The rapid expansion of AI in recent years has created a more complicated backdrop for the software industry. While AI continues to drive productivity gains and new revenue opportunities across technology, it is also introducing structural pressures. By improving efficiencies, AI systems are reducing headcounts – and that has implications for software companies, who sell subscriptions and products ...
The rapid expansion of AI in recent years has created a more complicated backdrop for the software industry. While AI continues to drive productivity gains and new revenue opportunities across technology, it is also introducing structural pressures. By improving efficiencies, AI systems are reducing headcounts – and that has implications for software companies, who sell subscriptions and products on a per-seat basis. The situation is also complicated on the coding side, where AI makes it possibl
ClaudioVentrella/iStock via Getty Images Dear Baron Discovery Fund Shareholder, The fear of machines turning evil is [a] red herring. The real worry isn’t malevolence, but competence. A super-intelligent AI is by definition very good at attaining its goals, whatever they may be, so we need to ensure that its goals are aligned with ours... If we cede our position as smartest on our planet, it’s pos...
ClaudioVentrella/iStock via Getty Images Dear Baron Discovery Fund Shareholder, The fear of machines turning evil is [a] red herring. The real worry isn’t malevolence, but competence. A super-intelligent AI is by definition very good at attaining its goals, whatever they may be, so we need to ensure that its goals are aligned with ours... If we cede our position as smartest on our planet, it’s possible that we might also cede control.- Life 3.0: Being Human in the Age of Artificial Intelligence , Max Tegmark, pp. 67-68. Today, many of us choose to live in a form of pseudo-reality governed by algorithmically enabled individual experiences. Much of what passes for authentic experience today is vicarious and virtual... [W]hat began as a slow bleed of reality on the edges has now become a culture-wide destabilizing force. Reality has competition, from both augmented and alternative forms... In these new worlds, we are Users, not individuals.- The Extinction of Experience: Being Human in a Disembodied World , Christine Rosen, pp. 2-4. You do not rise to the levels of your goals,you fall to the level of your systems.- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones , James Clear, p. 27 Throughout my career I’ve had my antennae up, looking for examples of people who use systems as opposed to goals. In most cases, as far as I can tell, the people who use systems do better... To put it bluntly, goals are for losers. That’s literally true most of the time.- How to Fail at Almost Everything and Still Win Big , Scott Adams, pp. 31-32 The above quotes seem to be strange juxtapositions, but actually mesh together pretty well, and are very apropos to the world in which we live right now. As a society, we are at the cusp of massive advances in the realm of AI. We hope that this will be to the benefit of humanity, but right now is the time in which humanity will determine the parameters (goals) around which AI algorithms are ultimately limited in their nega...
In this article LLY NVO NVO SAN-FR MRK-DE NOV.N-CH AZN-GB PFE AMGN ROG-CH Follow your favorite stocks CREATE FREE ACCOUNT This earnings season, Europe's biggest pharma companies posted results ranging from 7% beats to 3% misses — but no one really cared. Instead, drugmakers looked ahead, with 2026 shaping up to be a defining year following a dramatic 2025, and one where the impact from last year's...
In this article LLY NVO NVO SAN-FR MRK-DE NOV.N-CH AZN-GB PFE AMGN ROG-CH Follow your favorite stocks CREATE FREE ACCOUNT This earnings season, Europe's biggest pharma companies posted results ranging from 7% beats to 3% misses — but no one really cared. Instead, drugmakers looked ahead, with 2026 shaping up to be a defining year following a dramatic 2025, and one where the impact from last year's developments is set to crystallize. "2025 was about understanding kind of the rules of the future of the game… what's still to be seen in [2026] is how those companies actually implement what they agreed to, particularly in the deals that you saw with the Trump administration," McKinsey Senior Partner Greg Graves told CNBC. In addition to political dealings, companies are facing a so-called "patent cliff" in the upcoming years, where some of the world's best-selling drugs lose exclusivity in key markets, exposing them to competition from much cheaper generics. Pipelines are key – and companies know it While drugmakers are always to some extent touting their pipelines , they're now putting them even more on display as they seek to reassure investors that their pipeline holds enough promise to offset upcoming patent expiries. "With the scale of the patent losses that are coming up over the next few years, you probably are hearing a bigger focus on the optimism for the future, as opposed to near-term delivery," Graves said. Novartis CEO Vas Narasimhan, for example, told CNBC's "Squawk Box Europe" last week that his company is about to lose $4 billion in sales and nearly as much in profits only in the first half of this year, marking "the largest set of loss of exclusivities in Novartis' history." In the same breath, he highlighted that due to "great growth drivers" and a "strong pipeline," they are still able to grow. watch now VIDEO 2:31 02:31 Novartis CEO: U.S. drug pricing rules could impact launches in Europe Squawk Box Europe AstraZeneca appears to be equally confident i...
