Income investors holding iShares MSCI Europe Financials ETF (NASDAQ:EUFN) are sitting on a fund that has done two things at once: handed them a roughly 3.5% yield and delivered a 28% one-year return. The question every EUFN holder should be asking is whether the income side of that equation is built on durable bank and ... Why EUFN’s Juicy Payouts Could Vanish Overnight Without U.S. Bank ETF Safeguards

当地时间5月12日，俄罗斯总统普京会见了俄罗斯人权事务专员莫斯卡利科娃。据莫斯卡利科娃提交给普京的材料显示，自特别军事行动开展以来，俄罗斯已从乌克兰接回3724名被扣押军人。莫斯卡利科娃还汇报了儿童返还工作的进展，约20名儿童已被移交给乌克兰，以便与家人团聚。与此同时，有7名儿童被接回俄罗斯。（央视新闻）

Bet_Noire/iStock via Getty Images I started coverage of Whirlpool ( WHR ) back in 2024 with an initial neutral rating , I turned more bullish in 2024, primarily based on the firm's attractive dividend payments, and attractive valuation metrics at that time. Earlier this year, I once again became more cautious and downgraded WHR from buy to hold. The main reasons for my downgrade were the weak housing market, poor consumer sentiment and elevated energy prices - but I still found the firm attractive based on its dividends. This is no longer the case, however, as the firm suspended its dividend payments, due to the extreme margin compression, and shifted their focus on reducing debt. Without the dividend, I no longer think it is worth holding the stock to wait for a turnaround to materialize. Results Let us start our discussion by looking at the most recent quarterly results and highlighting the key drivers why WHR is struggling so much right now. First, the net sales declined by as much as 9.6%, which was driven by a 6.1% organic decline due to poor demand. Q1 results (Whirlpool) The declining sales is not the only issue though. In the firm's largest segment MDA NAR, not only sales fell, but the margin also contracted very dramatically. And by very dramatic I mean roughly 95% YoY. MDA NAR (Whirlpool) Furthermore, the firm also expects the headwinds to keep negatively impacting the results in full year 2026. As a result, their guidance hit a much more pessimistic tone than before, expecting sales and EBIT to be both declining. Segment guidance (Whirlpool) Overall, they hit a very negative tone, when talking about the results, comparing the current collapse in demand and margins to previous crisis environments, like 2001, 2007-2009 and 2020. Industry decline (Whirlpool) In my view, based on these fundamentals, it is no longer worth owning WHR. When looking at consumer confidence, a key leading economic indicator, I also cannot get too optimistic about a quick turnaround...

朗格说，欧洲立法“绝不能受制于美国在社交媒体上发布的威胁性言论”。 欧洲议会首席谈判代表朗格（Bernd Lange）近日表示，美欧贸易协定的最后一轮谈判将于5月19日举行。 此前，据央视报道，当地时间5月7日，美国总统特朗普在社交媒体发文表示，他与欧盟委员会主席冯德莱恩通了电话，并“给欧盟宽限至7月4日来履行美欧贸易协定中的承诺，否则将把美国对欧关税提高至更高水平”。 不过，即便如此，欧盟的各谈判代表近期未能就欧盟提出的方案达成一致，该方案拟取消工业和农产品关税，以换取美国对大多数欧盟出口商品征收15%的统一关税。 朗格在声明中表示：“最近的事态发展证实，我们拒绝美国的威胁是正确的。”他还补充说，欧洲立法“绝不能受制于美国在社交媒体上发布的威胁性言论”。 接受第一财经记者采访的专家学者认为，当前欧盟的策略在于“边等边看”，其中很大原因在于美国最高法院和司法体系对于特朗普政府关税的裁决变化，也直接改变了贸易谈判的进程和谈判立场。 柏林自由大学现代中国学院客座研究员、对外经贸大学中德经贸研究中心主任史世伟教授对第一财经记者表示，欧盟对于美国朝令夕改的作为是有看法的，欧盟决策者虽然没有直接说，但是其思路是可以“稍微等一等”，但从特朗普的角度看，这是违背此前美欧贸易协定承诺的行为。 他补充道，此前美国的对欧关税，让德国车企受伤颇深。 “谨慎而紧迫地”推进谈判 朗格表示，美国国际贸易法院在7日晚间作出裁决，支持美企对特朗普政府10%的进口关税提出的挑战。 不过，美国国际贸易法院并未全面叫停关税征收。美国政府已于8日正式提出上诉。如果法院批准暂停执行相关裁决，那么此前起诉政府关税政策的3家进口商将重新面临10%的全球关税。在此前，美国最高法院否决了特朗普政府2025年推出的大部分关税措施。 朗格表示，上述裁决表明，美国部分关税的法律依据仍然存在不确定性，并指出这更加凸显了欧洲在协议中保留保障措施的必要性，以防美方再次改变立场。 朗格表示，欧洲议会和欧盟理事会之间的谈判取得了“重大进展”，谈判代表正在“谨慎而紧迫地”推进谈判，为5月19日在斯特拉斯堡举行的最终会议做准备。 朗格所指的“保障措施”， 是指欧洲议会力推的一项“日出条款”和暂停条款 ，该条款允许在美国违反其承诺时冻结美欧协议，譬如美国在去年夏季同欧盟达成协定后，继续推进了对钢铁和铝衍生产品征收关税，在去年8月，美国将...

