bloc au vin
bloc au vin
French wine and spirit exports just hit a 21st-century low, owing to some tariff bottlenecks
Ad ‘em up
Ad ‘em up
OpenAI is now officially showing ads
Senior moment
Senior moment
A new rule from the Trump administration could make it easier to dismiss senior government workers
Cisco’s quarterly results beat expectations for sales and EPS
McDonald's Q4 earnings, sales beat Wall Street estimates
Apple stock takes a hit on report it’s pushing back AI Siri features — again
Meta breaks ground on massive $10 billion AI data center — and the costs won’t stop there
Crypto platform BlockFills halts withdrawals
Gilead rises after earnings beat driven by HIV drug sales
Latest News
Deep Dives
- The power play behind Hyperion, Mark Zuckerberg’s colossal data center being built in rural Louisiana
- Clean energy investment hit a new record last quarter, mostly driven by EVs
- The cruise industry is booming thanks to younger consumers looking to “seacation”
- Reading an article online? It’s now a coin flip whether it was authored by a human or AI
Latest Stories
Cisco’s quarterly results beat expectations for sales and EPS
Cisco beat Wall Street expectations for sales and earnings in its fiscal second-quarter results, which it released after the close of trading Wednesday.
For the fiscal second quarter of 2026, the computer networking equipment giant reported:
Non-GAAP earnings per share of $1.04 vs. the $1.02 expected by Wall Street analysts, according to FactSet.
Sales of $15.35 billion vs. the $15.11 billion consensus expectation.
Along with other companies like Lumentum, Corning, and new S&P 500 member Ciena, which provide things like the wiring and networking equipment needed to connect server racks, Cisco shares have had a strong start to 2026 as the AI data center boom continues to roll.
This is a developing story.
McDonald's Q4 earnings, sales beat Wall Street estimates
McDonald’s reported Q4 results on Wednesday that beat Wall Street’s expectations.
For the last three months of 2025, the fast food giant reported:
Adjusted earnings per share of $3.12, compared to $3.05 analysts polled by FactSet were expecting.
Revenue at $7 billion, higher than the $6.8 billion analysts were penciling in.
Global comparable sales growth of 5.7%, compared to the 3.9% growth analysts were expecting.
Shares are up modestly in after-hours trading.
Apple stock takes a hit on report it’s pushing back AI Siri features — again
Apple customers may have to wait even longer for the company’s long-awaited AI Siri, Bloomberg reports.
The iPhone maker had been planning to include a number of upgrades to Siri in a March operating system update, but the company now is planning to spread those out over future versions. That means some features first announced in June 2024 — an AI Siri that can tap into personal data and on-screen content — might not arrive until September with iOS 27.
The postponements happened after “testing uncovered fresh problems with the software,” Bloomberg said, including instances where Siri didn’t properly process queries or took too long to respond.
The stock, which had been trading up more than 2% today, has pared some of those gains on the news.
For what it’s worth, Apple’s iPhone sales — a record last quarter — don’t appear to be suffering for lack of AI.
The postponements happened after “testing uncovered fresh problems with the software,” Bloomberg said, including instances where Siri didn’t properly process queries or took too long to respond.
The stock, which had been trading up more than 2% today, has pared some of those gains on the news.
For what it’s worth, Apple’s iPhone sales — a record last quarter — don’t appear to be suffering for lack of AI.
Meta breaks ground on massive $10 billion AI data center — and the costs won’t stop there
Meta announced today that it broke ground on a new, giant AI data center: This one is located in Indiana, has 1GW of capacity, and will cost more than $10 billion.
In a press release, the company touted the 4,000 construction jobs and 300 operational positions Meta expects to bring to the area. It did not disclose any tax incentives tied to the project.
But much like with the company’s Hyperion data center in Louisiana, — where we calculated incentives in the billions — the number of long-term jobs is likely small relative to any public subsidies the company ultimately receives.
The $10 billion build represents a notable chunk of Meta’s planned $115-$135 billion in capital expenditures this year. And operating costs will add substantially to that total over time.
Earlier this year, Trump warned tech giants to “pay their own way” when it comes to energy, as data centers have driven up electricity costs in some regions. Meta’s announcement appears to anticipate that criticism, dedicating significant space to explaining how it will mitigate the energy and water impact of the facility:
“With all our data centers, we strive to be good neighbors. We pay the full costs for energy used by our data centers and work closely with utilities to plan for our energy needs years in advance to ensure residents aren’t negatively impacted. To help support local families in need, we’re providing $1 million each year for 20 years to the Boone REMC Community Fund to provide direct assistance with energy bills, and funding emergency water utility assistance through The Caring Center. We also pay the full cost of water and wastewater service required to support our data centers. Over the course of this project, Meta will make investments of more than $120 million, toward critical water infrastructure in Lebanon, as well as other public infrastructure improvements including roads, transmission lines and utility upgrades.”
Unlike hyperscalers such as Google and Microsoft, which can offset infrastructure costs by selling cloud capacity to customers, Meta bears those expenses largely on its own. That dynamic could make the economics of AI infrastructure more challenging for the company as its AI spending continues to accelerate.
