The disruption to shipping traffic along the Strait of Hormuz is starting to bite in China, where some manufacturers are reducing production due to soaring energy, raw material and freight costs. Zhao, who runs a bicycle factory in Guangzhou serving clients in the United States, Middle East and Europe, has already put most export business on hold. “We also cancelled all orders from Iran,” he said....
The disruption to shipping traffic along the Strait of Hormuz is starting to bite in China, where some manufacturers are reducing production due to soaring energy, raw material and freight costs. Zhao, who runs a bicycle factory in Guangzhou serving clients in the United States, Middle East and Europe, has already put most export business on hold. “We also cancelled all orders from Iran,” he said. “The cost of aluminium, a key raw material for bicycle production, has risen by 30 per...
Secretary of State Marco Rubio will travel to France this week to try to sell America's skeptical Group of Seven allies on the Iran war that has sent global fuel prices soaring. (Image credit: Julia Demaree Nikhinson)
Secretary of State Marco Rubio will travel to France this week to try to sell America's skeptical Group of Seven allies on the Iran war that has sent global fuel prices soaring. (Image credit: Julia Demaree Nikhinson)
BlakeDavidTaylor Meta Platforms' ( META ) rollout of new display-equipped Ray-Ban smart glasses in the European Union has reportedly been hampered by battery and AI regulations in addition to supply constraints. The social networking giant wants to launch the product in the EU but has been unable to secure enough supply, Bloomberg reported. Meta is also in discussions with the EU about the battery...
BlakeDavidTaylor Meta Platforms' ( META ) rollout of new display-equipped Ray-Ban smart glasses in the European Union has reportedly been hampered by battery and AI regulations in addition to supply constraints. The social networking giant wants to launch the product in the EU but has been unable to secure enough supply, Bloomberg reported. Meta is also in discussions with the EU about the battery law and is seeking a carve-out for smart glasses developed both by it and other companies, the report added. The EU's batteries regulation requires that from February 18, 2027 portable batteries in devices sold on the EU market be readily removed. Meta's smart glasses do not have removable batteries. Meta ( META ) earlier this year said it has decided to pause international expansion of its Ray-Ban Display glasses due to short supply and strong demand in the United States. The Facebook parent had planned to roll out its augmented reality smart glasses, Meta Ray-Ban Display, in the UK, France, Italy, and Canada starting early this year after tasting success with earlier versions. The Ray-Ban Meta glasses , developed with EssilorLuxottica's ( ESLOF ) Ray-Ban, let wearers take photos, stream content, and talk to an AI assistant. A New York Times report last month described the company’s internal deliberations on adding facial recognition capabilities to its popular smart glasses. The technology could come as soon as this year, the paper reported. More on Meta, EssilorLuxottica ADR Meta Platforms: The AI Spending Spree Is Out Of Control Meta Platforms: 16x Adjusted FY2026 P/E Is A Solid Buy Delays, Compute Deals, And Sky-High CapEx: Why I'm Still Bullish On Meta Meta Platforms raises top executive pay with stock options amid intensifying AI race Meta found guilty by N.M. jury in child safety trial; receives $375M penalty
Key PointsThe U.S. Justice Department has charged three Super Micro Computer employees with selling restricted hardware to China in violation of export laws.
Key PointsThe U.S. Justice Department has charged three Super Micro Computer employees with selling restricted hardware to China in violation of export laws.
Chinese artificial intelligence service stocks rallied after state media highlighted a sharp increase in domestic AI model adoption and a surge in token usage they generate. Shares of Knowledge Atlas Technology JSC Ltd. , known as Zhipu, rose as much as 8% in Hong Kong on Wednesday, while peer MiniMax Group Inc. ’s stock pared earlier gains. Data-center operators also advanced, with Beijing Sinnet...