仅是同门，还是同盟？ 中韩免签政策落地后，一股特别的“上海旋风”正席卷韩国年轻人。 每到周末，大批韩国游客奔赴上海，很久以前羊肉串、费大厨辣椒炒肉与霸王茶姬成为外国游客来华必打卡的三件套，伯牙绝弦成了海外游客认识中国新茶饮的第一口味道。 这杯火遍中韩的新茶饮，最近正经历一段喜忧交织的时间。 去年12月以来，霸王茶姬因部分产品咖啡因含量较高反复陷入舆论争议；今年3月，2025年财报披露净利润大幅下滑，疲软的业绩表现让资本市场担忧情绪蔓延；4月末，“奶茶疑现水银”的突发舆情再度将品牌拽入舆论漩涡。 舆论焦点集中于风波之时，霸王茶姬却将视线投向了更遥远的海外。 4月30日，韩国首尔三大商圈同时亮起霸王茶姬的招牌，江南、龙山、新村三家门店同步开业。 这是品牌进入的第八个海外市场。2018年，霸王茶姬设立了海外事业部，次年踏出国门扎根马来西亚，随后逐步深耕东南亚、挺进北美，接连覆盖新加坡、泰国、印尼、美国、越南、菲律宾。紧跟韩国市场的脚步，品牌又在5月8日正式进驻中国澳门。 截至2025年12月末，霸王茶姬全球门店数达到7453家，其中海外门店数量达到345家。 此番韩国首秀，更是上演了一场现象级爆红。开业当天，线上点单系统短时间内因订单激增导致拥堵，线下门店大排长龙，平均等候时长超3小时，部分门店排队峰值接近5小时。即便开业一周后，社交平台仍有用户反馈门店线上点单页面出现排队数百杯的火爆场面。 图片来源：网络 国内市场身处舆论与业绩双重承压期，霸王茶姬却在韩国收获了一场意外又热烈的开门红，也为处于业绩修复期的霸王茶姬注入海外增长的新想象空间。 再造一个“顶流” 一直以来，将霸王茶姬打造成“东方星巴克”都是创始人张俊杰的愿景，也是他在国内市场竞争加剧后面临的现实意难平。 早年，霸王茶姬凭借轻乳茶风口快速崛起，依托原叶鲜奶茶的独特风味与差异化品牌调性，站稳中高端赛道，一度成为新茶饮中高端赛道的标杆。 但随着轻乳茶概念走红，大量品牌涌入赛道，产品同质化加剧，霸王茶姬的独特性被不断稀释。 叠加国内业绩波动与舆情事件影响，霸王茶姬渐渐失去了锋利的标签，寻找新的增长曲线变得尤为迫切。 在品牌陷入增长焦虑之际，韩国市场成为一片难得的蓝海，重新点燃了张俊杰的全球化野心。据统计，2025年韩国咖啡市场规模已超过11.7万亿韩元。反观新茶饮赛道， 据欧睿国际统计2020年韩国茶市场规模为1.1...

