Jonathan Kitchen/DigitalVision via Getty Images Introduction Historically, the memory industry has been one of the most cyclical segments within the overall semiconductor value chain. Memory industry cycles were driven by supply capacities and demand. Artificial intelligence is reshaping the overall industry demand dynamics. However, demand was never the cause of the downcycle. This report analyzes the historical boom and bust nature of the memory market, the sustainability of the structural changes emerging from the AI driven demand, current supply and demand dynamics, and the current cycle position. Industry Overview The memory industry does not move in a straight line like normal companies. It moves in cycles like commodity companies. If we look at the structure of the industry, we can see that it is an oligopoly market because the overall market is tightly controlled by a few giant players. More than 90% of the DRAM and HBM markets are dominated by the top 3 companies. If we look closer into the HBM market, we can see that SK Hynix clearly dominates the market with 64% of the total market. The NAND market is fragmented as compared to the DRAM and HBM markets, but still more than 60% of the market share is controlled by the same 3 companies that have dominated the DRAM and HBM markets. Rest of World The memory chip supply is heavily concentrated in South Korea because SK Hynix and Samsung dominate the majority of DRAM and HBM production. At the same time, demand for advanced memory is concentrated in the United States, driven by AI infrastructure investments and large-scale data center expansion. PwC Going forward, South Korea is likely to maintain the memory market leadership because if we look at the semiconductor industry’s investments of the coming years, the highest investment in memory chips is expected to be made by South Korea. One of the biggest reasons behind the presence of only a few players in a large market is high entry barriers. Entering this indu...

格隆汇5月12日｜南非总统拉马福萨：将继续为南非民众服务。

primeimages/iStock via Getty Images By Elior Manier US stock indexes are starting to settle as uncertainty returns at the beginning of the week. After last week’s big, news-driven moves, traders are stepping back and getting ready for tomorrow’s essential CPI repor t; a kind of cautious trading is common before major economic data, especially since central banks are watching closely for signs of how the Middle East conflict might be affecting consumer prices. Adding to this economic uncertainty, both the US and Iran turned down each other’s diplomatic proposals over the weekend. Without a ceasefire agreement, WTI crude oil prices are steadily rising right at the edge of $100 –As energy costs keep climbing, the risk of persistent, war-related inflation remains the main obstacle to hopes for interest rate cuts, but this seemingly isn't much of a concern for stock markets these days! WTI Crude 1H Chart – Source: TradingView. May 11, 2026 Even with these ongoing geopolitical issues, the broader stock market is still resilient, showing that participants appear to be looking beyond the current Middle East situation and are focusing their optimism on the upcoming Trump-Xi summit in China later this week. With this sense of optimism about upcoming global events, the Nasdaq and S&P 500 keep moving higher. Strong options activity and a bullish semiconductor sector are helping to support these gains, even as worries about the bigger economic picture remain. Meanwhile, the Dow Jones is taking a more cautious approach, but strong interest in tech stocks is keeping the overall market afloat, despite ongoing uncertainty. Daily Market Performance (11:54). May 11, 2026 – Courtesy of Finviz Let's prepare for tomorrow's quintessential US CPI report by diving into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Current Session's Stock Heatmap Current picture for the Stock Market (11:56) – Source: TradingView – May 11, 2026 The spl...

寧德時代首季獲利 竟超越十大車企總和 經濟日報

A total of 17 US executives are set to join the president on his visit, where he will meet his Chinese counterpart Xi Jinping.

In late April, Palantir - the software company that, in recent years, has perhaps become best known for its defense industry contracts and work with Immigration and Customs Enforcement - announced that it would be adding new products to its merch store. The latest offering was a cotton chore coat. At $239 and in bright blue and black options, the jacket looks like a standard offering that has, by way of photographer Bill Cunningham , trickled down into mainstream menswear for years. This jacket is a pastiche of 19th century French workwear that was worn by people actually doing physical labor; the only noticeable difference is that a dainty … Read the full story at The Verge.

