Track market-moving stories before they get noisy

If Vlad Tenev, the chief executive officer of Robinhood Markets (HOOD +1.43%), is right that sports bets will become a minority of prediction market contracts within a few years, crypto investors might not see much upside directly. In the second quarter, the company brought in $156 million from its prediction market activities, up more than 10-fold year over year. In August 2026, per Robinhood's operating data, event contracts traded ran 15 times ahead of the levels of a year ago. And on Sept. 21, Tenev told CNBC that crypto-related contracts are already becoming a disproportionately large share of that segment, with sports-related contracts on track to become the minority within the next few years.

So what does this mean for crypto investors?

Image source: Getty Images.

Robinhood isn't the only platform seeing this trend Kalshi, a prediction market provider and one of the exchanges behind Robinhood's contracts, saw crypto prediction market volume increase from $337 million in January 2026 to about $7.5 billion by August. In the week ended Sept. 20, sports contracts still made up 21% of Kalshi's trading volume. And in that period, Bitcoin contracts were responsible for 13%, while bets bundling several different outcomes accounted for 62%.

Kalshi's crypto contracts, like Robinhood's, pose very short-term questions to traders, like whether Bitcoin will finish above a target price at the end of a 15-minute window.

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The idea is that traders can buy contracts for as little as a penny each, which pay $1 if right, and, given the quick turnover of new and timely contracts, potentially bet many times per day. Investors should note that it is generally a fool's errand to predict the short-term price movements of cryptocurrencies, just like it is with stocks. Of course, the prediction market operators make money from fees whether the underlying coin goes up or down, so it's in their interest to encourage as much trading as possible.

As for the prices of the cryptocurrencies that are the subject of the predictions, there isn't much reason to believe that they're directly affected by the odds implied by the contracts, nor by the outcomes of those contracts. The coins themselves don't change hands as a result of anything happening in the prediction markets.

Should you bet on crypto prices instead of investing? There is no compelling reason to transition your crypto investing activities into crypto prediction market trading activities. There are, however, many compelling reasons not to do that.

In a February 2026 Centre for Economic Policy Research (CEPR) column, a study of more than 300,000 Kalshi contracts found an average pre-fee loss of 20% per contract. The same investigation found that the probabilities implied by the contracts were too biased to be used as "true" probabilities. And if you're investing for the long term, as you should be, the resolution of any given 15-minute prediction about Bitcoin's price is not relevant to forming or adjusting an investment thesis for buying and holding it.

Nor does the Robinhood CEO's prediction about crypto outcome markets becoming bigger change any of that.

The crypto market itself is likely to grow considerably in coming years. That will doubtlessly create some of the anticipated growth in predictions about crypto prices. To get the most direct exposure to upside from the prediction component of that dynamic, specifically, buying Robinhood's stock is the most straightforward approach, as it earns revenue from every transaction. It's also a convenient play because of its brand-new Robinhood Chain blockchain, which will create even more fee revenue.

But for those who would prefer to only buy more crypto instead of stocks, there isn't necessarily much to do about or much to worry about regarding the expansion of crypto price prediction contracts. Own the coins that people are watching via prediction markets, and over the long run, their growth will continue to march onward regardless of what the bettors in the bleachers expect to occur in the next few minutes.

The AI data center buildout is minting fortunes for a handful of companies, but almost none of them pay a dividend. Four REITs sit right at the intersection of that infrastructure boom and steady income, and their payout safety tells…

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The AI data center boom has produced plenty of growth stories, but only a few of those companies pay a dividend. If you want income from this theme, you have to own the landlords and the infrastructure. Four US-listed REITs with real data center exposure pay dividends. Even the highest yield of the four, American Tower (NYSE:AMT), at about 4.44%, is well short of ultra-high-yield territory. What these names offer is coverage. Each one pays out a manageable share of its funds from operations, and AI leasing keeps driving those cash flows higher.

American Tower: Highest Yield on a Thin Data Center Bench American Tower is mostly a global cell tower landlord, but its CoreSite data center business is where the AI demand shows up. In the second quarter, Data Centers segment revenue rose 13.4% to $297M, and management now expects data center growth of about 15% for the full year. On the call, management said “nine of the top 10 AI companies and three of the top five NeoClouds are deployed within our facilities.”

Yield: The forward dividend of $7.16 per share on a price of $161.18 works out to roughly 4.44%.

Dividend safety: For a REIT, the right test is AFFO (adjusted funds from operations). 2026 AFFO per share guidance is $11.00 to $11.17, so the forward dividend uses about 64.59% of the midpoint. Free cash flow came in at $1.16B (+18.5%) for the quarter. Leverage ended at 4.9 times, inside the company’s 3 to 5 times target range. The quarterly payout has grown from $0.21 in 2012 to $1.79 today, and the latest step was a 5.3% year-over-year increase. The CFO, Rod Smith, ranked the payout first among uses of capital: “First and foremost, it’s supporting the dividend and a growing dividend.”

For the bull case, the stock is down 13.21% over the past year, which raises the yield for new buyers. Management also called this year “a trough for attributable AFFO per share growth” and expects growth to return to the mid to high single-digit range heading into 2027.

Risk: Towers still make up most of the business, and tower churn can drown out data center gains. DISH cancellations cost $63M in the quarter and driving U.S./Canada property revenue down 2.5%.

Iron Mountain: Dividend Raised Four Years Running With AFFO Room to Spare Iron Mountain (NYSE:IRM) started in records storage and now makes more and more from data centers and from asset lifecycle management (ALM), which means decommissioning and reselling old servers. Data center demand gets there it two ways: leasing and hardware refresh cycles. Global data center revenue rose 39% to $263 million, and data center decommissioning revenue more than doubled, rising more than 100%. About 325 megawatts of available capacity is expected to come online over the next 24 months.

Yield: At about 3.05% on a $3.456 forward dividend, the yield is modest. Iron Mountain makes this list because the payout keeps growing.

Dividend safety: The CFO, Barry Hytinen, put it simply: “On a trailing four-quarter basis, our AFFO payout ratio is now 60%.” Measured against 2026 AFFO per share guidance of $5.87 to $5.93, the forward dividend uses about 58.58% of the midpoint. Net lease-adjusted leverage of 4.8 times is the lowest since the company became a REIT in 2014. The dividend history confirms a fourth consecutive year of increases, with the quarterly payout rising from $0.6185 to $0.864.

Bull case: AFFO per share rose 16% last quarter, and growth businesses now make up 35% of second-quarter revenue. When cash flow grows faster than the dividend, the raises can keep coming without stretching the payout.

Risk: The balance sheet has a lot of debt. Shareholders’ equity is negative at -$955M, and net debt is about $17.3B, so rising interest costs compete with dividend growth for every dollar of AFFO.

Digital Realty: Coverage Keeps Widening on a Frozen Dividend Digital Realty (NYSE:DLR) is a pure-play data center REIT with more than 6,000 customers. It leases everything from single cabinets to entire hyperscale campuses. Its share of backlog gets there its highest level ever at $1.4 billion, and $635 million of annualized rent is scheduled to start in the second half of the year.

Yield: The $4.88 forward dividend on a $177.82 share price yields about 2.74%.

Dividend safety: Measured on Core FFO, coverage is solid. Excluding promote income, Core FFO per share guidance is $8.15 to $8.20, so the dividend uses about 59.69% of the midpoint. Debt to adjusted EBITDA is 4.7 times, and liquidity is about $6 billion. The payout has been $1.22 per share every quarter since the 2022-03-14 ex-dividend date. Before that, it rose steadily from $0.93 to $1.16.

