Getty Images One of my better calls over the last few years now has been Google parent Alphabet ( GOOG ) ( GOOGL ). Since I last reaffirmed the company as a ‘buy’ candidate in an article published in February wherein I discussed the value of YouTube as a standalone property, the stock has risen 9.7%. That's more than double the 4% increase that the S&P 500 saw over the same window of time. And since I originally came out as bullish about the company in June of 2023, shares have risen 217.4%. The market, meanwhile, has risen only 67.2%. This monumental appreciation has come as revenue, profits, and cash flows, have all risen materially higher. And on top of this, it's likely that further growth will be on the horizon as management invests heavily in growth opportunities. The future for the company looks solid, and even though the stock is getting quite lofty, I don't think it's time to downgrade it just yet. Having said that, I do think we are getting close. If we see another 10% increase, for instance, I very likely will downgrade it to a ‘hold’. But for now, sticking with it as a very soft ‘buy’ makes the most sense. Searching for value Author - SEC EDGAR Data Fundamentally speaking, things have been going very well for Alphabet. Take the most recent data provided by management as an example. This is data covering the first quarter of the 2026 fiscal year for the business. According to management, revenue came in at $109.90 billion. That represents an increase over the $90.23 billion that the business reported just one year earlier. And as revenue expanded, profitability moved higher. Net income soared from $34.54 billion to $62.58 billion. We also saw operating cash flow jump from $36.15 billion to $45.79 billion. If we strip out changes in working capital, we would get a rise from $33.91 billion to $47.19 billion. And finally, EBITDA for the company expanded from $35.09 billion to $46.18 billion. Author - SEC EDGAR Data The chart above shows financial performance...

DNY59/iStock via Getty Images Equity markets are near all-time highs. Implied volatility is near multi-year lows. For most investors, that's reassuring. Nancy Davis, portfolio manager for The Quadratic Interest Rate Volatility and Inflation Hedge ETF, thinks it's a reason to pay closer attention. In a recent CNBC interview, Nancy made the case for why cheap volatility is a potential opportunity. Interest rate volatility has fallen approximately 50% since the Silicon Valley Bank crisis in 2023 1 , and when options are this cheap, she argued, the cost of adding volatility exposure is too low to ignore. When implied volatility is low, investors may consider adding a volatility ETF, such as the Quadratic Interest Rate Volatility and Inflation Hedge ETF ( IVOL ), to their portfolio. The Hidden Short in Your Bond Portfolio Most investors think of bonds as the "safe" part of their portfolio. But there's a structural feature in some of the most widely held fixed income benchmarks worth understanding. The Bloomberg U.S. Aggregate Bond Index (“The Agg”) is composed of approximately 35% mortgage-backed securities and callable corporate bonds. Because homeowners hold the right to refinance and corporations hold the right to call their debt, investors who own those bonds are effectively short interest rate options. That embedded short volatility, known as prepayment risk, means that when rates become more volatile, bondholders may end up paying the price. In other words, the index many investors rely on for stability is, by construction, a short volatility position. IVOL is designed to sit on the other side of that trade, providing long volatility exposure to potentially offset this structural risk. That dynamic is always present, but today's environment may make it both more meaningful to address and more affordable to do so. Why a Volatility ETF Stands Out Right Now Interest rate volatility is cheap by historical measures. The MOVE Index, which measures implied volatility in U...

