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DKosig/iStock via Getty Images Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company [BDC] sector from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be d...
DKosig/iStock via Getty Images Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company [BDC] sector from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that look to be driving the market or that investors ought to be mindful of. Market Action BDCs finished the week in the red after a sharp fall on Friday. The catalyst for the drop appears to be the news of a bankruptcy of a UK mortgage finance company, MFS. Systematic Income There are a few interesting parallels so far. One, this appears to be a case of fraud and double-pledging of assets, similar to the earlier saga with First Brands and Tricolor. Two, the companies on the hook appear to be a combination of banks (Barclays, Jefferies) as well as asset-backed finance investors such as Atlas SP Partners (owned by Apollo) and Castlelake LP. This was also what we saw in the cases of First Brands and Tricolor, with one difference: there were some small positions across a handful of BDCs in First Brands loans. What's also interesting is that the size of the MFS default appears to be fairly low given how much noise it has made. The total liability amount of the company appears to be smaller than either First Brands or Tricolor. All in all, the MFS story is not only less material but is also even further removed from BDC lending than First Brands/Tricolor which was almost entirely a non-BDC story. Market Commentary This was a busy week for BDC Q4 earnings reports. Outside of a couple of poor results from TCPC and FSK , two BDCs that we have avoided, the numbers were just fine, if not spectacular. BBDC delivered a good Q4 result with a 2.3% total NAV return (2.9% on a valuation-adjusted basis based on the latest discount of 21%). NII fell from Q3; however, it wasn’t far off the midpoint of the pre...
J Studios/DigitalVision via Getty Images Ares Management Corporation ( ARES ) and Ares Capital ( ARCC ) were not immune to the Private Credit carnage last week. ARES is among the worst performing Private Credit advisor equities year-to-date. Yet ARCC’s approximate 6% discount to its year-end $19.94 Net Asset Value (“NAV”) is a far richer relative valuation than OWL’s OBDC, FS/KKR’s FSK, and Blacks...
J Studios/DigitalVision via Getty Images Ares Management Corporation ( ARES ) and Ares Capital ( ARCC ) were not immune to the Private Credit carnage last week. ARES is among the worst performing Private Credit advisor equities year-to-date. Yet ARCC’s approximate 6% discount to its year-end $19.94 Net Asset Value (“NAV”) is a far richer relative valuation than OWL’s OBDC, FS/KKR’s FSK, and Blackstone’s BXSL. Ares’ 2026 equity performance paired with its Business Development Company (“BDC”) trading still trading near NAV among a heavily discounted peer group presents a market paradox. This article will address the market paradox as informed by my background in 1940 Act companies and the dynamic market environment for Private Credit and its vehicles. The Week In Private Credit The latest week in Private Credit finished with BlackRock ( BLK ) limiting Q1 redemptions of its flagship private credit fund. As recently as Tuesday, the concerns had only been the requests for record redemptions. And to be clear, BlackRock's $1.2 billion request brought the total among two high-profile non-traded funds revealed in the week to a clean $5 billion. But Blackstone’s massive $82 billion non-traded BCRED had met all of its record-high redemption requests BlackRock did not expand its buyback to meet such redemptions. Market observers appear alarmed, but any surprise should be limited. The N2 (prospectus/registration statement) for the fund reads, “Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we intend to limit the number of shares to be repurchased to no more than 5% of our outstanding Common Shares as of the last day of the immediately preceding quarter.” While any potential effect on BlackRock’s brand is uncertain, the redemption went as clearly stated. Of course, BlackRock could have chosen to make an exception, as Blackstone did. I am visualizing a Saturday Night Live parody where a black-colored stone and a black-col...
Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Aurora Innovation (NasdaqGS:AUR) has appointed David Wehner, former Meta executive, to its board of directors. Wehner brings extensive experience in finance and corporate development from his prior senior roles at a large technology company. The appointment marks a board-level change at a ti...
Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Aurora Innovation (NasdaqGS:AUR) has appointed David Wehner, former Meta executive, to its board of directors. Wehner brings extensive experience in finance and corporate development from his prior senior roles at a large technology company. The appointment marks a board-level change at a time when Aurora continues to build out its autonomous driving technology and commercial partnerships. Aurora Innovation focuses on self driving technology, aiming to deploy its systems across freight and passenger transportation. The broader autonomous vehicle space has seen investment, regulatory attention, and ongoing pilot programs as companies test commercial use cases. Board appointments like this can matter for how a company sets priorities across capital allocation, risk management, and partnerships. For you as an investor, the addition of a seasoned tech and finance executive may be a signal to watch how Aurora positions itself over the coming quarters. It can be useful to track any changes in disclosure, governance practices, or business focus that follow, and to see whether the board refresh coincides with key product, commercial, or funding milestones. Stay updated on the most important news stories for Aurora Innovation by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Aurora Innovation. NasdaqGS:AUR 1-Year Stock Price Chart Does the team leading Aurora Innovation have what it takes? See our full breakdown of the management team's track record and compensation. For Aurora, bringing in David Wehner appears aligned with where the company is trying to go next. It has an autonomous trucking business that is scaling driverless miles, adding freight lanes across the Sun Belt, and discussing expansion to more than 200 trucks and a second generation, observer free fleet. At the same time, it is still running...
