Article about second-tier rugby club last December piqued interest of American private equity firm “I think my family already thought I was crazy so this is nothing new,” says Kenn Moritz from his home office in faraway Pittsburgh. The Moritz family may have a point. Given all those baseball, football, ice hockey and basketball franchises in the United States, why opt instead to invest in a second...
Article about second-tier rugby club last December piqued interest of American private equity firm “I think my family already thought I was crazy so this is nothing new,” says Kenn Moritz from his home office in faraway Pittsburgh. The Moritz family may have a point. Given all those baseball, football, ice hockey and basketball franchises in the United States, why opt instead to invest in a second-tier English rugby club in Cornwall that almost folded less than two years ago? The catalyst turns out, ahem, to have been your correspondent’s article about the Cornish Pirates in the Guardian last December. Moritz was sitting where he is now, trawling through his trusted worldwide news sources when he stumbled across the Pirates’ quest for fresh investment. Somewhere inside him a light flicked on. “Without that article I wouldn’t have called,” says Moritz, the president of the private equity firm Stonewood Capital. “It gave me an insight into what was going on in English rugby and piqued my interest.” Continue reading...
The gentle French garment is now as cursed as the infamous megacorp, which has accumulated $80m in government contracts in Australia alone It’s taken me years to find a chore coat with a cut that flatters my big tits but, now that I finally own one, I want to incinerate it. Such is the power of brand contamination; infamous data surveillance megacorp Palantir, has decided to bang a logo on a chore...
The gentle French garment is now as cursed as the infamous megacorp, which has accumulated $80m in government contracts in Australia alone It’s taken me years to find a chore coat with a cut that flatters my big tits but, now that I finally own one, I want to incinerate it. Such is the power of brand contamination; infamous data surveillance megacorp Palantir, has decided to bang a logo on a chore coat to sell as corporate merch . Continue reading...
The Apple Macintosh is more than 40 years old, but it's still going strong, and its recent success was significant enough that Apple CEO Tim Cook called it out during the company’s earnings call last week . In particular, Cook credited the new low-cost MacBook Neo, which Apple says is attracting a fair number of new Mac buyers rather than simply prompting upgrades from previous customers. But Cook...
The Apple Macintosh is more than 40 years old, but it's still going strong, and its recent success was significant enough that Apple CEO Tim Cook called it out during the company’s earnings call last week . In particular, Cook credited the new low-cost MacBook Neo, which Apple says is attracting a fair number of new Mac buyers rather than simply prompting upgrades from previous customers. But Cook also noted that the Mac’s success was being held back somewhat by “supply constraints… on several Mac models,” which was exacerbated by “less flexibility in the supply chain” than Apple was used to; the company also expects to pay “significantly higher” prices for RAM than it has been so far. In other words, shortages of everything from RAM to storage to advanced chipmaking capacity are making it harder for Apple to produce as many Macs as it can sell. Sites that track Apple news currently post multiple times a month about Mac shortages, noting each time Apple removes a Mac mini model from its online store and religiously reporting on shipping estimates for the MacBook Neo . But because those spot checks only account for Apple’s inventory at a moment in time, I did what I sometimes do when I want to back up vibes with empirical data: I made a big spreadsheet (the full thing is here ; only a few representative snippets appear in the article below). Read full article Comments
Nvidia Bets $2.1 Billion On IREN To Expand AI Infrastructure Nvidia is expanding beyond chip sales and putting more capital directly into the infrastructure needed to power AI. The company said it could invest up to $2.1 billion in IREN through a deal that gives Nvidia the right to buy as many as 30 million shares at $70 each over the next five years, according to Bloomberg . The agreement is desi...
