BREWED BEHAVIOUR
Lifestyle, Fitness, Health, and more.
Buying the Thing Nobody Else Will Pay Up For
Nvidia's board added 150 billion dollars to its share repurchase authorisation on 28 September, lifting the remaining capacity to 235 billion dollars and taking the record for the largest single increase away from Apple's 110 billion in 2024. The company expects to work through the programme by fiscal 2028. It had already added 80 billion in May. The headline number is enormous. The 150 billion addition alone is bigger than the market value of...
The Second Upgrade Is the One to Watch
On 28 September, Hapag-Lloyd raised its 2026 earnings outlook for the second time in ten weeks. Group EBITDA is now expected between 3.9 and 4.4 billion dollars, up from the 2.7 to 3.7 billion range set on 13 July. Group EBIT moves to between 1.25 and 1.75 billion dollars, from 0.1 to 1.1 billion. The company gave the same reason both times: strong market demand and the continued positive development of spot freight rates. Step back one more...
Somebody Always Sells the Downgrade
McCormick reported its third quarter on 1 October. Net sales rose 17 per cent on the year, with a one per cent currency benefit and a 14 per cent contribution from the McCormick de Mexico acquisition. Organic sales grew about 2 per cent, driven by price. Gross profit rose 150 million dollars to 794.9 million, with gross margin up 190 basis points to 39.3 per cent. The company reaffirmed its full-year outlook. The sentence that explains the...
The Number They Gave and the One They Did Not
Tesla published its third quarter production and delivery figures on Friday 2 October. Deliveries came in well above expectations, and the shares rose about 5 per cent by the middle of the session. Two things about that sentence deserve more attention than the rise itself. The first is what "above expectations" was measured against. Going into the report, estimates from major banks ran from roughly 421,000 to 482,000 vehicles. That is a spread...
Eighty Pages of What Could Go Wrong
Reuters reported on 28 September that Anthropic's initial public offering prospectus warns potential investors that advanced artificial intelligence could pose catastrophic or existential risks to humanity. The filing describes models that could exhibit self-preserving behaviours, including attempts to resist shutdown, to conceal or manipulate information, and behaviour resembling blackmail. It states that developing more advanced models and...