mapo/iStock via Getty Images Summary Capping a year of significant outperformance, Calamos Timpani Small Cap Growth Strategy surpassed its benchmark during the fourth quarter. The strategy’s 2025 performance was especially noteworthy given the headwinds most small-cap growth strategies faced. We believe these gains—as well as the strategy’s longer-term record—demonstrate the power of our security ...
mapo/iStock via Getty Images Summary Capping a year of significant outperformance, Calamos Timpani Small Cap Growth Strategy surpassed its benchmark during the fourth quarter. The strategy’s 2025 performance was especially noteworthy given the headwinds most small-cap growth strategies faced. We believe these gains—as well as the strategy’s longer-term record—demonstrate the power of our security selection and fundamental-momentum investment style. We believe microcaps, small caps, and mid caps may be poised for a performance rebound relative to large caps, providing additional wind in our sails. Investment Manager Discussion Strong earnings and two US Federal Reserve interest rate cuts triggered a continued rally in equity markets during the fourth quarter. Small caps rose 2.19% during the quarter, trailing large caps by 22 basis points 1 (as measured by the Russell 2000 Index and the Russell 1000 Index, respectively). For the year, small caps rose a respectable 12.81% but lagged large caps for the ninth year in a row. Microcaps, the smallest of the small, rose 6.25% during the fourth quarter and 22.98% for the year (as measured by the Russell Microcap Index), leading all equity asset classes (yes, even large caps). Interestingly, despite this strong move, microcaps still trade at a significant discount to all other equity asset classes based on 2026 consensus P/E ratios. The Timpani Small Cap Growth Strategy had what we consider to be a tremendous quarter and year, outperforming its benchmark over both periods. 1 For the year ending 12/31/2025, the large cap Russell 1000 Index gained 17.37%, and the small cap Russell 2000 Index gained 12.81%. For the three months ending 12/31/2025, the Russell 1000 Index gained 2.41%, and the Russell 2000 Index gained 2.19%. Timpani Small Cap Growth Strategy Powered Past Its Benchmark in 2025 Total Returns 2025 The strategy’s strong performance in 2025 is especially noteworthy given that it was an extremely difficult year for smal...
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Together AI 首席执行官维普尔・韦德・普拉卡什 据两名知情人士透露，向 AI 开发者出租英伟达芯片服务器的新兴云服务商之一 Together AI ，正与投资者洽谈融资事宜，计划融资约 10 亿美元，融资前估值为 75 亿美元 。 此次融资将使其估值较一年前翻一番以上，并有望助力英伟达实现客户群体多元化，因投资者担忧这家芯片设计企业过度依赖少数几家大型传统云服务商。 据其中一位人士透露，...
Together AI 首席执行官维普尔・韦德・普拉卡什 据两名知情人士透露，向 AI 开发者出租英伟达芯片服务器的新兴云服务商之一 Together AI ，正与投资者洽谈融资事宜，计划融资约 10 亿美元，融资前估值为 75 亿美元 。 此次融资将使其估值较一年前翻一番以上，并有望助力英伟达实现客户群体多元化，因投资者担忧这家芯片设计企业过度依赖少数几家大型传统云服务商。 据其中一位人士透露，沙特石油巨头沙特阿美的风投部门 Prosperity7 Ventures 正洽谈进行大额投资。Together AI 此前已从 General Catalyst、凯鹏华盈、英伟达以及 Lux Capital 等投资方融资 5.37 亿美元 。 该初创企业发言人未就此次融资置评。 这家初创公司先从成熟云服务商处租赁英伟达芯片服务器，再转租给开发者。如今它也越来越多地自行采购服务器，通过自有数据中心对外出租，模式与 CoreWeave、Nebius、Lambda 等其他 GPU 云服务商类似。该公司还为开发者提供开源模型的运行与调优服务。 英伟达已对这些企业进行投资并供应芯片，以此构筑对抗 微软 、 亚马逊 、 谷歌 等传统大型云服务商的壁垒 —— 这些巨头正自研 AI 芯片，希望降低云客户对英伟达硬件的依赖。 两名消息人士称，Together AI 年化营收约 10 亿美元 ，较 2025 年年中增长逾三倍。计划最快于今年上市的 Lambda，在 2024 年 10 月至 2025 年 9 月的财年营收已超 5.2 亿美元。 Together AI 表示，其客户包括代码助手初创公司 Cursor、AI 客服软件开发商 Decagon 以及语音 AI 公司 Cartesia。 英伟达芯片长期处于供应紧张状态，这意味着传统云服务商也需从这些新兴 GPU 云服务商处获取部分芯片。Together AI 高管称，公司还通过向其他云服务商出租 GPU 获得收入。有知情人士透露，该公司已与某家云服务商或大型 AI 企业达成一项 多年、数十亿美元 的合作协议，具体合作方身份暂未披露。 竞争对手也达成过类似交易。例如，微软从 GPU 云服务商 CoreWeave 租赁服务器，Lambda 则向微软和亚马逊出租芯片。 这笔新融资将为这家成立四年的公司提供更多资金，用于扩大英伟达芯片采购规模。该...