OPPO 母亲节文案风波之后，互联网上出现了大量批评文章。很多讨论集中在文案本身：有人认为它低俗，有人认为它冒犯家庭伦理，也有人批评品牌为了流量刻意制造争议。 这些批评当然都有道理，但如果讨论仅仅停留在“文案翻车”层面，其实很难解释一个更值得警惕的现象： 为什么今天越来越多的大品牌，开始表现得像“短视频流量号”？ 过去，人们对于“大品牌”有一种天然想象。它们意味着稳定、克制、可靠，意味着一种长期主义的公共形象。企业的传播虽然也追求影响力，但更强调秩序感和边界感。广告可以不爆，但不能失控；传播可以不出圈，但不能伤害品牌本身的长期信任。 然而这几年，越来越多企业的传播风格开始发生变化。它们越来越擅长制造冲突、放大情绪、引发争议，越来越热衷于玩梗、擦边和情绪刺激。很多品牌的官方账号，已经越来越不像企业，而越来越像一个需要不断冲击算法推荐池的内容账号。 OPPO 不是孤例，它只是这个趋势中最新、也最典型的一次爆炸。 真正值得讨论的，其实并不是一句文案为什么会冒犯公众，而是平台算法正在如何重塑企业传播体系。 品牌传播部门，正在被算法驯化 过去十几年，中国互联网的传播环境发生了根本变化。传统媒体时代，品牌传播更像一种“长期建设工程”。 企业最关心的是品牌认知、用户信任、长期形象和稳定价值感。传播的目标，是让用户形成一种持续而稳定的印象，因此广告不一定需要“爆”，但必须“稳”。 因为品牌最重要的资产，从来不是一次短期热度，而是一种长期积累起来的社会信任。 但短视频平台和社交媒体改变了这一切。 算法平台决定内容传播的逻辑，与传统品牌传播的逻辑其实完全不同。 在算法系统里，决定内容能否获得流量的，不是它是否稳定，而是它是否足够刺激；不是它是否长期可信，而是它能否在几秒钟内制造情绪波动。冲突、猎奇、愤怒、对立、情绪化表达，都天然更容易获得推荐和互动。 于是，一个极其隐蔽却深刻的变化开始发生： 企业传播部门，开始越来越像内容运营团队。 今天很多品牌部门每天盯着的数据，已经不再只是品牌认知度和用户忠诚度，而是热搜次数、互动率、转发量、评论区活跃度和情绪浓度。传播逻辑也因此发生了根本变化： “是否被讨论”，开始逐渐压倒“被如何理解”。 这也是为什么越来越多品牌开始偏爱那些具有强烈冲突感和情绪刺激性的表达方式。因为这些内容天然适合平台传播，它们容易被截图、容易被二次创作、容易引发骂战，也容易形...

Welcome to our guide to the commodities driving the global economy. Today, reporter Alex Longley looks at the factors helping to shield the oil market from the effects of the Iran war and the risks ahead. Ever since the war in Iran began, the oil market has been pulling every lever it can to make sure the world has enough supply. In the past few weeks, two measures in particular have come to the fore. Traders are now questioning how much longer they can be sustained. The first has been an unprecedented surge in US exports. Toward the end of last month, the country was exporting more than 14 million barrels of crude and refined products a day, an all-time high. The increase has been propelled in part by efforts to tap emergency stockpiles , with the latest weekly drawdown totaling a record 1.22 million barrels a day. Those releases have more room to run. But they can’t continue indefinitely, and pressure on inventories is likely to intensify as the summer driving season approaches. The other key factor keeping a lid on prices has been less obvious, but arguably more impactful — a sudden collapse in Chinese crude purchases. Some of the nation’s large oil companies have been reselling cargoes from West Africa in recent weeks. The move came shortly after state refiners were given permission to draw from commercial storage, helping to ease supply pressures. Crude futures are up almost 50% since the start of the war, with the effective closure of the crucial Strait of Hormuz keeping vast quantities locked up in the Persian Gulf. But prices haven’t breached levels seen in 2022, when Russia’s full-scale invasion of Ukraine drove benchmark Brent toward $130 a barrel. The boss of trading house Mercuria Energy Group Ltd. said late last month that Chinese selling had “taken out a lot of demand from various countries,” but that the move could only continue for another three weeks or so. Morgan Stanley also said that China’s slowing imports — and America’s robust exports — can’t ...

South Korea's KOSPI index took a tumble Monday as an official floated the idea of a giving excess AI profits to the country's citizens.

