the M&A chatter afoot for the rail industry. >> For sure. And now let's get another check on alphabet.Those shares falling down about a percent and a half despite reporting a top and bottom line beat for second quarter earnings. Joining us now is Angelo Zino from Cfra Angelo high expectations here. >> Yeah I mean listen it was the second best performing mag seven name over the last month.So yeah to your point maybe expectations were a little bit high I think also might be selling off a bit because of the, y ...

We're about 2 minutes away from the end of this trading day. Scarlet Fu and Vonnie Quinn here to help you take you through the closing bell. We've got a global simulcast, Carol Massar and Tim Stenovec in the radio studio.So we are bringing together the best of Bloomberg Television, Radio and our YouTube audiences worldwide as we check out what's happening here in the final minutes of the trade. And Carol, this is very much a market that is gaining steam. The rally picks up here as we head to the closing bel ...

What exactly about the job that Jay Powell has done is not up to measure. The labor market is holding up well. Inflation has not reared its ugly head.I mean, it's above the 2% target, but it hasn't blown up just yet. Where do you see the economy failing under his leadership. It's great to be with you.If you look at Jay Powell, his tenure, I mean, we do have to remember that it was under his watch that we saw a 40 year high inflation. They were way too late to recognizing the inherently inflationary impact o ...

What is it that you're most focused in on in zeroed in on this earnings period. Well, you know, what's interesting when I reflect back on it's been such a busy year, so much news. But one of the things that I think has been maybe appreciated by the market but not appreciated as much by the commentators is what a reinforcing narrative we've seen around.So of course, we're focused on tariffs, we're focused on on everything that's happening at the Fed. But if we roll the clock back to the start of the year and ...

Congratulations on another strong set of results. What were the key takeaways from you for you from the earnings. Well, we'll continue to see the strong demand for A.I. , and that's the reason that we're we revised up our whole year outlook to around 30%. The continued strong demand.These two continue strong demand for our leading edge technologies, underpinned by the whole the growth of the whole HPC platform. So that's one very important factor. You do have that that that raise on the full year growth for ...

Industry Trends & Growth Drivers - Electric, gas, and water utilities are experiencing significant capital expenditure (CapEx) growth, projected to increase over 50% from $150 billion annually to nearly $250 billion by 2026 [2] - Data centers are fueling load growth for utilities, contributing to a national average growth of 2-3%, with some areas experiencing high single-digit or slightly higher growth [8] Impact of Weather & Regulation - Heat waves are generally beneficial for utilities, allowing them to demonstrate the value of infrastructure upgrades and grid reliability [2][3] - The impact of heat waves on profits varies by state due to decoupling mechanisms, where some utilities like Exelon (EXC) in Illinois do not directly benefit financially from increased demand during hot weather [3] - Utilities may experience slightly higher operation and maintenance (O&M) expenses during extreme weather due to increased maintenance needs [5][6] Investment & Valuation - The utilities sector is currently trading at an 18% discount compared to the S&P 500, despite having comparable earnings growth of around 7% and offering a better dividend yield [10] - Potential rate cuts could further enhance the attractiveness of the utilities sector [11] - Despite having growth drivers, the utilities sector is still viewed as a defensive sector, similar to a bond proxy [13][14]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that AI penetration is increasing, and capital expenditures (CapEx) remain strong across major North American tech companies. The financial results indicate that AI is becoming a significant driver of growth, with companies like Microsoft, Google, Meta, Amazon, and Apple showing robust performance and investment in AI-related initiatives [3][36]. Summary by Company Microsoft - Microsoft reported FY25Q3 revenue of $70.1 billion, a 13% year-over-year increase, exceeding Wall Street's expectations. The intelligent cloud business revenue reached $26.8 billion, growing 21% year-over-year, with Azure's contribution from AI rising to 16% [7][11]. Google - Google achieved Q1 2025 revenue of $90.2 billion, a 12% increase year-over-year, with cloud business revenue growing 28%. The company maintains its CapEx plan for 2025 at $75 billion, reflecting strong investment in AI and cloud infrastructure [13][17]. Meta - Meta's Q1 2025 revenue was $42.3 billion, up 16% year-over-year, driven by strong advertising performance. The company raised its full-year CapEx guidance to between $64 billion and $72 billion, indicating increased investment in AI and data center infrastructure [20][23]. Amazon - Amazon reported Q1 2025 revenue of $155.7 billion, a 9% increase year-over-year, with AWS revenue at $29.3 billion, growing 17%. The company noted that its AI business has achieved annualized revenue in the billions, with significant growth potential [26][27]. Apple - Apple reported FY25Q2 revenue of $95.4 billion, a 5% increase year-over-year. The company is focusing on AI hardware and software upgrades, with potential cost impacts from tariffs expected in the upcoming quarter [30][33]. Investment Recommendations - The report suggests focusing on companies within the AI supply chain, including those involved in cloud services and hardware, as they are expected to benefit from the ongoing AI investment trends. Specific companies to watch include Industrial Fulian, Huadian Technology, and various semiconductor firms [36][37].

