue of $270.7M (-2.5% Y/Y) beats by $3.4M . The Company is reaffirming its previously communicated Fiscal 2026 guidance, which continues to contemplate: Net sales of $1.125 billion to $1.147 billion, representing a range of down 1 percent to up 1 percent versus Fiscal 2025; Adjusted EPS of $1.40 to $1.60 vs $1.50 consensus Gross profit margin of approximately 34 percent, representing approximately 260 basis points of compression versus Fiscal 2025; Reductions in Adjusted SG&A of $12 to $14 million versus Fiscal 2025; and An Adjusted Tax Rate of approximately 26 percent. More on Shoe Carnival Shoe Carnival's Rebannering Plan Might Not Be Going Well (Rating Downgrade) Shoe Carnival, Inc. (SCVL) Q4 2025 Earnings Call Transcript Shoe Carnival's Transition Is A Step In The Right Direction Shoe Carnival Q1 2027 Earnings Preview Shoe Carnival stock rises 5%, CFO increases holding
Rathbones Group PLC boosted its stake in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 8.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,018,629 shares of the semiconductor company's stock after buying an additional 77,053 shares during the period. Taiwan Semiconducto...
Rathbones Group PLC boosted its stake in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 8.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,018,629 shares of the semiconductor company's stock after buying an additional 77,053 shares during the period. Taiwan Semiconductor Manufacturing comprises 1.2% of Rathbones Group PLC's investment portfolio, making the stock its 20th largest holding. Rathbones Group PLC's holdings in Taiwan Semiconductor Manufacturing were worth $309,551,000 as of its most recent filing with the Securities and Exchange Commission. Several other institutional investors and hedge funds have also recently bought and sold shares of TSM. Brighton Jones LLC raised its holdings in Taiwan Semiconductor Manufacturing by 20.9% during the 4th quarter. Brighton Jones LLC now owns 10,930 shares of the semiconductor company's stock worth $2,159,000 after buying an additional 1,892 shares during the period. Gamco Investors INC. ET AL acquired a new stake in Taiwan Semiconductor Manufacturing during the 2nd quarter worth about $701,000. Bank of Nova Scotia raised its holdings in Taiwan Semiconductor Manufacturing by 12.8% during the 2nd quarter. Bank of Nova Scotia now owns 15,697 shares of the semiconductor company's stock worth $3,556,000 after buying an additional 1,784 shares during the period. FWL Investment Management LLC grew its holdings in shares of Taiwan Semiconductor Manufacturing by 26.5% during the second quarter. FWL Investment Management LLC now owns 253 shares of the semiconductor company's stock valued at $57,000 after buying an additional 53 shares in the last quarter. Finally, Main Street Financial Solutions LLC purchased a new position in shares of Taiwan Semiconductor Manufacturing during the second quarter valued at $270,000. Institutional investors and hedge funds own 16.51% of the company's stock. Get TSM ale...
IFP Advisors Inc lessened its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 13.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 13,954 shares of the semiconductor manufacturer's stock after selling 2,194 shares during the period. IFP Advisors Inc's holdings in Micron Technology were worth $3,983,000 at the end of the most recent quarter. A ...
IFP Advisors Inc lessened its holdings in Micron Technology, Inc. (NASDAQ:MU - Free Report) by 13.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 13,954 shares of the semiconductor manufacturer's stock after selling 2,194 shares during the period. IFP Advisors Inc's holdings in Micron Technology were worth $3,983,000 at the end of the most recent quarter. A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. REAP Financial Group LLC bought a new position in Micron Technology in the third quarter worth approximately $25,000. High Note Wealth LLC boosted its position in Micron Technology by 65.4% during the 4th quarter. High Note Wealth LLC now owns 86 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Elevation Wealth Partners LLC increased its holdings in shares of Micron Technology by 295.8% in the 4th quarter. Elevation Wealth Partners LLC now owns 95 shares of the semiconductor manufacturer's stock valued at $27,000 after acquiring an additional 71 shares during the period. Steigerwald Gordon & Koch Inc. raised its position in shares of Micron Technology by 4,800.0% in the 4th quarter. Steigerwald Gordon & Koch Inc. now owns 98 shares of the semiconductor manufacturer's stock worth $28,000 after acquiring an additional 96 shares in the last quarter. Finally, GHP Investment Advisors Inc. raised its position in shares of Micron Technology by 91.2% in the 4th quarter. GHP Investment Advisors Inc. now owns 109 shares of the semiconductor manufacturer's stock worth $31,000 after acquiring an additional 52 shares in the last quarter. 80.84% of the stock is currently owned by institutional investors. Get Micron Technology alerts: Sign Up Insider Activity at Micron Technology In other Micron Technology news, EVP Sumit Sadana sold 24,000 shares of the business's stock in a transaction tha...
Trygve Finkelsen/iStock Editorial via Getty Images Introduction I missed a phenomenal rally by selling out of Sandisk ( SNDK ) in February 2026 when I switched to its production JV partner Kioxia ( KXIAY ), thinking that the Japanese company was far cheaper and benefited from the same demand drivers. Subsequently, I delved deeper into the NAND market and SNDK's technological advantages and am upgr...
Trygve Finkelsen/iStock Editorial via Getty Images Introduction I missed a phenomenal rally by selling out of Sandisk ( SNDK ) in February 2026 when I switched to its production JV partner Kioxia ( KXIAY ), thinking that the Japanese company was far cheaper and benefited from the same demand drivers. Subsequently, I delved deeper into the NAND market and SNDK's technological advantages and am upgrading the view and estimates, which now support a price target in the $3,000 level by June 2027. Memory For AI: Stargate Advantage While I am not an expert in memory semiconductors, I have gathered comprehensive data to better understand this market. For AI and now Agentic AI to proliferate and become a viable business able to serve millions of enterprises and billions of individuals, it needs data centers, whether on Earth or in orbit; and those data centers need memory (along with GPUs and other components). However, there are several types of memory, each optimal for a specific application or use case. NAND or non-volatile flash memory holds data when it's powered off, unlike DRAM/HBM, and has higher memory capacity at a moderate speed, and is less expensive. While LLMs use DRAM/HBM to process data, the NAND is where it is stored and called up; the faster and more accurate, the better (inference and latency) Within NAND, there are grades or cell types with differing levels of capacity, speed, and reliability. As AI models grow and always-on Agentic AI develops, enterprise SSDs shift from supporting components to core infrastructure. Sandisk's Stargate brand, which is co-developing high-band flash with SK hynix, is a strategy to escape the commodity cycle. The reason for switching out of Kioxia back to SNDK is that it has greater value-added products. Kioxia is primarily a wafer maker and outsources the controller intelligence and firmware. So while they may share production facilities, the end product is different, and this is where I, and perhaps others, underestimated ...