China’s logistics efficiency hit a new high in 2025, as expanding infrastructure investment and rapid adoption of new technologies supported productivity growth in the world’s second-largest economy. The ratio of total social logistics costs to gross domestic product fell to 13.9 per cent in 2025 – the lowest level on record – down from 14.1 per cent in 2024, according to data released by the Nati...
China’s logistics efficiency hit a new high in 2025, as expanding infrastructure investment and rapid adoption of new technologies supported productivity growth in the world’s second-largest economy. The ratio of total social logistics costs to gross domestic product fell to 13.9 per cent in 2025 – the lowest level on record – down from 14.1 per cent in 2024, according to data released by the National Development and Reform Commission. That meant 13.9 yuan (US$2.01) was spent on logistics for every 100 yuan of economic output, a crucial measure of supply-chain efficiency and overall productivity. Advertisement The trend highlights steady progress towards Beijing’s goal of transforming the world’s largest logistics market into a more efficient and strategic one . An action plan issued in November 2024 targets lowering the ratio to about 13.5 per cent by 2027. As part of that goal, advanced technologies have begun to reshape the sector. Unstaffed warehouses, delivery drones and artificial intelligence-driven dispatch systems are gaining traction, with pilot projects and early deployments expanding rapidly. Advertisement Many of these applications remain in the trial or early adoption stage, suggesting potential for further growth. Industry-wide penetration and depth of intelligent operations lag behind those of leading global logistics companies, while some high-end technologies continue to depend on imported components. Infrastructure also underpins China’s strengths. The country has been the world’s largest logistics market for nearly a decade, with total value reaching 368.2 trillion yuan (US$53.3 trillion) in 2025, up 5.1 per cent year on year in real terms. Parcel deliveries climbed to 216.5 billion, an 11.8 per cent increase.
El Paso International Airport Google Earth The Federal Aviation Administration abruptly grounded all flights in and out of El Paso International Airport in Texas for 10 days starting Wednesday, citing "special security" instructions. The FAA didn't immediately say what the security reasons for the sudden halt are. The airport sits next to Biggs Army Airfield and is near the Mexican border, about 1...
El Paso International Airport Google Earth The Federal Aviation Administration abruptly grounded all flights in and out of El Paso International Airport in Texas for 10 days starting Wednesday, citing "special security" instructions. The FAA didn't immediately say what the security reasons for the sudden halt are. The airport sits next to Biggs Army Airfield and is near the Mexican border, about 12 miles from Juarez, Mexico. The Pentagon referred a question about the nature of the security issue to the FAA. Flights are halted until late Feb. 20 and the ban applies to a 10-nautical-mile area around the airport. The airport carried more than 3 million people in the first 11 months of 2025 and is served by Southwest Airlines , Delta Air Lines , American Airlines , United Airlines and Frontier Airlines . EL PASO, TEXAS - DECEMBER 25: A sign at the El Paso International Airport (ELP) on December 25, 2025 in El Paso, Texas. Kirby Lee | Getty Images News | Getty Images Read more CNBC airline news Pressure mounts on American Airlines CEO as carrier lags rivals Boeing outsold Airbus last year for first time since 2018, deliveries rise to 600 Allegiant to buy rival budget airline Sun Country in $1.5 billion cash and stock deal Why airline class wars will intensify in 2026
Cristian Martin/iStock Editorial via Getty Images I have been a happy MPLX LP ( MPLX ) investor since 2024, and it makes me happy not only because of the generous distribution yield but also because of the share price appreciation. It delivered a total return of 34% since November 2024, when I last covered it , outpacing the broader U.S. stock market by two times over the same period. Out of the 3...