But much like with the company’s Hyperion data center in Louisiana, — where we calculated incentives in the billions — the number of long-term jobs is likely small relative to any public subsidies the company ultimately receives.
The $10 billion build represents a notable chunk of Meta’s planned $115-$135 billion in capital expenditures this year. And operating costs will add substantially to that total over time.
Earlier this year, Trump warned tech giants to “pay their own way” when it comes to energy, as data centers have driven up electricity costs in some regions. Meta’s announcement appears to anticipate that criticism, dedicating significant space to explaining how it will mitigate the energy and water impact of the facility:
“With all our data centers, we strive to be good neighbors. We pay the full costs for energy used by our data centers and work closely with utilities to plan for our energy needs years in advance to ensure residents aren’t negatively impacted. To help support local families in need, we’re providing $1 million each year for 20 years to the Boone REMC Community Fund to provide direct assistance with energy bills, and funding emergency water utility assistance through The Caring Center. We also pay the full cost of water and wastewater service required to support our data centers. Over the course of this project, Meta will make investments of more than $120 million, toward critical water infrastructure in Lebanon, as well as other public infrastructure improvements including roads, transmission lines and utility upgrades.”
Unlike hyperscalers such as Google and Microsoft, which can offset infrastructure costs by selling cloud capacity to customers, Meta bears those expenses largely on its own. That dynamic could make the economics of AI infrastructure more challenging for the company as its AI spending continues to accelerate.
Crypto platform BlockFills halts withdrawals
Crypto lending and trading platform BlockFills has halted customer withdrawals amid the current market downturn, according to The Wall Street Journal, a development that recalls the broader meltdown of the 2022 crypto bear market, albeit on a much smaller scale.
This morning, bitcoin dipped below $67,000, and it was hovering around that level mid-afternoon, struggling to recover from last week’s bloodbath.
“BlockFills is working tirelessly to bring this matter to a conclusion and will continue to regularly update our clients as developments warrant,” a spokesperson told the WSJ.
The Chicago-based, Susquehanna-backed company’s “suspension was put in place last week but remains in effect,” the Financial Times reported Wednesday.
The company, which serves institutional clients, handled $60 billion in trading volume in 2025, according to the FT.
Ethan Buchman, CEO of Cycles, told Sherwood News that BlockFills halting withdrawals is a harsh reminder that, despite changes since the panic of 2022, the crypto industry still has a long way to go in developing off-chain risk infrastructure with stronger standards for underwriting, clearing and settlement.
Gilead rises after earnings beat driven by HIV drug sales
Gilead rose more than 5% on Wednesday after it reported quarterly earnings and revenue that beat Wall Street estimates, driven by sales of its HIV drugs.
For the last three months of 2025, Gilead reported:
Adjusted earnings per share of $1.86, compared to the $1.81 the Street was expecting.
$7.9 billion in revenue, more than the $7.6 billion the Street was penciling in. Late last year the company began selling Yeztugo, a twice-yearly HIV prevention shot. CEO Daniel O’Day told analysts it “has already exceeded our coverage goals and is rapidly gaining market share.”
For the full year in 2026, the company expects:
Adjusted earnings per share of $8.45 to $8.85, compared to the $8.79 analysts forecast.
Revenue of $29.6 billion to $30 billion, compared to the $29.92 billion the Street was expecting. The company anticipates Yeztugo will contribute $800 million in revenue in 2026.
Ethereum ETF holders still “diamond-handing” despite hurting more than their bitcoin counterparts
Holders of spot ethereum ETFs are in more pain than bitcoin investors.
The price of ethereum stands around $1,940 as of Wednesday morning, representing about a 45% drop from $3,500, the average cost basis of spot ethereum ETF holders, according to Bloomberg ETF analyst James Seyffart.
The losses of ethereum ETF holders are larger than bitcoin fund investors based on available data. Bitcoin is trading at $68,822, representing an 18% slide from the the cost basis for all its ETFs of $83,983, data from Glassnode shows.
While facing larger losses than their bitcoin ETF peers, the vast majority of ethereum ETF buyers have stayed put. “The net inflows into the ETH ETFs have gone from about $15 billion down below $12 billion. This is a much worse selloff than the Bitcoin ETFs on a relative basis, but still fairly decent diamond hands in grand scheme (for now),” Seyffart said on Tuesday on X.
Humanoid robot maker Apptronik raises $520 million
Apptronik, an Austin, Texas-based robot manufacturer, said it has closed out its Series A fundraising round, raising $520 million. The fundraising is an extension of a $415 million round raised last February, and included investments from Google, Mercedes-Benz, AT&T, and John Deere. Qatar’s state investment firm, QIA, also participated in the fundraising round.
Apptronik makes Apollo, a humanoid robot targeted for warehouse and manufacturing work. The company is one of several US robotics companies that are racing to apply generative-AI breakthroughs to humanoid robots, in anticipation of a new market for robots in homes and workplaces.
