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Papua New Guinea: TotalEnergies Takes Decisive Steps Towards Final Investment Decision on Papua LNG TotalEnergies (Paris:TTE) LSE:TTE NYSE:TTE announces that Papua LNG has achieved major contractual and commercial milestones, marking decisive steps towards a Final Investment Decision. Thanks to the close cooperation with the authorities of Papua New Guinea and Papua LNG partners, the following key milestones have now been achieved:

Completion of the EPC tendering process, with contract award recommendations now readyto be approved by the co-venturers. Since 2024, close to US$ 4 billion cost savings have been achieved through project design optimization (for example, developing an alternative upstream condensate scheme in synergy with PNG LNG) and rebidding EPC packages with an enlarged panel of Asian EPC contractors, bringing the project capital expenditure down to around US$ 14 billion.Decision made to maximize synergies for the benefit of the project by transferring the operatorship to ExxonMobil, operator of PNG LNG. TotalEnergies and ExxonMobil will ensure a safe and efficient transition of operatorship while maintaining continuity of project activities and ongoing commitments to the authorities and stakeholders. Together with the transfer of operatorship, in order to give to ExxonMobil a higher stake in the project, TotalEnergies will sell a 9.1% interest (post back-in of Kumul Petroleum) in the project to its Papua LNG partners, in proportion to their existing participating interests and will retain a 20% interest in the project, while maintaining its LNG offtake share of the project.Finalization of the Gas Agreement with the Government of Papua New Guinea taking into account this updated budget and optimization. The Gas Agreement signed in 2019 has been amended to ensure robust project economics, including in low cycle, while preserving the State’s long-term fiscal interests.Establishment of a LNG marketing joint venture between TotalEnergies and the PNG State-related entities represented by Kumul Petroleum Holdings Limited, to jointly commercialize 2.4 Mtpa from Papua LNG out of a total production of 5.6 Mtpa, thus supporting the project financing.Execution of a LNG offtake Heads of Agreement between TotalEnergies as a buyer and the parties of the LNG marketing joint venture as sellers, providing TotalEnergies with access to 1.5 Mtpa of LNG for its own global portfolio.“These agreements mark decisive step towards the Final Investment Decision of Papua LNG. The transfer of operatorship enhances the project's value creation and competitiveness by leveraging the synergies with PNG LNG during construction and operations phases. Papua LNG will enable the Company to secure significant LNG volumes, strategically located to support energy supply diversification across fast-growing Asian markets,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “I want to thank the Government of Papua New Guinea, led by Prime Minister James Marape, for its continuous support, instrumental in achieving these major milestones.”

Upon completion of the farm-down by TotalEnergies of part of its interest and exercise by the State of Papua New Guinea of its back-in right, TotalEnergies will hold a 20% interest in Papua LNG, alongside ExxonMobil (34.1%, operator), Santos (21.0%), ENEOS Xplora (2.4%), and Kumul Petroleum Holdings Limited and MRDC (22.5%).

About Papua LNG

Papua LNG is a natural gas production and liquefaction project located in Papua New Guinea that will monetize the gas resources of the Elk and Antelope fields in the Gulf Province.

The project is designed to produce 5.6 Mtpa of liquefied natural gas (LNG), primarily for Asian markets. Its development includes gas processing facilities, a pipeline connecting the fields to the liquefaction site and LNG infrastructure located near Port Moresby.

The project is now approaching the Final Investment Decision (FID). Papua LNG is expected to contribute to Papua New Guinea’s economic development by creating employment and local business opportunities, developing national skills and capabilities and supporting the growth of the country’s gas industry, while complying with applicable international environmental and social standards.

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About TotalEnergies

TotalEnergies is a global integrated multi-energy company that produces and markets energies: oil and biofuels, natural gas, biogas and low-carbon hydrogen, renewables and electricity. Our more than 100,000 employees are committed to providing as many people as possible with energy that is more affordable, more available and more sustainable. Present in around 120 countries, TotalEnergies places sustainable development at the heart of its strategy, its projects and its operations.

@TotalEnergiesTotalEnergiesTotalEnergiesTotalEnergies

Cautionary Note

The terms “TotalEnergies”, “TotalEnergies company” or “Company” in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words “we”, “us” and “our” may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies’ financial results or activities is provided in the most recent Universal Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).

View source version on businesswire.com: https://www.businesswire.com/news/home/20260906488108/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Billionaire Bill Ackman runs Pershing Square, one of the 20 most successful hedge funds in the world as measured by net gains since inception, according to LCH Investments. That makes him a good source of inspiration for individual investors

Ackman made a number of trades in the second quarter, but the two listed below warrant closer inspection:

Ackman sold his stake in Alphabet (GOOGL -1.11%) (GOOG -1.05%), an AI stock up 100% in 18 months.Ackman started a position in Netflix (NFLX -5.35%), a mega-cap stock down 42% from its record high.Here's what investors should know about Alphabet and Netflix.

Bill Ackman speaks at an event for the Pershing Square Sohn Cancer Research Alliance. Image source: Getty Images.

Alphabet reported strong financial results in the second quarter despite missing estimates on the bottom line. Revenue rose 24% to $120 billion, marking the 12th consecutive quarter of double-digit  growth. Meanwhile, GAAP operating income (which eliminates unrealized gains from its investment in SpaceX) increased 31% to $41 billion.

Alphabet is primarily a digital advertising company supported by a plethora of popular web properties, such as Google Search and YouTube. Advertising products and services still account for more than two-thirds of total revenue, but cloud computing has become an increasingly consequential part of the big picture.

Google Cloud revenue rose 82% in the second quarter, the fifth consecutive acceleration, driven by strong demand for artificial intelligence (AI) infrastructure. For the first time, the company earned revenue by selling custom AI accelerators called tensor processing units (TPUs) to external customers, representing an attempt to compete more directly with the market leader Nvidia.

Meanwhile, CEO Sundar Pichai said Gemini APIs (i.e., interfaces that let outside companies integrate Gemini models into their own applications) now process about 22 billion tokens per minute, up from 16 billion one quarter earlier. Pichai also said 90% of Fortune 100 companies use Gemini Enterprise, an AI platform for business work.

In total, Google gained two percentage points of market share in cloud infrastructure and platform services in the past year, and custom chips and proprietary models could certainly drive further share gains in the future. Google Cloud is running circles around its two largest rivals, Amazon and Microsoft, which reported cloud revenue growth of 37% and 43%, respectively, in the most recent quarter.

So, why did Bill Ackman sell his shares? While Alphabet is well-positioned for long-term growth, it faces near-term headwinds related to AI infrastructure spending. In the second quarter, Alphabet reported negative free cash flow for the first time as a public company. It also raised its 2026 capex guidance to $200 billion, up from $91 billion last year.

Negative free cash flow could make the stock volatile as bulls and bears squabble about whether the company is spending too much money on AI infrastructure. Indeed, the stock fell sharply following the second-quarter earnings report, and still trades 2% below the pre-report level as of Sept. 4.

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Netflix: The stock Bill Ackman boughtThe streaming industry has become much more crowded over the last decade, but Netflix is still the dominant player by virtually every important metric. It has more monthly active users, generates more revenue, boasts better retention rates, and accounts for a larger percentage of TV viewing time than any other subscription streaming service.

In turn, Netflix has a data advantage. With deep insight into viewing behavior, the company has an edge when personalizing content and making production decisions. Indeed, Netflix consistently produces more engaging content than its rivals. Among the 10 most-watched original streaming series and movies in the final week of August, Netflix made four of the series and six of the movies.

Netflix is down 42% from its high in June 2025, primarily because the market is worried about the company's growth prospects after it failed to win bidding wars for Warner Bros. Discovery and Roku. However, I think the market is underestimating Netflix. The company has pricing power in the streaming space, a market forecast to grow at 10% annually through 2030, and it has largely untapped opportunities in advertising, live sports, and theatrical releases.

Wall Street estimates Netflix's earnings will increase at 21% annually over the next three years. That makes the current valuation of 24.7 times earnings look cheap. Indeed, most analysts view the stock as undervalued. Netflix has a median target price of $94 per share, which implies 20% upside from the current share price of $78. Patient investors should feel comfortable buying a small position today.

TEL AVIV, Israel, Sept. 07, 2026 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) (“Teva”) announced today its intention to issue senior notes through its special purpose finance subsidiaries. Teva Pharmaceutical Finance Netherlands II B.V. (“Teva Finance II”) intends to offer EUR-denominated Senior Notes (the “Euro Notes”) and Teva Pharmaceutical Finance Netherlands III B.V. (“Teva Finance III”) and Teva Pharmaceutical Finance Netherlands IV B.V. (“Teva Finance IV” and, together with Teva Finance II and Teva Finance III, the “Issuers”) intend to offer USD-denominated Senior Notes (the “USD Notes” and, together with the Euro Notes, the “Notes”).

The offering of Notes is subject to, among other things, market conditions. Teva expects to use the net proceeds from the offering, together with cash on hand, (i) to fund the redemptions of certain existing notes as further set out below (the “Conditional Redemptions”), (ii) to pay fees and expenses in connection therewith and (iii) to the extent of any remaining proceeds, for general corporate purposes, including the repayment of outstanding debt upon maturity, tender offer or earlier redemption.

In connection with the Conditional Redemptions, Teva intends to issue notices of conditional redemption pursuant to which it intends to redeem in accordance with the terms set forth in the relevant indentures: (i) all of the 6.750% Senior Notes due 2028 that are outstanding, (ii) all of the 7.875% Sustainability-Linked Senior Notes due 2029 that are outstanding, (iii) all of the 7.375% Sustainability-Linked Senior Notes due 2029 that are outstanding, (iv) up to $450,000,000 in principal amount of 4.750% Sustainability-Linked Senior Notes due 2027 and (v) up to €1,250,000,000 in principal amount of 4.375% Sustainability-Linked Senior Notes due 2030. The Conditional Redemptions are expected to be conditioned on the consummation of the offering. The offering, however, is not conditioned on the Conditional Redemptions. Teva may, in its sole discretion, decide to issue additional notices of conditional redemption and redeem certain of its other outstanding notes, or to amend the principal amounts to be redeemed under any of the foregoing notices, in each case in accordance with the terms set forth in the relevant indentures pursuant to which such notes were issued, although it is under no obligation to do so.

Net proceeds may be temporarily invested pending application for their stated purpose.

The Notes will be unsecured senior obligations of the Issuers and will be unconditionally guaranteed on a senior basis by Teva.

