Nvidia's Q4 is expected to be enormous, but its stock now trades on the slope: guidance, margins, and proof that the AI spend curve is still steepening
Nvidia's Q4 is expected to be enormous, but its stock now trades on the slope: guidance, margins, and proof that the AI spend curve is still steepening
'Out Of Africa': Beijing Slashes Investment Up To 85% Authored by James Gorrie via The Epoch Times, For more than a decade, China’s footprint across Africa has expanded at a phenomenal pace. Railways in Kenya, ports in Tanzania, energy projects across sub-Saharan Africa, and militarized infrastructure in various places have meant billions in state-backed loans. For decades, Beijing has positioned ...
'Out Of Africa': Beijing Slashes Investment Up To 85% Authored by James Gorrie via The Epoch Times, For more than a decade, China’s footprint across Africa has expanded at a phenomenal pace. Railways in Kenya, ports in Tanzania, energy projects across sub-Saharan Africa, and militarized infrastructure in various places have meant billions in state-backed loans. For decades, Beijing has positioned itself as Africa’s largest trading partner and its most aggressive infrastructure financier. But something has changed. In some sectors, such as energy lending by Chinese development finance institutions, investment levels have fallen by as much as 85 percent from their peak years. That’s not a rounding error, that’s a strategic retreat. What’s really going on? Is China walking away from Africa? Or is Africa revealing something deeper about China’s own economic stress? It’s all of the above and more. The Pullback Is Real—and Sharp According to research cited by the Clean Air Task Force, Chinese development finance for African energy projects has declined roughly 85 percent since 2015. That’s a dramatic contraction in capital deployment. Separate reporting based on data from Boston University’s Global Development Policy Center shows that Chinese lending to Africa has fallen sharply in recent years. In some reports, China’s investment fell nearly 46 percent year over year in 2024 . This isn’t just a pause. It’s a reset. For years, Beijing fueled infrastructure growth across the continent through state-backed loans tied to its Belt and Road Initiative expansion . Now, the tap isn’t fully off, but it’s not flowing as freely as it used to. China Isn’t Leaving Africa, but It’s Changing How It Engages Before jumping to the “China is out of Africa” conclusion, it’s important to note a few critical facts. For one, China remains Africa’s largest trading partner. Trade volumes remain substantial and have even grown in recent years. But lending and investment are different from trade. ...
CBOE shares have outperformed the beloved Mag 7 group as a whole not just in 2026 but over the past year as well, with record-breaking results regularly giving shares a boost.
CBOE shares have outperformed the beloved Mag 7 group as a whole not just in 2026 but over the past year as well, with record-breaking results regularly giving shares a boost.
The deaths of 72 captive tigers at a private park popular with tourists in northern Thailand have renewed scrutiny of a lucrative industry that campaigners warn treats wild animals as “entertainment”. The outbreak at Tiger Kingdom in Chiang Mai began in early February, with authorities initially attributing the deaths to canine distemper – a virus carried by dogs but often fatal to big cats. A dee...
The deaths of 72 captive tigers at a private park popular with tourists in northern Thailand have renewed scrutiny of a lucrative industry that campaigners warn treats wild animals as “entertainment”. The outbreak at Tiger Kingdom in Chiang Mai began in early February, with authorities initially attributing the deaths to canine distemper – a virus carried by dogs but often fatal to big cats. A deeper investigation is under way, with some medical experts suspecting contaminated food may have been...
In this article TSLA BYD Follow your favorite stocks CREATE FREE ACCOUNT Elon Musk, chief executive officer of Tesla Inc., during the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 22, 2026. Bloomberg | Bloomberg | Getty Images U.S. electric vehicle maker Tesla 's sales in Europe were down for a 13th consecutive month in January, while its biggest Chinese rival saw another sur...
In this article TSLA BYD Follow your favorite stocks CREATE FREE ACCOUNT Elon Musk, chief executive officer of Tesla Inc., during the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 22, 2026. Bloomberg | Bloomberg | Getty Images U.S. electric vehicle maker Tesla 's sales in Europe were down for a 13th consecutive month in January, while its biggest Chinese rival saw another surge. Data published Tuesday by industry lobby group ACEA, or the European Automobile Manufacturers Association, found that Tesla's new car registrations fell to 8,075 in January, down 17% from a year ago, representing the 13th consecutive month in which sales have shrunk. Tesla's market share across the European Union, Britain, Switzerland, Norway and Iceland fell to 0.8%, meanwhile, down from 1% in the same month last year. It marks another "very weak" start of the new year for Elon Musk 's company, Rico Luman, senior sector economist for transport and logistics at Dutch bank ING, told CNBC by email. "Tesla's image has deteriorated in Europe last year and people have much more choice now with the range of new affordable EVs (including those of BYD and others like MG and ZEEKR) entering the market, while Tesla lacks new models," he added. Tesla's focus on autonomous driving , rather than introducing new vehicles and expanding its range of mass models, is likely a factor too, Luman said. "Another thing in Europe is that large numbers of first generations of Tesla's are remarketed at the moment (after being leased for 4-6 years), this has driven second hand prices down," Luman said, adding that there's an abundance of competitively priced Tesla's available on the used market. A Tesla car is being charged at a Tesla electrical vehicle charging station in Norheimsund, Norway, Aug. 22, 2025. Sergei Gapon | Afp | Getty Images Tesla has been beset by challenges in Europe , including robust competition, particularly from Chinese car brands. It's also struggled to shake off reputatio...
