When her sibling died in an accident the singer-songwriter sought comfort in music. But after finding that the most celebrated records about loss were angry, loud and male, she set about creating something very different In the months after her sister’s death, singer-songwriter Liz Lawrence couldn’t even listen to music, let alone play it. “I was very much, ‘That’s in the past and I don’t know what’s going to be asked of me now,’” she says. “I didn’t think about my work. I wasn’t interested. I didn’t have any appetite for it.” After slowly gravitating back to music via female vocalists such as Lisa O’Neill, Adrianne Lenker and Joanna Newsom, and as the time afforded to grieving was squeezed out by a life still ongoing, Lawrence realised she needed songs that allowed her to return to that “space of contemplation, reflection and sadness”. She quickly searched out a Reddit thread of the best grief albums of all time, only to find a lengthy list of very specific rock and metal records chiefly made by men. “I was just looking for open and frank sadness,” she says, as opposed to the anger broiling within the suggested albums. That plain-speaking despair permeates Lawrence’s beautiful fifth album, Vespers, an unvarnished tribute to elder sister Jessie, who died suddenly in 2024 following an accident while on holiday with her partner and two small children in Ireland. Continue reading...

Pensioners vote and young people don’t, so the truism goes. That’s no longer any reason to avoid dealing with the triple lock Nothing makes you feel more like a de-developing nation than being reprimanded by the International Monetary Fund (IMF). Rachel Reeves can take solace in trace amounts from the fact that the IMF advised her only to “ stay the course ” on spending limits – whatever energy or inflation crises are down the line, she shouldn’t cave to demands for government support. Basically, “when the facts change, do not change your mind” – the opposite of the economists’ classic, but then, haven’t we all had enough of classics? It’s a milder rebuke than the one delivered to the then chancellor, Kwasi Kwarteng, in 2022, about which the BBC’s economics editor, Faisal Islam, admitted “ even I was taken aback ”, creating a ripple effect: other, lesser economy-watchers were taken aback at the abackness that had taken the unflappable Islam. But it still has a sting in its tail, enjoining Reeves to keep her focus on “controlling the rising welfare bill, as well as delivering further efficiency measures in public services, while protecting the most vulnerable”. Zoe Williams is a Guardian columnist Continue reading...

The prosecution: Deirdre double quotation mark What gets to me is that whenever I get the mop out, instead of helping, Martin criticises me My husband of five years, Martin, and I have different views on how to best keep our floors clean. We have a cat and a dog so naturally the floors get dirty. There’s hair, dust and whatever gets walked in from outside. Vacuuming helps, but it doesn’t actually clean the floor – it just removes the visible bits. At some point, you need to wash the floor with a mop. I mop once a week. I don’t enjoy it, but I watched my mother do it every week growing up and it feels like a basic point of hygiene. What frustrates me is that Martin treats this like an optional extra, or something silly that doesn’t work. We split chores and he does the cooking, but mopping has somehow become a running joke, because he’s decided it doesn’t work. His main argument is that mopping just spreads dirty water around. Sure, if you do it badly – if you don’t wring the mop or replace the water regularly – it can be inefficient, but that’s not what I’m doing. I wring out the mop, I go over the floor evenly, and it makes such a difference. double quotation mark He says he doesn’t want to get involved, but he does get involved – from the sofa We have sparkling floors, which I love – even if it’s only for 10 minutes because of the animals. What really gets to me is that whenever I get the mop out, instead of helping, Martin criticises me. He explains why it’s ineffective or how it should be done differently, but he won’t do it himself. When he did, he tipped a whole bucket of water on the floor and mopped it up, saying that was more efficient. But he just made a mess. He says vacuuming is enough. I’ve suggested we invest in a fancy bucket that keeps the clean and dirty water separate, but he says he doesn’t want to get involved. The thing is, he does get involved – from the sofa. Don’t dismiss the entire chore if you can’t do it yourself. This isn’t about loving o...