Cristian Martin/iStock Editorial via Getty Images I have been a happy MPLX LP ( MPLX ) investor since 2024, and it makes me happy not only because of the generous distribution yield but also because of the share price appreciation. It delivered a total return of 34% since November 2024, when I last covered it , outpacing the broader U.S. stock market by two times over the same period. Out of the 34% return, approximately half was ensured by capital gains. Therefore, it means that MPLX is a good investment opportunity not only for income investors. MPLX's fundamentals remain rock-solid, which is reinforced by the company's recent earnings. Valuation remains quite attractive, and MPLX currently offers almost an 8% forward distribution yield, meaning that this midstream giant remains a 'Strong buy'. Fundamental analysis MPLX is a master limited partnership ('MLP') operating across various domains of the traditional energy midstream industry. The business consists of two segments: Crude Oil and Products Logistics and Natural Gas and NGL services. According to the company's Q4 earnings presentation , Crude Oil and Products Logistics is the largest profitability contributor, as this segment's adjusted EBITDA represents approximately 65% of the total. MPLX IR Meanwhile, the company is investing aggressively in expanding its Natural Gas and NGL Services business. According to the fresh 2026 outlook, circa 90% of the company's CapEx this year will be allocated to natural gas projects. This looks like a very reasonable move because of the increasing role of natural gas in the global energy balance as the world shifts to cleaner energy sources. Europe has historically bought Russian gas because it was the cheapest way for them due to the favorable geographic factor. However, since the commencement of the Russia-Ukraine war and sanctions against Russian energy, various large European economies started purchasing LPG from the U.S. Therefore, there is a nexus of two structural ta...
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. Delinquencies in commercial mor...
A version of this article first appeared in the CNBC Property Play newsletter with Diana Olick. Property Play covers new and evolving opportunities for the real estate investor, from individuals to venture capitalists, private equity funds, family offices, institutional investors and large public companies. Sign up to receive future editions, straight to your inbox. Delinquencies in commercial mortgage-backed securities rose again in January, up 17 basis points from December to 7.47%, according to Trepp. In January 2025, the rate was 6.56%. Last month's balance of newly delinquent loans totaled just under $5.4 billion, but during the same period, $2.6 billion worth of delinquent loans cured and $1.1 billion paid off. That left a net increase of $1.6 billion in delinquent loans. The increase was driven by the beleaguered office sector, which has a lot of distressed properties to work through but is seeing improvements in fundamentals. Vacancies are finally falling for the first time since 2019. Office CMBS delinquencies rose 103 basis points from December to 12.34%, an all-time high on Trepp's index dating back to 2000. The previous high was 11.6%, set in October. The rate increase, however, was driven by two exceptionally large New York City properties: Worldwide Plaza ($940 million) and One New York Plaza ($835 million). And while the headline rate is certainly concerning, what's actually happening with the loans seems less so. "A lot of these loans face cash flow pressure, but they're still close enough to cash flow positive, or they are cash flow positive, so the borrower has incentive to try and salvage the deal and keep some optionality going for the long run," said Stephen Buschbom, Trepp's head of applied research and analytics. "So you end up seeing the borrowers contribute a marginal amount of equity to kick the can down the road and kind of lean into and hope for the return to office, salvaging their equity position." Buschbom said he believes this will be...
asbe/iStock via Getty Images Originally published on February 3, 2026 Gold Fundamental Analysis In the first month of 2026, there has been some extraordinary market action. The price of gold leapt from $4,347 on January 2 to an intraday high around $5,600 on Thursday, January 29. That is almost 30%! In a month! But on Friday, January 30, the price crashed, ending the day at under $4,900. As expect...
asbe/iStock via Getty Images Originally published on February 3, 2026 Gold Fundamental Analysis In the first month of 2026, there has been some extraordinary market action. The price of gold leapt from $4,347 on January 2 to an intraday high around $5,600 on Thursday, January 29. That is almost 30%! In a month! But on Friday, January 30, the price crashed, ending the day at under $4,900. As expected, the selloff triggered claims that gold had been deliberately “smashed.” That explanation is familiar, but inconsistent with what the intraday data shows. We do not usually publish intraday charts. This time, we had to. NB: The daily price and basis are taken around the PM Fix at 3pm London time Looking first at January as a whole, the gold basis remained largely flat even as price accelerated. That alone tells us something important: supply and demand fundamentals barely moved during the rally. The price ran ahead of them. A quick refresher: the basis is calculated as future price minus spot price. We have published a lot of theory about it, but at a mechanical level there are four cases - Price rising, basis rising: futures are bought more than metal Price rising, basis falling: metal is bought Price falling, basis falling: futures are sold Price falling, basis rising: metal is sold Now, let’s zoom in. NB: This chart shows the April basis, whereas charts above show the continuous basis which is 6-month duration, times shown are London time With that big increase in price on Wednesday January 28 - from $5,150 to $5,550 - the basis drops from 2.8% to 1.8% (the part near the right side, where price and basis show a straight line is after the New York close and before the Globex open). This is a chart showing the price being driven up fast by a lot of buying of metal. But Thursday, January 29 is a different picture. The price is rangebound from midnight to around the time of the PM fix. During this time, we mostly have a rising basis. We read this as an absence of metal bu...
