US President Donald Trump (R) shakes hands with China's President Xi Jinping at the Great Hall of the People in Beijing on May 14, 2026. Kenny Holston | Afp | Getty Images U.S. President Donald Trump said China has agreed to buy American oil, in a pre-recorded interview with Fox News that aired Thursday evening stateside, as the two nations push for concrete trade and business wins at their ongoin...
US President Donald Trump (R) shakes hands with China's President Xi Jinping at the Great Hall of the People in Beijing on May 14, 2026. Kenny Holston | Afp | Getty Images U.S. President Donald Trump said China has agreed to buy American oil, in a pre-recorded interview with Fox News that aired Thursday evening stateside, as the two nations push for concrete trade and business wins at their ongoing bilateral summit. "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump said in the interview that was conducted after his meeting with Chinese President Xi Jinping in Beijing on Thursday. Trump and Xi are scheduled to meet Friday to close out a two-day summit that has featured pageantry as well as dealmaking including market access for U.S. businesses and purchases of American goods. Beijing also made a pointed warning that mishandling the Taiwan issue could push bilateral ties into a tailspin. Trump's visit marks the first time a sitting U.S. president has traveled to China in nearly nine years. The two leaders are expected to share tea and a working lunch before the U.S. officials depart for Washington. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
China’s leader raised the ancient Greek historian Thucydides when he met the US president in Beijing Trump-Xi China summit – follow live A messy war in the Middle East. Tensions in Taiwan. When the leaders of the world’s two superpowers met in Beijing this week, these were the flashpoints everyone expected they would talk about. Instead, Chinese leader Xi Jinping threw another, ancient war, into t...
China’s leader raised the ancient Greek historian Thucydides when he met the US president in Beijing Trump-Xi China summit – follow live A messy war in the Middle East. Tensions in Taiwan. When the leaders of the world’s two superpowers met in Beijing this week, these were the flashpoints everyone expected they would talk about. Instead, Chinese leader Xi Jinping threw another, ancient war, into the mix. Continue reading...
India’s state-run oil refiners raised gasoline and diesel prices for the first time in four years to limit their growing losses and tame domestic demand, as global crude prices remain high due to the Middle East conflict. Both diesel and gasoline prices rose by over 3%, according to spokesmen at the refiners. While diesel will now cost 90.67 rupees a liter, gasoline will be priced at 97.77 rupees ...
India’s state-run oil refiners raised gasoline and diesel prices for the first time in four years to limit their growing losses and tame domestic demand, as global crude prices remain high due to the Middle East conflict. Both diesel and gasoline prices rose by over 3%, according to spokesmen at the refiners. While diesel will now cost 90.67 rupees a liter, gasoline will be priced at 97.77 rupees a liter in New Delhi. Prices are now the highest since May 2022. The increase in rates is lower than what Indian Oil Corp. , Bharat Petroleum Corp. , Hindustan Petroleum Corp. , which were losing 10 billion rupees daily on fuel sales, were expecting. Diesel accounts for about 40% of India’s total fuel sales, while gasoline’s share is more than 17%. Retail rates vary from state to state due to the local value added tax. Read More: India Inflation Rises Less Than Expected Even as Risks Grow New Delhi had previously prioritized shielding consumers from a historic oil shock, which squeezed refiners’ margins and stretched balance sheets. The latest move signals a gradual shift toward restoring pricing discipline as fiscal and market pressures intensify. Higher pump prices could add to inflation. With oil above $100 a barrel, import costs have already put pressure on the country’s balance of payments, which economists say may stay in deficit for a third straight year. Read More: India State Refiners Eye Modest Fuel Price Hike as Losses Mount The move follows a cut in fuel taxes in March that gave refiners some relief, but fell short of offsetting losses. Integrated refiners need world prices closer to $80–$85 a barrel to break even, according to Macquarie Research. State refiners account for 90% of the country’s fuel stations. The market had been anticipating a hike in fuel prices after the conclusion of regional elections on April 29, stoking panic buying that led to fuel outlets in some states running dry. The action may now help tame the spike in demand. On Sunday, Prime Minis...
Earnings Call Insights: Shimmick Corporation (SHIM) Q1 2026 Management View "I'm pleased to report that we are continuing to make progress on our strategy, which centers around growing our top line by bidding and winning work aligned with our expertise, winding down noncore projects and executing at a high level to deliver consistent margins." (CEO & Director Ural Yal) "For the first quarter, we d...
Earnings Call Insights: Shimmick Corporation (SHIM) Q1 2026 Management View "I'm pleased to report that we are continuing to make progress on our strategy, which centers around growing our top line by bidding and winning work aligned with our expertise, winding down noncore projects and executing at a high level to deliver consistent margins." (CEO & Director Ural Yal) "For the first quarter, we delivered consolidated revenue of $88 million, 12% gross margin and adjusted EBITDA of approximately $3 million." (CEO & Director Yal) "We now have secured and continuing to secure backlog that is going to fuel our growth the rest of the year and beyond." (CEO & Director Yal) "For our noncore projects, revenue was $200,000 compared to $29 million a year ago, largely as a result of the termination by the U.S. Army Corps of Engineers of the Chickamauga Lock Replacement Project in Chattanooga, Tennessee." (CEO & Director Yal) "We remain constructive in our approach... and are confident that the parties will be able to reach a mutually agreeable resolution in due course." (CEO & Director Yal) "The electrical business remains an important pillar of our long-term strategy... We're also seeing increasing opportunity in data centers." (CEO & Director Yal) "In April, we announced the appointment of Sarah Tacker as Executive Vice President and Chief Operating Officer." (CEO & Director Yal) "Subsequent to quarter end, we were selected for a project with California Water Service... through a progressive design build contract with an estimated construction value of $50 million." (CEO & Director Yal) "Shimmick project revenue for Q1 2026 was $88 million versus $93 million in Q1 of 2025." (Executive VP & CFO Todd Yoder) Outlook "Despite the termination of the Chickamauga Lock Replacement Project... we are reaffirming our full year 2026 guidance." (Executive VP & CFO Yoder) "We expect Shimmick consolidated revenue to grow year-over-year between 12% and 22%... representing approximately $550...