The offering and sale of the Notes will be made pursuant to our effective automatic shelf registration statement on Form S-3, including our base prospectus, filed with the Securities and Exchange Commission (the “SEC”) on February 7, 2025. The offering of these Notes will be made only by means of a prospectus supplement and accompanying base prospectus, which have been filed with the SEC. Before you invest, you should read the prospectus supplement and accompanying prospectus along with other documents that Teva has filed with the SEC and that are incorporated by reference into the prospectus supplement and accompanying base prospectus for more complete information about Teva and this offering. These documents are available at no charge by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, a copy of the prospectus supplement and accompanying base prospectus related to this offering may be obtained, when available, by contacting BNP PARIBAS, 16, boulevard des Italiens, 75009 Paris, France, Attention: Fixed Income Syndicate (emails: [email protected]); BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, United States of America, Attention: Debt Syndicate Desk (email: [email protected]); Citigroup Global Markets Europe AG or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, United States of America, Telephone: (800) 831-9146, E-mail: [email protected]; Goldman Sachs Bank Europe SE, Marienturm, Taunusanlage 9-10, 60329 Frankfurt am Main, Germany, Attention: High Yield Syndicate Desk (Tel: +49 69 7532 1000, Fax: +44 (0)207 774 2330); J.P. Morgan SE, Taunustor 1 (TaunusTurm), 60310 Frankfurt am Main, Germany, Attention: Head of EMEA Capital Markets Group (email: [email protected]) and J.P. Morgan Securities LLC, 270 Park Avenue, New York, New York 10017, United States of America, Attention: Investment Grade Syndicate Desk, Tel: (212) 834-6081).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Teva

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is transforming into a leading innovative biopharmaceutical company, enabled by a world-class generics business. For over 120 years, Teva’s commitment to bettering health has never wavered. From innovating in the fields of neuroscience and immunology to providing complex generic medicines, biosimilars and pharmacy brands worldwide, Teva is dedicated to addressing patients’ needs, now and in the future. At Teva, We Are All In For Better Health.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on management’s current beliefs and expectations and are subject to substantial risks and uncertainties, both known and unknown, that could cause our future results, performance or achievements to differ significantly from that expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: completion of the offering of senior notes and conditional redemptions for certain outstanding notes; our significant indebtedness, which may limit our ability to incur additional indebtedness, engage in additional transactions or make new investments; and our potential need to raise additional funds in the future, which may not be available on acceptable terms or at all; other financial and economic risks; and other factors discussed in our Quarterly Report on Form 10-Q for the second quarter of 2026, in our Annual Report on Form 10-K for the year ended December 31, 2025, including in the sections captioned “Risk Factors” and “Forward Looking Statements,” and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Forward-looking statements speak only as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements.

It may be unlawful to distribute this press release in certain jurisdictions. This press release is not for distribution in Canada, Japan or Australia. The information in this press release does not constitute an offer of securities for sale in Canada, Japan or Australia.

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2016/97/EU (as amended, the “Insurance Distribution Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investors in the United Kingdom. For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point (8) of the UK MiFIR; nor (ii) a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs. Consequently, no disclosure document required by DISC for offering or selling, or distributing the Notes or otherwise making them available to retail investors in the UK has been prepared and, therefore, offering or selling, or distributing the notes or otherwise making them available to any retail investor in the UK may be unlawful under the DISC and the Consumer Composite Investments (Designated Activities) Regulations 2024.

Promotion of the Notes in the United Kingdom is restricted by the FSMA, and accordingly, the Notes are not being promoted to the general public in the United Kingdom. This announcement is for distribution only to, and is only directed at, persons who are (i) outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), (iii) high net worth entities, and other persons to whom they may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). The Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Notes will be engaged in only with, relevant persons. This announcement is directed only at relevant persons and must not be acted on or relied on by anyone who is not a relevant person.

The Notes have not, may not and will not be offered, sold or delivered in the Netherlands, other than to qualified investors (as defined in Regulation (EU) 2017/1129).

The Notes have not, may not and will not be offered, sold or delivered in Israel, other than to persons who qualify as one of the types of investors listed in the First Addendum to the Israeli Securities Law, subject to and in accordance with the requirements set forth in the First Addendum to the Israeli Securities Law.

Teva Media Inquiries:
[email protected]

Teva Investor Relations Inquiries:
[email protected]

Source: Teva Pharmaceutical Industries Ltd

Nvidia CEO Jensen Huang says OpenAI’s Astra marks the arrival of artificial general intelligence, but for investors the message is about hardware.

Huang said Astra was trained on more than 100,000 Nvidia Grace Blackwell systems and that another 400,000 GPUs are coming online.

Whether Astra truly qualifies as AGI remains disputed, with researcher Gary Marcus arguing that Astra falls short of conventional benchmarks.

The investment takeaway is clear. If frontier AI systems perform more economically useful work, the infrastructure required to train and run them could keep expanding.

Nvidia stock remains the clearest compute winnerNvidia is the most direct beneficiary because Astra demonstrates how much frontier AI still depends on its hardware.

The company reported fiscal second-quarter revenue of $96.2 billion, up 106% from a year earlier, while Data Center revenue reached $89 billion, up 117%. Nvidia guided for $108 billion of revenue in the current quarter.

TD Cowen analyst Joshua Buchalter described the shares as “materially undervalued” after the results, according to MarketWatch.

He argued that customer demand could support revenue approaching twice current levels if supply constraints were removed.

That backdrop makes Astra relevant beyond another model launch.

OpenAI has shown that training its newest system required a six-figure Nvidia deployment, while Huang’s comments suggest another expansion is planned.

Nvidia’s Vera Rubin generation is moving into production, extending the hardware roadmap beyond Blackwell.

The next AI buildout will not run on Nvidia GPUs alone.

Hyperscalers and AI labs are developing custom accelerators to reduce inference costs and optimise specific workloads. Broadcom has become a beneficiary of that shift.

Its third-quarter AI semiconductor revenue jumped 221% to $16.7 billion, with management expecting $21.7 billion in the fourth quarter.

Broadcom is also working with OpenAI on Jalapeño, its first custom intelligence processor, and future generations.

Macquarie analyst Arthur Lai upgraded Broadcom to Outperform and raised his target to $490 after the results.

Lai believes Broadcom “dominates the rapid-growth AI ASIC market,” supported by its custom-silicon and connectivity advantages.

OpenAI is expected to become Broadcom’s second-largest XPU customer in fiscal 2028, when management sees more than five gigawatts of OpenAI accelerators being deployed.

That makes Broadcom another way to play Astra: smarter models can increase demand for specialised compute and the networking connecting AI clusters.

Oracle takes the thesis beyond chips and into data-centre capacity.

The company is a major cloud partner to OpenAI, and its shares rose following Astra’s release ahead of September 10 earnings.

Bank of America analyst Tal Liani maintained a Buy rating and $240 target. TipRanks said BofA expects Oracle infrastructure-as-a-service revenue to jump 116% year on year as one gigawatt of new data-centre capacity comes online.

Oracle’s $638 billion backlog gives the company visibility, but the opportunity is expensive. BofA expects around $92.5 billion of fiscal-year capital expenditure, which could pressure free cash flow.

That makes Oracle the riskiest of the three. AI demand can produce extraordinary cloud growth, but Oracle must finance the physical infrastructure before much of that revenue arrives.

Investoři mohou ode dneška vkládat peníze do nejvýznamnějších firem obchodovaných na pražské burze prostřednictvím fondu Wood PX ETF, který vznikl ve spolupráci obchodníka s cennými papíry Wood & Company a Burzy cenných papírů Praha. Nové ETF pasivně kopíruje hlavní index pražské burzy PX a jeho obchodování bylo dnes zahájeno.

Roční nákladovost fondu (TER) čmá činit 0,20 % a nominální hodnota je 1 000 korun. Portfolio fondu pasivně kopíruje index PX metodou optimalizované replikace a váhy jednotlivých titulů se budou čtvrtletně upravovat v návaznosti na pravidelný rebalancing indexu.

S fondem se bude obchodovat na Burze cenných papírů Praha kontinuálně během standardních obchodních hodin. Na pražské burze se tak dále rozrůstá nabídka zajímavých ETF po dubnovém uvedení BLSP WORLD ETF CZK, které umožňuje domácím investorům investovat skrze jediné ETF do světových akcií bez měnového rizika, tedy v podobě zajištěné do české koruny. Obě ETF jsou dostupná také přes obchodní platformu a mobilní aplikaci Patria Finance.

„Pro pražskou burzu jde o milník, na který jsme čekali prakticky dvě dekády. WOOD PX ETF významně rozšiřuje nabídku investičních nástrojů a věříme, že má potenciál přivést k nám na burzu nové investory jak z řad retailu, tak zahraničních institucí. Drobným investorům nabízí jednoduchou možnost, jak získat expozici na český akciový trh a zároveň rozložit riziko mezi více titulů prostřednictvím jedné investice namísto nákupu jednotlivých akcií. Věřím, že své místo si najde i v rámci investičního režimu DIP nebo v portfoliích penzijních fondů,“ říká Petr Koblic, generální ředitel Burzy cenných papírů Praha.

Wood PX ETF, který pasivně kopíruje hlavní index pražské burzy PX , je akumulační. To znamená, že dividendové výnosy společností v portfoliu se investorům nevyplácejí, ale fond je automaticky reinvestuje. ETF se obchoduje v českých korunách a investice tak nenese kurzové riziko.

Společnost Wood & Company podle partnera a generálního ředitele Vladimíra Jaroše reaguje vznikem ETF na dlouhodobou poptávku investorů po jednoduchém nástroji pro investování do českého akciového trhu. "Nejnáročnější byla technická stránka obchodování a vypořádání cenných papírů. Jsem přesvědčen, že výsledkem je produkt, který má potenciál oživit český kapitálový trh a přivést na něj nové investory,“ uvedl Jaroš.

Hlavní index PX obsahuje aktuálně 14 titulů. Největší váhu v něm mají Erste Group Bank a ČEZ, každá firma po 20 procentech, následované Komerční bankou, VIG a Moneta Money Bank. Součástí jsou dále CSG, Colt CZ, Philip Morris ČR, Doosan Škoda Power a Kofola. Fond tak nebude kopírovat kompletně celý index PX , nebudou zahrnuty čtyři nejmenší firmy tj. Primoco UAV, Gevorkyan, Karo Leather a Photon Energy. Tyto společnosti tvoří v indexu méně než jedno procento. Důvodem vynechání pak je jejich nízká likvidita, pokud by se jejich váha v indexu a objemy obchodů zvýšily, mohou být později do ETF zařazeny.

Pražská burza navíc od prosince zpřísní pravidla pro to, které firmy mohou být součástí indexu PX . Jednou z nových podmínek bude, aby firma tvořila alespoň jedno procento celkové hodnoty společností zastoupených v indexu. Nová pravidla začnou platit od 1. prosince a poprvé se projeví ve složení indexu platném od 21. prosince.

Nový fond přichází na pražskou burzu po období výrazného růstu českého akciového trhu. Průměrné roční tempo růstu indexu PX dosáhlo za posledních sedm let 14,5 procenta. V roce 2025 index vzrostl o 52,6 procenta, v roce 2024 o 24,5 procenta a v roce 2023 o 17,7 procenta. Minulý týden PX opět překonal historické maximum.

ETF je typ fondu, který investuje do podkladových aktiv, tedy akcií, dluhopisů, komodit či cizích měn, a reálně je vlastní.

, /PRNewswire/ -- Baidu, Inc. ("Baidu" or the "Company") (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), a leading AI company with strong Internet foundation, today announced that the Company's Class A ordinary shares traded on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") have been included in the Shenzhen-Hong Kong Stock Connect program, effective today, September 7, 2026 (Beijing time). The previously announced inclusion of the Company's Class A ordinary shares in the Shanghai-Hong Kong Stock Connect program also became effective today. Eligible investors in the Chinese Mainland now have direct access to the trading of Baidu's Class A ordinary shares through both programs.

