With polls closed across Texas on Tuesday evening, Congresswoman Jasmine Crockett and state representative James Talarico were locked in a fiercely contested and unpredictable primary that has drawn record-level turnout and outsized national attention. The marquee Senate race, unfolding in a state Democrats have not carried statewide in more than three decades, was clouded by confusion over voting...
With polls closed across Texas on Tuesday evening, Congresswoman Jasmine Crockett and state representative James Talarico were locked in a fiercely contested and unpredictable primary that has drawn record-level turnout and outsized national attention. The marquee Senate race, unfolding in a state Democrats have not carried statewide in more than three decades, was clouded by confusion over voting in Dallas county – the state’s second largest and Crockett’s home base – and it remained unclear if the results would be known on Tuesday night. Crockett said her campaign plans to file a lawsuit. “I can tell you now that people have been disenfranchised,” she told supporters at her election night event in Dallas. In Austin, at Talarico’s election night gathering, state representative John Bucy said the campaign was feeling “confident” and urged supporters to “stick around” for additional updates throughout the evening. “This has been a long fight,” Bucy said. “It’s going to be a longer fight and were not going home yet.” View image in fullscreen James Talarico speaks during an event at the University of Houston. Photograph: Ashley Landis/AP With nearly three-quarters of the vote tallied on Tuesday evening, Talarico was leading Crockett by 6 percentage points. The stakes are unusually high because a messy Republican primary was headed to a runoff on Tuesday night, with the state’s scandal-scarred attorney general, Ken Paxton, ahead, giving Democrats a rare opening to seriously contest the seat. Democrats and Republicans in Washington have argued that if Paxton emerges as the nominee, his string of legal and ethical troubles would hand Democrats an opportunity in a state the president carried by a thumping 14-percentage points in 2024. But ballot-counting was plunged into uncertainty on Tuesday night, when the state supreme court halted a county judge’s order extending voting hours in two Texas counties – Dallas and Williamson – and ordered election officials to set aside b...
Dmitri Toms/iStock via Getty Images Three months since my previous coverage , Tsakos Energy Navigation Limited ( TEN ) has already increased by nearly 50%. This justifies my bullish rating and proves that it still has some upside potential even after rallying for more than a year. Today, the price uptrend persists ahead of the Q4 2025 earnings release. I believe this still logical considering its ...
Dmitri Toms/iStock via Getty Images Three months since my previous coverage , Tsakos Energy Navigation Limited ( TEN ) has already increased by nearly 50%. This justifies my bullish rating and proves that it still has some upside potential even after rallying for more than a year. Today, the price uptrend persists ahead of the Q4 2025 earnings release. I believe this still logical considering its robust fundamentals, reasonable valuation, and the Middle East wars. Technicals stay consistent with them as bullish signals remain evident. Tsakos Energy: How It Has Been Recently Just a short recap of my previous coverage, Tsakos Energy Navigation Limited remained robust in the current market landscape. In Q3 2025, its voyage revenues decreased by 7.0% YoY from $200.2M to $186.2M as oil prices weakened due to the OPEC oil hike. In fact, its TCE or time charter equivalent per ship per day and spot rates weakened. Despite this, TEN remained efficient as it reduced its operating expenses. Of course, it also benefited from the lower oil prices since they also lowered fuel expenses. TEN also maintained its prudent vessel management in line with the market dynamics. It reduced its vessels from 62 in Q2 to 61 in Q3 2025. This helped it manage and lower extra expenses. Also, the vessel reduction also led to gains on its vessel disposal. This means that the proceeds from selling its vessels exceeded what it paid on buying them. As a result, its operating income rose. Income Statement (TEN's Q3 2025 Release ) Iran Wars: A Challenge And Upside Driver Before the previous month ended, the world was shocked by the intense Middle East wars. I admit that I somehow underestimated the tension in Iran. I covered several tanker stocks in January and February and expressed my thoughts on it. During that time, I believed that the civil unrest in Iran wouldn't lead to the current situation. During the weekend, we saw the news about the USA and Israel intervening in the situation, and in retalia...
Protesters gathered near the Aventura Mall on Tuesday evening to stage an "unwelcome party" for Palantir, a data analytics company that recently relocated its headquarters from Denver to Miami. The demonstrators voiced deep concern over the company's expanding influence and footprint in the technology sector. A central point of the protest was the company's alleged involvement in state and federal...
