The International Monetary Fund (IMF) has lauded the resilience of Hong Kong’s economy, noting a sustained recovery despite economic activity having yet to return to pre-Covid levels, while warning of downside risks stemming from escalating geopolitical tensions. It also urged Hong Kong to pursue medium-term financial reforms, including the introduction of a goods and services tax, to stabilise an...
The International Monetary Fund (IMF) has lauded the resilience of Hong Kong’s economy, noting a sustained recovery despite economic activity having yet to return to pre-Covid levels, while warning of downside risks stemming from escalating geopolitical tensions. It also urged Hong Kong to pursue medium-term financial reforms, including the introduction of a goods and services tax, to stabilise and strengthen public revenue. A concluding statement by an IMF mission that visited Hong Kong in...
alexsl/iStock via Getty Images Introduction DLocal Limited ( DLO ) recently released its Q1 2026 earnings, and the stock is correcting pre-market by about 7% as I am writing these lines, despite top-line results beating expectations and earnings per share coming in line. I covered DLO only once, in July 2025 , seeing massive upside potential for the stock price if management kept executing on its ...
alexsl/iStock via Getty Images Introduction DLocal Limited ( DLO ) recently released its Q1 2026 earnings, and the stock is correcting pre-market by about 7% as I am writing these lines, despite top-line results beating expectations and earnings per share coming in line. I covered DLO only once, in July 2025 , seeing massive upside potential for the stock price if management kept executing on its plans and catalysts started to materialize. Since then, the stock has climbed by only 9% versus SPY's gain of over 20%, so I cannot call my bullish thesis successful so far. However, while my timing was not perfect and the stock is not behaving the way I expected, I believe DLO still looks like a solid investment opportunity because execution remains at an exceptionally high level, in my opinion, and unit economics metrics are only getting better. I don't accept the post-earnings sell-off reasons; I still see undervaluation at today's price levels, which is why I remain bullish. Why Do I Think So? Let's review the firm's Q1 update first. On the headline figures, we see that DLocal missed slightly on the bottom line (it's more in line than a miss, but anyway), and beat on the top line by 1.41%. Seeking Alpha, DLO DLO's transaction volume in Q1 increased, with TPV hitting another all-time high of $14.1 billion for the quarter (+73% YoY), which is the sixth quarter of 50%+ growth in a row. As a result, DLO's revenues jumped by 55% YoY with gross margins soaring by 40% YoY. The quarterly EPS dropped by 10% YoY and missed slightly because of a one-off prior-periods tax adjustment of $9.7 million ("related to installment payment products across fiscal years 2023, 2024, and 2025", per release ). If we exclude these items, the EPS would have grown by 11% YoY. Another drag on the sentiment was DLO's free cash flow drop of ~77% QoQ, and the management explained it by working capital effects (build-up in tax credits plus $24 million increase in receivables), which isn't that scary for...
Dirk von Mallinckrodt/iStock via Getty Images Investment Thesis I'm optimistic with Japanese equities. This is my first article about the theme and my intention is to deconstruct the false narrative about Japanese debt/GDP and highlight the true catalysts for the thesis. The highest Debt/GDP in the Planet When investors analyze macroeconomic indicators between countries, Japan easily stands out wi...
Dirk von Mallinckrodt/iStock via Getty Images Investment Thesis I'm optimistic with Japanese equities. This is my first article about the theme and my intention is to deconstruct the false narrative about Japanese debt/GDP and highlight the true catalysts for the thesis. The highest Debt/GDP in the Planet When investors analyze macroeconomic indicators between countries, Japan easily stands out with the highest Debt/GDP in the world. As countries are dealing with fiscal problems since the pandemic, this characteristic usually makes investors skeptical of the Japan investment thesis. Macroeconomic Indicators (Koyfin) My first goal here is to show this characteristic from another angle. When we analyze the liabilities since 2012 there is an interesting comparison: net liabilities were 117% of GDP in 2012 but now are just 65% of GDP. Assets vs Liabilities (BOJ, FT ) Although Japan shows the highest debt/GDP around the world now, the balance sheet improves, and the arguments that make me bullish here are the implications of this leverage. The Scale of the Government Pension Investment Fund Nowadays the Japanese Government Pension Investment Fund manages almost ¥200 trillion (more than $1 trillion), the assets under management have grown exponentialy since 2010. This means Japan owns the world's largest public pension fund so one effect of the leverage was a big competitive advantage over other countries. Returns (Japanese Government PIF) How About BOJ? The BOJ also started a big process of asset accumulation since 2011! As part of a monetary flexibility policy, the BOJ started to sell some of its assets. On February 3, 2026, the BOJ had more than $235 billion just in ETFs. In January, the BOJ was the fourth largest central bank in the world by assets, other big competitive advantage for Japan. BOJ ETFs and Stocks (BOJ and Bloomberg) What To Expect From Japanese Assets? This strategy boosted Japanese assets and both the Topix Index and the Nikkei 225 reached highs in 202...
