Micron (MU) will report its second quarter earnings after the closing bell on Wednesday, as the AI market continues to drive massive demand for memory chips around the world. Memory, or RAM, is an integral component of data center servers for both GPU-based systems by Nvidia (NVDA) and CPU-based systems by the likes of Intel (INTC) and AMD (AMD). The explosion in AI training and inferencing and th...
Micron (MU) will report its second quarter earnings after the closing bell on Wednesday, as the AI market continues to drive massive demand for memory chips around the world. Memory, or RAM, is an integral component of data center servers for both GPU-based systems by Nvidia (NVDA) and CPU-based systems by the likes of Intel (INTC) and AMD (AMD). The explosion in AI training and inferencing and the broader push into agentic AI is driving a dearth of available memory supplies, raising prices and impacting the cost of consumer and enterprise electronics. In February, market research firm Gartner said the memory shortage will cause PC shipments to drop 10.4% in 2026 and smartphone shipments to decline 8.4%. Micron logo at the company’s booth at the 8th China International Import Expo (CIIE) in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov · REUTERS / Reuters Prices on those products will also increase 17% and 13%, versus 2025 levels. For the quarter, Micron is expected to post earnings per share (EPS) of $9.00 on revenue of $19.7 billion, that’s a year-over-year EPS increase of 476% and revenue increase of 145%. According to Bloomberg analyst consensus estimates, DRAM will bring in $15.7 billion, while storage will bring in roughly $4 billion in sales. Micron is one of a small number of global memory chip suppliers, alongside SK Hynix and Samsung. Those companies produce something called DRAM, which is used as part of the high-bandwidth memory (HBM) necessary for AI data centers, as well as in double data rate (DDR) memory, which is used in different permutations in smartphones, laptops, and most other computers. Because HBM offers higher margins, memory makers are building more chips for data centers than other electronics, increasing prices on consumer and enterprise devices. Micron, in particular, made a strategic move to kill its Crucial line of consumer memory products in favor of focusing on HBM chips. On Monday, Micron announced it plans to build a s...
Micron (MU) reported its second quarter earnings after the closing bell on Wednesday, beating expectations on the top and bottom lines and providing Q3 guidance well above estimates, as the AI market continues to drive massive demand for memory chips around the world. For the quarter, Micron reported earnings per share (EPS) of $12.20 on revenue of $23.86 billion. Wall Street was anticipating EPS ...
Micron (MU) reported its second quarter earnings after the closing bell on Wednesday, beating expectations on the top and bottom lines and providing Q3 guidance well above estimates, as the AI market continues to drive massive demand for memory chips around the world. For the quarter, Micron reported earnings per share (EPS) of $12.20 on revenue of $23.86 billion. Wall Street was anticipating EPS of $9.00 on revenue of $19.7 billion, year over year. Memory, or RAM, is an integral component of data center servers for both GPU-based systems by Nvidia (NVDA) and CPU-based systems by the likes of Intel (INTC) and AMD (AMD). The explosion in AI training and inferencing and the broader push into agentic AI is driving a dearth of available memory supplies, raising prices and impacting the cost of consumer and enterprise electronics. In February, market research firm Gartner said the memory shortage will cause PC shipments to drop 10.4% in 2026 and smartphone shipments to decline 8.4%. Micron logo at the company’s booth at the 8th China International Import Expo (CIIE) in Shanghai, China, November 5, 2025. REUTERS/Maxim Shemetov · REUTERS / Reuters Prices on those products will also increase 17% and 13%, versus 2025 levels. Micron is one of a small number of global memory chip suppliers, alongside SK Hynix and Samsung. Those companies produce something called DRAM, which is used as part of the high-bandwidth memory (HBM) necessary for AI data centers, as well as in double data rate (DDR) memory, which is used in different permutations in smartphones, laptops, and most other computers. Because HBM offers higher margins, memory makers are building more chips for data centers than other electronics, increasing prices on consumer and enterprise devices. Micron, in particular, made a strategic move to kill its Crucial line of consumer memory products in favor of focusing on HBM chips. On Monday, Micron announced it plans to build a second plant at a site it acquired in Taiwan in...
