隔夜股市 美股三大指数集体收涨，纳指涨0.9%，本周累涨1.51%； 标普500指数涨0.69%，本周累涨1.07%；道指涨0.47%，本周累涨0.25%。欧洲主要股指集体收涨，德国DAX指数涨0.87%。 商品市场 国际原油期货结算价几乎平收，本周累涨超5%。WTI原油期货3月合约收跌0.06%，本周累涨5.56%；布伦特原油期货4月合约收涨0.14%，本周累涨5.92%。 现货黄金涨2.15%，报5104.90美元/盎司，本周累计上涨1.27%；COMEX黄金期货涨2.51%，报5122.80美元/盎司，本周累涨1.52%。现货白银涨7.81%，报84.6396美元/盎司，本周累涨9.31%；COMEX白银期货涨8.61%，报84.970美元/盎司，本周累涨8.34%。 市场消息 【美最高法院裁定特朗普关税违法】 美国联邦最高法院当地时间2月20日公布裁决结果，认定特朗普政府依据《国际紧急经济权力法》实施的相关大规模关税措施缺乏明确法律授权。 【特朗普：将在常规关税基础上对全球商品加征10%关税】 特朗普当地时间2月20日表示，他将签署一项命令，依据美国《1974年贸易法》第122条，在目前已经征收的常规关税基础上，额外对全球商品加征10%的关税。他还表示，该10%的关税政策预计将在“约三天内”开始生效。 【欧洲议会要员：美国总统任意加征关税的时期或将结束】 欧洲议会国际贸易委员会主席贝恩德·朗格20日在社交媒体上发文表示，美国最高法院已设下“法律壁垒”，美国总统“无限制、任意加征关税的时期或许正走向终结”。朗格说，美国最高法院就关税政策作出的最新裁决“为法治释放出积极信号”，显示“即使是美国总统也不能凌驾于法律之上”。 【美航天局：载人绕月任务发射将于3月6日进行】 美国国家航空航天局（NASA）方面当地时间2月20日上午表示，在此前一天完成关键的火箭加注燃料演练后，NASA计划于3月6日发射“阿耳忒弥斯2号”载人绕月飞行任务。但NASA同时提醒，剩余任务准备工作仍可能导致发射时间推迟。 【联合国称应加强调查爱泼斯坦案】 联合国秘书长发言人迪雅里克当地时间2月19日表示，应加强对爱泼斯坦案中涉女性和未成年人受害问题的国际调查。 【特朗普称在考虑有限打击伊朗】 美国总统特朗普当地时间2月20日上午在白宫与全美州长举行早餐会。在被现场记者问及“如果伊朗不达成协议、...

Fed. Circ. OKs Micron's PTAB Loss In Netlist Patent Challenge Law360

primeimages/iStock via Getty Images Hycroft Mining Update Data by YCharts Way back in January 2023, I published, " AMC’s Hycroft Investment: A Sequel To A Nightmare For Investors " and rated HYMC a Sell, and that has turned out to be a painfully wrong call. My thesis at the time was straightforward: Hycroft had a massive but uneconomic gold resource, falling production, and the company was lighting cash on fire (burning ~$5 million a month); the AMC investment felt like a meme-stock sideshow, not a strategic lifeline. I valued the company at roughly $20 million, or basically net cash plus a small optionality premium, against a market cap of about $148 million at the time. So, what happened? Slide from my previous article in 2023 (Seeking Alpha) The stock was trading around $3.00 (split-adjusted). Today, as I write this, HYMC trades near $42, up roughly 1,300% . Over the same period, the S&P 500 has returned approximately 87%. Gold itself has surged from about $1,896/oz to above $5,000, or 166% higher, since my last coverage. This was a horrible call by any measure, plain and simple. I’m going to own this call. If you shorted HYMC based on my article, you got hurt (although I certainly didn’t recommend shorting then). That’s on me. In the gold sector, I’ve had far more winners than losers, but this one belongs firmly in the loss column (for now, at least). But price and thesis are two different things. And as much as the chart has moved against my bearish call, it's worth asking the follow-up question: has the fundamental story actually changed, or has a rising gold tide simply lifted a boat that still has no engine? HYMC has always attracted retail buyers. This is, after all, the stock that AMC Entertainment decided to invest in , and in a market where gold is rising and speculative appetite is running high, momentum alone can do a lot of heavy lifting. The Resource Is Big, That's Not the Point Hycroft Mining Hycroft Mining On February 18, Hycroft released some inte...