Nvidia Bets $2.1 Billion On IREN To Expand AI Infrastructure Nvidia is expanding beyond chip sales and putting more capital directly into the infrastructure needed to power AI. The company said it could invest up to $2.1 billion in IREN through a deal that gives Nvidia the right to buy as many as 30 million shares at $70 each over the next five years, according to Bloomberg . The agreement is designed to accelerate the buildout of large-scale AI data centers as demand for computing power continues to surge. Bloomberg writes that a major focus of the partnership is IREN’s Sweetwater campus in Texas, which currently has plans for 2 gigawatts of capacity. The companies said that footprint could eventually grow to as much as 5 gigawatts of Nvidia-powered infrastructure over time. IREN also signed a separate $3.4 billion AI cloud agreement to acquire and deploy Nvidia’s Blackwell processors. Together, the deals signal that both companies are betting demand for AI computing will continue rising for years. The partnership plays to each company’s strengths. Nvidia supplies the chips and networking equipment that dominate the AI market, while IREN specializes in securing land, electricity, and physical infrastructure needed to build large data centers. IREN is also expanding outside the U.S., announcing a deal to acquire Spanish data center developer Ingenostrum as it scales globally. The move fits a broader pattern for Nvidia, which has increasingly invested in companies across the AI ecosystem. It has recently backed OpenAI, Marvell Technology, and Corning, while also funding infrastructure providers such as CoreWeave and Nebius Group. Critics argue these deals are “circular” because Nvidia is investing in companies that later become major buyers of its chips. Jensen Huang has pushed back on that criticism. Referring to Nvidia’s investment in CoreWeave earlier this year, he said, “It’s a small percentage of the amount of money that they ultimately have to go raise,” and ad...
The S&P 500 (SNPINDEX: ^GSPC) is hitting new highs again this week. Although there have been some ups and downs this year, including a serious dip at the end of March, the market has been in strong bull territory for almost four years. It has gained double-digits for the past three years, and it's in the positive for the fourth year in a row. That's the power of investing in the stock market. Even...
The S&P 500 (SNPINDEX: ^GSPC) is hitting new highs again this week. Although there have been some ups and downs this year, including a serious dip at the end of March, the market has been in strong bull territory for almost four years. It has gained double-digits for the past three years, and it's in the positive for the fourth year in a row. That's the power of investing in the stock market. Even if you invest in a passive index fund that tracks the S&P 500, you can benefit from the magic of a strong market that compounds over time.mThat might make you think now is a great time to buy stocks. But is it? Here's what investing legend Warren Buffett thinks. Many investors, especially those who follow Warren Buffett, know that he tends to be greedy when others are fearful and fearful when others are greedy. He has said similar things several times in different ways, explaining that high prices are a recipe for a correction, and low prices make it possible to buy in and get the greatest gains. Since that's his business, he welcomes those opportunities. Continue reading
French rider takes victory on opening day in Bulgaria Jonas Vingegaard among those held up by late crash Paul Magnier won the opening stage of the 2026 Giro d’Italia on Friday in a bunch sprint, after a late crash left most of the peloton out of contention. The Frenchman Magnier pipped Tobias Lund Andresen in a frantic finish after 147km of largely flat racing from Nessebar to Burgas, in the first...
French rider takes victory on opening day in Bulgaria Jonas Vingegaard among those held up by late crash Paul Magnier won the opening stage of the 2026 Giro d’Italia on Friday in a bunch sprint, after a late crash left most of the peloton out of contention. The Frenchman Magnier pipped Tobias Lund Andresen in a frantic finish after 147km of largely flat racing from Nessebar to Burgas, in the first of the three opening stages in Bulgaria. Continue reading...
Shares of Dropbox ( DBX ) rose nearly 11% on Friday after the cloud storage company reported first-quarter results above Wall Street estimates and raised its annual sales guidance. San Francisco, California-based Dropbox was trading at $27.95 in the morning. For the first quarter, the company reported a 0.8% rise in revenue to $629.5M, beating consensus by $9.51M. Adjusted earnings per share stood...