The inclusion of Baidu's Class A ordinary shares in the Shenzhen-Hong Kong Stock Connect program is pursuant to the Announcement on Adjustment of the List of the Eligible Stocks in Hong Kong Stock Connect under the Shenzhen-Hong Kong Stock Connect issued by the Shenzhen Stock Exchange on September 7, 2026.

Taken together, the inclusion in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect marks an important step toward expanding the Company's reach among Chinese Mainland investors and is expected to further diversify its investor base and enhance the liquidity of its shares.

Baidu appreciates the continued support of its shareholders and investors and remains committed to driving sustainable growth and creating long-term value for shareholders.

About the Shenzhen-Hong Kong Stock Connect

The Shenzhen-Hong Kong Stock Connect is a mutual stock market access mechanism between the Chinese Mainland and Hong Kong under which the Shenzhen Stock Exchange and the Hong Kong Stock Exchange have established technical connectivity to enable investors in the Chinese Mainland and Hong Kong to trade eligible shares listed on the other's market through their local securities companies or brokers.

About the Shanghai-Hong Kong Stock Connect

The Shanghai-Hong Kong Stock Connect established a two-way trading link between the Shanghai Stock Exchange and the Hong Kong Stock Exchange. The stock connect allows qualified Chinese Mainland investors to access eligible Hong Kong shares (Southbound) as well as Hong Kong and overseas investors to trade eligible A-shares (Northbound), subject to a certain amount of daily quota.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

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Berkshire Hathaway (BRKA -0.48%)(BRKB -0.41%) is off to a strong start in its first year under CEO Greg Abel. Second-quarter operating earnings rose 16% from a year earlier. The stock, near $505 as of this writing, puts the company's market value at about $1.1 trillion.

Whether the next five years look as good is a harder call. Over a stretch that long, the stock should mostly track two numbers -- how fast operating earnings grow, and what multiple of those earnings investors will pay.

And both numbers hinge, arguably more than anything else, on what Abel does with the company's $365 billion of cash and U.S. Treasury bills.

Image source: Getty Images.

Strong growth, and a price to matchOperating earnings are Berkshire's preferred yardstick. The measure leaves out the stock portfolio's gains and losses, which swing reported net income from quarter to quarter and which the company says are usually meaningless in any given period.

On that measure, the company earned about $13 billion during the second quarter. First-half operating earnings totaled $24.3 billion, 17% more than a year earlier.

The growth is a rebound, not a continuation. Operating earnings slipped 6% in 2025, to $44.5 billion, dragged down by weaker insurance results.

This year, growth is broad-based outside insurance. BNSF, the energy business, and the manufacturing, service and retailing group all grew first-half earnings between about 10% and 15% year over year.

Add up the past four reported quarters, and Berkshire has earned about $48 billion of operating earnings, or about $22 for every Class B share. Against a $505 share price, that comes to about 23 times operating earnings -- a premium price, in my view. Investors are paying today for growth that hasn't happened yet.

Greg Abel has started spending the cashBerkshire's cash and U.S. Treasury bills stood at about $365 billion at midyear, a little less than at the start of the year.

In January, the company closed its $9.4 billion purchase of the chemicals maker OxyChem. In late July, it paid about $6.8 billion in cash for homebuilder Taylor Morrison. And it repurchased about $4.5 billion of its own stock in the second quarter, after buying back almost none in the first. The buyback decision is Abel's now, made in consultation with chairman Warren Buffett.

Berkshire was a net buyer of stocks, too. The cost basis of Berkshire's equity portfolio rose about $21 billion during the first half.

Those uses of cash do different jobs for the five-year math. An acquisition adds operating earnings directly. Stock purchases mostly add just dividend income, since portfolio gains sit outside the operating measure. And buybacks shrink the share count, down about 0.5% through June, so each share gets a bigger piece of the earnings.

Meanwhile, the case for leaving the cash parked may get weaker. After all, Berkshire's insurance investment income fell about 8% in the first half, a decline the company attributed to lower short-term interest rates. The less Treasury bills pay, the more the five-year outcome depends on Abel finding better places for the money.

Where could the stock land?Assume growth settles at 5% a year, slower than 2026 but better than 2025, and that investors put a lower valuation multiple on a slower Berkshire -- say, 18 times operating earnings. Per-share operating earnings would reach about $29 by mid-2031, and the stock would sit near $525. Five years of almost nothing.

The upside case leans on the cash. If acquisitions and buybacks help operating earnings compound at 10% a year (a pace the company has beaten so far in 2026), and the stock keeps a valuation near 22 times operating earnings, per-share earnings reach about $37. The stock lands a little above $800, about a 10% annual return.

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The stock portfolio adds noise to every path. Berkshire's five largest holdings made up 66% of its $324 billion equity portfolio at midyear: Alphabet, American Express, Apple, Bank of America, and Coca-Cola. Of course, a rough stretch for even one or two of those positions could move what investors pay for the whole company. But the portfolio is only about 30% of Berkshire's market value, and its swings don't touch operating earnings at all.

Ultimately, I'd split the difference. Growth near 8% and a valuation of 20 times operating earnings would put the shares around $650 in five years, a mid-single-digit annual return, plus whatever Abel's dealmaking adds on top.

But here's what's interesting about this investment. The downside risk seems low given Berkshire's cash, and there are scenarios that could be far more bullish than we've outlined here if the company deploys its cash into the right assets at the right time. For that reason, I believe Berkshire is a great core holding, even if expectations for the stock are modest. I believe the stock offers meaningful upside potential with low downside risk.

Taiwan Semiconductor Manufacturing (TSM +2.85%) is already worth about $2.2 trillion, with shares of the chip foundry trading at about $427 as of this writing.

My prediction: The company's market value passes the $3 trillion mark before 2029. To be specific, that means sometime before the end of 2028, about two years and four months away.

That may sound like a bold call. The stock would need to reach about $580 per share, about 21% above its 52-week high of $479.

But the yearly return the milestone requires is more ordinary than it sounds. And it's a fraction of the pace TSMC's business is growing at today.

Image source: TSMC.

TSMC needs about 14% a year to get thereGoing from about $2.2 trillion to $3 trillion is a gain of about 35%. Spread over that stretch, it works out to about 14% compounded annually.

For a business growing the way TSMC is right now, that isn't a high bar.

I'm not assuming investors pay more for each dollar of TSMC's earnings than they do today, either. If the stock's price-to-earnings multiple simply holds steady, the share price should track earnings growth over time. In other words, earnings compounding at about 14% a year through 2028 could arguably get the company there on its own.

A 40% yearHighlighting how far ahead of that bar the business is running, TSMC's second-quarter revenue rose 36% year over year to NT$1.27 trillion ($40.2 billion in U.S. dollars), while net income surged 77%. Gross margin was 67.7%, a big step up from 58.6% a year before. And the momentum has carried into the second half of the year. July revenue rose about 45% year over year, putting revenue through the first seven months of 2026 up 37%.

Management expects more of the same. Guidance calls for third-quarter revenue of $44.6 billion to $45.8 billion. Against the year-ago quarter's $33.1 billion, the midpoint represents about 37% growth -- an acceleration from the second quarter's pace in dollar terms.

In July, management also raised its full-year outlook to revenue growth slightly above 40% in U.S. dollar terms.

"Moving into third quarter 2026, we expect our business to be supported by continued strong demand for our leading-edge process technologies, including the steep ramp-up of our 2-nanometer technology," said Wendell Huang, TSMC's chief financial officer, in the company's second-quarter earnings release.

The company is spending like it expects the demand to last, too. Management now plans $60 billion to $64 billion of capital spending in 2026, up from its earlier budget, and it announced an additional $100 billion investment in Arizona to build several more leading-edge chip fabs and advanced packaging plants.

What could go wrong?The main risk is concentration.

High-performance computing accounted for 66% of TSMC's revenue in the second quarter, tying the company's growth closely to the artificial intelligence (AI) build-out. If the biggest spenders on AI infrastructure pull back, growth could slow quickly.

Of course, margins could give back some ground, too. Gross margin guidance of 65% to 67% for the third quarter sits below the 67.7% the company just posted. If profitability drifts lower from here, earnings could grow more slowly than revenue does -- and it's earnings growth, not revenue growth, that has to average about 14%.

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But the prediction can absorb a lot of deceleration. Say revenue growth halves to 20% in 2027, then halves again to 10% in 2028.

Even that path compounds at about 15% a year over those two years, still above the requirement, assuming profit margins hold near current guidance and the price-to-earnings multiple stays put. And it leaves out the rest of 2026, when growth is running at about three times that pace.

The scenario I take more seriously, however, is a market that changes its mind. If investors sour on AI infrastructure spending, they could pay less for each dollar of TSMC's earnings even while those earnings keep growing. A compressing price-to-earnings multiple would likely raise the bar on the business -- possibly well past 14% a year.

Ultimately, though, a business guiding for revenue growth slightly above 40% this year clears a 14% hurdle with plenty of room to spare, even if growth fades hard through 2027 and 2028. I expect Taiwan Semiconductor's market value to top $3 trillion before the end of 2028.

Netflix (NFLX -5.35%) raised prices on every one of its U.K. plans in the past few days. The ad-supported standard plan took the biggest jump, moving from £5.99 to £7.99 a month (a third more), while the ad-free standard plan went to £13.99 and premium to £20.99. New members pay the new prices right away, and existing members typically get 30 days' notice before the change reaches their bills.

Shares of the streaming giant fell 5.4% on Friday to $78.25, the same day the increase made headlines.

Price increases are nothing new for this company, though. Netflix has been raising prices for 15 years, in markets all over the world, and its annual revenue has grown every single year through all of them.

But that streak is a low bar. The better measure, I'd argue, is what each increase did to the company's revenue growth rate -- and that record is more interesting than the streak itself.

Image source: Netflix.

The increases are coming fasterNetflix last raised U.K. prices in February 2025, when the ad-supported plan went from £4.99 to £5.99 a month. That makes this the second U.K. increase in about 19 months, and it leaves the ad tier costing 60% more than it did at the start of last year.

Netflix raised U.S. prices in March too, its second increase there in about 14 months, taking the standard plan from $17.99 to $19.99 a month.

Notably, the ad-supported tier (the plan built to catch price-sensitive members) is climbing fastest in both markets.

Revenue has grown through every increaseThe worst increase Netflix ever made came in July 2011, when the company split its $9.99 streaming-plus-DVD plan into two $7.99 plans. Management acknowledged in its second-quarter 2011 shareholder letter that the change could be "as much as a 60% increase" for members who wanted to keep both services.

Hundreds of thousands of members canceled. Netflix ended the third quarter of 2011 with about 23.8 million U.S. subscribers, down about 805,000 in three months. And still, revenue rose 48% that year, and it grew another 13% in 2012.

The closest the streak has come to breaking was 2022. Netflix had raised U.S. prices that January, taking the standard plan from $13.99 to $15.49, and revenue for the year grew just 6.5% -- the company's slowest year of growth in at least a decade. A subscriber slump and a strong dollar contributed too. Even then, the top line grew. Growth stayed slow in 2023, then reaccelerated: revenue rose about 16% in both 2024 and 2025, reaching $45.2 billion last year, and 2025 opened with another round of U.S. price increases.

In short, no Netflix price increase has ever been followed by a down year of revenue. Where an increase can show up is in the growth rate, and even the clearest case took more than pricing to get there.