Bull case: Every year the dividend stays flat while Core FFO grows, the buffer under the payout gets larger. The company expects to extend double-digit Core FFO-per-share growth into 2027 and beyond, and the development pipeline is 63% pre-leased.

Risk: Your income isn’t growing. The board is putting cash and stock into expansion, including 12.3 million shares issued in the Blackstone (NYSE:BX | BX Price Prediction) deal, instead of raising the payout.

Equinix: Lowest Yield, Best-Covered Payout Equinix (NASDAQ:EQIX) runs interconnection hubs in 36 countries, where clouds, networks and enterprises plug into each other. It added a record 9,700 net interconnections last quarter. Management said eight of the top 10 model providers and eight of the top 10 neoclouds already run key networking workloads on its platform.

Yield: The forward dividend of $20.64 on a $1,019.39 share price yields about 2.02%. That’s a small yield. Equinix is on this list for dividend growth.

Dividend safety: Management describes the AFFO payout as “in the 50% range”. Against 2026 AFFO per share guidance of $42.69 to $43.29, the forward dividend uses about 48.01% of the midpoint, the best coverage in this group. Net leverage is 3.6 times, liquidity is about $7.7 billion, and the quarterly dividend has gone up every year in the record, from $1.75 to $5.16.

For the bull case, CFO Olivier Leonetti tied the payout directly to cash flow growth: “We expect dividend growth to approximate AFFO per share growth.” The long-term plan calls for AFFO per share growth of 9% to 12% a year through 2029.

On the risk side, capital spending is set to run $5 billion to $7 billion annually through 2029, and management expects leverage to rise by about a turn. That means less free cash flow to speed up dividend growth.

Income From Digital Infrastructure Comes From Coverage All four payouts depend on a small group of very large customers continuing to spend heavily. At Digital Realty, for example, the largest signing in each of the last 10 quarters came from one of six different top hyperscalers. That tenant concentration is a real risk for the whole group. Within those limits, Iron Mountain has the best mix of yield, a verified record of raises and roughly a 60% AFFO payout ratio. American Tower pays the most current income, Equinix has the best-covered payout, and Digital Realty’s improving coverage makes it the dividend raise to watch.

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Cybersecurity spending continues to climb, and artificial intelligence (AI) is creating even more systems that businesses need to protect. In fact, technology research firm Gartner estimates that global information security spending will reach roughly $244 billion in 2026. Gartner also expects spending specifically on AI cybersecurity to nearly double from $25.9 billion in 2025 to $51.3 billion this year. Two companies are particularly well positioned to capture that spending are CrowdStrike (CRWD +1.48%) and Palo Alto Networks (PANW +1.76%).

CrowdStrike CrowdStrike built its reputation protecting computers and other devices from cyberattacks. But its Falcon platform has expanded well beyond that.

Today, CrowdStrike offers 34 cloud-based security modules covering everything from endpoint and cloud security to identity protection, threat intelligence, data protection, and cybersecurity for generative AI. That broad portfolio gives CrowdStrike a strategic advantage. You see, once a business uses Falcon for one security function, CrowdStrike can sell that customer additional products without having to win an entirely new account. In fact, 51% of its subscription customers now use at least six Falcon modules, while 26% use eight or more.

Image source: Getty Images.

In its fiscal 2027 second quarter, CrowdStrike generated $1.47 billion in revenue, up 26% year over year. Annual recurring revenue (ARR) increased by 25% to $5.84 billion, while the company added a record $333 million of new ARR during the quarter.

Then there's cash flow. CrowdStrike generated a record $377 million in free cash flow during the quarter, up from $284 million a year earlier. Management now expects fiscal 2027 revenue of approximately $6 billion and ARR of roughly $6.6 billion.

The truth is, companies aren't simply deploying AI software anymore. They're increasingly deploying autonomous AI agents that can access corporate systems, data, and applications. Those agents create another category of digital surface that needs protection.

CrowdStrike is already building security products specifically for AI agents. Its Falcon Guardian platform is designed to discover AI agents operating across an organization, monitor what they're doing, detect suspicious behavior, and stop compromised agents in real time.

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The company has also introduced an Agentic Identity Provider, which gives AI agents their own identities, and controls what applications and data they're allowed to access. As businesses deploy thousands, or potentially millions, of autonomous AI agents, securing those agents could become another significant growth market for CrowdStrike.

Palo Alto Networks Palo Alto Networks offers a slightly different opportunity. The company has spent years expanding beyond traditional network firewalls into cloud security, security operations, identity security, and AI. Now, its strategy is focused on getting customers to consolidate multiple cybersecurity products onto its platforms.

In its fiscal 2026 fourth quarter, revenue increased 34% to $3.41 billion, while next-generation security ARR jumped 63% to $9.1 billion. Remaining performance obligations (essentially contracted business that hasn't yet been recognized as revenue) reached $21.2 billion, up 34%.

For its fiscal 2027, Palo Alto is now forecasting revenue in the range of $14.1 billion to $14.2 billion, which would equate to growth of 23% to 24%, with next-generation security ARR expected to reach roughly $11.1 billion.

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Acquisitions are expanding the business, too. Early this year,  Palo Alto bought identity-security specialist CyberArk and cloud observability company Chronosphere, strengthening its ability to protect identities, applications, and infrastructure across increasingly complicated corporate networks.

Two expensive stocks with long runways Neither stock is particularly cheap, and that's probably the biggest risk for investors. Cybersecurity is also fiercely competitive. Diversified tech giants like Microsoft and Alphabet, as well as a variety of other specialized cybersecurity companies, are all fighting for slices of the same corporate technology budgets.

But cybersecurity isn't discretionary in the same way many other technology products are. A company might choose to delay buying new computers, but it can't simply stop protecting its network, customer information, cloud infrastructure, and increasingly its AI systems.

CrowdStrike and Palo Alto Networks are turning that necessity into growing recurring revenue and billions of dollars in cash flow. So if you're willing to hold on through the inevitable volatility that comes with high-growth technology stocks, both companies have the financial strength, recurring revenue, and expanding markets needed to potentially compound for many years.

After several years of poor performance, Bristol Myers Squibb (BMY +0.53%) is bouncing back. The company's shares are up 42% over the trailing 12-month period, while the S&P 500 has climbed just 15%. Could there be more upside ahead for the pharmaceutical giant? There are some reasons to think so. Bristol Myers is trading at just 9.4x forward earnings, versus an average of 18.5x for healthcare stocks.

Is Bristol Myers a great value play to buy now?

Image source: The Motley Fool.

Not out of the woods just yet Bristol Myers' troubles in recent years stem in part from patent cliffs. The company has lost patent exclusivity for such products as Revlimid, a cancer medicine that used to be its top-selling drug.

The drugmaker will experience more patent cliffs through the end of the decade. Notably, Bristol Myers' Opdivo, a cancer drug, and Eliquis, an anticoagulant it shares the right to with Pfizer (PFE -1.14%), will both run out of patent exclusivity in the U.S. How could this impact the company's financial results?

Consider that in the second quarter, Bristol Myers' revenue increased by 6% year over year to about $13 billion. The company's non-GAAP earnings per share jumped 40% year over year to $2.04. Eliquis' sales contributed $4.5 billion, up 22% year over year. So, Eliquis alone accounted for almost 35% of Bristol Myers' top line. Opdivo contributed another $2.5 billion, although its sales dropped by 3% year over year.

