This article first appeared on GuruFocus. Tencent's (TCEHY) latest AI push is beginning to shift investor positioning in China's tech race, even as Alibaba (NYSE:BABA) continues to lead in large language model development and open-source adoption. Over the past week, Tencent rolled out agentic AI products including QClaw and WorkBuddy, targeting growing demand for tools that can execute real-world...
This article first appeared on GuruFocus. Tencent's (TCEHY) latest AI push is beginning to shift investor positioning in China's tech race, even as Alibaba (NYSE:BABA) continues to lead in large language model development and open-source adoption. Over the past week, Tencent rolled out agentic AI products including QClaw and WorkBuddy, targeting growing demand for tools that can execute real-world tasks. The company is also working to integrate similar capabilities into WeChat, leveraging its 1.4 billion-user ecosystem across messaging, payments, and services, with a potential launch as soon as next month depending on computing constraints. Market reaction is starting to follow. Tencent shares have risen about 4.7% since the rollout of its agentic AI services, putting the stock on track for its strongest monthly performance relative to Alibaba in two years. The move has added roughly $30 billion in market value, ranking among the largest gains across Chinese firms over that stretch. Investors appear to be reassessing Tencent's positioning as its platform-level integration strategy gains traction, particularly given WeChat's reach across user data and daily digital activity. Alibaba, meanwhile, remains competitive on the technology front but is facing execution questions. Its Qwen models continue to rank alongside leading global systems and are driving adoption in the open-source community, while also powering its consumer-facing applications tied to e-commerce. However, the recent departure of a key developer and reported internal tensions between research and cloud teams have raised concerns. The company has since unveiled a broader restructuring aimed at sharpening its focus on AI profitability, as both firms continue to invest heavily in a market where competition has included an estimated 8 billion yuan in promotional spending during the Lunar New Year period.
The Federal Reserve's policymaking arm held its key interest rate at 3.50%-3.75% for a third straight meeting on Wednesday, as widely expected. The Federal Open Market Committee said economic activity has expanded at a solid pace, but job gains have remained low even as the unemployment rate stays near historic lows. Inflation remains elevated. All but one of the committee members — Stephen Miran ...
The Federal Reserve's policymaking arm held its key interest rate at 3.50%-3.75% for a third straight meeting on Wednesday, as widely expected. The Federal Open Market Committee said economic activity has expanded at a solid pace, but job gains have remained low even as the unemployment rate stays near historic lows. Inflation remains elevated. All but one of the committee members — Stephen Miran — voted to keep its rate unchanged. He preferred to cut the target range by 25 basis points. Since the last meeting, the uncertainty factor increased. " The implications of developments in the Middle East for the U.S. economy are uncertain," the FOMC's statement said. "The committee is attentive to the risks to both sides of its dual mandate." The last rate action was a 25-basis-point cut in December. Since then, the central bankers have stayed on hold as inflation has remained above its 2% target for the past five years. At the same time, the labor market has weakened, though it hasn't crashed. Developing… Check back for updates. More on Interest Rates ECB seen holding rates as inflation risks re-emerge over energy shock Bank of Canada holds policy rate at 2.25% amid uncertainty over Middle East conflict Fed rate cut odds for June, July meetings dip after hot PPI data Brace For 'Sharply Higher Rates' - The FOMC Meeting Preview
Tesla Inc. and SpaceX CEO Elon Musk reiterated bullish sentiments on the commercial space flight giant’s AI efforts, while also warning that companies not incorporating the technology could risk being left behind. SpaceX Will Exceed Everyone Else On Monday, the official handle for the prediction market platform Kalshi shared Musk’s earlier comments about SpaceX leading the AI race. “Elon Musk says...