Getty Images One of my better calls over the last few years now has been Google parent Alphabet Inc. ( GOOG , GOOGL ). Since I last reaffirmed the company as a ‘buy’ candidate in an article published in February, wherein I discussed the value of YouTube as a standalone property, the stock has risen 9.7%. That's more than double the 4% increase that the S&P 500 saw over the same window of time. And since I originally came out as bullish about the company in June of 2023, shares have risen 217.4%. The market, meanwhile, has risen only 67.2%. This monumental appreciation has come as revenue, profits, and cash flows have all risen materially higher. And on top of this, it's likely that further growth will be on the horizon as management invests heavily in growth opportunities. The future for the company looks solid, and even though the stock is getting quite lofty, I don't think it's time to downgrade it just yet. Having said that, I do think we are getting close. If we see another 10% increase, for instance, I very likely will downgrade it to a 'Hold.' But for now, sticking with it as a very soft ‘Buy’ makes the most sense. Searching for value Author - SEC EDGAR Data Fundamentally speaking, things have been going very well for Alphabet. Take the most recent data provided by management as an example. This is data covering the first quarter of the 2026 fiscal year for the business. According to management, revenue came in at $109.90 billion. That represents an increase over the $90.23 billion that the business reported just one year earlier. And as revenue expanded, profitability moved higher. Net income soared from $34.54 billion to $62.58 billion. We also saw operating cash flow jump from $36.15 billion to $45.79 billion. If we strip out changes in working capital, we would get a rise from $33.91 billion to $47.19 billion. And finally, EBITDA for the company expanded from $35.09 billion to $46.18 billion. Author - SEC EDGAR Data The chart above shows financial performa...

5月13日，阿里巴巴发布 2026年三月底止季度业绩及2026财务年度业绩 公告。 财务年度业绩方面 ，阿里巴巴2026财年全年收入为10236.70亿元（人民币，下同），同比增长3%。若不考虑高鑫零售和银泰的已处置业务收入，同口径收入同比增长为11%。全年经营利润为501.50亿元，同比下降64%。归属于普通股股东的净利润为1059.04亿元。净利润为1021.27亿元，同比下降19%。 季度业绩方面， 截至2026年3月31日止三个月（即2026财年第四季度），阿里巴巴收入为2433.80亿元，同比增长3%。该季度经营亏损为8.48亿元，而2025年同期为经营利润284.65亿元。 分业务看，一季度阿里巴巴淘天集团收入1222.20亿元，同比增长6%；阿里国际数字商业集团收入354.29亿元，同比增长6%。 值得一提的是，一季度，阿里巴巴云智能集团收入416.26亿元，同比增长38%，其中外部商业化收入增速提升至40%；AI相关产品收入达89.71亿元，连续第十一个季度实现三位数同比增长，年化经常性收入（ARR）突破358亿元。 截至北京时间5月13日18：15，阿里巴巴美股盘前跌超1%。 责任编辑：刘万里 SF014

财联社5月13日讯（编辑 赵昊） 当地时间周三（5月13日），美国防务科技初创公司Anduril Industries（安杜里尔工业）宣布完成了50亿美元的H轮融资。 Anduril在官网写道，本轮融资由知名风投Thrive Capital和Andreessen Horowitz领投，公司估值达到610亿美元。在去年6月的上一轮融资中，这一数字仅略高于300亿美元。 Anduril联合创始人兼首席执行官Brian Schimpf写道，2017年创立Anduril时，防务领域并未吸引到大量风险投资，“但在过去几年中，情况发生了显著变化。” 近年来，Palantir、Anduril等“新军工”逐步打破雷神、洛马等传统军工巨头垄断美国军方订单的格局，其中由彼得·蒂尔（Peter Thiel）创立的Palantir获得了华尔街的重点关注。 值得一提的是，Anduril与彼得·蒂尔有着千丝万缕的联系。蒂尔领导成立的风险投资基金“创始人基金”（Founders Fund）是Anduril的种子轮投资者，并参与了后续多轮融资。 Anduril以为美国海关与边境保护局（CBP）提供无人机和监控塔而闻名。过去一年，公司员工规模和营收几乎翻倍，2025年营收达到22亿美元。 目前，Anduril已经获得五角大楼在内的多个合同，并正大举扩张产能，包括其位于俄亥俄州的Arsenal-1工厂，公司计划在那里大规模生产无人机及其他武器系统。 两年前，Anduril还入选美国空军“协同作战飞机”项目，负责研发可与有人驾驶战机协同作战的无人机系统，击败了包括波音和洛马在内的传统军工承包商。 今年3月，Anduril又赢得了一份重要政府合同：未来10年总价值最高可达200亿美元的美国陆军项目。根据协议，公司将把其AI驱动的Lattice指挥控制软件及相关硬件整合为“可直接执行任务”的作战系统。 Anduril的高速成长，凸显出风险投资行业对防务领域态度的巨大转变。随着全球地缘政治紧张局势升温，各国军费支出持续增加，越来越多资本开始涌入防务科技。 Anduril的Schimpf表示，新一轮融资将帮助公司“继续大举投资制造能力、研发以及基础设施，从而能够大规模建造并部署先进防御系统”。 Schimpf还在最新的声明中附上了其年初写给投资人的信件。他在信中警告称，世界已经进入“新的冷战时期”。

