Wall St Engine
China has started approving limited rare earth exports under its new control regime, but the slow pace is straining global supply chains, FT reports. Industry voices say delays are “untenable,” and approvals aren’t keeping up with demand, especially for key sectors like EVs, wind power, and defense.
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China has started approving limited rare earth exports under its new control regime, but the slow pace is straining global supply chains, FT reports. Industry voices say delays are “untenable,” and approvals aren’t keeping up with demand, especially for key sectors like EVs, wind power, and defense.
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Wall St Engine
China has slapped anti-dumping tariffs as high as 74.9% on POM copolymers from the U.S., EU, Japan, and Taiwan, wrapping up a probe launched in May 2024—right after the U.S. hiked tariffs on Chinese EVs and chips.
These plastics are used in cars, electronics, and medical gear, can replace metals like copper and zinc. U.S. imports face the steepest duty at 74.9%, while Japan and the EU get hit with around 35%. Taiwan’s rates vary, with Formosa Plastics at just 4%.
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China has slapped anti-dumping tariffs as high as 74.9% on POM copolymers from the U.S., EU, Japan, and Taiwan, wrapping up a probe launched in May 2024—right after the U.S. hiked tariffs on Chinese EVs and chips.
These plastics are used in cars, electronics, and medical gear, can replace metals like copper and zinc. U.S. imports face the steepest duty at 74.9%, while Japan and the EU get hit with around 35%. Taiwan’s rates vary, with Formosa Plastics at just 4%.
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Wall St Engine
$NVDA CEO Jensen Huang has announced Nvidia will partner with Foxconn, TSMC, and Taiwan’s government to build an AI supercomputer in Taiwan. https://t.co/Q1Rp7bLRBI
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$NVDA CEO Jensen Huang has announced Nvidia will partner with Foxconn, TSMC, and Taiwan’s government to build an AI supercomputer in Taiwan. https://t.co/Q1Rp7bLRBI
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Wall St Engine
Supermicro $SMCI is now accepting orders for over 20 AI systems powered by $NVDA's new RTX PRO 6000 Blackwell Server Edition GPUs.
The lineup includes NVIDIA-Certified Systems and new MGX-based 4-GPU platforms built for edge environments. Supermicro says the new gear brings high performance and cost efficiency closer to where AI decisions happen, helping businesses scale faster while cutting hardware needs
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Supermicro $SMCI is now accepting orders for over 20 AI systems powered by $NVDA's new RTX PRO 6000 Blackwell Server Edition GPUs.
The lineup includes NVIDIA-Certified Systems and new MGX-based 4-GPU platforms built for edge environments. Supermicro says the new gear brings high performance and cost efficiency closer to where AI decisions happen, helping businesses scale faster while cutting hardware needs
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Wall St Engine
RYANAIR SEES STRONG SUMMER DEMAND DESPITE PROFIT DIP
Ryanair posted a FY profit of €1.61B, down 16% from last year, as fares fell and costs climbed—though results still matched estimates. Revenue rose 4% to €13.95B, with passenger numbers up 9%, but average fares were down 7%.
CEO Michael O’Leary said summer bookings are solid and pricing is slightly ahead of last year. Q1 fares are trending up mid-to-high teens, helped by a full Easter. He noted “a reluctance to go transatlantic,” as Europeans are choosing to stay closer to home.
Ryanair reaffirmed its FY26 target of 206M passengers and approved a €750M share buyback.
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RYANAIR SEES STRONG SUMMER DEMAND DESPITE PROFIT DIP
Ryanair posted a FY profit of €1.61B, down 16% from last year, as fares fell and costs climbed—though results still matched estimates. Revenue rose 4% to €13.95B, with passenger numbers up 9%, but average fares were down 7%.
CEO Michael O’Leary said summer bookings are solid and pricing is slightly ahead of last year. Q1 fares are trending up mid-to-high teens, helped by a full Easter. He noted “a reluctance to go transatlantic,” as Europeans are choosing to stay closer to home.
Ryanair reaffirmed its FY26 target of 206M passengers and approved a €750M share buyback.
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Wall St Engine
$QCOM TO BUILD CUSTOM DATA CENTER CPUs WITH $NVDA TECH
Qualcomm is diving back into the server chip race, announcing plans to develop custom data center CPUs that connect directly to Nvidia’s AI chips. The move marks a fresh push to challenge Intel and AMD, as Nvidia’s GPU dominance grows.
CEO Cristiano Amon said the goal is to enable “high-performance energy-efficient computing” in data centers. The project builds on Qualcomm’s 2021 acquisition of Nuvia and includes renewed talks with Meta, plus a partnership with Saudi AI firm Humain.
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$QCOM TO BUILD CUSTOM DATA CENTER CPUs WITH $NVDA TECH
Qualcomm is diving back into the server chip race, announcing plans to develop custom data center CPUs that connect directly to Nvidia’s AI chips. The move marks a fresh push to challenge Intel and AMD, as Nvidia’s GPU dominance grows.