Tesla, Inc. CEO Elon Musk has declared that his company will be among the first to develop Artificial General Intelligence (AGI) and could be the first to achieve the milestone in a physical, “humanoid or atom-shaping form.” Musk shared this optimistic outlook for the company’s future in a post on X, the social media platform he owns. Tesla will be one of the companies to make AGI and probably the...
Tesla, Inc. CEO Elon Musk has declared that his company will be among the first to develop Artificial General Intelligence (AGI) and could be the first to achieve the milestone in a physical, “humanoid or atom-shaping form.” Musk shared this optimistic outlook for the company’s future in a post on X, the social media platform he owns. Tesla will be one of the companies to make AGI and probably the first to make it in humanoid/atom-shaping form — Elon Musk (@elonmusk) March 4, 2026 Following his latest statement, Musk has signaled that his electric vehicle manufacturing company is now at the forefront of a race to develop AGI, alongside industry leaders such as OpenAI, Google DeepMind, and Anthropic. Beyond Software: Musk’s “Atom-Shaping” AGI Vision Artificial General Intelligence (AGI) is currently a hypothetical form of AI designed to surpass human intelligence and capabilities across various fields. Rather than focusing on one specific task, such as driving or content generation, AGI would be capable of general-purpose problem-solving across all domains. Musk has introduced the term “atom-shaping” to describe his vision for the AGI humanoids. While firms like OpenAI and Google are primarily developing intelligence for the digital realm, Tesla is aiming to develop a physical AGI capable of interacting with the material world. Tesla is currently developing its general-purpose robotic humanoid, Optimus, and is preparing to unveil the “Gen 3” iteration in the first quarter of 2026. Musk’s goal for developing the first Humanoid AGI is achievable, as Tesla is currently manufacturing humanoids on a large scale. He has previously shared that Tesla intends to scale production to reach one million Optimus units annually. The Optimus Robot and the AGI Bet Elon Musk’s recent statements regarding AGI-powered humanoids are not merely rhetorical; they represent a fundamental shift in Tesla’s operational focus. His vision centers on the Optimus Robot, which is currently being dev...
Palantir Technologies (PLTR 0.39%) and CoreWeave (CRWV 5.75%) have been among the most-watched stocks on the planet over the past year. They both have soared into the artificial intelligence (AI) space, proving their ability to play a key role here -- and that has won over both customers and investors. Palantir's earnings have roared higher, and CoreWeave has seen revenue climb in the triple digit...
Palantir Technologies (PLTR 0.39%) and CoreWeave (CRWV 5.75%) have been among the most-watched stocks on the planet over the past year. They both have soared into the artificial intelligence (AI) space, proving their ability to play a key role here -- and that has won over both customers and investors. Palantir's earnings have roared higher, and CoreWeave has seen revenue climb in the triple digits. And both companies have spoken of unstoppable demand. Palantir's stock has advanced more than 500% over the past five years, and CoreWeave's has climbed more than 80% since its initial public offering about a year ago. But both companies have faced some headwinds along the way. Investors have worried about Palantir's high valuation and about CoreWeave's reliance on debt to grow its business. Still, Wall Street expects both stocks to advance over the coming 12 months -- but which is the better buy? Let's find out. The case for Palantir Palantir has been around for more than 20 years, but the company truly saw earnings take off in recent years. This is thanks to its role in the AI revolution. Palantir sells software that helps customers gather and analyze their data -- then use it to solve problems or improve their operations. One particular Palantir platform, which integrates the power of large language models, has been highly popular in recent quarters. This is the Artificial Intelligence Platform (AIP), and it's helped the company's commercial business take off. In its earlier days, Palantir relied on government contracts for growth; today, government and commercial businesses are both major contributors to revenue. And Palantir also has demonstrated its strength in balancing revenue growth with profitability. Expand NASDAQ : PLTR Palantir Technologies Today's Change ( -0.39 %) $ -0.60 Current Price $ 152.59 Key Data Points Market Cap $365B Day's Range $ 149.63 - $ 156.38 52wk Range $ 66.12 - $ 207.52 Volume 2M Avg Vol 48M Gross Margin 82.37 % As mentioned above, the on...
Solskin/DigitalVision via Getty Images Thesis On the back of a failed takeover bid by investors Story3 Capital last in 2025 and a stellar earnings report recently, FIGS Inc. ( FIGS ) is earning its spurs, which is reflected in the current stock price. It is likely that management's decision to expand its brick-and-mortar presence is going to precede the company's push into other retail lines, such...