What's different this time is where the increase lands. Netflix's advertising business is its fastest-growing revenue line (ad revenue topped $1.5 billion in 2025, up more than 150%, and management is aiming to roughly double it this year), and that business depends on the ad-supported plan attracting members. Raising the plan's price by a third may test how much that audience is willing to pay.

The early evidence from the U.S. increase looks fine. In the shareholder letter accompanying its second-quarter results, Netflix said U.S. and Canada revenue grew 10% year over year, with what it described as only a partial quarter of impact from the March increase. The change, in management's words, "has gone well and as expected."

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The companywide trend deserves more caution. Second-quarter revenue growth was 13% year over year, and the forecast for the third quarter is 11.7% -- a decelerating path. Full-year revenue guidance sits at $51.0 billion to $51.4 billion, or 13% to 14% growth, down from nearly 16% in 2025.

Meanwhile, engagement is nearly flat, with members watching only 2% more hours in this year's first half than in last year's. In other words, more members, higher prices, and advertising are carrying the growth, not more hours watched.

Ultimately, I expect the streak to survive this increase too. That kind of pricing power, I think, is rare, and Netflix has proved it over and over.

But the stock's valuation arguably already gives the company credit for it. At about $78, the price-to-earnings ratio is about 20 measured against expected 2027 earnings, a level that arguably assumes the pricing power continues.

Chevron (CVX -1.29%) just signed a landmark deal to significantly expand its operations in Venezuela. The agreement, which positions the oil giant to double its output over the next five years, is a testament to its patience. "You have to hang in there until all the conditions come together: the technology, the economics, the markets, the politics," stated CEO Mike Wirth in a recent interview with Bloomberg. It stayed long after rivals ExxonMobil (XOM -1.69%) and ConocoPhillips (COP -1.08%) left, putting it in a position to capitalize on this major opportunity to help revitalize Venezuela's oil industry.

Here's a look at how Chevron's patience has proven to be a significant competitive advantage in Venezuela.

Image source: Getty Images.

Staying when things got toughExxonMobil and ConocoPhillips both left Venezuela in 2007 after the country nationalized their assets. Both have been seeking restitution, with ConocoPhillips winning an arbitration award of $12 billion that it has been trying to recover for years. The oil companies have been considering a return this year, as they each sent technical teams to evaluate potential investment opportunities. While ExxonMobil CEO Darren Woods called Venezuela "uninvestable" this past January, President Trump recently said that Exxon would be going back into Venezuela.

However, both companies are far behind Chevron, which has maintained operations in the country for over 100 years. That's part of the company's patient strategy in the country. CEO Mike Wirth told Bloomberg: "You have to have some patience and look at this out over time and not become discouraged. Not pick up and leave when things are difficult." By hanging on during the tough times, which included dealing with hyperinflation, power outages, and unstable civil conditions, Chevron was able to pounce when the opportunity came around to participate in the revival of Venezuela's oil industry.

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Building on its legacyChevron has already been expanding its operations in Venezuela. In April, it consolidated its heavy-oil position in the country through an asset swap with Venezuela's national oil company, Petroleos de Venezuela, S. A. (PDVSA). It received an additional 13.21% working interest in Petroindependencia, increasing its stake in that joint venture (JV) to 49%. Additionally, its Petropiar JV (30% interest) was granted rights to develop the adjacent Ayacucho 8 area in the Orinoco Oil Belt. In exchange, Chevron gave up its interest in two gas licenses and in another non-operated joint venture. This trade enhances Chevron's ability to increase production by 50% by the end of 2028, from its recent rate of 280,000 barrels per day.

Now, Chevron is further building on this legacy position with additional enhancements to its JVs. Its new deal with Venezuela will provide it with more acreage in the Orinoco Belt. Petroindependencia received the rights to develop the adjacent Carabobo-1 and Carabobo-2-South-A areas. Additionally, the deal includes enhanced fiscal, commercial, and legal terms that will support durable, competitive long-term investments in the country. Improved financial terms are something ExxonMobil has been seeking before it would agree to reenter the country.

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This increased position and improved terms support Chevron's new plan to invest more than $7 billion over the next five years. That would enable the company to more than double its production to around 600,000 barrels per day. Chevron estimates that its costs will be less than $20 a barrel, positioning it to drive strong earnings growth over the next five years from this investment.

However, while Wirth told Bloomberg that it has "good, high-quality resource positions" in Venezuela, "They're also sometimes not the easiest resource to produce." That's a risk investors should keep an eye on as the oil company ramps up its investment rate in the country. There's also the potential for renewed political risks, both in Venezuela and from future elections in the U.S.

Chevron's patience could pay massive dividendsChevron's decision to remain in Venezuela during the tough times is paying off. Its existing joint ventures in the country are receiving additional resources, which, together with improved terms, will enable the company to significantly increase production over the next five years. Given its low-cost resources, it could generate meaningful cash flow growth. It now has a huge head start over Exxon and ConocoPhillips, both of which are still evaluating whether to reenter the country. That could benefit the oil stock in the long run, as its low-cost growth in Venezuela could give it the fuel to deliver higher total returns than its rivals over the next few years.

Huawei's best AI chip cannot keep pace with Nvidia hardware that is already three generations old, and the gap is widening faster than most investors realize.

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For retirement investors seeking the cleanest way to own the AI infrastructure buildout, NVIDIA (NASDAQ:NVDA | NVDA Price Prediction) at $230.36 warrants a hard look, because the company is selling a product no rival can match at a price the market has not caught up to. China’s best domestic AI chip, Huawei’s Ascend 910C, tops out at roughly 780 teraflops (TFLOPS) of FP16 performance, less than half of the ~1,700 TFLOPS delivered by NVIDIA’s H200, a chip unveiled nearly three years ago. While competitors chase that old benchmark, NVIDIA has moved through Blackwell, Blackwell Ultra, and into full production on Vera Rubin, whose single GPU delivers 4,000 TFLOPS of FP16 compute. That is the definition of a widening moat.

Growth That Justifies the Multiple Q2 FY27 revenue reached $96.22 billion, up 105.85% year over year, with Data Center revenue of $89.02 billion (+117%). Management guided Q3 to $108.0 billion ±2% at a ~74% gross margin. At a trailing P/E of 46, NVDA trades cheaper than either of its listed rivals despite generating a 55.60% net margin and 101.5% return on equity. That is a rare combination at this scale, and the same data-center buildout driving these numbers is powered by a broader supplier ecosystem (we profiled seven of those non-chipmaker AI infrastructure names in a free report here: 7 Stocks Powering the AI Boom).

Head to Head: NVIDIA Outclasses AMD and Intel Advanced Micro Devices (NASDAQ:AMD) is the closest US-listed AI accelerator peer, and the head-to-head favors NVIDIA on every meaningful line. AMD trades at a P/E of 180, roughly four times NVDA’s multiple, with a Q2 2026 non-GAAP gross margin of 56% versus NVIDIA’s 75%, and Data Center revenue of only $6.72 billion. NVIDIA’s Data Center segment alone is more than thirteen times larger. Intel (NASDAQ:INTC) sits well behind: it posted a Q2 FY26 GAAP net loss of -$11.033 billion and carries a negative earnings yield. Intel’s own DGX Rubin servers use NVIDIA silicon at the center of the rack.

Capital Returns Sweeten the Case NVIDIA returned approximately $26 billion to shareholders in Q2 alone and still has ~$99.0 billion left on its buyback authorization. Free cash flow hit $21.34 billion for the quarter, up 58.43%. The dividend is small at $0.25 per share, but per-share compounding through buybacks is doing the real work for long-duration holders.

China Risk, Dismissed The obvious pushback is China export controls. That worry is already priced out. Hopper shipments to China were less than 1% of total Data Center revenue in Q2, and the $108 billion Q3 guide explicitly assumes zero Data Center compute revenue from China. NVIDIA is printing record numbers without the market Washington fenced off. As Jensen Huang put it on the last call, “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.”

For long-duration holders, Vera Rubin’s compounding is the story to watch from here.

Contact [email protected] for any questions or corrections.

SummaryHeading into the Q2 print, I expected another full-year guide increase. Dell raised FY27 sales guidance by $25 billion. I did not expect anything close to that.ISG's operating margin jumped to 15.0% from 8.8% a year ago. I was expecting AI servers to keep dragging margins lower.The AI backlog jumped $43.7 billion sequentially to $95 billion.Traditional server sales increased 23% sequentially, and storage was up 12% QoQ. That said, AI server revenue grew just 2% (see the previous bullet point for the backlog).I upgrade to a buy. I think Q2 FY27 was a table-pounding moment for Dell to prove that Q1 FY27 (Dell was up 32% the day after that print) was not a one-off quarter. ekapol/iStock via Getty Images

Alright, I promise that this time, I won't start a Dell Technologies (DELL) article mentioning Trump's enthusiasm for their laptops/PCs.

I think the blowout FY27 guidance (revised upward by $25B) and the jump in backlog (up $43.7B sequentially) are taking the

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in DELL over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I am not a registered investment adviser, broker, dealer, or tax professional. This article, including any comments or replies I post, reflects my personal opinions only and is provided for informational and educational purposes. Nothing I write is investment, legal, tax, or financial advice, or a personalized recommendation to buy, sell, hold, or short any security. My views may change without notice. Nothing I write is tailored to any reader’s objectives, financial situation, risk tolerance, or portfolio. Investing involves risk, including possible loss of principal. Readers should conduct their own research and consult a qualified professional before making investment decisions.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

After turning in another solid quarter, GitLab (GTLB +1.05%) is starting to prove the bear case wrong, and its stock is finally beginning to reflect that, with its shares climbing on its latest report.

The DevSecOps (development, security, and operations) company not only reported results that topped expectations and issued upbeat guidance, but its new annual recurring revenue (ARR) also grew at its fastest pace in several years. This is an indication that its core growth trajectory is reaccelerating.

Let's dig into the company's results and prospects to see why I think this growth stock remains a buy.

GitLab starts to flex its strength GitLab turned in some impressive underlying metrics in the third quarter, led by its new ARR surging 42% year over year, its second-highest rate in the past four years. Its calculated billings rate, meanwhile, jumped 24%, which was double the growth rate it saw last quarter, and it said its sales team delivered its largest gross bookings ever. Its first-order count more than doubled to 1,700, while first-order ARR rose 39%. Meanwhile, its dollar-based net retention remained strong at 117% over the past 12 months, showing the first sequential improvement since 2024.

Long pegged as a loser amid the rise of artificial intelligence (AI), the company is starting to thrive in the current landscape. Management noted that AI is significantly lowering the bar for software development, which is helping drive demand for its platform and services. In addition, AI is giving GitLab more opportunities to monetize the growing amount of work occurring across the software life cycle.

The company recently introduced its Flex model, which lets customers commit to an annual dollar rate that it can shift between seats, consumption credits, and new capabilities. It expects this model to improve retention and drive growth, although it will have some revenue-recognition impact. It currently thinks that for every $50 million converted to Flex, it would lead to $5 million of revenue being recognized in future periods. Since its introduction six weeks ago, the company has already seen customers commit over $20 million to the program.

Turning to GitLab's results, overall revenue jumped 21% year over year to $286.3 million. That was well above the company's guidance for sales of $272 million to $274 million. Subscription revenue also increased by 21% year over year to $258.3 million, while license revenue rose by 20% to $27.9 million.

