helen89/iStock Editorial via Getty Images Today shares of The Gap, Inc. ( GAP ) are taking it on the chin, largely due to tariff pressure that is weighing on profitability. To be clear, sales are strong, but operating margin continues to take a hit, with now 15% global tariffs in play. Make no mistake, the Gap is a solid global retail giant with roughly 3,500 locations and a massive online presence across more than thirty countries. We like that it has several popular brands, and this stock selloff is giving opportunity to take another trade with a medium-term horizon, in our opinion. While the core Gap brand remains an icon without question, you should know that the company has successfully built out a diverse portfolio that covers almost every price point, from bargain hunters to higher-end styles for the more well-to-do shoppers. And of late, Old Navy has become the real powerhouse of the group, driving the majority of their sales, while Banana Republic offers a more refined, upscale set of offerings. Then there is, of course, Athleta, which caters to the booming activewear market. The company is even starting to lean into beauty and accessories. And the company in 2025 made an impressive pivot back to expansion. To be sure, the economy is in question right now with a horrific jobs report this morning, adding pain to an earnings report that disappointed. In this column, we discuss the just-reported earnings . The Gap Revenue and the All-Important Comparable Same Store Growth When we look at any retail company, the most important metric we track is comparable store sales because it shows how well the business is actually executing. In the just reported Q4, the company brought in $4.2 billion in revenue. This was a slight 2% increase from the previous year and was in line with expectations. Sure, that is slow growth, but comparable sales were positive across almost the entire portfolio, except Athleta. Total comparable sales for the company actually climbed 3% over...

Shares of Samsara rose sharply Friday after the software company shook off worries about disruption by artificial intelligence with its fiscal fourth-quarter earnings report. Samsara whostechnology connects physical operations like construction and freight, reported adjusted earnings of 18 cents a share. The company finished the year with $1.9 billion in annual recurring revenue, up 30% from last year.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Alphabet's Google has agreed to provide an additional $1.4b in financial support to TeraWulf, raising its total backstop commitment to $3.2b. The agreement includes stock warrants that could give Google a significant equity stake in TeraWulf. TeraWulf plans to use the capital to expand data center capacity and support its shift from Bitcoin mining toward AI and high performance computing infrastructure. New leasing agreements are tied to this expansion, underscoring a large build out of AI focused facilities. TeraWulf, trading on NasdaqCM:WULF, has drawn fresh attention as Google deepens its financial support at a time when the company is re orienting its business around AI and high performance computing. The stock closed at $15.23, with a 1 year return of 323.1% and a very large 3 year gain, while year to date performance stands at 19.5%. In the short term, the shares show mixed moves, with a 6.1% decline over the past week and a 9.7% gain over the past month. For investors, the combination of sizeable financial backing and a shift in focus toward AI infrastructure presents a markedly different story from TeraWulf's roots in Bitcoin mining. As the company executes on new data center capacity and leasing plans, key questions will center on how effectively it converts this support and demand into durable cash flows and how any future equity issuance to Google or others affects existing shareholders. Stay updated on the most important news stories for TeraWulf by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on TeraWulf. NasdaqCM:WULF 1-Year Stock Price Chart See which insiders are buying and buying and selling TeraWulf following this latest news. Quick Assessment ✅ Price vs Analyst Target : At $15.23, TeraWulf trades about 40% below the consensus analyst target of roug...

格隆汇3月7日｜市场消息：美国国务院电报显示，美国正施压斯里兰卡政府，要求其不要遣返本周被美军击沉的伊朗军舰幸存人员及另一艘伊朗军舰的船员。

兩會｜丁薛祥重申行政主導屬全社會共同責任 籲李慧琼帶領立法會探索實踐 To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 【有線新聞】在北京，主管港澳事務的副總理丁薛祥出席全國人大香港團的會議。 丁薛祥由香港團團長馬逢國陪同進入人民大會堂香港廳，出席人大香港團全體會議，港澳辦主任夏寶龍及中聯辦主任周霽也有出席。全國人大常委李慧琼首先發言，指要堅定維護行政主導體制，主動對接國家「十五五」規劃。丁薛祥回應時重申行政主導不僅是行政長官的事，是全社會的共同責任，希望李慧琼帶領立法會實踐行政主導。 丁薛祥：「行政主導不僅僅是行政的事，不僅僅是行政長官的事情、香港特區政府的事情，也是立法會、包括司法、包括全香港各階層、各派別共同的責任、共同的任務，所以這個題目提出後，各方面都要去加強研究、探索、實踐，不斷去總結。特別是立法會在行政主導這個題目下大有可為，實踐的空間、探索的空間、理論、研究的空間都很大。所以希望在第八屆立法會期間李慧琼會帶領立法會很好去探索、研究、實踐，能夠產出更多符合香港實際、符合中央要求的實踐成果。」