Oleh_Slobodeniuk/E+ via Getty Images Introduction VanEck Vietnam ETF ( VNM ) is an exchange-traded fund that seeks to replicate the performance of its chosen benchmark index, the MarketVector™ Vietnam Local Index (MVVNMLTR), which tracks securities of publicly traded companies that are locally incorporated in Vietnam. VNM is a well-known Vietnam-tracking ETF offered by VanEck , with an expense rat...
Oleh_Slobodeniuk/E+ via Getty Images Introduction VanEck Vietnam ETF ( VNM ) is an exchange-traded fund that seeks to replicate the performance of its chosen benchmark index, the MarketVector™ Vietnam Local Index (MVVNMLTR), which tracks securities of publicly traded companies that are locally incorporated in Vietnam. VNM is a well-known Vietnam-tracking ETF offered by VanEck , with an expense ratio of 0.68% (not cheap) and assets under management of $648.17 million as of February 20, 2026. The ETF was set up in November 2009. Holdings and Sector Exposures VNM has 54 holdings, with significant sector exposures including Financial Services (31.14%), Real Estate (27.25%), Industrials (16.90%), and Consumer Defensive (10.83%). Morningstar The Vietnamese stock market lacks the kind of breadth you see in more developed markets, but the concentration at the top is not too fierce. The largest holdings are Vingroup JSC, a private Vietnamese conglomerate, at 8.42%; Vinhomes JSC, the largest commercial real estate developer in Vietnam, at 8.22%; and Masan Group Corp., one of the top three largest private sector conglomerate companies in Vietnam, at 6.91%. The most up-to-date holdings information can be found here . Cyclical Positioning The VNM portfolio is reasonably balanced but overweight in sectors that are generally mature and defensive. The portfolio is essentially a soft bet on the Vietnamese business economy and, to perhaps some extent, a bet on a stronger local currency vs. the dollar (adjusted for interest rates). More broadly, VNM is a more specific bet on emerging markets in Asia. Emerging market equities tend to perform best when growth is accelerating and rates are falling. Global central bank posture is currently in a neutral-easing stance while the growth picture looks neutral-positive . All considered, VNM is cyclically reasonably well positioned, and the portfolio does not look especially problematic from a concentration standpoint, particularly if the ETF re...
wildpixel/iStock via Getty Images China has banned the export of dual-use items, including rare earths, to 20 Japanese entities to curb Japan's remilitarization, the latest escalation of its months-long dispute with Tokyo over Taiwan. The ban targets Japanese entities including Mitsubishi Heavy Industries' ( MHVYF ) ( MHVIY ) shipbuilding and aerospace units, Kawasaki Heavy Industries' ( KWHIY ) (...