Revenues Grew 20%, GAAP Operating Income Increased to $4.4 Million, Adjusted EBITDA Doubled to $15.1 Million Reiterates Guidance for 2026

格隆汇5月13日｜众生药业(002317.SZ)公告称，公司控股子公司众生睿创研发的昂拉地韦颗粒(用于治疗2～11岁儿童单纯性甲型流感)新药上市申请已获国家药监局受理。该药品为儿童及吞咽困难患者设计，III期临床试验显示积极疗效和良好安全性。但新药上市申请尚需审评、审批，存在不确定性。

Kamada press release ( KMDA ): Q1 GAAP EPS of $0.07 misses by $0.05 . Revenue of $45.2M (+2.7% Y/Y) misses by $3.19M . Company Affirms 2026 Annual Guidance of $200 Million – $205 Million in Revenues and $50 Million – $53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth Q1-2026 Results Impacted by Temporary Shipment Delay of a Single Order, Subsequently Delivered during April Company Continues to Evaluate Near-Term Business Development and M&A Transactions to Further Enhance Long-Term Profitable Growth More on Kamada Kamada: From Buy To Hold After 22.4% Surge (Rating Downgrade) Kamada's Pipeline And Biosimilars Set Stage For Future Earnings Expansion Kamada Ltd. (KMDA) Q4 2025 Earnings Call Transcript Kamada Q1 2026 Earnings Preview Kamada’s plasma center gets FDA nod, targets EMA approval next

格隆汇5月13日｜据央视，英国国会开幕大典13日举行，英国国王查尔斯三世发表致辞，公布政府未来一年的立法与施政重点。查尔斯三世在讲话中表示，当前世界正处于一个“危险且动荡”的时期，他重点提及了中东地区冲突的持续升级。他称，英国政府将从长期角度，保障英国“能源安全、国防安全和经济安全”。他还表示，改善贸易关系“至关重要”，英国政府将推动相关立法，以把握新的经济机遇，其中包括一项旨在加强英国与欧盟关系的法案。此外，查尔斯三世称，英国政府将支持控制生活成本的相关措施，并加大对基础设施和公共服务的投入。

格隆汇5月13日｜Nebius盘前拉升涨超9%，公司第一季度营收3.99亿美元，同比增长684%，预期为3.714亿美元。

当地时间13日，英国国会开幕大典举行，英国国王查尔斯三世发表致辞，公布政府未来一年的立法与施政重点。查尔斯三世在讲话中表示，当前世界正处于一个“危险且动荡”的时期，他重点提及了中东地区冲突的持续升级。他称，英国政府将从长期角度，保障英国“能源安全、国防安全和经济安全”。他还表示，改善贸易关系“至关重要”，英国政府将推动相关立法，以把握新的经济机遇，其中包括一项旨在加强英国与欧盟关系的法案。此外，查尔斯三世称，英国政府将支持控制生活成本的相关措施，并加大对基础设施和公共服务的投入。(央视新闻)

New York Times (NYSE:NYT) reported a strong start to 2026, with executives pointing to continued digital subscription growth, a sharp increase in digital advertising revenue and ongoing investment in video journalism as key themes from the company’s first-quarter earnings call. President and Chief

格隆汇5月13日｜和顺科技(301237.SZ)公告称，公司控股子公司和兴碳纤维投资的年产350吨M级碳纤维项目已完成全生产流程试生产，HM46J级碳纤维产品试生产成功，性能指标达国际先进标准，具备批量生产能力。