Guido Mieth/DigitalVision via Getty Images Truthfully, there is very little in this world that gives me more pleasure than being able to upgrade a stock from something either negative or neutral to something positive. In an ideal world, every company would thrive. But that's not the way things are. The beauty of this harsh reality, however, is that it can be exciting to finally be able to upgrade a company to something bullish. A great example of this can be seen by looking at The First Bancorp ( FNLC ), a rather small bank with a market capitalization today of $323.8 million. Back in September of last year, I made the case that the company was getting close to justifying an upgrade. Fundamentals were improving. Net interest income was growing. Profits were getting better, and both asset and credit quality metrics improved. At the end of the day, however, I wasn't ready to pull the trigger yet. So instead, I reaffirmed it as a "Hold" candidate. From that time through today, the stock has risen 8.8%. That is just a bit above the 7.2% rise that the S&P 500 saw. This move higher can be chalked up to improving fundamentals, especially those involving the income statement. The stock is now trading at a level that I would consider to be attractive, especially considering the overall asset quality of the enterprise. So even though it might not be the strongest prospect on the market, I do think that it justifies an upgrade to a "Buy" at this time. I can now bank on The First Bancorp The newest fundamental data that investors have regarding The First Bancorp covers through the final quarter of the company's 2025 fiscal year. During that time, deposits for the institution amounted to $2.66 billion. Unfortunately, this represents a drop from the $2.73 billion the company reported a year earlier. But the good news is that this is not a drastic decline. Having said that, one thing that I am happy about here is that while management did not quantify some of the changes that I wo...

The S&P 500 Index ($SPX) (SPY) today is down -0.95%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.00%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.76%. March E-mini S&P futures (ESH26) are down -0.95%, and March E-mini Nasdaq futures (NQH26) are down -0.78%. Stock indexes are falling today, with the Dow Jones Industrial Average sliding to a 3.5-month low amid concern that the war in the Middle East will keep pushing energy prices higher, sparking inflation. Qatar’s energy minister told the Financial Times today that the war in the Middle East could “bring down the economies of the world,” and predicted that all Gulf energy exporters would shut down production within weeks, driving crude oil prices to $150 a barrel. Join 200K+ Subscribers: Stock losses accelerated today on comments from President Trump, who said the US doesn’t want to negotiate an end to the war with Iran, and that “there will be no deal with Iran except unconditional surrender,” fueling concerns the US may be girding for an extended conflict. Stocks also retreated today after US employers unexpectedly cut jobs last month and the unemployment rate rose, raising doubts about the health of the labor market. US Feb nonfarm payrolls unexpectedly fell by -92,000, weaker than expectations of a +55,000 increase and the biggest decline in four months. The Feb unemployment rate unexpectedly rose +0.1 to 4.4%, showing a weaker labor market than expectations of no change at 4.3%. US Feb average hourly earnings rose +0.4% m/m and +3.8% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y. US Jan retail sales fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m, Jan retail sales ex-autos were unchanged m/m, right on expectations. Fed Governor Christopher Waller said, "Thinking about monetary policy going forward, the Iran war is unlikely to cause sustained inflation. That's one reason the Fed doesn't look at energy prices but looks at core prices, excluding energy, as core is ...

Qatar’s massive LNG export facility remains largely intact, according to a Bloomberg analysis of satellite data, indicating that recent drone strikes missed key production equipment. Go Matsuo, who leads the Energy Economics and Society Research Institute in Tokyo, confirmed that the gas-export complex appears undamaged, based on a separate analysis of satellite imagery. QatarEnergy didn’t respond to a request for comment left outside of normal business hours. The unprecedented shutdown of Qatar’s Ras Laffan LNG plant earlier this week sent global prices for the fuel higher as power generators, chemical makers and other buyers scrambled for alternative supplies. Qatari Energy Minister Sherida Al-Kaabi told the Financial Times that it will take weeks or even months to restart the complex and resume deliveries, even if war ended immediately. Ras Laffan is the largest LNG facility in the world, with 14 production lines, or trains, that must cycle through a complex sequence of precise steps to restart after a halt.