Shares of Dropbox ( DBX ) rose nearly 11% on Friday after the cloud storage company reported first-quarter results above Wall Street estimates and raised its annual sales guidance. San Francisco, California-based Dropbox was trading at $27.95 in the morning. For the first quarter, the company reported a 0.8% rise in revenue to $629.5M, beating consensus by $9.51M. Adjusted earnings per share stood at $0.76, beating the estimate by $0.06. “We’re seeing encouraging signs from the focused work we’ve done to improve retention in Individuals, alongside funnel and product improvements in Teams. We’re also continuing to expand Dash in Dropbox thoughtfully across our existing user base as we invest with discipline in the platform capabilities that will support future growth,” said CEO Drew Houston. Paying users for Q1 totaled 18.09 million, as compared to 18.16 million. Average revenue per paying user was $141.18, as compared to $139.26. For the full year 2026, the company raised total revenue guidance by $12 million from a prior range of $2.485 billion to $2.5 billion to a revised range of $2.497 billion to $2.512 billion, adding that it is expecting a currency tailwind of about $27 million. Consensus is $2.50 billion. “We now expect paying user trends for the full year to be modestly better than our prior year and to be slightly positive overall,” it said. The company also raised non-GAAP operating margin by 50 basis points from 39% to 39.5% to be in a new range of 39.5% to 40% for the year. Dropbox sees revenue in the range of $624 million to $627 million for the second quarter versus a consensus of $625.34 million. Wall Street analysts and Seeking Alpha’s Quant ratings are cautious and rated the stock a Hold, while Seeking Alpha analysts consider it a Sell. “Stepping back, Q1 was a solid step in the right direction, and we are encouraged by early signs of a return to durable growth/continue to view valuation as attractive,” noted RBC analyst Rishi Jaluria. Overall, the ...
Getty Images Investment Overview Iovance Biotherapeutics, Inc. ( IOVA ), the San Carlos, California-headquartered Pharma company that markets and sells the tumor-infiltrating lymphocyte ("TIL") therapy Amtagvi (lifileucel) for patients with advanced melanoma, announced its Q1 earnings yesterday, 7th May, prompting a selloff of stock, which slipped to a a value of $3.55, down >13% for the day. Iova...
Getty Images Investment Overview Iovance Biotherapeutics, Inc. ( IOVA ), the San Carlos, California-headquartered Pharma company that markets and sells the tumor-infiltrating lymphocyte ("TIL") therapy Amtagvi (lifileucel) for patients with advanced melanoma, announced its Q1 earnings yesterday, 7th May, prompting a selloff of stock, which slipped to a a value of $3.55, down >13% for the day. Iovance's market cap pre-market today stood at $1.59bn. Total product revenues increased by ~45% year-on-year, Iovance reported, to ~$71m, of which Amtagvi accounted for $60m revenues, and Proleukin (aldesleukin), an interleukin-2, or IL-2, product used in the Amtagvi treatment regimen, ~$11m. Cost of sales amounted to $42.5m, R&D expenses $62.5m, SG&A expenses $38.9m, and overall, a net loss of $(79.7m) was reported, compared to $(118m) in Q1 2025. Earnings per share ("EPS") was reported as $(0.19), compared to $(0.36) in the prior year period (the share count has increased from 322.8m, to 418.5m year-on-year), and Iovance reported cash and equivalents of $313.4m, compared to $297m as of the end of Q1 2025. Speaking on yesterday's earnings call with analysts, Iovance's CEO Frederick Vogt told analysts: Looking ahead, Amtagvi enrollment and referral trends are at an all-time high in support of our second quarter and full year 2026 guidance issued today. Second quarter total revenue guidance is $86 million to $88 million. Amtagvi revenue is expected to grow to $79 million to $81 million in the second quarter. This is an increase of approximately 23% over our highest quarterly revenue to date in the fourth quarter of last year. For the full year 2026, total revenue guidance for Amtagvi and Proleukin is $350 million to $370 million, predominantly fueled by Amtagvi. Over time, we project a $1 billion peak -- $1 billion plus peak sales trajectory for Amtagvi and Proleukin in the U.S. For the rest of 2026 and beyond, we expect gross margins to benefit from our financial discipline, i...
The economy is being propped up by AI says JPMorgan’s Gabriela Santos. She joined Bloomberg Open Interest to explain why the labor market is weaker than headlines suggest, how the AI trade has shifted beyond big tech, and why markets keep rallying despite global chaos. (Source: Bloomberg)
The economy is being propped up by AI says JPMorgan’s Gabriela Santos. She joined Bloomberg Open Interest to explain why the labor market is weaker than headlines suggest, how the AI trade has shifted beyond big tech, and why markets keep rallying despite global chaos. (Source: Bloomberg)
kynny/iStock via Getty Images Applied Optoelectronics ( AAOI ) shares inched up during Friday market trading despite delivering an underwhelming earnings report as analysts point to a strong data center order backlog from Amazon ( AMZN ) and new orders likely coming from Oracle ( ORCL ). "AAOI delivered 1Q25 results within guidance but below consensus, while 2Q guidance was also below consensus," ...
