Wartsila Oyj is seeking a foothold in the AI-fueled US data-center boom, betting that its engines that can power the server stacks will benefit from a rare opening as gas turbines are in short supply. The Finnish manufacturer of power generation gear has secured three large US gas-engine orders for data centers since last summer, totaling about 1.2 gigawatts. “Many customers would normally buy tur...
Wartsila Oyj is seeking a foothold in the AI-fueled US data-center boom, betting that its engines that can power the server stacks will benefit from a rare opening as gas turbines are in short supply. The Finnish manufacturer of power generation gear has secured three large US gas-engine orders for data centers since last summer, totaling about 1.2 gigawatts. “Many customers would normally buy turbines, but now come to us,” Chief Executive Officer Hakan Agnevall said in an interview in Helsinki on Monday. “Gas turbine banks are sold out.” Serving data centers is nascent business for Wartsila, which it only kicked off two years ago under Agnevall. It’s part of the Energy segment, where Wartsila expects overall demand to be stronger over the next 12 months than in the prior year. The challenge is to convert early wins into durable market share in a sector long dominated by suppliers with deeper relationships and operating track records. Data center developers tend to default to turbine makers with established US ties, and engineers tend to favor familiar systems, Agnevall said. Wartsila does not yet have a US data-center engine plant in operation, with first deliveries scheduled in the coming years. Demand for computing power driven by artificial intelligence has fueled rapid growth in US data centers as they move to providing computational power for large language models from their prior mode of storing data. Electricity needs are projected to triple by 2035, according to BloombergNEF . Data centers are expected to account for nearly half of total US power-demand growth through 2030, the International Energy Agency estimates. Since it’s not possible to secure grid connections fast enough, many data center builders turn to other solutions, Agnevall said. Explainer: How Trump Wants Tech Giants to Fund New Power Plants The business has been a boon for Wartsila, valued at more than €20 billion ($23.7 billion) after its shares more than doubled from an April 2025 low to a...
European stocks rose, with defensive sectors such as health care and real estate outperforming amid lingering worries around artificial intelligence. The Stoxx Europe 600 Index was up 0.4% by the close. Banking and insurance stocks also gained, while miners were the biggest laggards following a slide metal prices. Oil dropped, dragging energy shares lower on signs that the US and Iran have made pr...
European stocks rose, with defensive sectors such as health care and real estate outperforming amid lingering worries around artificial intelligence. The Stoxx Europe 600 Index was up 0.4% by the close. Banking and insurance stocks also gained, while miners were the biggest laggards following a slide metal prices. Oil dropped, dragging energy shares lower on signs that the US and Iran have made progress in nuclear talks. Investors have been shifting to European markets to find safety from the turmoil stemming from American tech shares and worries that AI will upend the software industry. Bank of America Corp.’s latest fund manager survey showed that a growing number of investors think the structural underperformance of Europe’s equity markets is over. Bank of America strategists led by Andreas Bruckner cited data showing that a record 74% of investors see European growth accelerating in the near-term as German fiscal stimulus boosts macro data. The percentage of investors expecting greater upside for European cyclicals over defensives is close to a one-year high, they wrote. Read More: European Growth to Fuel Stock Market Outperformance: BofA Survey “Weak liquidity from the US long weekend and Lunar New Year creates a difficult technical backdrop, and heightened geopolitical risk sentiment has crept into markets too,” said Emma Moriarty , portfolio manager at CG Asset Management. “But expectations of easier global financial conditions suggest that operating conditions might be turning more favorable for European companies.” In the UK, the export-heavy FTSE 100 Index rose 0.8% as the pound weakened after economic data showed the unemployment rate rose to a near five-year high. Meanwhile, Aroundtown SA jumped 4.8% after Viceroy Research said it’s long on the real estate company, calling the stock “deeply undervalued.” Copper miner Antofagasta Plc fell 3.4% after its earnings and dividend underwhelmed some analysts. Kerry Group Plc declined 6.4% as the Irish food produ...