Protesters gathered near the Aventura Mall on Tuesday evening to stage an "unwelcome party" for Palantir, a data analytics company that recently relocated its headquarters from Denver to Miami. The demonstrators voiced deep concern over the company's expanding influence and footprint in the technology sector. A central point of the protest was the company's alleged involvement in state and federal technology surveillance, with protesters specifically claiming that Palantir is using its technology to aid in ICE deportations. We spoke to several protesters on site, including Romeo Umana, to understand the motivations behind the demonstration. The crowd emphasized their fears about Palantir's growing involvement in government surveillance technology. Palantir was reached out to for comment regarding the protest, but has not yet provided a statement.
Jonathan Kitchen/DigitalVision via Getty Images Investment action I had a buy rating for BE Semiconductor Industries N.V. ( BESIY ) previously, as I thought the underlying demand momentum was extremely solid, especially with memory playing out better than I thought. The outlook for strong orders in 2H25 also made the equity story better. My current view is still a buy rating because the story is m...
Jonathan Kitchen/DigitalVision via Getty Images Investment action I had a buy rating for BE Semiconductor Industries N.V. ( BESIY ) previously, as I thought the underlying demand momentum was extremely solid, especially with memory playing out better than I thought. The outlook for strong orders in 2H25 also made the equity story better. My current view is still a buy rating because the story is much stronger now. Orders have inflected sharply, AI-related demand is translating into real customer spending, and hybrid bonding is moving closer to commercialization. 4Q25 earnings review This quarter was BESIY’s first revenue recovery quarter. Revenue was up 25.4% sequentially to EUR166.4 million and up 8.4% y/y. The point here is not just that revenue grew, but I think the important message is that the move was big enough to show demand improved during the quarter. Orders confirm that point. BESIY booked EUR250.4 million of orders in 4Q25, up a significant 43.3% sequentially. I think that matters because orders tell you whether the quarter was supported by fresh demand or just old backlog converting into sales. In this case, the order number says demand did improve. By customer type, orders were EUR99.5 million for IDMs, up 41% sequentially, and EUR150.9 million for OSATs, up 45% sequentially. The other important aspect of this quarter’s performance is profitability. Gross profit came in at EUR106.2 million, with gross margin coming in at 63.9%, up ~170 basis points sequentially, which in turn drove EBIT to EUR56.2 million (margin of 33.8%). At the bottom line, net income came in at EUR42.8 million, or a 25.7% net margin. Why I stay bullish I stay bullish because the story just keeps getting better. Before this quarter’s results, the story depended heavily on the idea that stronger AI-related demand would eventually show up in the numbers. It was still a debatable point, but now it isn’t. The very fact that orders grew ~43% sequentially to EUR250.4 million, driven by st...
peepo/E+ via Getty Images Dear Partners, Protean Small Cap declined by 3.0% in February. The benchmark index was up by 2.8%. Since launching in June 2023, the fund has gained 56.9%. The Carnegie Nordic Small Cap Index is up 26.1% in the same period. All figures are net of fees. The hedge fund Protean Select returned -1.6% in February. Protean Aktiesparfond Norden returned 3.8%. The benchmark incre...
peepo/E+ via Getty Images Dear Partners, Protean Small Cap declined by 3.0% in February. The benchmark index was up by 2.8%. Since launching in June 2023, the fund has gained 56.9%. The Carnegie Nordic Small Cap Index is up 26.1% in the same period. All figures are net of fees. The hedge fund Protean Select returned -1.6% in February. Protean Aktiesparfond Norden returned 3.8%. The benchmark increased by 1.9%. Since inception, ten months ago, the fund is up 21.7%, and in the same period the VINX Nordic Cap index is up 15.8%. The fund now manages 1.7bn SEK. This month's letter elaborates on conflicting narratives, ham-fisted trading in small caps by various funds, geopolitical risk, and the decision to go ahead with a Global Aktiesparfond. Plus, as always, commentary on the month's various winners and losers (the losers outnumbered the winners this month, annoyingly). Thank you for being an investor! // Team Protean Conflicting narratives BY PONTUS DACKMO Rarely have the markets been more characterized by shifting and conflicting narratives. Stocks that weeks ago were considered obvious beneficiaries of AI are now casualties. The marginal buyers and sellers that set prices move quickly between sectors and regions, exacerbated by the prolific basket constructions that indiscriminately trade individual stocks as merely constituents of a strategists' make-believe index. Not that it needs repeating, but underneath the index surface there is a lot of movement. Earnings in our part of the world have generally held up, but the reaction function appears changed: bets are not rewarded the way they were, and misses are punished harder. Obviously, AI sits at the centre of much of this repricing. The discussion has moved on from abstract productivity gains to, what is perceived as, substitution risks. In software and services, the market is clearly reassessing durability. With falling switching costs and data portability improvements, competitive advantages come under pressure. ...
