Peter Cade/DigitalVision via Getty Images In early February, Peloton Interactive, Inc. ( PTON ) reported Q2 earnings , and this stock has slid since. Data by YCharts Q2 Recap In the quarter, PTON reported top-line revenue of $657M, a decrease of $17M, or 3% y/y. Gross margin improved in the quarter, landing at 50.5%, an increase of 3.20% y/y. Adjusted EBITDA was $81M, coming in 23% higher on a yea...
Peter Cade/DigitalVision via Getty Images In early February, Peloton Interactive, Inc. ( PTON ) reported Q2 earnings , and this stock has slid since. Data by YCharts Q2 Recap In the quarter, PTON reported top-line revenue of $657M, a decrease of $17M, or 3% y/y. Gross margin improved in the quarter, landing at 50.5%, an increase of 3.20% y/y. Adjusted EBITDA was $81M, coming in 23% higher on a year-over-year basis. GAAP net loss was $39M, and free cash flow was $72M. Additionally, in the quarter, Peloton announced that (i) its net debt decreased 52% y/y, and (ii) their integrated commercial business unit introduced the Peloton Pro Series (Peloton commercial equipment), and this business unit achieved double-digit y/y growth. The most negative from the quarter was that ending paid connected fitness subscriptions continued to fall--with 2.66M reported (a decrease of 214K, or 7%, on a y/y basis). I think that continued fall of members was the catalyst for the sell-off post-earnings release. Wall Street now views this as a cigar butt business that is shrinking over time. Peloton gave relatively upbeat guidance for FY 2026, pasted below, but despite that, Mr. Market is not believing this story, and the stock is trading at a very depressed level. Full Year FY26 Outlook Total Revenue outlook of $2.40 billion to $2.44 billion, representing a decrease of $71 million, or 3%, year-over-year at the midpoint and a decrease to our outlook provided last quarter. Total Gross Margin outlook of approximately 53.0%, reflecting an increase of 210 bps year-over-year and a 100 bps increase to our outlook provided last quarter. Adjusted EBITDA outlook of $450 million to $500 million, representing an increase of $71 million, or 18%, year-over-year at the midpoint and an increase of $25 million to our outlook provided last quarter. Free Cash Flow minimum target of $275 million, an increase of $25 million from our minimum target provided last quarter. Churn in the last quarter was up more th...
piranka/E+ via Getty Images When ChatGPT made its debut on November 30, 2022, it unleashed the hype of AI, and in the three years since, AI has taken on an outsized role not just in markets but also in our lives. For much of the time, the AI story has been told by its advocates and its salespeople, and the companies in the AI ecosystem have benefited. Not surprisingly, given that its narrators ben...
piranka/E+ via Getty Images When ChatGPT made its debut on November 30, 2022, it unleashed the hype of AI, and in the three years since, AI has taken on an outsized role not just in markets but also in our lives. For much of the time, the AI story has been told by its advocates and its salespeople, and the companies in the AI ecosystem have benefited. Not surprisingly, given that its narrators benefit from this growth, that story has emphasized the positive, with dazzling AI use cases and optimistic extrapolation of the productivity gains from its adoption. In the last few months, we have seen cracks emerge in the AI story, with investors wondering when, and in what form, the immense investments in AI architecture will pay off, and how, if they pay off, the businesses that they disrupt will fare. That disquiet has played out as negative market reactions to new AI investments at Meta and Amazon, a markdown in software company market capitalizations, and in a sell-off last week in response, at least partially, to an AI scenario assessment from Citrini Research, a publisher of macro and stock research. Given that I know very little about the technology of AI and that my macroeconomic know-how is pedestrian, my intent in this post is less about promoting my favored AI scenario and more about providing a framework for you to develop your own. The Citrini AI Assessment - Report and Responses The Citrini AI assessment came out on February 22, 2026, and it starts with a preface stating that it is presenting a scenario, not a prediction. I do have issues with that opening, but I will come to them later, but the report itself laid out a story for AI that unfolds with a dark end game for the economy, where, by June 30, 2028, the AI disruption has unsettled businesses and displaced workers, with unemployment rates rising above 10% and the market down almost 40% in response. There have been other AI doomsayers, but many of those doomsday scenarios are built around the storyline ...
What happened According to a February 17, 2026 SEC filing, Disciplined Growth Investors reduced its stake in InterDigital (IDCC 1.74%) by 181,788 shares. The fund’s position at quarter-end totaled 609,153 shares, valued at $193.94 million. What else to know This Sell reduced InterDigital’s weight to 3.71% of 13F AUM, down from 4.947% in the prior quarter Top holdings after the filing: NASDAQ:SMCI:...
