Kevin Warsh, President Trump's pick to head the Federal Reserve, is poised to take the baton from current Fed chair Jerome Powell on May 15, 2026. He will move into a position that holds tremendous influence on the U.S. economy and the stock market. With Warsh at the helm of the Fed, the market narrative could change. Some believe that we have already seen examples of the "Warsh trade," with a ral...
Kevin Warsh, President Trump's pick to head the Federal Reserve, is poised to take the baton from current Fed chair Jerome Powell on May 15, 2026. He will move into a position that holds tremendous influence on the U.S. economy and the stock market. With Warsh at the helm of the Fed, the market narrative could change. Some believe that we have already seen examples of the "Warsh trade," with a rally in bank stocks and the 30-year U.S. Treasury yield rising above 5%. Even bigger market moves could be triggered once Trump's nominee becomes Fed chair. Here's how investors should prepare. Image source: Getty Images. Continue reading
Editor's note: Seeking Alpha is proud to welcome KC Research as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » shih-wei/iStock via Getty Images Investment Thesis Amkor Technology ( AMKR ) has been a stronger-perf...
Editor's note: Seeking Alpha is proud to welcome KC Research as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » shih-wei/iStock via Getty Images Investment Thesis Amkor Technology ( AMKR ) has been a stronger-performing name in the outsourced semiconductor assembly and test (OSAT) space over the past year. Shares have recently crossed $79 (April 24th) after running from the mid-$40s as the Arizona advanced packaging story has gained interest. A broader macro tailwind, including cooling geopolitical tensions and index-level all-time highs, has helped lift the tape. However, the move in Amkor is not purely beta and instead reflects a genuine re-rating driven by named customer commitments (Apple & Nvidia), CHIPS Act funding, and a structural geographic advantage that can't be replicated. At recent highs of ~$79, the trailing multiple has expanded to roughly 16x EV/EBITDA, a premium to the OSAT peer group and approaching TSMC (~18x). On a backward-looking basis, the stock looks fully valued. However, the trailing multiple is applied to today's EBITDA of approximately $1.16 billion and does not reflect the 2028 earnings power Arizona is about to deliver. On 2028E EBITDA of $1.87-1.94 billion, the current EV implies only ~9.1x forward EV/EBITDA. This is below where ASE Technology trades based on trailing numbers today. The market re-rating on Amkor has been based on sentiment and has not yet re-rated on the actual earnings inflection. The two catalysts most likely to drive the next leg are clean margin execution through FY 2026 and a formal Nvidia contract conversion beyond the existing MOU language. We view Amkor as a buy . Amkor Chart (Seeking Alpha Database) Business Overview Amkor Technology is the second-largest OSAT provider in the world, just behind Taiwan-based ASE Technology Hold...
Asia Pacific is set to be the world’s largest business-travel market in 2026, according to a new forecast, with the surge seen driven by the region’s expanding manufacturing and trade activity. Spending on corporate trips from the region is expected to reach $701 billion this year — just over 40% of global expenditure, according to trade group, Global Business Travel Association Inc. That represen...
Asia Pacific is set to be the world’s largest business-travel market in 2026, according to a new forecast, with the surge seen driven by the region’s expanding manufacturing and trade activity. Spending on corporate trips from the region is expected to reach $701 billion this year — just over 40% of global expenditure, according to trade group, Global Business Travel Association Inc. That represents a 10.9% year-over-year increase, driven largely by Japan, Korea, and India. Europe is expected to be the second-largest, followed by North America, according to GBTA. “Manufacturing is the largest business-traveling” sector, said Suzanne Neufang , chief executive officer of GBTA. Trade — whether with new partners, old ones or reacquainted partners — “is one of the key drivers for confidence in our sector.” The data highlights a shifting global trade landscape, including efforts by countries such as China to diversify trading relationships amid rising costs and inflation. Despite this momentum, overall travel volumes have yet to recover to pre-Covid levels. China’s domestic business-travel market remains strong,while travel between China and the US also stays robust, driven by continued demand from American consumers for Chinese-manufactured goods, Neufang said. She added that China’s growing green-technology sector is expected to fuel further travel demand, as the country maintains a cost advantage over many competitors. Still, rising travel costs and evolving risk and safety considerations are weighing on sentiment. Geopolitical instability has become the most significant external factor shaping business travel decisions for 2026, with travelers showing reduced confidence and companies facing greater operational complexity, according to GBTA. In the Middle East, daily life and flight operations in hubs such as Dubai and Qatar have largely stabilized. Yet risk-averse corporate policies continue to limit employee travel, as rebuilding trust takes time, Neufang said. Insur...
Munich Re said it has investments of as much as €2.5 billion ($2.9 billion) in private credit, an asset class that has been facing fund redemptions and scrutiny of underwriting standards. Private credit “is about 1% of the asset portfolio of our entire group,” Chief Financial Officer Andrew Buchanan said in an interview with Bloomberg TV. “It is between about €2 billion and €2.5 billion, which for...
Munich Re said it has investments of as much as €2.5 billion ($2.9 billion) in private credit, an asset class that has been facing fund redemptions and scrutiny of underwriting standards. Private credit “is about 1% of the asset portfolio of our entire group,” Chief Financial Officer Andrew Buchanan said in an interview with Bloomberg TV. “It is between about €2 billion and €2.5 billion, which for us is an incredibly digestible amount.” The $1.8 trillion private credit market is witnessing an exodus of investors after some high-profile corporate blowups led to mounting concerns over loan quality and exposure to software firms, whose business models are being threatened by rapid strides in artificial intelligence. Buchanan said Munich Re is investing in the senior secured end of the market, “through very carefully selected funds” that have “strong workout capabilities, should default rates start to tick up.” “In terms of absolute exposure, it is very digestible,” he said. “We are going for the quality assets.”