“Clarck Ntambwe originally turned to boxing and went to the gym to learn how to fight so she could kill the guys that murdered her dad,” Matthew Leutwyler says of the young woman whose life story provided the basis for the powerful and moving feature film he wrote and directed against the backdrop of tragic conflict in the Democratic Republic of the Congo. Fight Like a Girl is also inspired by the memory of Leutwyler’s close friend Balezi “Kibomango” Bagunda, a former child soldier turned boxing champion who trained women to fight in the ring. Ntambwe became one of Kibomango’s star fighters at the women’s boxing club he founded in Goma – the city where the trainer was gunned down soon after the movie was completed. Kibomango was killed by M23 rebels while he was helping Leutwyler evacuate 41 children from a village under attack in eastern Congo. Leutwyler, an American director who has lived in Africa for the past 13 years, was at the gym, filming a documentary about Kibomango’s life, when Ntambwe arrived with retribution in her heart. “We have this in the documentary because, when we found out why Clarck wanted to learn how to fight, we sat her down and said: ‘You cannot join the gym if that’s the case. That’s not what we do,’” Leutwyler says. “So it took a while before Clarck was any good at boxing.” The film charts the true story of how boxing helped Ntambwe piece together the broken strands of her life. She drew on her deepest reserves of resilience and, guided by Kibomango, reached the final of the African Boxing Championships. Ntambwe makes an impressive acting debut in the movie, playing the part of Aisha, the most serious fighter in the gym who helps the new girl. She now lives in Seattle and, Ntambwe confirms her initial motivation. “Yes it is true,” she says as she switches between her functional English and Swahili. “At first, when I do boxing, it really was to get revenge on the people who killed my dad. In the gym they could see the anger. But my grandpa...

Technology Innovation: The lab provides a dedicated space for AI partners to experiment with next-gen solutions across the entire networking stack – driving emerging standards forward with pioneering approaches to new protocols, switching silicon, congestion control, real-time telemetry, and automation. The AI Networking Innovation Lab provides an environment where emerging commercial technologies can be developed and validated. Within the lab, Nokia brings together advanced AI networking protocols, cutting-edge switching silicon and hardware platforms, and new architectural concepts designed specifically for AI-driven data centers. These technologies are tested and accelerated in close collaboration with a global ecosystem of partners. AI workloads are fundamentally changing how data center networks must operate. The performance, scale, and precision required to support large-scale AI training and distributed, real-time inference place unprecedented demands on networking infrastructure. To address these challenges, Nokia is adopting a new approach to how technologies are integrated, tested, and deployed from the ground up for the AI era. Sunnyvale, USA – Nokia today announced the launch of its AI Networking Innovation Lab, a new center designed to drive co-innovation with AI and cloud partners and accelerate the development of next-generation networking technologies for artificial intelligence (AI) infrastructure. Located within Nokia’s Sunnyvale, California facility, the lab serves as an innovation hub where Nokia will work across advanced AI networking technologies, architectures and ecosystems with a variety of partners to help shape the future of data center networking. Lab serves as a testing ground for Nokia Validated Designs and a co-innovation hub with global AI and cloud partners—validating real-world scenarios, integrating commercial technologies, and advancing next-gen networking solutions to deliver much of the foundational infrastructure that organizat...

Riccardo Fabbri, Chief Technology Officer of Audiencerate Ltd. Co-founder and former managing partner of Nohup, recognized by the Financial Times among Europe's leading firms in the sector (2021 and 2022) and acquired by the Havas Group in August 2021. Leads the AI-driven phase of Audiencerate's independent Customer Match infrastructure. Postel, the MadTech platform for Italian SMEs powered by Audiencerate and distributed through the Poste Italiane built on Microsoft Azure, ISV Co-sell certified and MACC-eligible channel (left) and Audiencerate's DMP for media agencies and data providers (right), a Google DV360 Customer Match Partner, ISO 27001 certified. The co-founder and former managing partner of Nohup (acquired by Havas Group in 2021) will lead the development of the artificial intelligence infrastructure that integrates first-party and third-party data, powering the platform delivered with Postel and Microsoft to Italian SMEs and the platform with the DV360 offering for global media agencies. LONDON & MILAN, May 21, 2026--(BUSINESS WIRE)--Audiencerate Ltd, one of the few globally certified Google Customer Match Upload Partners and a Microsoft IP Co-sell certified partner with MACC eligibility, today announced the appointment of Riccardo Fabbri as Chief Technology Officer. The appointment marks a phase of dual expansion: the Audiencerate–Postel–Microsoft platform for Italian SMEs, and the Data platform integrated with Google DV360 for Agencies and Data Providers — both evolving toward a model that natively leverages first-party and third-party data through AI and machine learning. A profile built on twenty years of digital transformation Fabbri brings to Audiencerate over two decades of experience in software development and cloud architectures. Co-founder in 2004 of Nohup, a digital consultancy in cloud-native development, he led the company to Financial Times recognition among Europe's leading firms in the sector for two consecutive years (2021 and 2022). In ...

