Q : The 81% gross margin guide is very impressive. How should we think about the sustainability of gross margins, especially with more HBM4 in the mix? A : Mark Murphy, CFO, explained that the 81% gross margin reflects the benefits of AI driving a multi-year investment cycle, requiring more high-performance memory. While they expect market conditions to remain tight beyond 2026, they are not provi...
Q : The 81% gross margin guide is very impressive. How should we think about the sustainability of gross margins, especially with more HBM4 in the mix? A : Mark Murphy, CFO, explained that the 81% gross margin reflects the benefits of AI driving a multi-year investment cycle, requiring more high-performance memory. While they expect market conditions to remain tight beyond 2026, they are not providing specific guidance for the fourth quarter. The growth in HBM4 is factored into the margin, but incremental price increases will have less effect at these levels. There are concerns about the sustainability of high gross margins, especially as the company increases HBM4 production. Micron's fiscal 2026 CapEx is projected to be above $25 billion, driven by cleanroom facility-related expenses, which could pressure cash flow. Supply constraints in DRAM and NAND are impacting the ability to meet customer demand, with some customers receiving only 50% to two-thirds of their requested supply. For the complete transcript of the earnings call, please refer to the full earnings call transcript . Story Continues Q: How different is the new five-year Strategic Customer Agreement (SCA) from the Long-Term Agreement (LTA)? A: Sanjay Mehrotra, CEO, noted that SCAs are multi-year agreements, unlike the typical one-year LTAs. These agreements provide stability and visibility into the business model, with specific commitments from customers. While details are confidential, SCAs are designed to help both Micron and its customers plan better in a tight supply environment. Q: How are you managing allocation across different markets, especially with AI demand? A: Sanjay Mehrotra stated that supply is tight across all markets, but demand remains strong. While consumer markets like PCs and smartphones may see some demand impact due to higher prices, overall demand is robust. Micron aims to maintain a diversified supply across end markets, with data centers becoming a larger part of the industry...
Standing up in parliament last week, Charlotte Nichols MP waived her right to anonymity as a complainant of sexual offences. “I care profoundly about rape victims facing intolerable delays for their day in court,” she said, in a debate about jury trials. “I waited 1,088 days to go to court,” she added. Nichols speaks to Helen Pidd about the painful experience of waiting for the case to go to trial...
Standing up in parliament last week, Charlotte Nichols MP waived her right to anonymity as a complainant of sexual offences. “I care profoundly about rape victims facing intolerable delays for their day in court,” she said, in a debate about jury trials. “I waited 1,088 days to go to court,” she added. Nichols speaks to Helen Pidd about the painful experience of waiting for the case to go to trial and what it was like to give evidence. “It’s like having a bruise punched,” she tells Helen. “All the worst things that you think about yourself, they’re going for.” The defendant was acquitted on all of the charges against him. He declined to comment when approached by the Guardian. Support the Guardian today: theguardian.com/todayinfocuspod
Japan ’s education ministry has launched a campaign to fight sexual misconduct involving teachers and revised regulations against voyeurism in the wake of seven male educators arrested last year for taking inappropriate videos of students and sharing them on social media. A law aimed at preventing sexual misconduct in the nation’s schools went into effect in 2022, but revisions were introduced as ...
Japan ’s education ministry has launched a campaign to fight sexual misconduct involving teachers and revised regulations against voyeurism in the wake of seven male educators arrested last year for taking inappropriate videos of students and sharing them on social media. A law aimed at preventing sexual misconduct in the nation’s schools went into effect in 2022, but revisions were introduced as a result of the offences. The ministry intends to update teachers on the rules, including dismissal and prosecution of those who take voyeuristic images of their students. Advertisement Schools will be required to undergo regular inspections to ensure that cameras are not hidden in classrooms, bathrooms or changing rooms, and that teachers know they are not allowed to take photos of students on their personal smartphones. “The law to protect students from sexual harassment by teachers has been in place for a couple of years, and we are seeing more teachers being punished for their actions,” said Chisato Kitanaka, an associate professor of sociology at Hiroshima University and an adviser to the government on gender issues. Advertisement In the 2024 financial year, 281 teachers and staff from kindergartens to senior high schools were disciplined for sexual offences, according to the latest available official data. While the figure was a decline from a record high of 320 cases in the previous financial year, such incidents are still a cause for concern.
yuriz/iStock via Getty Images ENB Stock: Let Your Profit Run I have been bullish on Enbridge Inc. ( ENB ) for about a year now, as you can tell from my historical rating. As an example, my most recent analysis on the stock was titled "Enbridge Q4 2025 Earnings: I See An Equity Bond" and published on Feb 7, 2026. The article previewed its Q4 earnings report (ER) and rated it as a buy. The stock has...