The Pentagon is getting serious about building hypersonic missiles. That's good news for Rocket Lab (NASDAQ: RKLB) -- which just a couple of months ago inked its biggest-ever contract (at the time) to perform 20 hypersonic test flights over the next four years. It could also be good news for defense tech unicorn company Anduril Industries, because Anduril just hired Rocket Lab to help it out with hypersonics, too. Image source: Getty Images. Continue reading

Good morning . Nvidia’s CEO heads to Beijing, lifting tech stocks. Global oil inventories tighten as the war with Iran drags on. And Christmas is shaping up to be more expensive. Listen to the day’s top stories . — Marc Perrier Market Snapshot S&P 500 Futures 7,443.00 +0.2% Nasdaq 100 Futures 29,390.00 +0.8% Bloomberg Dollar Spot Index 1,193.98 +0.1% Market data as of 07:04 AM ET. Data is subject to provider delays. Get on board. Nvidia CEO Jensen Huang joined Donald Trump’s China trip as a last-minute addition , pushing AI into the spotlight ahead of a high-stakes summit in Beijing. The US president said trade will be the focus as he meets an emboldened Xi Jinping , with negotiators from both sides already engaged in preparatory talks . Here’s what to expect from the summit. Huang’s addition to Trump’s trip lifted Nasdaq futures , while SoftBank’s profit surge , driven by its OpenAI investment, also boosted tech stocks. In the oil market, the International Energy Agency warned inventories are falling at a record pace as the Iran war disrupts supplies. That’s bad news for summer travelers, with rising fuel and ticket prices threatening disruptions . And while markets are buoyed by AI, Ro Khanna is looking to rein it in after years of championing the tech industry. We take a look at the Silicon Valley congressman, who is pitching himself as a presidential contender, backing a wealth tax and talking tough about the “Epstein class.” It’s beginning to look a lot like a costly Christmas . Chinese suppliers to major US retailers such as Walmart and Costco are raising prices for the first time in years as raw material costs surge, just as factories ramp up for the season. That’s adding to consumer anxiety, with some CEOs warning shoppers are running out of money as inflation weighs on sentiment . Energy crunch. A federal program to help low-income homeowners repair aging homes and prepare for climate change was scrapped after $1.6 billion in grants were cancelled under the...

England end Ollie Robinson’s two-year international exile and call up uncapped trio Emilio Gay, James Rew and Sonny Baker for the first Test against New Zealand.

上海新阳公告，芯征途（二期）持股计划所持公司股票已于近日通过集中竞价交易全部出售完毕。该持股计划于2023年3月3日经股东大会审议通过，股票来源为公司回购专用账户已回购的股份。本次持股计划于2024年11月6日至2026年5月13日期间，通过集中竞价方式累计减持公司股票30万股，占公司总股本的0.10%。截至本公告披露日，本次持股计划所持公司股票已全部减持完毕，持股计划实施完毕并终止。

格隆汇5月13日｜南下资金今日净卖出港股67.71亿港元。其中：净买入泡泡玛特4.72亿；净卖出阿里巴巴14.26亿、小米集团5.87亿、长飞光纤光缆5.8亿、腾讯4.52亿、美团4.1亿、鸿腾精密3.61亿、中国海洋石油2.24亿、华虹半导体2.23亿、中芯国际1.86亿。 据统计，南下资金已连续6日净卖出华虹半导体，共计17.7624亿港元；连续6日净卖出长飞光纤光缆，共计14.1529亿港元；连续3日净卖出腾讯，共计18.5417亿港元；连续4日净买入泡泡玛特，共计8.0874亿港元。

Although most investors are laser-focused on the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) hitting all-time highs on the heels of artificial intelligence (AI) euphoria, 2026 is also shaping up to be the year of the mega- initial public offering (IPO) . Possibly within the next two months, investors will be privy to the largest-ever IPO, SpaceX. Reports have pointed to SpaceX kicking off its IPO roadshow during the week of June 8 , placing the debut of Elon Musk's conglomerate in late June, or shortly thereafter. Image source: Getty Images. Continue reading