For generations, graduates have been advised to map out their careers: Pick a job, plot the promotions, and know exactly where you want to be in 10 years. But ex-Facebook exec Sheryl Sandberg thinks that advice is dangerously outdated. “Don’t script your career when the future is uncertain,” the former chief operating officer of Meta just told graduates at Brandeis University. “You don’t need a 10-year plan. If I had one, I would have missed the internet.” Sandberg, who went on to become one of the most powerful women in Silicon Valley, knows firsthand how tempting it is to cling to a rigid plan when the job market looks shaky—as well as what it’s like to enter the working world at a time of huge technological disruption. Having graduated from Harvard in 1991, the internet as we know it barely existed—the World Wide Web had just been invented and wasn’t released to the public until two years later. After leaving school, she worked at the Treasury Department under President Bill Clinton, but when the administration ended, she struggled to find her next job. “There were days—and I’m not being dramatic—when I thought I would never find one,” she added. “When I finally got an offer, I worried that the company might not even survive.” That company was called Google. Of course, it’s since become one of the world’s most valuable businesses: Today, Google has a $4.7 trillion market cap. And Sandberg benefited from being there in the early days, growing its sales team from four people to 4,000, before famously becoming Mark Zuckerberg’s right-hand woman. None of it could have been planned. The technology—and the roles it would create—didn’t exist yet. “I wish someone had told me during those many months of fear, the plan was never the life raft,” she said. The point to Gen Zers is this: In an AI-disrupted job market where the roles today’s graduates are chasing may look completely different (or disappear altogether) within a few years, trying to script their future isn’t jus...

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霍尔木兹海峡持续封航的风险，对绝大多数工业股而言堪称宏观层面的利空信号，但对于 陶氏 化学（DOW）来说，这一局势已推动其股价在过去六个月大涨77%，若航运受限局面长期延续，还将持续成为其股价上涨的利好催化剂。 据悉，全球大量聚乙烯（包装、管材等各类产品通用塑料原料）产自中东地区，且生产依赖石油基原料。 中东地区供应链中断会收紧全球供给、推高产品售价。与此同时，油价上涨也抬高了全球各地以石脑油为原料的同业厂商生产成本。而陶氏化学则坐拥差异化优势，依托美国本土低成本乙烷原料生产聚乙烯。 在全球售价走高、同行生产成本激增的大环境下，陶氏化学可顺势上调产品售价，无需调整经营策略，便能直接实现利润率扩张。 供给冲击重塑聚乙烯行业盈利格局 陶氏化学经营管理层最新研判改写了公司发展预期。管理层在4月表示，中东供应链扰动局面将延续至2026年，全球聚乙烯供给将持续偏紧，而陶氏依托美国乙烷原料的生产模式，成本结构性优势将进一步凸显。 最直观的短期佐证就是公司下季度业绩指引：陶氏预计第二季度营收约120亿美元，息税折旧摊销前利润（EBITDA）约20亿美元，相较一季度98亿美元营收、8.73亿美元息税折旧摊销前利润实现环比大幅跃升。 除却宏观利好加持，陶氏化学同步推进内部重组计划，通过关停工厂、精简人员、优化采购实现降本增效，预计2026年可借此削减约11亿美元成本。在利润率已然上行的阶段落地降本举措，效果远胜于依靠降本对冲产品售价低迷的处境。 管理层还表示，旗下所有业务板块及各区域市场产品售价均呈现上行态势，为业绩复苏筑牢全面根基。若如管理层预期，聚乙烯供给紧张格局延续至2026年，陶氏化学凭借低成本产能布局，将在高价市场中持续增厚盈利。 中东供给扰动收紧聚乙烯市场行情，进一步放大陶氏化学美国低成本塑料业务的盈利空间。 稳健资产负债表给予充足发展窗口期 市场此前担忧的短期偿债压力已然消退。目前陶氏手握超40亿美元现金，整体流动性规模约140亿美元，且暂无大额债务到期压力，下一批大额债务直至2029年才需兑付。 充裕的现金流与长周期债务结构，让公司足以平稳度过现金流偏弱阶段，无需被迫进行高成本再融资，也不必仓促调整分红政策。 当前核心关注点在于，亮眼的息税折旧摊销前利润能否切实转化为自由现金流。一季度陶氏实现经营现金流11.2亿美元，其中仅6亿美元转化为自由现金流，当期季度分红支出达...