Sega Sammy Holdings press release ( SGAMY ): Q3 Revenue of ¥335.2B (+4.0% Y/Y). Operating income of ¥19.8B. Adjusted EBITDA of ¥3.4B. More on Sega Sammy Holdings Sega Sammy Vs. Take-Two Interactive: When Lower Valuation Meets Higher Expectations A Japanese-style pop-up arcade concept in LA could roll out nationally if successful Seeking Alpha’s Quant Rating on Sega Sammy Holdings Historical earnin...
Sega Sammy Holdings press release ( SGAMY ): Q3 Revenue of ¥335.2B (+4.0% Y/Y). Operating income of ¥19.8B. Adjusted EBITDA of ¥3.4B. More on Sega Sammy Holdings Sega Sammy Vs. Take-Two Interactive: When Lower Valuation Meets Higher Expectations A Japanese-style pop-up arcade concept in LA could roll out nationally if successful Seeking Alpha’s Quant Rating on Sega Sammy Holdings Historical earnings data for Sega Sammy Holdings Dividend scorecard for Sega Sammy Holdings
Spencer Platt/Getty Images News Shares of Pinterest (NYSE: PINS ) are deep in the red in early premarket trading on Friday after reporting disappointing results and a below-expectations forecast, and the company warned about revenue headwinds in the short term driven by large retailer ad pullbacks due to tariffs. PINS stock is down more than 20% before the opening bell on the NYSE. The company sai...
Spencer Platt/Getty Images News Shares of Pinterest (NYSE: PINS ) are deep in the red in early premarket trading on Friday after reporting disappointing results and a below-expectations forecast, and the company warned about revenue headwinds in the short term driven by large retailer ad pullbacks due to tariffs. PINS stock is down more than 20% before the opening bell on the NYSE. The company said tariffs will further reduce ad spending in Europe and North America, and its impact will be "slightly more pronounced" in the current quarter. For Q1, revenue was guided in the $951M to $971M range, or 11%-14% growth, coming below the consensus estimate of $980.6M. Adjusted EBITDA was forecast to be between $166M and $186M. In Q4, revenue jumped 14.3% to $1.32B, coming below the consensus estimate of $1.33B. "We are not satisfied with our Q4 revenue performance and believe it does not reflect what Pinterest can deliver over time," CEO William Ready said during the earnings call with analysts. Ready blamed the revenue softness on a "shock this year related to tariffs," which disproportionately affected ad spending from top retail advertisers. Global monthly active users rose 12% year-over-year to 616M in Q4. MAUs in the U.S./Canada were up 4%, rose 9% in Europe, and jumped 16% for the rest of the world. Average revenue per user in the U.S./Canada rose 4% to $9.41; in Europe, it was up 15% to $1.59, and in the rest of the world, it jumped 42% to $0.27. For the three months ended December 31, net income was $277.1M, or $0.41 per share, compared with $1.85B, or $2.68 per share, in the same period last year. The company had an income tax benefit of $1.57B in Q4 2024. On an adjusted basis, net income per share was $0.67, matching the consensus estimate of the same. More on Pinterest Pinterest, Inc. (PINS) Q4 2025 Earnings Call Transcript Pinterest, Inc. 2025 Q4 - Results - Earnings Call Presentation Pinterest's Business Model Doesn't Fit Typical Social Media Valuations Pinteres...
Federal Reserve Governor Stephen Miran has once again made the case for more interest rate cuts, saying the central bank's monetary policy is "tighter than it needs to be." "The biggest risk to the economy is that we're misconstruing just how tight monetary policy is," Miran said during an event at the Dallas Fed. Miran said inflation is close to target, after adjusting for statistical biases. "I ...