格隆汇5月12日｜云南锗业(002428)公告称，公司股票连续三个交易日(5月8日、11日、12日)收盘价格涨幅偏离值累计超过20%。公司注意到近期市场对光通信概念关注度较高。截至目前，公司主要业务为锗系列产品的精深加工及研究开发。公司生产的化合物半导体材料磷化铟晶片可以用于生产光模块中的激光器、探测器芯片。2025年度公司营业收入10.66亿元，其中化合物半导体材料产品(包括砷化镓晶片、磷化铟晶片)营业收入约1.38亿元，占营业收入的比重为12.93%，占比较低，化合物半导体材料产品毛利仅占公司合并报表口径毛利的14.29%。请投资者充分关注磷化铟晶片价格涨跌趋势及未来供需关系变化均存在较大不确定性。对公司未来业绩的影响需结合未来市场环境及公司业务开展情况进行综合判断，同样存在较大不确定性。目前公司主营产品均被列入国家出口管制清单。在涉及出口管制公告相关类别的产品时，公司需按照国家法律法规及相关规定申请办理相关出口许可，获得批准后方可出口，是否能够取得许可存在不确定性。

Over the last 7 days, the United States market has risen 2.6% and is up 26% over the last 12 months, with earnings forecasted to grow by 17% annually. In this favorable environment, growth companies with strong insider ownership can be particularly appealing as they often align management's interests with those of shareholders, potentially driving long-term value creation.

AI模型公司也开始派人上门干活了。 昨天，OpenAI成立一家名为The Deployment Company（简称为DeployCo）的新公司，获得了超过40亿美元初始投资。 紧接着，又宣布收购英国AI咨询公司Tomoro，将150名AI专家直接收编麾下，派进客户企业驻场办公。 更有意思的是，就在5月4日，它的老对手Anthropic也发布了几乎一模一样的公告： 联合黑石、高盛等华尔街巨头，成立企业AI服务合资公司，派工程师进企业，做定制部署。 两家死对头，同一时间，走了同一条路。 AI模型公司正在集体学习一种被硅谷验证了二十年的模式：前置工程师（FDE，Forward-Deployed Engineer）。 说白了，就是AI公司亲自下场，深入企业内部，帮企业把AI改造成能用的东西。 这套路听起来耳熟？ 过去二三十年的企业IT转型，SAP做过，Oracle做过，Salesforce也做过。 咨询顾问入场、工程师入驻、定制服务、流程改造，都是常规操作。 现在轮到AI了，还是绕不过这一套。 但这一次，有哪里不一样？ 企业AI的最后一公里 OpenAI的新公司DeployCo，计划用150名AI专家做一件事：驻场。 具体怎么干？ 收购来的Tomoro团队，150名FDE（前置工程师）将直接派驻到客户企业内部。 他们的任务，是坐在客户的会议室里，翻业务流程文档，跟一线员工访谈，把Excel表格里的数据和ERP系统里的订单捞出来，然后用OpenAI的模型能力，重新搭建一套能跑通的工作流。 这背后有一个非常现实的商业判断： 企业AI的预算，不会长期停留在API调用上。真正的大钱，藏在流程改造、系统集成、组织协同和长期运维里。 谁能先进入这些流程，谁就更可能绑定企业未来几年的AI支出。 所以，OpenAI和Anthropic表面上是在做咨询，实际上是在争夺企业AI落地的最后一公里。 被重视的FDE模式 但为什么一定要用FDE模式呢？ 因为企业客户的问题，通常不是一句“我要部署AI”就能说清楚的，很多场景要进入现场之后才会浮现： 一家制造业企业的生产排程系统，运行了十五年，数据格式混乱，字段命名自成一派。 一家保险公司的核保流程，嵌在三套不同时代的软件里，彼此之间靠人工Excel对账。 一家软件公司的AI销售助手，要嵌进线索分配、客户跟进、合同审批和业绩归因里。 这些场景里，模型...