【多国敦促在伊朗公民尽快撤离】财联社2月21日电，德国、瑞典、斯洛伐克等国当地时间2月20日敦促在伊朗的本国公民尽快撤离。此前一天，波兰总理图斯克也发出类似呼吁。近来美国与伊朗紧张局势持续升级。在双方谈判的同时。美国总统特朗普2月19日提出“最后期限”，称伊朗还有10-15天与美国达成协议。更有美媒报道称，美军或于数日内先对伊朗进行一轮“有限打击”，以迫使伊朗做出让步。 (CCTV国际时讯)

The creator economy is evolving fast, and ad revenue alone isn’t cutting it anymore. YouTubers are launching product lines, acquiring startups, and building actual business empires. In fact, MrBeast’s company bought fintech startup Step, and his chocolate business is outearning his media arm. This isn’t just one creator’s strategy. For many, it’s the new playbook. On this episode of TechCrunch’s Equity podcast, hosts Kirsten Korosec, Anthony Ha, and Rebecca Bellan unpack how creators are diversifying beyond ads, […]

LONG BEACH, Calif., February 20, 2026--Si2, IEEE, and IEEE EDS are sponsoring the second edition of the International Compact Modeling Conference (ICMC). Paper deadline extended to March 2

Gobs of good stocks can turn $1,000 per month into $1 million or more. It just takes disciplined investing, a fair amount of time, and, of course, a good stock -- or stocks. Here's one such stock from the financial sector: SoFi Technologies (NASDAQ: SOFI) . It has been averaging annual gains of 43% over the past three years, though it's down 25% year to date. That presents an attractive buying opportunity. Image source: Getty Images. Continue reading

Contradictory Reports Of US Evacuating Troops From Exposed Qatar, Bahrain Bases We previously went through some plausible escalation scenarios in the event President Trump orders military strikes on Iran. The problem with a supposedly 'limited' attack is that Tehran's response could be devastating, targeting American military bases across the region. This would then turn into all-out war in the region. Iran has every interest in establishing deterrence quickly, in order to get the US administration and its allies second-guessing the pursuit of full regime change, which would probably require ground forces and not just an aerial bombardment operation . With the countdown ticking toward some level of military operations, and even as US officials claim diplomacy is still happening, it appears the Pentagon is taking drastic actions and precaution - ordering the evacuation of some 'exposed' Gulf bases . However, Fox's Pentagon correspondent has cited US officials who deny this is happening - but the officials might simply be running cover. Al-Udaid Airbase, via X The NY Times reports Friday that " Hundreds of troops have now been evacuated from Al Udeid base in Qatar , Pentagon officials said, and there have been evacuations at the cluster of U.S. bases in Bahrain that house the Navy’s 5th Fleet." There could be more such evacuations or at least personnel reductions to come, as "There are also American troops at bases in Iraq, Syria, Kuwait, Saudi Arabia, Jordan and the United Arab Emirates ," the same report notes. It must be remembered that Iran launched a "devastating and powerful" missile attack on the Al Udeid last June , in retaliation for the 12-day Israeli assault, and US bombing campaign of Iranian nuclear sites. US military planners are concerned even by how close the two US carriers in the region get to Iran's feared ballistic missiles : A second American military official said that U.S. Central Command is keeping two aircraft carriers deployed in the Middle E...

(RTTNews) - Netflix co-CEO Ted Sarandos discussed the potential acquisition of Warner Bros. during an interview on Bloomberg TV.

