Kevin Smith

Troubling Parallels at Cisco Systems

Exactly twenty-six years ago, just before the dot-com bubble burst, Cisco held the crown as the world's most highly valued company, accounting for 5% of the Nasdaq index on its own.

May 14, 2026 at 02:35 pm

In Argentina, Milei Accelerates the Great State Sell-Off

In Buenos Aires, the words echoing through the corridors of power are no longer just "inflation," "deficit," or "peso." They are "divestment," "concession," "tender," and "share package." After spending over two years compressing spending, breaking inflationary inertia, and attempting to reorder public accounts, Javier Milei's government is entering a new phase: selling.

May 14, 2026 at 09:32 am

Nokia: The Cisco Effect

Already a favorite among investors as an "AI" play (+113% in 2026), Nokia is gaining further momentum this morning following Cisco's latest earnings release. The stock is up 9%, climbing back to levels not seen in 16 years!

May 14, 2026 at 08:56 am

Fervo Energy makes strong Nasdaq debut riding the AI power wave

Fervo Energy successfully entered the Nasdaq on Wednesday, surging 33% in its market debut as AI-driven electricity demand continues to bolster investor appetite for energy infrastructure. The Texas-based group, trading under the ticker "FRVO", opened at $36, representing a 33% premium over its $27 IPO price. This rally brings its valuation to approximately $10.2bn.

May 13, 2026 at 09:01 pm

Copper: The Drivers Behind the New Record Highs

Copper hit new record highs this week around $14,700 per tonne, extending its year-to-date rally to +17% and over 40% year-on-year. This surge is primarily fueled by three catalysts: robust Chinese demand, growing requirements for power grids and data centers, and mining supply that is struggling to keep pace.

May 13, 2026 at 08:58 pm

Have the financial markets become too fast to be intelligent?

Modern markets react in milliseconds to data that few humans have the time even to read, let alone understand. Algorithms, high-frequency trading, ETFs, systematic flows: a growing share of trading is triggered by rules, signals and automated arbitrage. This speed has made markets more liquid, and at times more efficient, but also more jittery. What role remains for the human element in this situation?

May 13, 2026 at 02:37 pm

No miracles at Alstom

How can Alstom shake off the structural discount on its equity?

May 13, 2026 at 12:46 pm

Siemens AG misses expectations but reassures with strong order intake

The German industrial conglomerate has posted mixed quarterly results. While revenue and industrial profit fell short of expectations, a sharp rise in orders confirmed the strength of the backlog. The stock was trading slightly higher this morning.

May 13, 2026 at 12:21 pm

Adecco sinks to ten-year lows

This morning, quarterly results from the Swiss staffing giant were largely snubbed by investors.

May 13, 2026 at 12:14 pm

Holcim: Cement maker seeks new status

Holcim has long been perceived as a mere cyclical cement manufacturer, exposed to energy costs and carbon quotas. However, since the spin-off of its North American operations, the Swiss group has been striving to shift this narrative. It aims to convince the market that it deserves to be valued as a high-quality industrial stock.

May 13, 2026 at 09:48 am

SAP invests in n8n to bolster Joule Studio in agentic AI

SAP is accelerating its enterprise AI strategy with a strategic investment in n8n, the Berlin-based startup specializing in workflow orchestration and AI agents. The deal values n8n at $5.2bn, more than doubling its valuation from less than a year ago, while accompanied by a multi-year commercial partnership.

May 13, 2026 at 06:59 am

Nokia regains upper hand in video patent dispute against Acer and Asus

Nokia secured a significant legal victory in the UK on Tuesday in its ongoing conflict with Acer and Asus regarding patents related to video coding technologies.

May 13, 2026 at 06:54 am

GLP-1: Winners and Losers in Shifting Consumer Habits

GLP-1 drugs are reshaping consumer habits, with an impact that is still unclear today, but which is poised to weigh more heavily on corporate earnings by 2030.

May 13, 2026 at 06:48 am

Market Applauds Vodafone's Restructuring

The British telecom giant continues to overhaul its portfolio through a series of strategic divestments and acquisitions.

May 12, 2026 at 12:43 pm

Uniper richly valued on the eve of its reprivatization

Brought to its knees by the German-Russian divorce, then rescued in the midst of a collapse by the Federal State, the German energy giant has reached a new crossroads.

May 12, 2026 at 09:49 am

S&P 500: Strongest Earnings Growth Since 2021, Fueled by AI

The Q1 earnings season is currently providing a solid case for investors defending the Wall Street rally. According to FactSet, 89% of S&P 500 companies have reported their results, with 84% beating EPS estimates and 80% exceeding revenue expectations - figures that sit well above historical averages.

May 12, 2026 at 07:10 am

Is AI Inflationary or Deflationary?

Artificial intelligence promises a revolution in terms of productivity, leading to a wealthier, more efficient, and perhaps even more solvent economy. However, in the bond markets, this grand promise has yet to deliver the expected shock: announcements of increasingly efficient AI models have neither pushed down US yields nor visibly reduced the country's fiscal risk premium. In other words, while Wall Street admires the technology, the rates market is still waiting for proof.

May 11, 2026 at 02:36 pm

Pool Corp caught by the laws of gravity on the stock market

The American distributor of swimming pool equipment and supplies, which largely dominates its sector in terms of geographic footprint and market share, is suffering the knock-on effects of the real estate market downturn.

May 11, 2026 at 11:43 am

Amadeus valuation returns to Covid-era levels

Despite dominating an oligopolistic sector as the primary provider of the IT plumbing for airline reservation systems, the Spanish technology group has ultimately delivered a lost decade to its shareholders.

May 11, 2026 at 08:11 am

Semiconductors propel Wall Street despite renewed tensions in the Strait of Hormuz

US markets advanced on Friday, buoyed by stronger-than-expected job creations and a fresh surge in artificial intelligence-related stocks, despite Middle East tensions flaring up. The S&P 500 rose 0.84% to 7,398.9 points, the Nasdaq 100 climbed 2.35% to 29,235.0 points, marking a new closing record, while the Dow Jones remained near fairly flat (+0.02% at 49,609.2 points).

May 09, 2026 at 05:07 pm

Costco signals firmer US demand, despite high gasoline prices

Costco's April sales figures demonstrate highly resilient and accelerating household consumption in the United States, even after adjusting for calendar shifts, foreign exchange, and gasoline price volatility.

May 08, 2026 at 06:17 am