FY 2025 Revenue Expected to Range Between $8.5 Million and $9.5 Million FY 2025 Net Income Expected to Range Between $3.0 Million and $4.0 Million NEW YORK and TOKYO, Feb. 11, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (NASDAQ: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, today announced select preliminary financial results for the fiscal year ...
FY 2025 Revenue Expected to Range Between $8.5 Million and $9.5 Million FY 2025 Net Income Expected to Range Between $3.0 Million and $4.0 Million NEW YORK and TOKYO, Feb. 11, 2026 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (NASDAQ: HTCR) (“HeartCore” or the “Company”), an IPO consulting services company based in Tokyo, today announced select preliminary financial results for the fiscal year ended December 31, 2025. These results are preliminary, unaudited, and subject to the completion of the Company’s annual audit. Actual results may differ materially as a result of the final audit process, including the receipt of additional information and related determinations. Preliminary FY 2025 Financial Highlights Based on currently available unaudited information, HeartCore expects: Revenue to be in the range of $8.5 million to $9.5 million Net income to be in the range of $3.0 million to $4.0 million The year-over-year decline in consolidated revenue primarily reflects the strategic divestiture of the Company’s wholly owned subsidiary, HeartCore Co., Ltd. (“HeartCore Japan”), which was completed on October 31, 2025. As a result of this transaction, approximately $7.0 million to $8.0 million of revenue previously generated by HeartCore Japan has been excluded from the Company’s consolidated revenue for 2025. Despite the decline in revenue, the Company recorded an approximately $7.0 million gain on the sale of HeartCore Japan, contributing to a significant improvement in profitability. As a result, HeartCore expects to report net income of $3.0 million to $4.0 million for fiscal year 2025, compared to a net loss of $5.2 million in the prior year. Expected Fiscal Year 2025 Revenue by business type: Software Related Business Go IPO Business Total $7.0 million – $7.5 million $1.5 million – $2.0 million $8.5 million – $9.5 million As of December 31, 2025, the Company has been engaged by a cumulative total of 16 Go IPO clients, with five companies currently under active en...
It's possible to reach millionaire status with a couple hundred dollars per month. If you're earning an average salary, it may be harder to devote cash toward your retirement fund -- especially as costs continue to soar and many workers are finding it challenging just to make ends meet. While it's not easy to build a nest egg worth $1 million, time and consistency can help you get there. Here's ho...
It's possible to reach millionaire status with a couple hundred dollars per month. If you're earning an average salary, it may be harder to devote cash toward your retirement fund -- especially as costs continue to soar and many workers are finding it challenging just to make ends meet. While it's not easy to build a nest egg worth $1 million, time and consistency can help you get there. Here's how. How to retire a millionaire According to the most recent data from the U.S. Bureau of Labor Statistics, the median weekly income among American workers is $1,159, amounting to just over $60,000 per year. A general rule of thumb among financial professionals is to devote 10% to 15% of your pre-tax income to retirement savings, which would be $6,000 to $9,000 per year for the typical worker. Given many households' financial strain right now, however, those figures may be unrealistic. Let's say instead that you're able to comfortably set aside 5% of your income for retirement. If you're earning $60,000 per year, that would amount to $3,000 per year, or $250 per month. The stock market itself has earned an average rate of return of around 10% per year over the last 50 years. At that rate, here's approximately how $250 per month could add up over time: Number of Years Total Portfolio Value 20 $172,000 25 $295,000 30 $493,000 35 $813,000 40 $1,328,000 In this case, it would take between 35 and 40 years of consistent investing to reach the $1 million mark. If you can afford to contribute more per month, you could reach that goal faster. Contributing 15% of your income -- or $750 per month in this scenario -- could help you reach $1 million in about 27 years, all other factors remaining the same. One simple way to supercharge your savings The rate of return you're earning on your investment is one of the key factors determining how much you accumulate over time. Earning even slightly higher-than-average returns can have a massive impact on your savings. For example, say that ins...
In my Ryzen 7 9850X3D review , I called AMD’s latest gaming chip “a 9800X3D in a trench coat.” It was a quip at AMD that, although technically the fastest gaming processor around, the new CPU was only 3.3% faster than the Ryzen 7 9800X3D, despite selling for anywhere from $40 to $70 more. It’s a small margin that isn’t worth the extra money, but it’s still a consistent one. Say what you will about...
