This article first appeared on GuruFocus. In this article, we will take a look into Microsoft Corp's (NASDAQ:MSFT) DCF analysis, a reliable and data-driven approach to estimating its intrinsic value. Instead of using future free cash flow as in the traditional DCF model, the GuruFocus DCF calculator uses EPS without NRI as the default for the DCF model based on research that shows that historically stock prices have been more correlated with earnings than free cash flow. As of 2026-03-16, Microsoft Corp's intrinsic value as calculated by the Discounted Earnings model is $479.28. It's currently trading at a price of $395.55. Therefore, the margin of safety based on the DCF model is 17.47%. The company is modestly undervalued. Microsoft Corp: An Exploration into Its Intrinsic Value The model The GuruFocus DCF calculator follows a two-stage model by default. This model consists of the Growth Stage and the Terminal Stage. In the growth stage, the company is experiencing faster growth, while in the terminal stage, a lower growth rate is applied because sustained rapid growth is not sustainable in the long run. Microsoft Corp's intrinsic value estimated by Discounted Earnings model are arrived at by following assumptions and steps. Assumptions Term Value Explanation EPS without NRI $15.34 GuruFocus DCF calculator uses EPS without NRI as the default because historically stock prices are more correlated to earnings than free cash flow. Discount Rate 11% An appropriate discount rate is typically the risk-free rate plus the risk premium of the stock market. GuruFocus uses the current 10-year Treasury Constant Maturity Rate of 4.25%, rounded up to the nearest whole number, which is 5%. A 6% risk premium is then added to arrive at the estimated discount rate. Growth Stage Growth rate (g1) = 20.50% Years of Growth Stage = 10 We choose the growth rate based on the availability, prioritizing the average EPS without NRI growth rate from the past 10, 5, or 3 years in that order, and...

7 The Professor (written 1846; published 1857) by Charlotte Brontë This was the first novel that Charlotte Brontë completed. It was rejected by publishers nine times. Written in the voice of a male narrator, William Crimsworth, it offers a downbeat story of everyday middle-class striving as the protagonist travels to Brussels to establish his career as a teacher. But the last publisher to see it thought it showed promise, despite being too short and insufficiently “striking and exciting”. Had the author anything else to offer? Luckily, Jane Eyre – which amply supplied the earlier book’s deficiencies – was already in train and was soon accepted with alacrity. Although The Professor remained unpublished in Charlotte’s lifetime, she continued to believe that it was “as good as I can write”; its subtly ironised male voice reveals her underlying literary sophistication. 6 Agnes Grey (1847) by Anne Brontë In 1846, the three Brontë sisters had – at their own expense – published a joint poetry collection under the pseudonyms Currer, Ellis and Acton Bell. It sold just two copies. Realising that fiction was more saleable, they decided that each should write a novel under the same pen names. While Charlotte toiled over The Professor, the youngest sister, Anne, was working on Agnes Grey. It also sought to portray everyday life, but the result has a more authentic ring since she drew so directly on her personal experience working as a governess in well-to-do families. The first-person heroine is initially excited at the thought of earning her own living. But she finds herself underpaid and unappreciated by the snooty parents, while her tantrum-prone charges include a vile little boy who likes pulling the legs off baby sparrows. Had it not been overshadowed by Jane Eyre and Wuthering Heights when it came out in 1847, it might perhaps have caused more of a stir as a Nanny Diaries-style exposé. 5 Shirley (1849) by Charlotte Brontë This flawed follow-up to Jane Eyre was written unde...

Dominik Szoboszlai has said Liverpool are being affected by fans leaving Anfield early and called on the supporters to “stick with us”. Boos greeted Sunday’s disappointing 1-1 draw at home to Tottenham, but Szoboszlai was more concerned about the number of people who departed before and after Richarlison’s late equaliser. The result leaves Liverpool fifth, with their home form a concern. They have drawn four and lost three of their 15 Premier League games at Anfield. A crucial night awaits there on Wednesday, as they seek to turn around a one-goal deficit against Galatasaray in the Champions League. “We had, a couple of weeks ago, a talk between each other saying: ‘Guys we don’t have such a lot of time to do this right so we have to wake up and start to go in a way that we want to play Champions League next season,’” Szoboszlai said. “We have Galatasaray on Wednesday and that will be a tough game because we felt it there. “I don’t think it helps us that after 80 minutes people start to go home; it doesn’t help us at all. Stick with us. Everyone is noticing that and when we concede a goal still people are leaving the stadium – you don’t leave when we score. I understand the frustration, but we need them, we need everybody.” The draw with Tottenham comes after Liverpool lost to a 94th-minute goal at bottom-placed Wolves in their previous league game. The two previous defeats – against Manchester City and Bournemouth – were also caused by injury-time winners, costing Liverpool valuable points in their quest to qualify for the Champions League. There was a tense atmosphere among the home support on Sunday, with dissent growing at the failure to kill off matches Liverpool had 17 shots against Tottenham, but only four were on target. “It should be normal that in hard times we stick together more because that’s what we need: we need each other,” Szoboszlai said in a message to the fans. “We want to make them happy; it’s not that we do it on purpose. We want to make ourselv...