Who is the Palantir chore coat for? The Verge

Key PointsProcter & Gamble's products have high market shares.

Why Bernie Sanders Is Wrong About Gas Prices Authored by Robert Rapier via OilPrice.com, Gasoline prices can diverge sharply from crude oil prices due to refining and logistical constraints. Tight refinery capacity and geopolitical disruptions have created bottlenecks throughout the fuel supply chain. Policies that discourage energy infrastructure investment could worsen future fuel price volatility. When lawmakers propose solutions to complex economic problems, the first requirement should be a clear understanding of how those problems actually work. A recent Facebook post by Bernie Sanders comparing today’s oil and gasoline prices to those in 2011 suggests that oil companies are “ripping off” consumers. The logic is straightforward: if oil prices are roughly the same, gasoline prices should be as well. If they aren’t, someone must be taking advantage. It’s an intuitive argument, but it misses important elements of the story. Although gasoline prices have a high degree of correlation with crude oil prices, there are many reasons those prices can diverge. Gasoline is a manufactured product that sits at the end of a long, complex, and often strained supply chain. Focusing only on the price of a barrel of oil ignores the physical realities that determine what consumers ultimately pay at the pump. From Crude to Gasoline: A System Under Strain The price of crude oil is only the starting point. Between the wellhead and the gas station lies a network of refineries, pipelines, storage terminals, and transportation systems. When that system is operating smoothly, the relationship between oil and gasoline prices is relatively stable. When it isn’t, the two can diverge significantly. That is exactly what we are seeing today. The Refining Constraint Most People Miss One of the biggest differences between 2011 and today is refining capacity. Over the past decade, the U.S. and parts of Europe have lost meaningful refining capacity due to closures, conversions to renewable fuels,...

GOOGL briefly surpasses NVIDIA in market value following strong earnings and AI momentum, boosting ETFs with significant Alphabet exposure.

After going through the dollar, sterling, euros and Canadian dollars, the next on the currency rolodex is Yen.

FS KKR The situation with business development companies is that their market value is less than their net asset value. A BDC is basically a retail private credit fund; it has a portfolio of loans, it marks them to market every quarter, and it computes a net asset value per share. “Our portfolio is worth $20 per share” or whatever, it tells investors. And then: If it’s a publicly traded BDC, its stock trades at $17 or $13 or $10 on the stock exchange: Most public BDCs’ stocks trade at a discount to their NAV. If it’s a non-traded BDC, its stock doesn’t trade, but shareholders submit a lot of redemption requests , hoping that the BDC will cash them out at NAV. This implies that the shareholders think the BDC is worth, you know, $17 or $13 or $10, so getting cashed out at $20 is a better deal. Meanwhile the private credit firms that run the BDCs emphasize that everything is fine: Their loans are good, the net asset values correctly reflect the values of the funds, and this is all irrational panic. But what can they do about it? There are two conflicting impulses: If you run a fund and think that it is worth $20 per share, you should invest your own money at $20 per share, to demonstrate that you really think everything is fine. If you think that your fund is worth $20 per share, but its market price is $15, you should invest your own money at $15 per share, because you’re not an idiot. Your clients are paying you to make good investing decisions. Buying good assets at a discount is a good investing decision. Paying full price for assets that are easily available at a discount, just to prove a point, is not. We have discussed both approaches . The synthesis is probably “You should buy some shares of your own fund at NAV to demonstrate confidence, and you should buy some other shares of your own fund at a discount to make a buck.” Here’s this : KKR & Co. is injecting $300 million into a private credit fund it manages with Future Standard as performance continues to dete...