Key Points In general, anyone with a tax-deferred retirement account must take withdrawals called required minimum distributions (RMDs) beginning at age 73. RMDs are calculated by dividing the retirement account balance from the prior year by a life expectancy factor (found on an IRS table) based on current age. The 2025 RMD for a 73-year-old with $500,000 invested in a traditional IRA as of Dec. ...
Key Points In general, anyone with a tax-deferred retirement account must take withdrawals called required minimum distributions (RMDs) beginning at age 73. RMDs are calculated by dividing the retirement account balance from the prior year by a life expectancy factor (found on an IRS table) based on current age. The 2025 RMD for a 73-year-old with $500,000 invested in a traditional IRA as of Dec. 31, 2024, will equal $18,867.92. The $23,760 Social Security bonus most retirees completely overlook › Tax-deferred accounts, like traditional individual retirement accounts (IRAs) and 401(k) plans, let workers delay taxes on qualified distributions, provided they meet income-based eligibility requirements. However, the government will not let you withhold those tax payments indefinitely. Upon reaching a certain age, individuals with tax-deferred retirement accounts must begin taking required minimum distributions (RMDs), meaning they must withdraw a percentage of the account balance each year. At that point, the contribution and any investment gains are subject to income tax. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Read on to learn more about RMDs, including when they begin and how to calculate the withdrawal amount for a retirement account with a balance of $500,000. Which account types are subject to required minimum distributions (RMDs)? A required minimum distribution (RMD) is the smallest amount of money that retirees must withdraw from tax-deferred accounts each year. RMD rules apply to account holders and beneficiaries with the following plans: Importantly, RMD rules do not apply to Roth accounts while the original owner is alive, but beneficiaries of Roth accounts must abide by RMD rules. In general, account holders must take RMDs by Dec. 31 each year. The only exception is that the first RMD can be postponed until April 1. For instance, anyone who turned 73 in 2025 could...
Cache Advisors LLC reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,006 shares of the social networking company's stock after selling 3,521 shares during the period. Meta Platforms comprises approxim...
Cache Advisors LLC reduced its stake in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 9.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,006 shares of the social networking company's stock after selling 3,521 shares during the period. Meta Platforms comprises approximately 4.1% of Cache Advisors LLC's holdings, making the stock its 7th biggest position. Cache Advisors LLC's holdings in Meta Platforms were worth $23,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Get Meta Platforms alerts: Sign Up Other hedge funds and other institutional investors also recently modified their holdings of the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in shares of Meta Platforms by 0.4% during the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 3,506 shares of the social networking company's stock worth $2,587,000 after purchasing an additional 13 shares during the last quarter. Trust Co of the South increased its holdings in Meta Platforms by 0.8% in the third quarter. Trust Co of the South now owns 1,850 shares of the social networking company's stock valued at $1,359,000 after buying an additional 14 shares during the last quarter. Sentinel Pension Advisors LLC increased its holdings in Meta Platforms by 1.6% in the third quarter. Sentinel Pension Advisors LLC now owns 915 shares of the social networking company's stock valued at $672,000 after buying an additional 14 shares during the last quarter. Alpine Bank Wealth Management raised its stake in Meta Platforms by 0.3% during the third quarter. Alpine Bank Wealth Management now owns 4,301 shares of the social networking company's stock valued at $3,159,000 after buying an additional 14 shares in the last quarter. Finally, Valued Wealth Advisors LLC raised its stake in Meta Platforms by ...
Finemark National Bank & Trust lifted its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,103 shares of the social networking company's stock after acquiring an additional 965 shares during the quarter. Meta Platforms accounts for 1.4% of Finemark National...
