Northampton and Bath were well beaten over the weekend: will Leicester or Exeter force themselves into the top two? There are small but significant moments in every league campaign. Until the weekend it was widely assumed that Northampton and Bath, the two frontrunners in the English Prem, were all but nailed on for home semi-finals and, by extension, would almost certainly meet in the grand final...
Northampton and Bath were well beaten over the weekend: will Leicester or Exeter force themselves into the top two? There are small but significant moments in every league campaign. Until the weekend it was widely assumed that Northampton and Bath, the two frontrunners in the English Prem, were all but nailed on for home semi-finals and, by extension, would almost certainly meet in the grand final at Allianz Stadium in Twickenham on 20 June. That could still happen but, suddenly, others are entering the chat. Not only did Saints and Bath lose at the weekend but both were well beaten, 41-17 by Leicester and 35-12 by Exeter respectively. Bath, including their Champions Cup semi-final in Bordeaux , have lost three games on the trot. Northampton were not so much batted aside by the Tigers as unceremoniously flattened. Continue reading...
硅谷一篇长文刷屏了，作者是 Foundation Capital 合伙人、前麦肯锡咨询师 Jaya Gupta 。这篇文章在 X 上 12 小时获得了130万阅读，引起创始人和AI从业者讨论和转发。 这篇长文之所以能在硅谷乃至全球科技圈激起如此大的涟漪，是因为 Jaya Gupta 戳破了 AI 时代那个最令人焦虑的“皇帝的新衣”。 当技术红利被迅速抹平，当产品功能可以在几周内被像素级复刻，创业者...
硅谷一篇长文刷屏了，作者是 Foundation Capital 合伙人、前麦肯锡咨询师 Jaya Gupta 。这篇文章在 X 上 12 小时获得了130万阅读，引起创始人和AI从业者讨论和转发。 这篇长文之所以能在硅谷乃至全球科技圈激起如此大的涟漪，是因为 Jaya Gupta 戳破了 AI 时代那个最令人焦虑的“皇帝的新衣”。 当技术红利被迅速抹平，当产品功能可以在几周内被像素级复刻，创业者还能拿什么去竞争？ Foundation Capital 合伙人 Jaya Gupta 的这篇深度长文，为所有焦虑的创始人提供了一个全新的视角： 如果产品可以被抄袭，类别可以被重定义，那么唯一不可复制的“护城河”，就是你所构建的“组织形态”。 这篇文章不仅是在谈论招聘，更是在揭示一种深刻的结构性哲学。伟大的公司本质上是一种“组织发明”。从 OpenAI 对科研范式的重塑，到 Palantir 对权力结构的重构，真正的赢家不再仅仅是做出了更好的工具，而是发明了一套全新的、能让特定天才实现其野心的“人类协作协议”。 当你意识到“人不是公司的投入，人就是公司本身”时，你才能明白： 创始人的终极产品，其实是那个能让某种灵魂在此“安放并爆发”的制度容器。以下，Enjoy： 原文地址：https://x.com/JayaGup10/status/2052870394093408558 如今，几乎所有人都能明显感觉到，AI 行业中的一切都在趋于融合。那些我过去根本无法想象会彼此竞争的公司，如今已经站在同一个战场上。应用层正向基础设施层坍塌，基础设施公司正向上游业务流渗透，几乎每一家初创企业都在重新包装，试图把自己塑造成某种形式的“转型”公司。 这些词汇每隔几个月就会变化一次：context graph、system of action、organizational world model……一个新的概念被命名之后，所有公司的网站都会迅速吸收它，几周之内，市场上便充满了声称自己是“未来工作方式必然平台”的企业。 当模型迭代极快、界面趋于大同、产品开发成本大幅降低时，公司构建中那些显性部分就变得极易被模仿。真正难以复制的是深藏其中的“护城河”：一家公司如何吸引顶尖人才、如何整合他们的野心、如何汇聚判断力、如何分配职权，并最终将工作转化为一套任何对手都无法复现的、具有复利效应的系统。 最优秀的...
(RTTNews) - German energy major Uniper SE (UNPRF.PK, UN0.DE) on Tuesday reported significantly higher profit in its first quarter, despite weak revenues. Further, the firm maintained fiscal 2026 outlook.
(RTTNews) - German energy major Uniper SE (UNPRF.PK, UN0.DE) on Tuesday reported significantly higher profit in its first quarter, despite weak revenues. Further, the firm maintained fiscal 2026 outlook.