In an industry that runs on hype and grand gestures, Canadian AI firm Cohere is charting a different course from Silicon Valley.The deal, backed by both the Canadian and German governments, is designed to position Cohere as a sovereign alternative for businesses to American AI giants in the European market, as well as in Asia.
In an industry that runs on hype and grand gestures, Canadian AI firm Cohere is charting a different course from Silicon Valley.The deal, backed by both the Canadian and German governments, is designed to position Cohere as a sovereign alternative for businesses to American AI giants in the European market, as well as in Asia.
Lambert And Young/DigitalVision via Getty Images Company Overview Constellation Energy ( CEG ) is one of the largest power generation companies in the US. After closing the Calpine acquisition , now operates about a 55 GW generation platform. The company's portfolio includes nuclear, natural gas, geothermal, hydro, wind, solar, and battery storage assets. In simple terms, CEG sells electricity and...
Lambert And Young/DigitalVision via Getty Images Company Overview Constellation Energy ( CEG ) is one of the largest power generation companies in the US. After closing the Calpine acquisition , now operates about a 55 GW generation platform. The company's portfolio includes nuclear, natural gas, geothermal, hydro, wind, solar, and battery storage assets. In simple terms, CEG sells electricity and energy products to customers that need reliable power, but the part I care about most is its nuclear and dispatchable generation base. Because that's where my AI thesis begins. Investment Thesis Artificial intelligence is not just a software revolution. It is becoming an energy revolution. This is because every new AI data center requires massive amounts of power, and the grid is straining to keep up. In fact, global data center electricity demand is projected to double from about 415 TWh today to about 945 TWh by 2030. That is a 15% annual growth rate, more than four times faster than the rest of the economy. In places like Texas, even grid operators are warning that new data centers are pushing demand upward, and some projects are being delayed because local infrastructure can't yet support them. In short, power is becoming the defining constraint of the AI era. This is why I am initiating coverage on Constellation Energy with a Strong Buy rating. IEA The first growth driver is the direct data center power demand. CEG, through Calpine, has already signed agreements with CyrusOne totaling more than 1.1 GW of power demand in Texas. This includes a new 380 MW agreement at Freestone, an exclusive agreement for another 380 MW in Phase 2 and earlier 400 MW agreements tied to the Thad Hill Energy Center. To me, this means that at a simple level, 1.1 GW of power demand at high utilization can represent a meaningful revenue and EBITDA opportunity, especially when paired with existing generation, land, and grid connectivity. It is also important to mention that CEG just closed its...
Earnings Call Insights: Forgent Power Solutions (FPS) Q3 2026 Management View "We continue to deliver strong commercial and financial performance in Q3" and "are raising our fiscal 2026 guidance to reflect the strength of that demand" (CEO Gary Niederpruem). "In the third quarter, we delivered record bookings of $867 million" and "as of March 31, 2026, backlog was at a record of nearly $2 billion"...
Earnings Call Insights: Forgent Power Solutions (FPS) Q3 2026 Management View "We continue to deliver strong commercial and financial performance in Q3" and "are raising our fiscal 2026 guidance to reflect the strength of that demand" (CEO Gary Niederpruem). "In the third quarter, we delivered record bookings of $867 million" and "as of March 31, 2026, backlog was at a record of nearly $2 billion" (CEO Niederpruem). "Powertrain Solutions revenue increased 248% year-over-year to almost $100 million" and the company cited a "greater than $100 million powertrain solution order from a new Neo-Cloud customer" with delivery "starting just 6 months after the PO" (CEO Niederpruem). "We are beginning to transition from cash consumption towards cash generation" and "operating cash flow improved by $37 million year-over-year to $29 million" (CEO Niederpruem). "Revenues in the quarter were $379 million, an increase of 103% versus last year, all organic" (Chief Financial Officer Ryan Fiedler). Outlook "For the fourth quarter of fiscal 2026, we expect revenues of $392 million to $432 million" and "adjusted EBITDA of $100 million to $110 million" with margins "around 25%" (CFO Fiedler). "We expect revenues in the range of $1.35 billion to $1.39 billion" and "adjusted EBITDA of $310 million to $320 million" for fiscal 2026 (CFO Fiedler). "The low end of our updated guidance ranges for revenue and adjusted EBITDA is now above the high end of our prior ranges" (CEO Niederpruem). Financial Results "Revenue increased 103% to a record $379 million" and "adjusted EBITDA rose 96% to a record $85 million" (CEO Gary Niederpruem). "Adjusted EBITDA margin expanded 200 basis points sequentially to 22.4%" and management attributed the step-up to "increased leverage on SG&A, along with improved labor and overhead absorption" (CEO Niederpruem). "Custom products revenues increased 82% year-over-year to $259 million" and "Powertrain Solutions revenues grew 248% year-over-year to $99 million" (CFO R...