Sometimes our puzzles have themes; sometimes they don’t. A solver might notice some of the themes while others may pass them by: it doesn’t usually matter, but there’s an extra gratification when we get feedback such as this letter: double quotation mark Thanks to Soup for the splendid birthday compliment to Graeme Garden (Cryptic crossword, 18 February). It brought back joyous memories of The Goodies, and reminded me of how many years I’ve been hooting with laughter at I’m Sorry I Haven’t a Clue. Many happy returns, Graeme – and all power to your setting, Soup. Julie Mottershead Deal, Kent And we appreciate the vigilance of the solver who reacted to this clue from Harpo … double quotation mark 4d Tense aquatic bird crushed by snake somewhere in South Africa (8) [ wordplay: T (‘tense’) + SWAN (‘aquatic bird’), both inside BOA (‘snake’) [ definition: somewhere in South Africa ] … with the perfectly accurate observation that BOTSWANA is not in the country of South Africa. Elsewhere in the paper, indeed, we would write something like “southern Africa”, but crossword setters are wont to reinterpret rules. Here, “South Africa” should be read in much the same sense as “south Devon”. Qaos’s February Genius puzzle took me right back to the classroom with a turtle of the programmable kind. The endgame invites us to trace a path, turning anticlockwise at Ls and clockwise at Rs, neatly tracing a lovely letter E. Turnstone’s Genius awaits your attention in March (unless you’ve already solved it, in which case apologies for the delayed update). Thanks for your cluing conference contributions for SLOP: the audacity award is WellyWearer’s for a poem you can find here; The runners-up are Patjberry’s Philistinesque “Refuse to take shortcut” and Montano’s arch “Extremely superficial ‘work’ generated by AI?”. The winner is the neat “Food for the mouths of sows and litters of piglets”. Kludos to Dunnart. Please leave entries for GREENE below, along with any favourite clues or puzzles y...

Three monthly dividend ETFs split across a $300,000 portfolio can generate roughly $1,541 per month in passive income. That math matters to retirees because monthly payments align with how bills actually arrive: mortgage or rent, utilities, groceries, insurance. Quarterly dividends force you to mentally divide a lump sum across 90 days. Monthly payments remove that ... The 3 Best Monthly Dividend ETFs to Buy Today for Lifelong Passive Income

This article first appeared on GuruFocus. In this article, we will take a look into Alphabet Inc's (NASDAQ:GOOGL) DCF analysis, a reliable and data-driven approach to estimating its intrinsic value. Instead of using future free cash flow as in the traditional DCF model, the GuruFocus DCF calculator uses EPS without NRI as the default for the DCF model based on research that shows that historically stock prices have been more correlated with earnings than free cash flow. As of 2026-03-16, Alphabet Inc's intrinsic value as calculated by the Discounted Earnings model is $286.41. It's currently trading at a price of $302.28. Therefore, the margin of safety based on the DCF model is -5.54%. The company is fair valued. The Art of Valuation: Discovering Alphabet Inc's Intrinsic Value The model The GuruFocus DCF calculator follows a two-stage model by default. This model consists of the Growth Stage and the Terminal Stage. In the growth stage, the company is experiencing faster growth, while in the terminal stage, a lower growth rate is applied because sustained rapid growth is not sustainable in the long run. Alphabet Inc's intrinsic value estimated by Discounted Earnings model are arrived at by following assumptions and steps. Assumptions Term Value Explanation EPS without NRI $9.17 GuruFocus DCF calculator uses EPS without NRI as the default because historically stock prices are more correlated to earnings than free cash flow. Discount Rate 11% An appropriate discount rate is typically the risk-free rate plus the risk premium of the stock market. GuruFocus uses the current 10-year Treasury Constant Maturity Rate of 4.25%, rounded up to the nearest whole number, which is 5%. A 6% risk premium is then added to arrive at the estimated discount rate. Growth Stage Growth rate (g1) = 25.20% Years of Growth Stage = 10 We choose the growth rate based on the availability, prioritizing the average EPS without NRI growth rate from the past 10, 5, or 3 years in that order, and then ...

An undercover investigation by state-run China Central Television (CCTV) has cast a harsh light on a controversial practice in a nascent industry: the “poisoning” of artificial intelligence models with fabricated information. The report showed how techniques of generative engine optimisation (GEO) – the AI version of search engine optimisation (SEO) – could be used to manipulate AI chatbots, provoking widespread public concern and debate as both industry insiders and observers anticipated stronger regulation. In the report, aired on Sunday during the annual 315 Gala to mark World Consumer Rights Day, a system called Liqing was used to automatically post large numbers of expert reviews, industry rankings and user reviews for a non-existent fitness tracker called the Apollo-9. When later asked to recommend “smart health bracelets”, two AI chatbots not only mentioned the fictional product but also ranked it among the top choices. The report did not name the bots. Advertisement A man surnamed Li, said to be the operator of Liqing, was shown on hidden camera boasting about the practice. “We in the GEO industry are basically poisoning [AI],” he said. Advertisement All social media accounts related to Liqing had been removed as of Monday. The report triggered an immediate uproar on social media. The hashtag #CCTVExposesGEOPoisoningDarkIndustry hit the top of Kuaishou’s trending list on Monday morning, while #PoisoningAIHasBecomeAnIndustryChain peaked at the fourth spot on Weibo’s trending topics, according to data from social media tracker Entobit.cn.

3月15日是國際消費者權益日，央視今年的「315晚會」，揭露多個消費亂象，包括用雙氧水漂白鳳爪，以及大型人工智能(AI)模型被惡意注入虛假數據等。 泡椒鳳爪是內地網紅零食，央視周日的「315晚會」，揭露了有生產泡椒鳳爪的食品企業，製造鳳爪的環境髒亂，地面長期淤積污水，生產設備滿是油污，各種膠筐隨意堆放。現場記者指，廠內臭氣瀰漫。且違規使用濃度達百分之35的工業雙氧水，浸泡食品。 有違規企業工作人員說：「雞爪是雙氧水漂白。」 晚會又揭露大型人工智能模型，被惡意注入虛假數據的案例，一間運用GEO技術，即生成式引擎優化技術的網絡公司，聲稱只要付款，就能給AI洗腦，操控AI推薦虛假信息，虛構的產品也能上榜。 GEO服務商負責人指出：「我們就是在任何平台上面，都能把排名做到前三位，在這些(AI)平台上面，去給你們做內容輸出，就是相當於去給你們做這些軟文，然後讓這些(AI)平台去刷錄，收錄抓取。」 另外有一間天津企業，將名為「外泌體」的產品，吹噓成萬能「神藥」，能醫百病。 婕波噻爾生物科技公司負責人稱：「我是醫用級別的，敢輸（液）、敢打靶向，你看我今天早上發貨都是360支，一個客戶訂的，因為他們家的娃娃癲癇。」 被問打的是一個東西嗎，負責人回應：「跟你那個美容是一樣的東西，只是(使用)方式不一樣。」 這些「神藥」，每次注射費高達500元人民幣，有公司更勾結醫院，為客人進行靜脈注射，對公眾健康構成嚴重威脅。 晚會後，多地連夜通報查處涉事企業。央視「315晚會」至今已舉辦36屆，每年在國際消費者權益日做直播，揭露侵害消費者權益的違法行為。