So, together these two products accounted for more than half of Bristol Myers' total revenue. That may be one reason the company's forward price-to-earnings is low: The market expects revenue and earnings growth to slow -- and perhaps reverse -- once Bristol Myers starts facing generic and biosimilar competition for Eliquis and Opdivo.

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Can Bristol Myers overcome patent cliffs? Bristol Myers could experience a decline in sales by the end of the decade. The question is whether the drugmaker will emerge from it in one piece and continue posting strong financial results long after. Thankfully, Bristol Myers has worked hard to launch new drugs that will help it through these challenging times. The company's growth portfolio features several medicines that have been on the market for less than a decade. Some of them are posting strong revenue growth. Consider Reblozyl, a medication for certain forms of anemia.

During the second quarter, Reblozyl's sales jumped 29% year over year to $735 million.

Reblozyl should remain a meaningful growth driver for the foreseeable future, but perhaps the most important relatively new approval in Bristol Myers' portfolio is Opdivo Qvantig, a subcutaneous version of the highly successful cancer medicine -- the original formulation is administered via intravenous infusion.

Opdivo Qvantig is much faster and easier to administer. Its convenience could help it retain many of the patients from its original formulation after it loses patent exclusivity. In fact, as Bristol Myers pointed out, second-quarter Opdivo sales declined partly because some patients switched to Opdivo Qvantig.

That's great news for the company's medium-term prospects. Still, Bristol Myers will need to launch brand-new products to fully address its upcoming patent cliffs. The pharmaceutical company is also capable of doing that. Bristol Myers has several promising pipeline candidates that could make significant progress over the next few years.

For instance, Bristol Myers is developing pumitamig, an investigational bispecific antibody (a newer class of medicines showing tremendous promise, particularly in oncology). Bristol Myers is working on this program with BioNTech (BNTX +0.05%). Pumitamig is undergoing clinical trials across several potential indications and could potentially become a pipeline-in-a-drug.

Bristol Myers' pipeline also features milvexian, an investigational anticoagulant that could become the heir to Eliquis, provided ongoing clinical trials go well. These are just some of the company's most promising candidates. Its deep pipeline features many more.

What's your investing timeline? Bristol Myers may not perform well over the next couple of years as its patent cliffs approach. But the company's approved portfolio and pipeline look strong enough to help it weather the storm and recover. In addition, Bristol Myers is a solid dividend stock. The company offers a forward yield of 4%, compared to an average of 1.1% for the S&P 500, and has increased its payouts by 65.8% over the past decade.

These are all good reasons Bristol Myers' shares are attractive at current levels, at least for investors intending to hold onto the stock for at least five years.

Meta Platforms (META +0.30%). was one of Wall Street's best-performing stocks in September. It rose 25% during the month, turning around what had up to that point been a down year for the stock.

The major catalyst in the quarter was the launch of Meta Muse, an AI agent built for everyday use for the masses. This completely shifted the AI narrative around Meta's stock, causing the market to shift from bearish to bullish.

But with the calendar flipping to October, will the market still love the stock? 

Image source: Getty Images.

Meta finally released a monetizable AI product Previously, the biggest complaint investors had about Meta Platforms as an AI investment was that it seemed to be giving everything away for free, despite investing hundreds of billions of dollars into building AI data centers. With no obvious payoff for those investments in sight, investors were left scratching their heads about when and where the profits would come from.

This caused investors who were familiar with Meta's failed metaverse vision to experience déjà vu. As a result, the stock wasn't highly valued. But all of that flipped shortly after the launch of Muse.

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Muse is one of the first AI agents built for everyday use. The AI agent can be tasked with multistep activities such as building a schedule, checking calendars, or booking travel on your behalf.

While it is technically free to use, the free tier has a relatively low monthly usage cap. Meta is betting that many people will find Muse useful enough that they will start burning through their tokens and eventually decide to pay for a subscription tier with a much higher ceiling. If that happens, the subscription services could lead to strong revenue and profit growth, which investors love.

The market sees the vision and is buying into it, which is why the stock had such a fantastic September. But what's ahead for October?

Late this month, Meta Platforms will report its third-quarter results, and Muse will likely be one of the primary topics of discussion. Investors will likely hear more about early adoption numbers and the long-term vision for this product. If the market likes what it hears, the stock could end the month strong. However, Meta no longer has the "cheap" factor going for it. While it was trading at bargain levels for some time, its September rally drove it back to a normal valuation range.

Meta's stock is no longer trading at a discount Before its rally, Meta's stock traded at less than 18 times expected forward earnings -- near its lowest valuation of the past three years.

META PE Ratio (Forward) data by YCharts.

Today, it is trading toward the upper end of its usual valuation range. Still, there's room for more. While some of Meta's peers' price-to-earnings (P/E) ratios are currently being skewed by one-time gains on investments, the average big tech firm tends to trade in the high 20s to the low 30s times forward earnings valuation range.

That leaves plenty of room for upside if the market gets really bullish on Meta's prospects. Still, I don't see that happening until after its Q3 results are released, when the initial reception of Muse is accounted for.

As a result, I don't think we'll see a repeat of September for Meta's stock in October, but its future looks brighter than it has been in awhile. If Muse is widely accepted and becomes a popular subscription product, the stock will have a lot more potential for upside, because there isn't a ton of growth priced into it now at just 23 times forward earnings.

That could make Meta an AI stock worth buying for the long term, as it has one of the best consumer-facing platforms for AI deployment.

, /PRNewswire/ -- Today, CME Group provided the following statement about its plans to suspend launch of a new 10-Barrel Crude Oil futures contract:

"Providing efficient, regulated markets that allow our clients to cost-effectively manage business risk is always our top priority at CME Group," said CME Group Chairman and Chief Executive Terry Duffy. "We created and planned to launch a 10-Barrel oil contract to provide a transparent, regulated alternative to the 24/7 oil contracts that other venues have introduced in the marketplace. Whether as onshore prediction markets or offshore perpetuals, which are illegal for U.S. participants but may be accessed despite their illegality via virtual private networks, these energy products already trade around the clock, primarily for retail participants.

"We had hoped to provide a safer, more transparent alternative, within the U.S. jurisdiction and CFTC oversight. However, based on extensive conversations with industry participants, we have determined that key constituents are concerned that introducing 24/7 trading in energy without further due diligence could create unintended consequences, possibly introducing additional risk in the marketplace.

"Therefore, we are withdrawing our filing to launch this product at this time. We hope the CFTC will address the inequity, reestablish the level playing field that has made U.S. financial markets the envy of the world, and ensure all derivatives products meet the standards the law requires, in compliance with the core principles of the Commodity Exchange Act."

As the world's leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, cryptocurrencies, energy, agricultural products and metals.  The company offers futures and options on futures trading through the CMEGlobex platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform.  In addition, it operates one of the world's leading central counterparty clearing providers, CME Clearing. 

