Liverpool's summer has reached the point where the shape of the squad starts to come into view, and the message from The Athletic is clear enough. The headline issue is at the top end of the pitch. Bradley Barcola is the one they want, the one they rate highest, and the one who would signal ambition at the beginning of Andoni Iraola's reign.
That matters, because this is not a normal reset. Liverpool are trying to recover direction after a turbulent campaign, move on from the post-Arne Slot fallout, and hand a new head coach the tools to build something that looks fast, aggressive and dangerous. There is no point dressing it up. They need quality, they need depth, and they need clarity.
According to the report, "Bradley Barcola remains Liverpool's top target as they look to recruit an elite replacement for Mohamed Salah." That line lands heavily because it frames the whole market for Liverpool. Replacing Salah is not a standard bit of squad maintenance. You do not replace years of goals, ******* ists, fear factor and reliability with a hopeful punt. You need a player with real pedigree, and Barcola clearly fits the bill in Liverpool's thinking.
There is a seriousness to this pursuit. The report states, "Signing the 23-year-old France international would represent a major statement of intent at the start of new head coach Andoni Iraola's reign, but agreeing a deal with Paris Saint-Germain won't be straightforward." That feels like the truth of it. Liverpool can identify the right player, they can make him a priority, but getting him away from Paris Saint-Germain is another matter entirely.
The wider market context in the same report explains why. PSG have set an eye-watering valuation and Liverpool are far from alone in coveting elite attacking talent this summer. Even so, if Liverpool are serious about refreshing the frontline properly, there is no use blinking at the hard part. You either pay for top-class potential and production or you settle for less and hope. Liverpool have done enough hoping over the years to know how risky that can be.

#barcola #bradley #saint

An early focus of the inquiry was a deal TWG struck last year with Mubadala Capital, an arm of an Abu Dhabi sovereign wealth fund, according to people familiar with the matter. In April 2025 the companies announced Mubadala Capital would anchor a $10 billion syndicated investment in TWG. Prosecutors were looking into whether Mubadala Capital had been misled about valuations, said the people, who asked not to be identified discussing confidential matters. It's unclear whether prosecutors are still pursuing that line of inquiry.
This article originally appeared on Hoops Hype: An early focus of the inquiry was a deal TWG struck …

#focus

One of Wall Street's largest publicly traded companies, Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB), has entered a new era. With Warren Buffett officially retiring as CEO on Dec. 31, 2025, after more than half a century at the helm, it's his protégé, Greg Abel, now calling the shots.
Berkshire's more than five dozen owned companies more or less run themselves. The focus of Berkshire Hathaway's operating results tends to be on what, if any, moves have been made in the company's $352 billion investment portfolio. Although Abel has been an aggressive buyer of Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) stock of late, stock market dynamics strongly suggest he was a net seller of equities in the second quarter.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
If accurate, this would mark the 15th consecutive quarter that Buffett and/or Abel have sold more stocks than they've purchased.
As of March 31, Warren Buffett and Greg Abel had collectively sold approximately $194.8 billion more in stocks than they've purchased since Oct. 1, 2022. While some investors had postulated that Buffett was raising cash to give Abel a treasure chest to work with when he took over, the more likely catalyst behind this selling is the stock market's otherworldly valuation.

#abel #signal #NYSE

Yes -- by the numbers, Wall Street is treating Advanced Micro Devices (NASDAQ: AMD) as close to fully valued going into next week's report. The average price target on the stock is $570.60, about 9% above Friday's close of $521.95.
That cushion is thin for a stock this well-liked. Of the 51 ***** ysts covering AMD, 41 rate it a buy, 10 rate it a hold, and none rate it a sell. Nearly everyone recommends the stock. Almost ***** ody's math leaves room for much upside.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Additionally, published targets stretch from $320 to $1,250, so there's no shortage of disagreement about where the chipmaker is headed. But the average lands close to where the stock already trades.
The stock's valuation multiple explains the caution. At about $522, AMD trades at about 170 times earnings and about 59 times forward earnings estimates, with a market capitalization of about $851 billion. The trailing figure reflects where the profits were over the past year. The forward one ***** umes the growth keeps coming.