AlexSecret/iStock via Getty Images By Kelvin Wong The price actions of the Japan 225 CFD index (a proxy of the Nikkei 225 index futures) have rallied as expected in the past four weeks and surpassed the 62,044 level, as highlighted in our earlier report. It hit a fresh intraday all-time high of 63,788 on Monday, May 11, 2026, led by technology-related component stocks in the past month, such as So...
AlexSecret/iStock via Getty Images By Kelvin Wong The price actions of the Japan 225 CFD index (a proxy of the Nikkei 225 index futures) have rallied as expected in the past four weeks and surpassed the 62,044 level, as highlighted in our earlier report. It hit a fresh intraday all-time high of 63,788 on Monday, May 11, 2026, led by technology-related component stocks in the past month, such as SoftBank Group ( SFTBY ) (+58%), and Murata Manufacturing ( MRAAY ) (+53%). However, the price actions of financial assets do not move vertically, as there will be periods of countertrend movements or trend reversals due to changing sentiment. Right now, the Nikkei 225 faces the risk of a minor corrective countertrend decline within a medium-term uptrend phase. Let’s unpack in greater detail. Nikkei 225 - Minor bearish "Head & Shoulders" sighted Fig. 1: Japan 225 CFD index minor trend as of May 12, 2026 (Source: TradingView) Trend bias: Minor bearish corrective decline within medium-term uptrend below 64,145 key short-term pivotal resistance (see Fig. 1). Supports: 61,945 (neckline of “Head & Shoulders”), 61,180/60,795, and 59,970 (also the 20-day moving average). Next resistances: 65,010/65,040 and 66,190/66,568 (Fibonacci extension and upper boundary of the medium-term ascending channel from the March 30, 2026 low). Key elements to support the near-term bearish bias on the Nikkei 225 Since May 7, 2026, its price action has traced out a minor bearish reversal “Head & Shoulders” configuration, indicating a potential end of its minor uptrend phase from the April 30, 2026 low. Based on the Elliot Wave Theory and Fibonacci analysis, the price actions have completed a five-wave minor bullish impulsive up-move sequence (labelled as i, ii, iii, iv & v) with a potential terminal level at 63,772 (based on 0.382 Fibonacci extension from the start of the minor bullish impulsive up-move from the April 30, 2026 low). The next probable move is a minor corrective decline to retrace its pri...
ginton/iStock Editorial via Getty Images Overview It's BDC earnings season, so I've been making my way through all the higher-quality options across the sector. While the debt markets have experienced headwinds, this has significantly reduced the valuation of many high-quality business development companies. The Morgan Stanley Direct Lending Fund ( MSDL ) just reported its Q1 earnings, and I wante...
ginton/iStock Editorial via Getty Images Overview It's BDC earnings season, so I've been making my way through all the higher-quality options across the sector. While the debt markets have experienced headwinds, this has significantly reduced the valuation of many high-quality business development companies. The Morgan Stanley Direct Lending Fund ( MSDL ) just reported its Q1 earnings, and I wanted to revisit the BDC's earnings, outlook, dividend coverage, and risk profile. When I previously covered MSDL, I issued a sell rating due to the slim dividend coverage and rising non-accruals at the time. Since that last coverage, MSDL's share price has continued its decline and underperformed against the rest of the BDC market. For instance, MSDL's total return sits at a loss of about 6.3% over the last twelve-month period. MSDL has seen a larger decline compared to both the VanEck BDC Income ETF ( BIZD ) and the Putnam BDC Income ETF ( PBDC ) over the same time frame. I believe that MSDL currently exposes investors to greater downside risk compared to the rest of the BDC sector due to its software exposure. As interest rates remain elevated, we could see the debt markets continue to deteriorate and amplify downside risks associated with the sector. Data by YCharts Furthermore, MSDL still fails to substantially improve its earnings during the latest quarter, and management has failed to allocate sufficient capital towards new investment opportunities. As a result, the underlying NAV is likely to continue eroding through the remainder of 2026. Even if the portfolio starts to slowly improve over the next quarter, it may take some time for MSDL's new investments to materialize into higher net investment income. Q1 Earnings Disappoint According to the latest portfolio overview , MSDL now has investments at a fair value of $3.6B that are spread across a diverse range of portfolio companies. What I like most about MSDL's structure is that the majority of the portfolio is allocat...