Tesla Inc. and SpaceX CEO Elon Musk reiterated bullish sentiments on the commercial space flight giant’s AI efforts, while also warning that companies not incorporating the technology could risk being left behind. SpaceX Will Exceed Everyone Else On Monday, the official handle for the prediction market platform Kalshi shared Musk’s earlier comments about SpaceX leading the AI race. “Elon Musk says SpaceX will “far exceed” everyone in AI,” Kalshi’s post said. JUST IN: Elon Musk says SpaceX will "far exceed" everyone in AI Don't Miss: Responding to Kalshi’s post, Musk issued a correction in the statement. “*everyone else combined,” he said in his response, reaffirming his belief in SpaceX’s AI efforts following its recent acquisition of Musk’s artificial intelligence startup xAI as well as hiring new talent despite a series of high-profile departures from the company. *everyone else combined AI Companies Will Crush Non-AI Companies In a video shared on January 29, user @HinataMotivates shared an old video of Musk, where the billionaire predicted that companies not incorporating AI would be left behind. He shared that a computer working on a single spreadsheet “will outperform” a building filled with human workers. “Companies that are entirely AI will demolish companies that are not,” Musk said in the video. Elon Musk says AI-only companies will crush everyone else. pic.twitter.com/917T2elcmk Trending: Before the IPO: How One Company Quietly Locked Up 500+ Iconic Character Rights Responding to the user, Musk reaffirmed his stance. “Not saying I necessarily want this to happen, just that it will,” he said in his response to the user. Not saying I necessarily want this to happen, just that it will Elon Musk Bets On Humans Interestingly, the billionaire had shared earlier that Tesla wasn’t planning to lay off any human employees, outlining that his company was instead looking at expanding its human workforce, as AI tools would significantly boost the productivity of Tesla...
The following companies are expected to report earnings after hours on 03/18/2026. Visit our Earnings Calendar for a full list of expected earnings releases. Micron Technology, Inc. (MU)is reporting for the quarter ending February 28, 2026. The computer company's consensus earnings per share forecast from the 8 analysts that follow the stock is $8.64. This value represents a 512.77% increase compa...
The following companies are expected to report earnings after hours on 03/18/2026. Visit our Earnings Calendar for a full list of expected earnings releases. Micron Technology, Inc. (MU)is reporting for the quarter ending February 28, 2026. The computer company's consensus earnings per share forecast from the 8 analysts that follow the stock is $8.64. This value represents a 512.77% increase compared to the same quarter last year. In the past year MU has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 25.61%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for MU is 12.95 vs. an industry ratio of 21.10. Five Below, Inc. (FIVE)is reporting for the quarter ending January 31, 2026. The retail company's consensus earnings per share forecast from the 10 analysts that follow the stock is $3.99. This value represents a 14.66% increase compared to the same quarter last year. In the past year FIVE has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 209.09%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for FIVE is 33.75 vs. an industry ratio of 22.30, implying that they will have a higher earnings growth than their competitors in the same industry. DLocal Limited (DLO)is reporting for the quarter ending December 31, 2025. The financial transactions company's consensus earnings per share forecast from the 2 analysts that follow the stock is $0.18. This value represents a 20.00% increase compared to the same quarter last year. In the past year DLO has met analyst expectations once and beat the expectations the other three quarters. The "days to cover" for this stock exceeds 13 days. Zacks Investment Research reports that the 2025 Price to Earnings ratio for DLO is 16.76 vs. an industry ratio of 11.40, implying that they will have a higher earnings growth than their competitors in the same i...
Fed Remains On Hold (As Expected) Amid 'Uncertain Implications' Of War With Iran Tl;dr : Rates on hold as expected with a hawkish tilt to 'uncertainty' around the Iran war clouding the outlook. The Dot-Plot showed no real change (7 on hold, 12 at least 1 cut in 2026) but inflation expectations surged in the SEP. * * * A lot - and we mean a lot - has happened since the last FOMC meeting (Jan 28th)....