5月8日国内成品油价格调整以来，国际市场原油价格震荡上行后有所回落，本次调价的前10个工作日平均价格高于上次调价前10个工作日平均价格。根据国际市场油价变化情况，自5月21日24时起，国内汽、柴油（标准品）价格每吨分别上调75元、70元。 中石油、中石化、中海油公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。

格隆汇5月21日｜国家发改委消息，5月8日国内成品油价格调整以来，国际市场原油价格震荡上行后有所回落，本次调价的前10个工作日平均价格高于上次调价前10个工作日平均价格。根据国际市场油价变化情况，自5月21日24时起，国内汽、柴油（标准品）价格每吨分别上调75元、70元。中石油、中石化、中海油公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。

上海市第六人民医院福建医院（和敏院区）由安踏集团和敏基金会全资捐建，2026年5月将正式进入竣工筹备阶段。该医院是集医疗、教学、科研、预防、康复等多项功能于一体的现代化、高水平、骨科特色突出的国家创伤区域医疗中心，规划床位1000张，建筑面积约24万平方米，由8栋建筑组成。上海六院将品牌、管理、技术成体系平移至晋江，未来泉州、晋江百姓在家门口享受到的不仅是上海专家的定期坐诊，更是一整套与上海同质的诊疗规范、管理流程和技术体系。（新华社）

Earnings and revenue topped consensus calls but the shares whipsawed after investors decided they could’ve gotten more. 🚀 Nvidia Delivers Monster Quarter Nvidia NVDA posted another eye-watering earnings report Wednesday, with April-quarter revenue soaring 85% year over year to a record $81.6 billion. Analysts were looking for $78.9 billion. Nvidia casually cleared that bar like it was a garden hose. NVDA Net income came in at a staggering $58.3 billion, more than triple last year’s level and roughly 36% above Wall Street expectations. At this point, Nvidia earnings reports are starting to look less like quarterly updates and more like cheat codes. Chief Executive Jensen Huang summed up the AI frenzy in a few words: “Demand has gone parabolic.” Translation: everybody wants chips, yesterday preferably, because the race to build AI agents is turning into a full-scale corporate arms race. 💾 Data Centers Print Money Nvidia’s growth engine remains its data-center business, where cloud giants and AI developers continue vacuuming up GPUs — graphics processing units, the specialized chips powering artificial intelligence training and inference workloads. Networking hardware sales tripled from a year ago to a record $14.8 billion, another sign that AI infrastructure spending is no longer just about chips. Companies are now building entire AI ecosystems, complete with servers, networking gear and enough electricity usage to light a small nation. The company also announced an $80 billion stock buyback and boosted its quarterly dividend from a symbolic one cent to 25 cents a share. That’s Wall Street’s version of bringing champagne bottles to the earnings call. 📉 So Why Did the Stock Fall?