四月份曾经传出无品段子曰：如果一个老登开始健身、跑步，大谈艺术、哲学，突然理解了泡泡玛特的情绪价值，那不用想了，他一定是找了个年轻的女朋友。 这句话，黑的是传奇投资大佬、股市顶流Kol、步步高创始人段永平——在流传出的一张照片中，在打高尔夫的段永平和一个年轻貌美的女生合影，笑得很是灿烂。 之所以扯到泡泡玛特，是一贯坚持价值投资，重仓苹果、茅台、中国神华的段永平，突然在四月表示“看懂了泡泡玛特的情绪价值”，五月更是减仓中国神华、加仓泡泡玛特，表示“情绪价值真是个神奇的东西”。 在AI狂飙、传统股半死不活的大背景下，借着这个由头，资本市场又掀起了一场关于老登股、小登股的思辨——泡泡玛特到底是骗局？新一代的水浒卡？还是一种老登们看不懂、却是小登们“刚需”的新型价值模型？ A. 我们需要先厘清一个问题：泡泡玛特的情绪价值到底是什么？ 以前各类分析文章中，总将泡泡玛特的情绪价值归结为盲盒带来的多巴胺快速分泌的刺激感、或者收集某一类藏品带来的成就感，包括年轻一代之间的身份认同感。 但这些说法其实是非常抽象的。如果泡泡玛特的“情绪价值”还是抽奖收集的那一套，显然解释不了公司股价一路长红、国内国外的明星们疯狂追捧的盛况。 但如果用通俗的语言重新解释一下呢？ 也就是说盲盒不存在情绪价值，真正的情绪价值来自于“大家都玩”的盲盒——泡泡玛特实际上是依靠一个IP、搭建了一个消费者们展示自己的舞台，消费者们在这个舞台中获取社交价值。 换个例子。按照段永平的想法，泡泡玛特和网易的现象级游戏梦幻西游没有差别：氪佬们豪掷千金、追求各种极度稀缺的装备与宠物，体验当大爷的快感；小资和平民玩家搭配一般点的套装、完成游戏任务，消磨时间的同时体验养成和通关的乐趣；至于搬砖党或商人们，则精心平衡着收益与支出，或者垄断某一类资源，依靠氪佬与小资玩家们赚取高额利润。 这一套生态，换到泡泡玛特的游戏中，就是土豪、一般消费者与黄牛。所以泡泡玛特本质上是一个游戏，这个游戏玩的人越多、生态越丰富，它的寿命就越长、影响力就越大。 既然梦幻西游不是骗局，那凭什么说泡泡玛特是骗局呢？ B. 梦幻西游一类的游戏，收费规则是点卡，也就是每玩一小时就向游戏公司支付固定金额，属于明码标价贩卖游戏时间。至于玩家之前产生的巨大利润，那就和游戏公司无关了。 但这属于国产游戏最古早的打法，赚钱效率太低。真正赚钱的是游戏公司免收点卡、最大限度的...

adventtr Quantum Computing ( QUBT ) was in focus on Tuesday as the quantum computing company said its first-quarter revenue surged nearly 9,000%. As such, Wedbush Securities believes the firm has become “bigger [and] better” due to acquisitions, and its story is still in the “early days.” Shares jumped nearly 25% in premarket trading, while other quantum stocks, such as Rigetti Computing ( RGTI ), IonQ ( IONQ ), and D-Wave Quantum ( QBTS ) also rose. Rigetti also reported first-quarter results. “We continue to expect the recently completed acquisition of LSI to contribute between $20M to $25M in revenue in 2026, with LSI expected to bolster QUBT's semiconductor capabilities that will expand the company's addressable market and strengthen its ability to deliver integrated photonic solutions at scale,” Wedbush analyst Antoine Legault wrote in a note to clients. “Net, while we are encouraged by the company's 1Q26 results and forward commentary, we maintain our NEUTRAL rating and $12 PT on QUBT and continue to view the company as a 'show me' story given it remains at an earlier stage of development than its public peers with a considerably lower quantum hardware revenue base.” Hoboken, N.J.-based Quantum Computing said first-quarter revenue was $3.69M, which was above the $3.28M estimate. Revenue was aided by the acquisitions of Luminar Semiconductors in February 2026 and NuCrypt in March 2026. The company ended the quarter with $1.4B in cash and equivalents and a $16M contract backlog. More on Quantum Computing Quantum Computing Inc. (QUBT) Q1 2026 Earnings Call Transcript D-Wave Quantum Vs. Quantum Computing: Early Revenue Premium Masks Long-Term Parity Quantum Computing: Rating Upgrade After Q4 Inflection Quarter Biggest stock movers Tuesday: PLUG, HIMS, and more Quantum Computing outlines Fab 2 planning as Q1 revenue reaches $3.7M following Luminar and NuCrypt acquisitions

