Outflow Designs/iStock via Getty Images By Christopher Gannatti, CFA Same Theme, Different Maps Artificial intelligence, at its core, is a physics problem. It needs memory that moves data fast enough to keep transformers fed. It needs interconnects that can carry information across distances that copper simply cannot handle efficiently. It needs power, more of it, more reliably, than most grids we...
Outflow Designs/iStock via Getty Images By Christopher Gannatti, CFA Same Theme, Different Maps Artificial intelligence, at its core, is a physics problem. It needs memory that moves data fast enough to keep transformers fed. It needs interconnects that can carry information across distances that copper simply cannot handle efficiently. It needs power, more of it, more reliably, than most grids were built to supply. When imagination runs into physics, physics wins. And the companies that resolve those physical constraints tend to be more durably valued than software names whose stories depend on sentiment and timing. That thesis is increasingly showing up in how serious AI funds are being constructed. Comparing the current holdings of BlackRock’s iShares A.I. Innovation and Tech Active ETF ( BAI ) and the WisdomTree Artificial Intelligence and Innovation Fund ( WTAI ) reveals two portfolios that have independently converged on the infrastructure layer as the most defensible place to be, while diverging, meaningfully, on just how concentrated and how far down the supply chain that conviction should run. WisdomTree has been tracking the universe of thematic ETFs going back to 2021. In the ‘Artificial Intelligence & Big Data’ category, BAI is the largest strategy on the basis of assets under management, which brings it into focus here. The Shared Foundation: Infrastructure Over Hype Before examining the differences, it is worth noting the overlap. Both funds have pivoted in the same conceptual direction. As AI spending shifts from training to inference, the physics of the problem, including memory bandwidth, interconnect speed, packaging complexity, and power availability, become the real constraints. Capital follows constraints, and the companies that resolve them tend to be more durably valued than application-layer software names whose valuations depend heavily on sentiment. Figure 1: Top 20 Holdings at a Glance Sources: iShares, WisdomTree with data as of April 17,...
vchal/iStock via Getty Images Oklo ( OKLO ) down 5.6% in Wednesday's trading after the nuclear technology start-up reported a Q1 net loss of $33.1M, or $0.19/share, that matched analyst expectations but was larger than the $9.8M loss, or $0.07/share, in the year-earlier quarter. Since Oklo's ( OKLO ) public debut in May 2024, the stock has traded largely on " promise and potential ," Mackenzie Tat...
vchal/iStock via Getty Images Oklo ( OKLO ) down 5.6% in Wednesday's trading after the nuclear technology start-up reported a Q1 net loss of $33.1M, or $0.19/share, that matched analyst expectations but was larger than the $9.8M loss, or $0.07/share, in the year-earlier quarter. Since Oklo's ( OKLO ) public debut in May 2024, the stock has traded largely on " promise and potential ," Mackenzie Tatananni of Barron's wrote, more than tripling in 2025 compared to a 16% gain for the S&P 500, while momentum has slowed this year, with shares tilting below breakeven vs. an 8% gain for the S&P 500. With barely any revenue so far, Oklo ( OKLO ) management used its earnings conference call to tout its major partnerships with Nvidia and Los Alamos National Lab to collaborate on using plutonium fuel, and said the Atomic Alchemy subsidiary is engaged with its first potential isotope customer, with the Grove reactor on track to achieve the aggressive goal of criticality by July 4. Meanwhile, the company is awaiting full approval for its Aurora commercial powerhouse at Idaho National Laboratory; just last week , the Nuclear Regulatory Commission approved Aurora's Principal Design Criteria. William Blair analyst Jed Dorsheimer reiterated his Outperform rating on Oklo ( OKLO ) following the report, citing the company's updates in its three businesses of power, fuel, and isotopes. "While we recognize the inherent risks of a pre-revenue business, we view Oklo as a leader among advanced reactors and making significant progress under the more favorable nuclear and regulatory environment," Dorsheimer wrote. Key risks include Nuclear Regulatory Commission shifts, competition from small modular reactors and large reactors, disruptive energy technology, capital constraints, and execution challenges, the analyst said. More on Oklo Oklo Q1 2026 Earnings Call Presentation Oklo: Q1 Earnings Is The Inflection Point For The SMR Trade Oklo: Why Near-Term Isotope Catalysts Make This Fast Reactor St...
The Real Estate Select Sector SPDR Fund (NYSEARCA:XLRE) trades around $45 with roughly $7.71 billion in assets and a trailing distribution yield of 3.4%. Nine of the top ten holdings are equity REITs, and the prospectus explicitly targets equity REITs while excluding mortgage REITs. The only true non-REIT in the top ten is CBRE Group ... Real Estate ETF XLRE Offers Steady Dividends With One Major ...