What happened According to a February 17, 2026 SEC filing, Disciplined Growth Investors reduced its stake in InterDigital (IDCC 1.74%) by 181,788 shares. The fund’s position at quarter-end totaled 609,153 shares, valued at $193.94 million. What else to know This Sell reduced InterDigital’s weight to 3.71% of 13F AUM, down from 4.947% in the prior quarter Top holdings after the filing: NASDAQ:SMCI: $282.09 million (5.4% of AUM) NASDAQ:EXE: $281.40 million (5.4% of AUM) As of February 17, 2026, shares of InterDigital were priced at $366.42, up 70.3% over the past year, outperforming the S&P 500 by 60.81 percentage points Company/Etf overview Metric Value Market capitalization $9.19 billion Revenue (TTM) $834.01 million Net income (TTM) $406.64 million Price (as of market close 2/17/26) $366.42 Company/Etf snapshot InterDigital, Inc. is a leading innovator in wireless and video technology.The company develops and licenses advanced wireless technologies, including patented solutions for 2G, 3G, 4G, 5G, video coding, and IoT devices. The company’s strategy centers on research and development, enabling it to monetize intellectual property through licensing agreements with major industry players. Its focus on next-generation wireless standards and diversified applications positions InterDigital as a key enabler of connectivity and digital transformation worldwide. InterDigital, Inc. holds a portfolio of approximately 27,500 patents and patent applications related to wireless communications and video coding. It serves global technology companies in the wireless communications, consumer electronics, and infrastructure markets. What this transaction means for investors InterDigital occupies a specialized segment of the technology industry focused on patent licensing rather than hardware production. The company develops wireless technologies, contributes them to global communication standards, and subsequently licenses these patents to device manufacturers whose products depen...
The US treasury secretary, Scott Bessent, said on Friday that his government was considering lifting sanctions on more Russian oil, a day after it temporarily authorised India to buy from Moscow as global oil prices surged. The US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, virtually halting activity in the strai...
The US treasury secretary, Scott Bessent, said on Friday that his government was considering lifting sanctions on more Russian oil, a day after it temporarily authorised India to buy from Moscow as global oil prices surged. The US-Israel war on Iran and Tehran’s retaliatory attacks across the Gulf region have upended the world’s energy and transport sectors, virtually halting activity in the strait of Hormuz. The price of crude oil soared 8.5% on Friday and was up nearly 30% for the week after the US president, Donald Trump, said that only the “unconditional surrender” of Iran would end the Middle East war. “We may unsanction other Russian oil,” Bessent told Fox Business on Friday. “There are hundreds of millions of barrels of sanctioned crude on the water. And in essence, by unsanctioning them, Treasury can create a supply.” Washington has insisted that the new measures are not aimed at easing restrictions on Moscow, imposed over its conduct in negotiations to end the war in Ukraine, but instead only affect supplies already in transit. “We’re going to keep a cadence of announcing measures to bring relief to the market during this conflict,” Bessent said, with high oil prices a pain point both domestically and for international markets. Kremlin economic adviser Kirill Dmitriev said he was discussing the issue with the United States, posting on X that “Western sanctions have proven detrimental to the world economy”. On Thursday, the US government temporarily eased economic sanctions to allow Russian oil currently stranded at sea to be sold to India. It said the transactions, including from vessels blocked by various sanctions regimes, are authorised through the end of the day on 3 April 2026.
California May Flip 50-Year Nuclear Moratorium California, long a leader in aggressive renewable energy mandates, is showing early signs of softening its decades-old ban on new nuclear power . Bloomberg reported cracks are appearing in the state’s 1976 moratorium, driven by surging electricity demand from AI data centers and the challenge of hitting absurd climate targets like 90% clean electricit...
California May Flip 50-Year Nuclear Moratorium California, long a leader in aggressive renewable energy mandates, is showing early signs of softening its decades-old ban on new nuclear power . Bloomberg reported cracks are appearing in the state’s 1976 moratorium, driven by surging electricity demand from AI data centers and the challenge of hitting absurd climate targets like 90% clean electricity by 2035 and 100% by 2045 . At the center of the development is Assembly Bill 2647 , introduced last month by Democratic Assembly Member Lisa Calderon with Republican co-sponsors. The legislation would exempt “advanced nuclear reactors” , defined as systems licensed by the Nuclear Regulatory Commission since 2005, from the state’s long-standing prohibition. Calderon stated the bill keeps nuclear “on the table” as an essential tool for reliable, low-carbon power. The move aligns with a broader U.S. resurgence in nuclear interest, but in California it comes against a backdrop of chronic grid strain. The state has already leaned on its sole remaining nuclear facility, Diablo Canyon, to avoid worse outcomes. In 2022/23, Governor Gavin Newsom pushed through lawsuits for an extension of the plant’s operations past its original 2025 closure date after warnings of rolling blackouts. It was a glaring admission that electric grids are far from being sustainable with just wind and sunlight . PG&E Launches $73B California Grid Plan To Feed Starving AI https://t.co/tsmtfalX1K — zerohedge (@zerohedge) September 30, 2025 Just last week, Diablo Canyon cleared its final state permitting hurdles, paving the way for continued operation through at least 2030 and potentially longer pending federal relicensing. We’ve chronicled these pressures for years. As far back as 2023 we detailed the legal battles surrounding Diablo Canyon’s then-planned shutdown. Last year, we also noted Newsom’s clean-energy claims and how extensions of both Diablo Canyon and natural-gas plants were critical to preventi...