The company continues to see strength with its largest customers. Deals of $500,000 or more grew by more than 150% in the quarter. Sales of its high-end Ultimate tier, meanwhile, jumped 35% and now accounts for 59% of its ARR. It also said it saw a rebound in the public sector, which had been struggling.

Management once again upped its full-year guidance and now expects full-year fiscal 2027 revenue of $1.129 billion to $1.133 billion, representing growth of 18% to 19%, and adjusted earnings per share (EPS) in the range of $0.85 to $0.87. That's up from a prior forecast for revenue of $1.112 billion to $1.118 billion and adjusted EPS of $0.79 to $0.82.

For the fiscal third quarter, it forecasts revenue to be between $281 million and $283 million, representing 15% to 16% growth. It guided for adjusted EPS between $0.19 and $0.20. The company said it has not adjusted its guidance yet for the potential impact Flex could have on growth.

Image source: The Motley Fool.

The stock still looks like a buy While off its lows, GitLab's valuation remains attractive. The stock is trading at a forward price-to-sales multiple of under 6.5 based on analyst estimates for fiscal 2028 (ending January 2028), despite the company growing its revenue around 20% and having over 15% of its market cap in cash.

Most importantly, the underlying metrics point to a business that is about to reaccelerate. While Flex will cause some distortions, that should not impact how investors view the stock. As such, I still consider it a buy even after its rebound.

Japan just handed a foreign satellite company something no G20 nation has ever offered before, and the telecom giant most investors are obsessing over right now has nothing to do with it.

Every retirement account in America seems to want a piece of SpaceX (NASDAQ:SPCX | SPCX Price Prediction), the freshly public Starlink parent now carrying a $2 trillion market cap after a 36.65% one-month rip. But here’s what you should actually be watching.

Crowded, Unprofitable, and Priced for Perfection SpaceX just posted $7.81B in Q2 2026 revenue and beat consensus by 14.59%, yet still reported an operating loss of $143M and a net loss of $541M. The Connectivity segment grew 66% year over year, but Starlink ARPU compressed from $85 to $66 even as subscribers doubled. That is classic late-cycle unit economics dressed up as growth.

Then there is the capital sinkhole. Capex hit $18.37B in a single quarter, with $15.83B directed at AI compute, and a $60B pending acquisition of Cursor is scheduled to close in Q3. One podcast host summed up the pivot bluntly, calling SpaceX “his AI holding company”. Retirement investors chasing a trillion-dollar rocket-and-GPU conglomerate through a post-IPO hype cycle are providing the exit liquidity.

The Sovereign Satellite Layer Nobody Is Pricing In The smarter play sits at roughly $18.68 billion in market cap: AST SpaceMobile (NASDAQ:ASTS). While Starlink chases consumer broadband and Musk chases compute, ASTS is quietly becoming the operating system for direct-to-device cellular from space. Three points make the case.

Japan Just Blessed a National BlueBird Constellation Japan’s Ministry of Internal Affairs and Communications preliminarily selected the Rakuten and AST joint venture for the J-LEO initiative, worth up to approximately $1 billion in non-dilutive, non-debt government capital. Separately, Japan filed an ITU application for a 136-satellite “J-BLUEBIRD-NGSO” architecture, with government subsidies covering as much as 50% of eligible costs and private matching pushing the program toward $2 billion. As President Scott Wisniewski put it, “I don’t know why a G20 country wouldn’t want this kind of capability given the price.” This is a template: governments finance and own AST-powered constellations while AST collects the platform economics.

BlueBird Constellation Is Actually Flying ASTS now has 13 BlueBird spacecraft in orbit with roughly 20,000 sq ft of aperture hardware deployed, launched six spacecraft in 50 days, and is producing approximately six fully assembled satellites per month. BlueBirds 14 through 16 are ready to ship, BlueBirds 17 through 46 are in production, and the target is roughly 45 satellites in orbit by early 2027. Block 2 satellites are engineered for peak data rates approaching 200 Mbps. Commercial service can begin with as little as 45 satellites.

Fortress Balance Sheet and a 3-Billion-Subscriber Rolodex Pro forma liquidity exceeds $3.70 billion following the July 2026 $1.150 billion convertible offering. Backlog sits at roughly $1.30 billion. Over 60 MNO partners cover 3+ billion subscribers, including Vodafone, Verizon, AT&T, Rakuten, and Deutsche Telekom, and $125 million in U.S. Government awards anchor a defense pipeline. Analysts carry an average target of $79.61 against a last close of $62.31.

What to Do Stop rubbernecking the SpaceX ticker and start doing the work on ASTS before Japan converts a preliminary award into a signed contract.

Contact [email protected] for any questions or corrections.

Hewlett Packard Enterprise’s NYSE: HPE Q2 results aligned with trends suggesting the AI boom is not only still in place and growing, but also far larger in size, scope, and durability than the market is giving it credit for.

Hewlett Packard Enterprise Today

HPE

Hewlett Packard Enterprise

$51.96 -2.48 (-4.56%)

As of 09/4/2026 03:58 PM Eastern

$19.84▼

$64.251.10%

27.06

$69.44

In this scenario, upside potential remains largely unchecked, despite near-term weakness, setting the stage for robust gains in the coming quarters.

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Key takeaways from the release included broad-based demand led by cloud, AI, and data centers, and a multiyear runway underpinned by two major GPU suppliers.

HPE is a leading, if not the leading, provider of NVIDIA NASDAQ: NVDA and Advanced Micro Devices NASDAQ: AMD rack-scale systems, including the newly launched Helios architecture. It goes into delivery this quarter and is being reflected in HPE’s guidance.

Hewlett Packard Enterprise Exceeds Expectations, Guides for StrengthHewlett Packard Enterprise reported a strong quarter, with revenue growing 33.5% to $12.2 billion. Top-line growth accelerated year over year (YOY), nearly doubling the prior year’s pace, driven by a 74.9% gain in Networking, a 25.4% increase in Cloud & AI, and a 3% increase in Corporate Investments. Within Networking, Data Center and Routing were strongest, with gains of 112% and 270%, but all subsegments produced healthy double-digit growth.

Sales were strong, but margins improved even more. HPE reported large, quadruple-digit basis-point (bps) improvements in GAAP and adjusted gross margins, and high-triple-digit gains in operating margin, driving a 155% increase in adjusted operating profit and a 5x gain in cash flow and free cash flow.

Adjusted earnings, which were impacted by a slightly higher share count, grew by 65% YOY, outperformed MarketBeat’s consensus by approximately 1,800 bps, and exceeded guidance by more than 20 cents, enabling value gains while the company pays dividends and reinvests in growth.

Guidance aligned with forecasts from AI-related infrastructure companies such as NVIDIA and Credo Technologies NASDAQ: CRDO, indicating strength on an order of magnitude that suggests the market has completely misjudged the impact of AI. As it stands, the strong Q3 guide was well above expectations and led to an increased full-year outlook forecasting approximately 35.5% YOY growth, wider margins, and triple-digit earnings growth. More importantly, the company also improved its longer-term forecasts, lifting the 2027 framework to include higher revenue, wider margins, and approximately $5 billion in free cash flow, and it appears cautious in its estimates.

Analysts Trends Strengthen, Forecasting Fresh Highs for HPE StockAnalysts responded favorably to the release, with initial revisions dominated by price target increases and reaffirmed targets above consensus. Post-release activity extended the trend already in place, including stronger sentiment, an uptrend in price targets, and a forecast for fresh all-time highs at the consensus.

The consensus, which increased nearly 3x over the trailing 12 months ahead of the report, represented nearly 50% upside to the pre-release close, with the trend leading to the high end above $80. The likely outcome is that analysts' trends remain firm as the year and quarters progress, strengthening alongside results as the data center buildout continues.

HPE Stock Finds Support After Its Post-Earnings DropPrice action doesn't look favorable at face value, with the stock dropping after the release, but signs of strength emerged. While price action plunged at the open, it triggered a buying frenzy that quickly lifted the stock off the lows and confirmed support at a critical level aligned with early 2026 price action.

The support level indicates a pivot point that this market is unlikely to cross below. The more likely outcome is that HPE rebuilds support near $50 ahead of an advance later this year. The visible catalyst is the subsequent earnings report, although a strong report from AMD detailing Helios demand could also do the trick.

HPE’s Cash Flow Supports Bigger Shareholder ReturnsReasons to buy this stock, aside from its AI positioning, are cash flow and free cash flow. HPE pays a dividend and opportunistically buys back shares, either of which could strengthen in the upcoming year. As it stands, HPE yields about 1%, with year-to-date capital returns, including buybacks, on track to equal less than 20% of the 2027 FCF target. The opportunity is for dividend and buyback growth to accelerate over time.

Backlog, supply chains, and shortages are the biggest risks this year. Supply constraints may show up in sales, with the ballooning backlog growing but not converting as quickly as expected. At the same time, front-loading inventories of needed products is also affecting cash flow and may impair profitability if major supply shortages emerge. The offsetting factor is that the backlog is at record levels and growing.

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Should You Invest $1,000 in Hewlett Packard Enterprise Right Now?Before you consider Hewlett Packard Enterprise, you'll want to hear this.

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Data is the lifeblood of every artificial intelligence (AI) software application. The more information a business can feed into its AI models, the smarter and more useful its software will be. But since most large organizations host their valuable digital assets across multiple different cloud platforms like Amazon Web Services and Microsoft Azure, their AI models often draw information from fragmented data sets.

Snowflake's (SNOW -5.41%) Data Cloud solves this problem by bringing data together from across different cloud environments, and it offers an expanding portfolio of tools and services to help businesses turn it into powerful AI software.

The stock is up 67% in 2026 and is closing in on a fresh record high for the first time in five years, but despite the company's spectacular operating results over the last few quarters, here's why investors might want to think twice about adding it to their portfolio.

Image source: Getty Images.

At the center of the enterprise AI revolution Snowflake built a flagship AI platform called Cortex AI, where companies can pair their internal data with leading AI models from third-party developers like Anthropic and Meta Platforms to create AI agents, chatbots, and other software applications. The platform includes a series of ready-made tools to make the process easier, including CoCo (formerly Cortex Code), an AI-powered coding assistant.

Then there is CoWork, a powerful AI assistant that can help every knowledge worker -- even those in nontechnical jobs -- extract value from an organization's data. It even plugs into every major email and customer-relationship management platform so employees can use it to accelerate workflows, whether they want to identify sales trends or summarize meeting notes.

Cortex AI also features processing tools to help pull data from unstructured sources like contracts and invoices, which can be useful when training and deploying AI models.

Snowflake had a record 14,554 total customers at the conclusion of its fiscal 2027 second quarter (ended July 31), and 9,100 of them had deployed CoCo, while 5,800 were using CoWork, so there is clear demand for these new AI products.

Accelerating revenue growth Product revenue was $1.49 billion during the second quarter, a 37% increase from the year-ago period. That growth accelerated from 34% in the first quarter, highlighting the company's strong momentum. This great result prompted management to lift its product revenue guidance for fiscal 2027 by $230 million to $6.07 billion.

However, the company is spending heavily in areas like marketing and research and development to deliver that top-line growth, making it difficult to achieve profitability on the basis of generally accepted accounting principles (GAAP). The company lost $487 million during the first half of fiscal 2027 alone, and while that was an improvement from its year-ago net loss of $727 million, profitability still seems way out of reach for now.