Getty Images Tencent Music ( TME ) reported 1Q26 revenue and earnings that came largely in line with consensus. The quarter can be characterized by both puts and takes. We are positive on the regulatory approval of the Ximalaya acquisition, which clears the path for TME to become a meaningful player in the long-form audio market, an area that TME has historically lacked presence. We were also encouraged to see IP and offline monetization continue to show resilience, which indicates that TME is moving away from a simple audio app to a comprehensive ecosystem offering performance-related businesses such as concerts and merchandise. Finally, advertising growth is driven by the diversification of ad formats and is proving more resilient amid a soft macro. On the other hand, signs of competition are not abating, with S&M spending coming in ahead of revenue growth, with management explicitly attributing this to intensifying competition and the need to mitigate the impact of user churn. This indicates that defending the current user base is becoming significantly more expensive. In addition, signs of involution (i.e., disorderly price competition from ByteDance) continue to be a challenge, and we wonder if TME can have the discipline to meet the conditional approval criteria of not entering an intense competition with ByteDance. Despite a competitive environment and user churn risk, we remain bullish on TME as we believe the narrative has shifted from user growth to ecosystem expansion in the wake of the Ximalaya acquisition. We believe that the acquisition of Ximalaya will be a game-changer for TME as it materially changes the business fundamentals from a pure audio app to an audio ecosystem. If investors believe the Ximalaya acquisition will successfully offset the user churn and that the audio ecosystem story will enhance stickiness and raise ARPU, then there is a reason to be bullish. Otherwise, the bullish thesis would be broken. A beat and lower quarter TME's Q1 was ...

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May 21, 2026 Announcement no. 11 BioPorto announces Interim Result for the First Quarter of 2026 Copenhagen, Denmark, May 21, 2026, (GLOBE NEWSWIRE) – BioPorto A/S CVR-no. 17500317 (BioPorto or Company) (CPH:BIOPOR), today announced Interim financial results for the first quarter of 2026. Carsten Buhl, BioPorto’s Chief Executive Officer (CEO), comments “We have kicked off 2026 in line with our plan. We divested our antibody business and thereby further sharpened our focus on NGAL and strengthened our financial position. We have solid revenue growth driven by increasing adoption of our NGAL products, particularly in the U.S. Research Use Only (RUO) market. Further, we now have the KDIGO’s draft 2026 guideline, that reinforces the global shift toward earlier identification and intervention related to acute kidney injury. And we have submitted our Food and Drug Administration (FDA) pre-submission package, marking an important step toward a future U.S. 510(k) clearance for the adult urine NGAL. All in all, a good quarter, and we remain on track with our Forward Strategy.” (DKK million) Q1 2026 Q1 2025 Change (Pct) Full Year Guidance Total Revenue 9.4 7.7 23% 38-48 Total NGAL Revenue 6.0 4.5 33% 33-42 Adj. EBITDA loss 17.9 28.1 -36% 58-68 Financial highlights For Q1 2026, total NGAL revenue increased to DKK 6.0 million, which is an 33% increase compared to Q1 in 2025 (48% at constant exchange rate (CER)). The growth was driven by an increase in US NGAL Research Use Only (RUO) sales. For Q1 2026, revenue amounted to DKK 9.4 million (DKK 7.7 million for the same period in 2025). Revenue increased by 23% (32% at CER) in Q1 2026 compared to Q1 in 2025, and is mainly driven by US NGAL RUO and NGAL distributors revenue. Adjusted EBITDA loss in Q1 2026 amounted to DKK 17.9 million, which is a decrease of 36% compared to adj. EBITDA loss in Q1 2025 of DKK 28.1 million, and in line with expectations. As of March 31, 2026, the Company’s cash position was DKK 39.6 million compared ...