格隆汇5月12日｜南非总统拉马福萨：我不会辞职。

Microsoft Corporation stock (US5949181045): Tech giant's ongoing AI and cloud dominance AD HOC NEWS

Olga Kostrova /iStock via Getty Images CNH Industrial ( CNH ) down 0.4% in Monday's trading as Goldman Sachs downgraded shares to Neutral from Buy with a $10.50 price target, dropped from $12, saying the seller of agricultural machinery and construction equipment is fairly valued after a period of strong outperformance. CNH ( CNH ) shares had gained ~17% since Goldman issued an upgrade in January, outpacing the bank's multi-industry coverage average of 6.3%, but the analysts said that rally, fueled by hopes of normalized inventories and a soft commodity price recovery, has run its course. "We now believe the stock is fairly valued as the market contends with persistently low North American agricultural demand amidst macro volatility and higher fertilizer prices," as well as higher-than-expected tariff headwinds and a stalled recovery in European construction, according to Goldman analysts led by Daniela Costa. On agriculture, Goldman sees increased farmer income uncertainty given the volatile situation regarding fertilizer availability; while age of equipment is high, higher fertilizer costs likely will delay capex investments, particularly into large agricultural equipment, which represents CNH's ( CNH ) higher-margin products. On construction equipment, CNH's ( CNH ) Q1 volumes were weaker than expected, and Costa and her team expect the softness to persist in 2026 as macro volatility and persistently elevated interest rates are likely to delay a previously expected recovery in European construction. More on CNH Industrial CNH Industrial Q1 2026 Earnings Call Transcript CNH Industrial Q1 2026 Earnings Call Presentation CNH Industrial: Weak Fundamentals And Elevated Valuation Support Continued Downside

格隆汇5月12日｜乌克兰反腐败机构：泽连斯基前幕僚长收到正式涉嫌违法告知书。

Investors are optimistic about new speed breakthroughs at the satellite company.

Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets are chugging along to new record highs again. Pockets of the tech trade are continuing to surge, with Lumentum , Coherent , Corning , Western Digital , Micron , Seagate , Qualcomm , and Qnity Electronics all up 5% or more. Energy stocks traded higher alongside oil after President Donald Trump said the Iran ceasefire is "on life support" after an "unbelievably weak" counterproposal to end the war. Consumer-related stocks were pummeled, with many travel and leisure, retail, and apparel names, including TJX Companies and Nike , down a few percentage points. Investors are likely feeling anxious about the potential impact of rising energy prices. With the Consumer Price Index expected to show another sizable month-over-month increase on Tuesday, we're beginning to hear more discussion from the White House about efforts to improve affordability. Trump told CBS that he supports suspending the 18.4-cent-per-gallon gasoline tax until prices come back down, a move that would require congressional approval. The administration is also planning to reduce tariffs on beef imports for a limited time, according to the Wall Street Journal. We're getting more clarity on which CEOs and business leaders will accompany Trump on his trip to China . The list includes executives from Boeing , Apple , Tesla , Meta Platforms , BlackRock , Goldman Sachs , GE Aerospace , Cargill, Illumina , Visa , Micron , Coherent , Blackstone , Citigroup , and Mastercard , CNBC reports. Absent from this list is Nvidia CEO Jensen Huang, who said on Mad Money last week that "it would be a great honor to represent the United States" if invited. As we wrote last week, the stakes are high for Boeing. A successful meeting is critical to securing an order that could total up to 500 aircraft. Analysts at Bank of America, who have a buy rati...

