Ole_CNX/iStock via Getty Images Elevator Thesis Marvell Technology ( MRVL ) is certainly right in the midst of the AI buildout, to say the least. The shares are already up more than a staggering 165% over the past year as the market is re-rating the business. Now, the question is where it's positioned in this stack against behemoths like NVIDIA ( NVDA ), Microsoft ( MSFT ), and Alphabet ( GOOG , G...
Ole_CNX/iStock via Getty Images Elevator Thesis Marvell Technology ( MRVL ) is certainly right in the midst of the AI buildout, to say the least. The shares are already up more than a staggering 165% over the past year as the market is re-rating the business. Now, the question is where it's positioned in this stack against behemoths like NVIDIA ( NVDA ), Microsoft ( MSFT ), and Alphabet ( GOOG , GOOGL ). Basically, NVIDIA is at the top for compute, and Marvell is below that layer, ensuring those systems actually run at scale. In plain words, it is the plumbing that prevents hyperscale AI from breaking down when it’s scaling. The magnitude behind it is massive. Amazon is aiming for $200 billion in AI capex . Microsoft is investing tens of billions each quarter. Furthermore, Alphabet is on track to spend $180 billion to $190 billion a year. All that money is going directly into this ecosystem. The exposure is not indirect. Marvell already has custom silicon programs with the four largest U.S. Hyperscalers. It also has a multi-year partnership with Amazon Web Services that covers AI accelerators, optical interconnect, and data center networking silicon. Meanwhile, the mix is already changing. The data center is now contributing 74% of revenue and is still growing. Interestingly, Marvell is transforming into a pure-play AI infrastructure. At the same time, FY 26 revenue was roughly $8.2 billion, while EPS was 81% higher than the previous year. Additionally, gross margins remained near 59%. Well, that’s a high-quality, profitable growth. So even with a strong re-rating, the real transformation is yet to come. Marvell is moving from being part of the AI demand to monetizing the infrastructure layer behind it. All in all, I assign it a Buy rating because the earnings power from this positioning is beginning to kick in. Data Center Dominates the Mix Let's consider this one number. Marvell closes FY 26 with a massive 74% of revenue from data center business. One might wonder...
Sven Piper Blue Owl Capital ( OWL ) co-CEO Marc Lipschultz said that the company has sold about half of its stake in SpaceX ( SPACE ) at a $1.25T valuation, crystallizing roughly a tenfold return. "We made about 10x our money," and "we’ve sold about half of it at a $1.25 trillion valuation." Lipschultz said on an earnings call , still holding about half of it. Blue Owl ( OWL ) was among SpaceX’s e...
Sven Piper Blue Owl Capital ( OWL ) co-CEO Marc Lipschultz said that the company has sold about half of its stake in SpaceX ( SPACE ) at a $1.25T valuation, crystallizing roughly a tenfold return. "We made about 10x our money," and "we’ve sold about half of it at a $1.25 trillion valuation." Lipschultz said on an earnings call , still holding about half of it. Blue Owl ( OWL ) was among SpaceX’s earliest lenders and later converted its exposure into an equity investment, Lipschultz said. "We made a loan to the company and had the privilege of getting to know them very well and then participating in ongoing conversations about other financing opportunities," he added. The initial investment was made in 2021 through Blue Owl Technology Finance ( OTF ), with ~$27M deployed. The position had grown to about $195M in fair value by the end of 2025. Separately, another Blue Owl-managed vehicle, Blue Owl Capital Corporation ( OBDC ), also held a smaller stake in SpaceX valued at about $21.7M at the end of 2025. Lipschultz added that, in case of credit losses, sales of this kind "are the ways ... we can offset some of those losses." Elon Musk’s SpaceX ( SPACE ) is said to be targeting a valuation of about $1.75T in U.S. listing, a level that would instantly place it among the most valuable U.S. companies despite its relatively short history. More on Blue Owl Capital, SpaceX, etc. Blue Owl Capital Inc. (OWL) Q1 2026 Earnings Call Transcript Blue Owl Capital Inc. 2026 Q1 - Results - Earnings Call Presentation To A Trillion(s) Dollars And Beyond: A SpaceX IPO Odyssey Blue Owl targets 58.5% 2026 FRE margin while expecting to hit $7.5B net lease fund hard cap by year-end Blue Owl Capital Inc. stock jumps after Q1 earnings top consensus
wutwhanfoto/iStock via Getty Images By Christian Floro, CFA, Market Strategist The conflict in the Middle East has triggered a renewed surge in gasoline prices, adding pressure to U.S. consumers already facing the highest credit delinquency rates since the Global Financial Crisis. Combined with a steady rise in consumer credit stress, these developments have heightened concerns that systemic finan...