This article first appeared on GuruFocus. In this article, we will take a look into Apple Inc's (NASDAQ:AAPL) DCF analysis, a reliable and data-driven approach to estimating its intrinsic value. Instead of using future free cash flow as in the traditional DCF model, the GuruFocus DCF calculator uses EPS without NRI as the default for the DCF model based on research that shows that historically stock prices have been more correlated with earnings than free cash flow. As of 2026-03-16, Apple Inc's intrinsic value as calculated by the Discounted Earnings model is $179.13. It's currently trading at a price of $250.12. Therefore, the margin of safety based on the DCF model is -39.63%. The company is modestly overvalued. The model The GuruFocus DCF calculator follows a two-stage model by default. This model consists of the Growth Stage and the Terminal Stage. In the growth stage, the company is experiencing faster growth, while in the terminal stage, a lower growth rate is applied because sustained rapid growth is not sustainable in the long run. Apple Inc's intrinsic value estimated by Discounted Earnings model are arrived at by following assumptions and steps. Assumptions Term Value Explanation EPS without NRI $7.91 GuruFocus DCF calculator uses EPS without NRI as the default because historically stock prices are more correlated to earnings than free cash flow. Discount Rate 11% An appropriate discount rate is typically the risk-free rate plus the risk premium of the stock market. GuruFocus uses the current 10-year Treasury Constant Maturity Rate of 4.25%, rounded up to the nearest whole number, which is 5%. A 6% risk premium is then added to arrive at the estimated discount rate. Growth Stage Growth rate (g1) = 15.20% Years of Growth Stage = 10 We choose the growth rate based on the availability, prioritizing the average EPS without NRI growth rate from the past 10, 5, or 3 years in that order, and then capping between 5% and 20% to maintain a fair and balanced estimat...

This article first appeared on GuruFocus. In this article, we will take a look into NVIDIA Corp's (NASDAQ:NVDA) DCF analysis, a reliable and data-driven approach to estimating its intrinsic value. Instead of using future free cash flow as in the traditional DCF model, the GuruFocus DCF calculator uses EPS without NRI as the default for the DCF model based on research that shows that historically stock prices have been more correlated with earnings than free cash flow. As of 2026-03-16, NVIDIA Corp's intrinsic value as calculated by the Discounted Earnings model is $147.81. It's currently trading at a price of $180.25. Therefore, the margin of safety based on the DCF model is -21.95%. The company is fair valued. The model The GuruFocus DCF calculator follows a two-stage model by default. This model consists of the Growth Stage and the Terminal Stage. In the growth stage, the company is experiencing faster growth, while in the terminal stage, a lower growth rate is applied because sustained rapid growth is not sustainable in the long run. NVIDIA Corp's intrinsic value estimated by Discounted Earnings model are arrived at by following assumptions and steps. Assumptions Term Value Explanation EPS without NRI $4.73 GuruFocus DCF calculator uses EPS without NRI as the default because historically stock prices are more correlated to earnings than free cash flow. Discount Rate 11% An appropriate discount rate is typically the risk-free rate plus the risk premium of the stock market. GuruFocus uses the current 10-year Treasury Constant Maturity Rate of 4.25%, rounded up to the nearest whole number, which is 5%. A 6% risk premium is then added to arrive at the estimated discount rate. Growth Stage Growth rate (g1) = 54.20% Years of Growth Stage = 10 We choose the growth rate based on the availability, prioritizing the average EPS without NRI growth rate from the past 10, 5, or 3 years in that order, and then capping between 5% and 20% to maintain a fair and balanced estimate....

Frore Systems Inc., which makes liquid cooling technology for AI chips , raised $143 million in a funding deal that values the startup at $1.64 billion. The round was led by MVP Ventures and includes investments from Fidelity Management & Research Co., Top Tier, Mayfield Fund and Qualcomm Ventures. The company plans to use the funding to expand its manufacturing operations. Frore was founded eight years ago to focus on air cooling for phones and other devices that lack fans. But the rise of AI computing — powered by Nvidia Corp.’s graphics processing units, or GPUs — created new opportunities for cooling technology. Using a flow of liquid to lower the temperature of chips has proven to be an effective way to keep data center equipment from overheating. Various companies offer liquid cooling technology, often taking the form of so-called cold plates, but Frore argues that its product does a better job. The startup designs the channels that conduct liquid coolant in 3-D shapes that are customized for each type of chip. The approach also can cycle coolant through several times. Moreover, the company uses materials that enable its product — the LiquidJet Nexus tray — to be thinner and lighter. That makes it easier to stack more of them. Taken together, the capabilities let customers squeeze more performance from their chips or get rid of mechanical chillers, according to the startup. That can save on electricity and equipment costs and require less water. “What we realized is the cold plates that are currently being used in liquid cooling solutions, including by Nvidia, are all based on a very rudimentary technique,” said Seshu Madhavapeddy , Frore’s chief executive officer. Madhavapeddy and co-founder Suryaprakash Ganti gained experience working at Qualcomm Inc.’s mobile and edge device business, where they developed a new type of fingerprint sensor. At the time, they could tell that thermal challenges — the heat generated by chips — were starting to threaten the perfo...