Fed Remains On Hold (As Expected) Amid 'Uncertain Implications' Of War With Iran Tl;dr : Rates on hold as expected with a hawkish tilt to 'uncertainty' around the Iran war clouding the outlook. The Dot-Plot showed no real change (7 on hold, 12 at least 1 cut in 2026) but inflation expectations surged in the SEP. * * * A lot - and we mean a lot - has happened since the last FOMC meeting (Jan 28th). Oil is up 54% since the last FOMC meeting, bitcoin has tumbled. Gold and stocks are also down notably while the dollar has strengthened... Both growth and inflation data have outperformed since the last FOMC meeting (but as the chart shows, fears are rising over stagflation as the impact of higher energy prices - and tighter financial conditions - could weigh on growth)... Rate-cut expectations for 2026 have collapsed since the last FOMC meeting (most notably since the war began) with less than one full cut now priced in... The market is priced for absolutely nothing to happen today (from a rate change perspective - higher or lower), so all eyes will be on the number of dissents, the new set of SEP (dots) data, and any commentary on the economy and/or the impact of the war. Expectations are for a continuation of a "hawkish hold" amid heightened uncertainty. FOMC Statement Rates remain on hold with one dissent *FED HOLDS BENCHMARK RATE IN 3.5%-3.75% RANGE IN 11-1 VOTE *FED SAYS GOVERNOR STEPHEN MIRAN DISSENTS IN FAVOR OF RATE CUT Fed statement comparison: exactly as expected. Very little changes, small downgrade to labor market ("some signs of stabilization" to "little changed in recent months"), ...and brief discussion or Iran war ("implications of developments in the Middle East for the U.S. economy are uncertain") MUFG’s George Goncalves says this is a “neutral” statement from the FOMC. “The statement tweaks are an attempt at trying to avoid sending any signals while conveying they are on guard for any growth shocks and inflation spillover from the Middle East Conflict.”...
On 3/20/26, Citizens Financial Group Inc's 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: CFG.PRE) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 4/6/26. As a percentage of CFG.PRE's recent share price of $19.68, this dividend works out to approximately 1.59%, so look for shares of CFG.PRE to trade 1.59% lower — all else being equal — when ...
On 3/20/26, Citizens Financial Group Inc's 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: CFG.PRE) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 4/6/26. As a percentage of CFG.PRE's recent share price of $19.68, this dividend works out to approximately 1.59%, so look for shares of CFG.PRE to trade 1.59% lower — all else being equal — when CFG.PRE shares open for trading on 3/20/26. On an annualized basis, the current yield is approximately 6.33%, which compares to an average yield of 6.58% in the "Financial" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of CFG.PRE shares, versus CFG: Below is a dividend history chart for CFG.PRE, showing historical dividends prior to the most recent $0.3125 on Citizens Financial Group Inc's 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E: According to the ETF Finder at ETF Channel, Citizens Financial Group Inc (Symbol: CFG) makes up 8.13% of the iShares ESG Aware 60/40 Balanced Allocation ETF (EAOR) which is trading up by about 0.3% on the day Wednesday. (see other ETFs holding CFG). In Wednesday trading, Citizens Financial Group Inc's 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: CFG.PRE) is currently down about 0.3% on the day, while the common shares (Symbol: CFG) are off about 0.2%. Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
On 3/20/26, Special Opportunities Fund Inc's 2.75% Convertible Prfd Series C due 01/21/2027 (Symbol: SPE.PRC) will trade ex-dividend, for its quarterly dividend of $0.1719, payable on 3/31/26. As a percentage of SPE.PRC's recent share price of $25.00, this dividend works out to approximately 0.69%, so look for shares of SPE.PRC to trade 0.69% lower — all else being equal — when SPE.PRC shares open...
On 3/20/26, Special Opportunities Fund Inc's 2.75% Convertible Prfd Series C due 01/21/2027 (Symbol: SPE.PRC) will trade ex-dividend, for its quarterly dividend of $0.1719, payable on 3/31/26. As a percentage of SPE.PRC's recent share price of $25.00, this dividend works out to approximately 0.69%, so look for shares of SPE.PRC to trade 0.69% lower — all else being equal — when SPE.PRC shares open for trading on 3/20/26. On an annualized basis, the current yield is approximately 2.75%, which compares to an average yield of 6.23% in the "ETFs & CEFs" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of SPE.PRC shares, versus SPE: Below is a dividend history chart for SPE.PRC, showing historical dividends prior to the most recent $0.1719 on Special Opportunities Fund Inc's 2.75% Convertible Prfd Series C due 01/21/2027: In Wednesday trading, Special Opportunities Fund Inc's 2.75% Convertible Prfd Series C due 01/21/2027 (Symbol: SPE.PRC) is currently up about 0.1% on the day, while the common shares (Symbol: SPE) are down about 0.8%. Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Wednesday's trading session holds a heavy atmosphere of caution. A triple threat of intensifying geopolitical conflict, stubborn inflation data, and an imminent Federal Reserve decision keeps investors on the defensive today. With the Federal Reserve set to take center stage at 2:00 p.m. ET, investors aren't exactly in a buying mood. Instead, the major indexes are nursing losses as a string of tro...