#NVIDIA #average #trades #times

Enterprise AI agents were meant to be the breakout software offering for 2026, yet instead they've become one of the major sources of buyer distrust. According to Anaconda and Forrester research, over 88% of AI agent pilots never reach production, as confirmed by independent polls from a16z and MIT Sloan's CIO panel, while Gartner predicts that more than 40% of agentic AI initiatives will be discontinued entirely by 2027 due to questionable ROI.
Salesforce Inc. (NYSE:CRM) walked into the gap between agent hype and agent reality when it placed its growth narrative on Agentforce, and by 2026, that bet has made Salesforce Inc. (NYSE:CRM) one of the worst-performing components of the Dow Jones Industrial Average, down around 31.48% year to date.
The immediate cause appears to be a credibility problem, not a demand issue. Bernstein downgraded Salesforce Inc. (NYSE:CRM) to Sector Weight from Outperform on July 9, removing its price target completely and citing poor customer feedback on Agentforce in particular. According to **** yst Jackson Ader, the released data doesn't yet indicate growing momentum, and a recent CIO survey found Salesforce Inc. (NYSE:CRM) to be "a standout for the wrong reasons."
That said, this interpretation is not uniform, and the debate on the market is serious. On July 14, Goldman Sachs reiterated its Buy rating and $242 price target, expecting organic growth to pick up in the third quarter as more details on AI monetization become available at Salesforce's Agentforce event in September. Goldman's more constructive reading is based on management's own acknowledgment of headwinds in Tableau, Commerce, and Marketing, which the firm sees as realistic rather than concerning, arguing that Salesforce Inc. (NYSE:CRM) is being open about a 12-to-24-month drag on its organic growth algorithm rather than covering it up.
Salesforce Inc. (NYSE:CRM)'s historical valuation decline looks to be the most mispriced aspect of the market story. Shares are currently trading at a compressed forward earnings multiple of only 10.83x, a substantial drop from the stock's five-year historical average of over 127x. The disparity is even more obvious when compared to prominent peers such as ServiceNow, which trades at a forward P/E of around 20.43x and requires consistent revenue growth above 18% through 2028 to maintain its valuation premium. Salesforce's current valuation of less than 11x forecast earnings is in near-total deadlock, despite the company's strong free cash flow generation and substantial enterprise data integration.

#valuation #july

Currently, Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is trailing Apple (NASDAQ: AAPL) in the race to join Nvidia (NASDAQ: NVDA) in the $5 trillion market-cap club. Apple is just over $200 billion in market cap away from joining, while Alphabet is about $1 trillion away following its sell-off.
However, I think Alphabet can overcome this deficit if the market comes to its senses. Alphabet's business can actually justify a $5 trillion market cap, while Apple's is questionable. It's all because of one factor: valuation.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
When comparing Alphabet and Apple, it's clear that they are two entirely different businesses. Apple stakes its company on the success of its hardware business, although it generates a fair bit of revenue from its services as well. Alphabet is more software focused. Alphabet clearly has some hardware exposure, but it also has a cloud computing business that involves purchasing hardware and renting it back out to clients. Regardless, both companies have proved their merits over the long term.
However, Alphabet looks to be the stronger company. From a revenue standpoint, Apple is still outperforming Alphabet. But that's not nearly as important for companies this size. What matters is how the company uses that revenue, and investors are more focused on profits. From a net income standpoint, Alphabet is starting to put some distance between itself and Apple.

#NASDAQ #company #signal #trillion

Tesla (TSLA) is an electric vehicle (EV) and clean energy company led by CEO Elon Musk. Founded in 2003 and based in Austin, Texas, the company designs, manufactures, and sells EVs alongside energy storage and generation products, including Megapack and solar solutions. Tesla operates across two core segments: Automotive — which includes vehicle sales, regulatory credits, and Full Self-Driving (FSD) subscriptions — and Energy Generation and Storage.
Rapidly emerging businesses including Tesla's robotaxi service, Optimus humanoid robots, and artificial intelligence (AI) computing infrastructure are increasingly shaping the company's long-term valuation narrative. That's positioning Tesla as a full-stack autonomous technology and energy platform. Let's take a closer look.
What Do Monday Morning's Markets Bring to Mind?
Dear Bloom Energy Stock Fans, Mark Your Calendars for July 28
Crude Oil Prices Plunge as Supply Threats Ease

#energy #full #vehicle

It's no secret how badly Bayern Munich wanted to sign Nick Woltemade, but there was a ceiling to what they were willing to pay in order to get him. Apparently, that ceiling was offensive to VfB Stuttgart chairman Alexander Wehrle.
According to a report from Goal, Wehrle took a "swipe" at Bayern Munich during the club's annual general meeting, addressing both transfer negotiations and fan support.
Speaking to club members, Wehrle revisited the high-profile transfer saga involving the striker. Despite rumors that Woltemade had previously settled on personal terms with the Bavarian giants, Bayern's valuation peaked at €60 million, considerably less than the selling price. Stuttgart held firm on their evaluation of at least €75 million for the attacker before eventually reaching an agreement with Newcastle United, who met, and exceeded, their asking price. Wehrle dismissed any notion that Stuttgart was acting out of spite towards Bayern, explaining that the financial proposal from Munich amounted to little more than "a ****** er pretzel."
The Stuttgart executive also took a direct jab at the atmosphere created by the traveling support from Munich. Reflecting on their DFB-Pokal final clash in May, Wehrle claimed that their supporters completely dominated the stadium, and that he couldn't hear any Bayern fans in attendance.
Stuttgart's firm negotiating stance ultimately secured a record fee from the Magpies. But on the other hand, Wehrle's cheeky comments regarding fan noise were clearly designed to rally the local faithful, after his statements were met with "thunderous applause."