Apptronik makes Apollo, a humanoid robot targeted for warehouse and manufacturing work. The company is one of several US robotics companies that are racing to apply generative-AI breakthroughs to humanoid robots, in anticipation of a new market for robots in homes and workplaces.
Micron jumps as CFO says company has started HBM4 shipments ahead of schedule
Micron is surging on Wednesday after a key executive said the company is getting its next-generation memory chips into customers’ hands ahead of schedule.
“We have been in high-volume production on HBM4. We’ve commenced customer shipments of HBM4 and we see shipment volumes ramping successfully this calendar Q1,” Chief Financial Officer Mark Murphy said at a conference hosted by Wolfe Research. “This is a quarter earlier than we mentioned during our December earnings call.”
HBM4 refers to the newest edition of high-bandwidth memory chips.
Micron has arguably been the laggard in bringing these chips to market compared to peers SK Hynix and Samsung, which may have caused the company to miss out on some high-profile customers (namely, Nvidia). But demand for these components is so intense, and running ahead of production, that finding willing buyers shouldn’t be much of a challenge even at ever-escalating prices.
Murphy added that he sees supply-demand tightness for high-bandwidth memory chips persisting beyond calendar year 2026.
Electric aircraft maker Beta surges as Amazon discloses 5.3% stake, Jefferies upgrades stock to “buy”
Beta Technologies, the electric aircraft maker that went public in November, is soaring in early Wednesday trading. The stock climbed before markets opened following an upgrade from Jefferies from “hold” to “buy” with a $30 price target, reflecting a nearly 80% climb from its price as of Tuesday’s close.
Jefferies believes Beta shares are attractive after recent risk-off trading — the stock is down 40% since the beginning of the year.
Also appearing to boost optimism in Beta is an SEC filing on Tuesday that indicated Amazon owns a 5.3% stake in the company. The stake isn’t new: Amazon was listed as a 5% or greater shareholder in Beta’s November IPO.
Americans are spending more of the workday sitting — the jobs driving the trend often come with more money
Software developers sit nearly all day and make six figures. Fast-food workers are on their feet almost nonstop, and earn about $30,000 a year.
Analysts give mixed reviews on Robinhood’s Q4 results
Robinhood Markets remained down in premarket trading after delivering Q4 results Tuesday that fell short of some of Wall Street’s expectations, partly due to a slide in crypto trading.
Here’s what analysts had to say about the print:
Barclays: “Q4 came in softer than expected as lower take rates in options and crypto impacted transaction revenues, and lower [securities] lending in particular impacted [net interest income].”
Mizuho: “Prediction Markets were strong, but overall mixed quarter.”
Piper Sandler: “Bottom line, despite these ST headwinds which we laid out in our note last week, our LT thesis remains intact. If you can stomach the volatility, HOOD is the best way to play secular growth in retail trading and the closest FinTech platform we’ve ever seen to achieving ‘super app’ status.”
Zack’s Investment Research: “Crypto trading revenue fell 38% year over year in Q4, and January data showed another 57% decline in app-based crypto volumes. Unfortunately, that’s not a seasonal blip, that’s a structural slowdown in one of Robinhood’s historically highest-margin engagement drivers.”
Citizens JMP: “Slight revenue shortfall for Robinhood Markets but better expense performance, broadening business contribution, and a full roadmap should support strong growth again in 2026; reiterate our Market Outperform rating.”
Job growth crushes estimates in January, unemployment rate unexpectedly dips to 4.3%
The American labor market, ladies and gentlemen.
The January jobs report was a blockbuster, with nonfarm payrolls growth of 130,000.
Economists polled by Bloomberg expected nonfarm payroll growth of 65,000 for the month. Heading into this release, the event contracts trading closest to a coin flip were “above 50,000” and “above 60,000,” suggesting the masses were less optimistic than Wall Street.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
The unemployment rate dipped to 4.3%, while economists had anticipated it would hold steady at 4.4%.
The SPDR S&P 500 ETF extended gains in premarket trading following this release.
The employment gains were very narrowly focused on an industry basis: healthcare accounted for a whopping 123,500, or 95%, of the net job growth.
Unity Software craters after Q1 sales and earnings guidance fall short of estimates
Both pillars of Unity Software’s business are under pressure from AI tools and new entrants, and its internal AI capabilities don’t seem to be keeping up.
Shares of the gaming engine and ad tech company are off more than 20% in premarket trading. Its solid Q4 results were overshadowed by weak Q1 guidance, with management calling for revenues to range from $480 million to $490 million with adjusted EBITDA from $105 million to $110 million. Wall Street’s estimates were $494 million and $112 million, respectively.
The company’s outlook suggests “a slower than expected ramp-up in its AI-powered ad-technology tool, Vector,” Bloomberg Intelligence analysts Mandeep Singh and Nathan Naidu wrote. “Slow uptake of Unity 6 subscriptions, with guidance seeing flat growth in 1Q, could drag on top-line gains.”
Unity was among the stocks that cratered in late January after the release of Google’s Project Genie, which was able to recreate knockoffs of popular games.
Separately, Unity and peer AppLovin have suffered amid fears that their ad divisions will be disrupted by startups utilizing AI agents.