格隆汇5月12日｜伊朗议会议长卡利巴夫：我们为所有选项做好了准备，他们（美以）将大吃一惊。

格隆汇5月12日｜伊朗议会议长卡利巴夫：错误的战略和错误的决定，永远只会带来错误的结果，全世界早已明白这一点。

Earnings Call Insights: eXp World Holdings, Inc. (AGNT) Q1 2026 Management View "Productivity drove more agents to reach their cap in Q1, resulting in a gross profit of $75.3 million" (Chief Financial Officer Jesse Hill). "Operating loss of $8.8 million for the quarter improved 15% year-over-year from a loss of $10.4 million last year" and "Adjusted EBITDA was $4.1 million for the first quarter and above the midpoint of our guidance range of $2 million to $5 million" (CFO Hill). "We increased our cash position 6% year-over-year, ending the quarter with $122 million in cash on the balance sheet" (CFO Hill). "The North America Realty segment... [had] revenue of $965.1 million for the first quarter and $10 million in adjusted EBITDA" while "International continues to be our fastest-growing segment, increasing 27% in Q1" (CFO Hill). "This last week, we changed our ticker to AGNT. That wasn't cosmetic" (Founder, Chairman & CEO Glennn Sanford). Sanford described eXp as "a platform business built by agents, built for agents" with "four connected offerings" including "eXp North America... through NextHome" and said, "Every investment we're making right now... is designed around one goal, helping agents build businesses that grow beyond themselves" (Founder, Chairman & CEO Sanford). Outlook "Starting with the second quarter, we expect revenue in the range of $1.36 billion to $1.45 billion, expenses in the range of $93 million to $97 million and adjusted EBITDA in the range of $16 million to $21 million" (CFO Hill). "For the year, we are reiterating our outlook with revenue in the range of $4.85 billion to $5.15 billion, operating expenses in the range of $325 million to $345 million and adjusted EBITDA in the range of $50 million to $75 million for 2026" (CFO Hill). "We are aware of the growing uncertainty and tightening macroeconomic environment" and said "less visibility into the second half" drove the decision to "reiterate our full year guidance at this time" (CFO Hill)....

LucasSG83/iStock via Getty Images When we first glanced at FS KKR Capital Corp. ( FSK ) a few months back, we made a case for their bonds. The idea was that on a risk-adjusted basis, they would do well, despite the near-term headwinds for the company's portfolio. We go over the recent quarterly results from the company, analyze our previous trade, and tell you where we stand. Q1-2026 Anyone who thought that the worst was over was in for a rude surprise this quarter. The company missed on all metrics for which estimates were out there, including net investment income, NAV, and adjusted earnings per share. There is a general tendency here for companies to guide well enough (or badly enough, if you will) to be able to "beat" estimates, and the miss of 3 cents a share on income of 41 cents was fairly significant. Investors who were enamored with the NAV discount got shown the door as well with a NAV decay of over $2.00 per share. Net investment income of $0.42 per share, compared to $0.48 per share for the quarter ended December 31, 2025. Adjusted net investment income of $0.41 per share, compared to $0.52 per share for the quarter ended December 31, 2025. Net asset value of $18.83 per share, compared to $20.89 per share as of December 31, 2025. Total net realized and unrealized loss of $2.00 per share, compared to a total net realized and unrealized loss of $0.89 per share for the quarter ended December 31, 2025. Adjusted net realized and unrealized loss (2) of $1.99 per share, compared to adjusted net realized and unrealized loss of $0.88 per share for the quarter ended December 31, 2025. Earnings (Loss) per share of ($1.57), compared to Earnings (Loss) per share of ($0.41) for the quarter ended December 31, 2025. Total purchases of $499 million versus $710 million of sales and repayments. Net debt to equity ratio as of March 31, 2026 was 131%, compared to 122% as of December 31, 2025. Paid distributions to stockholders totaling $0.48 per share. Source: FS KKR Results...