#wehrle #stuttgart #took #million

The Cincinnati Bengals open training camp July 29, and they won't waste any time in the personnel evaluation process.
With the Bengals' first preseason contest fast-approaching Aug. 13, and the regular season opener close behind on Sept. 13 against the Tampa Bay Buccaneers, the process of culling the camp roster down to 53 players and a practice squad will begin immediately.
At stake is a 2026 campaign in which Cincinnati has desires of reestablishing itself as a playoff and AFC North contender after missing the postseason the last three years and bottoming out last year via a 6-11 record.
The Bengals' draft class has been praised, as was the trade acquisition of interior defensive lineman Dexter Lawrence. There were notable free-agents brought in to buoy the defensive side of the ball, and Cincinnati kept its entire starting offensive line together. Some think it's the best line of the Joe Burrow era (although that's not a high bar to clear).
Should Burrow end up injured for any period of time, the Bengals also retained Joe Flacco as a backup quarterback following his highly productive stint under center during Burrow's absence last season.

#bengals #season

The Cincinnati Bengals open training camp July 29, and they won't waste any time in the personnel evaluation process.
With the Bengals' first preseason contest fast-approaching Aug. 13, and the regular season opener close behind on Sept. 13 against the Tampa Bay Buccaneers, the process of culling the camp roster down to 53 players and a practice squad will begin immediately.
At stake is a 2026 campaign in which Cincinnati has desires of reestablishing itself as a playoff and AFC North contender after missing the postseason the last three years and bottoming out last year via a 6-11 record.
The Bengals' draft class has been praised, as was the trade acquisition of interior defensive lineman Dexter Lawrence. There were notable free-agents brought in to buoy the defensive side of the ball, and Cincinnati kept its entire starting offensive line together. Some think it's the best line of the Joe Burrow era (although that's not a high bar to clear).
Should Burrow end up injured for any period of time, the Bengals also retained Joe Flacco as a backup quarterback following his highly productive stint under center during Burrow's absence last season.

#cincinnati

Before (SPCX) went public, I wrote that the extraordinary demand for its IPO might be the warning. The shares were priced at $135, climbed to $225.64, and closed Friday at $115.07. Investors who loved the stock six weeks ago now appear eager to sell it. The company has lost almost half its value since the high. Short sellers, meanwhile, are sitting on an estimated $15.5 billion of paper profits.
That first article was about scarcity and behavior. Too many investors chased too few shares, and the excitement around owning (SPCX) became more important than the price they paid.
When the stock returned to its IPO price, I wrote that $135 was not automatically a buy. An offering price is a number agreed upon during a sales process, not a declaration of fair value.
Both warnings have held up. But markets move, and the risk has now moved with them.
The dangerous crowd is no longer only the one that chased (SPCX) higher. It may now include the investors who believe the decline has become an easy one-way trade.
I still think (SPCX) is expensive. At Friday's price, the company is worth roughly $1.5 trillion. Aswath Damodaran, the NYU professor known as the dean of valuation, estimated its equity value at around $1.3 trillion before the IPO. His largest concern was the value being attached to the artificial-intelligence business, where the ***** umptions are much harder to defend than they are for Starlink or the launch operation. The bears have a case. My concern is that they are becoming too comfortable with it.
The Easy Part of the Short May Be Over
Around 360 million (SPCX) shares, representing roughly 56% of the freely traded stock, were out on loan earlier last week. Short sellers were not using the decline to take profits. According to Ortex, they were increasing their positions. That does not prove they are mistaken. Crowded trades can remain profitable for a long time. It does tell us what might happen if the news starts improving.
A short seller eventually has to buy the shares back. When a large part of the available stock has already been borrowed and sold, even a modest change in expectations can create demand from investors who are not buying because they suddenly love the company. They are buying because the trade is moving against them. This is the mirror image of the IPO. In June, investors were afraid they would miss the rise. Now short sellers are afraid they will miss the decline. A stock rising from $135 to $225 felt safer because other investors appeared to agree with the bullish story. A stock falling toward $115 makes the bearish argument feel more obvious because the price appears to confirm it. Price is evidence, but it is not always proof.
(SPCX)'s launch economics did not deteriorate by 49%. Starlink did not lose half its subscribers. The stock fell because expectations, positioning, and the supply of willing buyers changed.

#investors #price #shares #company

Micron Technology has been on a tear on the stock market in 2026, with its shares almost tripling this year, as of this writing. However, the memory specialist's gains have been eclipsed by a 242% surge in shares of Dell Technologies (NYSE: DELL).
Dell stock has benefited from a significant acceleration in revenue and earnings growth this year, primarily fueled by booming demand for its artificial intelligence (AI) servers. The good news for investors is that it isn't too late to buy Dell, as it is trading at an extremely attractive valuation even after its stunning rally in 2026.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Let's look at the reasons why this AI stock could double your money in the next three years.
Market research firm IDC estimates that the global server market's revenue increased by 31% in the first quarter of 2026. IDC expects the server market to clock a solid annual growth rate of 25% through the end of the decade.