For years, Washington treated advanced AI chips like strategic weapons. The U.S. tightened export controls, China accelerated domestic chipmaking, and companies caught in the middle — especially Nvidia (NASDAQ:NVDA) — watched billions of dollars in potential revenue sit behind regulatory walls. Now the story has taken a twist few investors saw coming. President Donald Trump ... Trump Bought Up to ...
For years, Washington treated advanced AI chips like strategic weapons. The U.S. tightened export controls, China accelerated domestic chipmaking, and companies caught in the middle — especially Nvidia (NASDAQ:NVDA) — watched billions of dollars in potential revenue sit behind regulatory walls. Now the story has taken a twist few investors saw coming. President Donald Trump ... Trump Bought Up to $5 Million of Nvidia Stock — Then OK’d AI Export Deals That Sent Shares Soaring
Steppe Gold Ltd. press release ( STGO:CA ): Q1 Revenue of $0.05M (+66.7% Y/Y). Profitability: Adjusted EBITDA was $38,404 for the quarter, compared to $18,370 in the same period in 2025 reflecting stable operating performance supported by higher gold prices. Costs: In the first quarter of 2026, site AISC and total AISC were $1,438 per ounce and $1,668 per ounce, respectively, compared to $844 per ...
Steppe Gold Ltd. press release ( STGO:CA ): Q1 Revenue of $0.05M (+66.7% Y/Y). Profitability: Adjusted EBITDA was $38,404 for the quarter, compared to $18,370 in the same period in 2025 reflecting stable operating performance supported by higher gold prices. Costs: In the first quarter of 2026, site AISC and total AISC were $1,438 per ounce and $1,668 per ounce, respectively, compared to $844 per ounce and $991 per ounce in the same period in 2025. The increase was mainly due to lower gold ounces sold, reflecting planned lower production in line with the mine plan and reserve schedule, as well as two unplanned maintenance shutdowns totaling 316 hours. Costs were also higher due to stripping activities at the mine site. Inventory: Inventory increased during the first quarter of 2026 by $8,830 compared to the year end December 31, 2025 balance. The increase was primarily attributable to stripping activities carried out at Boroo Gold Mine and there was 1,221 ounces of gold remained at finished goods as at the quarter end. Financial Position: The Company's net cash position increased to $56,738 as at March 31, 2026, compared to $35,169 as at December 31, 2025. The increase was primarily attributable to cash generated from operating activities during the quarter and the repayment of the BORO bond of $14,300. Liquidity and Capital Structure: As at March 31, 2026, the Company reported a working capital of $105,688, including bond investments of $105,275 maturing on December 31, 2026, which are expected to support near-term liquidity requirements. More on Steppe Gold Ltd. Financial information for Steppe Gold Ltd.
Robert Way/iStock Editorial via Getty Images Every so often, a company mentions something on an earnings call that should change the entire story, but it gets ignored while investors walk away talking about something else. That’s pretty much what happened with Advanced Micro Devices, Inc. ( AMD ) on May 5, 2026. AMD’s first-quarter 2026 earnings print looked like another clean beat. Revenue came i...