格隆汇5月12日｜伊朗议会议长卡利巴夫：我们的武装部队已准备好对任何侵略行为，并作出具有教训意义的回应。

Earnings Call Insights: Carlyle Secured Lending Inc. (CGBD) Q1 2026 Management View "Despite a complex backdrop marked by geopolitical events and market volatility, we continue to be very pleased with the consistent credit performance of CGBD and strength of the Carlyle Direct Lending platform" (CEO Alex Chi). "In total, we funded $217 million of investments at CGBD and closed over $1.2 billion of new and incremental commitments at the platform level" (CEO Chi). "Despite the market volatility, our platform originations were up 14% year-over-year in the face of U.S. private equity deal activity being down nearly 25%... as the Carlyle Direct Lending platform continues to take share" (CEO Chi). "Spreads for CGBD's new investments widened by nearly 50 basis points on average compared to the fourth quarter's average of approximately 475 basis points" (CEO Chi). "Given the strong visible pipeline and fewer expected repayments, we do expect to see portfolio growth in the second quarter" (CEO Chi). "Total investments at our MMCF joint venture increased to over $1 billion as we continue to prioritize ramping this vehicle given the enhanced returns MMCF generates for CGBD" (CEO Chi). "Following discussions with our Board of Directors, we have reset the base dividend to $0.35 per share for the second quarter of 2026 compared to our previous $0.40 per share base dividend" (CEO Chi). "We are maintaining our existing supplemental dividend policy, which targets paying out at least 50% of excess earnings above the base dividend" (CEO Chi). "Total investment income for the first quarter was $64 million" (President and CFO Thomas Hennigan). "The result was net investment income for the first quarter of $25 million or $0.36 per share" (President and CFO Hennigan). Outlook "As we mentioned in prior earnings calls, we expect earnings to trough in the second quarter, and we anticipate an increase in earnings thereafter as we ramp the portfolio of both JVs" (President and CFO Hennigan). "...

Torsten Asmus/iStock via Getty Images The Vanguard Long-Term Corporate Bond ETF ( VCLT ) is a longer-duration ETF with a credit risk consideration from corporate debt exposure but is mostly investment-rated. Exposed substantially to structural factors in yield curve dynamics, though also to the amalgamated effect of speculation on nearer-term Fed rate decisions, we have concerns about the prolonging Hormuz situation and the risk that expectations of higher inflation start to bake into the macro situation. While the yield curve has at least been moving rationally and in tandem with the prospect of the war ending as opposed to equity markets, we highlight expectations risks and stay away from duration. VCLT This is an index-following fund focused on long-term corporate debt in the US. Maturities are around 22 years on average, durations are around 12 years . What that means is significant sensitivity to changes in YTM from structural factors as well as more immediate Fed rate decision trajectory. These YTM changes can also happen due to changes in credit spreads. Data by YCharts Duration hasn't been a particularly strong strategy over the last 3 years. But falling credit spreads have at least meant that corporate credit bets have outperformed long-duration Treasury counterparts, as seen in the graphic above. Bear Case The VCLT bear case is that BBB credit spreads, which is where a lot of the underlying is sitting at in terms of credit rating, are at historically low levels at a moment where the US industrial economy is going to definitely get hit by higher energy prices on account of the Iran war. Some may be able to pass on higher input costs, but not all. Yet credit spreads are falling , which could indicate irrational support for corporate credit demand that might not be sustainable. On benchmark rates, there is the similar issue that the Iran War is raising inflation currently and potentially inflation expectations . The latter is particularly concerning. With inf...

More than a dozen top U.S. business leaders will travel to China for President Trump’s visit this week with Chinese President Xi Jinping, representing various American industries from finance to manufacturing.

USO280616P00060000 互動股市圖表 | USO Jun 2028 60.000 put 股市 Yahoo 財經

The Costly Mistake Investors Are Making With Palantir Technologies Stock The Motley Fool

格隆汇5月12日｜据路透社/益普索调查：特朗普支持率在触及任内最低水平后，从34%升至36%。

⁠A Bolivian ⁠judge on Monday held former President Evo Morales in contempt after he failed to appear in court ‌for a trial where he faces charges of trafficking a minor, local newspaper La Razon reported. Morales served three terms as Bolivia’s first ⁠indigenous president from 2006 to 2019. He ‌resigned following a disputed election that plunged the country into ‌turmoil. He is accused of having a relationship with a teenager and having a child with her in 2016 while he was in office. Thousands...