Wednesday's trading session holds a heavy atmosphere of caution. A triple threat of intensifying geopolitical conflict, stubborn inflation data, and an imminent Federal Reserve decision keeps investors on the defensive today. With the Federal Reserve set to take center stage at 2:00 p.m. ET, investors aren't exactly in a buying mood. Instead, the major indexes are nursing losses as a string of troubling headlines hits the tape. Why the Dow is feeling the energy bill blues Dow Jones Industrial Average (^DJI 0.90%) is taking the biggest hit, down 0.8% as energy costs weigh on its big-name industrials. The blue chip index is particularly sensitive to the surge in global energy prices. With crude oil prices climbing above $110 per barrel, industrial and transportation giants are bracing for a squeeze on margins. The escalating conflict in Iran has introduced a significant risk premium into the energy sector, and without a clear path toward de-escalation, the "tax" of high fuel prices is weighing heavily on the Dow's manufacturing components. The average gas price is now up to roughly $3.80 per gallon, up from $2.90 a month ago. It's a significant increase with direct effects on consumer prices. Anything you find on store shelves has probably consumed some gas on its way to the store. Expand DJINDICES : ^DJI Dow Jones Industrial Average Today's Change ( -0.90 %) $ -424.29 Current Price $ 46568.97 Key Data Points Day's Range $ 46488.32 - $ 46913.93 52wk Range $ 36611.78 - $ 50512.79 Volume 250M It's a close call between the broader market trackers. S&P 500 (^GSPC 0.62%) is down 0.5% at 1 p.m. ET as investors struggle to find a footing amid the macro noise. The tech-heavy Nasdaq Composite (^IXIC 0.58%) index dipped ever so slightly deeper at 0.6%. This index is essentially in a pre-game huddle ahead of semiconductor giant Micron Technology (MU +1.44%) reporting earnings after the closing bell. Will Micron keep the AI party going tonight? The tech world is particularly anxi...
On 3/20/26, Ellington Financial Inc's 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock (Symbol: EFC.PRD) will trade ex-dividend, for its quarterly dividend of $0.4375, payable on 3/30/26. As a percentage of EFC.PRD's recent share price of $25.00, this dividend works out to approximately 1.75%, so look for shares of EFC.PRD to trade 1.75% lower — all else being equal — when EFC.PRD sh...
On 3/20/26, Ellington Financial Inc's 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock (Symbol: EFC.PRD) will trade ex-dividend, for its quarterly dividend of $0.4375, payable on 3/30/26. As a percentage of EFC.PRD's recent share price of $25.00, this dividend works out to approximately 1.75%, so look for shares of EFC.PRD to trade 1.75% lower — all else being equal — when EFC.PRD shares open for trading on 3/20/26. On an annualized basis, the current yield is approximately 7.00%, which compares to an average yield of 8.09% in the "Real Estate" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of EFC.PRD shares, versus EFC: Below is a dividend history chart for EFC.PRD, showing historical dividends prior to the most recent $0.4375 on Ellington Financial Inc's 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock: According to the ETF Finder at ETF Channel, Ellington Financial Inc (Symbol: EFC) makes up 3.89% of the Vaneck Mortgage REIT Income ETF (MORT) which is trading lower by about 0.3% on the day Wednesday. (see other ETFs holding EFC). In Wednesday trading, Ellington Financial Inc's 7.00% Series B Cumulative Perpetual Redeemable Preferred Stock (Symbol: EFC.PRD) is currently down about 0.2% on the day, while the common shares (Symbol: EFC) are down about 0.5%. Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen » Also see: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Key Points Persistent inflation and geopolitical tensions are dragging the major indexes lower ahead of the Fed's interest rate decision. New wholesale inflation data showed a 0.7% acceleration in February, complicating the outlook for future rate cuts. Market volatility remains high as traders look for any signs of de-escalation in the Middle East to motivate a relief rally. 10 stocks we like bet...