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade." (Source: Bloomberg)
benedek/E+ via Getty Images Performance Review The Fund (Institutional Class) ( GIJIX ) returned 2.14 percent in the fourth quarter, outperforming its benchmark, the Bloomberg Municipal Bond Index, by 0.58 percent. Among large sector weights, school districts, housing, and general purpose bonds contributed positively to performance, while transportation detracted from performance. Among the most-r...
benedek/E+ via Getty Images Performance Review The Fund (Institutional Class) ( GIJIX ) returned 2.14 percent in the fourth quarter, outperforming its benchmark, the Bloomberg Municipal Bond Index, by 0.58 percent. Among large sector weights, school districts, housing, and general purpose bonds contributed positively to performance, while transportation detracted from performance. Among the most-represented states in the portfolio, Tennessee and Oregon bonds contributed the most to total return, while those from New York and Texas detracted from returns for the period. Strategy and Positioning Municipal/Treasury yield ratios have compressed following the recent rally. The municipal curve has also flattened significantly from the summer months, outperforming the Treasury curve. We believe at current valuation levels, investors should be more selective on both credit selection and duration positioning. We prefer high coupon structures with good call protection. Higher education and healthcare sectors face pressure from federal funding reductions. Given the fragmented nature of municipal bonds and diverse security pledges, we anticipate these sectors will offer opportunities due to temporary mispricings. QTD Contributors / Detractors School districts, general purpose, and housing bonds contributed to performance. Transportation bonds detracted from performance. Tennessee and Oregon bonds contribute to performance. New York and Texas bonds detracted from performance. Economic and Market Review Economic growth in 2025 was resilient despite policy uncertainty and a cooler labor market. Recent third quarter real gross domestic product (GDP) reading revealed positive underlying growth momentum driven by consumer spending and a continued boost in artificial intelligence (AI) investment. Looking ahead, we expect the U.S. economy to move toward equilibrium in 2026 with growth stabilizing around 2 percent, supported by continued consumer spending bolstered by wealth effects fro...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. The labour market is continuing to weaken and it’s bittersweet: bad for those out of a job, but it does mean interest rates may fall sooner. Unemployment climbed to 5.2% in the final quarter of last year, according to the Office for National Statistics. That was above economis...
Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. The labour market is continuing to weaken and it’s bittersweet: bad for those out of a job, but it does mean interest rates may fall sooner. Unemployment climbed to 5.2% in the final quarter of last year, according to the Office for National Statistics. That was above economists’ predictions and the highest since early 2021. Regular private sector wage growth, meanwhile, fell to the lowest level in over five years. On the more positive side, today’s data will likely reassure the Bank of England that inflationary pressures in the labour market are easing fast enough to slash rates again. Policymakers, who chose to hold at 3.75% earlier this month, have been focused on sticky wages. Traders boosted their bets to fully price in two cuts this year. Bloomberg Economics now expects a cut to happen in March rather than April, followed by a final move in June. As ever, there are some caveats worth keeping in mind. More on that from my colleague Kit below. What’s your take? Ping me on X , LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. What We’re Watching Life insurer Chesnara is buying Scottish Widows Europe from Lloyds Bank for €110 million. The deal further boosts Chesnara’s growth on the continent, which has been a key focus, adding policyholders based in Germany, Austria and Italy. Holiday Inn owner Intercontinental Hotels has launched a $950 million share buyback and full-year revenue and profit rose as expected. Revenue was driven by Europe, with China proving a weak spot. Shares gained 4.2%. Debenhams Group (formerly Boohoo) has been prepping a £35 million equity fundraise and is in talks with its lenders to give “greater financial flexibility” for ongoing turnaround efforts. While a sale of PrettyLittleThing is no longer on the...
Elbit Systems ( ESLT ) Tuesday said that it was awarded several contracts with a total value of approximately $435 million from an international customer. Under these contracts , the company will supply a range of advanced systems, including land systems, and will also carry out a development program for an innovative defense solution. The contracts will be performed over a period of six years. Mo...
Elbit Systems ( ESLT ) Tuesday said that it was awarded several contracts with a total value of approximately $435 million from an international customer. Under these contracts , the company will supply a range of advanced systems, including land systems, and will also carry out a development program for an innovative defense solution. The contracts will be performed over a period of six years. More on Elbit Systems Elbit Systems Rides The Defense Boom, But The Valuation Is Stretched Elbit Systems: Backlog Supports Growth, But Valuation And Cash Flows Limit Upside Scotiabank’s 1832 Asset Management exits investment in Israeli defense firm Elbit Elbit Systems wins $275M five-year contract for an Asia-Pacific country Seeking Alpha’s Quant Rating on Elbit Systems
Dutch Bros (NYSE: BROS) once again delivered strong results when it reported its fourth-quarter earnings. Despite the coffeeshop operator's continued strong operational performance, the stock is down more than 35% over the past year, as of this writing. Let's take a closer look at its results and prospects to see if the stock is a buy. Image source: Getty Images. Continue reading
Dutch Bros (NYSE: BROS) once again delivered strong results when it reported its fourth-quarter earnings. Despite the coffeeshop operator's continued strong operational performance, the stock is down more than 35% over the past year, as of this writing. Let's take a closer look at its results and prospects to see if the stock is a buy. Image source: Getty Images. Continue reading