CEO Cristiano Amon said the goal is to enable “high-performance energy-efficient computing” in data centers. The project builds on Qualcomm’s 2021 acquisition of Nuvia and includes renewed talks with Meta, plus a partnership with Saudi AI firm Humain.
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Wall St Engine
JPMorgan Downgrades $NFLX to Neutral from Overweight, Says Risk/Reward Now Balanced, Raises PT to $1,220 from $1,150
Analyst comments: "To be clear, there’s no change to our long-term bullish view on Netflix’s streaming leadership and its potential to effectively become global TV over time. However, in the near term, following significant stock price appreciation and outperformance, we believe the risk/reward in NFLX shares is becoming more balanced.
Three key points: 1) NFLX shares — now at an all-time high — trade at 39x 2026E GAAP EPS and 44x 2026E free cash flow, and likely already reflect upside to 2025 guidance; 2) While NFLX has acted defensively, easing tariff and macro concerns could lead to a rotation into other Internet names and sectors that have underperformed; and 3) The summer months are typically slower for Netflix, and following last week’s Upfront, the near-term catalyst path may be quieter, despite strong 3Q content."
Analyst: Doug Anmuth
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JPMorgan Downgrades $NFLX to Neutral from Overweight, Says Risk/Reward Now Balanced, Raises PT to $1,220 from $1,150
Analyst comments: "To be clear, there’s no change to our long-term bullish view on Netflix’s streaming leadership and its potential to effectively become global TV over time. However, in the near term, following significant stock price appreciation and outperformance, we believe the risk/reward in NFLX shares is becoming more balanced.
Three key points: 1) NFLX shares — now at an all-time high — trade at 39x 2026E GAAP EPS and 44x 2026E free cash flow, and likely already reflect upside to 2025 guidance; 2) While NFLX has acted defensively, easing tariff and macro concerns could lead to a rotation into other Internet names and sectors that have underperformed; and 3) The summer months are typically slower for Netflix, and following last week’s Upfront, the near-term catalyst path may be quieter, despite strong 3Q content."
Analyst: Doug Anmuth
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$MSFT PUSHES FOR AI AGENTS THAT COLLABORATE AND REMEMBER
Ahead of its Build conference, Microsoft says it wants AI agents that can work across platforms and remember past interactions. CTO Kevin Scott says they're backing the open-source Model Context Protocol (MCP), aiming to create an “agentic web” where agents from different companies can collaborate—kind of like how the internet took off in the ’90s.
Microsoft is also working on making AI memory more efficient using something called structured retrieval augmentation, helping agents recall what users asked without burning through compute.
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$MSFT PUSHES FOR AI AGENTS THAT COLLABORATE AND REMEMBER
Ahead of its Build conference, Microsoft says it wants AI agents that can work across platforms and remember past interactions. CTO Kevin Scott says they're backing the open-source Model Context Protocol (MCP), aiming to create an “agentic web” where agents from different companies can collaborate—kind of like how the internet took off in the ’90s.
Microsoft is also working on making AI memory more efficient using something called structured retrieval augmentation, helping agents recall what users asked without burning through compute.
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Wall St Engine
$NVDA CEO Jensen Huang just unveiled “NVIDIA CONSTELLATION” — a new HQ in Taipei’s Beitou-Shilin district — calling it one of the largest products we've ever built. https://t.co/KvbVJYU7V9
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$NVDA CEO Jensen Huang just unveiled “NVIDIA CONSTELLATION” — a new HQ in Taipei’s Beitou-Shilin district — calling it one of the largest products we've ever built. https://t.co/KvbVJYU7V9
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Wall St Engine
BT is close to selling its 50% stake in TNT Sports to Warner Bros Discovery $WBD, per FT. The deal could be announced alongside BT’s full-year earnings next week. TNT posted a £187.5M loss last year, and BT is expected to exit below its £750M valuation. WBD already has the option to buy by end of 2025.
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BT is close to selling its 50% stake in TNT Sports to Warner Bros Discovery $WBD, per FT. The deal could be announced alongside BT’s full-year earnings next week. TNT posted a £187.5M loss last year, and BT is expected to exit below its £750M valuation. WBD already has the option to buy by end of 2025.
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Wall St Engine
BOFA ON US CREDIT DOWNGRADE:
"Will there be forced selling due to the downgrade? Very unlikely. Our understanding from major fixed income indices (BofA ICE & Bloomberg / Barclays) is that they either require ratings of above investment grade or have no explicit sovereign ratings requirements. As a result, no forced selling from these indices is likely in our view. Other indices may have different requirements but likely have substantially lower associated AUM. Index requirements are more specific when they pertain to technical default. These are more relevant considerations around 'selective default' or 'restricted default.' Such ratings are relevant when considering very low probability outcomes related to the US debt limit; for detail see: Debt limit FAQ: spring 2025 update."
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BOFA ON US CREDIT DOWNGRADE:
"Will there be forced selling due to the downgrade? Very unlikely. Our understanding from major fixed income indices (BofA ICE & Bloomberg / Barclays) is that they either require ratings of above investment grade or have no explicit sovereign ratings requirements. As a result, no forced selling from these indices is likely in our view. Other indices may have different requirements but likely have substantially lower associated AUM. Index requirements are more specific when they pertain to technical default. These are more relevant considerations around 'selective default' or 'restricted default.' Such ratings are relevant when considering very low probability outcomes related to the US debt limit; for detail see: Debt limit FAQ: spring 2025 update."