Solskin/DigitalVision via Getty Images Thesis On the back of a failed takeover bid by investors Story3 Capital last in 2025 and a stellar earnings report recently, FIGS Inc. ( FIGS ) is earning its spurs, which is reflected in the current stock price. It is likely that management's decision to expand its brick-and-mortar presence is going to precede the company's push into other retail lines, such as athleisure and technical apparel for non-healthcare industries. I had previously put together a write-up that spoke about the potential of FIGS with a fair value estimate of $11.36. Since then, given that we have realized the stock's fair value, we now look ahead to the aforementioned growth plans of the company. As such commitments will lead to higher expenses and lower earnings in the short run, Figs is laying the groundwork to be the next lululemon ( LULU ) in the making. However, its presently rich valuation, coupled with potentially skinnier margins in the near future owing to higher expansionary expenses, encourages me to advocate for a "HOLD" rating on the business and its equity Background An apparel company providing technical & premium apparel to the healthcare workers and beyond, the company was subject to an unsolicited bid from Story3 Capital towards the end of 2024 and early 2025. Story3 Capital, who already owned shares of the company since June 2021, post-IPO, were looking to capitalize on the low valuation and their knowledge of the company by putting forward a takeover offer in the $6 a share region, or a $1 billion valuation. The company promptly rejected the offer in 2025 , something I agreed with and was happy about . Since then the company has moved along with executing its operational plan and has also branched out further in the brick-and-mortar space with new retail locations in Chicago, Houston, and NYC. The most recent earnings call indicates that management is now focusing its efforts on going deeper in the US market along with penetration of...
Shipping giant Maersk ( AMKBY )( AMKBF ) will suspend two of its container shipping routes in response to security threats in the Middle East and Gulf region, highlighting the ongoing disruption to global supply chains caused by the conflict. Maersk will temporarily halt its FM1 Service, which connects the Far East to the Middle East, and its ME11 service, which links the Middle East to Europe, ac...
Shipping giant Maersk ( AMKBY )( AMKBF ) will suspend two of its container shipping routes in response to security threats in the Middle East and Gulf region, highlighting the ongoing disruption to global supply chains caused by the conflict. Maersk will temporarily halt its FM1 Service, which connects the Far East to the Middle East, and its ME11 service, which links the Middle East to Europe, according to a notice to customers on Friday. "For the ME11/FM1 final eastbound voyage, we are finalising the timing and vessel details and will update you as soon as this information is confirmed," the company said, adding the shuttle services in the Gulf region are suspended until further notice. Furthermore, the ME1 service covering the Middle East to Northern Europe will temporarily drop the call in Jebel Ali, UAE and continue to call India and Oman. Industry analysts warn that any sustained disruption in the area could ripple through global supply chains, particularly given the region’s importance to both oil exports and containerized trade. Shipping companies are increasingly weighing security risks as the broader conflict continues to escalate across the Middle East. Read here for Seeking Alpha quant ratings for major shipping stocks and their performance so far in 2026. Other Shipping Stocks: Frontline plc ( FRO ), Matson ( MATX ), and Cosco Shipping Holdings ( CICOF ) Shipping ETFs: ( BDRY ), ( BWET ), ( BOAT ), and ( SEA ). More on A.P. Møller - Mærsk A/S A.P. Møller - Mærsk A/S (AMKBY) Q4 2025 Earnings Call Transcript A.P. Møller - Mærsk A/S 2025 Q4 - Results - Earnings Call Presentation Maersk: Upside From The Q3'25 Period With A Guidance Increase Maersk suspends gulf cargo bookings amid Middle East tensions as shipping pressures mount Gulf diversification drive tested as Iran strikes hit tech, tourism and trade
Mansfield’s manager hopes his team can handle the occasion when they host the Premier League leaders in the FA Cup fifth round The birds are singing and the rain has abated. Nigel Clough and his wife, Margaret, are taking their dog, Bobbie, for a long peaceful walk around the beautiful Derbyshire reservoir of Carsington Water. Looming on the horizon for the Mansfield manager is an FA Cup fifth-rou...