#NVIDIA #Stock

Markets face the week's most consequential moment Wednesday at 2:00pm when the Federal Reserve announces its rate decision and Fed Chair Kevin Warsh holds his first post-decision press conference, setting policy direction.
This comes amid extraordinary uncertainty about technology sector valuations, artificial intelligence infrastructure spending, and economic growth trajectory.
The decision arrives after a week dominated by disappointing technology earnings that intensified AI bubble concerns and validated investor skepticism about whether massive data center investments will translate into proportional revenue and earnings growth.
Intel Corp Shows Strong Q2 Results and Free Cash Flow - Shorting INTC Puts is Still the Best Play
Option Volatility And Earnings Report For July 27-31
Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, ******* ysis, and headlines.

#decision #free #reserve

JPMorgan Chase(NYSE: JPM) CEO Jamie Dimon recently gave a provocative interview with a CNBC podcast. On Monday, Dimon effectively said that he wouldn't buy most stocks right now at today's high valuations.
Even if Dimon is somewhat bearish on the stock market, that doesn't mean everyday investors should be. For one thing, Jamie Dimon is a billionaire, and he's getting closer to retirement; his investment goals and time horizon are probably a lot different from yours. And perhaps even more important: No one knows how to time the market, not even the CEOs of major banks.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Even if you share Dimon's concerns that some stock valuations are too high, that doesn't mean you should stop investing. Let's look at three exchange-traded funds (ETFs) that might be good choices for non-billionaire, long-term investors.
Even if valuations are high, it's almost always a good idea for long-term investors to keep buying a broadly diversified stock market index fund like the Vanguard Total Stock Market ETF (NYSEMKT: VTI). This Vanguard ETF holds a portfolio of 3,531 U.S. stocks of companies of all sizes (large cap, mid cap, and small cap) and charges an ultralow expense ratio of 0.03%.

#dimon #market

This story was originally published on CRE Daily. Join 70,000+ commercial real estate professionals getting daily news, market insights, and industry **** ysis delivered straight to their inbox with the free CRE Daily newsletter.
Florida-based TECfusions is set to go public by merging with Apex Treasury Corp., a **** , at a $4B valuation.
The deal leverages long-term customer contracts, an upcoming expansion into Chile, and a $35M PIPE investment.
Data center IPO activity is accelerating as digital infrastructure operators target public markets to fund AI-driven growth.
TECfusions, a Florida firm specializing in adaptive reuse of industrial facilities for data center operations, will pursue a public listing through a merger with Cayman Islands-based **** Apex Treasury Corp., per The Wall Street Journal. With the transaction expected to close by year-end, the $4B valuation positions TECfusions among the largest US data center IPO stories this cycle. Surging demand for AI and cloud infrastructure has prompted digital infrastructure operators to seek public capital — a trend gaining momentum throughout 2026.

#data #apex #corp

Real Madrid are preparing to raise their offer for Yan Diomande after RB Leipzig rejected their opening proposal, with the Spanish giants now ready to commit €120 million to secure the young forward.
According to SPORT, Real Madrid have intensified their pursuit of Yan Diomande after seeing an initial package worth €100 million (€90 million fixed plus €10 million in add-ons) turned down by RB Leipzig.
As such, the Bundesliga side has remained firm in their valuation of the 19-year-old, prompting Los Blancos to return with an improved proposal.
It is said that Real Madrid's interest in Diomande gathered momentum following the FIFA World Cup, where the teenager boosted his growing reputation with a series of eye-catching displays.
Real Madrid's opening offer for Yan Diomande was rejected. (Photo by Molly Darlington/Getty Images)

#offer #opening

Chelsea have made their move for one of Europe's most exciting young attacking prospects, with Kicker reporting that the Premier League club have submitted an opening offer for Bayer Leverkusen talent Kerim Alajbegovic.
The report suggests Chelsea are now firmly in the race for the Bosnian youngster, with a deal gathering momentum as negotiations between the two clubs accelerate. While there remains work to do before any transfer is completed, the early signs point towards Stamford Bridge becoming the most likely destination.
According to Kicker, Chelsea have already lodged an opening proposal worth more than 30 million euros as a guaranteed fee for the teenager.
The report explains that "Chelsea is willing to pay more than 30 million euros as a fixed sum" for the attacker, whose value has soared despite not making a competitive senior appearance for Bayer Leverkusen.
Leverkusen's valuation appears clear. As Kicker states, "Leverkusen would agree to a sale for a total package of 40 million euros including performance related bonuses."

