Core Viewpoint - Singapore's central bank, the Monetary Authority of Singapore (MAS), manages monetary policy by adjusting the exchange rate of the Singapore dollar instead of changing domestic interest rates, which is a unique approach compared to many other economies [1]. Group 1: Economic Context - Singapore is a small, trade-reliant economy where gross exports and imports exceed three times its GDP, indicating a significant reliance on international trade [2]. - Nearly 40% of every Singapore dollar spent domestically is on imports, highlighting the importance of the exchange rate in influencing inflation more than domestic interest rates [2]. Group 2: S$NEER Overview - The S$NEER is an index that reflects the trade-weighted exchange rate of the Singapore dollar against the currencies of its major trading partners, which is crucial for determining general price levels in Singapore [4]. - The MAS allows the S$NEER to fluctuate within a policy band, which is not publicly disclosed, and intervenes by buying or selling Singapore dollars if the rate moves outside this band [5]. Group 3: Policy Band Mechanics - The MAS reviews the parameters of the policy band at least twice a year, with additional reviews possible in response to immediate economic conditions, such as high inflation [6]. - Starting in 2024, the MAS will announce monetary policy quarterly, enabling more timely assessments of the economic outlook [6]. - The three adjustable parameters of the policy band are the slope, level, and width, which influence the pace and extent of the Singapore dollar's appreciation or depreciation [7].

Core Viewpoint - Cathie Wood, CEO of ARK Invest, has been a long-time advocate for Bitcoin, emphasizing its potential as a transformative technology rather than merely a speculative asset [1][3][6]. Group 1: Historical Context - ARK Invest was the first public asset manager to gain Bitcoin exposure through Grayscale's Bitcoin Investment Trust in 2015, a time when Bitcoin was valued around $200 [1][5]. - The initial investment faced skepticism from professionals who questioned the viability of crypto as an investable asset, viewing it as risky or gimmicky [2][4]. - At that time, there were no exchange-traded funds (ETFs) or regulated futures markets, and the regulatory environment was uncertain [3][5]. Group 2: Investment Strategy - Wood's approach to Bitcoin has been consistent, focusing on its supply certainty, global accessibility, and low correlation with traditional assets [7]. - She has articulated that Bitcoin operates under a code-based governance model, distinguishing it from equities and commodities [7]. - The early exposure to Bitcoin was limited to a 1% allocation, requiring permission from the New York Stock Exchange [5]. Group 3: Current Environment - The current landscape for Bitcoin has evolved significantly, with ETFs trading billions of dollars daily and increased institutional interest from pension funds and sovereign wealth managers [6]. - Wood's early advocacy for Bitcoin occurred before it gained institutional acceptance, highlighting her foresight in recognizing its potential [6].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased securities of Gauzy Ltd. during the specified Class Period of the upcoming lead plaintiff deadline on February 6, 2026, for a class action lawsuit [1]. Group 1: Class Action Details - Investors who bought Gauzy securities between March 11, 2025, and November 13, 2025, may be eligible for compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must act by February 6, 2026, to serve as lead plaintiff, representing other class members in the litigation [3]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements, including the largest securities class action settlement against a Chinese company and being ranked No. 1 for settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone, and has consistently ranked in the top 4 for securities class action settlements since 2013 [4]. Group 3: Case Allegations - The lawsuit alleges that Gauzy's defendants made false or misleading statements and failed to disclose critical financial issues, including the insolvency of three French subsidiaries and the likelihood of default under existing debt facilities, which misled investors about the company's business prospects [5].

As AI priorities shift, new winners in the space have emerged.The widespread adoption of ChatGPT in early 2023 heralded the wave of generative artificial intelligence (AI) to come. These next-generation AI models were significantly more useful than their predecessors but required a great deal more computational horsepower. Data centers and cloud providers -- where most AI resides -- scrambled to obtain the best AI chips money could buy.This fueled a growth spurt for Nvidia. Its graphics processing units (GP ...

Monetary Policy Outlook - Singapore is expected to maintain its monetary policy unchanged in the upcoming review, supported by strong semiconductor export demand and controlled inflation [1] - Out of 16 analysts surveyed, 15 predict that the Monetary Authority of Singapore (MAS) will not make any changes this week, following previous unchanged settings in July and October [1] Economic Growth - Singapore's GDP growth for 2025 is projected at 4.8%, surpassing the government's earlier forecast of around 4.0% and previous estimates of 1.5% to 2.5% [2] - The electronics purchasing managers' index reading of 50.9 in December indicates sustained momentum in the tech cycle, with AI-related demand and rising memory chip prices expected to benefit the semiconductor sector [2] Inflation and Future Policy Actions - Stable core inflation at just above 1% in November has alleviated immediate pressure for policy easing, with expectations for MAS to tighten policy in April as inflation stabilizes and trade uncertainties diminish [3] - Economists from Bank of America suggest that MAS may tighten policy as soon as the upcoming review, citing signs of strengthening inflation based on December data [4] - MAS is anticipated to raise its core inflation forecast range for 2026 by 50 basis points to 1% to 2% from the current range of 0.5% to 1.5% [4] Price Trends - Recent data indicates that price increases in travel-related and other components have outweighed declines in raw food and beverage prices, which will be reflected in MAS's updated inflation forecasts [5] Monetary Policy Mechanism - Singapore manages its monetary conditions by adjusting the local dollar's value against the currencies of its main trading partners within an undisclosed trading band, known as the Singapore dollar nominal effective exchange rate (S$NEER) [5] - MAS adjusts its settings through three levers: the slope, mid-point, and width of the band [6]