In my Ryzen 7 9850X3D review , I called AMD’s latest gaming chip “a 9800X3D in a trench coat.” It was a quip at AMD that, although technically the fastest gaming processor around, the new CPU was only 3.3% faster than the Ryzen 7 9800X3D, despite selling for anywhere from $40 to $70 more. It’s a small margin that isn’t worth the extra money, but it’s still a consistent one. Say what you will about the 9850X3D, but it is technically faster than the Ryzen 7 9800X3D in games where you aren’t completely bound by the GPU. But PBO (Precision Boost Overdrive) changes that dynamic. For our CPU reviews, we manually disable PBO to keep testing consistent. AMD’s PBO is dynamic and allows the processor to eke out a bit of extra performance when thermal and/or power conditions allow. It’s an uncontrolled variable in our reviews, voids your warranty, and is dependent on silicon and your specific setup, so we leave it off. However, it’s very easy to turn on. And the Ryzen 7 9800X3D with PBO turned on looks an awful lot like the Ryzen 7 9850X3D. I never expected wonders out of the Ryzen 7 9850X3D. It’s identical to the Ryzen 7 9800X3D, short of a 400MHz boost in maximum clock speed. It’s possible to hit those kinds of speeds on a Ryzen 7 9800X3D, though not without a lot of manual tuning and some luck from the silicon lottery. Unless you’re an overclocking enthusiast with patience and a bit of luck, you shouldn’t expect 5.6GHz out of the Ryzen 7 9800X3D, while the Ryzen 7 9850X3D can hit those speeds out of the box. Although you shouldn’t expect 5.6GHz from the Ryzen 7 9800X3D easily, you can still overclock it with PBO. Turn on PBO, let your motherboard determine the power limits (or turn them off), and add a 200MHz positive manual boost clock override. That’s something just about any Ryzen 7 9800X3D can do, assuming you have a decent CPU cooler . With just an extra 200MHz, the Ryzen 7 9800X3D looks nearly identical to the Ryzen 7 9850X3D in games. We retested the Ryzen 7 9800X3D ...
Futures Rise Ahead Of Today's Delayed Jobs Report US equity futures are flat ahead of today's delayed January payrolls ( full preview here ) with the market now expecting a weaker print after the Retail Sales miss and weaker high-frequency data. As of 8:00am ET, S&P and Nasdaq 100 futures are both up 0.1%. Pre-market, Mag7 names are mostly lower; Discretionary, Energy, Industrials and Materials ar...
Futures Rise Ahead Of Today's Delayed Jobs Report US equity futures are flat ahead of today's delayed January payrolls ( full preview here ) with the market now expecting a weaker print after the Retail Sales miss and weaker high-frequency data. As of 8:00am ET, S&P and Nasdaq 100 futures are both up 0.1%. Pre-market, Mag7 names are mostly lower; Discretionary, Energy, Industrials and Materials are all higher pointing to a potential broad-based cyclical rally while TMT is muted; AI ex-Mag7 is seeing a bid. JPMorgan’s trading desk expects the delayed January data to give a small boost to stocks — something much-needed amid the indiscriminate selling of those on the wrong side of AI. International markets are mixed with trends similar – Japan closed, KOSPI strong up 100bps, HSI not far behind up 30bps. Europe more flat to down with CAC down 13bps and DAX off 24bps. Australia leads the downside off 172bps. 10 TSY yields are at lows 4.13%, while the USD is weaker for the 4th consecutive session, the DXY down below $97 to $96.58 and Bitcoin trades down to $67k. FT reports Ukraine planning presidential elections and a referendum on any peace deal, potentially by mid-May, under US pressure. Timing uncertain given Donbas, Zaporizhzhia and escalation risks. China CPI soft +0.2% vs. 0.4%. Commodities moving higher this morning led by silver but Comex copper back above $6 to $6.07 up 3%, crude quietly moving up with WTI at $65. Today’s macro data focus is on the NFP release but watch the drop in Mortgage Approvals given the strength of the recent Homebuilders bid. McDonald’s and Cisco are due to report. In premarket trading, Mag 7 stocks are mixed (Nvidia +0.6%, Amazon +0.2%, Microsoft +0.2%, Alphabet +0.07%, Apple -0.04%, Meta -0.4%, Tesla -0.2%) Astera Labs (ALAB) falls 11% after the semiconductor manufacturing company reported its fourth-quarter results. It also announced that its chief financial officer would retire. Beta Technologies (BETA) climbs 18% after Amazon.com Inc...