21. maj 2026 Meddelelse nr. 11 BioPorto annoncerer det midlertidige resultat for første kvartal af 2026 København, Danmark, 21. maj 2026 (GLOBE NEWSWIRE) – BioPorto A/S CVR-nr. 17500317 (BioPorto eller Selskabet) (CPH:BIOPOR) offentliggjorde i dag de foreløbige finansielle resultater for første kvartal af 2026. Carsten Buhl, BioPortos administrerende direktør (CEO), udtaler: "Vi har startet 2026 i tråd med vores plan. Vi frasolgte vores antistofforretning og skærpede dermed yderligere vores fokus på NGAL hvilket ligeledes styrkede vores finansielle position. Vi har solid omsætningsvækst drevet af øget adoption af vores NGAL-produkter, især på det amerikanske Research Use Only (RUO) marked. Derudover har vi nu udkastet til KDIGO's 2026-retningslinjer, som understreger det globale skift mod tidligere identifikation og intervention relateret til akut nyreskade. Vi har indsendt vores Food and Drug Administration (FDA) pre-submission pakke, hvilket markerer et vigtigt skridt mod en fremtidig amerikansk 510(k)-godkendelse for voksen urin NGAL. Alt i alt et godt kvartal, og vi forbliver på sporet med vores Forward strategi.” (DKK millioner) Q1 2026 Q1 2025 Forandring (PCT) 2026 Helårsforventninger Samlet omsætning 9.4 7.7 23% 38-48 Samlet NGAL-indtægter 6.0 4.5 33% 33-42 Justeret EBITDA-tab 17.9 28.1 -36% 58-68 Økonomiske højdepunkter I første kvartal 2026 vækstede den samlede NGAL-omsætning til 6,0 millioner DKK, hvilket er en stigning på 33 % sammenlignet med første kvartal i 2025 (48 % ved konstant valutakurs (CER)). Væksten blev drevet af en stigning i salget af US NGAL Research Use Only (RUO). I første kvartal 2026 udgjorde omsætningen 9,4 millioner DKK (7,7 millioner DKK for samme periode i 2025). Omsætningen steg med 23 % (32 % ved CER) i første kvartal 2026 sammenlignet med første kvartal i 2025, og drives hovedsageligt af US NGAL RUO og NGAL-distributørers indtægter. Det justerede EBITDA-tab i første kvartal 2026 udgjorde 17,9 millioner DKK, hvilket er et fald på ...

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Officers who defended Capitol from rioters sue to block payouts from fund toggle caption John Minchillo/AP WASHINGTON — Two police officers who helped defend the U.S. Capitol from an attack by a mob of President Donald Trump's supporters sued on Wednesday to block anyone — including Jan. 6, 2021, rioters — from receiving payouts from a new $1.776 billion settlement fund for people who claim to be victims of politically motivated prosecutions. The officers' attorneys filed the federal lawsuit a day after acting Attorney General Todd Blanche defended the fund's creation during a congressional hearing. Blanche, a personal attorney for Trump before joining the Justice Department, wouldn't rule out the possibility that rioters who assaulted police on Jan. 6 would be eligible for fund payouts. The lawsuit claims the government's "Anti-Weaponization Fund" is an illegal slush fund that Trump will use to "finance the insurrectionists and paramilitary groups that commit violence in his name." It describes the fund's creation as "the most brazen act of presidential corruption this century" and calls for dissolving it. Sponsor Message "No statute authorizes its creation, the settlement on which it is premised is a corrupt sham, and its design violates the Constitution and federal law," the suit says. The fund stems from a settlement of Trump's $10 billion lawsuit against the IRS over the leak of his tax returns. It's designed to compensate those who believe they were mistreated by prior administrations' Justice Department. Decisions on payouts will be made by a five-member commission appointed by the attorney general. More than 100 police officers were injured during the Capitol riot. Nearly 1,600 people were charged with Jan. 6-related crimes, but Trump used his pardon powers to erase all of those cases in a sweeping act of clemency last year. The plaintiffs suing Trump over the fund are Metropolitan Police Department officer Daniel Hodges and former U.S. Capitol Police office...

Editor's note: Seeking Alpha is proud to welcome Logan Richards as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » Carmen Ruiz alonso/iStock via Getty Images Executive Summary Unicycive Therapeutics ( UNCY ) is a small biotech company specializing in treatments for chronic kidney disease and hyperphosphatemia. At the time of writing, the company is trading at roughly $8/share, with a market cap of around $210 million and a float of nearly 26 million shares. The company has $55 million cash in hand, which should allow them to comfortably operate into 2027, according to a press release posted March 30, 2026. This means 1) the cash floor for this company is around $2 a share and 2) the market has pegged the value of their entire pipeline at about $6 a share, or $156 million total. To keep things simple, I decided to focus on their lead asset, oxylanthanum carbonate (OLC). For this analysis, I wanted to determine if UNCY is intrinsically undervalued based on just this one drug. I'm putting a pin on everything else because OLC also has an upcoming catalyst I'm highly interested in watching. The Pill Burden Problem In my opinion, Unicycive's most compelling asset is a rare-earth mineral drug, oxylanthanum carbonate. OLC is being developed as a next-generation phosphate binder that utilizes UNCY's nanoparticle technology to increase the phosphate-binding potential of the drug. Critically, OLC has a PDUFA target action date of June 29, 2026, which is when the FDA expects to decide on whether the company can begin marketing the drug. For context, lanthanum carbonate has and currently still is used to treat high phosphate that results from kidney disease, with clinical data on the drug spanning years at this point. However, the pill burden patients must endure, many of whom are not compliant ...