wildpixel/iStock via Getty Images China has banned the export of dual-use items, including rare earths, to 20 Japanese entities to curb Japan's remilitarization, the latest escalation of its months-long dispute with Tokyo over Taiwan. The ban targets Japanese entities including Mitsubishi Heavy Industries' ( MHVYF ) ( MHVIY ) shipbuilding and aerospace units, Kawasaki Heavy Industries' ( KWHIY ) ( KWHIF ) aerospace division, and Fujitsu Defense & National Security, China's commerce ministry announced . The export control applies to over 800 dual-use items that can be used both for civilian and military purposes, such as critical minerals, electronics, chemicals, and pharmaceuticals. The commerce ministry also added 20 other Japanese entities — whose end-users and end uses of dual-use items can't be verified — to a watchlist. These include Subaru ( FUJHY ), Sumitomo Heavy Industries ( SOHVY ), ITOCHU Aviation, and Mitsubishi Materials ( MIMTF ). "These measures aim to curb Japan's 'remilitarization' and nuclear ambitions, and are entirely legitimate, reasonable, and legal," the ministry's spokesperson said. "They will not affect normal Sino-Japanese economic and trade exchanges, and law-abiding Japanese entities have absolutely nothing to worry about." Kei Sato, Japan's deputy chief cabinet secretary, said China's moves are "unacceptable and extremely regrettable" and demanded their immediate withdrawal. "We will carefully examine the details and potential impact of these measures and take all necessary steps in response," he added. Tensions escalated between Beijing and Tokyo over Japanese Prime Minister Sanae Takaichi's comments late last year, in which she implied that Japan could intervene if Taiwan were attacked. More on China, Japan Chinese Stocks, FXI After SCOTUS' Tariff Ruling Is China Really Dumping U.S. Treasuries? Japan's Moment: Elections, Flows And Global Opportunities Japan's Election Shock: The Yen Trade Wall Street Can't Ignore
Willie B. Thomas/DigitalVision via Getty Images Investment thesis Could Main Street Capital Corporation ( MAIN ) be considered a reasonable bond complement? In this article, we explore the pros and cons and conclude that it would be a solid candidate for investors who want incremental yield gains, diversification, and extra protection against inflation. We also examine which types of investors mig...
Willie B. Thomas/DigitalVision via Getty Images Investment thesis Could Main Street Capital Corporation ( MAIN ) be considered a reasonable bond complement? In this article, we explore the pros and cons and conclude that it would be a solid candidate for investors who want incremental yield gains, diversification, and extra protection against inflation. We also examine which types of investors might use MAIN this way and those who should not. What is a bond complement? It is a security that can help increase investors’ income, help mitigate inflation, and provide diversification for a bond portfolio or a portfolio heavily weighted to bonds. For example, BlackRock describes its BlackRock Strategic Income Opportunities Portfolio Investor C Shares ( BSICX ) as a “Flexible, core bond complement”. It adds that the fund seeks to diversify across markets and strategies while seeking total returns that are consistent with the preservation of capital. Asset classes that make good complements include real estate investment trusts, preferred shares, infrastructure income stocks, dividend Aristocrats, and BDCs (Business Development Companies). Why MAIN is a complement candidate MAIN is a BDC and apparently an aspiring Dividend Aristocrat. Regarding the former, a BDC must, by law, distribute 90% or more of its taxable income to hold its pass-through tax status. This means BDCs often retain less of their earnings and pass more along to their shareholders. To put it another way, MAIN is structurally bound to maintain its reasonably high dividends. It can only maintain its dividends, though, if it can avoid bad investments and continue to generate earnings. To that end, it has a conservative approach to its business, as some facts in this table from its Q3 2025 earnings report confirm: MAIN portfolio summary table (Q3 2025 earnings report) First, note the diversification that comes from putting capital into both debt and equity. The company also tells us its debt and equity investm...
Nikada/iStock via Getty Images Nebius Group N.V. ( NBIS ) has not failed to prove to the market that the concept of AI compute is scarce. It has failed to prove to the market that shareholders will be rewarded for that scarcity. When a stock trades well below its highs with numbers that look extremely explosive, there are really only two possible explanations in my mind. Either the company is not ...
Nikada/iStock via Getty Images Nebius Group N.V. ( NBIS ) has not failed to prove to the market that the concept of AI compute is scarce. It has failed to prove to the market that shareholders will be rewarded for that scarcity. When a stock trades well below its highs with numbers that look extremely explosive, there are really only two possible explanations in my mind. Either the company is not as good as the numbers imply, or the company is as good as the numbers imply, but the path from where the company is today to where the company could be in the future in terms of real earnings power is sufficiently messy that the market wants a bigger and bigger discount . In the case of Nebius, the second explanation makes a lot more sense. They’re growing extremely fast, but the way in which that growth is being funded and recognized may look counterintuitive from a quarter-to-quarter perspective in a world where the market has become extremely averse to capital intensity. The key thing to understand about the stock is that the market is not pricing the end state. They’re pricing the series of events that get you to the end state. What Q4 Actually Said: Unit Economics Are Improving, the Optics Remain Uncomfortable Nebius generated $227.7 million in Q4 revenue , a 547% increase from the same period last year. For the full year, the company generated about $530 million in revenue. The company also saw a high degree of capacity being sold out in the quarter, which is an important factor in understanding why the company’s revenue growth may look awkward even in a world where the company’s end demand looks extremely robust. Letter to shareholders Q4 2025 What I found more interesting than the headline growth rate was the margin profile. The implied gross margin based on the cost profile in the quarter is approximately 70%. For an infrastructure platform that is still in the early stages of building a footprint, I found that to be an impressive indicator that the GPU layer is c...