CME Group, the Globe logo, CME, Chicago Mercantile Exchange, Globex, and E-mini are trademarks of Chicago Mercantile Exchange Inc.  CBOT and Chicago Board of Trade are trademarks of Board of Trade of the City of Chicago, Inc.  NYMEX, New York Mercantile Exchange and ClearPort are trademarks of New York Mercantile Exchange, Inc.  COMEX is a trademark of Commodity Exchange, Inc. BrokerTec is a trademark of BrokerTec Americas LLC and EBS is a trademark of EBS Group LTD. The S&P 500 Index is a product of S&P Dow Jones Indices LLC ("S&P DJI"). "S&P®", "S&P 500®", "SPY®", "SPX®", US 500 and The 500 are trademarks of Standard & Poor's Financial Services LLC; Dow Jones®, DJIA® and Dow Jones Industrial Average are service and/or trademarks of Dow Jones Trademark Holdings LLC. These trademarks have been licensed for use by Chicago Mercantile Exchange Inc. Futures contracts based on the S&P 500 Index are not sponsored, endorsed, marketed, or promoted by S&P DJI, and S&P DJI makes no representation regarding the advisability of investing in  such products. All other trademarks are the property of their respective owners.

CME-G

SOURCE CME Group

Brixmor Property Group NYSE: BRX said it has entered definitive agreements with Everview Partners to acquire Slate Grocery REIT, a Canadian-listed owner of U.S. grocery-anchored shopping centers, in a transaction valued at $2.34 billion.

Under the transaction structure, Brixmor will directly acquire 23 grocery-anchored shopping centers comprising about 3 million square feet for $636 million. A newly formed joint venture between Brixmor and affiliates of Everview will acquire the remaining 92 properties, totaling about 12 million square feet, for $1.71 billion.

Brixmor will hold a 20% interest in the joint venture, while Everview will own 80%. The company will serve as the venture’s asset manager, property manager and leasing representative, creating recurring fee income. Brixmor also plans to make a $174 million preferred-equity investment in the venture carrying a 9% dividend.

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The transaction has been approved by Brixmor’s board and Slate’s board of trustees and is expected to close in the first quarter of 2027, subject to Slate unitholder approval and customary closing conditions.

Portfolio Focused on Grocery-Anchored Retail CEO and President Brian Finnegan said the acquisition fits Brixmor’s strategy of investing in grocery-anchored, open-air retail centers and applying its leasing, redevelopment and operating platform to drive growth.

The 23 properties Brixmor will own outright are 96% leased and located entirely within the company’s current footprint, with concentrations in Florida, Georgia and the Carolinas. The portfolio is fully grocery anchored, with tenants including Publix, Harris Teeter and Kroger.

The joint venture’s 92 properties are 94% grocery anchored, and about 70% are located in markets where Brixmor already operates. Finnegan said the company expects to use its retailer relationships and leasing platform to pursue long-term net operating income growth across both portfolios consistent with Brixmor’s long-term 4% growth expectation.

Management cited several potential value-creation opportunities, including small-shop leasing, merchandising changes, rent growth, redevelopment, improved expense recoveries and specialty income. While the overall acquired portfolio is substantially occupied, Finnegan said small-shop occupancy is 88%, presenting an opportunity for improvement.

In-place rents across the portfolios average more than 30% below Brixmor’s current portfolio, management said, and several legacy anchor leases carry rents below $9 per square foot. Slate also generated mid-teens renewal growth in the past year and new-lease growth near 40%, according to Finnegan.

Redevelopment and Pricing Brixmor identified about $100 million of redevelopment and outparcel-development opportunities in the directly acquired portfolio. Those projects include multiple Publix redevelopments in high-growth Southeastern markets, and Finnegan said the company expects to begin pursuing some opportunities immediately after closing.

The company characterized the overall transaction as priced at a low-7% yield. Finnegan said the directly acquired real estate carries a cap rate in the high-6% range, while the joint venture properties are priced at a low- to mid-7% cap rate. The yield on Brixmor’s overall investment includes the preferred-equity investment and a conservative estimate of recurring fee income, management said.

Chief Investment Officer Mark Horgan said the real estate yields discussed on the call were before fees and that Brixmor views the portfolio as attractively priced relative to current pricing for individual open-air retail assets. Finnegan also cited a purchase price of approximately $155 per square foot, which he said is below replacement cost.

The company said the transaction will be immediately accretive to Nareit funds from operations per share and accretive to adjusted funds from operations and free cash flow from day one. Management said it expects to provide more detailed accretion guidance when it issues 2027 guidance and closes the transaction.

Funding Plan and Joint Venture Leverage Brixmor said it has sized its investment at approximately $1 billion, including its preferred-equity investment, to limit capital-markets dependency. The company has $1 billion in interim financing commitments and reported $1.5 billion of liquidity at the end of the second quarter.

The company expects to fund approximately $300 million with cash on hand, including $115 million of unsettled forward at-the-market proceeds. About $500 million is expected to come from debt, including roughly $95 million of assumed mortgages, while normal capital recycling is expected to fund the remainder. Brixmor said it does not expect to need to issue equity at current trading levels.

Finnegan said Brixmor intends to maintain leverage consistent with recent levels, targeting low- to mid-5-times debt to EBITDA in 2027. The joint venture will carry more leverage than Brixmor’s wholly owned balance sheet assets. Horgan said the venture is expected to assume about $513 million of mortgage debt with maturities into the 2030s and rates in the low-4% range, with overall joint venture leverage expected in the low-60% range.

While Brixmor does not plan to sell any of the 23 wholly owned assets, Finnegan said the joint venture may pursue some strategic dispositions as part of its business plan. He added that Brixmor does not expect adverse tax implications from the transaction.

Management said the joint venture structure enabled Brixmor to preserve financial flexibility while partnering with Everview, whose investment group includes ADIA. Finnegan said the structure also could provide Brixmor with potential future acquisition opportunities from the joint venture portfolio.

About Brixmor Property Group (NYSE:BRX)Brixmor Property Group Inc NYSE: BRX is a real estate investment trust that owns and operates open-air shopping centers in the United States. Its properties are generally anchored by grocery stores and serve communities with a mix of essential retail, dining, service, and other consumer-oriented businesses.

The company's activities include leasing retail space, managing shopping-center operations, and investing in property redevelopment and improvements. Brixmor focuses on maintaining well-located centers and strengthening tenant mixes to support the long-term needs of the communities in which its properties are located.

Brixmor was formed in 2011 and became a publicly traded company in 2013.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Apple (AAPL.O) said on Friday that it plans to change its Mac operating system to make it more obvious when AI agents ask ​to access all of the data on Macs.

Some users have criticized Meta's (META.O) ‌Muse, an AI agent capable of carrying out complex tasks like canceling unused subscriptions or haggling for better prices. These people claimed the agent accessed what users believed to be private messages.

On ​Apple's iPhones and iPads, no single app can access data inside another ​app by default, a technique called sandboxing. But Apple's Macs are ⁠more flexible, with a "Full Disk Access" option that allows apps such as cloud ​backup services to access all the data on a machine, with a user's permission.

Apple ​on Friday said some developers were using the Full Disk Access feature in ways that could put users at risk.

"Going forward, we will introduce additional controls to ensure that users who genuinely ​wish to grant an app this extraordinary level of access can only do so ​with very explicit user action," Apple wrote in a post.

"As AI agents become increasingly capable and autonomous, ‌the ⁠risks associated with this level of access will grow substantially. We are committed to ensuring users clearly understand these risks before granting such access, so they can make informed decisions about their own data and privacy."

Apple's move comes after Inc magazine technology ​columnist Jason Aten accused ​Meta's Muse of ⁠reading private messages on his Mac. He said he had not enabled Full Disk Access.

Meta spokesperson Andy Stone pushed back against ​those claims last week, saying Muse's access to Apple's Messages app ​is strictly ⁠opt-in.

"You have to enable both Full Disk Access and the Messages connector for Muse to be able to read your Messages content," Stone wrote on social media platform X. "It ⁠can't read ​your Messages unless you do this. And it ​can be revoked at any time."