The Real Estate Select Sector SPDR Fund (NYSEARCA:XLRE) trades around $45 with roughly $7.71 billion in assets and a trailing distribution yield of 3.4%. Nine of the top ten holdings are equity REITs, and the prospectus explicitly targets equity REITs while excluding mortgage REITs. The only true non-REIT in the top ten is CBRE Group ... Real Estate ETF XLRE Offers Steady Dividends With One Major Caution
OpenAI may be a marquee corporate name but working with the tech giant is business as usual for TPG Inc. The companies recently announced an agreement that will see the private equity firm’s portfolio companies gain access to OpenAI’s expanding platform. “We partner with the likes of Intel, Humana, UnitedHealth Group, AT&T, so this, from a corporate partnership standpoint, is not very dissimilar f...
OpenAI may be a marquee corporate name but working with the tech giant is business as usual for TPG Inc. The companies recently announced an agreement that will see the private equity firm’s portfolio companies gain access to OpenAI’s expanding platform. “We partner with the likes of Intel, Humana, UnitedHealth Group, AT&T, so this, from a corporate partnership standpoint, is not very dissimilar from what we normally do,” TPG Co-Managing Partner David Trujillo said in a Bloomberg Television interview Wednesday. Earlier this week, the two, along with Bain Capital and Brookfield Asset Management, announced they were launching the OpenAI Deployment Co. with an initial investment of $4 billion. Participating firms will have the opportunity to embed roughly 150 OpenAI engineers on their internal teams and look for operational advantages the new technology can exploit. Trujillo said the fund sees OpenAI as one of the likely winners in the AI race, but the venture has no exclusivity rights and the companies it has invested in have the option to work with other AI firms. He declined to comment on reports that the agreement included a guaranteed return. Rivals have also announced partnerships. Blackstone Inc. , Goldman Sachs Group Inc. and Hellman & Friedman said this month they were working with Anthropic on a venture that also brought companies cutting-edge AI technologies. That venture included a $1.5 billion investment. “All of our CEOs are clamoring to deploy these tools and one of the things, when you are dealing with a 46-year-old executive, they don’t have a lot of experience using these foundational models,” Trujillo said. Companies that may have had AI in place for longer are now grappling with how to navigate the costs. “There’s a lot of experimenting on budget taking place right now—people are testing and trying and finding things that are not working, things that are,” Trujillo said. “We are in that very early stage.”
lixu/iStock Unreleased via Getty Images Elon Musk's xAI has signed up several Wall Street firms that have ties to his businesses to test its Grok chatbot as it seeks to drive revenue growth ahead of parent company SpaceX's ( SPACE ) initial public offering, according to a media report on Wednesday. Morgan Stanley ( MS ) and Apollo Global Management ( APO ) have started using Grok internally as wel...
lixu/iStock Unreleased via Getty Images Elon Musk's xAI has signed up several Wall Street firms that have ties to his businesses to test its Grok chatbot as it seeks to drive revenue growth ahead of parent company SpaceX's ( SPACE ) initial public offering, according to a media report on Wednesday. Morgan Stanley ( MS ) and Apollo Global Management ( APO ) have started using Grok internally as well as software from other AI model builders, Bloomberg reported, citing people familiar with the matter. Valor Equity Partners is also using the xAI chatbot, they said. While some banks have signed up for Grok, bankers are rarely using it for work, some of the people told Bloomberg. The AI venture is rushing to increase its revenue by selling chatbot subscriptions and access to its compute resources before SpaceX's ( SPACE ) IPO, which is expected to launch next month. The article said that most of xAI's sales thus far have been with other Musk ventures, including SpaceX and Tesla ( TSLA ). More on SpaceX SpaceX IPO: Accelerated S&P 500 Inclusion Could Create A Liquidity Vacuum To A Trillion(s) Dollars And Beyond: A SpaceX IPO Odyssey SpaceX: $1.75T IPO And 220x EV/EBITDA Could Trigger Surge In Aerospace And Defense OpenAI CEO says startup got 'morale boost' after Musk left board SpaceX and Google are discussing orbital data centers
U.S. large-cap companies ( SPY ) ( VOO ) ( VV ) are starting to demonstrate a clearer efficiency edge over their small-cap ( IWM ) ( IJR ) ( VB ) counterparts, signaling that the benefits of artificial intelligence ( AIQ ) adoption are not spreading evenly across corporate America. Investment firm KKR recently highlighted this growing divide in new research showing S&P 500 ( SP500 ) inflation-adju...