Micron (MU) stock fell more than 4% in early trading Thursday, despite posting better-than-anticipated second quarter earnings after the bell on Wednesday. The company also provided strong guidance for the current quarter, topping Wall Street estimates. According to William Blair analyst Sebastien Naji, the market reaction is likely the result of fears that Micron won’t be able to continue its tor...
Micron (MU) stock fell more than 4% in early trading Thursday, despite posting better-than-anticipated second quarter earnings after the bell on Wednesday. The company also provided strong guidance for the current quarter, topping Wall Street estimates. According to William Blair analyst Sebastien Naji, the market reaction is likely the result of fears that Micron won’t be able to continue its torrid growth rate. Micron stock is up more than 342% over the last 12 months and 58% year-to-date. For Q2, the company reported earnings per share (EPS) of $12.20 on revenue of $23.86 billion. That amounts to an EPS increase of 682% year-over-year and a revenue jump of 196%. Wall Street was anticipating EPS of $9.00 on revenue of $19.7 billion year over year. Micron also said it expects Q3 revenue above analysts’ estimates. Despite the initial market reaction, Naji, in a note to investors, wrote that Micron stock is trading at a price-to-earnings multiple of 6 times William Blair’s 2026 estimates calendar 2026 estimate—below its historical multiple. “We continue to view Micron as a core beneficiary of the AI supercycle as memory accounts for a growing share of the total server bill-of-materials, bolstering Micron’s earnings power,” he added. BofA Global Research’s Vivek Arya was also positive on Micron’s results, raising the firm’s price objective on the stock to $500 from $400. But, he also said that the company’s gross margins could hit a peak in Q3. “[Micron fiscal Q3 gross margin] guide of 81.0% could be near peak cycle, eventually stabilizing toward 60-70% historical high prior to AI,” he wrote. The company posted gross margins of 74.9% in Q2. The AI market continues to drive massive demand for memory chips around the world. Memory, or RAM, is an integral component of data center servers for both GPU-based systems by Nvidia (NVDA) and CPU-based systems by the likes of Intel (INTC) and Advanced Micro Devices (AMD). The explosion in AI training and inferencing and the broa...
Key Points Declining cryptocurrency prices are pressuring its earnings. The sell-off may turn out to be an overreaction, and investors are hoping for some more positive newsflow tomorrow. 10 stocks we like better than Gemini Space Station › Shares in Gemini Space Station (NASDAQ: GEMI) declined by more than 14% as of 2:30 p.m today. The company is set to report its fourth quarter 2025 results tomo...
Key Points Declining cryptocurrency prices are pressuring its earnings. The sell-off may turn out to be an overreaction, and investors are hoping for some more positive newsflow tomorrow. 10 stocks we like better than Gemini Space Station › Shares in Gemini Space Station (NASDAQ: GEMI) declined by more than 14% as of 2:30 p.m today. The company is set to report its fourth quarter 2025 results tomorrow, and the last thing investors wanted to hear about is a heavyweight financial company downgrading the stock today, but that's exactly what happened. Citi downgrades Gemini Space Station A Citi analyst downgraded the stock to "sell" from "neutral" and reduced the price target to $5.50, a level still notably below the price at the time of writing. The analystcited concerns about profitability, particularly in the current environment. 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 » It's hard to disagree with the analyst, as despite a recent improvement, the prices of key cryptocurrencies like Bitcoin and Ethereum are still sharply lower this year. Lower prices tend to reduce trading volumes, which isn't good news for Gemini's transaction revenue. Moreover, lower prices also put pressure on Gemini's custodial fee revenue, as they drive down the value of the assets held in custody. That said, the company is doing pretty well in growing its credit card revenue, and investors are hoping for some positive numbers on it when the results are released tomorrow. Where next for Gemini Space Station The company certainly faces challenges, but the sell-off following the downgrade may be an overreaction. Management has already given preliminary estimates for the results, so there shouldn't be too many surprises. A quarter or two of recovery in cryptocurrency prices, plus ongoing growth in credit card revenue, could ...