Apple declined to comment beyond its post. Meta did not immediately respond to ​a request for comment.

SummaryMicron Technology, Inc. is upgraded to Buy, driven by accelerating Strategic Customer Agreements (SCAs) that enhance long-term revenue visibility and pricing power.Q4 FY26 results showed robust sequential growth, with DRAM and NAND prices rising sharply and margins spiking due to tight supply-demand dynamics.Over 35% of estimated 2030 revenue is now secured via SCAs, many with defined pricing bands and significant customer cash deposits, extending longer-term visibility.Despite strong fundamentals and a compelling forward P/E of 5.5 for 2028, MU and MUU investors should monitor AI capex trends and potential cyclicality risks post-2028. imaginima/iStock via Getty Images

Intro In my last article about Micron Technology, Inc. (MU), I gave myself credit for a good call. The stock nearly doubled in three months since I initiated coverage at $495 in April.

While admitting

1.09K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within 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.

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.

In the latest trading session, Intuit (INTU - Free Report) closed at $279.84, marking a -1.04% move from the previous day. The stock's performance was behind the S&P 500's daily gain of 0.73%. Meanwhile, the Dow experienced a rise of 0.49%, and the technology-dominated Nasdaq saw an increase of 1.19%.

The maker of TurboTax, QuickBooks and other accounting software's stock has dropped by 17.87% in the past month, falling short of the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 0.55%.

The upcoming earnings release of Intuit will be of great interest to investors. The company's upcoming EPS is projected at $2.46, signifying a 26.35% drop compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.3 billion, up 10.8% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $23.49 per share and revenue of $23.39 billion, which would represent changes of -3.21% and +9.06%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Intuit. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.04% lower within the past month. Intuit is currently a Zacks Rank #3 (Hold).

Looking at valuation, Intuit is presently trading at a Forward P/E ratio of 12.04. This valuation marks a discount compared to its industry average Forward P/E of 15.71.

We can additionally observe that INTU currently boasts a PEG ratio of 0.81. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computer - Software industry currently had an average PEG ratio of 1.45 as of yesterday's close.

The Computer - Software industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 104, placing it within the top 43% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Zscaler (ZS - Free Report) closed the most recent trading day at $196.60, moving -1.1% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.73%. Elsewhere, the Dow gained 0.49%, while the tech-heavy Nasdaq added 1.19%.

The stock of cloud-based information security provider has risen by 11.8% in the past month, leading the Computer and Technology sector's gain of 6.36% and the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Zscaler in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $1.16, reflecting a 20.83% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $937.61 million, up 18.97% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of $4.91 per share and a revenue of $3.93 billion, demonstrating changes of +16.63% and +17.22%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Zscaler. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 451.17% higher. Zscaler presently features a Zacks Rank of #3 (Hold).

With respect to valuation, Zscaler is currently being traded at a Forward P/E ratio of 40.48. This denotes a discount relative to the industry average Forward P/E of 54.15.

We can additionally observe that ZS currently boasts a PEG ratio of 2.96. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. Security stocks are, on average, holding a PEG ratio of 3.03 based on yesterday's closing prices.

The Security industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 68, putting it in the top 28% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Archer Aviation (ACHR.N) said on Friday a California federal court had dismissed some of Joby Aero's ​trade-secret and contract claims against it, as well ‌as Archer's counterclaims.

The US District Court for the Northern District of California issued the ruling on September 29, cutting back ​on the claims in the ongoing litigation between ​the two air-taxi makers.

Air taxi makers are racing ⁠to commercialize electric vertical takeoff and landing aircraft — an ​emerging market backed by major automakers, airlines and investors ​that has also spawned a string of trade-secret and patent disputes.

Archer settled separate trade-secret claims brought by Boeing-owned air-taxi developer Wisk in ​2023, and filed a patent infringement lawsuit against ​Vertical Aerospace earlier this year.

Joby sued Archer in 2025, alleging a former ‌employee, ⁠George Kivork, who led its state and local policy team, took confidential information on business strategies, partnership terms and aircraft specifications before joining the rival.

A forensic investigation found ​Kivork had ​sent dozens of ⁠Joby files to a personal email account and altered security permissions on hundreds ​more to access them after his departure, the ​lawsuit ⁠said.

Joby also alleged Archer misused the trade secrets to undercut one of its agreements with a real-estate developer.

The company ⁠sought ​an unspecified amount of monetary ​damages and an order preventing Archer from using its trade secrets.

Booz Allen Hamilton (BAH - Free Report) ended the recent trading session at $67.35, demonstrating a -4.43% change from the preceding day's closing price. This change lagged the S&P 500's 0.73% gain on the day. Meanwhile, the Dow experienced a rise of 0.49%, and the technology-dominated Nasdaq saw an increase of 1.19%.

Shares of the defense contractor witnessed a loss of 4.62% over the previous month, beating the performance of the Business Services sector with its loss of 4.68%, and underperforming the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Booz Allen Hamilton in its forthcoming earnings report. The company is scheduled to release its earnings on October 23, 2026. In that report, analysts expect Booz Allen Hamilton to post earnings of $1.44 per share. This would mark a year-over-year decline of 3.36%. Meanwhile, the latest consensus estimate predicts the revenue to be $2.8 billion, indicating a 3.09% decrease compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.25 per share and a revenue of $11.45 billion, signifying shifts of -3.99% and +2.08%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for Booz Allen Hamilton. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.15% higher within the past month. As of now, Booz Allen Hamilton holds a Zacks Rank of #3 (Hold).

Looking at its valuation, Booz Allen Hamilton is holding a Forward P/E ratio of 11.28. This signifies a discount in comparison to the average Forward P/E of 15.27 for its industry.

We can additionally observe that BAH currently boasts a PEG ratio of 1.72. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The average PEG ratio for the Consulting Services industry stood at 1.13 at the close of the market yesterday.

The Consulting Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 77, placing it within the top 32% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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Apple plans new user controls for apps seeking Full Disk Access on Macs, citing increasingly capable AI agents. Kevin Carter/Getty Images Apple wants to make sure you know exactly what you're signing up for before giving an AI agent access to your Mac.

The company said in a developer blog post on Friday that it plans to introduce additional privacy controls for macOS's "Full Disk Access" setting, which gives apps permission to read sensitive information, including emails, private messages, browsing history, and other personal files.

"Some developers are using Full Disk Access in ways that could put users at risk, exposing everything on their systems — including files, mail, messages, and even browsing history — without users' full knowledge and understanding," Apple said.

"Going forward, we will introduce additional controls to ensure that users who genuinely wish to grant an app this extraordinary level of access can only do so with very explicit user action," Apple added. "As AI agents become increasingly capable and autonomous, the risks associated with this level of access will grow substantially."

For Mac users, that means granting apps a sweeping level of access will require 'very explicit user action,' without explaining how that will differ from the current process. Apple hasn't detailed exactly how the new safeguards will work or when they'll arrive. The company did not say the changes would apply only to AI agents; it said the risks of permission will grow as agents become more capable and autonomous.

According to the blog post, the setting was originally intended to help backup software operate, but increasingly capable AI agents are creating new risks.

Last month, Inc. columnist Jason Aten alleged that Meta's Muse AI agent had accessed private messages on his Mac mini without his permission. Meta disputed the claim.

Andy Stone, Meta's vice president of communication, wrote in a post on X that "the Messages integration in the Muse app for Mac is entirely opt-in."