yuriz/iStock via Getty Images ENB Stock: Let Your Profit Run I have been bullish on Enbridge Inc. ( ENB ) for about a year now, as you can tell from my historical rating. As an example, my most recent analysis on the stock was titled "Enbridge Q4 2025 Earnings: I See An Equity Bond" and published on Feb 7, 2026. The article previewed its Q4 earnings report (ER) and rated it as a buy. The stock has indeed performed well either in absolute terms or against the broader market in the past year. As shown in the next chart, Enbridge significantly outperformed the SP500 (as approximated by VOO) with a total return of 31.55%, compared to the already-terrific 19.76% return posted by VOO. Seeking Alpha Besides the substantial price change, a few other fundamental catalysts have also emerged for ENB since my last writing, both in terms of geopolitics and also company specifics. The top changes on my list include the large increases in oil prices due to the military conflict in the Middle East, the company's actual FQ4 ER updates, and also its latest dividend declaration. Usually, a working bullish thesis tends to defeat itself. As price increases, valuation risks heighten and the thesis weakens. However, after examining the above fundamental changes, I don't believe this is the case for ENB. As to be detailed next, the stock still provides a favorable return/risk ratio in my model because the brightened growth prospects have more than offset the substantial valuation expansion since my last writings. Dividend Growth Accelerates to 6.53% Let me start with the latest dividend payout declared by Enbridge, a most telling sign of its true economic earnings in my view. As most investors already know, ENB has been maintaining a strong record of consistent quarterly dividend payouts. And the payout just saw a notable year-over-year increase in 2026. To wit, in 2025, the company distributed four regular payments starting at $0.6653 in February and concluding with a $0.6719 payout in No...
Zijin Mining Group , China’s biggest gold and copper producer, wants to invest in metals like tungsten and uranium, as the global bid to secure critical minerals drives prices higher. “We are looking to expand our position in tungsten and other strategic metals,” including uranium, Lisa Liu , managing director and portfolio manager of Gold Mountains Asset Management Ltd. , said in a recent intervi...
Zijin Mining Group , China’s biggest gold and copper producer, wants to invest in metals like tungsten and uranium, as the global bid to secure critical minerals drives prices higher. “We are looking to expand our position in tungsten and other strategic metals,” including uranium, Lisa Liu , managing director and portfolio manager of Gold Mountains Asset Management Ltd. , said in a recent interview. As a wholly-owned subsidiary of Zijin, the firm manages some of the mining giant’s financial investments, including stakes in Montage Gold Corp. and Equinox Gold Corp . Gold Mountains has over $6 billion in assets under management, with around 75% in gold and the rest in copper, lithium, uranium and other metals. Tungsten, a super-dense material used in drilling equipment and armor-piercing weaponry, has more than doubled in value this year due to Chinese export curbs and rising military demand. Prices of uranium , the fuel in nuclear reactors, have also rallied over the past few years in anticipation of a surge in atomic energy demand. Read More: Munitions Metal Tungsten Eclipses Gold, Copper in 557% Rally Mines containing rare earths — a subset of critical minerals used widely in electric vehicles, weapons systems and high-tech manufacturing — are also on the company’s radar, said Liu. But good projects are hard to come by and “many of them are either very expensive or will need a long time” before becoming productive, she said. Gold Mountains has a sizable cash buffer that could be invested in a project at once. “If a major shareholder suddenly looks to offload a large stake, we can step in and absorb it immediately,” said Liu. Gold remains an important part of the business. “Given all the uncertainty — whether it’s global conflicts or changes to monetary systems — there has to be an anchor for storing wealth. That anchor will inevitably be gold,” she said.
Thanakorn Lappattaranan/iStock via Getty Images Overview ► The AMG Yacktman Fund (the Fund) returned 6.20% for the fourth quarter and 19.82% for 2025, outperforming both the Russell 1000 ® Value Index and the S&P 500 Index. ► The U.S. indices continued to reach record highs after standout results in 2023 and 2024 driven by multiple expansion and artificial intelligence (AI) exuberance. Yacktman bu...