#kicker #million #opening #premier

Space Exploration Technologies (NASDAQ: SPCX) has already taken investors on a wild ride. Shares of the company are down nearly 46.9% from its post-initial public offering (IPO) high of $225.64 and even below its IPO price of $135 (as of July 20).
Investors can buy roughly 8.34 shares of ******* eX with $1,000. The company currently has approximately 13.2 billion shares outstanding, implying a market capitalization of nearly $1.58 trillion. This implies that the company is currently trading at nearly 40.4 times ******* ysts' estimated 2026 revenue of $39.1 billion.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Hence, ******* eX is still trading at a premium valuation that ******* umes near-perfect execution.
SpaceX's connectivity segment, powered by the Starlink satellite network, generated $11.4 billion in revenue and $4.4 billion in operating profit in 2025. Starlink also exited the first quarter of 2026 with 10.3 million subscribers, up 105% year over year. However, Starlink's average revenue per user fell 23% year over year to $66 in the first quarter, as ******* eX expanded into lower-priced international markets.

#company #revenue

Interested in Ladder Capital Corp? Here are five stocks we like better.
Ladder Capital reported distributable earnings of $30.8 million, or $0.24 per share, in Q2 2026, while management said the stock still trades at a meaningful discount to book value. The company's dividend yield was highlighted as above 9%.
The firm is continuing to rotate capital into higher-yielding balance sheet loans, with more than $800 million of new investments in the quarter and $1.2 billion of loans originated year to date. Management said the loan portfolio grew 75% over the past 12 months and expects net portfolio growth to continue through year-end.
Ladder ended the quarter with $1.1 billion of liquidity and repurchased $8 million of stock at a 25% discount to book value, with $92 million still available under its buyback authorization. Book value per share was $13.44, and management said it remains focused on buybacks, balance-sheet strength and narrowing the valuation gap.
Ladder Corporation: Climbing Higher And Paying 9% Yield

#Stock

Our ******* ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
Management is executing a deliberate rotation out of lower-yielding securities into floating-rate first mortgages, capturing an approximate 200 basis point pickup in income per dollar redeployed.
The loan portfolio has grown 75% over the trailing 12 months, with 85% of the book originated in the last two years at conservative loan-to-values on reset bases to avoid legacy peak-cycle valuations.
A 'multi-cylinder' strategy utilizing securities, real estate, and conduit segments is designed to provide consistent, albeit lumpy, gains that supplement core interest income.
Management attributes their stable book value and low charge-offs to a disciplined middle-market lending focus and a conservative approach to the office sector, favoring cities with high return-to-office rates.

#management #securities #office

Erik McGregor/Getty Images
Blackstone does not expect growing competition to drive down returns on its new investments in AI infrastructure, at least not anytime soon, said COO Jon Gray.
Speaking during the firm's Q2 earnings call, Gray said demand for data centers, chips and the power to supply them is so great that the risk of oversupply and a subsequent collapse in valuations is minimal.
"It's very hard to get the chips today, it's very hard to get the power, it's very hard to get the entitlements [to build data centers]," he added. "That means the supply is not matching [demand]."
Data centers are sufficiently large and complicated to build that you don't see what Gray described as a "Miami condo effect," where developers speculatively build capacity in the hope of finding a buyer.

#hard #supply

White Falcon Capital Management, an investment fund manager, released its second-quarter 2026 investor letter. A copy can be downloaded here. The portfolio delivered 8.5% in Q2 2026, trailing the S&P 500 TR's (CAD) 17.3%, MSCI AC TR's (CAD) 16.4%, and the S&P TSX TR's 6.9% returns. The YTD's 1.8% return also trailed the indices. The firm is underwhelmed by the portfolio's performance in the quarter; however, the firm emphasizes long-term performance over short-term results. The firm aims to achieve positive absolute returns adjusted for risk over a complete market cycle. The underperformance is not due to the business fundamentals but the momentum-driven rallies in AI-linked stocks. The firm maintains patience and discipline in capital allocation, with valuation as crucial for long-term returns. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, White Falcon Capital Management highlighted Advanced Micro Devices, Inc. (NASDAQ:AMD). Advanced Micro Devices, Inc. (NASDAQ:AMD) is a leading semiconductor company that designs and manufactures of AI accelerators, microprocessors, and graphics processing units. On July 22, 2026, Advanced Micro Devices, Inc. (NASDAQ:AMD) closed at $552.33 per share, reflecting a market capitalization of $900.63 billion. Advanced Micro Devices, Inc. (NASDAQ:AMD) posted a one-month return of 0.99%, while its shares gained 231.77% over the past 52 weeks.
White Falcon Capital Management stated the following regarding Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2026 investor update:
"Before we do that, let's talk about Advanced Micro Devices, Inc. (NASDAQ:AMD). We purchased our initial position in AMD in October 2022 at about $80 per share when the stock was depressed due to weak outlook for its end markets. As is often the case with the market, when it does not like a stock or a sector it discounts it severely and we were able to purchase a cyclical stock (yes, semiconductor stocks were cyclical then!) with a net-cash balance sheet at a depressed multiple of depressed earnings. Our investment was underpinned by our confidence in AMD's management team, its engineering culture, and its ability to consistently deliver competitive products. It turns out that CPU's, AMD's core product, are needed for Agentic AI! The stock took off earlier this year and is currently trading at above $500 per share. From our perspective, the upside we captured was not due to any attempt to predict AI's trajectory, but simply the result of owning a quality company in a secularly growing sector, run by a strong management team at a sensible valuation.
As we've said before, high-quality businesses possess optionality that simply isn't available to mediocre businesses and even as these businesses trade at higher multiples, this optionality is often undervalued. Today, the world can't seem to buy enough semiconductor stocks, and AMD trades at a valuation that reflects a ve