"You have to enable both Full Disk Access and the Messages connector for Muse to be able to read your Messages content," Stone said. "It can't read your Messages unless you do this. And it can be revoked at any time."

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Katherine Li You're currently following this author! Click to unsubscribe from email alerts.

Katherine Li is a reporter on Business Insider's West Coast business news team. She covers career,  the future of work, and how AI is changing hiring practices and workplace trends.Previously, she was a newsroom fellow who wrote international breaking news and produced newsletters for Semafor. Before that, she wrote about climate policies for The Lever, covered the AAPI community for the SF Chronicle as a freelancer, and wrote about the 2019 Hong Kong protests as an intern for The New York Times.She is an alumna of the Graduate School of Journalism at UC Berkeley and a graduate of the international journalism program at Hong Kong Baptist University with minors in French and English literature.  Email Katherine at [email protected] and follow her on Bluesky @katherineli.bsky.social. 

Apple AI Big Tech More Innovation Tech

Mastercard, the global payments network MA , launched Advanced B2B Analytics to help banks find suppliers willing to take card payments, with shares up about 0.3% to $551.65 on Oct. 2. The pitch is straightforward: turn payment data into more commercial-card spending. The valuation graphic puts the stock 19.69% below its $686.88 GF Value estimate, suggesting potential upside if that estimate holds.

The tool scans accounts-payable data, scores suppliers' likelihood of accepting cards and gives banks a clearer target list. Mastercard named Absa Group and Emirates NBD among the first banks offering it to corporate customers. Dashboards and working-capital insights round out the package. The release provides no customer total, pricing details or payment volume generated, leaving the commercial payoff unquantified.

For investors, the appeal is the link between advice and transactions. If banks use those scores to persuade suppliers to accept cards, Mastercard could capture more payment activity. But a promising supplier list is only the starting point. Banks must act, suppliers must agree and spending must follow. The number to watch is incremental card volume—not how many recommendations the software produces.

Item 1 of 2 The Ice Age's Scrat and his Acorn balloon are carried during the 91st Macy's Thanksgiving Day Parade in New York, New York, U.S., November 23, 2017. REUTERS/Carlo Allegri

[1/2]The Ice Age's Scrat and his Acorn balloon are carried during the 91st Macy's Thanksgiving Day Parade in New York, New York, U.S., November 23, 2017. REUTERS/Carlo Allegri Purchase Licensing Rights, opens new tab

Oct 2 (Reuters) - Disney (DIS.N), opens new tab agreed to license a slate of movies and TV shows to Netflix (NFLX.O), opens new tab, ​including existing "Ice Age" films as well ‌as "Percy Jackson and the Olympians" and "Will Trent" series, the companies said on Friday.

Here are some more ​details:

Sign up here.

The deal expands Netflix's access to Disney-owned ​content as the streaming platform broadens ⁠its library through licensing agreements, including a ​deal with AMC Global Media (AMCX.O), opens new tab in July to ​bring "The Walking Dead" series to its platform.

The first two seasons of Disney+ original series "Percy Jackson and the ​Olympians" will be available globally on ​Netflix from October 4 for three months.

The five "Ice Age" ‌films ⁠will also begin streaming globally on Netflix for three months, ahead of the theatrical release of "Ice Age: Boiling Point" early next year.

The ​deal also ​includes a ⁠selection of Disney and Pixar films, including "Soul", "Elio" and "Raya and the Last ​Dragon", which will be available globally ​on ⁠Netflix from early 2027, with varying launch dates and regions.

Disney-branded titles largely remain exclusive ⁠to ​its streaming platforms and TV ​channels, as per the company.

Reporting by Akash Sriram and ​Angela Christy in Bengaluru; Editing by Vijay Kishore

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Intel, the processor manufacturer and contract-foundry contender
INTC -0.56% 70

, advanced its High-NA chipmaking program, while shares traded at $121.76, up nearly 1.5%, around 12:53 p.m. ET on October 2. Its September update with ASML showed the technology moving beyond qualification into production on selected layers of some Panther Lake processors. That gives Intel something concrete to show prospective foundry customers. Turning that progress into orders is the next hurdle.

ASML's September 8 announcement reported more than one million wafers processed across testing, research and production, with throughput, availability and overlay meeting Intel's expectations. That total is not one million commercial wafers. Intel's stitching technology also lets customers work with current six-inch masks while the industry develops larger formats. Together, those advances can ease adoption, but the announcement provides no figures for manufacturing costs or external customer volumes.

The valuation picture leaves little room for disappointment: shares sit 277.89% above the $32.22 GF Value estimate. Technical progress can strengthen Intel's sales pitch, but it does not establish foundry profitability. Investors still need evidence of competitive yields, disciplined spending and paying customers at scale. Intel has cleared a manufacturing hurdle. The stock price demands a business payoff.

Check the Warning Signs for

INTC

now!

One of the great challenges for a veteran business is staying relevant through the years. General Mills, anchored by a clutch of familiar food brands like Cheerios and Chex cereals and Häagen-Dazs ice cream, is a bit out of tune with current consumer tastes. That's affecting the company's results and, relatedly, investor sentiment.

In September, an earnings report showing declines in key fundamentals, and a CEO appointment that some took as a discouraging, don't-rock-the-boat move, exacerbated the situation. General Mills' stock price fell by almost 22% that month.

Image source: Getty Images.

Not very tastyGeneral Mills unveiled its first quarter of fiscal 2027 results on the morning of Sept. 23, and they fell into the good news/bad news category. The good was that the company notched a double beat on analyst estimates, with net sales of $4.4 billion and net income not under generally accepted accounting principles (non-GAAP, or adjusted) of $0.75 per share.

The bad news is that both core fundamentals were down year over year, not least because each of the company's three U.S. business units posted sales declines. On top of that, it reaffirmed its full-year 2027 guidance: net sales are likely to slip again, with management forecasting a 1.5% decline to a 0.5% increase over the 2026 result. As for the bottom-line estimate, adjusted earnings per share (EPS) are predicted to land at $3 to $3.20. That compares unfavorably with fiscal 2026's $3.55.

Several analysts adjusted their takes on General Mills after earnings. Apparently, the ones investors took to heart were those featuring price target cuts. This was the case with the prominent Bank of America (BAC +0.04%) Securities, whose analyst Peter Galbo reduced his fair value assessment to $40 per share from $43. He also maintained his lukewarm neutral rating on the stock. Bernstein SocGen's Alexia Howard shaved $1 off her price target to land at $30 per share while keeping her underperform (sell, in other words) recommendation intact.

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New boss, same old worriesOn the last day of the month, General Mills announced it had selected a new CEO to succeed outgoing chief Jeff Harmening. The new boss will be Dana McNabb, a 27-year veteran of the company who currently serves as COO; she'll take up the position on Jan. 1 of next year.

In a well-performing company, investors often take such a promotion from within as a comforting sign that management doesn't want to mess with success. The perception is different in a struggling business, as few people are eager to see more of the same. We won't know if McNabb will be different and/or innovative as a leader until she starts leading, so those worries are understandable.

As is that month's sell-off. After all these years, with the healthy-eating trend in force, General Mills still seems reluctant to lean into it meaningfully. Its current strategy of focusing on its eight "core brands," such as Pillsbury, indicates a continuing resistance to change, in my view. As an investor, if I were looking at food industry stocks, I'd probably wouldn't pick this one as a buy.