Since the close of trading last week, shares of the neobank Dave (DAVE 4.21%) traded roughly 7.2% higher, as of 12:46 p.m. ET Friday. Shares had risen as much as 11% on Thursday amid a packed week for the company, during which it reported earnings and announced a convertible debt raise. Nearly a full round trip Since going public through a special purpose acquisition company (SPAC) at the very start of 2022, Dave has seen its shares crushed, only to have made a strong comeback that began in 2024. The stock is still down 33% since its original SPAC days, but investors who bought in mid-2022 or 2023 have made incredible gains. The company, which primarily issues small-dollar, short-term loans of $500 or less, typically repaid within a few weeks, reported fourth-quarter and full-year earnings on Monday. In 2025, Dave grew revenue 60%, net income by 238%, and adjusted EBITDA by 162% year over year. In 2026, Dave is guiding to $700 million in operating revenue at the midpoint of guidance, which implies about 26.5% growth. The company is also guiding for about 10% growth in adjusted diluted earnings per share in 2026. Expand NASDAQ : DAVE Dave Today's Change ( -4.21 %) $ -9.19 Current Price $ 209.02 Key Data Points Market Cap $2.9B Day's Range $ 204.34 - $ 214.91 52wk Range $ 65.46 - $ 286.45 Volume 12K Avg Vol 529K Gross Margin 72.60 % On Dave's earnings call, management also said it believes the 2026 revenue growth projections are sustainable over the next few years, with an opportunity to outperform. Finally, Dave also announced this week that it plans to raise $150 million through convertible senior notes due in 2031. Part of the proceeds will be used to buy back stock. Much improvement, but some cyclical risks Previously, I was not a big fan of Dave's model, which relied on voluntary tips from customers, who used its much cheaper alternative to traditional bank overdrafts. However, this new ExtraCash product is much more interesting. The company examines real-time cu...

Key Points Dave reported strong fourth-quarter 2025 earnings and expects solid revenue growth over the next few years. The stock has been volatile since going public via a special purpose acquisition company. The company's ExtraCash product extends short-term credit of $500 to consumers, which is typically repaid in a week or two. 10 stocks we like better than Dave › Since the close of trading last week, shares of the neobank Dave (NASDAQ: DAVE) traded roughly 7.2% higher, as of 12:46 p.m. ET Friday. Shares had risen as much as 11% on Thursday amid a packed week for the company, during which it reported earnings and announced a convertible debt raise. Nearly a full round trip Since going public through a special purpose acquisition company (SPAC) at the very start of 2022, Dave has seen its shares crushed, only to have made a strong comeback that began in 2024. The stock is still down 33% since its original SPAC days, but investors who bought in mid-2022 or 2023 have made incredible gains. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » The company, which primarily issues small-dollar, short-term loans of $500 or less, typically repaid within a few weeks, reported fourth-quarter and full-year earnings on Monday. In 2025, Dave grew revenue 60%, net income by 238%, and adjusted EBITDA by 162% year over year. In 2026, Dave is guiding to $700 million in operating revenue at the midpoint of guidance, which implies about 26.5% growth. The company is also guiding for about 10% growth in adjusted diluted earnings per share in 2026. On Dave'searnings call management also said it believes the 2026 revenue growth projections are sustainable over the next few years, with an opportunity to outperform. Finally, Dave also announced this week that it plans to raise $150 million through convertible senior notes du...