By Jody Godoy WASHINGTON, March 18 (Reuters) - Paramount Skydance's proposed acquisition of Warner Bros Discovery will "absolutely not" have a fast track to approval because of political factors, the head of the U.S. Department of Justice's antitrust division told Reuters in an interview on Wednesday. "The idea that somehow enforcement has been politicized is ludicrous," said Acting Assistant A...
By Jody Godoy WASHINGTON, March 18 (Reuters) - Paramount Skydance's proposed acquisition of Warner Bros Discovery will "absolutely not" have a fast track to approval because of political factors, the head of the U.S. Department of Justice's antitrust division told Reuters in an interview on Wednesday. "The idea that somehow enforcement has been politicized is ludicrous," said Acting Assistant Attorney General Omeed Assefi, who declined to comment on ongoing probes. Analysts have viewed Paramount as facing an easier road to regulatory clearance in the U.S. in part because of its political connections. Paramount CEO David Ellison's father, billionaire Oracle co-founder Larry Ellison, has cultivated ties with President Donald Trump. "Absolutely not," Assefi said in response to a question about whether Paramount would receive an easier way through deal review because of political factors. "I think even Ted Sarandos has been very vocal about the fact that he had a very open and fair and thorough review under us," Assefi said, referring to the CEO of Netflix. Netflix's competing bid for Warner Bros' studio and streaming assets was under review by the DOJ until it walked away from the deal rather than match Paramount's offer. Paramount maintains that its deal poses fewer problems for competition than Netflix's bid. California Attorney General Rob Bonta has said the state is probing the transaction. (Reporting by Jody Godoy in Washington; Editing by Howard Goller)
bankrx Questions surrounding the future of Federal Reserve Chair Jerome Powell resurfaced on Wednesday following the latest policy meeting by the Federal Open Market Committee, as investors weighed the possibility that leadership at the Federal Reserve could shift in the coming months. Prediction market data from Kalshi suggests traders are increasingly assigning odds to the prospect that Powell m...
bankrx Questions surrounding the future of Federal Reserve Chair Jerome Powell resurfaced on Wednesday following the latest policy meeting by the Federal Open Market Committee, as investors weighed the possibility that leadership at the Federal Reserve could shift in the coming months. Prediction market data from Kalshi suggests traders are increasingly assigning odds to the prospect that Powell may depart his role as a Federal Reserve governor before the end of the year. Current market pricing indicates roughly a 43% probability that Powell exits as Fed governor before June, while the odds rise to 59% before August. Looking further out, traders estimate a 73% chance that Powell will no longer serve as a governor before the start of 2027. Despite the speculation, Powell indicated that no definitive decision has been made about his long-term role at the central bank. “If my successor is not confirmed by the end of my term as chair, I would serve as chair pro tem until he is confirmed. That is what the law calls for,” Powell said. “On the question of whether I will serve as a governor after my term ends and the investigation is over, I have not made that decision yet. I will make that decision based on what I think is best for the institution and for the people we serve,” Powell added. The remarks come as markets closely analyze leadership stability at the Fed while assessing the broader outlook for U.S. monetary policy. Market Tracking ETFs: ( DIA ), ( DDM ), ( DOG ), ( DXD ), ( SDOW ), ( SPY ), ( VOO ), ( IVV ), ( RSP ), ( SSO ), ( UPRO ), ( SH ), ( SDS ), ( SPXU ), ( QQQ ), ( QQQM ), ( TQQQ ), ( QID ), and ( SQQQ ). More on markets Fed policy outlook in focus as prediction markets bet on higher inflation Recessions are becoming less frequent as sector credit cycles take center stage, Apollo says 15 dividend stocks offering a 4% yield and double-digit returns in 2026 Micron is set to report earnings as traders price in key analyst call themes S&P 500’s 15 most overs...