Klaus Vedfelt/DigitalVision via Getty Images Co-authored by Kody's Dividends Those who have followed my work over the years know that I'm laser-focused on cash flows and earnings. This is because I eventually would like my investments to work hard enough for me that I have the option to no longer work. This brings to mind Dividend Kings, which are the most proven dividend growers in the investment universe. Just think of all that has happened over the last 50 years: Countless wars, multiple recessions, and a global pandemic. That's why raising a payout for at least 50 years simply can't be done without the earnings power to back it up. Recently, H2O America ( HTO ) upped its quarterly dividend per share by 4.8% to $0.44 . This marked its 58th consecutive year of dividend growth, which easily makes it a Dividend King. When I last covered H2O with a Buy rating in December , I appreciated its status as a Dividend King. I also thought the water utility's five-year, $2 billion capex plan and pending acquisition of Quadvest were solid growth catalysts. The A-rated balance sheet was another plus. Lastly, shares were undervalued by a double-digit percentage to my fair value estimate. Two and a half months later, I'm maintaining my Buy rating. H2O just upped its five-year capital spending plan to $2.7 billion. Aside from near-term dilution from the Quadvest deal, it's still expected to be accretive to earnings by 2028. H2O remains financially strong, too. While shares aren't the value that they were in December, they're still modestly discounted. The Jump in Capex Signals a Bright Future Ahead H2O America Q4 2025 Earnings Press Release On February 25th, H2O released its financial results for the fourth quarter ended December 31st, 2025. The company's operating revenue decreased by 1.8% year-over-year to $194.2 million in the quarter. This was $23.3 million below Seeking Alpha's analyst consensus during the quarter. What was behind the topline decline for the fourth quarter? ...

Kira-Yan/iStock Editorial via Getty Images Meta ( META ) has lost 5.4% since my last report as the stock lost momentum after reporting its fourth quarter results and amid a broader sell-off in AI-exposed names following the decline of Microsoft ( MSFT ). Earnings actually exceeded expectations, and as I discuss in this report, we are seeing more signs of AI commercialization efforts. AI Improves Advertising Results But Reality Labs Is Not Catching Momentum Yet Meta Total revenues in the fourth quarter advanced 16.9% sequentially and 23.8% year-on-year to $59.9 billion. Advertising revenues climbed 24.3% year-on-year and 16.1% sequentially to $58.1 billion, while other revenues increased 54.3% year-on-year and also 16.1% sequentially to $801 million. This brought the Family of Apps revenues to $58.9 billion, marking 16.1% sequential growth and 24.6% year-on-year growth. Reality Labs revenues doubled sequentially but were down 11.8% year-on-year to $955 million. Operating income grew 20.5% sequentially and 5.9% year-on-year to $24.75 billion. Family of Apps operating income grew 23.2% sequentially and 8.6% year-on-year to $30.8 billion, but Reality Labs losses increased 35.8% sequentially and 21.2% year-on-year to $6 billion. As a result, the combined margin expanded 100 basis points sequentially but was down 700 basis points year-on-year. Overall, we are seeing that AI-enabled ranking, ad delivery, and tools helped the advertising results, driving engagement higher. What Meta has been doing is leveraging AI to better match eyes with content, and that simply drives higher ad revenues. However, the Reality Labs segment, which includes the virtual reality products of Meta, offset a significant portion of the improved ad performance. Meta Does It Differently, But When It Does Things Like The Rest It Flaunts The strength of Meta has been that they leveraged AI in the back-end and, to a lesser extent, in the front-end. The company has been rolling out AI search and the Met...

R_Tee/iStock via Getty Images Introduction It is impossible to time the market. That's why we need fundamental analysis, to give ourselves a reason to buy (or to skip on) a stock. Sometimes, you get it right and Mr. Market's valuation of a stock aligns with your fundamental analysis. But sometimes... well: Analyst rating historiy I was a bit early when calling Alexandria Real Estate ( ARE ) a 'Strong Buy'. In between my first bullish article and today, the stock collapsed by 49% (46% when including dividends). I can not say that this was a pure "market reaction". I was to optimistic back then and I could have known (although experience helps a lot) that going against the market can best be done by layering your position. I didn't do that and I bought a lot of ARE stock around the $75 mark. Do I regret my calls? From a timing standpoint I absolutely do. But I haven't sold a single share and I feel (just as) confident in the long-run. I ended my last article back in Nov. 2025 with the following quote: The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. - Sir John Templeton I still believe this to be true. I am long-only, I believe in (most of) my fundamental analysis, but I do have the tendency to become overly optimistic in the short-term. I have learned this hard lesson and I will take this life lesson with me and into my articles as well. In this article I won't go over all the quarter-over-quarter changes, although I will briefly touch on the most important trends. Why? There are a lot of moving parts regarding Alexandria Real Estate and a lot of variables are at work here. More on this later. To me, it makes a lot of sense to look at the most important underlying factors that will determine where this REIT will be in a couple of years. So, why am I still bullish in the long-term? And how do I cope with the fact that I am sitting on a pretty hefty unrealized loss? By zooming out. We are not talking abou...