wutwhanfoto/iStock via Getty Images By Christian Floro, CFA, Market Strategist The conflict in the Middle East has triggered a renewed surge in gasoline prices, adding pressure to U.S. consumers already facing the highest credit delinquency rates since the Global Financial Crisis. Combined with a steady rise in consumer credit stress, these developments have heightened concerns that systemic financial vulnerabilities may be emerging, particularly in securitized credit markets. Investor worries have been further heightened by recent high-profile bankruptcies, including U.K. lender MFS in February, and First Brands and Tricolor in 2025. While the deterioration in consumer credit performance warrants close scrutiny, the primary question is whether these pressures are likely to spill over into the broader financial system. Dynamics behind the rise in delinquency rates Consumer credit delinquencies have steadily increased since 2021, with the sharpest deterioration concentrated in auto loans and credit cards. This reflects a combination of the depletion of post-pandemic fiscal stimulus, looser lending standards early in the post- pandemic recovery, and persistent inflation that has strained affordability, particularly for lower-income, younger, and lower-credit-score borrowers. Exacerbating these trends is the more than 40% increase in the national average gasoline price since the start of 2026, which is likely to further weigh on spending and strain household finances. While the deterioration in consumer credit performance has raised concerns about the overall health of household balance sheets, aggregate measures of consumer leverage and liquidity have so far remained resilient. Helping to explain this divergence is the fact that the rise in delinquencies has not been uniform across borrowers. An uneven deterioration in credit A subset of consumers, primarily subprime borrowers who tend to be lower-income households, has driven most of the increase in delinquencies. Th...
There are several upcoming high-profile initial public offerings (IPOs) that have captured the market's attention this year. OpenAI, parent company of ChatGPT, is expected to become a public company later this year, as is Anthropic. Both of these companies operate artificial intelligence (AI) platforms, and they're targeting valuations as high as $1 trillion. That doesn't come close, though, to wh...
There are several upcoming high-profile initial public offerings (IPOs) that have captured the market's attention this year. OpenAI, parent company of ChatGPT, is expected to become a public company later this year, as is Anthropic. Both of these companies operate artificial intelligence (AI) platforms, and they're targeting valuations as high as $1 trillion. That doesn't come close, though, to what might be the most highly anticipated IPO this year: SpaceX. The space exploration company, which has several other segments, too, is purported to be aiming for a valuation as high as $2 trillion, which would make it the seventh-most-valuable company in the U.S. if it went public today. Investors are very excited about the SpaceX IPO, to say the least. People are looking at how to invest pre-IPO , and the company has also said that it would allocate 30% of shares to retail investors. While investors clamor to get a piece of the company, it's worthwhile to consider what the risks are... as well as why you might want to buy it. Continue reading
David Becker/Getty Images News Rivian ( RIVN ) has revised its loan agreement with the U.S. Department of Energy, now planning to draw up to $4.5B to fund construction of its Georgia factory, reduced from the $6.6B initially allocated during the Biden administration. The company said Thursday it now plans to begin drawing on its loan in early 2027, earlier than previously expected, while increasin...
David Becker/Getty Images News Rivian ( RIVN ) has revised its loan agreement with the U.S. Department of Energy, now planning to draw up to $4.5B to fund construction of its Georgia factory, reduced from the $6.6B initially allocated during the Biden administration. The company said Thursday it now plans to begin drawing on its loan in early 2027, earlier than previously expected, while increasing the Georgia plant’s initial production capacity to 300,000 vehicles annually from 200,000. The 50% boost in first-phase capacity is aimed at lowering per-unit costs and strengthening operating leverage while also leaving room for further expansion in subsequent phases, the company said. The company added that production of its upcoming R2 model is still slated to begin in late 2028 at the Georgia facility, following the recent start of production at its existing plant in Normal, Illinois. CEO RJ Scaringe told CNBC’s Phil LeBeau that any future expansion of the Georgia plant would be funded internally, as Rivian continues to raise capital through partnerships with companies including Volkswagen and Uber. The revised loan details were announced alongside Rivian’s Q1 results . Consolidated revenue was up 11.3% year over year to $1.38B, but loss from operations amounted to $881M compared to $655M a year ago, due to lower gross profit and higher operating expenses. Rivian ( RIVN ) produced 10,236 vehicles at its manufacturing facility in Normal, Illinois, during the quarter and delivered 10,365 vehicles during the same period. By comparison, Rivian ( RIVN ) produced 14,611 vehicles and delivered 8,640 vehicles in Q1 of 2025. More on Rivian Rivian Automotive, Inc. 2026 Q1 - Results - Earnings Call Presentation Rivian: It's All About R2 Rivian: R2 Is Launching At Just The Right Time Stocks to watch on Thursday after hours: AAPL, TEAM, RIVN Rivian Automotive gets a boost from software sales, begins R2 production
Michael B Jordan and Juno Temple voice indistinctive body-swap caper for kids with muddled empathy message This March’s Pixar adventure Hoppers might not have been a vintage offering but it was a minor, much-needed victory for a studio whose magic touch had faded over time. It was a rare non-sequel that appealed to both critics (a 94% rating on Rotten Tomatoes) and audiences (with $164m it was Pix...