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On a positive note, Snowflake did generate an adjusted first-half profit of $383 million after excluding one-off and noncash expenses, which included $890 million in stock-based compensation. Although stock-based comp isn't a cash expense, investors still pay for it by way of dilution; every time Snowflake issues new shares to its employees, every existing share held by investors becomes slightly less valuable, so this cost can't be dismissed.

In my opinion, Snowflake must find a way to turn the AI tailwind into consistent GAAP profits, because the company's history suggests it will otherwise wind up with billions of dollars in annual losses once its revenue growth inevitably slows down at some point in the future. That won't be good for its stock price.

Upside could be limited from here Following its recent gains, the stock is now trading at a sky-high price-to-sales ratio (P/S) of 23.1, making it almost four times as expensive as the Nasdaq-100 index, which has a P/S of 6.1. In other words, it looks overvalued compared to a basket of America's largest technology companies.

There aren't many good comparisons to Snowflake in the public markets because of its unique product portfolio, but its stock is substantially more expensive than other cloud giants like Amazon, Microsoft, and Alphabet, which also offer broad portfolios of AI services.

SNOW PS Ratio data by YCharts.

Amazon, Microsoft, and Alphabet operate many different businesses outside of cloud computing, so they aren't the perfect companies to compare with Snowflake in terms of valuation. But Amazon Web Services grew its revenue by 37% during its most recent quarter, while Azure's revenue jumped by 43%, and Google Cloud's revenue surged by 82%. And they each generated significantly more revenue than Snowflake did, making their growth rates even more impressive.

Therefore, it's difficult to justify Snowflake's premium valuation relative to those cloud giants, and I actually think it will limit the potential upside of its stock from current levels. As a result, it probably isn't a great buy right now.

There are nuclear stocks trading at lower valuations than BWX Technologies (NYSE: BWXT), including Constellation (NASDAQ: CEG) and Duke Energy (NYSE: DUK), large utility companies that use nuclear power, but compared with its peers, BWX stock is still a steal. The stock is down more than 7% so far this year.

Hot nuclear stocks GE Vernova (GEV +0.01%), NuScale Power (SMR -0.51%), Oklo (OKLO +3.59%), Cameco (CCJ +0.12%), and Uranium Energy (UEC +0.26%) all trade at higher valuations than BWX whether you look at trailing price-to-earnings (P/E), forward P/E, or price-to-sales (P/S) ratio.

BWX may not be the flavor of the month, but that presents an opportunity for investors. The stock benefits from a near-sole-source monopoly supplying nuclear reactors and high-assay enriched fuel for the U.S. Navy's submarine and aircraft carrier fleet. Here are three reasons to buy this stock now.

Image source: Getty Images.

Strong financial health and a big backlog In the second quarter, the defense company reported $901.6 million in revenue, up 18% year over year, driven by expansion in government and commercial nuclear services. It also reported $1.07 in earnings per share (EPS), a 5% increase from the same quarter a year ago.

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The company recently signed more than $1.4 billion in contracts with the U.S. Navy to support its Nuclear Propulsion Program, including a five-year, $1.3 billion long-lead material procurement deal and $165 million to procure long-lead time nuclear system components and manufacturing to support the Navy's Ford-class aircraft carrier program.

BWX carries a backlog of more than $8.6 billion, giving it multiyear revenue visibility that insulates it from broader economic downturns.

The company was confident enough to raise its yearly revenue guidance to $3.8 billion, up 61.7%, and non-GAAP EPS of $4.70 to $4.80, up 18% at the midpoint.

A nice naval military-driven moat BWX is the lone manufacturer of nuclear reactors and fuel for the U.S. Navy's submarine, Virginia-class and Columbia-class, and aircraft carrier fleets.

There are high levels of regulatory requirements, security clearances, and technology that any competitor would have to address to process high-assay, low-enriched uranium (HALEU) and build military-grade naval nuclear reactors. That gives BWX significant pricing power.

In addition, the war in Iran has highlighted the need for Navy modernization and fleet expansion. That's become a high-priority defense agenda, ensuring long-term government demand for BWX's services.

The company is expanding its commercial sales Thanks to its position as a component and fuel manufacturer for next-generation small modular reactors (SMRs) and its manufacture of radioisotopes for diagnostic imaging and targeted cancer therapies, BWX is diversifying its revenue stream into high-margin markets.

In Q2, it reported commercial revenue of $303 million, up 72%, year over year, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $36 million, up 123% over the same period a year ago. The company is predicting 45% growth in commercial sales this year thanks in large part to two recent acquisitions. In 2025, it purchased Kinectrics , which serves the small modular reactor and traditional large-scale nuclear reactor markets. This past July, it completed its purchase of Precision Components Group, which makes complex, heavy-walled, and heat-transfer components.

It wasn't too long ago that Snowflake (SNOW -5.41%) was viewed as a potential AI loser. Today, the company looks to be one of the biggest AI winners outside the infrastructure space. The stock recently surged 16.6% the session following its fiscal second-quarter earnings report and is now up nearly 70% on the year.

The cloud-based data warehousing and analytics company's architecture, which separates storage from compute to allow customers to store data and then process it across multiple cloud computing providers, is proving integral in the age of AI. Its solution has become an important system of record for agentic AI and also, importantly, allows for model choice.

Let's take a closer look at Snowflake's fiscal Q2 results to see whether the growth stock can keep its momentum or if it's too late to buy the rally.

Image source: The Motley Fool.

Snowflake's strong momentum continues AI continues to be a big growth driver for Snowflake, with the company saying that it is at the center of the push toward enterprise agentic AI, as its platform "provides that trusted foundation." It's seeing rapid adoption of its AI coding agent CoCo and ready-to-use agentic app CoWork, while noting that its flexible model approach, which lets customers switch models and optimize costs, is a competitive advantage.

During the quarter, which ended July 31, the company's revenue climbed 35% year over year to $1.55 billion, topping the $1.48 billion analyst consensus. Product revenue, meanwhile, jumped 37% to $1.49 billion, its third-straight quarter of acceleration. Adjusted earnings per share (EPS) surged to $0.62 from $0.35 a year ago, easily surpassing the $0.45 consensus.

Snowflake continues to see strong expansion within its existing customer base, with net revenue retention rate coming in at 126% over the past 12 months, the same as in Q1. A number more than 100% indicates that existing customer usage is increasing after accounting for customer churn.

Snowflake also added 692 new customers in the quarter, including 14 Global 2000 companies. That was a 32% increase in net additions year over year. Meanwhile, it now has 828 customers who spend more than $1 million annually.

Snowflake raised its forecast for full-year product revenue to approximately $6.07 billion, up from previous guidance of $5.84 billion. The new outlook represents year-over-year growth of 36%. The company also raised guidance for its adjusted operating margin to 14.5% from 13.5%.

For fiscal Q3, it forecast product revenue between $1.588 billion and $1.593 billion, representing growth of 37% to 38%. It's looking for adjusted operating margin of 15.5%.

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Snowflake continues to fire on all cylinders. It continues to see great growth with existing customers, despite its large size, while it is also doing a great job of bringing on new customers.

It's truly positioned itself as an important model-agnostic platform that is paramount for the deployment of enterprise AI. With agentic AI still in the very early innings and the company continuing to build its own strong pipeline of AI products, Snowflake should have many years of strong growth in front of it.

The stock's valuation, though, is another story. With its strong performance this year, the stock now trades at a forward price-to-sales (P/S) multiple of 20 times this fiscal year's analyst estimates and 16 times fiscal 2028 (ending January 2028). That's toward the high end of its range since 2024, with similar to slightly higher revenue growth.

While I think Snowflake is positioned to be a long-term winner, its valuation could cap its near- to medium-term upside. As such, I wouldn't chase the stock here, but investors should be on the lookout to add shares on any meaningful pullback.

FULC Stock Alert: Halper Sadeh LLC is Investigating Whether Fulcrum Therapeutics, Inc. is Obtaining a Fair Price for its Shareholders Halper Sadeh LLC, an investor rights law firm, is investigating the merger of Fulcrum Therapeutics, Inc. (NASDAQ: FULC) and Slate Medicines, Inc. Upon closing of the proposed transaction, Fulcrum shareholders are expected to own 5.0% of the combined company.

Halper Sadeh encourages Fulcrum shareholders to click here to learn more about their rights and optionsor contact Daniel Sadeh or Zachary Halper free of charge at (212) 763-0060 or [email protected] or [email protected].

The investigation concerns whether Fulcrum and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to: (1) obtain the best possible price for Fulcrum shareholders; (2) conduct a fair sales process free of any conflicts of interests; and (3) disclose all material information for Fulcrum shareholders to evaluate the transaction.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260905325596/en/

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

Click for the complete disclosure

Michael Burry is going after Palantir Technologies (PLTR -4.49%) again. The investor of The Big Short fame laid out an accounting case against the artificial intelligence (AI) software specialist in a February post titled "Palantir: An Accounting."

This week he pressed the case again, arguing that Palantir's financial profile looks more like a consulting firm's than a software platform's. He says a company valued around $420 billion today could eventually be worth less than $100 billion.

He has had money behind the view. His Scion Asset Management disclosed put options on 5 million Palantir shares last fall. That was its final filing before he wound the fund down, and he told subscribers in April that he still holds Palantir puts.

Palantir stock, meanwhile, fell almost 6% on Wednesday, jumped 7.7% on Thursday (the same day the company and consulting giant PwC announced an expanded enterprise AI alliance), and traded near $174 as of this writing, down more than 4%.

Burry's case rests on numbers in Palantir's own filings, so that is where I checked it.

Image source: Getty Images.

The receivables are growing faster than salesIn nine of the last 12 quarters, Burry wrote in February, Palantir's accounts receivable (the money customers owe for work already billed) grew faster than its revenue. He argued that a pattern like that can point to channel stuffing, aggressive revenue recognition, or payment terms stretched to win deals.

The newest numbers don't break the pattern. Receivables stood at $1.49 billion at the end of June, up from $1.04 billion at the end of 2025 -- 43% growth in six months, against 38% growth in quarterly revenue over the same stretch. And the build is speeding up. It cut $434 million from operating cash flow in the first half, versus $164 million a year earlier.

Notably, Palantir itself offers an explanation. The company says in its June-quarter filing that it has been shifting away from collecting several years of payments up front and toward billing annually or even in arrears, meaning after the work is done.

That is a legitimate business choice. It is also exactly how a consulting firm gets paid.

One customer owes about $400 millionThe filing also discloses that a single customer, identified only as Customer I, represented 27% of receivables at the end of June, up from 25% at the end of 2025. That works out to roughly $400 million owed by one customer.

However, no customer accounted for more than 10% of revenue in the first half -- about $357 million at most. In other words, one customer appears to owe Palantir more than it could have recognized in revenue from any customer all half.

That isn't proof of anything improper. A large government-related account may simply pay slowly, or billing may run ahead of schedule. But it is an unusual shape for a software company, with revenue spread across many customers and collection risk concentrated in one.