Federal Reserve Governor Stephen Miran has once again made the case for more interest rate cuts, saying the central bank's monetary policy is "tighter than it needs to be." "The biggest risk to the economy is that we're misconstruing just how tight monetary policy is," Miran said during an event at the Dallas Fed. Miran said inflation is close to target, after adjusting for statistical biases. "I view price stability as having been restored, albeit at a higher level than people are understandably unhappy with." "It makes sense to continue trying to underwrite the labor market with looser monetary policy, particularly as supply expands more than demand and the economy can grow without generating inflation," he said. "There is some slack in the labor market that can be accommodated by monetary policy." Miran also shared his thoughts on the Fed's data-dependent approach. "If you're excessively data dependent, you're excessively backward looking, and you're guaranteeing that you're going to be behind the curve." More on U.S. economy January Jobs Report: Surprise Upside Should Keep Fed On Hold U.S. importers bear the brunt of tariffs, NY Fed says Fed to cut rates 'a whole bunch of times' – Greenlight Capital's David Einhorn Cleveland Fed's Hammack says rates may stay on hold 'for quite some time'
In its ruling, the court said an earlier decision to ban the Pro-Palestinian group Palestine Action as a terrorist organization was "disproportionate." (Image credit: Kirsty Wigglesworth)
In its ruling, the court said an earlier decision to ban the Pro-Palestinian group Palestine Action as a terrorist organization was "disproportionate." (Image credit: Kirsty Wigglesworth)
Key PointsThe recent support for USA Rare Earth highlights the ongoing importance of securing critical rare-earth materials and magnets for the U.S. defense and commercial sectors.
Key PointsThe recent support for USA Rare Earth highlights the ongoing importance of securing critical rare-earth materials and magnets for the U.S. defense and commercial sectors.
The Bangladesh Nationalist Party (BNP) is poised to recalibrate Dhaka’s ties with India, Pakistan and China, while also addressing US concerns over Beijing’s growing influence in South Asia, following its decisive victory in Thursday’s general election. Analysts said this foreign policy agenda aligned with the party’s focus on economic development, even as it aimed to restore law and order after m...
The Bangladesh Nationalist Party (BNP) is poised to recalibrate Dhaka’s ties with India, Pakistan and China, while also addressing US concerns over Beijing’s growing influence in South Asia, following its decisive victory in Thursday’s general election. Analysts said this foreign policy agenda aligned with the party’s focus on economic development, even as it aimed to restore law and order after months of political unrest. The BNP said on social media that it had won enough parliamentary seats...
narvo vexar/iStock via Getty Images REGENXBIO Inc. ( RGNX ) is a biotech that develops AAV-based gene therapies for major diseases. RGNX's pipeline includes RGX-314 for wet age-related macular degeneration (wet AMD), with pivotal topline data planned for Q4 2026. Also, they have RGX-202 for Duchenne muscular dystrophy (DMD), with positive early data and an ongoing Phase 3 trial. Unfortunately, for...
narvo vexar/iStock via Getty Images REGENXBIO Inc. ( RGNX ) is a biotech that develops AAV-based gene therapies for major diseases. RGNX's pipeline includes RGX-314 for wet age-related macular degeneration (wet AMD), with pivotal topline data planned for Q4 2026. Also, they have RGX-202 for Duchenne muscular dystrophy (DMD), with positive early data and an ongoing Phase 3 trial. Unfortunately, for RGNX, they recently had a significant setback with the FDA. Essentially, regulators triggered a hold due to a tumor in the RGX-111 program and a Complete Response Letter (CRL) for RGX-121. This also now casts doubts over RGNX's odds of receiving an accelerated approval on their latest data package submitted. Overall, I'm still cautiously optimistic about RGNX's prospects, but I also acknowledge it's now slightly riskier than when I first covered it. Gene Therapy In Doubt REGENXBIO Inc. is a clinical-stage gene therapy company that develops one-time treatments for serious diseases. RGNX was originally formed as ReGenX LLC in 2008 and later changed its name to ReGenX Biosciences, LLC in 2009. Eventually, they evolved into their current name by 2014, and are now headquartered in Rockville, Maryland. I previously covered RGNX in June 2024, and since then, the stock has unfortunately dropped by around 38.4%. Plus, they recently faced a major FDA setback, so I thought it was worthwhile updating my thesis on the stock. Source: Corporate Presentation. January 2026. As a quick recap, RGNX's platform is called NAV and uses adeno-associated virus (AAV) as vectors to deliver therapeutic genetic material to target tissues. The platform has more than 100 NAV vectors with capsids engineered to improve tropism and transduction to actually be able to target the right tissue cells. This way, patients can take up the genetic payload delivered efficiently. And it's also worth mentioning that RGNX's platform has been licensed to companies like Novartis ( NVS ), Takeda ( TAK ), and Eli Lilly ( ...