Financial Data and Key Metrics Changes - The company's EBITDA from direct operations for Q1 2025 was $126 million, up from $95 million in Q1 2024, reflecting an EBITDA margin increase to 41% from 38% year-over-year [7] - Net income for Q1 2025 was $140 million, compared to $61 million in the same period last year [7] - The cash position at the end of the quarter was $648 million, with total debt of $862 million, resulting in a net leverage ratio of 0.46 times [8] Business Line Data and Key Metrics Changes - Silver production increased by 20% year-over-year to 3.7 million ounces, with 2.2 million ounces coming from Jumpak [9] - Copper production decreased by 21% year-over-year, primarily due to the processing of remaining inventories from the El Brocado pen pit [9] - Gold production fell to 27,980 ounces from 36,593 ounces in Q1 2024, mainly due to decreased output at Tambomayo and Orcopampa [9] Market Data and Key Metrics Changes - The all-in sustaining cost for Q1 2025 decreased by 83% compared to the same period last year, driven by lower commercial deductions and higher by-product rates [11] - Cash costs applicable to sales for copper and silver increased year-over-year, while gold cash costs rose primarily due to lower volumes and grades at Tambomayo and Orcopampa [12] Company Strategy and Development Direction - The company is focused on reserve growth, EBITDA maximization, and cost efficiency at flagship mines, with a strong pipeline of projects [16] - The San Gabriel project is on track, with 79% overall completion and expected to produce its first gold bar in Q4 2025, pending necessary permits [14][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the San Gabriel project and its expected profitability, maintaining an internal rate of return (IRR) of around 12% to 13% [20][21] - The company anticipates an increase in capital expenditures for 2025, now expected to be between $400 million and $420 million, due to additional costs associated with San Gabriel [34] Other Important Information - The company received $49 million in dividends related to its stake in Cerro Verde [8] - Exploration expenses for 2025 are projected to be around $40 million to $45 million for operating units and $20 million for non-operating areas [28] Q&A Session Summary Question: Clarification on San Gabriel CapEx and expected returns - Management confirmed that the CapEx increase in 2025 is due to geotechnical and hydraulic issues, with total CapEx for the project now estimated between $720 million and $750 million, maintaining profitability at $1,600 gold prices [20][21] Question: Exploration budget and administrative expenses - The exploration budget for operating units is expected to be $40 million to $45 million for the year, with administrative expenses projected at $60 million to $65 million due to higher worker participation from increased profits [28][29] Question: Update on underground operations and training - The company is on track with underground training and development, with 60,000 tons of ore material on the surface and plans to hire new crews by July [45][46] Question: Status of permits and construction at Comalache - Construction permits were granted in March, and construction began in April, with expectations to start piling fresh ore by August [51]

Financial Data and Key Metrics Changes - The company experienced a 31% decline in sales during the first half of 2024, which improved to a year-on-year decline of 17% in the second half of the year [4]. Business Line Data and Key Metrics Changes - The construction sector faced significant challenges in 2024, impacting cement consumption due to key economic variables and the suspension of many public works projects [5]. Market Data and Key Metrics Changes - The overall industry saw a decline in volumes by 24% to 25% in the previous year, but the company anticipates a two-digit year-on-year increase in volumes for 2025 if the last part of 2024's volumes are maintained [13][15]. Company Strategy and Development Direction - The company is focusing on maintaining pricing dynamics similar to the previous years, with expectations that prices will align with inflation, assuming inflation remains above the devaluation of the peso [9]. Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging environment in 2024 but expressed optimism for 2025, citing potential private projects that may commence soon [15]. Other Important Information - The Board decided not to pay dividends in 2024 due to the drop in volumes and uncertainty in the market, contrasting with the dividend payments made in 2022 and 2023 [18]. Q&A Session Summary Question: Pricing strategy for 2025 - Management indicated that pricing dynamics in 2025 would likely mirror those of the last couple of years, with a potential deceleration of inflation allowing for more spaced price increments [9]. Question: Volume expectations for 2025 - The company expects a two-digit year-on-year increase in volumes for 2025, contingent on maintaining the volumes from the latter part of 2024 [15]. Question: Dividend expectations for 2025 - The Board did not move forward with dividends in 2024 due to market conditions, and the decision for 2025 is still under analysis [18]. Question: Cost structure and margin opportunities for 2025 - Management noted improvements in energy inputs and indicated that they are assessing their cost structure for potential margin increases [24]. Question: CapEx guidance for 2025 - The company plans to focus on maintenance CapEx for 2025, estimating maintenance costs between $55 million and $60 million [26]. Question: Remaining CapEx for specific projects - The remaining CapEx for the 25-kilogram project is approximately $22 million [31].