Source: Bloomberg, 27:12

Kosmos Energy (NYSE:KOS) , deep-water oil and gas exploration and production, closed Friday at $2.16, up 22.03%. The stock moved higher after Ghana ratified license extensions on Kosmos Energy’s core offshore blocks through 2040. Investors will be watching how expanded drilling plans and hedging will reshape reserves and future cash flows. The company’s trading volume reached 45.8 million shares, which is approximately 151% above compared with its three-month average of 18.2 million shares. Kosmos Energy went public in 2011 and has fallen 88% since going its IPO. S&P 500 (SNPINDEX: ^GSPC) rose 0.70% to 6,910, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.90% to finish at 22,886. Within oil & gas exploration & production names, Occidental Petroleum (NYSE:OXY) closed at $51.84 (+0.60%) and Devon Energy (NYSE:DVN) ended at $44.30 (-0.60%). Continue reading

helt2/iStock via Getty Images On 2/12/26 the EPA eliminated the 2009 endangerment finding with regard to greenhouse gas emissions. While the initial deregulation is aimed primarily at vehicle emissions, it has significant implications for the utilities sector ETF ( XLU ), which I last wrote about in September . This is a highly politicized topic so I will start with my standard disclaimer. I will make no commentary on whether the deregulation is good or bad for America or the environment, and instead focus on the financial implications for the related companies. If I am writing correctly, the reader should have no idea what my personal opinions are. With that out of the way, let us examine how this may affect utilities. Endangerment finding and power generation In 2009, the EPA came out with an endangerment finding stipulating that certain greenhouse gases, including CO2, endanger public health. This ruling formed the basis for further regulation against CO2 emissions. It proved to be quite impactful to power generation as the U.S. electric grid derives 60% of energy from fossil fuels. Most relevant to today’s discussion is the 16.2% of electricity that comes from coal, but natural gas is affected as well. EIA Using similar endangerment concepts, the G7 countries agreed to phase out coal by 2030-2035 and/or capture emissions. The U.S. was following a similar schedule with a 2024 EPA ruling under Biden administration forcing coal plants to either retire or capture emissions . As capturing emissions is quite expensive relative to the value of power, many coal plants and some other CO₂-emitting plants planned retirement. The following plants were scheduled for retirement in 2025: EIA Since then, 2 factors have completely changed the dynamic: Demand for electricity has surged in a way that was previously not anticipated Trump was elected and has a very different stance on coal Surge in electricity demand makes retirement more difficult to overcome For decades, overall e...

Yuriy T/iStock Editorial via Getty Images Markets peaked a year ago before plunging to a post-Liberation Day low in early April. The S&P 500 plummeted 19%, with steep losses in the US Dollar Index and rising volatility in Treasury rates. At the heart of the selling pressure were US megacaps. Tariff fears, concentration risk, and overall valuations spooked investors then. Zooming in on the top 100 S&P 500 names, I’m revisiting the iShares S&P 100 ETF ( OEF ). I was neutral on the fund in January 2025 . It has posted a +17% return since then, but that has come with intense volatility and a steep early-2025 drawdown. Today, I reiterate a hold rating. I see falling relative strength among the biggest US stocks, while valuation remains a concern. What’s more, global equities and domestic SMID caps are outperforming—the rotation trade and equity-performance dispersion appear durable, just as the S&P 500 logs its worst start to a year in at least three decades. The trend of rising S&P 500 volatility is not exactly a sanguine signal, either. US Megacaps Lagging Global Stocks YoY Stockcharts.com US vs Ex-US: Worst Start to a Year in More than 30 Years Augur Infinity High S&P 500 Concentration Augur Infinity VIX Higher Highs, Higher Lows Stockcharts.com According to the issuer , OEF offers investors exposure to the 100 largest US companies in a single ETF. It can be used as a long-term core holding, though I continue to encourage investors to consider diversification through other funds that feature exposure to domestic SMID caps and non-US equities. The ETF seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities. OEF is a large ETF, now with $29.4 billion in assets under management as of February 18, 2026. That’s up from $14.7 billion 13 months ago. The annual expense ratio is low at 20 basis points, while the trailing 12-month dividend yield is modest at just 0.83%, about 0.4 percentage points below that of the broader SPX. Share...

Source: Bloomberg, 0:00

Key PointsEnergy Transfer saw solid Q4 growth and upped its 2026 guidance.