Taiwan Semiconductor Manufacturing, the advanced-chip foundry
TSM +2.96% 97

, outlined plans to bring High-NA lithography into advanced-node volume production starting in 2030, while its U.S. shares traded around $473.41, up approximately 3.1%, around 12:34 p.m. ET on October 2. The technology roadmap stretches years ahead. The valuation already demands execution: the stock sits 27.49% above its $371.32 GF Value™, leaving less room for disappointment.

The rollout has two stages. TSMC plans to start with existing six-inch masks, while its joint initiative with ASML targets a 12-inch-mask pilot line in 2031 and production-ready lithography systems in 2033. Larger masks could let scanners process chips more efficiently and remove constraints from stitching separate exposures together. Those improvements could lower manufacturing costs as AI chips become increasingly complex.

That timetable gives TSMC a way to introduce High-NA before the larger-mask infrastructure is ready. But better technology still has to earn its keep. Investors need proof that manufacturing savings and stronger output can cover the cost of equipment and qualification. With shares carrying a hefty premium to GF Value™, successful deployment alone may not be enough. The economics need to deliver, too.

Check the Warning Signs for

TSM

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Dell Technologies, the enterprise-computing and AI-server company
DELL +3.84% 69

, raised its fiscal-2027 AI-server revenue forecast from $60 billion to $74 billion, with shares up approximately 4.4% to $565.50 around 12:14 p.m. ET Friday. That is a $14 billion upgrade. AI servers now account for roughly 38.5% of Dell's $192 billion annual revenue outlook. This business is carrying serious weight.

The bigger test sits inside the order book. Dell reported a $95 billion AI-server backlog at the end of July, after taking in $60.9 billion of orders and generating $16.4 billion in quarterly AI-server revenue. Demand looks enormous. Turning those commitments into delivered systems, profits and cash is the next hurdle. Component availability, deployment schedules and customer readiness all matter.

The valuation picture shows Dell trading 141.43% above its $234.23 GF Value estimate, leaving little room for execution slips. That estimate is a valuation reference, not a ceiling. Still, investors are paying for a hefty dose of future growth. Dell needs to ship the backlog while protecting margins and keeping working capital under control. Big orders make the growth story compelling. Profitable deliveries make it stick.

Check the Warning Signs for

DELL

now!

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HONOLULU--(BUSINESS WIRE)--Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) will release third quarter 2026 financial results on Monday, October 26, 2026 before the market opens and hold its quarterly conference call at 2:00 p.m. Eastern Time (8:00 a.m. Hawai‘i Time) on the same day.

The live call, including a slide presentation, will be accessible on the investor relations link of the Company's website, www.boh.com. The conference call link is
https://register-conf.media-server.com/register/BIca3756a1006c4dff84049e53b338c6cf.

A replay of the webcast will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, October 26, 2026. The replay will be available on the Company's website, www.boh.com.

Additionally, the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on November 2, 2026 to shareholders of record of the preferred stock as of the close of business on October 16, 2026.

Bank of Hawai‘i Corporation is a regional financial services company serving businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

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Micron Technology delivered impressive results for the fourth quarter of fiscal 2026 on Sept. 30, indicating that the artificial intelligence (AI) infrastructure boom is alive and well.

Micron makes memory and storage chips that play a critical role in AI data centers by transporting and storing the large volumes of data needed to train models and run inference applications. So, it wasn't surprising to see the company's results and guidance crushing expectations, paving the way for more upside in Micron stock this month.

However, there is another key AI chip company that's poised to hold an important event in October. Marvell Technology (MRVL +1.57%) has scheduled its Investor Day for Oct. 6. Let's see why this date could be significant for Marvell investors and trigger a rally in the company's shares.

Image source: The Motley Fool.

Marvell Technology is expected to raise guidance on Oct. 6Marvell Technology manufactures custom AI processors and networking chips. Both these markets have been growing at an incredible pace. Counterpoint Research estimates that shipments of custom AI processors will triple between 2024 and 2027. Meanwhile, Goldman Sachs notes that networking will be the next big bottleneck in the AI infrastructure market. The investment bank expects the optical networking market's revenue to jump over 10x between 2026 and 2028.

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These catalysts explain why Marvell Technology has been consistently raising its guidance in recent quarters. The semiconductor specialist raised its fiscal 2027 revenue outlook to $12 billion, up from the prior estimate of $11.5 billion in August. It also increased its fiscal 2028 revenue guidance by $1.5 billion to $18 billion.

It is worth noting that Marvell called for $11 billion in fiscal 2027 revenue when it released its fiscal 2026 fourth-quarter results in March this year. Its fiscal 2028 guidance stood at $15 billion at that time, following a $2 billion upward revision from the December 2025 guidance. Investment banking firm RBC Capital Markets expects Marvell to increase guidance once again during its investor day presentation on Oct. 6.

Specifically, RBC expects Marvell to increase its fiscal 2029 AI revenue forecast by at least $2 billion from the current estimate of $10 billion. Additionally, RBC expects Marvell to substantially increase its total addressable market (TAM) guidance and 2030 market share estimates on Oct. 6.

The investment bank also estimates that an increase in Marvell's operating margins could propel its earnings per share (EPS) into the $15.00 to $20.00 range over the long run. That indeed seems possible, considering that Marvell's earnings are expected to jump by 48% in the current fiscal year to $4.21, followed by a significant acceleration in fiscal 2028 and another significant jump in fiscal 2029.

MRVL EPS Estimates for Current Fiscal Year data by YCharts

If Marvell delivers a stronger forecast for the next couple of fiscal years and raises its TAM estimate for 2030, driven by the healthy growth in custom AI processors and networking chips, it could win back investor confidence once again.

Though this AI stock has jumped by just over 3x in 2026, its shares have dropped 16% after reaching a 52-week high on June 18. Savvy investors should consider capitalizing on this pullback, as favorable management commentary could send Marvell on a bull run. Moreover, the strong long-term growth prospects indicate that Marvell could make investors significantly richer.

The stock can still doubleYou may be wondering if Marvell is worth buying following its stunning rally in 2026. The stock is expensive at 86 times trailing earnings and 62 times forward earnings. However, we have already seen that its earnings growth is poised to accelerate.

Assuming Marvell's earnings land between $15.00 and $20.00 per share in 2030, which seems quite possible given that its earnings per share could hit $10.45 in fiscal 2029 (which ends in January 2029), its stock could jump significantly from current levels. For instance, $17.50 in EPS could send Marvell stock to $525 even if it trades at 30 times earnings after four and a half years.

That's nearly double Marvell's stock price right now. So, investors looking to buy a top growth stock on the dip can consider buying Marvell Technology ahead of its investor day, when it could make a big move.

Investment reinforces Awayday's locally-run, field-first model and supports its commitment to delivering value to key stakeholders

, /PRNewswire/ -- Awayday (the "Company"), a leading vacation rental management company on a mission to perfect the vacation rental experience for owners and guests alike, today announced it has closed a significant investment from Warburg Pincus, the pioneer of global growth investing. The investment is being made by the Warburg Pincus Capital Solutions Founders Fund ("WPCS FF"). The Company's majority owners, an Ares Private Equity fund ("Ares") and LightBay Capital ("LightBay"), will remain the controlling shareholders. Terms of the investment were not disclosed.

Awayday partners with independent vacation rental operators seeking the scale, systems, and support of a national platform while preserving their local identity – an approach the Company calls "Join Us, Stay You." Today, the Company manages more than 18,000 properties across the United States through a portfolio of local brands, supported by more than 1,800 team members.

