Updates from the T20I cricket at Adelaide Oval Start time is 7.15pm local/1.45pm IST Any thoughts? Get in touch with an email 2nd over: India 14-0 (Smriti 5, Shafali 3) Gardner comes in for the second over to open from the other end. Shafali attacks immediately, coming down the pitch and attempts to drive it back over Gardner’s head, but the ball catches the edge instead. It falls safely, just pas...
Updates from the T20I cricket at Adelaide Oval Start time is 7.15pm local/1.45pm IST Any thoughts? Get in touch with an email 2nd over: India 14-0 (Smriti 5, Shafali 3) Gardner comes in for the second over to open from the other end. Shafali attacks immediately, coming down the pitch and attempts to drive it back over Gardner’s head, but the ball catches the edge instead. It falls safely, just past Litchfield and Shafali is off the mark. It’s a fairly tight over from Gardner, just four runs from it. Continue reading...
Getty Images SMCI's FQ2 2026 earnings: the less discussed items My last analysis on Super Micro Computer, Inc. ( SMCI ) was published on Jan 10 under a title of “Super Micro Computer: Commoditization Continues.” The article was triggered by SMCI’s expansion of liquid-cooled AI rack capacity and rated the stock as a hold. Since then, there have been a few important developments both for the AI hard...
Getty Images SMCI's FQ2 2026 earnings: the less discussed items My last analysis on Super Micro Computer, Inc. ( SMCI ) was published on Jan 10 under a title of “Super Micro Computer: Commoditization Continues.” The article was triggered by SMCI’s expansion of liquid-cooled AI rack capacity and rated the stock as a hold. Since then, there have been a few important developments both for the AI hardware sector as a whole and also for SMCI’s specific operations. In this article, I will focus on the top one development in each category as I see it. For the former category, I will focus on the 2026 CAPEX plan updates by hyperscalers’ in their FQ4 earnings reports (ER). And for the latter category, I will focus on SMCI’s own ER for its FQ2 2026 released on Feb 3, 2026. These developments have led me to see that the selloff surrounding the stock has run its course and the negatives have already been fully factored into its current share prices. As such, the article upgrades my rating to buy. Let me start with a quick recap of its FQ2 ER. As one of the most hotly debated stocks on the SA platform, SMCI’s ER has been dissected by many other authors shortly after the release. Here, I will just focus on a few of the less discussed—yet important—items in my view. The next screenshot shows the reconciliation between its accounting profit and cash flow for FQ2. This is where the magic (or the mess) hides in my experience because this section bridges the gap between the accounting figures and the actual cash flows that hit the SMCI’s bank accounts. Looking at the FQ2 figures, four reconciliation items stand out immediately: changes in accounts receivable (AR), changes in inventory, changes in accounts payable (AP), and also unearned revenue (UR). Note that I skipped several line items with relatively small magnitudes in the screenshot to minimize clustering and better highlight the items of importance. As seen, these 4 items easily stand out because A) they are quite large in magn...
⚽ Buildup to the weekend’s football action ⚽ Follow us over on Bluesky | And mail us here As always, feel free to email in with any thoughts, feelings, predictions and all that jazz ahead of today’s games. You can also leave a comment below the line. matchday.live@theguardian.com Continue reading...
⚽ Buildup to the weekend’s football action ⚽ Follow us over on Bluesky | And mail us here As always, feel free to email in with any thoughts, feelings, predictions and all that jazz ahead of today’s games. You can also leave a comment below the line. matchday.live@theguardian.com Continue reading...
The International Monetary Fund (IMF) is at last showing a bit of spirit. While it might not yet be attacking the egregious economic and financial antics of US President Donald Trump, it is at least turning its attention to the fiscal foibles of Japanese Prime Minister Sanae Takaichi. This matters more now than has been the case in recent years, or even decades, because what Japan does in terms of...
The International Monetary Fund (IMF) is at last showing a bit of spirit. While it might not yet be attacking the egregious economic and financial antics of US President Donald Trump, it is at least turning its attention to the fiscal foibles of Japanese Prime Minister Sanae Takaichi. This matters more now than has been the case in recent years, or even decades, because what Japan does in terms of its fiscal and monetary policy is beginning to have international repercussions. What political...