Key Points Persistent inflation and geopolitical tensions are dragging the major indexes lower ahead of the Fed's interest rate decision. New wholesale inflation data showed a 0.7% acceleration in February, complicating the outlook for future rate cuts. Market volatility remains high as traders look for any signs of de-escalation in the Middle East to motivate a relief rally. 10 stocks we like better than Dow Jones Industrial Average › Wednesday's trading session holds a heavy atmosphere of caution. A triple threat of intensifying geopolitical conflict, stubborn inflation data, and an imminent Federal Reserve decision keeps investors on the defensive today. With the Federal Reserve set to take center stage at 2:00 p.m. ET, investors aren't exactly in a buying mood. Instead, the major indexes are nursing losses as a string of troubling headlines hits the tape. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Why the Dow is feeling the energy bill blues Dow Jones Industrial Average (DJINDICES: ^DJI) is taking the biggest hit, down 0.8% as energy costs weigh on its big-name industrials. The blue chip index is particularly sensitive to the surge in global energy prices. With crude oil prices climbing above $110 per barrel, industrial and transportation giants are bracing for a squeeze on margins. The escalating conflict in Iran has introduced a significant risk premium into the energy sector, and without a clear path toward de-escalation, the "tax" of high fuel prices is weighing heavily on the Dow's manufacturing components. The average gas price is now up to roughly $3.80 per gallon, up from $2.90 a month ago. It's a significant increase with direct effects on consumer prices. Anything you find on store shelves has probably consumed some gas on its way to the store. It's a close call between the broa...
In Brief It’s been almost exactly one year since Trevor Milton, the founder of now-bankrupt electric truck startup Nikola, was pardoned by President Trump. Now, the Wall Street Journal has published one of the first deep dives into Milton’s new effort: trying to build autonomous planes. Milton and an “investment group” purchased a downtrodden aviation company called SyberJet Aircraft late last yea...
In Brief It’s been almost exactly one year since Trevor Milton, the founder of now-bankrupt electric truck startup Nikola, was pardoned by President Trump. Now, the Wall Street Journal has published one of the first deep dives into Milton’s new effort: trying to build autonomous planes. Milton and an “investment group” purchased a downtrodden aviation company called SyberJet Aircraft late last year, and has spent the time since trying to turn the company around. That involves bringing in “dozens” of former Nikola staff, soliciting possible investors from Saudi Arabia, and spending a few hundred thousand dollars on lobbying, according to the report. He reportedly wants to design an entirely new avionics system from the ground up that will help the company create the “first light jet to focus on artificial-intelligence flight,” which could open up the door for defense contracts. But Milton, who was convicted of fraud in 2022, told the newspaper that be thinks planes will be “10 times harder than Nikola ever was.”
This article first appeared on GuruFocus. Meta Platforms (NASDAQ:META) is stepping back from one of its most visible metaverse bets, signaling how quickly capital allocation priorities can shift as the company leans further into artificial intelligence. The company said users of its Quest headsets will lose access to Horizon Worlds starting June 15, removing the ability to build, publish or update...
This article first appeared on GuruFocus. Meta Platforms (NASDAQ:META) is stepping back from one of its most visible metaverse bets, signaling how quickly capital allocation priorities can shift as the company leans further into artificial intelligence. The company said users of its Quest headsets will lose access to Horizon Worlds starting June 15, removing the ability to build, publish or update virtual environments on those devices. Access to Horizon Worlds will continue through Meta's mobile app, aligning with earlier messaging that the experience would become almost exclusively mobile. For a platform once positioned at the center of Mark Zuckerberg's metaverse strategy, the change suggests a recalibration away from fully immersive virtual worlds. The shift comes alongside broader changes within Reality Labs, where Meta has cut 1,000 jobs and shut down parts of its virtual reality gaming and content operations. Leadership has indicated future efforts will focus more on mobile-first experiences and wearable products tied to its artificial intelligence push, including Ray-Ban Meta glasses. After investing heavily in the metaverse, Meta is now redirecting resources toward AI, a transition that could reshape how investors frame the company's long-term growth narrative.
Getty Images Intro: Has Roche Just Eclipsed Eli Lilly In The Battle For AI Drug Development Supremacy? On Monday, 16th March, the Swiss Pharma giant Roche Holding AG ( RHHBY ) announced : an expansion of its global AI infrastructure, deploying a large-scale AI factory powered by a full stack of the latest-generation NVIDIA ( NVDA ) accelerated computing and AI. Nvidia ( NVDA ) - market cap of $4.4...