U.S. large-cap companies ( SPY ) ( VOO ) ( VV ) are starting to demonstrate a clearer efficiency edge over their small-cap ( IWM ) ( IJR ) ( VB ) counterparts, signaling that the benefits of artificial intelligence ( AIQ ) adoption are not spreading evenly across corporate America. Investment firm KKR recently highlighted this growing divide in new research showing S&P 500 ( SP500 ) inflation-adjusted revenue per worker has climbed sharply since ChatGPT’s ( OPENAI ) launch in late 2022. The metric has risen approximately 8% after roughly two decades of stagnation. The Russell 2000 ( IWM ), which tracks smaller companies, tells a different story. Small-cap productivity has struggled to break decisively higher, lagging the gains seen among larger corporations. The data suggests that while AI ( AIQ ) tools are beginning to transform workplace efficiency, the technology’s impact may be concentrated among companies with the resources and infrastructure to implement these solutions at scale. KKR More on the Markets Making Sense Of The Market Rally Headline Inflation Cooled In April, But Core Pressures Picked Up Producer Price Inflation Explodes As The Services PPI Blows Out On Top Of The Energy Price Spike Wells Fargo still sees two Fed rate cuts in 2026 despite recent hot inflation reports Hot CPI and PPI reports ignite new inflation fears
Tesla Inc (NASDAQ:TSLA) had its price target raised modestly by UBS to $364 from $352, as the bank said the electric vehicle maker’s first-quarter update further highlighted its transition toward becoming a “physical AI company,” while maintaining a ‘Neutral’ rating on the stock. Shares of...
Tesla Inc (NASDAQ:TSLA) had its price target raised modestly by UBS to $364 from $352, as the bank said the electric vehicle maker’s first-quarter update further highlighted its transition toward becoming a “physical AI company,” while maintaining a ‘Neutral’ rating on the stock. Shares of...
We just covered the Chris Rokos Stock Portfolio: Top 10 Stock Picks and Broadcom Inc. (NASDAQ:AVGO) ranks 2nd on this list. Broadcom Inc. (NASDAQ:AVGO) has consistently featured in the 13F portfolio of Rokos Capital Management since the second quarter of 2024. Back then, this position comprised 1.4 million shares. By late 2024, the fund had […]
We just covered the Chris Rokos Stock Portfolio: Top 10 Stock Picks and Broadcom Inc. (NASDAQ:AVGO) ranks 2nd on this list. Broadcom Inc. (NASDAQ:AVGO) has consistently featured in the 13F portfolio of Rokos Capital Management since the second quarter of 2024. Back then, this position comprised 1.4 million shares. By late 2024, the fund had […]
European Union leaders must show courage in strengthening the bloc’s foundations, according to European Central Bank President Christine Lagarde . “Europe now finds itself in a world that is far less forgiving of the gaps in its institutional architecture,” she said Wednesday in Aachen, Germany. “Institutions that were built for an earlier age are being tested by demands they were not fully design...
European Union leaders must show courage in strengthening the bloc’s foundations, according to European Central Bank President Christine Lagarde . “Europe now finds itself in a world that is far less forgiving of the gaps in its institutional architecture,” she said Wednesday in Aachen, Germany. “Institutions that were built for an earlier age are being tested by demands they were not fully designed to meet.” Speaking at a dinner honoring her predecessor Mario Draghi — who will receive the Charlemagne Prize on Thursday — Lagarde highlighted his work on making Europe more competitive . She called on leaders to carry through on his recommendations and “break complacency.” “They are the ones who must act on Mario’s diagnosis,” she said. “They are the ones who must decide whether this moment becomes another missed opportunity, or another step in Europe’s construction.” With geopolitical tensions on the rise and US President Donald Trump ’s disdain for America’s allies, Lagarde and other ECB officials have repeatedly urged European governments to strengthen the region’s economic and political foundations and increase its autonomy. Last year, the Frenchwoman — a former finance minister herself — said that constant prevarication over measures to boost growth just can’t continue with yet more years of lost prosperity as this would not only be disappointing, but also “ irresponsible .” Earlier this year, the ECB’s Governing Council called for “ urgent collective action ” to strengthen the region, highlighting the need for a savings and investment union, a digital euro, a deepening of the single market, policies to foster innovation, and simpler legislation. “Europe is stronger when it builds together than when it retreats into itself,” Lagarde said. “Now Europe’s leaders must answer it in their turn — and build what endures. What they need is the courage to act.” ECB Calls for Urgent Action From EU Leaders to Unlock Growth ECB Officials Look Beyond Inflation to Bigger Threat...