导语：一场漫长曲折又充满未知挑战的探索之旅。 一面烈火烹油，一面暗流涌动。中国人寿（601628.SH/2628.HK）一季度的表现呈现出一种背离。 2026年一季度，其营业收入同比下降15.3%至932.91亿元，归母净利润同比下滑32.3%至195.05亿元。 与利润端形成反差的是，NBV（新业务价值）同比飙升75.5%，在五家头部A股上市险企中以断层式优势领跑。 同期，新华保险增24.7%，人保寿险增21%，平安人寿增20.8%，均落在20%至25%的区间内。中国太保增长9.6%，更低于两位数。 中国人寿NBV增速之所以远高于其新单期交保费增速，关键在于其新业务价值率因业务结构优化和负债成本管控而显著提升。而其他公司受多种因素影响，新业务价值率多为下降。 这一差异，正是理解国寿一季度业绩质量的核心切口。NBV高增速背后，国寿的业务结构开始发生了质的变化。 长险新单保费856.60亿元，同比增长29.9%，创下2017年以来的同期新高。首年期交保费同比增长41.4%，十年期及以上首年期交保费占比较上年同期提升4.4个百分点。 浮动收益型业务首年期交保费在首年期交保费中的占比已超过90%。截至一季度末，公司存量保证成本已下行至2.9%以下。负债端的轻量化转型，在账面上初见成效。 不过，这组数据成为市场最大“亮点”之时，一个外部因素变化，正在挑战国寿NBV高增逻辑的可持续性。 4月24日，中国保险行业协会公布的最新一期普通型人身保险产品预定利率研究值为1.93%，较1月份的1.89%回升4个基点，自2025年该机制实施以来首次回升。 当前，在售普通型人身保险产品预定利率最高值为2.0%，与研究值仅相差7个基点，远未触及“连续两个季度高出25个基点及以上”的调整阈值。因此，业内普遍判断，年内人身险预定利率上限大概率保持稳定，即传统型产品最高值2.0%、分红型产品最高值1.75%、万能型产品最低保证利率最高值1.0%均不会调整。 过去三年，每一次预定利率下调，都伴随一轮全行业炒停售的销售脉冲。“最后机会”“再不买就没了”的叙事，成为催生新单爆发式增长的引擎。 例如去年7月，预定利率下调机制首次被触发，各家险企几乎在同一时间段进入产品切换窗口，次月8月人身险公司保费同比增加49.7%，其中寿险保费同比增加61.5%。太平洋人寿当月保费同比增速一度飙升至47.1%。 这不禁...

Keir Starmer was facing growing pressure to step down as Britain’s prime minister after dozens of members of Parliament, including Cabinet allies, joined the calls for him to set out a timetable for his departure. The pound extended losses and Gilts came under further pressure, with the yield on 10-year notes jumping beyond 5.10%. The yield on 30-year debt hit its highest level since 1998. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)

Intel-Apple Partnership Could Net ASML €4.6B in Orders: Is ASML the Ultimate Winner of the Chip Fever? TradingKey

A Spanish passenger evacuated from the cruise ship at the centre of a hantavirus outbreak has tested positive for the virus, Spain’s health ministry announced on Tuesday as the World Health Organization said it has now confirmed 11 cases, including three people from the cruise who died. The passenger with the new confirmed case of hantavirus was in quarantine in a military hospital in Madrid, where 13 other Spanish nationals evacuated on Sunday – who all tested negative for the virus – also are...

Significant losses aren't anything new for Strategy's shareholders.

Lorado/E+ via Getty Images Co-authored with Beyond Saving The market indices are trading near all-time highs and are trading near all-time high valuations. Yardeni This is simply a fact. People can argue over whether there is something unique about the mega-caps driving the S&P 500 higher or whether something has changed that makes a 21x price/earnings an attractive valuation, but you can't argue that historically, the average of 21x P/E is much higher than usual. I tend to be a believer in history rhyming, and we can see on this chart what happened in the past when the P/E ratio for the S&P 500 was this high. Of course, that doesn't mean everything in the market is expensive. The red line above is the median P/E ratio, the point where 50% of companies fall below, and 50% of companies are above. Currently, that line is 18.5x price/earnings. In the stock market, I'm a bargain shopper at heart. I'm never paying +20x P/E for anything. My goal is to buy investments that are trading at a low valuation and collect dividends. If the valuation gets high, I'll sell and find something else that is inexpensive. Today, we're going to take a look at two companies that are trading at low valuations. These companies had some issues over the past five years that have left them cast aside by a market willing to pay a premium for the next shiny thing. Both companies are trading at bargain valuations that we expect will rise in the near to mid-future. Let's dive in! Pick #1: EPR – Yield 6.4% In our last article on EPR Properties ( EPR ) before earnings, we predicted : "We are confident that EPR has other irons in the fire and will be increasing its acquisition guidance, which will also lead to an increase in FFOAA (FFO As Adjusted) guidance for 2026. EPR is trading at only 10x FFOAA based on prior guidance. An increase in guidance and an increased expected growth rate should drive the price higher and inspire the market to trade EPR at a higher multiple." Sure enough, they increased g...