格隆汇3月7日｜贝克休斯油服：美国钻井公司油井和天然气钻机数量四周来首次增加。

格隆汇3月7日｜以色列军方：本周迄今已在黎巴嫩境内打击逾500个目标。

When investors ponder the concepts of momentum trading or the momentum factor, it's often from a bullish perspective. That's not wrong, but momentum is agnostic. Like a roller coaster, it can soar or sink. Flutter Entertainment (FLUT 2.76%) is in the latter camp. Call it the FanDuel falling knife (Flutter owns FanDuel). Down a staggering 48% year to date, the sports betting stock closed at $11.40 on March 3, or barely more than half of where it closed on Jan. 29, 2024, its first day of trading on the New York Stock Exchange (NYSE). In other words, the gambling stock is serving up the kind of momentum that market participants want no part of experiencing. Pinpointing when or whether the downside ends is challenging, and recent price action suggests prospective shareholders can get better pricing than what's available today. Still, there are reasons to believe Flutter can bounce back over the long haul. Here's why. Addressing the prediction markets problem Dating back to last year, some of the headline risk afflicting stocks like DraftKings (DKNG 1.71%), which is a competitor, and Flutter has been attributable to the perceived competitive threat from prediction markets. Platforms such as Kalshi and Polymarket are experiencing surging volume, with much of that turnover tied to sports event contracts. Prediction markets have advantages, not the least of which is the ability to offer services to 18-year-olds (it's 21 for betting companies) and to operate in states that prohibit sports wagering, including California and Texas. Even with all of that, yes/no exchanges aren't harming the FanDuels of the world to the extent investors previously thought. In his latest letter to shareholders, Flutter CEO Peter Jackson said the company "undertook a comprehensive review" of prediction markets that could erode FanDuel's market share. The analysis, which the Flutter boss deemed "robust," was encouraging in that it didn't turn much in the way of cannibalization and handle erosion. E...

Key Points Flutter Entertainment has shed more than half its value year to date. Recently issued 2026 guidance disappointed investors. Prediction markets aren't the problem some investors think they are. 10 stocks we like better than Flutter Entertainment Plc › When investors ponder the concepts of momentum trading or the momentum factor, it's often from a bullish perspective. That's not wrong, but momentum is agnostic. Like a roller coaster, it can soar or sink. Flutter Entertainment (NYSE: FLUT) is in the latter camp. Call it the FanDuel falling knife (Flutter owns FanDuel). Down a staggering 48% year to date, the sports betting stock closed at $11.40 on March 3, or barely more than half of where it closed on Jan. 29, 2024, its first day of trading on the New York Stock Exchange (NYSE). Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » In other words, the gambling stock is serving up the kind of momentum that market participants want no part of experiencing. Pinpointing when or whether the downside ends is challenging, and recent price action suggests prospective shareholders can get better pricing than what's available today. Still, there are reasons to believe Flutter can bounce back over the long haul. Here's why. Addressing the prediction markets problem Dating back to last year, some of the headline risk afflicting stocks like DraftKings (NASDAQ: DKNG), which is a competitor, and Flutter has been attributable to the perceived competitive threat from prediction markets. Platforms such as Kalshi and Polymarket are experiencing surging volume, with much of that turnover tied to sports event contracts. Prediction markets have advantages, not the least of which is the ability to offer services to 18-year-olds (it's 21 for betting companies) and to operate in states that prohibit sports wagering, i...

In medieval England they were kept in the Tower of London. The skulls of two male Barbary lions were found by workmen in a moat in the Tower in 1937.

Broadcom AVGO shares appreciated 4.8% post the first-quarter fiscal 2026 results reported on Wednesday. The company registered non-GAAP earnings of $2.05 per share, beating the Zacks Consensus Estimate by 0.99% and jumping 28.1% year over year. Revenues rallied 29.5% year over year to $19.31 billion and beat the Zacks Consensus Estimate by 0.13%. The strong results were driven by strong Semiconductor solutions revenues, which soared 52% year over year, driven by a 106% surge in AI revenues. AI networking revenues grew 60% year over year and represented one-third of AI revenues. Broadcom expects a positive second-quarter fiscal 2026 performance, with AI revenues of $10.7 billion, suggesting a 140% year-over-year upsurge. AI networking is expected to accelerate in the second quarter of fiscal 2026 and grow to 40% of the total AI revenues. Semiconductor revenues are expected to be $14.8 billion, indicating 76% year-over-year growth. Broadcom expects revenues of $22 billion, indicating 47% year-over-year growth for the second quarter of fiscal 2026. However, the gross margin is expected to be flat sequentially at 77%. So, what should investors do with the AVGO stock right now? Let us dig deeper to find out. AVGO Rides on Strong AI Growth Amid Stiff Competition AVGO shares have jumped 69.7% in the trailing 12 months, outperforming the broader Zacks Computer and Technology sector’s and the Zacks Electronics – Semiconductors industry’s returns of 25.2% and 53.2%, respectively. The outperformance can be attributed to an innovative product portfolio, growing clientele and an expanding partner base. AVGO’s prospect benefits from rising AI revenues despite growing concerns over overspending on AI-related infrastructure and services by hyperscalers. AVGO Stock’s Performance Zacks Investment Research Image Source: Zacks Investment Research In the first quarter of fiscal 2026, Broadcom’s revenues from custom accelerators jumped 140% year over year. The momentum is expected to con...