Getty Images When the Strait Closed Table of Contents When the Strait Closed The Commodity Bull Market Has Barely Begun Fourth Quarter 2025 Market Commentary Surging Uranium Demand Meets a Fragile Supply Base Silver's Sell Signal Copper: Slowing Chinese Demand Meets Rising Supply The outbreak of hostilities in the Persian Gulf has already reverberated through global oil markets with remarkable speed. Rather than attempt a full survey of supply-and-demand trends in both oil and natural gas—topics we will return to in a future letter—we will focus here on the more immediate consequences arising from the effective closure of the Straits of Hormuz. In our next quarterly commentary we intend to revisit the broader fundamentals: production trends, depletion dynamics, balancing items, and inventory behavior in both the global oil market and U.S. natural gas. As we go to press on March 11, 2026, the Straits of Hormuz remain effectively closed, disrupting the transport of roughly 20 percent of global oil production and a similar share of seaborne LNG supply. In absolute terms, this represents approximately 20 million barrels per day of crude oil and about 10 billion cubic feet per day of liquefied natural gas. By the metric that ultimately matters most to energy markets—daily physical volume—the disruption may already rank as the largest shock the industry has ever experienced. The consequences have been immediate: refiners around the world have begun scrambling for alternative crude supplies, often at sharply higher prices. BY THE METRIC THAT ULTIMATELY MATTERS MOST TO ENERGY MARKETS—DAILY PHYSICAL VOLUME—THE DISRUPTION MAY ALREADY RANK AS THE LARGEST SHOCK THE INDUSTRY HAS EVER EXPERIENCED. China responded quickly by imposing export restrictions on refined petroleum products on March 11 th , seeking to safeguard its own domestic supply. As rising U.S. shale production has dramatically reduced American reliance on imported oil, China has emerged as the world’s dominant crud...

ismagilov/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Natural Resource Market Q4 2025 Commentary. Uranium markets were relatively quiet during the fourth quarter. Spot prices were largely unchanged, finishing the quarter near $82 per pound. Term prices—those utilities pay when contracting for long-term supply—continued to move higher. According to data reported by Cameco ( CCJ ), term prices rose roughly 7% during the quarter to $81.55 per pound, narrowing the gap with spot prices, which ended the quarter at $81.60. In our previous letter, we outlined two powerful forces that we believe will drive uranium prices significantly higher in the years ahead: continued growth in demand from nuclear power generation and the mounting risk of supply disappointments across the uranium mining industry. The World Nuclear Association reinforced this view in its widely followed World Nuclear Performance Report 2025 . In that report, the WNA raised its projection for global nuclear power generation in 2040 by roughly 10% compared with estimates published just two years earlier. The upward revision reflects both the extension of operating lives for existing reactors and a growing pipeline of new nuclear capacity under development. On the fuel side, the implications are substantial. The WNA estimates uranium demand will increase from roughly 179 million pounds in 2025 to approximately 330 million pounds by 2040—an increase of about 85% over current levels. In addition to discussing the outlook for demand, we also highlighted the growing risk of supply disappointments that could emerge between now and 2030. In the Uranium section of this letter, we examine how the recent difficulties encountered at the recently restarted Honeymoon uranium project in Australia provide a clear example of the types of operational challenges that may increasingly affect uranium mine supply in the years ahead. We also review several high-profile developments t...

Violka08/iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Natural Resource Market Q4 2025 Commentary. The copper market has quietly but decisively shifted from deficit to surplus. The clearest evidence lies in the sharp rise in inventories across the world’s three major copper exchanges—London, COMEX, and Shanghai. For much of the past decade, falling inventories signaled a market struggling to keep up with demand. Today the opposite appears to be true: supply is beginning to outrun consumption. FIGURE 14 Exchange Traded Copper Inventories Source: Bloomberg. This surplus reflects forces now at work on both the demand and supply sides of the market. On the demand side, the single most important driver of copper consumption over the past quarter century—China—has stalled. Chinese copper consumption in 2025 showed no growth, and since 2020 demand has increased by only 175,000 tonnes per year, a dramatic slowdown from the roughly 700,000 tonnes of annual growth recorded between 2010 and 2020. For readers of Goehring & Rozencwajg, this slowdown should come as little surprise. Beginning in the third quarter of 2024, we warned that China, for the first time in more than twenty-five years, appeared to be overconsuming copper relative to our models—even after adjusting for the additional demand associated with renewable energy. At the time, we wrote: ...a twist in the plot may be upon us. Our models suggest China is indeed overconsuming copper. But let us not mince words: China’s overconsumption relative to our models introduces a potentially bearish factor into global copper markets... In the following quarter’s letter we returned to the subject: In our last letter we discussed how China—the dominant driver of copper demand for the past quarter century—had entered an era of overconsumption. As we look forward to 2025, it is clear that China has transitioned from under-consuming copper to over-consuming it. The shift carries signific...

Alex Cristi /iStock via Getty Images The following segment was excerpted from the Goehring & Rozencwajg Natural Resource Market Q4 2025 Commentary. By far the most important development in the gold and silver markets over the past six months has been the sell signal generated by silver. As we have discussed in previous letters, the powerful rally in silver has placed both gold and silver in positions remarkably similar to those seen in 1974, 1979, 2011, and 2020. In each of these episodes, silver initially lagged the broader precious metals advance—sometimes for as long as two years—before staging a dramatic catch-up rally. That surge ultimately signaled one of two outcomes: either the gold bull market had reached its end, as occurred following the 1979 and 2011 rallies, or it was merely pausing before continuing higher, as was the case in 1974 and again in 2020. In our third-quarter letter we included a chart under the headline noting that silver's advance appeared healthy and suggested the gold bull market still had considerable upside. Since then, however, silver has continued to rally with extraordinary force. Its price performance has far outpaced gold during this phase of the rally and now bears the hallmarks of a classic parabolic blow-off—one not unlike the dramatic surge silver experienced in 1979. The psychological backdrop accompanying this move has been equally familiar. Reports circulated of lines stretching for blocks in cities around the world as investors rushed to buy physical silver. London dealers, heavily short the metal, struggled to meet surging retail demand. At the same time, headlines pointed to booming silver consumption from solar installations and repeated disappointments in mine supply. To us, this type of news flow is precisely what tends to accompany a speculative blow-off in silver. When headlines begin to focus on shortages of physical metal, surging retail demand, and seemingly insatiable new sources of consumption, the market is of...