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Wall St Engine
UBS Upgrades $DAL to Buy from Neutral, Says Corporate and Premium Travel Recovery to Drive Upside, Raises PT to $66 from $46
Analyst comments: "We now expect a recovery in corporate travel in 2H along with resilience in Premium/International vs. our previous expectation of deceleration for these segments in 2H. DAL has amongst the most leverage to each of these segments, putting it well placed to capitalize on any improvement. While main cabin could also improve in 2H, we think DAL can show RASM improvement even in the absence of main cabin improvement. We see consensus estimates moving higher in the coming months for DAL, which should be a catalyst to push the stock higher from here."
Analyst: Thomas Wadewitz
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UBS Upgrades $DAL to Buy from Neutral, Says Corporate and Premium Travel Recovery to Drive Upside, Raises PT to $66 from $46
Analyst comments: "We now expect a recovery in corporate travel in 2H along with resilience in Premium/International vs. our previous expectation of deceleration for these segments in 2H. DAL has amongst the most leverage to each of these segments, putting it well placed to capitalize on any improvement. While main cabin could also improve in 2H, we think DAL can show RASM improvement even in the absence of main cabin improvement. We see consensus estimates moving higher in the coming months for DAL, which should be a catalyst to push the stock higher from here."
Analyst: Thomas Wadewitz
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Wall St Engine
BERENBERG: CAUTIOUSLY OPTIMISTIC ON SEMICONDUCTOR CAPEX
"WFE spending set to be up 3% and 4% in 2025 and 2026: Our outlook for capex in the semiconductor sector is broadly unchanged since January, as the potential impact on its end-markets from US tariffs and the AI diffusion rules appears smaller than we feared in early April. We forecast spending on wafer fab equipment (WFE) to rise by 3% in 2025 and 4% 2026. We expect TSMC to expand 2nm production at its Fab 20 (mainly for Apple) and Fab 22. We also believe TSMC's US fab expansion is progressing, with a potential increase to 35,000 wafer starts per month (wspm) at Phase 1 (P1) and P2 of Fab 21, versus the initially planned 30,000. We still expect Intel and Samsung to reduce capex yoy in 2025 and 2026."
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BERENBERG: CAUTIOUSLY OPTIMISTIC ON SEMICONDUCTOR CAPEX
"WFE spending set to be up 3% and 4% in 2025 and 2026: Our outlook for capex in the semiconductor sector is broadly unchanged since January, as the potential impact on its end-markets from US tariffs and the AI diffusion rules appears smaller than we feared in early April. We forecast spending on wafer fab equipment (WFE) to rise by 3% in 2025 and 4% 2026. We expect TSMC to expand 2nm production at its Fab 20 (mainly for Apple) and Fab 22. We also believe TSMC's US fab expansion is progressing, with a potential increase to 35,000 wafer starts per month (wspm) at Phase 1 (P1) and P2 of Fab 21, versus the initially planned 30,000. We still expect Intel and Samsung to reduce capex yoy in 2025 and 2026."
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Wall St Engine
Piper Sandler Upgrades $SOLV to Overweight from Neutral, Says Visibility Improving on Growth and Tariff Risk, Raises PT to $87 from $78
Analyst comments: "Recent events (P&F sale, I-Day) had us warming to this stock the past few months, and we had been waiting for more visibility on a couple of items before adjusting our rating – another quarter of better top-line performance (1Q provided that a couple weeks ago) and clarity on the tariff risk for SOLV (addressed on the 1Q call, and the risk has clearly lessened in light of U.S./China tariffs easing).
As such, we see SOLV as a stock worthy of attention from value/GARP investors as top-line growth is likely on a slow climb higher, margins have a path paved for consistent improvement given a host of internal actions in motion (restructuring, TSA exits, separation initiatives from 3M), and capital allocation flexibility will increase meaningfully following the $4.1B sale of P&F to TMO."
Analyst: Jason Bednar
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Piper Sandler Upgrades $SOLV to Overweight from Neutral, Says Visibility Improving on Growth and Tariff Risk, Raises PT to $87 from $78
Analyst comments: "Recent events (P&F sale, I-Day) had us warming to this stock the past few months, and we had been waiting for more visibility on a couple of items before adjusting our rating – another quarter of better top-line performance (1Q provided that a couple weeks ago) and clarity on the tariff risk for SOLV (addressed on the 1Q call, and the risk has clearly lessened in light of U.S./China tariffs easing).
As such, we see SOLV as a stock worthy of attention from value/GARP investors as top-line growth is likely on a slow climb higher, margins have a path paved for consistent improvement given a host of internal actions in motion (restructuring, TSA exits, separation initiatives from 3M), and capital allocation flexibility will increase meaningfully following the $4.1B sale of P&F to TMO."
Analyst: Jason Bednar
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