The State Street SPDR Dow Jones International Real Estate ETF (NYSEMKT: RWX) focuses on international real estate outside the U.S, while the iShares Global REIT ETF (NYSEMKT: REET) offers global real estate exposure at a much lower cost and with broader diversification. Both RWX and REET target real estate equities, but their areas of focus are a bit different: RWX tracks international (ex-U.S.) p...
The State Street SPDR Dow Jones International Real Estate ETF (NYSEMKT: RWX) focuses on international real estate outside the U.S, while the iShares Global REIT ETF (NYSEMKT: REET) offers global real estate exposure at a much lower cost and with broader diversification. Both RWX and REET target real estate equities, but their areas of focus are a bit different: RWX tracks international (ex-U.S.) property companies, whereas REET includes both U.S. and international real estate investment trusts and firms. This comparison looks at cost, performance, risk, and portfolio composition to help investors weigh which approach best aligns with their goals. Snapshot (cost & size) Metric RWX REET Issuer State Street iShares Expense ratio 0.59% 0.14% 1-yr return (as of March 16, 2026) 14.1% 6.9% Dividend yield 3.4% 3.4% Beta 0.90 1.07 AUM $310.5 million $4.8 billion Beta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. While the dividend yields for these ETFs are roughly the same, REET’s fees are notably lower, and it also manages a much larger pool of assets than RWX. Performance & risk comparison Metric RWX REET Max drawdown (5 y) -35.89% -32.06% Growth of $1,000 over 5 years $799 $996 What's inside REET provides exposure to over 300 global real estate firms across both U.S. and international markets. Its largest holdings include Welltower (WELL 1.71%) at 8.5%, Prologis (PLD 1.36%) at 7.2%, and Equinix (EQIX 0.27%) at 5.5%. The fund’s broad, diversified portfolio helps spread risk across geographies and property types. However, you can also see that REET -- as an index tracker -- has a handful of relatively large positions in individual companies. RWX, by contrast, concentrates on international (ex-U.S.) real estate, with 29% of its assets currently invested in Japan. Its top holdings are Mitsui Fudosan Co (JPY: 8801.T) at 7.0%, Swiss Prime Site Reg (SIX: S...
挪威国家石油公司（Equinor）在巴伦支海获得了一个石油发现，该发现将接入Johan Castberg油田。 该发现位于“Polynya Tubåen”勘探目标（井号7220/7-5），由COSL Prospector钻井平台钻探。初步估计可采石油储量为1400万至2400万桶油当量。 挪威国家石油公司勘探与生产北部区域总监格雷特·比格尔特·霍兰表示：“一年前，随着Johan Castberg的投产，我们在巴伦支海开启了一个新的石油省。现在在该地区获得新发现令人鼓舞。我们计划未来每年在该地区钻探一到两口勘探井，以增加资源基础并延长稳产期。” Johan Castberg最初的储量基础估计为5亿至7亿桶，挪威国家石油公司的目标是将这一数字再增加2亿至5亿桶。 2025年6月，Castberg地区曾获得一个名为“Drivis Tubåen”的石油发现，估计Drivis构造的储量为1300万至2000万桶。 上周，首个将接入Johan Castberg的发现——Isflak的开发建设已启动。位于桑内舍恩的Aker Solutions公司正在为一个包含两口新井的井架进行建造，这两口井将连接到现有的海底设施。 Johan Castberg油田位于巴伦支海，距离汉默菲斯特西北220公里。 Johan Castberg的合作伙伴包括：Equinor Energy AS（运营商，持股46.3%）、Vår Energi ASA（持股30%）、Petoro AS（持股23.7%）。 Johan Castberg油田的首次发现是在2011年。 该油田于2025年3月31日投产。 责任编辑：张俊 SF065
peterschreiber.media/iStock via Getty Images Constellation Energy ( CEG ), NRG Energy ( NRG ) and Talen Energy ( TLN ) were initiated Wednesday with Outperform ratings at BNP Paribas Exane, with shares up 4.1%, 3.2% and 3.2%, respectively, as the U.S. enters "the golden ( AI )ge of IPPs." "Hop on risk missing the resurgent AI trade this decade," BNP said, as h yperscalers aspire to ramp the larges...