Michael B Jordan and Juno Temple voice indistinctive body-swap caper for kids with muddled empathy message This March’s Pixar adventure Hoppers might not have been a vintage offering but it was a minor, much-needed victory for a studio whose magic touch had faded over time. It was a rare non-sequel that appealed to both critics (a 94% rating on Rotten Tomatoes) and audiences (with $164m it was Pixar’s biggest original hit domestically since Coco) and had just about enough of the head plus heart formula many of us had grown to love and, recently, miss. Its success has reminded us just how it should be done right (or at least right enough) and how many, many others have failed to get even close to that place. Smarter competitors have found their own lanes – the maximalist mania of Illumination’s Minions movies, the specific, zeitgeist-y superhero stories of Sony’s KPop: Demon Hunters and Spiderverse – but there’s been a weak yet constant flow of obvious attempts to replicate what Pixar does so well. What nudges Swapped – a Skydance film once intended for Apple that now lands on Netflix – that much further into the shadow is not just how it follows the general template but how it also seems to be a closer copy of Hoppers itself. It’s more unfortunate timing than anything but it’s hard to watch without thinking briefly back with even a less memorable Pixar film seeming like a stone cold classic in comparison. Continue reading...
The uniqueness of Royal Ascot was a factor in the track CEO’s jump from the Premier League to the sport of kings “I was used to fans,” Felicity Barnard, the chief executive of Ascot, says, recalling earlier roles in charge of commercial operations at Arsenal and West Ham. “At Arsenal, I was used to selling 60,000 shirts at the beginning of every season and that doesn’t happen here, so it’s teachin...
The uniqueness of Royal Ascot was a factor in the track CEO’s jump from the Premier League to the sport of kings “I was used to fans,” Felicity Barnard, the chief executive of Ascot, says, recalling earlier roles in charge of commercial operations at Arsenal and West Ham. “At Arsenal, I was used to selling 60,000 shirts at the beginning of every season and that doesn’t happen here, so it’s teaching me how to be nimble and creative with our marketing year-on-year. That just isn’t necessary in football, because you’ve got people who will be with you for the whole of their life.” Barnard, clearly, is a very quick learner. Since her arrival at Ascot in April 2021, initially as commercial director and then, from January 2025, as CEO – one of the sport’s great offices of state – Britain’s premier racecourse has shaken off any lingering after-effects from the pandemic and seen attendances and prize-money rising year-on-year. Ascot was only British racecourse to attract more than half a million racegoers in 2025, its overall prize fund of £19.4m in 2026 will be another new record, and the King George VI & Queen Elizabeth Stakes in late July will be the track’s first £2m race. Continue reading...
UN Women report says AI, anonymity and lack of effective laws are increasing the risks of engaging in digital spaces Women in public life are facing growing and increasingly sophisticated forms of online violence, the UN has said, warning that “AI-assisted ‘virtual rape’ is now at the fingertips of perpetrators”. Female rights campaigners, journalists and other public communicators face a deepenin...
UN Women report says AI, anonymity and lack of effective laws are increasing the risks of engaging in digital spaces Women in public life are facing growing and increasingly sophisticated forms of online violence, the UN has said, warning that “AI-assisted ‘virtual rape’ is now at the fingertips of perpetrators”. Female rights campaigners, journalists and other public communicators face a deepening threat due to a combination of artificial intelligence, anonymity and the absence of effective laws and accountability, a report by UN Women found. Continue reading...