Early clinical proof-of-concept for WEE1 inhibitor APR-1051 in the ongoing ACESOT-1051 trial with two partial responders at first scan in endometrial cancer patients with PPP2R1A mutation Clinical team strengthened with the appointment of Eugene (Gene) Kennedy, MD, as Chief Medical Advisor to support next phase of clinical development Capital is in place to support key milestones, including additional enrollment of patients at key dose levels in ongoing ACESOT-1051 trial DOYLESTOWN, Pa., March 16, 2026 (GLOBE NEWSWIRE) -- Aprea Therapeutics, Inc. (Nasdaq: APRE) (“Aprea”, or the “Company”), a clinical-stage precision medicine oncology company focused on the discovery and development of targeted therapies for patients with biomarker-defined cancers, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update. “We enter 2026 with strong momentum following a year of meaningful execution across our portfolio,” said Oren Gilad, Ph.D., President and Chief Executive Officer of Aprea. “We are particularly encouraged by the most recent data from the ongoing ACESOT trial evaluating APR-1051, including two patients achieving unconfirmed partial responses at first scan. These results provide early proof of clinical concept for APR-1051 and strengthen our conviction in the product’s ability to deliver a favorable therapeutic window, supporting its potential to be a differentiated WEE1 kinase inhibitor for patients with genomically defined solid tumors who have limited treatment options. We strengthened our balance sheet with successful private placements in late 2025 and early 2026, enhancing our financial flexibility and positioning the Company to execute on key development milestones. Taken together, we believe the recent progress underscores the opportunity within our DDR portfolio and reinforces our goal of developing targeted cancer therapies that have the potential to improve outcome and quality of life for p...

-- Recorded Fourth Quarter Revenues of $35.7 Million and Transition Period Revenues of $75.5 Million -- -- Multiple New Programs Signed in Fourth Quarter 2025 Including Two Commercial Site Transfer Programs, for Total of Five New Programs in 2025 Transition Period -- -- Organizational Initiatives Drive Further Improvement in Margins -- Conference Call Today at 8:30am ET CHASKA, Minn., March 16, 2026 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated injectables contract development and manufacturing organization (“CDMO”), today announced strong results for the fourth quarter and transition period ended December 31, 2025. CEO Commentary “2025 was a highly productive year for Lifecore Biomedical, during which we strengthened our pipeline, leadership, and standing as a differentiated CDMO. We advanced strategic priorities throughout the year, positioning Lifecore for sustained growth as we aim to deliver a 12% revenue CAGR and improved EBITDA margins above 25% in the mid-term. We achieved several significant milestones during the year, driven by the addition of impactful new programs to our development portfolio and by initiatives that strengthened our operations and contributed to improved EBITDA margins. Lifecore believes these initiatives, along with others underway, will continue to drive margin expansion as we advance toward our mid‑term EBITDA margin goal. “Our financial performance was also strong during the transition period. During the fourth quarter of 2025, we recorded revenues of $35.7 million, a 10% increase as compared to the most comparable prior year quarter ended November 24, 2024. For the approximately seven month “transition” period from May 26, 2025, through December 31, 2025, we recorded revenues of $75.5 million, an increase of 20% compared to the comparable prior year period ended December 31, 2024. We are very proud of our accomplishments in 2025 and look forward to achieving sustainabl...

HOUSTON and LONDON, March 16, 2026 (GLOBE NEWSWIRE) -- LyondellBasell (NYSE: LYB) today announced the appointment of David Dennison, a seasoned leader with decades-long service at LYB, as the new head of investor relations, effective May 8, 2026. He succeeds Dave Kinney, who will retire after nearly 35 years of service. “I am pleased to welcome David Dennison as our next head of investor relations,” said Agustin Izquierdo, executive vice president and chief financial officer. “His significant experience in global petrochemical markets will help us continue to shape investor understanding and foster clear, two-way engagement with the shareholder community.” David Dennison joined LYB in 2007, and in total brings nearly 30 years of industry experience to the role. He has held leadership roles across the company’s planning, commercial and strategic functions, including leading several Intermediates and Derivatives businesses. Most recently, he served as a vice president in the Circular and Low Carbon Solutions business. Before LYB, Dennison worked for Eli Lilly and Co. and Albemarle Corp. He holds a B.S. in chemical engineering from Texas A&M University and an MBA from The Wharton School. “In David, we have a thoughtful leader who reflects the depth and breadth of our leadership development pipeline and management succession process,” said Izquierdo. “LYB will continue to benefit from the wise counsel and perspective of leaders like him, as it has for many years with Dave Kinney. Dave has made meaningful contributions across the organization, applying his leadership and market expertise to support the company’s long-term performance. I am grateful for all he’s helped us accomplish.” “It is a true honor to succeed Dave Kinney and guide the company’s investor relations function by furthering how we communicate our long-term strategy and ensure we protect the confidence investors place in LYB,” said Dennison. “I look forward to engaging with investors and collaborating wit...