Broadcom Shares Rise 5% Post Q1 Earnings: Buy, Sell or Hold? TradingView

"We were not involved in its creation or distribution, and no permission was granted for the use of our intellectual property," said Pokémon spokeswoman Sravanthi Dev. "Our mission is to bring the world together, and that mission is not affiliated with any political viewpoint or agenda."

Two of the most important custom chip makers in AI just delivered back-to-back blowout quarters, and the market is taking notice. The thesis is simple: custom AI accelerators sold by Broadcom and Marvell are believed to be better suited for inference workloads, while training remains NVIDIA’s domain. And with inference demand just beginning to scale, ... Marvell CEO: “Demand for Our Products Continuing to Accelerate” as Data Center Revenue Hits $1.5B

国际能源（850101）署署长法提赫.比罗尔6日表示，中东地区战事造成的物流中断正给许多国家带来挑战，但全球市场上的石油供应仍然充足。比罗尔当天在布鲁塞尔参加欧盟召开的有关全球能源（850101）市场形势的会议。在被媒体问及国际能源（850101）署是否考虑动用石油应急储备时，比罗尔说，“所有选项都在讨论范围之内”，但在现阶段并没有动用计划。他说，我们并不存在石油短缺问题，目前面临的问题是物流层面暂时性的中断。

More than 20,000 fans from all over the world flocked towards the Co-op Live arena in Manchester on Friday to watch Harry Styles perform his first concert in two and a half years – some waiting 48 hours for a place down the front. View image in fullscreen Harry Styles performing at the Brit awards at Co-op Live last week. Photograph: Scott A Garfitt/Invision/AP Styles will perform his new album Kiss All the Time. Disco, Occasionally in full, after its release earlier today. Anticipation for the show had been high since tickets went on sale for £20 in early February, which, barring a performance of the album’s lead single Aperture at the Brit awards – which took place at the same arena a week earlier – will be Styles’ first time on stage since closing out a tour in Italy in July 2023. It has been marketed as a homecoming show for the pop star, who was raised outside the city in Holmes Chapel, Cheshire. Outside the Co-op, a growing line of brightly dressed superfans – or Harries, as they are officially called – waited patiently to be let in, with some, wrapped in foil blankets to stay warm, having already been in line since Wednesday in order to fight their way to the front of the barriers once doors opened. Four friends – Melissa, Dani, Begum and Jessica – had only been waiting in line for an hour and a half, but were no less excited to watch their idol end his hiatus. “We absolutely love him, we love his new album, it’s so dancey and fun and it’s going to be amazing,” said Begum, who also has tickets to see Styles twice on the world tour he is undertaking in the summer. “We love his new era and he seems really happy, which makes us happy as well.” View image in fullscreen Melissa Peace, Dani Gibson, Begum Pippin and Jessica Harris queue outside Co-op Live. Photograph: Christopher Thomond/the Guardian Kara Rosenberg, 27, travelled to Manchester from Chicago for the show, stating that it was a “once in a lifetime experience” to watch him make his comeback. “I first be...