年初，Mac Mini 一度缺货，等待时间甚至长达一个半月。 Mac mini 是个好产品，这件事大家一直很清楚。国内渠道价格诚意高，M 芯片性能又好，入门配置不到三千人民币就可拿下，很适合作为创作新手的主力机。 然而最近这次 Mac mini 爆红，跟创作或日常使用没什么关系。 关注科技新闻的朋友们应该知道怎么回事：OpenClaw（前身叫 Clawdbot）突然火了。 OpenClaw 有多种...
年初，Mac Mini 一度缺货，等待时间甚至长达一个半月。 Mac mini 是个好产品，这件事大家一直很清楚。国内渠道价格诚意高，M 芯片性能又好，入门配置不到三千人民币就可拿下，很适合作为创作新手的主力机。 然而最近这次 Mac mini 爆红，跟创作或日常使用没什么关系。 关注科技新闻的朋友们应该知道怎么回事：OpenClaw（前身叫 Clawdbot）突然火了。 OpenClaw 有多种部署方式：你可以装到自己的电脑上，也可以单给它配一台电脑；把它部署在云端的虚拟机/沙箱环境里也没问题；后来，一些主流 AI 服务也推出了云端一键部署的替代方案，显著降低小白玩家的门槛。 但在刚开始的那段时间，最主流的部署方案就是单买一台 Mac mini。 理由肯定不是因为它便宜，更主要在于：要让 OpenClaw 有意义，需要给它一个「肉身」，让它访问文件、操作软件。 云服务器能运行 OpenClaw，但那仍然不是你的电脑，没有你的文件、软件、浏览器上登录的各种账号，没有所谓的「上下文」。Mac mini 放在桌上，7 × 24 小时不用关机，甚至通过聊天机器人远程操控的话都不用单配一台显示器。 给 OpenClaw 一台自己的电脑工作，唯一可观成本是后端接入的大模型 API 的 token 费用，很多早期玩家都在这上面吃过亏。但如果你买一台配置够高的 Mac mini，下载一个尺寸足够大的模型到本地来运行，可以说除了电费和网费之外，简直就像获得了一个 免费的劳动力…… MacBook 也行，但是…… 据 Tom's Hardware 和 TechRadar 等媒体报道，OpenClaw 走红后，Mac mini 24GB 和 32GB 配置的等待期延至 6 天到 6 周不等；更强大的 Mac Studio，交货时间也从两周涨到了近两个月。 这些等待时间，是 OpenClaw 的早期玩家们，用真实购买投出来的票。 （注：部分机型的缺货也和苹果近期推出新款 Mac 台式机电脑有关系，以往每次推出临近新机发布时，老机型都会进入售罄状态。OpenClaw 的爆红并非唯一原因。） 冥冥之中，Mac 成为了 2026 年首选的「AI PC」；反倒是鼓吹了「AI PC」好几年的 Windows PC 行业，一点热乎的都没吃上。 英特尔、AMD、高通等芯片商，以及主流 PC 品牌们，从...
Ole_CNX/iStock via Getty Images When a stock like CoreWeave ( CRWV ) corrects like it has, it is often difficult to gather conviction for a Buy even though fundamentals look well-supported. Not too long ago CoreWeave was trading at $130-$140 levels. With much of the growth market coming under long duration growth assumption pressures, CoreWeave too has corrected significantly. The best way to unde...
Ole_CNX/iStock via Getty Images When a stock like CoreWeave ( CRWV ) corrects like it has, it is often difficult to gather conviction for a Buy even though fundamentals look well-supported. Not too long ago CoreWeave was trading at $130-$140 levels. With much of the growth market coming under long duration growth assumption pressures, CoreWeave too has corrected significantly. The best way to understand the opportunity here is to simply look at numbers and cut out the subjective risk narratives. In this thesis, I have tried to remain as objective as possible and see multiple positives, like robust revenues and contracted backlog, with an average contracted length of ~5 years. Nearly all 2026 capacity is already allocated under take-or-pay agreements, providing rare multi-year visibility. On the other side of the argument, we are in the most capital-intensive phase of the AI buildout, and capex is definitely a drag that should be acknowledged. But at roughly 5x forward sales and with management targeting over $30b+ revenue run rate exiting 2027, I see the risk-reward balance still favorable for a Buy. The skepticism around execution, leverage, and the AI cycle could keep the stock volatile. But at the same time, positives like the durable backlog, stable GPU pricing environment, and improving cost of capital will show up in the share prices when growth appetite returns. Revenue Growth - Long Duration Assumptions Going strictly by numbers, the revenue trajectory does not indicate any cause for worry at all. The actual sequential growth in Q4 2025 was ~15% - no sign of visible deceleration. Q1 2026 guidance implies a re-acceleration, in fact, with growth levels touching the mid-twenties. Management has also indicated an exit run rate of $17-19b for 2026 (full-year guidance at ~$12.5b at the midpoint) and above $30b in 2027. That translates to above 30% average sequential growth for the rest of 2026. Growth slows down to early teens again in 2027 as per management expec...