peterschreiber.media/iStock via Getty Images Constellation Energy ( CEG ), NRG Energy ( NRG ) and Talen Energy ( TLN ) were initiated Wednesday with Outperform ratings at BNP Paribas Exane, with shares up 4.1%, 3.2% and 3.2%, respectively, as the U.S. enters "the golden ( AI )ge of IPPs." "Hop on risk missing the resurgent AI trade this decade," BNP said, as h yperscalers aspire to ramp the largest tranche of electrons in recent history, with new baseload supply materially faili ng to keep apace; "This is clearly not new information. But the implications are quite misunderstood," according to BNP. U.S. independent power producers have lagged the AI basket for more than six months, with investors " caught up in the minutia of perceived headwinds," but "despite all this noise, the wave of r ising load is at the cusp of an acceleration that will nonetheless overwhelm new supply well into the 2030s," BNP wrote. Constellation ( CEG ) shares may look expensive, but BNP analysts said their FY 2028 and 2030 EBITDA estimates, pro forma for Calpine, are well above Wall Street consensus, and the company is expected to update guidance during its March 31 business update, which presents a "strong buying opportunity for catalyst-focused investors as new guidance should beat Street estimates." NRG ( NRG ) screens as the "cheapest" among peers based on FY 2028 and 2030 EV/EBITDA, offering "a strong value opportunity for investors seeking exposure to ERCOT and PJM price acceleration and announcements on premium contracted, newbuild gas," the bank wrote. BNP said its PJM power thesis remains intact for energy prices to reach $77/MWh blended in 2030 from $57/MWh in 2026 as tightening supply-demand requires increasing call on thermal, and Talen ( TLN ) would be the "biggest winner" of this PJM power price view given its fleet of low utilization gas and coal assets; the bank said PPAs are "gravy" to its thesis, with its EBITDA estimates 57% above Street estimates for 2030 even without e...
KanawatTH/iStock via Getty Images If you've not heard of SRN Advisors or their Siren ETF brand, that's understandable. Their two key ETFs, one of which we're looking at today, were acquired in November 2020. Our subject of the day is the Siren NexGen Economy ETF ( BLCN ), an actively managed equity ETF that focuses on companies engaged in blockchain technologies. BLCN Basics BLCN was incepted on J...
KanawatTH/iStock via Getty Images If you've not heard of SRN Advisors or their Siren ETF brand, that's understandable. Their two key ETFs, one of which we're looking at today, were acquired in November 2020. Our subject of the day is the Siren NexGen Economy ETF ( BLCN ), an actively managed equity ETF that focuses on companies engaged in blockchain technologies. BLCN Basics BLCN was incepted on January 17, 2018, carries an ER of 0.68%, a gross AUM of about $35 million (net assets of about $32 million, and a modest trailing yield of about 3.3%. The shares aren't very liquid, with a daily volume of about 17,200 shares traded daily on a 30-day average basis, and you can tell that from the 2.5% median 30-day spread. BLCN Prospectus One metric that really stands out is the 770% turnover rate (p36 of PDF), which gives it an annualized volatility of nearly 40%, or more than double the 17% median for all ETFs. It's a very active fund, which justifies the ER. It just so happens that Siren itself was founded on the principle that (as of 2019), "the current marketplace was devoid of both blended and specialty sector ETFs at reasonable expense ratios". When Siren acquired the fund the following year, that principle was implemented. What is BLCN Structured To Do? The tracked index is the Nasdaq Blockchain Economy Index ( RSBLCN ), and with such a high turnover, you'd expect the tracking error to be kept in check. That's true, but it's been on the rise over the last 5 year period at the time of writing. SA On the surface, that's not great news, but to be fair to the fund manager, blockchain adoption is happening at a rapid pace, in the U.S., yes, but also in other global markets. The global blockchain technology market size was valued at USD 31.18 billion in 2025 and is projected to grow from USD 47.96 billion in 2026 to USD 577.36 billion by 2034, exhibiting a CAGR of 36.50% during the forecast period. North America dominated the blockchain technology market with a market share...