在SpaceX正式上市前，一个建立在加密区块链上的离岸衍生品市场已率先为全球散户打开了"提前押注"的通道——完全绕开华尔街。 永续合约交易所Trade.xyz 5月17日在Hyperliquid区块链上推出SpaceX预上市永续合约，允许用户在这家太空公司正式IPO前对其股价走向进行杠杆投机。 据《华尔街日报》报道，SpaceX计划于6月12日完成IPO，目标融资规模达800亿美元，预期初始估值约为2万亿美元。 合约上线首日即录得3300万美元的24小时成交量及2180万美元的未平仓合约规模。 这一产品的推出，折射出散户投资者对高热度私募公司股权的强烈渴望，同时也凸显了去中心化离岸市场在传统IPO机制之外快速崛起的现实。Hyperliquid原生代币HYPE在SpaceX合约上线后随即出现明显涨幅，追踪该代币的ETF本周累计涨幅已达18.5%。 合约首日暴涨，估值一度触及2.4万亿美元 SpaceX永续合约以150美元的参考价格开盘，数小时内即飙升至216美元，随后回落至约202美元附近震荡。按照Trade.xyz所采用的股份数量基准计算，该价格对应SpaceX估值约为2.4万亿美元，高于此前媒体普遍引用的2万亿美元预期。 据Hyperliquid平台数据，合约首个交易日的未平仓合约规模达2180万美元。此后参考价格基本维持横盘，截至发稿时报约203美元。 21Shares宏观主管Stephen Coltman在接受MarketWatch采访时表示，Hyperliquid生态系统“已成为那些无法通过其他途径交易资产的价格发现核心场所”。他同时指出，即便是机构投资者和高净值人士，在SpaceX上市前获得股份配售也并非易事，而这类衍生品合约则向所有人敞开了参与渠道。 永续合约模式：规避代币化股权的法律风险 此前，加密市场在为私募公司提供投资敞口方面已有过失败先例。本月早些时候，另一家加密交易所PreStocks在Solana区块链上推出了与OpenAI和Anthropic股权挂钩的代币，但随后OpenAI和Anthropic相继发表声明，表示不承认通过特殊目的载体（SPV）转让给第三方的股权，相关代币价格随即暴跌。PreStocks未回应MarketWatch的置评请求。 Trade.xyz选择了不同的技术路径。其推出的永续合约并不锚定任何实际股权，仅允许交易者对价格方...

Trevor McBroom/iStock via Getty Images Thesis Redwood Trust ( RWT ) is a mortgage REIT out of California. We have covered some of the REIT's baby bonds before and are proud owners in our trading account of some of said bonds. In today's article we are going to analyze the company's latest earnings, its new bond issuance, and the impact on the preferred shares. Moreover, we shall show investors the current capital structure arbitrage opportunity between bonds and preferred shares. We have covered the preferred shares in the past on the Seeking Alpha platform, with readers being able to find that piece here . Latest financials The company moved to a GAAP loss for Q1 2026: Income Statement (Company Financials) The move was driven by fair value losses on its investment portfolio, a combination of retained securitization tranches/equity and the legacy business: Segment EAD (Company Presentation) The legacy portfolio is in run-off mode, with less and less balance sheet and associated capital every quarter. Remember that RWT funds a significant portion of its business via securitizations and thus retains the equity tranche or the most junior tranches. When rates move up, these securities go down in fair value: Capital Allocation (Company Financials) We can see from the chart the distribution of capital for the retained securities. An investor needs to remember that higher rates and wider credit spreads will result in negative fair values for the retained securities. As long as the fundamental performance in the portfolios is good, these mark-to-market changes will revert. The REIT's business model is to originate non-QM loans and securitize them. In the process they make fees and get ongoing servicing fees, and as long as the portfolio performs, they end up clipping the residual cash flows from the retained securities as well. They disclose a non-GAAP earnings power metric as well: Segments EAD (Company Presentation) The non-GAAP earnings power measure shows the company co...