Robert Way/iStock Editorial via Getty Images Every so often, a company mentions something on an earnings call that should change the entire story, but it gets ignored while investors walk away talking about something else. That’s pretty much what happened with Advanced Micro Devices, Inc. ( AMD ) on May 5, 2026. AMD’s first-quarter 2026 earnings print looked like another clean beat. Revenue came in at around $10.25 billion, ahead of Wall Street estimates by 3.39% , while (non-GAAP diluted) earnings per share landed at $1.37- outpacing estimates by 5.82%. The result? AMD's share price grew roughly 16% on the news and it’s been climbing- about 28% since the release date. My Strong Buy rating for AMD stays right where it was, but the reason isn’t solely centered around this earnings beat. Rather, it’s about something CEO Lisa Su said that the market still hasn’t fully digested yet. Read on for more. AMD's first quarter 2026 earnings highlights First off, let’s see what’s under the hood. Again, AMD’s revenue for first-quarter 2026 landed at $10.25 billion, up 38% year-over-year, and more importantly, it outpaced management expectations of $9.8 billion (plus or minus $300 million). All this was driven by impressive revenue growth across AMD’s segments: Segment Q1 2026 Q1 2025 YoY Growth Data Center $5.78B $3.67B +57% Client and Gaming (total) $3.61B $2.94B +23% Client $2.89B $2.29B +26% Gaming $720M $647M +11% Embedded $873M $823M +6% Total $10.25B $7.44B +38% Click to enlarge The Data Center segment brought in $5.78 billion, up 57% year-over-year. This is the segment that sells chips to companies running cloud and AI operations. AMD’s Client and Gaming segment also contributed meaningfully to the top line, with 23% revenue growth to $3.61 billion over the same stretch. Meanwhile, AMD’s overall gross profit for the quarter rose 45% to $5.42 billion, with gross margin expanding 3 percentage points to 53%. As a result, operating income surged 83% to $1.48 billion, while ne...
Robert Way/iStock Editorial via Getty Images Every so often, a company mentions something on an earnings call that should change the entire story, but it gets ignored while investors walk away talking about something else. That’s pretty much what happened with Advanced Micro Devices, Inc. ( AMD ) on May 5, 2026. AMD’s first-quarter 2026 earnings print looked like another clean beat. Revenue came i...
Robert Way/iStock Editorial via Getty Images Every so often, a company mentions something on an earnings call that should change the entire story, but it gets ignored while investors walk away talking about something else. That’s pretty much what happened with Advanced Micro Devices, Inc. ( AMD ) on May 5, 2026. AMD’s first-quarter 2026 earnings print looked like another clean beat. Revenue came in at around $10.25 billion, ahead of Wall Street estimates by 3.39% , while (non-GAAP diluted) earnings per share landed at $1.37- outpacing estimates by 5.82%. The result? AMD's share price grew roughly 16% on the news and it’s been climbing- about 28% since the release date. My Strong Buy rating for AMD stays right where it was, but the reason isn’t solely centered around this earnings beat. Rather, it’s about something CEO Lisa Su said that the market still hasn’t fully digested yet. Read on for more. AMD's first quarter 2026 earnings highlights First off, let’s see what’s under the hood. Again, AMD’s revenue for first-quarter 2026 landed at $10.25 billion, up 38% year-over-year, and more importantly, it outpaced management expectations of $9.8 billion (plus or minus $300 million). All this was driven by impressive revenue growth across AMD’s segments: Segment Q1 2026 Q1 2025 YoY Growth Data Center $5.78B $3.67B +57% Client and Gaming (total) $3.61B $2.94B +23% Client $2.89B $2.29B +26% Gaming $720M $647M +11% Embedded $873M $823M +6% Total $10.25B $7.44B +38% Click to enlarge The Data Center segment brought in $5.78 billion, up 57% year-over-year. This is the segment that sells chips to companies running cloud and AI operations. AMD’s Client and Gaming segment also contributed meaningfully to the top line, with 23% revenue growth to $3.61 billion over the same stretch. Meanwhile, AMD’s overall gross profit for the quarter rose 45% to $5.42 billion, with gross margin expanding 3 percentage points to 53%. As a result, operating income surged 83% to $1.48 billion, while ne...
Getty Images Uber Technologies, Inc. ( UBER ) has been a core portfolio position for me in the past 6 years. I found the company irrationally priced during the pandemic fallout, and Uber stock has delivered market-beating returns since March 2020. Pandemic fears are no more (excuse me, hantavirus). Travel demand remains robust despite geopolitical tensions. But Uber has lost ~20% of its market val...