Cloudflare said it has appealed a fine issued by Italy over the company's refusal to block access to websites on its 1.1.1.1 DNS service. The appeal is the latest step in Cloudflare's fight against Italy's Piracy Shield law. Piracy Shield is "a misguided Italian regulatory scheme designed to protect large rightsholder interests at the expense of the broader Internet," Cloudflare said in a blog pos...
Cloudflare said it has appealed a fine issued by Italy over the company's refusal to block access to websites on its 1.1.1.1 DNS service. The appeal is the latest step in Cloudflare's fight against Italy's Piracy Shield law. Piracy Shield is "a misguided Italian regulatory scheme designed to protect large rightsholder interests at the expense of the broader Internet," Cloudflare said in a blog post this week. "After Cloudflare resisted registering for Piracy Shield and challenged it in court, the Italian communications regulator, AGCOM, fined Cloudflare... We appealed that fine on March 8, and we continue to challenge the legality of Piracy Shield itself." Cloudflare called the fine of 14.2 million euros ($16.4 million) "staggering." AGCOM issued the penalty in January 2026, saying Cloudflare flouted requirements to disable DNS resolution of domain names and routing of traffic to IP addresses reported by copyright holders. Read full article Comments
Key Points NextEra Energy operates one of the largest utilities in the United States. The company is also one of the world's largest producers of solar and wind power. 10 stocks we like better than NextEra Energy › Geopolitical conflict in the Middle East has created significant uncertainty in energy markets. Oil prices are hovering near $100 per barrel as investor sentiment swings with news from ...
Key Points NextEra Energy operates one of the largest utilities in the United States. The company is also one of the world's largest producers of solar and wind power. 10 stocks we like better than NextEra Energy › Geopolitical conflict in the Middle East has created significant uncertainty in energy markets. Oil prices are hovering near $100 per barrel as investor sentiment swings with news from the conflict region. If you are looking for a safe haven, NextEra Energy (NYSE: NEE) might be a good place to hide. Here's why. NextEra's foundation is reliable in good times and bad NextEra Energy's business has two sides. One is its regulated utility operation, which owns Florida Power & Light. It ranks among the largest electric utilities in the United States. Regulated utilities are granted monopolies in the regions they serve but must get their rates and capital investment plans approved by the government. This generally means that they operate outside of the normal Wall Street cycle. 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 » Slow and steady growth is the normal outcome of this arrangement as regulators try to balance reliability, cost, and investor returns. This is a solid core for investors seeking a safe-haven investment in turbulent times. Notably, NextEra Energy's dividend yield is 2.6%, which is well above the 1.1% offered by the S&P 500 index (SNPINDEX: ^GSPC) and the 2.4% of the average utility. That may be too low for some dividend investors, but it is clearly attractive on a relative basis. NextEra's growth engine is clean energy In addition to its regulated utility, NextEra Energy has built one of the world's largest solar and wind power producers. This is the business that has been the company's growth driver, helping push the dividend higher regularly at an attractive rate. Looking...
Iran’s government has been degraded since the war began on February 28, but it appears to be intact and Tehran and its proxies remain capable of attacking US and allies’ interests in the Middle East, US Director of National Intelligence Tulsi Gabbard said on Wednesday. “The regime in Iran appears to be intact but largely degraded by Operation Epic Fury,” Gabbard said, referring to the US-Israel m...