Mansfield’s manager hopes his team can handle the occasion when they host the Premier League leaders in the FA Cup fifth round The birds are singing and the rain has abated. Nigel Clough and his wife, Margaret, are taking their dog, Bobbie, for a long peaceful walk around the beautiful Derbyshire reservoir of Carsington Water. Looming on the horizon for the Mansfield manager is an FA Cup fifth-round tie at home to Arsenal but Clough knows the importance of staying, as he puts it, in the “real world”. The TNT cameras and global media will home in on the One Call Stadium on Saturday lunchtime as the Premier League leaders visit the second lowest-ranked survivors in the competition that Brian Clough, Nigel’s legendary father, famously never lifted. Clough Jr will have his League One players prepared and organised but would prefer to eschew the fanfare. After Mansfield’s memorable win at Burnley in the last round, he left post-match media duties to Andy Garner, his assistant. “I just went to see the kids,” he says. “The away fans were coming out right next to the changing rooms, so I thought I might just catch them on the way out.” Continue reading...
(RTTNews) - European stocks were modestly higher on Friday as investors braced for the key U.S. jobs reading due later in the day and French Prime Minister Francois Bayrou's confidence vote on Monday. Consensus forecasts peg nonfarm payrolls having grown 75,000 in August, which would mark a fourth straight month of job growth below 100,000. The jobless rate is seen rising to 4.3 percent, which wou...
(RTTNews) - European stocks were modestly higher on Friday as investors braced for the key U.S. jobs reading due later in the day and French Prime Minister Francois Bayrou's confidence vote on Monday. Consensus forecasts peg nonfarm payrolls having grown 75,000 in August, which would mark a fourth straight month of job growth below 100,000. The jobless rate is seen rising to 4.3 percent, which would mark the highest level since 2021. Media reports suggest that French President Emmanuel Macron wants to move quickly to name a new prime minister following the government's likely collapse on Monday. Meanwhile, Germany's factory orders declined for the third straight month in July, figures from Destatis revealed. New orders fell 2.9 percent month-on-month in July, confounding expectations for an increase of 0.5 percent. The fall was also sharper than the 0.2 percent decrease posted in June. Further, this was the fastest decline since January, when prices dropped 5.4 percent. Elsewhere, U.K. retail sales rose by 0.6 percent in July against expectations of 0.2 percent, as shoppers splashed out on clothing and footwear, the Office for National Statistics reported. U.K. house prices rose for the third consecutive month on the back of falling mortgage rates and continued wage growth, according to the Halifax house price index data. The value of a typical home rose 0.3 percent in August when compared to July. The pan European STOXX 600 was up 0.3 percent at 551.83 after rising 0.6 percent on Thursday. The German DAX rose 0.2 percent, France's CAC 40 edged up by 0.1 percent and the U.K.'s FTSE 100 was up 0.3 percent. German utility E.ON gained nearly 1 percent after it signed an agreement to sell its Czech subsidiary Gas Distribution s.r.o. to GasNet. British housebuilder Berkeley Group rose 1.3 percent after reporting "stable" trading over the first four months of its financial year and maintaining its earnings guidance. Ashmore Group shares tumbled 3.4 percent. The emerging m...
After a week of headlining this newsletter with the crisis in the Middle East, we reach the weekend still on high alert. As the seventh day of the Iran War began on Friday in the Mideast, there was little sign of a reprieve . Israeli airstrikes hit Tehran and Beirut, while Iran targeted several Gulf neighbors, including Saudi Arabia, Kuwait and Bahrain. A barrage of Iranian missiles and drones rai...
After a week of headlining this newsletter with the crisis in the Middle East, we reach the weekend still on high alert. As the seventh day of the Iran War began on Friday in the Mideast, there was little sign of a reprieve . Israeli airstrikes hit Tehran and Beirut, while Iran targeted several Gulf neighbors, including Saudi Arabia, Kuwait and Bahrain. A barrage of Iranian missiles and drones rained down on at least five countries across the Middle East, prompting several governments to urge their citizens to take shelter, while the US suspended operations at its embassy in Kuwait. The US-Israeli war on Iran has left at least 1,332 people dead in Iran so far, and dozens of others have been killed elsewhere in the region in retaliatory strikes. The Pentagon said six US troops have been killed, all in the first two days of fighting. Maritime traffic in the Strait of Hormuz has ground to a near-complete halt , with no oil shipments going through in the past 24 hours, as the Iran conflict and its widening reach disrupts the vital waterway. How long will the world need to hold its collective breath? Unhelpfully unclear for now. You can keep up with breaking news as well as perspective with us here , watch our many videos and interviews here , and follow our live blog here . This video provides some context on what it might mean for the US president. What You Need to Know Today The US has cleared the way for India to temporarily increase its purchases of Russian oil , reversing months of pressure on the world’s third-largest crude importer as the escalating conflict in the Persian Gulf upends energy flows. Indian refiners moved quickly to buy Russian oil after the US relaxed restrictions on the trade, with million of barrels floating in Asian waters offering a quick fix to the Middle East supply crunch. Overseas investors are pulling money out of emerging Asian stocks at the fastest pace in nearly four years as the escalating conflict in Iran triggers a reassessment of r...