Chinese artificial intelligence service stocks rallied after state media highlighted a sharp increase in domestic AI model adoption and a surge in token usage they generate. Shares of Knowledge Atlas Technology JSC Ltd. , known as Zhipu, rose as much as 8% in Hong Kong on Wednesday, while peer MiniMax Group Inc. ’s stock pared earlier gains. Data-center operators also advanced, with Beijing Sinnet Technology Co. and GDS Holdings Ltd. gaining, as expectations build for continued capacity demand. Token consumption, which measures data units processed by AI models for generating text and other outputs, is emerging as a key metric for monetizing AI offerings, China Central Television reported Tuesday, citing Liu Liehong, head of the National Data Administration. Rising usage and an escalating competitive landscape may influence sector valuations in the months ahead. Companies like MiniMax and Zhipu “are the clearest beneficiaries of rising token usage, which looks set to continue,” said Vey-Sern Ling , a managing director at Union Bancaire Privee. “The issue with those companies is a lack of visibility on profitability, especially given increasing competition.” China’s token consumption jumped 57% in the week of March 16–22 from the prior period, far outpacing 7.4% growth in the US, state-backed Science and Technology Daily reported Tuesday. Separately, daily token usage has expanded more than 1,000-fold since the start of 2024, according to China Daily . Chinese large language models, including DeepSeek-V3.2 and MiniMax M2.5, are seeing a sharp rise in token usage as falling costs spur broader adoption and AI agents such as Openclaw gain traction across applications. Increased government promotion of token consumption has also provided an additional tailwind for AI-related sectors.
RealPeopleGroup/E+ via Getty Images Investment overview I wrote about Academy Sports and Outdoors ( ASO ) previously with an upgrade to a buy rating as the underlying demand has gotten better and the strategy of opening new stores is working. As for this update, I agree that a lot of things are moving in the right direction for ASO, but the one metric that still matters most has not fully turned y...
RealPeopleGroup/E+ via Getty Images Investment overview I wrote about Academy Sports and Outdoors ( ASO ) previously with an upgrade to a buy rating as the underlying demand has gotten better and the strategy of opening new stores is working. As for this update, I agree that a lot of things are moving in the right direction for ASO, but the one metric that still matters most has not fully turned yet: traffic. That is why I am still downgrading to hold for now. 4Q25 Earnings ASO reported its Q4 2025 earnings last week, with net sales coming in at $1.7 billion, up 2.5% y/y. The growth came largely from new stores and higher tickets, as comparable sales fell 1.6%. The mix was transactions down 6.4% and tickets up 5.1%. What came out positive was that gross margin expanded 140 bps y/y to 33.6%, and that appears to be structural, as management said most of the expansion came from supply chain efficiency gains and also lapping costs from the previous year's port disruption. SG&A as a percentage of sales was up 70 bps y/y, driven by $21 million growth in SG&A, but the majority of that happened because of new-store growth. At the bottom line, adj. net income was $132.9 million, down 4.3% y/y, while adj. EPS was $1.97, up 0.5% y/y. The Operating Base is Improving While I am staying neutral on ASO, I do think there are improvements that are worth highlighting. I will start with the digital side of things. Traction here is great, as ASO's e-commerce business grew 13.6% in FY2025 (way better than the headline revenue growth figure), and management said the reasons were better search, a better site experience, and the launch of Scout (AI assistant). These are practical changes that can improve how customers shop. Specifically, better search makes it easier to find the right product. A better site experience reduces friction. And if Scout helps shoppers navigate the site more effectively, that should support conversion as well. This matters for understanding ASO's digital segment...
(Bloomberg) -- SK Hynix Inc. seeks to list its American Depositary Receipts in what may be one of the biggest US debuts by a foreign company ever, part of the chipmaker’s bid to keep pace with artificial intelligence’s voracious demand for memory.The advanced memory supplier to Nvidia Corp. aims to make an offering in New York in the second half of the year, Chief Executive Officer Kwak Noh-Jung t...
(Bloomberg) -- SK Hynix Inc. seeks to list its American Depositary Receipts in what may be one of the biggest US debuts by a foreign company ever, part of the chipmaker’s bid to keep pace with artificial intelligence’s voracious demand for memory.The advanced memory supplier to Nvidia Corp. aims to make an offering in New York in the second half of the year, Chief Executive Officer Kwak Noh-Jung told shareholders during an annual general meeting on Wednesday. When asked if SK Hynix seeks to rais
Indian refiners have bought about 60 million barrels of Russian oil for delivery next month, according to people familiar with the matter, easing supply concerns as the Middle East war chokes flows. The cargoes were booked at premiums of $5 to $15 a barrel to Brent, said the people, who asked not to be named due to the sensitivity of the trade. The volume is similar to the amount of purchases for ...
