Key Takeaways BROS ended Q3 2025 with about $706M in liquidity, split between cash and an undrawn revolver.BROS faces rising coffee costs, higher California labor taxes and added expenses from new market entries.BROS keeps CapEx at $240M-$260M, aided by build-to-suit leases holding average shop costs near $1.4M.Dutch Bros Inc. (BROS) is entering its next phase of expansion with a notably stronger liquidity profile, a factor that could prove increasingly important as cost volatility persists across the resta ...

Key Takeaways Ralph Lauren stock surged 54.5% in a year, outpacing its sector, the S&P 500 and the industry.Digital sales rose double digits across all regions, led by 36% growth in Asia in Q2 FY26.Ralph Lauren forecasts 5%-7% FY26 revenue growth and margin expansion.Ralph Lauren Corporation (RL) has been one of the standout performers in the global apparel and luxury space, delivering a sharp stock rally driven by disciplined brand elevation, strong pricing power and consistent execution across regions. Th ...

Pagaya Technologies Ltd. (PGY) 核心观点 - 公司信贷质量在2025年显示出稳定和改善的迹象 这主要得益于贷款组合的成熟期效应 以及融资和承销方面的结构性变化 信贷相关损失和减值较2024年水平大幅改善 [1] - 信贷损失下降意味着公司盈利波动性降低 盈利能力得到改善 公司在2025年连续三个季度实现GAAP净利润 与往年巨额亏损相比出现显著逆转 [4] - 尽管信贷风险进入更可控阶段 但公司仍需关注高杠杆和对资本市场的依赖 持续的信贷纪律至关重要 [5] 信贷表现与盈利能力 - 截至2025年9月30日的九个月内 信贷相关的贷款和证券投资减值损失同比减少超过9500万美元 主要源于公允价值假设的变化以及随着市场状况改善而降低的减值确认 [2] - 减值减少反映了近期贷款批次表现更好 拖欠率和坏账趋势更稳定 以及公司人工智能驱动的承销模型准确性提高 [3] - 由于公司在将贷款和证券分销给机构投资者前会暂时将其持有在资产负债表上 更少的减值意味着更小的市值计价压力以及更强的调整后EBITDA转化率 [4] 同业商业模式对比 - Upstart Holdings, Inc. (UPST) 与PGY类似 同为基于人工智能的贷款平台 其核心商业模式是在其银行和机构合作伙伴网络发放贷款后为其寻找融资 该平台也经常暂时将贷款持有在资产负债表上 尤其在流动性紧张的市场中 使其模式更偏重资产负债表 波动性更大且更易受宏观周期影响 [6][7][8] - LendingTree (TREE) 是PGY的另一竞争对手 但不同于PGY 它是一个市场平台而非贷款机构 其业务是匹配消费者与金融产品提供商 公司不承销、不发放也不持有贷款 因此其资产负债表不承担信贷风险 主要支持基于费用的数字市场业务 [9] 股价表现与估值 - 投资者对PGY股票持乐观态度 过去一年股价飙升126.2% 而同期行业指数下跌4.9% [11] - Pagaya股票目前交易的12个月远期市销率为1.11倍 低于过去三年3.36倍的行业平均水平 [12] - 过去60天 Zacks对PGY 2025年和2026年的每股收益共识预期分别上调至3.10美元和3.41美元 该共识预期表明2025年和2026年将分别实现273.5%和10%的同比增长 [15]