In today's video, I discuss recent updates affecting Nvidia (NASDAQ: NVDA) and other AI stocks. To learn more, check out the short video, consider subscribing, and click the special offer link below. *Stock prices used were the market prices of Feb. 18, 2026. The video was published on Feb. 18, 2026. Continue reading
In today's video, I discuss recent updates affecting Nvidia (NASDAQ: NVDA) and other AI stocks. To learn more, check out the short video, consider subscribing, and click the special offer link below. *Stock prices used were the market prices of Feb. 18, 2026. The video was published on Feb. 18, 2026. Continue reading
BlackJack3D/E+ via Getty Images As a bitcoin ( BTC-USD ) investor since 2018, when I first bought it driven by the belief in the future of digital transactions and its acceptance as a medium of exchange, I have a strong interest in the industry. This extends not only to cryptocurrency mining companies, but also to other cryptocurrencies operating in the market. However, that personal bias will no ...
BlackJack3D/E+ via Getty Images As a bitcoin ( BTC-USD ) investor since 2018, when I first bought it driven by the belief in the future of digital transactions and its acceptance as a medium of exchange, I have a strong interest in the industry. This extends not only to cryptocurrency mining companies, but also to other cryptocurrencies operating in the market. However, that personal bias will no longer cloud my investment decisions (or at least that's what I hope). Today I choose to reward the transformation of cryptocurrency miners that seek to move into the AI and HPC data center business, leveraging their existing energy infrastructure. As I explained in previous articles, my view is that the most lucrative segment of the AI business is not in the data centers themselves but in the companies that provide both the infrastructure and the power required to operate them. To put it in numbers, for every $1 billion invested in data centers, $125 million of investment in energy is needed. Based on projected 2025 investment in data center equipment of $475 billion, that would imply an additional $56.25 billion in energy related investment. And in the same sector, we find bottlenecks that represent a significant opportunity: projects worth more than $750 billion could be delayed through 2030 due to these constraints, according to Coface . On that path, full of challenges and large capital investments for the reconversion, I believe IREN Limited ( IREN ) is one of the most stable and profitable companies among its peers. I have several reasons to think this way. One of the reasons, in my view, is the speed of adaptation. IREN appears to be well positioned in this race (perhaps not by much, but clearly in the areas that matter most). That adaptability is evident in something as simple as reporting a dedicated revenue line for AI cloud services. It may seem like something minor, but it isn't for me. For example, crypto miners transitioning towards this model, such as Riot...
DNY59/E+ via Getty Images Overview My last evaluation of Ardelyx ( ARDX ) was in July 2025. This is a company I’ve followed for a few years now. It markets tenapanor as IBSRELA for IBS-C and XPHOZAH for high phosphorus levels in adults with chronic kidney disease on dialysis as add-on therapy. While the company projects at least $1 billion in annual sales for IBSRELA, I’ve noted that the IBS-C tre...
DNY59/E+ via Getty Images Overview My last evaluation of Ardelyx ( ARDX ) was in July 2025. This is a company I’ve followed for a few years now. It markets tenapanor as IBSRELA for IBS-C and XPHOZAH for high phosphorus levels in adults with chronic kidney disease on dialysis as add-on therapy. While the company projects at least $1 billion in annual sales for IBSRELA, I’ve noted that the IBS-C treatment requires a lot of SG&A push, given the crowded space. Meanwhile, XPHOZAH faces ongoing reimbursement challenges that threaten its $750 million —per management —peak sales potential. My view on Ardelyx is threefold: IBSRELA is an SG&A-intensive drug, and should it reach $1 billion in annual sales, it will likely occur near the end of its lifecycle. Despite Ardelyx’s arguments for XPHOZAH reimbursement, a favorable outcome is unlikely—which greatly limits XPHOZAH’s revenue potential. Ardelyx’s terminal value is pressured from a lack of prospects beyond tenapanor. As it was throughout 2025, my rating on ARDX remained at a “Sell.” While ARDX has outperformed the S&P 500 ( SPY ) since July (34% versus 10.7%), its Q4/FY25 earnings announcement on Thursday dropped the stock 10% in intraday trading Friday. Data by YCharts So I figured I would take another look. Q4 Earnings What immediately popped out at me as I was reviewing Ardelyx’s earnings was XPHOZAH’s soft growth. Q4 and FY25 revenue came in at $27.8 million and $103.6 million, respectively. The company projects that XPHOZAH will generate between $110 million and $120 million in FY26 —implying between 6.2% and 15.8% YoY growth. Expectations for IBSRELA are still high —$1 billion in annual revenue in 2029 —after it brought in $274.2 million (up 73% YoY) and $86.6 million (up 61% YoY) in FY25 and Q4, respectively. Because XPHOZAH Q4 revenue dropped in excess of 50%, despite IBSRELA’s strength, Ardelyx’s total revenue in Q4 edged up from $116.13 million in Q4 2024 to $125.22 million in Q4 2025. What’s interesting is that ...