Getty Images Intro: Has Roche Just Eclipsed Eli Lilly In The Battle For AI Drug Development Supremacy? On Monday, 16th March, the Swiss Pharma giant Roche Holding AG ( RHHBY ) announced : an expansion of its global AI infrastructure, deploying a large-scale AI factory powered by a full stack of the latest-generation NVIDIA ( NVDA ) accelerated computing and AI. Nvidia ( NVDA ) - market cap of $4.4 trillion dollars at the time of writing (Roche's market cap valuation today stands at ~$286bn) - states in its 2025 annual 10-K filing that it is "now a data center scale AI infrastructure company reshaping all industries," and Roche appears to be taking full advantage. The Pharma giant says it is building an infrastructure "featuring 2,176 high-performance GPUs on premises across the United States and Europe and embedded across the entire value chain," adding that: Roche’s combined on-premise and cloud GPU infrastructure now exceeds 3,500 Blackwell GPUs, which is the greatest announced GPU footprint available to a pharmaceutical company. In January, the world's most valuable pharmaceutical company Eli Lilly and Company ( LLY ), whose meteoric rise from a ~$125bn market cap company less than five years ago, to briefly become the world's first >$1 trillion dollar pharmaceutical company, is underpinned by the runaway success of its weight loss and type 2 diabetes drugs Zepbound and Mounjaro, also announced a deal with Nvidia, being: a first-of-its-kind AI co-innovation lab focused on applying AI to tackle some of the most enduring challenges in the pharmaceutical industry. The two companies will invest up to $1 billion in talent, infrastructure and compute over five years to support the new AI co-innovation lab. Based in the San Francisco Bay Area, the lab will co-locate Lilly domain experts in biology, science and medicine with top AI model builders and engineers from NVIDIA, allowing them to work side by side to generate large-scale data and build powerful AI models that c...
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J Studios/DigitalVision via Getty Images Fund Commentary The fourth quarter of 2025 saw continued gains and new all-time highs for the Russell 2000. Better than expected GDP data and continued strength in corporate earnings overshadowed weakening employment data. The Federal Reserve continued to cut short term interest rates as they shift focus to the labor market while inflation data remains stab...
J Studios/DigitalVision via Getty Images Fund Commentary The fourth quarter of 2025 saw continued gains and new all-time highs for the Russell 2000. Better than expected GDP data and continued strength in corporate earnings overshadowed weakening employment data. The Federal Reserve continued to cut short term interest rates as they shift focus to the labor market while inflation data remains stable. Credit spreads show little sign of stress despite growing investor concerns around increased debt financing of artificial intelligence infrastructure spending. Health Care was the best performing sector in the index, led by Pharmaceutical and Biotechnology companies. Consumer Staples and Information Technology sectors underperformed the index. The Northern Small Cap Core Fund outperformed its benchmark, the Russell 2000 Index. Stronger stock picking results in Information Technology and Industrials sectors was offset by weaker results in the Consumer Staples and Materials sectors. Intra-quarter volatility in the markets led to a mixed performance impact on stocks with higher profitability and lower volatility characteristics, which the portfolio tends to overweight. Within the index, lower quality stocks with “NO BUY” ratings (as determined by our proprietary quality model) slightly underperformed, adding to relative performance as the Fund is typically underweight that segment of the market. While the smallest capitalization stocks (those with market cap less than $350 million) underperformed in the index, strong stock selection within the group resulted helped to offset the negative impact. We will continue to maintain our focus on higher-quality companies. Further, we will continue to seek diverse exposure to domestic small-cap stocks, including those within the smallest segments of the market, while maintaining a disciplined process to manage active risk and transaction costs. Performance as of 12/31/25 Annualized Returns FUND QTR YTD 1 Year 3 Year 5 Year 10 Year Si...
Spencer Platt/Getty Images News Tencent Music ( TME ) stock is on track to lose nearly a third of its value since reporting its fourth-quarter results on Tuesday. TME is down 8% in Wednesday's afternoon trading; the stock closed down nearly 25% during its previous session. Wall Street analysts have moved to the sidelines on the company following its report, with at least four research firms loweri...