Core Insights - Halliburton and A*STAR have launched the Next-Generation Energy Accelerators Joint Lab (NEX Lab) to enhance well completion technologies in the energy sector [1] Group 1: Initiative Overview - The NEX Lab aims to accelerate the development and commercialization of advanced technologies for the energy industry [1] - The initiative is supported by the Singapore Economic Development Board, indicating strong governmental backing for energy innovation [1]

Core Viewpoint - Delivery companies, including Uber and DoorDash, have lost their legal attempt to block New York City's new tipping law, which mandates that food delivery apps must offer customers the option to tip delivery workers and suggest a minimum tip of 10% [2][3]. Group 1: Legal Developments - Uber and DoorDash sought an injunction against the new law, arguing it infringed on their First Amendment rights, but the judge ruled they did not show a strong likelihood of success in their claims [2]. - The law requires delivery platforms to prompt customers for tips during checkout rather than at the time of delivery, which DoorDash claims creates undue pressure on customers [3]. Group 2: Financial Implications - City regulators have alleged that Uber and DoorDash's app modifications have cost delivery workers over $550 million by discouraging customer tipping [4]. - A DoorDash spokesperson indicated that the new legislation could lead to an immediate decline in orders for small businesses in New York [5]. Group 3: Labor Economy Context - The new law is being implemented amid ongoing concerns within the Labor Economy, which consists of approximately 60 million U.S. workers earning about $25 an hour or less [6]. - Research indicates that sentiment among Labor Economy workers remains stagnant despite overall economic improvements, with many expecting their income to remain flat while monthly expenses rise [7].

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

Core Insights - AVITA Medical presented data from 19 scientific abstracts at the 2026 Boswick Burn & Wound Symposium, showcasing the integrated use of its technologies RECELL, PermeaDerm, and Cohealyx in wound care [1][2][3] Group 1: Integrated Use of Technologies - The first surgeon-reported experience integrating RECELL, PermeaDerm, and Cohealyx was highlighted, demonstrating reduced need for painful dressing changes and avoiding long-distance follow-ups [3] - This integrated approach is particularly beneficial for rural and community hospitals with limited access to specialized burn services [3] Group 2: Clinical Findings - Initial findings from multicenter clinical trials on PermeaDerm and Cohealyx were presented, with full results expected in 2026 [4] - PermeaDerm showed early blood vessel growth and organized tissue formation without increased inflammation compared to traditional human skin for temporary coverage [5] - Cohealyx demonstrated cellular infiltration and early blood vessel formation within two weeks, preparing the wound for skin grafting without complications [6] Group 3: RECELL Evidence and Benefits - A systematic review of 27 peer-reviewed studies reinforced the benefits of RECELL, showing consistent trends in healing, reduced complications, and shorter hospital stays [7][10] - In older burn patients, adding RECELL to standard skin grafting resulted in nearly 16 days shorter hospital stays and fewer graft failures [9] - Patients treated with RECELL for deep partial-thickness burns spent about one-third less time in the hospital compared to traditional grafting methods [9] Group 4: Practical Applications - Surgeons are demonstrating how the staged use of AVITA Medical's advanced wound care technologies can improve healing and help hospitals manage limited resources [11]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is significantly investing to meet the growing demand for AI chips, with a planned capital expenditure of up to $56 billion, indicating strong confidence in sustained AI demand despite some caution from its CEO [2][4][5]. Company Overview - TSMC holds a dominant market share in the logic chip market, essential for AI computing, and is increasing production capacity to meet demand [2]. - The company's stock has increased over 300% since the start of the AI race in 2023, yet it is still considered undervalued compared to major tech companies [7][8]. Financial Performance - TSMC's revenue rose by 26% year over year during its last quarter, and it trades at 25 times forward earnings, which is competitive compared to the broader market [8][10]. - The company projects nearly 30% revenue growth by 2026 and expects a compound annual growth rate (CAGR) of 25% through 2029 [11]. Market Dynamics - Continued spending by AI hyperscalers on data centers is crucial for maintaining elevated demand for TSMC's chips, with projections indicating growth in data center buildouts through at least 2030 [12]. - The overall market environment shows that major tech companies trade at about 30 times forward earnings, while TSMC's growth rate is expected to accelerate, making it a potentially stronger investment [8][10].