Indonesia went to Washington to negotiate a trade deal and came home with more than 200 obligations to America’s nine. A day after the signing, the US Supreme Court struck down the legal basis for the tariff threat that had driven the whole exercise – for a time, at least. Detractors have likened this “agreement on reciprocal trade” to a blank cheque and a surrender of Indonesia’s sovereignty. The...
Indonesia went to Washington to negotiate a trade deal and came home with more than 200 obligations to America’s nine. A day after the signing, the US Supreme Court struck down the legal basis for the tariff threat that had driven the whole exercise – for a time, at least. Detractors have likened this “agreement on reciprocal trade” to a blank cheque and a surrender of Indonesia’s sovereignty. The government, for its part, calls it a win-win. Advertisement The deal was signed by President Prabowo Subianto on February 19, when a threatened 32 per cent US tariff on Indonesian exports still seemed like it might come to pass. It fixed that rate at 19 per cent and secured zero-tariff access for 1,819 goods, including palm oil, coffee, cocoa, rubber and spices, that are central to the Indonesian economy. Workers in Indonesia transfer harvested palm oil fruits onto a truck to be processed into palm oil. Photo: AFP In exchange, Jakarta agreed to extend tariff exemptions to more than 99 per cent of American goods and strip away key non-tariff barriers – among them some local content requirements and halal certification – for US companies operating in Indonesia.
From Sydney to Hong Kong, wealth migration is reshaping the global super-luxury property market as activity picks up after two subdued years – though the dominance of relative newcomer Dubai is now being tested by the war in the Middle East. In Sydney, Peter Li, general manager at Plus Agency, said commission revenues on super-luxury homes had risen about 20 per cent from a year earlier. The firm,...
From Sydney to Hong Kong, wealth migration is reshaping the global super-luxury property market as activity picks up after two subdued years – though the dominance of relative newcomer Dubai is now being tested by the war in the Middle East. In Sydney, Peter Li, general manager at Plus Agency, said commission revenues on super-luxury homes had risen about 20 per cent from a year earlier. The firm, which handles more than US$300 million in annual sales, has hired six new staff members since January and expanded its bonus pool as high-end buyers return. “The activity level this year feels very different as clients are moving with conviction,” Li said, adding that he made the right call in increasing staffing levels. Advertisement Since the start of the year, the agency has hosted three large events and increased VIP viewings, particularly around Chinese New Year . One team even organised a concert featuring an overseas performer, drawing about 2,000 attendees and generating new sales leads. “The extra expense is worth it,” Li said. A top down view of houses in Sydney’s Birchgrove area. Photo: Getty Images The mood is similarly upbeat in Hong Kong.
The team proposed Pointer-CAD, a framework built on Alibaba Group Holding ’s Qwen 2.5 model, which helps designers select edges or faces of a 3D object, increasing the accuracy and efficiency in computer-aided design (CAD), a tool widely used in engineering, manufacturing and architecture. Alibaba owns the South China Morning Post. The new method could “effectively support the generation of comple...
The team proposed Pointer-CAD, a framework built on Alibaba Group Holding ’s Qwen 2.5 model, which helps designers select edges or faces of a 3D object, increasing the accuracy and efficiency in computer-aided design (CAD), a tool widely used in engineering, manufacturing and architecture. Alibaba owns the South China Morning Post. The new method could “effectively support the generation of complex geometric structures and reduce segmentation error to an extremely low level” compared with existing technology, according to a paper published on Wednesday on open-access repository arXiv. Advertisement The authors – including DeepSeek researcher Liu Wen, Tencent’s Zhao Zibo, HKU professor Ma Yi and Beihang University student Qi Dacheng – have open-sourced the novel approach, with code available at GitHub, the world’s largest developer community. Pointer-CAD is a framework built on Alibaba Group Holding’s Qwen 2.5 model. Photo: Reuters CAD workflows typically begin with 2D sketches, such as lines and circles, which are then transformed into 3D modelling operations. Existing AI methods that generate 3D objects either consume too many tokens or do not support entity selection, limiting complex editing.