Spencer Platt/Getty Images News Tencent Music ( TME ) stock is on track to lose nearly a third of its value since reporting its fourth-quarter results on Tuesday. TME is down 8% in Wednesday's afternoon trading; the stock closed down nearly 25% during its previous session. Wall Street analysts have moved to the sidelines on the company following its report, with at least four research firms lowering their rating to "neutral" or "hold." J.P. Morgan, which changed its rating to "neutral" from "overweight," noted that the company's business is becoming more diversified amid a slowdown of subscription revenue. The research firm noted that Tencent's music subscription revenue growth slowed to 13% in Q4 versus 17% in Q3, while online music MAU fell 5% from last year, even as paying users and ARPPU increased. "Such results suggest that the most important historical earnings and sentiment driver is no longer getting cleaner," JPM said. Tencent notably said in the Q4 report that it will discontinue the disclosure of certain quarterly operating metrics, including online music MAU, paying users, and ARPPU, and instead report the number of total paying users across music services annually, as of year-end. This move reduces the KPI transparency investors historically relied on to underwrite the subscription story, JPM said. "Our core concern is not that TME’s business is deteriorating outright, but that the stock is transitioning from a visible subscription-compounding story to a broader but lower-visibility multi-engine monetization story," JPM said. Benchmark, which cut its rating to "hold" from "buy," anticipates that intense competition will weigh on subscription growth, while rapid shifts in content creation and consumption, accelerated by AI adoption, will introduce new structural challenges. Simultaneously, the research firm expects margin expansion to plateau at the company. "Competition is clearly intensifying, especially in subscription services, putting pressure on gr...
The Trade Desk stock was dropping Wednesday after two analysts downgraded the stock following an advertising company’s decision to stop recommending the digital ad platform to customers. French ad firm Publicis told Barron’s that an independent auditor concluded that The Trade Desk did not pass an audit, and “as a result of the audit findings we will no longer be recommending The Trade Desk as a s...
The Trade Desk stock was dropping Wednesday after two analysts downgraded the stock following an advertising company’s decision to stop recommending the digital ad platform to customers. French ad firm Publicis told Barron’s that an independent auditor concluded that The Trade Desk did not pass an audit, and “as a result of the audit findings we will no longer be recommending The Trade Desk as a solution for our clients.” “We look forward to working with Publicis to provide workable alternatives to this particular request, including information at an even more granular level than requested,” The Trade Desk added.
Patreon CEO Jack Conte says he’s not anti-AI. He can’t be. “I run a frickin’ tech company,” he told the audience at the SXSW conference in Austin this week. Still, the founder of the creator platform has limits. Conte doesn’t think AI companies should be able to train their models on the work of creators without compensation, calling their decision to dub this “fair use” a “bogus” argument. Conte’...
Patreon CEO Jack Conte says he’s not anti-AI. He can’t be. “I run a frickin’ tech company,” he told the audience at the SXSW conference in Austin this week. Still, the founder of the creator platform has limits. Conte doesn’t think AI companies should be able to train their models on the work of creators without compensation, calling their decision to dub this “fair use” a “bogus” argument. Conte’s SXSW talk positioned AI as another moment within the ongoing cycle of disruption that creators have been through many times before in the internet age. Like the transition from buying music on iTunes to streaming, or shifting video to the vertical format favored by TikTok, AI will likely break a lot of the models that creative people have worked hard to build over the years. Still, he believes they will thrive. “I learned a very important thing as an artist, which is that change does not mean death. You can get back up, and you can fucking go again,” said Conte, who created Patreon to solve a problem he had faced as a musician: getting people to pay creators for their work. Similarly, he doesn’t believe that AI companies should be able to scoop up creators’ content to train their models without some sort of compensation, either. “The AI companies are claiming fair use, but this argument is bogus,” Conte said, reading from a printout of his speech, or rather, his manifesto. “It’s bogus because while they claim it’s fair to use the work of creators as training data, they do multi-million dollar deals with rights holders and publishers like Disney and Condé Nast and Vox and Warner Music.” If the AI companies’ argument around fair use was legal and sound, then they wouldn’t be paying these large rightsholders, he noted. “If it’s legal to just use it, why pay?,” he asked rhetorically. ” Why pay them and not creators — not the millions of illustrators and musicians and writers — whose work has been consumed by these models to build hundreds of billions of dollars of value for t...