Key PointsStrategy's operating loss in the first quarter totaled $14.5 billion.

2026 年了，很多人小时候幻想中的“未来世界”并没有真正到来。 没有满天飞的汽车，也没有普及的月球基地，但有一件事却顽强地延续了下来——30 多年前写下的 Windows 代码，至今仍在驱动着全球数亿台电脑。 最近，微软 Azure 首席技术官 Mark Russinovich 在一次采访中的表态，引发了大量开发者关注。他公开承认：今天的 Windows 11，其底层依然建立在 90 年代诞生的 Win32 API 之上，而这套东西，至今仍是 Windows 的“基石”。 这句话，让不少程序员瞬间破防：毕竟，很多人一边吐槽 Windows“祖传代码太多”，另一边却又不得不承认，微软可能真的没法摆脱它。 “2026 年应该有飞行汽车了，而不是 Win32” 事情起源于微软开发者官方账号发布的一段采访视频。采访中，有人问了 Russinovich 一个颇具时代感的问题： “当年 90 年代的微软工程师是否想过，Win32 到了 2026 年仍会是 Windows 的核心 API？” “没有人会这么想”，Russinovich 的回答相当坦率，甚至还调侃道：“我们当年想的是，到了 2026 年，人类应该已经拥有飞行汽车和月球空间站了，而不是还在讨论 Win32。” 这句话迅速在开发者社区传播开来，因为它揭开了一个很多人平时“知道但又容易忽略”的现实：如今看起来现代化的 Windows 11，其实是一个典型的“新旧混合体”。 你在开始菜单里看到的是 Fluent Design、Copilot 和 AI 功能；但当你打开控制面板、设备管理器甚至某些系统设置时，瞬间又会回到仿佛 Windows XP 甚至更早的年代。 这种“时空割裂感”，本质上就是 Windows 长期演化留下的痕迹。 为什么 Win32 到现在还没被淘汰？ 对此，很多人的第一反应可能是：“既然这么老了，微软为什么不重写？” 答案非常现实：因为整个 Windows 世界，几乎都是建立在 Win32 上面的。Russinovich 在采访中直言，Win32 能活到今天，一个核心原因就是：“太多应用程序和技术生态都构建在它之上了。” 简单来说，Win32 早已不只是一个 API，而是 Windows 软件生态的“地基”。 从企业办公软件，到工业系统，再到各种第三方桌面程序，大量应用都深度依赖 Win32 的接口逻...

图片来源：界面新闻 5月12日，小米集团合伙人、总裁卢伟冰在个人微博发文称，截至当天上午，小米面向全球AI用户免费发放100万亿Token权益的活动，已累计送出近80万亿Token。随后，小米集团创始人雷军转发该微博并发红心点赞。 值得一提的是，此时离该活动开始时间刚刚近半月。 当天，小米技术官方微博发文称，5月12日OpenRouter 最新数据显示，Hermes Agent每日Token调用量高达2910亿，最近一周调用量超1.75万亿，登顶全球调用量日榜、周榜双第一。这其中，在模型调用量方面，Xiaomi MiMo排名第一，最近一个月累计贡献1.45万亿Token调用量。 Hermes Agent是当前全球增长最快的开源Agent框架，GitHub 星标超过 14 万，核心特征是"自进化"：持久记忆、自主学习、技能自优化。它不是聊天机器人，而是一个越用越聪明的智能体。 4月28日，小米技术微博官方账号宣布，小米推出百万亿Token创造者激励计划，计划30天内面向全球AI用户免费发放总计100万亿Token权益；推出Agent生态共建计划，目前已与OpenCode、Hermes Agent、KiloCode等Agent框架厂商展开合作。 该计划分为两部分，一部分是面向AI builder的创造者百万亿Token激励计划，另一部分是面向Agent框架团队的Agent生态共建计划。100万亿Token权益赠完即止，活动时间是2026年4月28日00:00至5月28日00:00。需要注意的是，它不是直接发放给所有用户，而是采取申请制，有需要的小伙伴可以通过100t.xiaomimimo.com进行申请。 同日，小米还宣布Xiaomi MiMo-V2.5-Pro正式开源，已完成与阿里平头哥、亚马逊云科技、AMD、百度昆仑芯、燧原科技、沐曦、天数智芯多个芯片厂商的接入适配。MiMo-V2.5系列模型同步完成SGLang和vLLM主流推理框架的Day 0适配。 该系列模型由95后“AI天才少女”罗福莉带队研发，于4月23日开启公测，包括MiMo-V2.5-Pro，其面向复杂的任务场景，深度适配Agent与Coding应用，在GDPVal-AA和ClawEval榜单上位列全球开源模型第一；以及MiMo-V2.5，原生全模态模型，支持文本、图像、视频和音频理解，具备强大的Age...