Thanakorn Lappattaranan/iStock via Getty Images Overview ► The AMG Yacktman Fund (the Fund) returned 6.20% for the fourth quarter and 19.82% for 2025, outperforming both the Russell 1000 ® Value Index and the S&P 500 Index. ► The U.S. indices continued to reach record highs after standout results in 2023 and 2024 driven by multiple expansion and artificial intelligence (AI) exuberance. Yacktman builds the portfolio based on evaluating normalized free cash flow and business fundamentals of each company, then we compare the price we have to pay for a given investment to arrive at a forward rate of return based on the current market valuation of each company. Then we apply our risk analysis to arrive at a risk-adjusted view for each investment or prospective investment. This approach is core to our active management approach, and it has offered a differentiated returns stream from other managers and passive indices. Yacktman approaches investing with an owner's mindset—we focus on the long-term underlying business performance of portfolio companies, and we are willing to hold companies through periods of stock price underperformance when we believe that the long-term thesis offers attractive risk-adjusted returns. Contributors/Detractors Top Ten Holdings 1 Holding % of Net Assets Samsung Electronics Co Ltd Preferred 9.09 Bolloré SE ( BOIVF ) 7.36 Canadian Natural Resources Ltd ( CNQ ) 4.91 Microsoft Corp ( MSFT ) 4.15 Hyundai Mobis Co Ltd (HYMTF) 3.76 Charles Schwab Corp ( SCHW ) 3.70 Alphabet Inc, Class C ( GOOG ) 3.44 Fox Corp, Class B ( FOX ) 2.98 Procter & Gamble Co ( PG ) 2.61 PepsiCo Inc ( PEP ) 2.55 TOTAL % 44.55 1 Mention of a specific security should not be considered a recommendation to buy or a solicitation to sell that security. Holdings are subject to change. For a list of all holdings within the fund, please visit AMG Wealth Platform . Click to enlarge ► Our largest portfolio company, Samsung Electronics ( SSNLF ), outperformed in 2025 after underperformi...
Key Points VR Adviser, LLC added 1,000,000 shares of Spyre Therapeutics; estimated trade size is $25.78 million (based on quarterly average pricing). The quarter-end value of the position increased by $75.73 million, reflecting both trading activity and share price appreciation. Spyre Therapeutics stake now represents 5.96% of VR Adviser’s reportable AUM. The fund now holds 3,685,448 shares in Spy...
Key Points VR Adviser, LLC added 1,000,000 shares of Spyre Therapeutics; estimated trade size is $25.78 million (based on quarterly average pricing). The quarter-end value of the position increased by $75.73 million, reflecting both trading activity and share price appreciation. Spyre Therapeutics stake now represents 5.96% of VR Adviser’s reportable AUM. The fund now holds 3,685,448 shares in Spyre Therapeutics, valued at $120.74 million as of December 31, 2025. Spyre Therapeutics remains a significant holding within a 27-position U.S. equity portfolio. 10 stocks we like better than Spyre Therapeutics › On February 17, 2026, VR Adviser, LLC disclosed a buy of 1,000,000 shares in Spyre Therapeutics (NASDAQ:SYRE), an estimated $25.78 million trade based on quarterly average pricing. VR Adviser, LLC added 1,000,000 shares of Spyre Therapeutics; the estimated trade size is $25.78 million (based on quarterly average pricing). The quarter-end value of the position increased by $75.73 million, reflecting both trading activity and share price appreciation. Spyre Therapeutics stake now represents 5.96% of VR Adviser’s reportable AUM. The fund now holds 3,685,448 shares in Spyre Therapeutics, valued at $120.74 million as of December 31, 2025. Spyre Therapeutics remains a significant holding within a 27-position U.S. equity portfolio. What happened According to a U.S. Securities and Exchange Commission (SEC) filing dated February 17, 2026, VR Adviser, LLC increased its position in Spyre Therapeutics by 1,000,000 shares during the fourth quarter. The estimated transaction value is $25.78 million, calculated using the average closing price over the quarter. The quarter-end value of the holding rose by $75.73 million, a figure that includes both share purchases and price appreciation. What else to know VR Adviser, LLC’s move was a buy; the position now accounts for 5.96% of the fund’s reportable U.S. equity assets. Top holdings after the filing: NASDAQ:APGE: $641.08 million (31....
The Bank of Japan (BOJ) headquarters is seen beyond the cherry blossoms in Tokyo on March 20, 2023. Kazuhiro Nogi | Afp | Getty Images The Bank of Japan kept its rates steady at 0.75% as expected, but noted that inflation risks now are tilted to the upside due to the Iran war. In its statement, the BOJ said that the decision was split, with eight members of the nine-member board voting in favor of...