Indian refiners have bought about 60 million barrels of Russian oil for delivery next month, according to people familiar with the matter, easing supply concerns as the Middle East war chokes flows. The cargoes were booked at premiums of $5 to $15 a barrel to Brent, said the people, who asked not to be named due to the sensitivity of the trade. The volume is similar to the amount of purchases for this month, but more than double than that for February, according to data intelligence firm Kpler. The buying spree followed a US waiver that allowed India to take Russian oil that was already loaded onto vessels before March 5 to offset shortages caused by the effective closure of the Strait of Hormuz. The measure was subsequently expanded to include other countries and updated to allow purchases of crude already at sea before March 12. The South Asian nation is heavily reliant on imported oil, and became a major buyer of discounted Russian crude following the invasion of Ukraine in early 2022. However, India sharply cut back purchases from late last year under US pressure, turning instead to barrels from Saudi Arabia and Iraq, much of which then became trapped inside the Persian Gulf after the outbreak of the war. Read More: US Treasury Gives Green Light for Sale of More Russian Oil Officials in New Delhi expect the US waiver to be extended as long as disruptions in Hormuz persist, the people said. Refiners such as Mangalore Refinery & Petrochemicals Ltd. and Hindustan Mittal Energy Ltd. , which had avoided Russian oil since December, have returned to the market, they said. In addition to buying more Russian oil, Indian processors are also looking elsewhere to diversify their supply as the war drags on. The country’s purchases of Venezuelan crude for April arrival are projected at 8 million barrels, the highest since October 2020, according to Kpler. Russia, meanwhile, is reaping bumper profits on renewed demand and elevated prices for its oil. The Kremlin is earning the...
David Rubenstein made one of the world’s biggest buyout fortunes with bets on everything from oil pipelines to pet food. Today, the Carlyle Group Inc. co-founder’s middle child is working to build her own reputation in the industry with a different approach. Gabrielle “Ellie” Rubenstein ’s Manna Tree Partners is carving out a niche in the booming wellness space, helping her defy the prolonged dry ...
David Rubenstein made one of the world’s biggest buyout fortunes with bets on everything from oil pipelines to pet food. Today, the Carlyle Group Inc. co-founder’s middle child is working to build her own reputation in the industry with a different approach. Gabrielle “Ellie” Rubenstein ’s Manna Tree Partners is carving out a niche in the booming wellness space, helping her defy the prolonged dry spell in dealmaking for private equity firms, including Carlyle. Denver-based Manna Tree last month sold a stake in US cottage cheese company Good Culture to L Catterton , the buyout investor backed by Bernard Arnault ’s LVMH, in one of its biggest deals so far. Now, against the backdrop of rising geopolitical instability, it’s seeking to test investor demand with plans to raise $500 million for its third fund, according to regulatory filings. “We’re still seeing a tremendous amount of deal flow,” said Rubenstein, 37, who oversees $736.6 million in assets at the firm with fellow founder and managing partner Ross Iverson . Read More: Private Equity’s Dry Spell Worse Than 2008 Crisis, Bain Says While buyout firms are struggling to find large-scale targets for deals that helped define the industry’s previous high-growth era, Manna Tree argues competition is less fierce for the mid-sized companies that it typically targets. Read More: Private Equity’s Dry Spell Worse Than 2008 Crisis, Bain Says The firm notched gains of almost 120% in 16 months with an investment in Vital Farms , which it exited through the egg producer’s US initial public offering in 2020. Its second fund has also outpaced the so-called harvesting period for most private equity vehicles by already producing profits to rival its $390 million fundraising total. And annual sales for Good Culture, valued at more than $500 million in the deal that closed last month, have at least tripled since Manna Tree first invested an undisclosed sum four years ago. A representative for the investment firm declined to disclose ...