(Bloomberg) -- Hedge fund manager David Einhorn cautioned that the unprecedented amount of spending on artificial intelligence infrastructure may destroy vast amounts of capital, even if the technology itself proves transformative. The Greenlight Capital founder said the trillion-dollar build-out by companies overall, such as Apple Inc., Meta Platforms Inc. and OpenAI is so extreme that the eventual returns are highly uncertain. While he expects AI will ultimately surpass today’s bullish forecasts, he que ...

Company Overview - Spire Inc. (NYSE: SR) is a natural gas company providing energy services to residential, commercial, and industrial customers [1][6] - The company's market capitalization is approximately $4.66 billion, with a trading volume of 257,645 shares, positioning it as a significant player in the utilities sector [5] Stock Performance - As of September 25, 2025, SR was trading at $79.20, which is approximately -4.03% below the price target of $76 set by David Arcaro from Morgan Stanley [1][6] - Currently, SR is priced at $79.03, reflecting a slight increase of 0.30% for the day, with a trading range of $78.47 to $79.21 [2] - Over the past year, SR has experienced a high of $79.81 and a low of $61.56, indicating some volatility in its price movements [2] Economic Context - Despite a recent federal funds rate cut, there are concerns about potential recession indicators, particularly in the housing and labor markets [3] - However, SR continues to show resilience, with stable performance in the utilities sector amidst economic uncertainty [6] Investment Strategy - Investors are advised to consider shifting towards more defensive equity investments in sectors like utilities, consumer staples, and healthcare due to recession concerns [4][6]

The conversation people are not ready for is that we would probably be in a recession if the tariffs had not been put in place.They were incredibly deflationary and allowed for the massive GDP surge earlier this year.The truth is the exact opposite of what people predicted. ...

Economic Outlook - Unemployment has reached 4.3%, the highest since early 2021, indicating a potential recession as employers are pulling back on hiring [3][4] - Automation, particularly AI, is replacing white-collar jobs, which may impact consumer spending in a service-driven economy [4] Energy Demand and AI - The demand for electricity in the U.S. is surging due to AI, with records set for energy consumption in July as data centers operate continuously [5] - Texas is a key player in the AI and energy boom, attracting major tech companies due to its favorable tax environment and abundant energy resources [5][6] Infrastructure and Pipelines - The Electric Reliability Council of Texas (ERCOT) projects a need for 139 gigawatts (GW) of new electricity by 2030, a 62% increase in five years [6] - New data centers are primarily reliant on gas-fired power plants, which benefits pipeline companies as demand for natural gas rises [7] Regulatory Environment - Federal policies are currently supportive of drilling and pipeline infrastructure, favoring the expansion of energy capacity [8] - Kinder Morgan (KMI) stands to benefit from this environment, with faster approvals and lower legal costs for pipeline projects [9] Kinder Morgan's Financial Outlook - Kinder Morgan operates 79,000 miles of pipelines, handling about 40% of U.S. natural gas production, positioning it well for increased demand from AI [9] - The company has consistently increased its dividend since 2018, with expectations of $5 billion in distributable cash flow for 2025 against $2.6 billion in dividend obligations [10][11] - With dividends requiring just over half of its cash flow, Kinder Morgan is well-positioned for potential payout hikes, making its 4.3% yield appear safe in the current economic climate [11]

Q2 GDP was 3.8% and people are worried about a recession.Ridiculous. ...

Core Insights - Consumers are expected to continue spending, indicating a robust demand environment for various sectors [1] - The technology sector, particularly AI, is not in a bubble, suggesting sustainable growth potential [1] - The stock market has further room for growth, indicating positive investor sentiment and potential for capital appreciation [1] Consumer Spending - Consumer spending remains strong, which is crucial for economic growth and supports various industries [1] - Continued consumer expenditure can lead to increased revenues for companies across multiple sectors [1] Technology Sector - The AI and technology sectors are characterized by solid fundamentals, dismissing concerns of a speculative bubble [1] - Companies in the tech space are likely to benefit from ongoing advancements and adoption of AI technologies [1] Stock Market Outlook - The stock market is positioned for further gains, reflecting investor confidence and potential for higher valuations [1] - Positive market conditions may encourage more investments and capital inflows into various sectors [1]