Moon Capital Management, LLC, an investment management company, released its second quarter 2025 investor letter. A copy of the letter can be downloaded here. The S&P 500 index rebounded in the second quarter, achieving a 9.6% return for the first half of the year, while Moon Capital Management's equity portfolio gained 4%. AI-related stocks led market performance, mitigating geopolitical concerns. Moon Capital holds 10% of its portfolio in technology, significantly less than the S&P 500's 39%. The firm remains cautious about large AI investments and their potential return on investment. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Moon Capital Management highlighted Zoetis Inc. (NYSE:ZTS) as a newly added position. Zoetis Inc. (NYSE:ZTS) is an animal health company focused on animal health medications, vaccines, and diagnostic products. On July 22, 2026, Zoetis Inc. (NYSE:ZTS) closed at $74.19 per share. One-month return of Zoetis Inc. (NYSE:ZTS) was -4.66%, and its shares lost 51.45% over the past 52 weeks. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $31.1 billion.
Moon Capital Management stated the following regarding Zoetis Inc. (NYSE:ZTS) in its Q2 2026 investor update:
"We added one new stock to the portfolio last quarter, Zoetis Inc. (NYSE:ZTS). (Our average purchase price was about $73.20/share.) Zoetis is the world's largest pure-play animal health company. We have long viewed Zoetis as one of the highest-quality businesses in healthcare (albeit for mostly four legged patients), and the company has generally been valued accordingly. However, temporary concerns around slower companion animal growth and increased competitive pressures created an opportunity to purchase the company at an attractive price. After trading above 30 times earnings for much of the past decade, Zoetis now has a P/E of less than 11x, a valuation we believe significantly understates the quality, durability, and long-term earnings power of the business.
The animal health industry is attractive as it combines the defensive characteristics of healthcare investing with a more favorable industry structure than traditional pharmaceuticals. In contrast to human healthcare, a significant portion of animal health spending is paid directly by owners, which reduces reimbursement pressure. The industry also benefits from lower research and development costs, shorter development timelines, and strong relationships with veterinarians. These relationships, combined with regulatory barriers and specialized technical expertise, create meaningful switching costs and contribute to long product lifecycles..." (Click here to read the full text)

#capital

Moon Capital Management, LLC, an investment management company, released its second quarter 2025 investor letter. A copy of the letter can be downloaded here. The S&P 500 index rebounded in the second quarter, achieving a 9.6% return for the first half of the year, while Moon Capital Management's equity portfolio gained 4%. AI-related stocks led market performance, mitigating geopolitical concerns. Moon Capital holds 10% of its portfolio in technology, significantly less than the S&P 500's 39%. The firm remains cautious about large AI investments and their potential return on investment. In addition, please check the Strategy's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Moon Capital Management highlighted DaVita Inc. (NYSE:DVA). DaVita Inc. (NYSE:DVA) is a US-based healthcare company that offers kidney dialysis services for patients suffering from chronic kidney failure. On July 22, 2026, DaVita Inc. (NYSE:DVA) closed at $232.08 per share, reflecting a market capitalization of $14.89 billion. DaVita Inc. (NYSE:DVA) posted a one-month return of 8.77%, while its shares gained 60.31% over the past 52 weeks.
Moon Capital Management stated the following regarding DaVita Inc. (NYSE:DVA) in its Q2 2026 investor update:
"During the second quarter, we exited our position in the kidney dialysis services company DaVita Inc. (NYSE:DVA). While DaVita remains an exceptional operator with a well-established competitive advantage, we concluded that the future opportunity had become less attractive following the significant appreciation in the stock. Over our 3.5-year holding period, we generated a total return of approximately 174%, or roughly 35% annualized.
We originally purchased shares at approximately $72 per share following a selloff triggered by the company's reduction in its 2023 guidance. At the time, the market was focused primarily on near-term volume concerns, while we believed investors were underestimating the durability of DaVita's cash generation. Based on the company's EBITDA outlook, we estimated free cash flow would exceed $1 billion annually, allowing us to purchase the business for less than 7x free cash flow, roughly half of its historical valuation.