(RTTNews) - The FTSE 100 benchmark of the London Stock Exchange is trading with strong gains on Wednesday, diverging from the negative trend in broader European markets. Easing political tensions in the U.K. supported sentiment. The FTSE 100 which had closed at 10,353.84 on Tuesday traded between 10,437.52 and 10,353.80 on Wednesday. Amidst strong gains in commodity names, the index is currently t...
(RTTNews) - The FTSE 100 benchmark of the London Stock Exchange is trading with strong gains on Wednesday, diverging from the negative trend in broader European markets. Easing political tensions in the U.K. supported sentiment. The FTSE 100 which had closed at 10,353.84 on Tuesday traded between 10,437.52 and 10,353.80 on Wednesday. Amidst strong gains in commodity names, the index is currently trading at 10,431.12, having added 0.75 percent from the previous close. In the 100-scrip index, 59 scrips are trading in the overnight green zone. Antofagasta topped gains with a surge of 5.7 percent. AstraZeneca rallied 3.3 percent. Fresnillo, Endeavour Mining, Coca-Cola HBC, Rio Tinto, all followed with gains of more than 2.5 percent. St James's place plunged 12.6 percent. Barratt Redrow lost 5.4 percent followed by Relx that shed close to 4 percent. Amidst anxiety ahead of payroll data from the U.S and the dollar's weakness, the six-currency Dollar Index has edged down 0.06 percent to 96.74 from the level of 96.80 at the previous close. The GBP/USD pair has rallied 0.19 percent to 1.3681. The sterling ranged between $1.3712 and $1.3632 in the day's trade. The EUR/GBP pair slipped 0.20 percent to 0.8700. The GBP/JPY pair has also slipped 0.23 percent to 210.15 amidst the yen's renewed strength. With yields mostly trading on a weak note, bonds in the U.K. also witnessed a drop in yields. Ten-year bond yields in the U.K. shed 0.38 percent to 4.4950 percent. The yields ranged between 4.5160 percent and 4.4880 percent over the course of the day. Yields had closed at 4.5120 percent a day earlier. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
OpenAI's ( OPENAI ) announcement that it has begun ad testing this week inside ChatGPT is likely to have broader implications for the technology sector and could negatively impact Pinterest ( PINS ) and Instacart ( CART ), Wedbush Securities said. “The offering has drawn interest from leading ad agencies, including Omnicom, WPP, and Dentsu,” Wedbush analyst Scott Devitt wrote in a note to clients....
OpenAI's ( OPENAI ) announcement that it has begun ad testing this week inside ChatGPT is likely to have broader implications for the technology sector and could negatively impact Pinterest ( PINS ) and Instacart ( CART ), Wedbush Securities said. “The offering has drawn interest from leading ad agencies, including Omnicom, WPP, and Dentsu,” Wedbush analyst Scott Devitt wrote in a note to clients. “Omnicom has reported that more than 30 of its clients have already secured placements in OpenAI's advertising pilot. Importantly, leading retailers and platforms including Target and Adobe, will be among some of the first partners to participate as part of an ongoing strategy to explore new surfaces for discovery, brand visibility, and shopping.” Devitt continued: “As brands begin to shift experimental budgets across both the upper and lower funnel to new AI-enabled surfaces, advertising platforms capturing just a small percentage of retailer wallets are most at risk.” Delving deeper, Devitt pointed out that Pinterest shares have fallen more than 30% since the third-quarter, as investors worry about the rising threats of AI-enabled platforms and agentic commerce tools. “As AI compresses the market of discovery and purchase for leading advertiser peers, the value proposition of subscale players, such as Pinterest, erodes,” Devitt explained. “While Pinterest has improved its ability to collect and measure intent signals, the company still lacks full commerce visibility relative to competitors, limiting the effectiveness of its ad platform.” Given the fact that Pinterest has less than 10% of the ad budget from some of its largest advertisers, Devitt believes the company is “at risk of losing market share as the digital advertising industry navigates this new period of transition.” For Instacart, OpenAI's partnerships with grocers and consumer-packaged goods advertisers will “meaningfully” challenge its ad offerings, Devitt said. “In recent quarters, Instacart has been reposi...