kynny/iStock via Getty Images Applied Optoelectronics ( AAOI ) shares inched up during Friday market trading despite delivering an underwhelming earnings report as analysts point to a strong data center order backlog from Amazon ( AMZN ) and new orders likely coming from Oracle ( ORCL ). "AAOI delivered 1Q25 results within guidance but below consensus, while 2Q guidance was also below consensus," said Needham analysts Ryan Koontz and Jeffrey Hopson in a Friday investor note. "Mgt, however, raised F26 revenue guidance to reflect a very steep 2H ramp, up 200% vs 1H. 1Q revenue (+84% y/y) saw strong Data Center sales (+154% y/y, +9% q/q), including Amazon contributing 25% of total as 400G ramped and initial shipments of 800G." Needham reiterated its Buy rating and $190 price target on the stock. The financial firm also increased its revenue estimates, increasing its full-year 2026 estimate to $1.08B from $954M and 2027 to $2.49B from $2.03B. "AAOI confirmed new hyperscaler orders (we believe Oracle) of $324MM pending product qualifications - (1) $124MM in orders for 800G expected to begin shipping 2Q26; and (2) first volume order of 1.6T xcvrs of $200MM, expected to ship in 3Q26 and completed by year-end," Koontz added. "If successful, these large orders would notch Oracle as a 10% customer for F26." AAOI competitors Lumentum ( LITE ) and Coherent ( COHR ) were up 1.5% and 2.5%, respectively. More on Applied Optoelectronics Applied Optoelectronics: Soaring AI Infrastructure Demand Is Igniting Hypergrowth Stock Applied Optoelectronics: Warning Signs From AI Optical Bottleneck Now Flashing Applied Optoelectronics Has A Vision Of Success, And So Do I Applied Optoelectronics plunges after Q1 revenue falls short despite climbing 51% Applied Optoelectronics misses Q1 street views
The theme of earth’s biggest art extravaganza – spiritual rest – felt wildly wrong for our crisis-hit planet. Thank goodness for the pavilions, from fake babies to hi-tech sperm banks to a chocolate Russell Crowe It was almost over before it even started. This year’s Venice Biennale has been tearing itself apart for months: countries not showing up, artists getting fired, exhibitions being cancell...
The theme of earth’s biggest art extravaganza – spiritual rest – felt wildly wrong for our crisis-hit planet. Thank goodness for the pavilions, from fake babies to hi-tech sperm banks to a chocolate Russell Crowe It was almost over before it even started. This year’s Venice Biennale has been tearing itself apart for months: countries not showing up, artists getting fired, exhibitions being cancelled, funding getting pulled. There were petitions and protests months before a painting was on the wall. The jury quit in the days leading up to the opening, then Iran quit, then the European Commission quit. There were protests against Israel and Russia during the preview, artists went on strike, and artworks were replaced with installations of Palestinian flags. The whole thing was a massive mess of conflicting politics, personal tragedy and unresolvable ideological differences from the very beginning. And all this without even mentioning that the curator, Koyo Kouoh, died last year and wasn’t able to see her artistic vision through to completion. In a sense, the 2026 Venice Biennale never stood a chance. Continue reading...
Pull out the crash cart -- Figs (NYSE: FIGS) is on life support. The popular purveyor of medical and surgical scrubs and other apparel took a huge tumble on Friday, crashing 29.4% through 10:40 a.m. ET despite beating analyst forecasts for both sales and earnings last night. Heading into its Q1 report, analysts forecast Figs to earn $0.01 per share on $152.5 million in sales. Figs actually earned ...