is a senior reporter who’s been covering and reviewing the latest gadgets and tech since 2006, but has loved all things electronic since he was a kid. Posts from this author will be added to your daily email digest and your homepage feed. If you’ve already given your iPhone 17 Pro and Pro Max a retro ’80s facelift with Spigen’s Macintosh 128K and Apple Lisa-inspired Classic LS cases, you might as well make your wireless earbuds match. But instead of making the AirPods Pro 3 look like a decades-old desktop computer, Spigen’s case turns them into a replica of the Macintosh’s iconic single-button mouse. The faux mouse’s button functions as a locking mechanism for the charging case’s hinged lid. Image: Spigen The $29.99 case is available through Amazon and comes in two parts that attach to the bottom and hinged lid of the AirPods Pro 3’s charging case. Even wrapped in its vintage disguise the case can still open as designed, and its USB-C port and status LED are still accessible. Spigen’s case also includes a lanyard connector, as it blocks the one on the AirPods’ charger. It’s not a functional mouse, but its large gray button serves as a locking mechanism preventing the case’s lid from accidentally opening. The MagSafe wallet borrows design elements from the Macintosh 128K. Image: Spigen Spigen’s Classic LS collection also includes a MagSafe wallet matching the aesthetic of its iPhone cases. You can stick it to any phone or accessory with Qi2-compatible magnets, or use it as a standalone wallet. However, it’s an example of form over function, as the $29.99 wallet can only hold 3 cards (or a small wad of cash if you’re truly embracing the ’80s). Since it’s made of hard plastic, there’s little chance you can squeeze more in. Rounding out the collection is a Macintosh 128K-inspired $19.99 lanyard that’s only long enough to wear around your wrist. It seems like Spigen didn’t get the memo that longer crossbody phone straps are in.

Inside "Helios": Celestica and AMD build AI racks for cloud, enterprise by 2026 Stock Titan

Kira-Yan/iStock Editorial via Getty Images Meta ( META ) has lost 5.4% since my last report as the stock lost momentum after reporting its fourth quarter results and amid a broader sell-off in AI-exposed names following the decline of Microsoft ( MSFT ). Earnings actually exceeded expectations, and as I discuss in this report, we are seeing more signs of AI commercialization efforts. AI Improves Advertising Results But Reality Labs Is Not Catching Momentum Yet Meta Total revenues in the fourth quarter advanced 16.9% sequentially and 23.8% year-on-year to $59.9 billion. Advertising revenues climbed 24.3% year-on-year and 16.1% sequentially to $58.1 billion, while other revenues increased 54.3% year-on-year and also 16.1% sequentially to $801 million. This brought the Family of Apps revenues to $58.9 billion, marking 16.1% sequential growth and 24.6% year-on-year growth. Reality Labs revenues doubled sequentially but were down 11.8% year-on-year to $955 million. Operating income grew 20.5% sequentially and 5.9% year-on-year to $24.75 billion. Family of Apps operating income grew 23.2% sequentially and 8.6% year-on-year to $30.8 billion, but Reality Labs losses increased 35.8% sequentially and 21.2% year-on-year to $6 billion. As a result, the combined margin expanded 100 basis points sequentially but was down 700 basis points year-on-year. Overall, we are seeing that AI-enabled ranking, ad delivery, and tools helped the advertising results, driving engagement higher. What Meta has been doing is leveraging AI to better match eyes with content, and that simply drives higher ad revenues. However, the Reality Labs segment, which includes the virtual reality products of Meta, offset a significant portion of the improved ad performance. Meta Does It Differently, But When It Does Things Like The Rest It Flaunts The strength of Meta has been that they leveraged AI in the back-end and, to a lesser extent, in the front-end. The company has been rolling out AI search and the Met...

5% cash back categories for Chase Freedom Flex and Chase Freedom cardmembers include purchases at Amazon and Whole Foods Market, travel booked through Chase Travel and donations to Feeding America WILMINGTON, Del., March 16, 2026--(BUSINESS WIRE)--Today, Chase announced that Freedom and Freedom Flex cardmembers can earn 5% cash back on Amazon, Whole Foods Market and Chase Travel purchases, plus donations to Feeding America from April 1 through June 30, 2026. The new categories are versatile and practical for day-to-day spending, so cardmembers can start planning everything from next week’s grocery haul to springtime vacations. "We’re meeting our cardmembers where they shop, explore and give," said Wittney Rachlin, General Manager of Chase Freedom. "That’s why we’ve selected Amazon and Whole Foods Market, Chase Travel and donations to Feeding America as our Q2 5% categories." With Chase Freedom, every moment and transaction gives cardmembers more: cash back on every purchase and the freedom to redeem rewards however they like. Chase Freedom Flex Q2 2026: Amazon and Whole Foods Market 1 : Cardmembers can earn 5% cash back on eligible purchases at Amazon and Whole Foods Market. This includes items like luggage, clothing, travel accessories, home essentials and fresh groceries, helping cardmembers earn on everyday shopping and spring travel needs . Chase Travel 2 : Earn 5% cash back on travel purchases made through ChaseTravel.com, including flights, hotels, car rentals, cruises and more. Feeding America3: Cardmembers can earn 5% cash back on donations to Feeding America, helping to provide meals to people facing hunger across the country. On What Categories Can Chase Freedom Flex Cardmembers Earn Cash Back Year-round? In addition to these rotating categories, Chase Freedom Flex cardmembers always earn: 5% cash back on travel booked through Chase Travel 3% cash back on dining at restaurants (including takeout and eligible delivery services) 3% cash back on drugstore pur...

Celestica International LP TORONTO and SANTA CLARA, Calif., March 16, 2026 (GLOBE NEWSWIRE) -- Celestica Inc. (TSX: CLS) (NYSE: CLS), a global leader in data center infrastructure and advanced technology solutions, and AMD (NASDAQ: AMD), a leader in high-performance and AI computing, today announced a strategic collaboration to bring the new “Helios” rack-scale AI platform to market. The collaboration pairs AMD computing leadership with Celestica’s expertise in delivering leading-edge networking switch technologies. At launch, Celestica will undertake the R&D, design and manufacturing of scale-up networking switches in the AMD “Helios” rack-scale AI architecture, based on the Open Compute Project (OCP), Open-Rack-Wide (ORW) form-factor. The scale-up switches will utilize advanced networking silicon to enable the high-speed interconnect of the next-generation AMD Instinct™ MI450 Series GPUs, enabling leading-edge computing, optimized for large-scale AI clusters. Consistent with the open standards-based design of the “Helios” platform, the networking switches will utilize the Ultra Accelerator Link over Ethernet (UALoE) architecture for scale-up connectivity. AMD “Helios” will be available to customers in late 2026. “Deploying AI at scale requires infrastructure that can be delivered quickly, consistently, and with the performance customers expect,” said Steven Dorwart, senior vice president and general manager, Hyperscalers, Celestica. “Our collaboration with AMD on the “Helios” platform brings together our global engineering, manufacturing, and supply chain capabilities with AMD’s innovation in high-performance computing. Together, we are accelerating access to AI systems optimized for the most demanding workloads of the next era.” “‘Helios’ represents a new blueprint for AI infrastructure, enabling customers to deploy AI at scale with the performance, efficiency, and flexibility required for the next generation of workloads,” said Forrest Norrod, executive vice pre...