Awayday will use proceeds from this investment to return capital to the Company's existing equity investors, including Ares, LightBay, and its rollover equity partners. In addition, Awayday will deliver proceeds to the leading local operators and supporting team members who have been integral to driving the Company's growth through its field-first model.

"Warburg Pincus' investment is a vote of confidence in our team of more than 1,800 people – some of the most experienced local operators and support teams in the vacation rental industry – and in the strength of our portfolio of vacation rental brands across North America," said Jakob Dwyer, CEO of Awayday. "Ownership mentality is one of our core values: we ask our teams to think and act like owners, and we believe they should share in the value they create. At Awayday, we call that 'winning together' through a model that supports locally run businesses led by operators who put their guests, owners, and teams first. Our local teams are the stars of the show, and we will keep building a company that treats them that way."

"Awayday has built an exceptional vacation rental management company, rooted in a business model that combines national reach with local connections and expertise. That model has fueled both strong organic growth and a highly effective M&A strategy," said Lee Becker, Managing Director at Warburg Pincus. "This investment aligns with our strategy of partnering with market-leading businesses that deliver strong value for customers and employees, have a proven track record of organic growth, and are led by best-in-class leadership teams at every level of the organization. We look forward to supporting Awayday as it continues to build on its success to date," added Claire Branch, Principal at Warburg Pincus.

Warburg Pincus Capital Solutions Founders Fund closed in September 2024 with over $4 billion in commitments. Capital Solutions has a flexible mandate that allows it to partner with founders and existing shareholders to provide solutions for balance sheet optimization, shareholder liquidity, M&A, or growth. The group leverages Warburg Pincus' global platform and firmwide resources across geographies to source and execute on hybrid capital transactions.

About Awayday
Awayday is a national vacation rental management company on a mission to perfect the vacation rental experience. Awayday manages more than 18,000 properties across the United States through a portfolio of local brands, supported by more than 1,800 team members. Guided by its core values – Servant Leadership, Ownership Mentality, "Local, Local, Local", and Excellence – Awayday pairs national scale in technology, revenue management, and marketing with local teams who know their markets and care for their customers.

About Warburg Pincus
Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $105 billion in assets under management, and more than 225 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus' Capital Solutions team collaborates closely with the firm's 290+ investment professionals and 75+ value creation executives across Warburg Pincus' global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. Recent investments have included DriveCentric, Excelitas Technologies, Global Eggs, MB2 Dental, Madison International Realty, MIAX, MyKaarma, Nord Security, Paradigm Oral Health, Service Compression, and United Trust Bank.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn and YouTube.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity, and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2026, Ares Management Corporation's global platform had over $671 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.ares.com.

About LightBay Capital
LightBay Capital is a Los Angeles-based private equity firm with $1.7 billion of committed capital. We invest primarily in founder-led healthcare and business services companies, partnering with owners and their management teams to accelerate growth through investments in talent and technology. For more than two decades, LightBay's principals have created meaningful value by pairing deep domain expertise with a shared commitment to servant leadership and an entrepreneurial mindset. For more information, please visit www.lightbay.com

Media Contacts
Awayday
Danny Bradford
EVP of Revenue & Marketing
[email protected]

Warburg Pincus
Caroline Wise
[email protected]

SOURCE Warburg Pincus

Arm Holdings ARM , the processor-architecture and computing-platform company, outlined how its technology supports both AI agents and the security systems watching them, while its American depositary shares climbed approximately 7.9% to $315.33 on Friday, October 2. That opens two potential routes into AI spending: processors that handle the work and processors that keep it under control. The valuation graphic shows shares trading 61.51% above the $195.24 GF Value estimate, suggesting investors already expect substantial growth.

The technical distinction matters. According to Arm's Hot Chips overview, Nvidia's Vera CPU handles tasks such as executing code, coordinating tools and moving data through agentic systems. BlueField plays a different role. Arm's security explanation describes an independent infrastructure layer that can monitor activity, enforce restrictions and isolate unsafe agents. More autonomous software could therefore create demand for Arm technology on both sides of the workload.

That gives Arm a broader opportunity, but architectural reach alone does not settle the investment case. Partner chips must ship, deployments must scale and royalties must follow. Arm's own AGI CPU adds another potential revenue stream, alongside the licensing business. With shares carrying a hefty premium to the valuation estimate, investors need evidence that adoption can translate into earnings fast enough to justify the price.

Tesla (TSLA +4.68%) recently entered into credit agreements that provide it with $30 billion in credit from Citibank and Wells Fargo. It's a significant move that helps de-risk the company's capital spending plans. Still, it also raises questions about exactly what Tesla has planned and how it fits into the narrative of a business that is supposed to be on the cusp of a long-term stream of recurring income from its robotaxi rollout. Here's my take on matters.

There are actually three separate credit agreements.

First, a $20 billion "senior unsecured three-year delayed draw term loan facility" dated Sept. 29, 2026 (the closing date), with Citibank as the administrative agent. Tesla may draw on the facility up to 10 times within 18 months after the closing date. However, the loan facility is automatically reduced to $10 million one year after the closing date, and to $5 million 15 months after the closing date.

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Given the relatively small window to access the full $20 billion and the filing's statement that "Tesla does not currently plan to draw on the facilities in 2026," this suggests Tesla is considering a potentially large capital commitment in 2027.

Second, there is an $8 billion senior unsecured five-year revolving facility with Wells Fargo dated Sept. 29, 2026. Any loans taken are repayable on Sept. 29, 2031, but Tesla can request two one-year extensions.

Third, there is a $2 billion senior unsecured 364-day revolving credit facility with Wells Fargo. In common with the revolving facility above, it's dated Sept. 29, 2026, but it's payable on Sept. 28, 2027. Tesla has an option to extend the maturity for one year after this date. The two revolving credit facilities are highly unlikely to be earmarked for known expenditures. You can think of a revolving credit facility as a kind of credit card that allows you to draw on it during periods of weak cash flow.

Image source: Tesla.

Why Tesla may need to borrow money At this point, it's important to note what Tesla said about the agreements in the Securities and Exchange Commission (SEC) filing. Aside from noting no intent to draw on the facilities in 2026, management was non-committal on what it might use the facility for, saying it "may be used for general corporate purposes or for any other purpose not otherwise prohibited by the applicable Credit Agreement."

As such, and focusing on the $20 billion loan facility, it's not accurate to conclude that Tesla has committed to up to an additional $20 billion in spending in 2027 or 2028. However, it's fair to say that the loan facility is structured such that management could be expecting a major outlay next year

As for the combined $10 billion in revolving credit facilities, it's best thought of as a form of insurance to ensure liquidity during periods of weaker cash flow.

Image source: The Motley Fool.

What it means for investors As previously noted, Tesla is now free-cash-flow-negative, and even though it has ample cash reserves, two things have happened over the last year or so:

Expectations for capital spending on AI compute, Terafab (the joint venture with Space Exploration Technologies to manufacture chips), and Optimus have been pulled forward. Expectations for earnings and cash flow from robotaxis, notably from the dedicated robotaxi Cybercab, have been pushed back, as has revenue from rides. Moreover, the $30 billion in credit is another indication that Tesla, while still having a strong balance sheet, is no longer the fortress-balance-sheet type of company where investors never question funding requirements. It also raises risks for the company: If capital spending remains high and further delays in the robotaxi/Cybercab rollout occur, Tesla could draw on credit facilities. The bottom line is Tesla needs to deliver on the robotaxi rollout in 2027, and investors should look out for management's commentary on the issue on the next earnings call.