#moon

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted Accenture plc (NYSE:ACN). Accenture plc (NYSE:ACN), a professional services company that focuses on consulting, technology, and outsourcing. On July 22, 2026, Accenture plc (NYSE:ACN) closed at $140.09 per share. One-month return of Accenture plc (NYSE:ACN) was 9.41%, and its shares lost 51.13% over the past 52 weeks. Accenture plc (NYSE:ACN) has a market capitalization of $84.17 billion.
Bristol US Equity Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2026 investor update:
"We liquidated our stakes in Accenture plc (NYSE:ACN) and Intuit due to overlapping thematic headwinds. Both companies face intensifying market scrutiny regarding the potential for generative AI to disrupt their core business models. Accenture's labour-intensive consulting framework and Intuit's legacy software franchise. Because these structural debates will take considerable time to resolve, the near-term visibility on earnings durability has diminished. More critically, our forward-looking model signaled a material deterioration in their projected dividend-growth trajectories. Consequently, we redeployed this capital into higher-conviction opportunities with what we believe are superior risk adjusted return profiles."
Accenture plc (NYSE:ACN) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 64 hedge fund portfolios held Accenture plc (NYSE:ACN) at the end of the first quarter, compared to 71 in the previous quarter. In the first quarter of fiscal 2026, Accenture plc (NYSE:ACN) reported revenues of $18.7 billion, reflecting a 5% increase in local currency. While we acknowledge the potential of Accenture plc (NYSE:ACN) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#Equity #quarter #investor #letter

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted EMCOR Group, Inc. (NYSE:EME). Headquartered in Norwalk, Connecticut, EMCOR Group, Inc. (NYSE:EME) offers electrical and mechanical construction and facilities, building, and industrial services. On July 22, 2026, EMCOR Group, Inc. (NYSE:EME) closed at $755.15 per share, reflecting a market capitalization of $33.56 billion. EMCOR Group, Inc. (NYSE:EME) posted a one-month return of -11.05%, while its shares gained 32.58% over the past 52 weeks.
Bristol US Equity Strategy stated the following regarding EMCOR Group, Inc. (NYSE:EME) in its Q2 2026 investor update:
"EMCOR Group, Inc. (NYSE:EME), which we purchased in late April, is a diversified construction and building-services company with broad exposure across US end markets, from pharmaceutical manufacturing to data centres. It is well positioned for the data centre build-out, where demand for complex mechanical and electrical work is strong and skilled labor is scarce. Management has been disciplined with capital allocation, investing in the business and returning capital to shareholders while maintaining a strong balance sheet."
EMCOR Group, Inc. (NYSE:EME) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 58 hedge fund portfolios held EMCOR Group, Inc. (NYSE:EME) at the end of the first quarter, compared to 65 in the previous quarter. In Q1 2026, EMCOR Group, Inc. (NYSE:EME) reported revenues of $4.63 billion, representing year-over-year growth of 19.7% and organic growth of 16.8%. While we acknowledge the potential of EMCOR Group, Inc. (NYSE:EME) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#emcor #capital #Growth #investor

