Temu’s parent company and Alibaba slump after losing key US trade exemption

The “de minimus” exemption that allowed inbound packages to the US from China with a value below $800 to avoid taxes has been scrapped by the Trump administration.

Alibaba and PDD Holdings, owner of Temu, are reeling.

The Latin phrase loosely translates to “too small to be meaningful or taken into consideration,” but it’s evidently very important for these major e-commerce companies:

De minimus shipments had been coming under more scrutiny by lawmakers and the Biden administration, which proposed measures to limit these imports in its final business day in office.

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Luke Kawa

Micron reports another stellar quarter and blowout guidance

The memory chip specialist did it again.

7th China International Import Expo (CIIE) Opens In Shanghai

Luke Kawa, Tasha Matsumoto

Stocks sink as inflation fears rise

Stocks sank after a hotter-than-expected producer price index reading as well as a higher inflation forecast from the Fed amid rising energy prices.

Hyperscalers and hard hats

If you build it, gains will come

Matt Phillips

Luke Kawa

Federal Reserve leaves rates unchanged; dot plot still signals lower rates in the cards for 2026

A relatively dovish reaction function from the US central bank.

Fed Chair Jerome Powell Holds An News Conference On Interest Rates

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Constellation, Talen, and NRG surge as BNP analysts see “golden (AI)ge” ahead for them

Power producers Talen Energy, Constellation Energy, and NRG jumped Wednesday, benefiting in part from a rosy write-up by analysts at BNP Paribas, who launched coverage of all three at “outperform” and argued that the AI energy trade — a big AI-related winner in recent years that has lagged a bit recently — is due for a second wind.

That view was in a broad note on the independent power producer segment of utilities industry that the analysts published Wednesday, titled “The Golden (AI)ge of IPPs.”

Here’s the gist of it:

US independent power producers (IPPs) have lagged the AI basket for 6+ months, after garnering much attention in 2023-1H25. Investors are caught up in the minutia of perceived headwinds: underwhelming pace of power purchase agreement deals, distributed behind-the-meter solutions stealing the ‘time-to-power’ edge, pressure for data centers to bring generation and not tighten the grid, etc.

And yet, as we demonstrate, despite all this noise, the wave of rising load is at the cusp of an acceleration that will nonetheless overwhelm new supply—well into the 2030s, in our view. Hop on or risk missing the resurgent AI trade this decade.

BNP’s price targets for the stocks — Constellation ($407), NRG ($232) and Talen ($549) — implied gains of 32%, 50%, and 68% respectively. (Though today’s gains would reduce those potential upside targets somewhat for new buyers.)

US independent power producers (IPPs) have lagged the AI basket for 6+ months, after garnering much attention in 2023-1H25. Investors are caught up in the minutia of perceived headwinds: underwhelming pace of power purchase agreement deals, distributed behind-the-meter solutions stealing the ‘time-to-power’ edge, pressure for data centers to bring generation and not tighten the grid, etc.

And yet, as we demonstrate, despite all this noise, the wave of rising load is at the cusp of an acceleration that will nonetheless overwhelm new supply—well into the 2030s, in our view. Hop on or risk missing the resurgent AI trade this decade.

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