昨天，我和一位刚拿了非常大规模融资、正在做 AI 游戏的朋友聊了很久。那种谈话并不是信息密度特别高的那种技术交流，更像是两个已经深度身处这个行业里的人，对同一个时代节奏产生的共同震荡。 最强烈的感受，其实只有一个： AI 的发展速度，已经开始明显超出我们作为从业者的认知边界。 01 如果把时间拨回一年多以前，AI 仍然处在一个“几个月一个爆款”的节奏里。我们会在一次模型发布、一次产品突破之后，集体...
昨天，我和一位刚拿了非常大规模融资、正在做 AI 游戏的朋友聊了很久。那种谈话并不是信息密度特别高的那种技术交流，更像是两个已经深度身处这个行业里的人，对同一个时代节奏产生的共同震荡。 最强烈的感受，其实只有一个： AI 的发展速度，已经开始明显超出我们作为从业者的认知边界。 01 如果把时间拨回一年多以前，AI 仍然处在一个“几个月一个爆款”的节奏里。我们会在一次模型发布、一次产品突破之后，集体惊叹一下技术进展有多快，然后再回到原本的工作节奏中。 但从 2026 年开始，这种节奏被彻底打碎了。 现在的状态更接近于：几乎每一周，都会出现一次足以改变产品形态、改变工作方式、甚至改变认知框架的更新。 不是小功能，不是参数优化，而是可以实实在在重构生产流程的能力跃迁。 过去一两周，我自己几乎是以一种不太健康的方式在跟进这些变化。平均每天睡四个小时左右，除了必须处理的工作和生活事务之外，大量时间都用来阅读最新的模型进展、产品发布和研究动态。即便如此，我仍然只能很勉强地告诉自己：大概跟上了。但如果严格一点说，其实已经开始掉队。 而真正让我意识到这种变化对现实世界冲击有多强烈的，是我那位朋友的状态。 他现在管理着接近四十人的团队，方向非常明确，就是做 AI 驱动的游戏产品。从融资规模、人员配置和组织成熟度来看，这已经是一家相当健康的创业公司。AI 的确极大地提升了他们的生产效率。很多原本需要四五个人协作完成的模块，现在一个工程师就可以在极短时间内交付。 从表面看，这反而意味着团队不再需要继续扩张研发规模。 但现实恰恰相反。他的焦虑感，比我更强。 原因很简单。 AI 的更新节奏已经快到这样一个程度：每一次模型能力的跃迁，都会直接影响产品设计方式、系统架构、玩法设计乃至商业假设本身。 更重要的是，他是管理者，而不是一线研究人员。他并没有足够的时间与精力，去系统性地追踪每一条技术路线、每一个新模型的能力边界。 所以他已经开始非常认真地考虑一个在几年前听起来极其奢侈、甚至有些“脱离业务”的配置——专门招聘几名只负责跟进 AI 前沿研究的人，而不是直接参与产品开发。 他们的唯一任务，就是确保公司在认知层面不被时代甩下。 这一点对我触动很大。因为这意味着， 在 AI 高速演化的阶段里，“认知更新能力”本身，正在变成一种稀缺资源。 02 在交流中，我们也谈到了国内 AI 公司的整体格局，并且...
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Partners Fund”. A copy of the letter can be downloaded here. The Fund increased considerably in the fourth quarter, returning 19.07% (Institutional Shares). It outperformed both the Russell Midcap Growth Index (the Benchmark), which returned -3.70%, and the broader Russell 3000 Index, which returned 2.40% in the q...
Baron Fund, an investment management company, released its Q4 2025 letter for “Baron Partners Fund”. A copy of the letter can be downloaded here. The Fund increased considerably in the fourth quarter, returning 19.07% (Institutional Shares). It outperformed both the Russell Midcap Growth Index (the Benchmark), which returned -3.70%, and the broader Russell 3000 Index, which returned 2.40% in the quarter. The Fund returned 24.86% in the calendar year, significantly outperforming the Russell Midcap Growth Index, which posted a return of 8.66%, and the Russell 3000 Index, which returned 17.15%. The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across market caps. It has consistently delivered strong absolute and relative performance over the long term. The Fund has seen substantial appreciation during good times and has preserved value during challenging periods. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Baron Partners Fund highlighted Tesla, Inc. (NASDAQ:TSLA). Tesla, Inc. (NASDAQ:TSLA) is an American company that manufactures electric vehicles and energy generation and storage systems. On February 10, 2026, Tesla, Inc. (NASDAQ:TSLA) stock closed at $425.21 per share. One-month return of Tesla, Inc. (NASDAQ:TSLA) was -3.19%, and its shares are up 26.36% over the past twelve months. Tesla, Inc. (NASDAQ:TSLA) has a market capitalization of $1.596 trillion. Baron Partners Fund stated the following regarding Tesla, Inc. (NASDAQ:TSLA) in its fourth quarter 2025 investor letter:
Key Points Fears of AI disruption have hit stocks like Microsoft, Adobe, and Salesforce. Nvidia CEO Jensen Huang believes that software won’t be replaced by AI -- it will be improved. These 10 stocks could mint the next wave of millionaires › Investors are worried that the biggest losers of the artificial intelligence (AI) revolution might be technology companies. Recent improvements in AI models ...