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Sydney and Singapore with Haidi Stroud-Watts and Avril Hong, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
"Bloomberg: The Asia Trade" brings you everything you need to know to get ahead as the trading day begins in Asia. Bloomberg TV is live from Sydney and Singapore with Haidi Stroud-Watts and Avril Hong, getting insight and analysis from newsmakers and industry leaders on the biggest stories shaping global markets. (Source: Bloomberg)
Chinese billionaire Jack Ma and the core leadership of Alibaba Group Holding and Ant Group spent over an hour with teachers in Hangzhou on Tuesday, discussing the profound challenges and opportunities brought about by artificial intelligence. Ma told the group that the impact of AI was “immense”, but so were the “opportunities” and that teenagers held the greatest hope and opportunity for adapting...
Chinese billionaire Jack Ma and the core leadership of Alibaba Group Holding and Ant Group spent over an hour with teachers in Hangzhou on Tuesday, discussing the profound challenges and opportunities brought about by artificial intelligence. Ma told the group that the impact of AI was “immense”, but so were the “opportunities” and that teenagers held the greatest hope and opportunity for adapting to and enabling transformation in the AI era, according to a statement issued by Hangzhou Yungu School, which hosted the visit. AI offered a chance for education to “return to its essence”, Ma said. Time spent memorising textbooks could be freed up to cultivate creativity and imagination, according to the founder of Alibaba, which also owns the South China Morning Post. Advertisement The meeting involved dozens of teachers at the school in Hangzhou, the capital city of Zhejiang province where Alibaba is based. The privately run school, which covers kindergarten to high school, was funded by Alibaba’s founders. Jack Ma and the core leadership of Alibaba discuss the challenges and opportunities brought about by AI with teachers in Hangzhou on Tuesday. Photo: qq.com Present at the meeting were Alibaba chairman Joe Tsai, CEO Eddie Wu Yongming, e-commerce business group CEO Jiang Fan, Ant chairman Eric Jing Xiandong and Ant CEO Cyril Han Xinyi. Ant is the fintech affiliate of Alibaba.
India’s rupee weakened to a record low and bonds fell on concern that rising crude prices, amid the escalating conflict in the Middle East, could stoke inflation and widen the nation’s trade deficit. The currency fell as much as 0.7% on Wednesday, the most since end-January, to 92.0875 per dollar, while the 10-year benchmark yield rose five basis points to 6.72%. Indian markets were closed Tuesday...
India’s rupee weakened to a record low and bonds fell on concern that rising crude prices, amid the escalating conflict in the Middle East, could stoke inflation and widen the nation’s trade deficit. The currency fell as much as 0.7% on Wednesday, the most since end-January, to 92.0875 per dollar, while the 10-year benchmark yield rose five basis points to 6.72%. Indian markets were closed Tuesday for a public holiday. “Higher crude is a direct risk to rupee — we expect slightly heavier RBI intervention but if oil prices remain high, we may have to tolerate a weaker rupee,” said Dhiraj Nim , forex strategist, Australia & New Zealand Banking Group Ltd. He added that his year-end forecast of 93 for the rupee could materialize much sooner given the current risk-off sentiment. Costlier oil brings the focus back on India’s inflation — currently subdued — as the country imports nearly all its energy needs. It also adds pressure to the trade deficit, which has been widening , exerting strain on the currency. Brent rose above $82 a barrel after rallying about 12% over two days, the biggest gain since 2020. That’s well above the baseline projection of $70 that the central bank had assumed for the October-March period. Iran War Oil Shock Threatens to Unleash Wave of Global Inflation Oil Jumps Again as US Escort Plan for Hormuz Fails to Bring Calm