Avidity Partners Management disclosed a buy of 100,000 shares of Oruka Therapeutics (NASDAQ:ORKA) in a May 13, 2026, SEC filing, with an estimated transaction value of $3.48 million based on quarterly average pricing. Avidity Partners Management reported purchasing 100,000 additional shares of Oruka Therapeutics, according to a Securities and Exchange Commission (SEC) filing dated May 13, 2026. Th...
Avidity Partners Management disclosed a buy of 100,000 shares of Oruka Therapeutics (NASDAQ:ORKA) in a May 13, 2026, SEC filing, with an estimated transaction value of $3.48 million based on quarterly average pricing. Avidity Partners Management reported purchasing 100,000 additional shares of Oruka Therapeutics, according to a Securities and Exchange Commission (SEC) filing dated May 13, 2026. The estimated transaction value was $3.48 million, calculated using the average closing price during the first quarter of 2026. The fund's quarter-end position value in Oruka Therapeutics rose by $32.00 million, a figure that includes both the share increase and changes in market price. Oruka Therapeutics is a clinical-stage biotechnology company specializing in innovative monoclonal antibody therapies for immunology and inflammation. With a lean workforce and a focused pipeline, the company is positioned to address unmet medical needs in psoriasis and related conditions. Its strategy emphasizes novel biologic development to achieve competitive differentiation in the biopharmaceutical sector. Continue reading
数字取证与智能解决方案提供商Cellebrite DI Ltd．将于周四盘前发布2026年第一季度财报。市场普遍预期公司营收将实现两位数增长，但盈利水平可能出现下滑。投资者将重点关注公司新推出的AI平台商业进展及政府云认证带来的联邦市场机会。 业绩预期：营收增长但盈利承压 根据华尔街分析师共识预测，Cellebrite第一季度营收预计约为1.27亿美元，同比增长约18%。公司此前给出的营收指引区间...
SL/iStock Editorial via Getty Images GoPro, Inc. ( GPRO ) is a stock that I have followed for some time. I have reviewed the stock a few times, most recently in September. I rated the stock a Hold at that time, as I have in my previous reviews on the stock. I, personally, own a GoPro and really like the brand, but the company has struggled for years to find its footing and has been unable to do so...
SL/iStock Editorial via Getty Images GoPro, Inc. ( GPRO ) is a stock that I have followed for some time. I have reviewed the stock a few times, most recently in September. I rated the stock a Hold at that time, as I have in my previous reviews on the stock. I, personally, own a GoPro and really like the brand, but the company has struggled for years to find its footing and has been unable to do so. The stock trades with a lot of volatility. Some of this has been driven by it being a meme stock and traders drive the stock price up. A stock like GoPro sees that volatility for a reason. I think the reason for GoPro is that despite its poor financial performance, it is still a well-recognized and liked brand. It also trades for a small market cap. To start the year, the company has traded as low as $0.54 a share and up over $1.70 a share. That is a massive percentage swing for the stock to start the year. Seeking Alpha GoPro recently reported Q1 earnings and confirmed the reason I have avoided the stock in the past. The company continued to show a shrinking business. The financial performance was poor, and it caused the price to drop on the stock. Even following this drop, I don’t see a lot of reasons to buy the stock. At this point, a purchase of the company is the best chance at stock price appreciation. Financials The company reported a rough Q1 . The company reported Q1 revenue fell by 26% from the prior year, down to $99 million. Subscription and services revenue has been the one bright spot for the company, but even it has seen growth stall out. Revenue for the segment came in at $27 million, flat from the prior year. Subscriber count was down by 8%, though. This likely means that subscription and services revenue will likely start to decline as well. Rising memory costs are the biggest contributor to the pain on the margin side of the business. The company reported a gross margin of 4.3% for the quarter. A big part of that was due to certain “discreet actions” th...
For the first time since the dot-com bubble, Intel is back at the top. The chipmaker's stock just hit a fresh all-time high of $133. That milestone capped a run that few on Wall Street would have predicted even a year ago, allowing Intel's stock to finally push above its August 2000 peak. Intel ...
For the first time since the dot-com bubble, Intel is back at the top. The chipmaker's stock just hit a fresh all-time high of $133. That milestone capped a run that few on Wall Street would have predicted even a year ago, allowing Intel's stock to finally push above its August 2000 peak. Intel ...
无人机与航空航天公司AIRO Group Holdings将于周四盘前发布2026年第一季度财报。市场普遍预期营收和盈利都将出现环比大幅下滑，但投资者的焦点将集中在新揭晓的垂直起降平台的商业化进展及资金状况上。 业绩预期：环比大幅回落 根据分析师共识预测，AIRO第一季度营收预计为1659万美元，较上一季度的4828万美元下降约66%；每股亏损预计为0.27美元，较上一季度的盈亏平衡水平大幅恶化。...