Micron samples 256GB DDR5 RDIMM to boost AI data center performance varindia.com

众生药业公告，控股子公司众生睿创组织开展的一类创新药物昂拉地韦颗粒的新药上市申请获得国家药品监督管理局（NMPA）受理，并收到《受理通知书》。昂拉地韦颗粒儿童III期临床试验，采用磷酸奥司他韦干混悬剂（罗氏制药，商品名：Tamiflu®）对照，共纳入120例参与者。上述III期临床试验已获得积极的顶线分析数据结果，昂拉地韦颗粒表现出积极的疗效和良好的安全性，试验结果理想，达到预期目的。

Nebius Group press release ( NBIS ): Q1 GAAP EPS of $2.11 beats by $2.82 . Revenue of $339M (+566.0% Y/Y) misses by $49.57M . More on Nebius Group Nebius Q1 Preview: The $18B Question Nebius: 2 Warnings From CoreWeave's Q1 2026 Earnings Nebius Q1: One Number May Settle The CapEx Funding Debate Nebius breaks ground on gigawatt-scale AI factory in Missouri Nebius Group Q1 Preview: Capex deployment, ARR trends in focus

Nebius Group press release ( NBIS ): Q1 GAAP EPS of $2.11 beats by $2.82 . Revenue of $399M (+684% Y/Y) beats by $10.43M. Note: The revised post corrects the revenue figure to $399M. More on Nebius Group Nebius Q1 Preview: The $18B Question Nebius: 2 Warnings From CoreWeave's Q1 2026 Earnings Nebius Q1: One Number May Settle The CapEx Funding Debate Nebius breaks ground on gigawatt-scale AI factory in Missouri Nebius Group Q1 Preview: Capex deployment, ARR trends in focus

勤上股份公告，公司控股股东晶腾达完成增持计划，期间集中竞价增持1006.76万股，并司法拍卖竞得8818.34万股，合计增持9825.1万股，占剔除回购股份后总股本6.92%。截至公告日，晶腾达持股9825.1万股，表决权3.13亿股，占22.02%。本次计划自2025年11月25日起6个月内实施，拟增持不低于7100万股目标已达成。

The voluntary recall follows an incident on 20 April where an empty Waymo car entered a flooded road in San Antonio, Texas.

Japan's Inpex raises full-year profit forecast as oil prices climb Reuters

国际能源署周三警告称：全球石油库存正以创纪录速度消耗，伊朗局势冲突带来的供应扰动仍在持续，进一步放大油价冲高风险。 4月原油及成品油库存日均减少近400万桶，这一规模超过英国与德国石油消费量总和，各国用以抵御供应冲击的缓冲库存面临枯竭风险。 国际能源署在备受关注的月度报告中表示：“石油进口国遭遇中东供应前所未有的中断，全球正以史上最快速度动用石油库存。” “供应扰动持续、缓冲库存快速萎缩，预示后续或将迎来油价暴涨。” 国际能源署此番预警，进一步加剧市场担忧：未来数月部分油品库存或将跌至临界低位，各方将为日益紧缺的供给展开竞价。 IEA表示，自冲突爆发以来，全球石油库存已锐减近2.5亿桶；若剔除滞留在海湾地区无法外运的原油，库存降幅会更为陡峭。 IEA称，发达经济体等石油需求回落，一定程度上对冲了海湾地区的供应损失。 欧洲今年石油消费量将出现下滑，降幅规模为2022年俄乌冲突以来最大；IEA预测欧洲日均消费量将减少14万桶，约为去年消费量的1%。 IEA同时表示，该预测基于伊朗冲突在6月初前结束的前提；若战事持续更久，欧洲还需进一步缩减用油需求。 全球日常石油贸易约五分之一需途经霍尔木兹海峡。IEA直言，航道运力下降已造成史上最大规模供应中断。高度依赖中东原油的部分亚洲国家，需求回落幅度尤为明显。 欧洲航空煤油供应承压最为突出。2025年中东供应了欧洲约60%的航空煤油。 数据显示，4月欧洲航空煤油净进口量较去年日均减少近10万桶，导致阿姆斯特丹—鹿特丹—安特卫普核心枢纽库存跌至五年低位。 中东供给缺口一定程度上被北美货源弥补，尤其是美国：过去一年美国柴油日均出口增加43万桶，其中80%运往欧洲。 IEA指出，即便霍尔木兹海峡航运恢复通行，贸易流回归常态至少仍需两至三个月，之后中东产油国才能恢复正常产能。4月受航道封锁影响的海湾国家原油 日产 量，较战前水平减少1440万桶。 为对冲中东冲突冲击，IEA正启动史上最大规模战略石油储备投放计划。 截至5月8日，各国政府及行业已投放约1.64亿桶石油，这是IEA为应对冲突推出的4亿桶紧急储备释放计划的一部分。IEA表示，4月下旬各国政府投放储备的节奏已明显加快。 责任编辑：江学思