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Investment in AI infrastructure via off-balance sheet debt is increasing the exposure of insurers and private credit funds to hyperscalers, according to officials at the Bank for International Settlements. “Alongside traditional bonds, hyperscalers have turned to off‑balance sheet arrangements to finance infrastructure expansions, often in partnership with private credit firms,” BIS officials Egemen Eren, Ingomar Krohn and Karamfil Todorov said in a note Monday. “These structures strengthen links between hyperscalers and non‑bank investors.” The comments add to warnings about the debt frenzy to support the artificial intelligence revolution. With so many lenders lining up to throw cash at assets, the risk is a bubble that could eventually leave credit players facing substantial pain. Read more: AI Data Center Boom Sparks Fears of Glut Amid Lending Frenzy Meta Platforms Inc. is among firms popularizing a way for debt to sit completely off balance sheet, allowing enormous sums to be raised while limiting impact on its financial health. Off-balance-sheet debt, through a special purpose vehicle or a joint venture tied to assets like chips or real estate, is becoming the go-to for AI data center deals, bankers say. Such vehicles’ equity holders are groups of private markets and industry sponsors that raise debt through private placements. The hyperscaler typically holds a minority stake, commiting to long‑term operating leases or capacity offtake agreements. “These arrangements amount to “shadow borrowing”: obligations that are economically akin to debt but largely reside outside corporate balance sheet,” the BIS note said. Read more: Meta, xAI Spread Risks of AI Splurge With Off-Balance-Sheet Debt Banks support such off-balance vehicles “with funding lines, potentially creating new shock transmission channels,” the note said. That could leave lenders’ potentially exposed to “refinancing pressures at the vehicle level, procyclical shifts in private credit appetite or the...

The worst silver sell-off in history at the end of January was accelerated by the growing footprint of retail investors in leveraged exchange-traded funds, according to the Bank for International Settlements . The white metal collapsed as much as 36% on Jan. 30, its biggest one-day wipeout on record. The abrupt plunge, following a rapid surge of more than 50% in just a few weeks, points to the destabilizing role of retail flows that were amplified by forced sales from leveraged ETFs, the Basel-based institution said in its quarterly report on market developments. A wave of speculative buying helped push silver to fresh records at the start of the year, aided by geopolitical upheaval and concerns about the US central bank’s independence. As prices retreated, the largest ETF tracking silver had to quickly shed more than $3 billion worth of futures, according to Bloomberg calculations, unleashing a wave of selling into an already crowded market. The 2x ProShares Ultra Silver ETF , known as AGQ, has to mechanically adjust futures exposure as part of its daily leverage reset, which targets daily investment returns of twice the move in silver futures. “This predictable, momentum‑like trading creates feedback loops that reinforce prevailing trends and can distort prices,” the BIS said. “The footprint of leveraged ETFs’ destabilizing trading appears to have grown amid the retail-driven exuberance in precious metal markets.” Watchdogs Should Incorporate SRTs Into Stress Tests, BIS Says BIS Warns of Economic Danger If Iran Conflict Proves Enduring AI Hyperscalers’ Shadow Borrowing Bolsters Private Credit Risks Margin‑triggered liquidations further amplified the sell‑off, the reports authors said. Futures selling combined with leveraged ETF rebalancing to “create a self‑reinforcing loop of lower prices and further margin calls,” they added. Leveraged ETFs have surged in popularity, with nearly a third of those launched last year featuring some form of leverage, according to da...

A prolonged war in the Middle East that dislodges inflation expectations could ultimately result in financial-market fallout and fiscal trouble, the Bank for International Settlements warned. Noting how investors have already delivered a “knee-jerk reaction” because of memories of how consumer prices spiraled out of control after the pandemic, Hyun Song Shin , head of the Monetary and Economic Department at the Basel-based institution, warned that a more alarmed response can’t be excluded in due course. “If the conflict persists or widens beyond current expectations, that could trigger sharper adjustments in inflation expectations and financial conditions,” he told journalists while discussing the BIS’s latest quarterly review. “A spike in interest rates could put pressure on rich asset price valuations and rising financial costs for governments and the need to issue more debt could undermine fiscal sustainability.” Shin suggested that the current juncture is distinctly challenging for central banks . Speaking in advance of a week when policymakers will set borrowing costs in every member of the Group of Seven and across eight of the world’s 10 most-traded currency jurisdictions, his remarks effectively highlighted how so much of their response hinges on US President Donald Trump ’s resolve to keep fighting. “It really depends on how long the conflict lasts and how long the rise in the oil price will be sustained,” Shin said. “Of course if it’s a supply shock — certainly if it’s a temporary one — these are the textbook examples where you should look through and not react with monetary policy.” The BIS will stay focused on the risks posed to fiscal sustainability posed by the current crisis, he said. “That is something which is going to be a very important topic for us to keep under review,” Shin told reporters. “The impact of a sustained rise in energy prices will have an effect on the real economy and the longer it lasts, of course the larger that impact. And there...