Summary of Phillips Edison & Company Update - September 24, 2025 Company Overview - **Company**: Phillips Edison & Company (NasdaqGS:PECO) - **Industry**: Grocery-anchored neighborhood shopping centers Key Points and Arguments Macroeconomic Environment - Current inflation rate is 2.9%, near the 30-year average, indicating economic resilience despite inflation concerns [3][4] - Unemployment rate in August was 4.3%, which is low compared to long-term averages [3][4] - Phillips Edison & Company has limited exposure to heavily imported retail categories, mitigating tariff impacts [3][4] Business Performance and Growth - Increased full-year 2025 guidance due to strong retailer demand and higher rents [4][5] - Dividend distribution rate raised by 5.7%, marking the fifth consecutive annual increase [5][6] - Stock price is approximately 6% lower year-to-date, attributed to macroeconomic concerns and elevated interest rates [6][7] - Total return of approximately 47.3% since IPO through June 30, 2025 [7] Portfolio and Investment Strategy - Focus on necessity-based retail, with 70% of total rent from necessity-based goods and services [13][41] - Same-center NOI growth projected between 3% and 4% annually [9][14] - Strong acquisition pipeline with $302 million in acquisitions closed to date, targeting $350 million to $450 million for the year [8][9] - Low leverage at approximately 32% loan-to-value, providing financial capacity for growth [9][10] Resilience and Risk Management - Historical occupancy loss during economic downturns was minimal, with only 60 basis points during the pandemic [27][28] - Limited exposure to at-risk retailers, focusing on essential services [41][42] - Confidence in the ability to deliver strong earnings growth even in potential recession scenarios [26][27] Technological Advancements - Engaging in 20 active artificial intelligence projects aimed at improving operational efficiency [29][33] - Recognized with a Digital Innovation Award for best use of AI, highlighting commitment to technological advancements [33] Future Outlook - Management believes current stock price offers a favorable entry point for investors [19][49] - Commitment to increasing dividends as cash flow grows, maintaining a low payout ratio [46][47] - Potential for mergers or acquisitions if favorable opportunities arise [44][45] Community and Customer Focus - Emphasis on building community through tenant relationships, referring to tenants as "neighbors" [15][16] - Centers are strategically located in suburban markets with strong demographics, enhancing foot traffic [13][15] Additional Important Insights - The company is well-aligned with its investors, with management owning 8% of the company [17] - The focus on omnichannel retailing positions Phillips Edison & Company favorably in the evolving retail landscape [12][16] - The company’s strategy is designed to provide a balance of stability and growth, appealing to both retail and institutional investors [5][19]

Let's get the opening bell here in the CNBC realtime exchange. The big board, it is the president of the Swiss Confederation in New York for the UN General Assembly at the NASDAQ security national financial celebrating its 60th anniversary. As uh some of the desk notes today, Jim, BA is a good example.S&P trades like it's a new risk-free rate. >> Yeah, look, there's just so much. maybe some evidence because of the of the Fed chair, but there's absolutely a sense that we're bumping up against levels that we ...

Core Insights - A significant decline in demand for cardboard packaging is raising concerns about the overall economic health in the United States, as it serves as a key indicator of consumer activity and industrial performance [1][3]. Group 1: Economic Indicator - Corrugated cardboard is referred to as the "cardboard box index" by economists, as it reflects the state of trade, manufacturing, and retail [2]. - Recent data indicates that shipments of corrugated boxes in the US have reached their lowest levels in years, which is alarming since consumer spending constitutes about two-thirds of the American economy [3]. Group 2: Causes of Demand Slump - The decline in cardboard demand is attributed to several factors, including: - Post-pandemic adjustments where online shopping surged during lockdowns, leading to a normalization of packaging orders at lower levels as consumers shift spending from goods to services [4]. - Trade pressures and rising costs of raw materials like wood pulp due to tariffs and changing trade policies, which are squeezing box manufacturers' margins [4]. - Retailers and e-commerce companies are adopting lighter mailers and reusable packaging, reducing the need for traditional corrugated boxes [4]. - A slowdown in key industries such as construction and automotive, which are major consumers of packaging, resulting in fewer shipping orders [4]. Group 3: Economic Implications - The drop in cardboard demand is seen as an early sign of a potential recession, as reduced packaging often precedes declines in GDP and employment [4]. - Job losses are anticipated in sectors like paper mills, packaging plants, and timber suppliers, with several pulp mills in North America already closing or reducing capacity [4]. - Lower packaging orders may lead to corporate caution, with firms delaying production and investment, which could negatively impact financial markets and economic confidence [4].

Market Outlook - Carson Group expects a strong end-of-year rally, maintaining a bullish stance despite potential short-term volatility [1][2] - The fourth quarter is projected to be up almost 6% based on median returns, historically performing well after five consecutive months of gains [4] - The market may experience a 4% to 6% correction, which would be considered a healthy pullback [5] Economic Indicators - Strong earnings, profit margins, and consumer spending indicate no immediate recession [6] - Credit markets are functioning well, supporting ongoing deal-making activity, including AI deals [9] - Retail sales data from the previous week suggests a robust consumer base [6] Investor Behavior - Put-to-call ratios are at some of the lowest levels of the year, indicating increasing optimism [5] - US equity funds experienced inflows of $58 billion, the highest this year, reflecting growing investor confidence [5] - Corporate buybacks are at record highs, indicating corporations are deploying significant cash reserves [7] Potential Risks - Over-optimism and complacency in certain market segments could lead to a correction [10] - Technology sector concentration (34% of the market) poses a risk; diversification is recommended [14] - Lack of broad market participation, with only technology and communication services outperforming recently, suggests potential consolidation [11][12]