Former U.S. Secretary of Commerce Gina Raimondo discusses the recent U.S. Supreme Court decision striking down global tariffs implemented during the Trump administration. She speaks with Romaine Bostick and Katie Greifeld on "The Close." (Source: Bloomberg)

格隆汇2月21日｜据CCTV国际时讯，美国总统特朗普当地时间2月20日在临时召开的白宫记者会上称，他将签署行政令，对全球商品加征10%的进口关税，以取代被美国联邦最高法院认定违法的、此前基于美国《国际紧急经济权力法》征收的大规模关税。在被现场记者问到此前征收的大约1750亿美元关税收入是否要退还时，特朗普称，最高法院的裁决有缺陷，没有提及“保留这笔钱”或“不保留这笔钱”——他猜“接下来两年，甚至是五年，这事都得打官司”。

格隆汇2月21日｜OpenAI向投资者表示，目前计划到2030年累计投入约6000亿美元用于算力；而就在数月前，CEO奥特曼还曾宣称1.4万亿美元的基础设施投入承诺。OpenAI在2025年收入131亿美元，高于此前100亿美元目标；全年消耗现金80亿美元，低于90亿美元的目标。该公司给出了更低的金额和更明确的支出时间表。外界普遍担忧，其扩张野心远超未来可能实现的收入规模。OpenAI预计2030年总收入将超过2800亿美元，其中消费者业务与企业业务贡献大致相当。该支出计划旨在与预期收入增长更直接匹配。OpenAI正在完成一轮规模超1000亿美元的巨额融资，其中约90%来自战略投资方。英伟达正洽谈最多投资300亿美元，此轮融资前估值或达7300亿美元。除英伟达外，本轮融资的战略投资方还包括软银与亚马逊。

格隆汇2月21日｜据The Information，OpenAI调整后毛利润率在2025年下滑至33%。该公司仍然预计现金流将在2030年转正。

Stefan Sutka/iStock Editorial via Getty Images I have been peripherally looking at construction company peers to those I cover, such as Heidelberg Materials. One of the companies I have been looking at is CRH plc ( CRH ). It's fair to say that CRH is a very good company, fundamentally. It's equally fair to say that the market has, over the past few years, pushed the company to valuation levels that we had previously not really seen for the business. My objective in this article is several-fold. First, I want to establish what CRH is and does, from my perspective as a value-oriented investor. Secondly, I want to put the company in the context of the sector. How attractive is CRH, and what could happen to the business here going forward? Thirdly, that forecast - how does it "gel" with forecasts? Do we have a company that in some ways could outperform as a result of AEPS growth, and where the rise in multiple premiumization is a direct consequence of increased company appeal? Or is it more a matter of the market "inflating" this company? Market inflation can happen from a few things. It can happen due to the entire sector going up. My recent coverage of the worldwide utility sector is a perfect example of this, in my view. Most utilities, even riskier ones, are suddenly seeing surges because of demand from AI and similar things, even though these don't necessarily have good forecast visibility. Or, an inflation can happen due to company-specific expectations or exuberance. It's usually one or the other - market or company (or even a bit of both). Here, my preliminary look tells me it's a bit of both. CHR has been a very volatile business in the past. Between 2009 and 2015, the company basically went nowhere, due to significant trouble internally and in end markets. Then we had years of up and down (but AEPS growth), and then the earnings growth rate surged between 2021 and 2024. That, in turn, caused a surge in valuation to where the company trades at over 22-23x P/E, ...

OpenAI调整后毛利润率在2025年下滑至33%。 该公司仍然预计现金流将在2030年转正。（The Information）

美元匯價扭轉過去四日升勢。 反映美元兌六隻主要貨幣的美匯指數，在美國新公布的通脹數據，高過市場預期後，原本延續過去四日的升勢，但美國最高法院，裁定總統特朗普的對等關稅政策違法後，美元匯價下跌，美匯指數收市報97.789，跌超過百分之0.1。

Look no further than the hundreds of billions of dollars pouring into data centers to see that this artificial intelligence (AI) gold rush is no fluke. What started with OpenAI's ChatGPT and other bots is becoming autonomous AI agents that could begin replacing human workers in some roles over the coming years. Additionally, new and innovative technologies will emerge that, eventually, become just another part of modern life. That potential has investors excited. Holding the right tech stocks could mean life-changing investment returns. However, two companies that are winning big in AI have already built fortunes for early shareholders. More importantly, they can still deliver strong returns in the future. Continue reading