The Bank of Japan (BOJ) headquarters is seen beyond the cherry blossoms in Tokyo on March 20, 2023. Kazuhiro Nogi | Afp | Getty Images The Bank of Japan kept its rates steady at 0.75% as expected, but noted that inflation risks now are tilted to the upside due to the Iran war. In its statement, the BOJ said that the decision was split, with eight members of the nine-member board voting in favor of a hold. In its statement, the BOJ said that while inflation is expected to temporarily decelerate below 2% in the near term, the conflict in the Middle East will exert "upward pressure, affected by the recent rise in crude oil prices." The decision comes as Tokyo grapples with the fallout from the Iran conflict, which has pushed up energy prices. The country gets about 95% of its energy imports from the Middle East. Japan has released crude stockpiles, while Prime Minister Sanae Takaichi pledged to keep retail gasoline prices "in check" at a nationwide average of about 170 yen per liter. Analysts from Dutch bank ING wrote in a note last Friday that "It will be important to examine closely how the BOJ evaluates the economic fallout from the Middle East conflict and the results of the spring wage negotiations. These factors will influence whether a rate hike occurs in April or June." The central bank closely monitors the spring wage negotiations, also known as "shunto" talks, which involve Japan's labor federations and the country's biggest firms. After years of stagnant wages, these talks are crucial to sustainably achieving the BOJ's 2% inflation target. Inflation in Japan currently stands at 1.5% as of January, the first time headline inflation has fallen below the 2% target after 45 straight months of surpassing it. On Wednesday, Japanese media reported that many large companies had fully accepted their unions' pay-hike demands, which would mark the third year in a row that pay hikes have exceeded 5%. Nikkei reported this was the first such streak since 1989-1991, and th...
The yen held onto gains after the Bank of Japan kept its benchmark rate unchanged amid an escalating war in Iran. Japan’s currency was up 0.1% to 159.64 against the dollar. All 51 economists surveyed by Bloomberg had expected the decision. The conflict in Iran has pushed up crude oil prices, adding pressure to inflation in Japan, which is heavily dependent on Middle Eastern petroleum. The yen had ...
The yen held onto gains after the Bank of Japan kept its benchmark rate unchanged amid an escalating war in Iran. Japan’s currency was up 0.1% to 159.64 against the dollar. All 51 economists surveyed by Bloomberg had expected the decision. The conflict in Iran has pushed up crude oil prices, adding pressure to inflation in Japan, which is heavily dependent on Middle Eastern petroleum. The yen had weakened overnight after Federal Reserve Chair Jerome Powell said the US central bank won’t cut interest rates again until inflation resumes cooling. The BOJ is still on track to raise rates, with the possibility of a move in April not ruled out, according to people familiar with the matter. Focus will shift to Governor Kazuo Ueda’s press conference at 3:30 p.m. local time for any hints on the timing of the next move. The currency’s recent slide has prompted warnings from Japanese officials, with Finance Minister Satsuki Katayama saying that authorities are fully prepared to take action if needed at any time. Still, strategists see a high threshold for intervention as elevated oil prices and resilient US data have pushed the dollar higher on fundamental grounds, potentially making it harder for authorities to justify stepping in. Prime Minister Sanae Takaichi’s resounding election victory last month briefly supported the yen, but the currency has come under renewed pressure since then following media reports that she is wary of further interest-rate hikes and her nomination of two dovish BOJ board members. Investors will also be paying attention to Takaichi’s summit with US President Donald Trump this week.
Union Bancaire Privée has made the Chinese yuan one of its strongest bets, expecting the currency to keep rising against the dollar over the next decade due to improving fundamentals and policy reforms. In a March report, the Swiss private bank raised its conviction on yuan appreciation against the dollar to the highest level, matching its bullish stance on gold. UBP , which manages over CHF150 bi...
Union Bancaire Privée has made the Chinese yuan one of its strongest bets, expecting the currency to keep rising against the dollar over the next decade due to improving fundamentals and policy reforms. In a March report, the Swiss private bank raised its conviction on yuan appreciation against the dollar to the highest level, matching its bullish stance on gold. UBP , which manages over CHF150 billion ($190 billion), now forecasts the onshore yuan to reach 6.70 per dollar by the end of 2026. “We believe the yuan will enter a decade long secular bull rally, favored by fundamentals and policy reforms,” Carlos Casanova , senior economist at UBP, told Bloomberg News. “Moreover, the yuan appears to be undervalued by 10%-50%” when measured against indicators such as purchasing power parity, the real effective exchange rate or interest rate differentials, he added. The Geneva-based firm joins a growing chorus of yuan bulls who anticipate the currency to gain from Beijing’s push to lift the currency’s global role and rebalance the economy. The yuan touched a three‑year high against the dollar earlier this year. Since the Iran war began in late February, the currency has slipped about 0.5%, yet it has outperformed most global peers, showing resilience to surging oil prices. In the near term, risk‑off sentiment could strengthen the dollar, but over the medium term, UBP expects “a return to the theme of yuan strength,” said Casanova. “The conflict in the Middle East puts pressure on US debt, further supporting our view that the US dollar could weaken more structurally.”