Does Palantir collect like a consultant?Burry's sharpest comparison is a ratio. A subscription software company typically bills customers up front, so cash arrives before the revenue does and piles up on the balance sheet as deferred revenue. A consulting firm earns the revenue first and collects later. Salesforce, for example, carried $18.8 billion of unearned revenue in its most recent quarter -- more than one and a half times its $11.3 billion of quarterly revenue. At Accenture (ACN -3.31%), the consulting giant Burry measures Palantir against, deferred revenue of about $7.6 billion amounts to around 40% of quarterly revenue.

Palantir's deferred revenue of about $613 million comes to 32% of its $1.94 billion in second-quarter revenue, effectively the ratio Burry cites. Add the $453 million of customer deposits Palantir groups with it as contract liabilities, and the figure is still only about 55%. On either basis, Palantir collects like Accenture, not like Salesforce.

Of course, the rest of the filing hardly describes a company in trouble. Revenue grew 93% year over year in the second quarter, and operating cash flow more than doubled in the first half, to $2.1 billion.

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Customers are paying. They are just paying later, and in a more concentrated way, than software investors might assume.

And that, I think, is where Burry's argument lands hardest. It isn't an accusation of fraud. Every number he cites is disclosed. It is a reclassification argument: If Palantir earns its revenue the way a consultant does, the stock may not deserve a software valuation.

At about 150 times earnings, shares have a long way to fall if the market ever agrees with him. His sub-$100 billion scenario is more than 75% below today's value. I was on the sidelines at this valuation before Burry wrote a word, and the second-quarter filing doesn't move me off them.

According to Yahoo! Finance, the consensus price target from analysts for Viking Therapeutics (VKTX +2.62%) is about $92, which indicates potential upside of 162% from its current stock price. It's a significant opportunity, but is it justified? Here's the lowdown from the skeptics' perspective. 

Viking Therapeutics' prospects The investment case for the stock rests on its lead drug candidate, VK2735, a dual GLP-1 and GIP agonist in development for obesity and type 2 diabetes. The two key advantages VK2735 may have over its rivals are a steeper rate of weight loss and the promise of a dual-formulation therapy (oral and subcutaneous). The combination of these two advantages would mean that patients could achieve significant weight loss with a subcutaneous (injectable) dose, followed by a more convenient oral maintenance dose.

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These properties mean VK2735 could win market share in a crowded field, and investors are looking forward to the results of its phase 3 trials of VK2735 in subcutaneous formulation (likely in the second half of 2027) and VK2735 in oral formulation (set to commence later this year with results likely in 2028/2029). In addition, investors are awaiting the imminent results of a small (180 adults) phase 1 maintenance trial designed to evaluate dosing regimens.

As with clinical-stage biopharmaceutical companies, there are two key considerations for investors to ponder, both of which pose risks for Viking Therapeutics. The first is competition from rival drugmakers and its possible impact on the market potential of Viking's pharmaceuticals. The second is Viking's success in its clinical trials, as that will also determine the value of its pipeline.

The obesity and type 2 diabetes treatment market is highly competitive, with drugs already within VK2735's class of drugs, including oral formulations. Moreover, much larger peers like Eli Lilly (LLY -0.88%), Novo Nordisk (NVO -1.92%), and Amgen are already developing next-generation or differentiated treatments.

Image source: Getty Images.

Focusing on the more lucrative obesity market, the list of already approved drugs includes Eli Lilly's Zepbound (tirzepatide), which has the same mechanism as VK2735, and an oral tablet, Foundayo (orforglipron). Novo Nordisk has semaglutide approved as an injectable (Wegovy) for obesity and as an oral tablet (Rybelsus) for diabetes, with additional oral formulations for obesity in development.

Looking ahead, Eli Lilly plans to file for FDA approval of its GLP-1, GIP, and glucagon agonist, retatrutide, in early 2027, following several successful phase 3 trials. Novo Nordisk has CagriSema (which combines semaglutide and another drug) and an experimental drug, Amycretin, in phase 3 trials.

This is a highly competitive market, and it could be even more competitive by the time Viking completes its phase 3 trials for VK2735.

Clinical trial data There is no end to reasons for trial failures. In the case of VK2735, it could come down to the safety and tolerability of the drug in oral form.

Image source: Getty Images.

The stock crashed last summer after phase 2 results for VK2735 (oral) revealed a 20% discontinuation rate due to adverse events in the treated group. Oral formulations always have to answer the questions around potential gastrointestinal issues.

Any issue with the tolerability of VK2735 (oral) will threaten not only the market potential of the oral formulation itself but also its use as a maintenance dose in Viking's dual-formulation approach.

Where next for Viking Therapeutics There's no doubt the company faces significant competitive and clinical trial risks, and investors are hoping Viking calibrates any titration issues with the oral formulation in the phase 3 trial. In the near term, the results from the phase 1 maintenance trial will provide indicative data on the potential dual-formulation strategy. A successful result may cause some skeptics to reconsider their position.

When Advanced Micro Devices (AMD +4.69%) announced its Anthropic partnership in late July, two commitments stood out. Anthropic agreed to deploy up to 2 gigawatts of AMD Instinct MI450 series graphics processing units (GPUs), with deployment of the first gigawatt set to begin in the first half of 2027. And AMD committed to invest up to $5 billion in the artificial intelligence (AI) company behind the Claude models.

The second commitment is about to get easier to measure. Anthropic plans to publish its initial public offering (IPO) prospectus after the Labor Day holiday on Monday, with a listing as soon as late September or early October, The Information reported late last month.

What does AMD hold today, then? Not a stake, at least not yet.

Image source: AMD.

Conditions attachedAMD's press release put it carefully: The company "has committed to make a strategic equity investment of up to $5 billion in Anthropic in the future."

AMD's early August quarterly filing added structure. It describes investment commitments of up to $5 billion entered after the quarter ended, "subject to certain contingencies," with the money expected to go out through fiscal year 2028.

Neither company has said what the contingencies are. And no valuation for the investment has been disclosed.

That shape has become standard among Anthropic's backers. Alphabet agreed in April to invest up to $40 billion -- $10 billion immediately, the remaining $30 billion contingent on performance milestones.

For scale, AMD held $1.7 billion of investments in private companies at the end of the second quarter. This one commitment could grow to nearly triple that.

What would a listing change?Anthropic itself has confirmed very little. The only filing on record is a confidential draft registration statement submitted in June.

However, the reported figures are staggering. CNBC has reported that Anthropic is valued at close to $1 trillion in the private markets, and that investors project it could float at about a $2 trillion valuation. The growth underneath, I think, explains the excitement. Anthropic's annualized revenue run rate (a full-year projection of its recent revenue pace) topped $30 billion in April and passed $65 billion by the end of July. The company has reportedly raised at least $130 billion, and its offering is expected to surpass the June IPO of SpaceX, which raised about $86 billion, the largest on record.

Every one of those figures is reported, not filed. And at the reported valuations, AMD's up-to-$5 billion would buy no more than about half of 1% of the company.

Still, a listing would give whatever stake AMD may eventually hold a daily price that flows straight into its reported results. The company ended the second quarter with $425 million of net unrealized gains on marketable equity securities, mostly from holdings that went public during the quarter.

AMD is helping finance a customerThe part I'd watch most closely isn't the stake at all. AMD has committed money to a company that agreed to deploy its chips. AMD's OpenAI arrangement runs in the opposite direction. That deal handed OpenAI a warrant for up to 160 million AMD shares, vesting as deployment and stock-price milestones are hit.

Showing what those deals feed, AMD's data center segment revenue more than doubled year over year to $6.7 billion in the second quarter, or 58% of record companywide revenue of $11.5 billion, up 50% year over year. Management guided third-quarter revenue to about $13 billion, up about 41%. That guided rate marks a deceleration, at a much larger scale.

When a customer AMD helps finance commits to up to 2 gigawatts of deployments, some of the dollars moving through the system could be AMD's own. In effect, a slice of the industry's demand could end up self-financed.

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That, I'd argue, is the strongest reason the IPO matters to AMD shareholders. An offering that surpasses SpaceX's could pay for a chunk of the buildout with public investors' money instead of suppliers' commitments. Even more, a public Anthropic would have to show, quarter after quarter, how much revenue it's actually producing.

In short, the two commitments aren't equal. The up-to-$5 billion investment is conditional, unpriced, and small next to Anthropic's reported valuations. The deployments are what can become revenue, and they aren't set to begin until 2027.

Meanwhile, AMD shares trade near $474 as of this writing (about 19% below their 52-week high), at about 30 times next year's expected earnings -- a price with a lot of chip demand already baked in. I think the Anthropic deal makes that demand more likely to show up on schedule. But what AMD holds from it today is still a promise.

Intuitive Surgical (ISRG -0.85%) is a volatile stock to own. Since its initial public offering, the stock has suffered eight drawdowns of 30% or more. Two of the drawdowns were over 70%. Right now, the stock is in the middle of a drawdown that has it off its recent highs by roughly 40%.

Historically, the stock has recovered from each drawdown and gone on to higher highs. That suggests that the current sell-off is a buying opportunity. However, there have been big changes in the surgical robotics space that investors have to consider, as well. Here's a look at whether or not Intuitive Surgical is worth buying today. (Hint: Selling new robots isn't the biggest piece of the story.)

Image source: Getty Images.

Intuitive Surgical: Growth isn't what it used to be Intuitive Surgical was a pioneer in the surgical robots space, with its da Vinci system being one of the first and most widely available options. Being early allowed the company to grow its business at a fairly rapid clip. The fact that robot-assisted surgery generally requires smaller incisions and leads to better outcomes was a big selling point. Early on, investors tracked the company's da Vinci sales very closely, and they still do.

The sale of new da Vinci robots is important. But the market has new entrants, including medical device giants like Medtronic (MDT +1.15%) and Johnson & Johnson (JNJ -1.15%). These are well-heeled competitors with strong industry connections. The playing field is much different now than it was two decades ago. Simply put, there's more competition. So it makes sense that Intuitive Surgical's business would slow down a bit.

It is still selling da Vinci systems, noting that it placed 468 in the second quarter of 2026, up from 395 in the second quarter of 2025. But Wall Street clearly wasn't pleased, given the sell-off in the shares.

ISRG data by YCharts

What's interesting is that the first number the company talks about isn't new da Vinci placements; it is the number of surgeries performed with da Vinci robots. The number of surgeries rose 16% year over year, even though the number of da Vinci systems being used globally increased by 12%. That difference is very important.

The flywheel is parts and services Intuitive Surgical breaks down its revenues across new robot sales, services, and instruments and accessories (basically, parts). New robot sales accounted for only around 24% of total sales in the second quarter of 2026. So 75% of the company's top line comes from maintaining the surgical robots it already has in place.

These are annuity-like income streams that will remain in place until those da Vinci systems are no longer being used. Given the cost of a surgical robot and the demand for robotic surgery, it is unlikely that a hospital will prematurely shut down a da Vinci robot just to switch to a competitor's surgical robot. So growth may slow down, but the core of the business remains strong.

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And then there's the opportunity from continued technological advances. Most notably, artificial intelligence (AI) is already being used to assist surgeons. It doesn't seem unrealistic to believe that AI could perform basic surgery on its own someday. That would greatly increase access to medical care globally. In other words, there are still opportunities for Intuitive Surgical to grow. Perhaps that growth won't be as rapid, but so long as it continues to sell new da Vinci systems, its annuity-like parts-and-services business will grow even more powerful.