Finemark National Bank & Trust lifted its position in Meta Platforms, Inc. (NASDAQ:META - Free Report) by 1.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 57,103 shares of the social networking company's stock after acquiring an additional 965 shares during the quarter. Meta Platforms accounts for 1.4% of Finemark National Bank & Trust's portfolio, making the stock its 15th largest position. Finemark National Bank & Trust's holdings in Meta Platforms were worth $41,935,000 at the end of the most recent reporting period. Get Meta Platforms alerts: Sign Up A number of other large investors have also recently made changes to their positions in META. Vanguard Group Inc. lifted its stake in Meta Platforms by 0.8% in the second quarter. Vanguard Group Inc. now owns 192,591,101 shares of the social networking company's stock worth $142,149,566,000 after purchasing an additional 1,532,568 shares during the last quarter. State Street Corp boosted its position in shares of Meta Platforms by 1.9% during the second quarter. State Street Corp now owns 86,925,674 shares of the social networking company's stock valued at $64,158,971,000 after buying an additional 1,650,435 shares during the period. Geode Capital Management LLC grew its stake in shares of Meta Platforms by 1.3% during the second quarter. Geode Capital Management LLC now owns 51,575,209 shares of the social networking company's stock valued at $37,902,948,000 after buying an additional 682,768 shares during the last quarter. Norges Bank purchased a new stake in shares of Meta Platforms in the second quarter worth approximately $23,155,393,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Meta Platforms by 1.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 14,489,621 shares of the social networking company's stock worth $10,694,644,000 after buying an additional 262,550 shares...
Fisher Asset Management LLC increased its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 50.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,558 shares of the company's stock after buying an additional 4,520 shares during the period. Fisher Asset Management LLC's holdings in Pal...
Fisher Asset Management LLC increased its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 50.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,558 shares of the company's stock after buying an additional 4,520 shares during the period. Fisher Asset Management LLC's holdings in Palantir Technologies were worth $2,473,000 at the end of the most recent reporting period. Get Palantir Technologies alerts: Sign Up A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Decker Retirement Planning Inc. raised its holdings in shares of Palantir Technologies by 778.7% in the 3rd quarter. Decker Retirement Planning Inc. now owns 61,326 shares of the company's stock worth $11,187,000 after acquiring an additional 54,347 shares during the last quarter. Vanguard Group Inc. boosted its stake in Palantir Technologies by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 205,717,666 shares of the company's stock valued at $28,043,432,000 after purchasing an additional 7,194,216 shares during the last quarter. Prentice Wealth Management LLC bought a new stake in Palantir Technologies during the 3rd quarter worth approximately $550,000. Watershed Private Wealth LLC raised its stake in shares of Palantir Technologies by 75.3% in the third quarter. Watershed Private Wealth LLC now owns 7,798 shares of the company's stock worth $1,423,000 after purchasing an additional 3,350 shares during the last quarter. Finally, GAM Holding AG lifted its holdings in shares of Palantir Technologies by 39.0% in the third quarter. GAM Holding AG now owns 13,788 shares of the company's stock valued at $2,515,000 after purchasing an additional 3,868 shares in the last quarter. 45.65% of the stock is owned by institutional investors. Insiders Place Their Bets In other Palantir Technologies news, insider David A. Glaze...
Foyston Gordon & Payne Inc decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,957 shares of the social networking company's stock after selling 5,948 shares during the quarter. Meta Platforms makes up 5.3% of Foyst...
Foyston Gordon & Payne Inc decreased its position in shares of Meta Platforms, Inc. (NASDAQ:META - Free Report) by 15.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,957 shares of the social networking company's stock after selling 5,948 shares during the quarter. Meta Platforms makes up 5.3% of Foyston Gordon & Payne Inc's holdings, making the stock its 5th largest holding. Foyston Gordon & Payne Inc's holdings in Meta Platforms were worth $24,203,000 at the end of the most recent quarter. Get Meta Platforms alerts: Sign Up Several other institutional investors have also recently made changes to their positions in the company. Westchester Capital Management Inc. bought a new position in shares of Meta Platforms during the third quarter valued at approximately $26,000. Bare Financial Services Inc bought a new position in Meta Platforms in the second quarter worth approximately $30,000. Knuff & Co LLC bought a new position in Meta Platforms in the second quarter worth approximately $44,000. Spurstone Advisory Services LLC purchased a new stake in Meta Platforms during the second quarter worth $59,000. Finally, Evergreen Private Wealth LLC lifted its holdings in Meta Platforms by 64.8% during the third quarter. Evergreen Private Wealth LLC now owns 89 shares of the social networking company's stock worth $65,000 after buying an additional 35 shares during the period. Hedge funds and other institutional investors own 79.91% of the company's stock. Analyst Ratings Changes A number of research analysts have recently issued reports on the company. Rothschild & Co Redburn set a $900.00 price target on Meta Platforms in a report on Monday, January 26th. Deutsche Bank Aktiengesellschaft upped their price objective on Meta Platforms from $880.00 to $920.00 and gave the stock a "buy" rating in a research note on Thursday, January 29th. Needham & Company LLC reaffirmed a "hold" rat...