Iran’s government has been degraded since the war began on February 28, but it appears to be intact and Tehran and its proxies remain capable of attacking US and allies’ interests in the Middle East, US Director of National Intelligence Tulsi Gabbard said on Wednesday. “The regime in Iran appears to be intact but largely degraded by Operation Epic Fury,” Gabbard said, referring to the US-Israel military campaign against Iran, in her opening statement to the Senate Intelligence Committee’s annual hearing on Worldwide Threats to the United States. “Even so, Iran and its proxies remain capable of and continue to attack US and allied interests in the Middle East. If a hostile regime survives, it will seek to begin a years-long effort to rebuild its missiles and UAV [drone] forces,” Gabbard said. Advertisement The 2½-hour hearing was the first significant public appearance since the start of the war by Gabbard, who has kept a low profile for months. The hearing identified China, Russia, North Korea and Iran as top adversaries, but largely focused on the Iran war, now in its third week. CIA Director John Ratcliffe testifies during a Senate Intelligence Committee hearing on worldwide threats in Washington on Wednesday. Photo: AFP US lawmakers – including some of President Donald Trump’s Republicans as well as Democrats – have said they want more information about a campaign that has killed thousands of people, disrupted the lives of millions and shaken energy and stock markets.
J Studios/DigitalVision via Getty Images Thesis We were the first ones to review the SPDR SSGA Apollo IG Public & Private Credit ETF ( PRIV ) on the Seeking Alpha platform when it IPO-ed in the beginning of 2025. We found the name to be exciting since it would be one of the first instances of transparency and accessibility into private credit via the exchange traded fund wrapper. A year after, we ...
J Studios/DigitalVision via Getty Images Thesis We were the first ones to review the SPDR SSGA Apollo IG Public & Private Credit ETF ( PRIV ) on the Seeking Alpha platform when it IPO-ed in the beginning of 2025. We found the name to be exciting since it would be one of the first instances of transparency and accessibility into private credit via the exchange traded fund wrapper. A year after, we are re-visiting the fund in light of the current macro conditions and giving our thoughts on the outlook for the name. More to the name than the holdings Now while the name is very bombastic and suggests an entire private credit composition, the reality is different: Holdings (Fund Website) In effect just roughly 20% of the holdings fall in the private credit category, with the rest being widely syndicated fixed income instruments. 'AOS' in the table above is Apollo Global Securities, the partner which sources private credit opportunities. Despite the widely circulated nomenclature, private credit is not esoteric, nor is it new: Private Credit (also called Direct Lending) is the corporate version of a "private loan." In the traditional world, if a company needs $100 million to expand, they go to a big bank (like JPMorgan) or issue bonds on the public market. In Private Credit, that company skips the bank and the public market entirely, going directly to a private investment firm (like Blackstone, Apollo, or Blue Owl) to borrow the money. The bombastic term of private credit simply means direct lending done on a bilateral basis. If your neighbor borrows $100 from you with written repayment terms and an interest rate, that also qualifies as private credit. There is nothing esoteric about direct lending, and it has been done for virtually centuries. What changed in the past decade is the migration of direct lending from banks to private investment firms like Blackstone, Apollo and the likes, which had more flexibility in setting terms, covenants and capital structure beneficia...
Listen to this article Listen to this article 1x COSCO Shipping Ports, the port-operating unit of state-owned giant Cosco Shipping, reported a 6.2% rise in total throughput to 153 million TEUs in 2025. Photo: VCG COSCO Shipping Ports Ltd. is expanding its global port network to counter rising geopolitical risks roiling the shipping industry, the company’s chairman said Wednesday. “The intensifying...
Listen to this article Listen to this article 1x COSCO Shipping Ports, the port-operating unit of state-owned giant Cosco Shipping, reported a 6.2% rise in total throughput to 153 million TEUs in 2025. Photo: VCG COSCO Shipping Ports Ltd. is expanding its global port network to counter rising geopolitical risks roiling the shipping industry, the company’s chairman said Wednesday. “The intensifying international geopolitical competition has profoundly affected our industry,” chairman Zhu Tao said at an earnings call. “As customer demand and geopolitics evolve, expanding our port footprint remains a critical response.”