Intuitive Surgical looks historically cheap Intuitive Surgical is best suited to more aggressive growth investors. So conservative types should probably avoid the historically volatile stock. But, if you can stomach big price swings, history suggests that large drawdowns are a buying opportunity. And, notably, the stock's price-to-sales, price-to-earnings, and price-to-book ratios are all below their five-year averages. So, too, is the price-to-forward earnings ratio, which accounts for Wall Street's growth expectations. Basically, the current drawdown has left this growth stock looking cheap again.

Bank of Nova Scotia bought a new position in shares of Caterpillar Inc. (NYSE:CAT – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 294,412 shares of the industrial products company’s stock, valued at approximately $313,522,000. Bank of Nova Scotia owned approximately 0.06% of Caterpillar as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CAT. Lam Group Inc. bought a new position in Caterpillar during the first quarter valued at approximately $26,000. Frazier Financial Advisors LLC increased its position in Caterpillar by 220.0% during the 4th quarter. Frazier Financial Advisors LLC now owns 48 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 33 shares during the period. Decker Retirement Planning Inc. raised its stake in Caterpillar by 440.0% in the second quarter. Decker Retirement Planning Inc. now owns 27 shares of the industrial products company’s stock worth $29,000 after buying an additional 22 shares in the last quarter. Cornerstone Financial Management LLC bought a new stake in Caterpillar during the 4th quarter valued at approximately $32,000. Finally, Matrix Trust Co lifted its stake in shares of Caterpillar by 93.8% in the 2nd quarter. Matrix Trust Co now owns 31 shares of the industrial products company’s stock valued at $33,000 after purchasing an additional 15 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth CAT has been the subject of a number of recent analyst reports. Erste Group Bank cut shares of Caterpillar from a “buy” rating to a “hold” rating in a research note on Monday, July 27th. Sanford C. Bernstein reissued a “market perform” rating and issued a $1,002.00 price objective on shares of Caterpillar in a report on Wednesday, August 5th. Rothschild & Co Redburn increased their price objective on shares of Caterpillar from $700.00 to $950.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Royal Bank Of Canada boosted their price objective on Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Caterpillar from $1,125.00 to $1,165.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $995.52.

View Our Latest Stock Report on Caterpillar Caterpillar Stock Performance CAT stock opened at $813.51 on Friday. Caterpillar Inc. has a fifty-two week low of $416.44 and a fifty-two week high of $1,073.46. The company has a quick ratio of 0.85, a current ratio of 1.37 and a debt-to-equity ratio of 1.65. The company has a 50-day simple moving average of $872.52 and a 200 day simple moving average of $838.46. The company has a market capitalization of $373.95 billion, a P/E ratio of 35.00, a PEG ratio of 1.39 and a beta of 1.60.

Caterpillar (NYSE:CAT – Get Free Report) last released its earnings results on Tuesday, August 4th. The industrial products company reported $8.17 EPS for the quarter, beating the consensus estimate of $6.22 by $1.95. Caterpillar had a net margin of 14.51% and a return on equity of 55.53%. The business had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. During the same period in the prior year, the business earned $4.72 earnings per share. The business’s quarterly revenue was up 23.7% on a year-over-year basis. Sell-side analysts predict that Caterpillar Inc. will post 27.34 earnings per share for the current fiscal year.

Caterpillar Increases Dividend The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th were paid a $1.63 dividend. The ex-dividend date was Monday, July 20th. This is a positive change from Caterpillar’s previous quarterly dividend of $1.51. This represents a $6.52 annualized dividend and a dividend yield of 0.8%. Caterpillar’s dividend payout ratio is 28.06%.

Insider Activity In related news, CEO Joseph E. Creed sold 32,401 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $808.98, for a total value of $26,211,760.98. Following the completion of the transaction, the chief executive officer directly owned 34,555 shares of the company’s stock, valued at $27,954,303.90. This trade represents a 48.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.33% of the company’s stock.

Key Stories Impacting Caterpillar Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: FieldAI partnership supports the automation outlook. Caterpillar is combining its construction-equipment expertise with FieldAI’s physical-AI technology to develop autonomous capabilities for machines and improve safety, productivity and visibility at jobsites. The initiative could create longer-term revenue opportunities in equipment, software and services. Caterpillar partners with FieldAI for equipment automation Positive Sentiment: Analyst and quantitative sentiment has improved. Zacks upgraded CAT to Rank #1, or “Strong Buy,” citing rising optimism about earnings prospects. Erste Group Bank also raised its fiscal 2026 EPS forecast, adding to the constructive outlook. Caterpillar upgraded to Strong Buy Positive Sentiment: AI infrastructure is boosting Power & Energy demand. Caterpillar’s retail sales to power-generation users reportedly surged 72% year over year in the second quarter, as data centers and generative-AI infrastructure increase demand for reliable power. This gives CAT an additional growth driver beyond traditional construction and mining markets. Can CAT Stock Compound Its Way Higher? Neutral Sentiment: Recent earnings performance remains a strength, but expectations are elevated. Caterpillar’s latest quarterly results exceeded consensus estimates for both earnings and revenue, with revenue up 23.7% year over year. A sector review described CAT as the strongest heavy-machinery performer, though investors are increasingly pricing in continued execution. Negative Sentiment: Valuation and performance concerns could limit upside. Commentary notes that CAT has outperformed peers in the stock market more than in underlying business performance, leaving the shares dependent on future growth. The stock has also declined since its latest earnings report, while a report tied the recent weakness to insider selling. CAT Has Left Its Peers Behind. Or Has It? Caterpillar Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Featured Articles Five stocks we like better than Caterpillar Revolution Medicines Got Its Breakthrough—What Moves It Next? Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism AST SpaceMobile Stock Soared 12%—This Was the Catalyst Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.

Leigh Baldwin & CO. LLC acquired a new stake in shares of Caterpillar Inc. (NYSE:CAT – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,187 shares of the industrial products company’s stock, valued at approximately $1,264,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Osmosis Investment Management UK Ltd purchased a new stake in shares of Caterpillar during the second quarter valued at $3,100,000. Wealth High Governance Capital Ltda purchased a new stake in shares of Caterpillar during the 2nd quarter valued at about $11,756,000. Seros Financial LLC bought a new stake in shares of Caterpillar in the second quarter worth approximately $214,000. Covington Investment Advisors Inc. purchased a new position in shares of Caterpillar during the second quarter valued at approximately $16,096,000. Finally, Barbara Oil Co. bought a new position in Caterpillar during the second quarter valued at approximately $13,311,000. Institutional investors own 70.98% of the company’s stock.

Insider Buying and Selling at Caterpillar In related news, CEO Joseph E. Creed sold 32,401 shares of the business’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $808.98, for a total value of $26,211,760.98. Following the sale, the chief executive officer owned 34,555 shares in the company, valued at approximately $27,954,303.90. The trade was a 48.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.

Caterpillar Stock Performance CAT opened at $813.51 on Friday. The stock has a market capitalization of $373.95 billion, a price-to-earnings ratio of 35.00, a PEG ratio of 1.39 and a beta of 1.60. Caterpillar Inc. has a fifty-two week low of $416.44 and a fifty-two week high of $1,073.46. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 1.37. The company has a fifty day moving average of $872.52 and a 200 day moving average of $838.46. Caterpillar (NYSE:CAT – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The industrial products company reported $8.17 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $1.95. Caterpillar had a return on equity of 55.53% and a net margin of 14.51%.The firm had revenue of $20.54 billion during the quarter, compared to analyst estimates of $19.34 billion. During the same quarter last year, the business posted $4.72 earnings per share. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Caterpillar Inc. will post 27.34 earnings per share for the current fiscal year.

Caterpillar Increases Dividend The company also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Stockholders of record on Monday, July 20th were given a dividend of $1.63 per share. The ex-dividend date was Monday, July 20th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Caterpillar’s previous quarterly dividend of $1.51. Caterpillar’s dividend payout ratio is currently 28.06%.

More Caterpillar News Here are the key news stories impacting Caterpillar this week:

Positive Sentiment: FieldAI partnership supports the automation outlook. Caterpillar is combining its construction-equipment expertise with FieldAI’s physical-AI technology to develop autonomous capabilities for machines and improve safety, productivity and visibility at jobsites. The initiative could create longer-term revenue opportunities in equipment, software and services. Caterpillar partners with FieldAI for equipment automation Positive Sentiment: Analyst and quantitative sentiment has improved. Zacks upgraded CAT to Rank #1, or “Strong Buy,” citing rising optimism about earnings prospects. Erste Group Bank also raised its fiscal 2026 EPS forecast, adding to the constructive outlook. Caterpillar upgraded to Strong Buy Positive Sentiment: AI infrastructure is boosting Power & Energy demand. Caterpillar’s retail sales to power-generation users reportedly surged 72% year over year in the second quarter, as data centers and generative-AI infrastructure increase demand for reliable power. This gives CAT an additional growth driver beyond traditional construction and mining markets. Can CAT Stock Compound Its Way Higher? Neutral Sentiment: Recent earnings performance remains a strength, but expectations are elevated. Caterpillar’s latest quarterly results exceeded consensus estimates for both earnings and revenue, with revenue up 23.7% year over year. A sector review described CAT as the strongest heavy-machinery performer, though investors are increasingly pricing in continued execution. Negative Sentiment: Valuation and performance concerns could limit upside. Commentary notes that CAT has outperformed peers in the stock market more than in underlying business performance, leaving the shares dependent on future growth. The stock has also declined since its latest earnings report, while a report tied the recent weakness to insider selling. CAT Has Left Its Peers Behind. Or Has It? Analysts Set New Price Targets A number of research firms have commented on CAT. Truist Financial set a $980.00 target price on shares of Caterpillar in a research report on Wednesday, August 5th. DA Davidson raised their price target on Caterpillar from $845.00 to $882.00 and gave the stock a “neutral” rating in a research note on Thursday, August 6th. Royal Bank Of Canada lifted their price objective on Caterpillar from $877.00 to $897.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Caterpillar from $1,125.00 to $1,165.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Finally, Citigroup increased their target price on Caterpillar from $1,020.00 to $1,100.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $995.52.

Check Out Our Latest Stock Report on Caterpillar

Caterpillar Company Profile (Free Report)

Caterpillar Inc is a global manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and locomotives. The company’s product portfolio includes earthmoving machines such as excavators, bulldozers, wheel loaders and off‑highway trucks, as well as a range of power generation products including generator sets and power systems for industrial and commercial use. Caterpillar serves customers across heavy construction, mining, energy, transportation and related industries with both equipment and integrated technology solutions.

In addition to manufacturing, Caterpillar provides a broad range of aftermarket parts and support services, including maintenance, repair, remanufacturing and fleet management tools.

Featured Articles Five stocks we like better than Caterpillar Revolution Medicines Got Its Breakthrough—What Moves It Next? Retail Earnings Just Exposed a Bigger Divide in the U.S. Consumer Economy FB Financial’s Southern Expansion and Buybacks Drive Analyst Optimism AST SpaceMobile Stock Soared 12%—This Was the Catalyst Want to see what other hedge funds are holding CAT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caterpillar Inc. (NYSE:CAT – Free Report).

Receive News & Ratings for Caterpillar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caterpillar and related companies with MarketBeat.com's FREE daily email newsletter.