核心观点 - 分析师认为Palanteer是国防领域人工智能和数据的领导者 其叙事驱动股价的潜力类似早期亚马逊 尽管估值难以用传统方法衡量 [1][2][3] - 特斯拉被视为比Palanteer更具吸引力的选择 是变革性的人工智能领导者 业务范围超越全自动驾驶和汽车 涵盖机器人及太空等领域 [6][7] - 亚马逊被低估 其AWS业务增长稳健且估值合理 自由现金流有望在未来一年达到五年未见的水平 [12][13][14] - 投资的关键原则包括保持谦逊、从错误中学习 并认识到投资的目标是“大多数时候正确”而非每次都正确 [18][19] 公司Palanteer - 该公司是国防领域人工智能和数据的领导者 已获得美国国防部的批准和使用 [1][2] - 其商业模式正获得企业和主权国家的采用 [2] - 该公司的投资逻辑主要基于其变革性的叙事 而非传统的估值指标 其股价可能像亚马逊上市后前20年那样由叙事长期驱动 [3][5] 公司特斯拉 - 特斯拉被认为是变革性的人工智能领导者 不仅是全自动驾驶 其业务还涵盖机器人领域 [6][7] - 公司对xAI的投资（待股东批准）以及未来的太空业务分拆上市计划 均被视为强大的增长动力 [7] - 首席执行官埃隆·马斯克的领导力和内在驱动力是公司故事的核心 其万亿美元薪酬方案更多关乎控制权而非金钱 [8][10] - 可以将特斯拉的电动汽车业务与人工智能业务的关系 类比为苹果的手机硬件业务与其服务及生态系统业务的关系 [9] 公司亚马逊 - 亚马逊AWS业务非常成熟 但仍保持20%的增长率 [12] - 有迹象表明 AWS业务在10月的增长超过了整个第三季度的增长 [13] - 公司股价的市盈增长比率约为1.4倍 低于标普500指数历史上1.5至2倍的范围 因此估值合理 [13] - 公司自由现金流预计将在明年增长至五年未见的水平 [14] 投资原则 - 成功的投资者需要具备在适当时候调整视角的灵活性 尤其是在面对盈利模式与传统估值方法不符的变革性公司时 [4][5] - 谦逊和从错误中学习的能力至关重要 无法承认错误就无法从中吸取教训 [17][18] - 投资的目标是“大多数时候正确” 长期保持此状态有望实现前1%的投资回报 [19]

Cross-border payments and treasury operations saw real gains, while retail use and interoperability still lag.Clear rules drove major banks, card networks and FinTechs to launch and integrate stablecoin payment and settlement products.Stablecoin supply topped $300 billion in 2025, while usage shifted from holding to spending, making the digital assets economically relevant beyond cryptocurrency.For all of cryptocurrency’s volatility, stablecoins made steady progress in 2025.By completing this form, you agre ...

Key Points ExxonMobil recently boosted its growth outlook through 2030. The oil giant has lots of growth potential beyond 2030. Its diversified strategy positions it to thrive throughout the energy industry's transition. 10 stocks we like better than ExxonMobil › The energy industry is in a transitional period. While fossil fuels are crucial to the economy these days, lower-carbon energy will be vital in the future. No one knows how quickly this transition will occur, which is creating considerabl ...

Bank of America’s Vivek Arya summed up the 2026 setup in a single line: Nvidia is acting like it believes that and more. The chipmaker didn't want to wait for the next phase of the AI buildout to start, so it made a $20 billion deal with inference chip firm Groq. The agreement appears like an acquisition in terms of its economic impact, but it's not one on paper. Nvidia’s Groq agreement looks less like a partnership and more like a strategic capture.Photo by Woohae Cho on Getty Images Nvidia gives Groq ...

What a forgettable year it's been for shareholders of Costco (NASDAQ:COST), which is actually attempting to stage a comeback after falling into a brutal bear market. ...

The past year has been a continuation of an unceasing tech rally, one that may continue well into 2026 and beyond. ...

Key Takeaways CCL is roughly two-thirds booked for 2026, at historically higher prices across regions.Q4 customer deposits at CCL rose 7% year over year, boosting visibility and cash flow.Strong close-in demand and rising onboard spending likely support Carnival's yield growth.Carnival Corporation & plc (CCL) exited fiscal 2025 with unusually strong forward booking visibility, a key signal of demand resilience as macro uncertainty continues to weigh on discretionary spending. Management disclosed that the c ...