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted Intuit Inc. (NASDAQ:INTU). Intuit Inc. (NASDAQ:INTU) is a financial software company offering products and services for financial management, payments, capital, compliance, and marketing. Intuit Inc. (NASDAQ:INTU) is facing AI disruption concerns in a rapidly changing software land scape. On July 22, 2026, Intuit Inc. (NASDAQ:INTU) closed at $284.47 per share. One-month return of Intuit Inc. (NASDAQ:INTU) was 11.53%, and its shares lost 63.59% over the past 52 weeks. Intuit Inc. (NASDAQ:INTU) has a market capitalization of $77.81 billion.
Bristol US Equity Strategy stated the following regarding Intuit Inc. (NASDAQ:INTU) in its Q2 2026 investor update:
"Intuit Inc. (NASDAQ:INTU) was the largest detractor with the share price down significantly after its quarterly report disappointed investors. We liquidated our stakes in Accenture and Intuit due to overlapping thematic headwinds. Both companies face intensifying market scrutiny regarding the potential for generative AI to disrupt their core business models. Accenture's labour-intensive consulting framework and Intuit's legacy software franchise. Because these structural debates will take considerable time to resolve, the near-term visibility on earnings durability has diminished. More critically, our forward-looking model signaled a material deterioration in their projected dividend-growth trajectories. Consequently, we redeployed this capital into higher-conviction opportunities with what we believe are superior risk adjusted return profiles."
Intuit Inc. (NASDAQ:INTU) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 92 hedge fund portfolios held Intuit Inc. (NASDAQ:INTU) at the end of the first quarter, compared to 91 in the previous quarter. In the third quarter of fiscal 2026, Intuit Inc. (NASDAQ:INTU) reported revenue of $8.6 billion, reflecting a 10% year-over-year growth. While we acknowledge the potential of Intuit Inc. (NASDAQ:INTU) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted W. R. Berkley Corporation (NYSE:WRB). Headquartered in Greenwich, Connecticut, W. R. Berkley Corporation (NYSE:WRB) is an insurance holding company operates as a commercial line writer. On July 22, 2026, W. R. Berkley Corporation (NYSE:WRB) closed at $72.36 per share, reflecting a market capitalization of $26.85 billion. W. R. Berkley Corporation (NYSE:WRB) posted a one-month return of 4.43%, while its shares gained 5.57% over the past 52 weeks.
Bristol US Equity Strategy stated the following regarding W. R. Berkley Corporation (NYSE:WRB) in its Q2 2026 investor update:
"W. R. Berkley Corporation (NYSE:WRB) is a property-and-casualty insurer with a long record of dividend growth and disciplined value creation, precisely the profile our process is designed to find. The company runs a decentralized model of more than 50 business units, each tailored to its market, with a focus on specialty and excess-and-surplus lines that demands deep underwriting expertise and generates high, durable returns on capital. Berkley has raised its dividend for 25 consecutive years, a five-year compound annual growth rate of roughly 11.6%, and regularly returns excess capital through special dividends when its balance sheet allows. That combination of free-cash-flow generation and shareholder-friendly capital allocation is exactly what our model favors.
Berkley is family-run, with a conservative underwriting culture and balance sheet. Its earnings are relatively insulated from the economic cycle, and we believe the position adds ballast to the portfolio: a more defensive, lower-volatility holding that can help steady returns at a time when AI is widening the range of outcomes across many sectors. With the shares trading at an attractive valuation relative to the quality and returns of the business, we initiated the position."

#corporation

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted Costco Wholesale Corporation (NASDAQ:COST). Costco Wholesale Corporation (NASDAQ:COST) is a leading US-based multinational retailer that specializes in the operation of membership-only warehouses. On July 22, 2026, Costco Wholesale Corporation (NASDAQ:COST) closed at $927.31 per share, reflecting a market capitalization of $411.24 billion. Costco Wholesale Corporation (NASDAQ:COST) posted a one-month return of -1.58%, and its shares lost 0.70% over the past 52 weeks.
Bristol US Equity Strategy stated the following regarding Costco Wholesale Corporation (NASDAQ:COST) in its Q2 2026 investor update:
"Costco Wholesale Corporation (NASDAQ:COST) operates a membership-based model with a durable competitive moat in retail, anchored by industry-leading renewal rates and a value proposition that strengthens with scale. The recurring membership-fee stream is high-margin, predictable, and compounds alongside member growth and periodic fee increases. Backed by an experienced and capable management team, we believe this combination will translate into continued high dividend growth."
Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 107 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of the first quarter, up from 106 in the previous quarter. While we acknowledge the potential of Costco Wholesale Corporation (NASDAQ:COST) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#corporation #cost #Equity

Bristol Gate Capital Partners, an investment management company, published its Q2 2026 investor letter for the "US Equity Strategy". A copy of the letter can be downloaded here. The Strategy lagged the S&P 500 Total Return Index in the quarter in terms of returns, but outperformed in dividend growth. Despite debate over capital cycle returns, AI remained the dominant market theme, expanding from early adoption to broader enterprise adoption. The firm continues to focus on high-dividend-growth companies while maintaining discipline around valuation and earnings durability. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Bristol US Equity Strategy highlighted Howmet Aerospace Inc. (NYSE:HWM) as a newly added position. Howmet Aerospace Inc. (NYSE:HWM) is a leading US-based aerospace and industrial company that operates through Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels segments. On July 22, 2026, Howmet Aerospace Inc. (NYSE:HWM) closed at $280.70 per share. One-month return of Howmet Aerospace Inc. (NYSE:HWM) was 2.77%, and its shares gained 50.27% over the past 52 weeks. Howmet Aerospace Inc. (NYSE:HWM) has a market capitalization of about $112.31 billion.
Bristol US Equity Strategy stated the following regarding Howmet Aerospace Inc. (NYSE:HWM) in its Q2 2026 investor update:
"Howmet Aerospace Inc. (NYSE:HWM) supplies engineered components to the commercial aerospace, defense and industrial markets. Its advantage stems from decades of accumulated R&D in materials science and manufacturing, and it faces limited competition as a US manufacturer for the aerospace industry. Management has demonstrated excellent capital allocation through investments in high-growth projects that leverage the company's strengths."
Howmet Aerospace Inc. (NYSE:HWM) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 75 hedge fund portfolios held Howmet Aerospace Inc. (NYSE:HWM) at the end of the first quarter, up from 71 in the previous quarter. While we acknowledge the potential of Howmet Aerospace Inc. (NYSE:HWM) as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

#bristol