Getty Images Uber Technologies, Inc. ( UBER ) has been a core portfolio position for me in the past 6 years. I found the company irrationally priced during the pandemic fallout, and Uber stock has delivered market-beating returns since March 2020. Pandemic fears are no more (excuse me, hantavirus). Travel demand remains robust despite geopolitical tensions. But Uber has lost ~20% of its market value in the past 12 months, with the company falling out of favor among growth investors looking for the next big thing in the market. I assume this is because Uber is already a big thing, unlike many wannabe AI giants. I am bullish on Uber as I believe the company will dominate the global ridesharing industry in the long run. It already does, in fact. However, I do keep an eye on new developments that warrant the attention of long-term investors. Last month, Uber CTO Praveen Neppalli Naga told The Information that its engineers had run through the full 2026 AI budget . Running through the annual AI budget in just 4 months certainly does not sound like a position any company would want to find themselves in. As a long-term investor, as soon as I learned about this development, I knew I had to delve deeper to understand what this actually means for the long-term financial performance of the company. My findings, which I reveal in this analysis, indicate that Uber's aggressive AI spending is actually a good thing for shareholders. I believe this spending will pave the way for a meaningful improvement in operating margins by 2031. I know this sounds contradictory, given that AI spending should deteriorate, not boost margins. But I'll let the numbers talk. Blowing Through The AI Budget Sounds Worse Than It Actually Is According to CTO Naga, Uber is back to the drawing board with its AI budget after consuming the full 2026 AI budget within 4 months into the financial year. Out of approximately 34,000 total Uber employees, about 5,000 are engineers. In the recent past, Uber has bee...
First Mining Gold press release ( FF:CA ): Q1 GAAP EPS of -C$0.01. As of March 31, 2026, the company's cash and marketable securities balance was C$44.8 million, equity investment value of Seva Mining was C$30 million, and the equity interest in PC Gold was C$21.5 million. More on First Mining Gold Historical earnings data for First Mining Gold Financial information for First Mining Gold
First Mining Gold press release ( FF:CA ): Q1 GAAP EPS of -C$0.01. As of March 31, 2026, the company's cash and marketable securities balance was C$44.8 million, equity investment value of Seva Mining was C$30 million, and the equity interest in PC Gold was C$21.5 million. More on First Mining Gold Historical earnings data for First Mining Gold Financial information for First Mining Gold
POET Technologies ( POET ) on Friday said it has entered into an agreement to issue and sell 19.05M common shares and a warrant exercisable for 19.05M common shares to a single institutional investor in a non-brokered registered direct offering. The combined price of one common share and the accompanying warrant in respect of one common share will be $21.00, raising aggregate gross proceeds of $40...
POET Technologies ( POET ) on Friday said it has entered into an agreement to issue and sell 19.05M common shares and a warrant exercisable for 19.05M common shares to a single institutional investor in a non-brokered registered direct offering. The combined price of one common share and the accompanying warrant in respect of one common share will be $21.00, raising aggregate gross proceeds of $400M. The warrant will be exercisable at an exercise price of $26.15 per common share for a period of three years from the date of issuance. The closing of the financing is expected to take place on or about May 18. The combined price for the offered securities represents a premium over the closing price of the corporation’s common stock as quoted on the Nasdaq of $20.57 on Thursday, May 14, 2026. The corporation intends to use the net proceeds from this investment for the expansion of its manufacturing infrastructure, support for corporate development activities, including targeted acquisitions, scaling up of R&D, acceleration of the light source business, expanding operations, and general working capital. POET -12.49% at $18 premarket. Press Release More on POET Technologies POET Technologies: The Human Element Slammed The Stock, But I'm Still At 'Buy' POET Technologies: A Valuation Built On Fragile Foundations POET Technologies: Why I'm Still Bullish Despite The Marvell Drama And Legal Risks POET Technologies revenue beats as AI, hyperscale partnerships expand POET Technologies GAAP EPS of -$0.08 misses by $0.03, revenue of $0.5M beats by $0.25M
Diversified Royalty press release ( DIV:CA ): Q1 Revenue of $17.5M. Net income of $7.6M. Distributable cash was $12.0 million in Q1 2026. More on Diversified Royalty Diversified Royalty: De-Risking Through Fixed Royalties Diversified Royalty to acquire Canadian Lube + Tires franchisor for C$235M Historical earnings data for Diversified Royalty Dividend scorecard for Diversified Royalty Financial i...
Diversified Royalty press release ( DIV:CA ): Q1 Revenue of $17.5M. Net income of $7.6M. Distributable cash was $12.0 million in Q1 2026. More on Diversified Royalty Diversified Royalty: De-Risking Through Fixed Royalties Diversified Royalty to acquire Canadian Lube + Tires franchisor for C$235M Historical earnings data for Diversified Royalty Dividend scorecard for Diversified Royalty Financial information for Diversified Royalty