MicroStockHub/iStock via Getty Images Arvinas ( ARVN ) announced on Tuesday that the company and its partner, Pfizer ( PFE ), reached an agreement with Rigel Pharmaceuticals ( RIGL ) to sell global licensing rights to their jointly developed breast cancer therapy, Veppanu (vepdegestrant), to Rigel ( RIGL ). The protein degrader therapy was approved by the FDA earlier this month for a subset of adults with breast cancer. Under the collaboration, Rigel ( RIGL ) will take responsibility for the launch and commercialization of Veppanu in the U.S. by giving $70M upfront to Arvinas ( ARVN ) and Pfizer ( PFE ). The duo will also receive $15M in additional payments, subject to the completion of certain development and manufacturing activities, as well as up to $320M in milestone payments and tiered royalties on net sales in the mid-teens to mid-20s. The companies will equally share the payments. As part of the deal, Rigel ( RIGL ) will also receive global rights to Veppanu, including rights to sublicense the drug in overseas territories to future partners. In exchange, Arvinas ( ARVN ) and Pfizer ( PFE ) will be eligible for a percentage of sublicensing revenue earned outside the U.S. The partnership further specifies that the duo will receive up to a $40M contribution from Rigel ( RIGL ) to continue their ongoing R&D activities related to vepdegestrant . The collaboration was announced in conjunction with Arvinas’ ( ARVN ) Q1 2026 results on Tuesday. More on Pfizer, Rigel Pharmaceuticals, etc. Rigel Pharmaceuticals, Inc. (RIGL) Q1 2026 Earnings Call Transcript Rigel Pharmaceuticals, Inc. 2026 Q1 - Results - Earnings Call Presentation Pfizer Inc. (PFE) Q1 2026 Earnings Call Transcript FDA asks for feedback on repurposing drugs for new indications Arvinas Q1 2026 Earnings Preview

AndreyPopov/iStock via Getty Images Introduction In my last article on PayPal Holdings, Inc. ( PYPL ), I highlighted interest by a super investor with a Buffett-like mindset. Since then, PYPL has been my worst performer, trailing the S&P 500 by almost 50%. PYPL Performance since Previous Article (Seeking Alpha) A lot has changed besides the price movement, especially with former CEO Alex Chriss being replaced by the former HP Inc. ( HPQ ) CEO, Enrique Lores. While the market did not like this decision, I think it's actually a wonderful hire since PYPL will now transition to a similar playbook to HPQ , which I have written about here. Slow growth, cheap valuations, accretive buybacks, and operational efficiency will be the name of the game moving forward. Because of this, I still am bullish on this ticker even with the recent performance. Essentially, PYPL may not need a return to hypergrowth to generate strong shareholder returns. The story here is much simpler in my opinion. The stock looks cheap, management is focused on reducing operating expenses, and the company continues aggressively repurchasing shares using billions in annual free cash flow. The market currently appears focused on slowing growth, margin pressure, and increasing competition from companies like Apple Pay, Stripe, Shopify, and Block. As a result, PayPal's valuation has compressed significantly over the past several years. However, the business itself still generates enormous amounts of cash flow and remains highly profitable. In my view, investors may be underestimating how powerful continued cost reductions and share repurchases can become when executed at depressed valuation levels. Management now appears focused on the right priorities. During the recent earnings call, CEO Enrique Lores discussed simplifying the organization, improving efficiency, using AI to reduce costs, and streamlining operations. Management expects these initiatives to generate at least $1.5 billion in gross run-rate sa...

Prelude Therapeutics press release ( PRLD ): Q1 GAAP EPS of -$0.13 beats by $0.12 . Revenue of $4.58M. More on Prelude Therapeutics Prelude Therapeutics prices $90M equity offering Seeking Alpha’s Quant Rating on Prelude Therapeutics Historical earnings data for Prelude Therapeutics Financial information for Prelude Therapeutics

格隆汇5月12日｜中微公司(688012.SH)公告称，公司收到证监会批复，同意其发行股份及支付现金购买杭州众硅电子科技有限公司64.69%股权并募集配套资金不超过15亿元的注册申请。

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