Deagreez/iStock via Getty Images There are a number of reasons I remain quite bullish on crude oil ( CL1:COM ) ( CO1:COM ) for the rest of 2026. Perhaps the most obvious one shouting at me today is the silver-to-oil ratio, sitting near the all-time high of January. The ratio of an ounce of silver ( XAGUSD:CUR ) at $86 ounce vs. a barrel of WTI crude oil at $102 is incredibly rare for a comparison. StockCharts.com - Silver Spot, 18 Months of Daily Price & Volume Changes StockCharts.com - WTI Crude Oil Spot, 18 Months of Daily Price & Volume Changes Since 1946, only December 2025 to February 2026, a few days in April 2020, and January 1980 have witnessed a ratio over parity (1:1), where a single ounce of silver could purchase a barrel of crude oil. The current 0.85x ratio cannot last much longer is my research conclusion (where you need 1.18 silver ounces to buy 1 barrel of oil). Typically, it takes at least 2 or 3, sometimes a much higher number of silver ounces to equal a barrel of oil. On the flip side to early 2026, it took 10 ounces of silver to purchase a barrel of crude oil in 2005 (the all-time low comparison). You can review this concept on the long-term chart below, going back to 1945. Macrotrends.net - Silver to Oil Ratio, Since 1945, Recessions Shaded The main reason this ratio has traded rather consistently as a range over eight decades is both silver and crude oil are industrial commodities. Each are affected by similar economic growth and demand trends, while high capital expenditure mining and exploration costs, plus labor-intensive operations, generate cyclical swings that generally mimic the other for supply/demand balance. Both are also considered stores of wealth, with silver being easier to hide, hold, and transport. In the end as an investor, extremes in pricing of one vs. the other are what catch your attention and provide some insight into potential reversals for desirability in your portfolio. Below I have drawn a 10-year chart using weekly va...

格隆汇5月13日｜广联航空(300900.SZ)公告称，公司拟以标的公司100%股权7亿元估值，收购天津跃峰科技股份有限公司51%股权，交易价格为3.57亿元，将以自有或自筹资金支付。交易完成后，天津跃峰将成为公司控股子公司，纳入合并报表范围。标的公司主营航天器金属结构件制造，业绩承诺期为2026年至2028年，累计承诺净利润不低于2.1亿元。

Cloud computing provider Nebius Group NV reported a 684% jump in first quarter sales on increased demand for its data centers. The Amsterdam-based company said in a statement on Wednesday that revenues reached $399 million for the quarter, slightly above analyst expectations. Adjusted earnings before interest, taxes, depreciation, and amortization were $129.5 million, after a loss during the same period last year. Nebius competes with CoreWeave Inc . and a range of neo-cloud startups that rent out computing resources to artificial intelligence developers. It’s a costly business with rapidly growing competition, including from Silicon Valley’s largest cloud operators. During the first quarter, Nebius spent around $2.5 billion buying chips, equipment and expanding data centers. The company, which split from Russian internet giant Yandex, has made a number of recent acquisitions, such as California research lab Eigen AI and the engineering team of AI startup Clarifai. Read More: Cloud Provider Nebius Agrees to Buy AI Startup for $643 Million