The post The Average American Needs This Much to Retire — How Ready Are You? by Benzinga Contributors appeared first on Benzinga . Visit Benzinga to get more great content like this. Benzinga Money is a reader-supported publication. We may earn a commission from the advertisers associated with this article. Read our Advertiser Discloser . The average American needs $1.26 million to comfortably retire, according to Northwestern Mutual’s 2025 Planning & Progress Study . A fiduciary financial assistant can help you create a path to that benchmark and help keep you on track. Money Pickle’s simple quiz connects you with a vetted fiduciary for a no-cost, 1-on-1 strategy session tailored to your goals. Many Americans, however, are far from being retirement ready. Only about 26% of U.S. adults are extremely or very confident they’ll have enough assets to last through retirement, a November 2025 study by the Pew Research Center says. Four-in-ten adults say they’re not confident they’ll ever get to retire, or that they won’t have enough income to truly enjoy their golden years. This fear is more acute among younger generations, as only 18% of people 30-39 are confident they’ll have enough for retirement, compared to 31% of people ages 60-69. A 2025 Gallup poll underscores this challenge, revealing 40% of all U.S. adults have no retirement-specific savings accounts. The poll also shows that only 39% of those 18-29 have a retirement account, compared to 70% of people ages 50-64. The average household retirement savings by age group further highlights this issue: Under 35: $49,130 (median: $18,880) Ages 35 to 44: $141,520 (median: $45,000) Ages 45 to 54: $313,220 (median: $115,000) Ages 55 to 64: $537,560 (median: $185,000) Ages 65 to 74: $609,230 (median: $200,000) Source: Federal Reserve: Survey of Consumer Finances The same trend can be found when looking at the average 401(k) balance by age group: Ages 30-34: $45,700 Ages 35-39: $73,200 Ages 40-44: $109,100 Ages 45-49: $152,...

Key Points Apparel retailer Gap’s fourth-quarter results and forward-looking guidance were in-line with expectations. Simply meeting expectations amid the company’s turnaround efforts, however, isn’t quite good enough for investors right now. If you can look past all the noisy, distracting rhetoric, you’ll find that Gap remains a very relevant retailer with respectable growth potential. 10 stocks we like better than Gap › The good news is, retailer Gap (NYSE: GAP) met its fiscal fourth-quarter sales and earnings expectations. The bad news is, the company didn't actually beat either estimate. It merely matched analysts' revenue and profit projections, which were measurably less than year-ago figures. Given this, the stock was vulnerable to any rhetoric that was less than bullish. All it took was the perception of trouble to send shares 13.5% lower as of 12:40 p.m. ET Friday. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Here's what you need to know. "Good" wasn't good enough Gap turned nearly $4.24 billion in revenue into a per-share profit of $0.45 for the three months ending in January, in-line with expectations, but down from the comparable quarter a year earlier when the company reported earnings of $0.54 per share on sales of $4.15 billion. The top-line growth was impressive given January's temporary store closures due to a severe winter storm, which only made the dip in profits resulting from new import tariffs all the more pronounced. The current quarter and full year are likely to be healthy enough as well. Gap is guiding for revenue growth of between 1% and 2% for the three months ending in April, and sales growth of 2% to 3% for the entire fiscal year. Both are also in-line with analysts' expectations, as is the company's expected 2026 profit of between $2.20 and $2.35 per share versus ...

Welcome to ETF IQ, a weekly newsletter dedicated to the $19 trillion global ETF industry. I’m Bloomberg News reporter and anchor Katie Greifeld . No, Really US regulators wrangled a group of intrepid ETF issuers onto the phone this week to deliver a pretty straightforward message: don’t launch your hyper-leveraged funds. Specifically, the Securities and Exchange Commission’s Division of Investment Management told a group of independent trustees and fund counsel that they shouldn’t allow their products to go effective (the final step before launch), Bloomberg’s Isabelle Lee and Vildana Hajric reported. Apparently, the call only lasted a few minutes and there was no opportunity for Q&A. As this newsletter said back in December — the first time the SEC brake-checked this impulse — it appears that ultra-high leverage is a line in the sand for the agency. Interestingly, issuers kept trying, with applications landing from the likes of Leverage Shares, GraniteShares, Direxion, ProShares and Roundhill Investments in the months since. Fast forward to March, and the SEC is redrawing that line. But let’s talk about why it might be a bright line for the SEC. My colleague Sid Verma makes the point in our Crypto newsletter that products such as Dogecoin ETFs exist , which are also extremely volatile and — one could argue — have a non-zero chance of going to zero one day (depending on your worldview). But the situation with three- and five-times funds is slightly different: it’s not so much that they could lose all their value (they could!), but that they run a higher-than-comfortable risk of completely imploding. For example, let’s say XYZ stock drops 25% in a single day — that would be an extinction event for the 5x ETF tracking it, given that it can’t decline more than 100%. This isn’t an entirely hypothetical scenario. Recall that in October, we saw the European-listed GraniteShares 3x Short AMD exchange-traded product, which aimed to offer three times the inverse performance ...