Key Points Fears of AI disruption have hit stocks like Microsoft, Adobe, and Salesforce. Nvidia CEO Jensen Huang believes that software won’t be replaced by AI -- it will be improved. These 10 stocks could mint the next wave of millionaires › Investors are worried that the biggest losers of the artificial intelligence (AI) revolution might be technology companies. Recent improvements in AI models and the release of new AI tools from Anthropic have sparked fears in the market that AI might disrupt the business models of, or even replace, companies that sell software as a service (SaaS companies). This tech stock sell-off is already being branded by some as the "SaaSpocalypse." The idea driving this tech stock downturn is that if AI gets good enough, companies that buy expensive business software might not need to buy so much of it. Or they might be able to use AI to build their own software, or maintain and upgrade their own software, without paying for ongoing support. 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 » If this story proves correct, major software companies that have built lucrative businesses by selling enterprise software subscriptions might no longer be so valuable -- or might not be needed at all. The harshest effects of this turn in sentiment can be seen in the share prices of companies like Salesforce (NYSE: CRM), Microsoft (NASDAQ: MSFT), and Adobe (NASDAQ: ADBE). The Nasdaq-100 index is down almost 5% in the past five days as I write this and nearly 3% year to date. But there's one problem with the SaaSpocalypse story: It might be totally false. Investor fears about software being replaced with AI might be overblown. Jensen Huang isn't buying the SaaS stock sell-off Jensen Huang, CEO of Nvidia (NASDAQ: NVDA), at a conference last week said that the belief that software will be...
J. Michael Jones/iStock Editorial via Getty Images Generac Holdings Inc. ( GNRC ) reported fourth quarter results that missed Wall Street estimates for revenue and adjusted earnings, but strong momentum in data center demand and a bullish 2026 outlook sent its shares up 7.8% in premarket trading Wednesday. The maker of backup generators and solar equipment posted net sales of $1.09 billion for the...
J. Michael Jones/iStock Editorial via Getty Images Generac Holdings Inc. ( GNRC ) reported fourth quarter results that missed Wall Street estimates for revenue and adjusted earnings, but strong momentum in data center demand and a bullish 2026 outlook sent its shares up 7.8% in premarket trading Wednesday. The maker of backup generators and solar equipment posted net sales of $1.09 billion for the fourth quarter, down 12% from $1.23 billion a year earlier and below the consensus estimate of $1.16 billion. Adjusted net income attributable to Generac ( GNRC ) was $95 million, or $1.61 a share, missing analysts’ expectations of $1.77 a share and down from $168 million, or $2.80 a share, in the year earlier period. Legal charge drives quarterly loss Net income fell to a loss of $24 million, or $0.42 a share, from net income of $117 million, or $2.15 a share. The quarterly loss included a $104.5 million provision for the settlement of a legal matter. Gross profit margin declined to 36.3% from 40.6% a year earlier, reflecting an unfavorable sales mix, certain inventory provisions and higher input costs, partly offset by price realization. Operating expenses rose to $405.4 million, driven largely by the legal provision. Cash flow from operations totaled $189 million, down from $339 million in the prior year quarter. Free cash flow was $130 million compared with $286 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization was $185 million, or 17.0% of net sales, compared with $265 million, or 21.5%, in the year-earlier period. On a segment basis, international adjusted ebitda margins improved year over year. Data centers fuel commercial momentum A bright spot for Generac ( GNRC ) was its Commercial and Industrial segment, where sales increased about 10% to $400 million, driven primarily by higher revenue from products sold to data center customers. Domestic segment sales fell 17% to $889 million due to weaker shipments of home standby and...