USA retain the world 50+ title, while Germany-Lasker SGK win the 65+ equivalent, with England fourth in both events England finished out of the medals for the first time in five years in this week’s world senior team championships for over-50s and over-65s, played at Durres, Albania, as the US, fielding a largely former USSR squad, retained the over-50 gold medals, while a nominally German team, w...
USA retain the world 50+ title, while Germany-Lasker SGK win the 65+ equivalent, with England fourth in both events England finished out of the medals for the first time in five years in this week’s world senior team championships for over-50s and over-65s, played at Durres, Albania, as the US, fielding a largely former USSR squad, retained the over-50 gold medals, while a nominally German team, which also included a former Soviet star, won the over-65s event. The US victory was clear but had a controversial aspect in the team’s use of package deals, which are forbidden in Olympiads but still allowed in senior events. Continue reading...
As stalwarts Sub Pop and Rough Trade celebrate big anniversaries, insiders speak candidly about the challenges they face. Can streaming ever ensure their survival? In the late 1980s, the fledgling Seattle record label Sub Pop was a mess. It struggled to pay the phone bill; staff would race to cash their wage cheques before they bounced; and the management couldn’t even cover studio time that had b...
As stalwarts Sub Pop and Rough Trade celebrate big anniversaries, insiders speak candidly about the challenges they face. Can streaming ever ensure their survival? In the late 1980s, the fledgling Seattle record label Sub Pop was a mess. It struggled to pay the phone bill; staff would race to cash their wage cheques before they bounced; and the management couldn’t even cover studio time that had been booked for their artists. “We were a big train wreck,” laughs Megan Jasper , who was then the label’s receptionist. “But the funnest train wreck you’d ever want to be on.” One of the label’s mottos became: “Going out of business since 1988.” Then, in 1989, Nirvana released their debut album on Sub Pop and saved it. Now, as the company celebrates its 40th anniversary, Jasper is the chief executive. “Is it rewarding and is the label still working? Yes,” she says. “But it’s never been easy – there have always been challenges and now there are more of them. Plus, it’s harder than ever for artists.” Continue reading...
Longitudinal studies are a research jewel, shedding light on motor neurone disease, cot deaths, Alzheimer’s and more. Don’t let the security breach in China put you off joining one One thing Britain is exceptionally good at is collecting and using health data for research, studying cohorts of people over many decades. A shudder of alarm rippled through the research world at the news this week that...
Longitudinal studies are a research jewel, shedding light on motor neurone disease, cot deaths, Alzheimer’s and more. Don’t let the security breach in China put you off joining one One thing Britain is exceptionally good at is collecting and using health data for research, studying cohorts of people over many decades. A shudder of alarm rippled through the research world at the news this week that UK Biobank’s data had been put up for sale on China’s Alibaba site, with the science minister, Patrick Vallance, saying that more attempts to sell the data in China were expected. Some sensationalised reporting failed to make clear enough that no names, addresses, NHS numbers or other identifiers were included, nor that the Chinese government reacted fast in taking listings down and nothing was sold. But would there be a stampede of participants withdrawing from this or other research programmes? Biobank dashed to reassure its 500,000 members, and as a longtime volunteer I received a message not only explaining what had happened but listing some of the invaluable research findings and remedies that had already sprung from our data. Remarkably, a representative for Biobank told me that only about 100 people inquired about withdrawing, and after each was spoken to, only 50 actually backed out – pretty impressive. Prof Sir Rory Collins, Biobank’s chief executive, says he will personally speak to any anxious participant. Polly Toynbee is a Guardian columnist Continue reading...
Stadium sharing, broadcast picks and fun runs can all cause turmoil in upper echelons of women’s game, while clubs worry attendances may fall as a result Waiting for men’s broadcast picks, dodging local fun runs and even having to avoid clashing with nearby comedy gigs: welcome to the quagmire of trying to arrange the Women’s Super League and WSL 2 schedule. The fixture list is often a bone of con...
Stadium sharing, broadcast picks and fun runs can all cause turmoil in upper echelons of women’s game, while clubs worry attendances may fall as a result Waiting for men’s broadcast picks, dodging local fun runs and even having to avoid clashing with nearby comedy gigs: welcome to the quagmire of trying to arrange the Women’s Super League and WSL 2 schedule. The fixture list is often a bone of contention for supporters, and organisers face a painstaking task in trying to organise games in venues where other teams get first dibs. Continue reading...