Pull out the crash cart -- Figs (NYSE: FIGS) is on life support. The popular purveyor of medical and surgical scrubs and other apparel took a huge tumble on Friday, crashing 29.4% through 10:40 a.m. ET despite beating analyst forecasts for both sales and earnings last night. Heading into its Q1 report, analysts forecast Figs to earn $0.01 per share on $152.5 million in sales. Figs actually earned $0.03 per share and reported sales of $159.9 million. Continue reading
Campaign signage showing Virginia's current electoral map alongside the proposed electoral map at a Republican Party volunteer table outside a polling location at Burke Centre Library in Burke, Virginia, US, on Saturday, April 18, 2026. Graeme Sloan | Bloomberg | Getty Images The Virginia Supreme Court on Friday struck down the state's recently passed redistricting referendum, dealing a massive bl...
Campaign signage showing Virginia's current electoral map alongside the proposed electoral map at a Republican Party volunteer table outside a polling location at Burke Centre Library in Burke, Virginia, US, on Saturday, April 18, 2026. Graeme Sloan | Bloomberg | Getty Images The Virginia Supreme Court on Friday struck down the state's recently passed redistricting referendum, dealing a massive blow to Democrats who hoped to gain several seats from new House maps. The redistricting ballot measure passed by three percentage points in late April in what was seen at the time as a major win for Democrats, who stood to gain as many as four seats from redrawn maps ahead of the November midterms. The Virginia Supreme Court decision comes amid an ongoing partisan gerrymandering war and as Republican-led states across the South are working to redraw their House districts after a pivotal Supreme Court decision that weakened part of the Voting Rights Act. "We respect the court. But we will keep fighting for a democracy where voters — not politicians — have the final say. Because in Virginia, power still belongs to the people," Speaker of the Virginia House of Delegates Don Scott, a Democrat, said in a statement. This is breaking news. Please refresh for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Tom Werner/DigitalVision via Getty Images Investment Thesis I rate Ardelyx ( ARDX ) with a Buy. The biotech is currently experiencing a quite good commercial stage, marketing two key drugs (IBSRELA and XPHOZAH). After the realised increased in revenues in the last quarters, the management maintained a positive tone also in the last earnings call at the end of April, guiding through $1B in revenues...
Tom Werner/DigitalVision via Getty Images Investment Thesis I rate Ardelyx ( ARDX ) with a Buy. The biotech is currently experiencing a quite good commercial stage, marketing two key drugs (IBSRELA and XPHOZAH). After the realised increased in revenues in the last quarters, the management maintained a positive tone also in the last earnings call at the end of April, guiding through $1B in revenues by FY2029. The company’s opened ACCEL Phase III clinical trial could add further positive momentum for the stock, expanding ARDX’s total addressable market. According to the options chain analysis, investors are bullishly positioned for the near future, while my DCF analysis implies a base-case share price of $24.27, without considering the possible positive effects of the ACCEL trial. New investors should start accumulating stocks at the current level (between $6.50 and $7.50). Business Overview Ardelyx, Inc. ( NASDAQ: ARDX ), is a biotech company based in Massachusetts currently operating in the commercial stage. The company is focused on gastrointestinal and renal medicine with its main products IBSRELA and XPHOZAH. IBSRELA was approved in September 2019 and launched on the market in September 2022, targeting approximately 13M of adult Americans suffering from irritable bowel syndrome with constipation, medically considered as a chronic condition. In this case, IBSRELA acts differently from other pharma products, restricting sodium and water reabsorption, providing then a unique symptomatic and physiological profile. XPHOZAH, on the other hand, was approved by the FDA more recently, in October 2023 and launched immediately after in November 2023, targeting 600,000 US adults suffering from elevated serum phosphorus and in kidney dialysis, usually associated by the medical community with cardiovascular mortality. The product is critically the only binder with non-phosphate characteristics approved in this space, it works by reducing the phosphate absorption from the gut. ...
Tesla (TSLA) shares have demonstrated a significant technical turnaround, reclaiming the psychological $400 level on strong relative volume. The stock currently maintains a “Moderate Buy” consensus among analysts, but the chart’s breakout from its March base suggests even stronger near-term momentum than that grade implies. Recent delivery data and improved...
Tesla (TSLA) shares have demonstrated a significant technical turnaround, reclaiming the psychological $400 level on strong relative volume. The stock currently maintains a “Moderate Buy” consensus among analysts, but the chart’s breakout from its March base suggests even stronger near-term momentum than that grade implies. Recent delivery data and improved...