Core Insights - Rivian's long-term strategy focuses solely on battery-electric vehicles, explicitly ruling out hybrid or extended-range electric vehicle options, aligning with its vision for a fully electric future [1][5] - The company believes that the automotive industry's evolution will lead to a future dominated by electric, software-defined vehicles capable of high autonomy, with various manufacturers taking different paths towards this goal [2] Product Strategy - Rivian is committed to pure electrification, particularly in the midsize SUV segment, with upcoming models R2 and R3 seen as ideal for all-electric design, offering strong performance and competitive pricing [3][5] - The company emphasizes that its all-electric architecture can compete effectively with internal combustion and hybrid alternatives [3] Market Performance - Rivian has outperformed the Zacks Automotive-Domestic industry and its peers, with shares increasing by 32.4% year-to-date, compared to the industry's 16.2% growth [4] - In contrast, Lucid Group's shares have decreased by 57.7%, while Tesla's shares have risen by 8.9% during the same period [4] Valuation Metrics - Rivian's valuation appears overvalued relative to the industry, with a forward price/sales ratio of 3.25, compared to the industry's 3.42 [7] - For context, Lucid's forward P/S ratio is 1.72, while Tesla's is significantly higher at 13.8 [7] Earnings Estimates - The Zacks Consensus Estimate for Rivian's loss per share for 2025 and 2026 has narrowed by 2 cents and 5 cents, respectively, over the past 30 days [8]

Silver and copper have surpassed gold as the standout metals heading into 2026, with both institutional and retail investors positioning for record-breaking rallies. iShares Silver Trust (SLV) has gained about 96% so far this year, while United States Copper ETF (CPER) has advanced about 31.7%. Over the past one month, CPER has gained 5.2%, SLV has surged 15.1% while gold bullion ETF GLD has added 1.9%. Silver’s Explosive Surge and Supply SqueezeAs one can see from the return of SLV, Silver has nearly doubl ...

Core Insights - Ford is reinforcing its commitment to the European market with a strategy focused on agility, cost efficiency, and a sharpened brand promise [1][2] - The strategy is built on three pillars: strengthening the Ford Pro commercial vehicle division, expanding the passenger car range, and optimizing the industrial system for scale and cost efficiencies [2][8] - A new product offensive will introduce multi-energy, affordable vehicles by 2028, enhancing Ford's competitiveness in the market [3][8] Strategic Partnerships - Ford has announced a strategic partnership with Renault Group to accelerate its European transformation, combining expertise and industrial scale [4][5] - The partnership includes the joint development of two Ford-branded electric vehicles on Renault's Ampere platform, set to arrive in 2028 [9] - A Letter of Intent (LOI) will explore the joint development and manufacture of light commercial vehicles, leveraging common platforms for efficiency [9][10] Ford Pro Division - Ford Pro is central to the company's European business, moving beyond hardware to offer a comprehensive ecosystem of software and services [6] - The Ford Liive Uptime system provided an estimated 820,000 additional days of vehicle uptime to European businesses in 2024 [6] Industrial Operations - Ford is evolving its industrial operations in Europe to support the shift to multi-energy vehicles, with the Valencia plant playing a critical role in enhancing the passenger vehicle portfolio [13] - The company has a history of successful partnerships in Europe, including collaborations with Koç Holding and Volkswagen, to strengthen its commercial vehicle and passenger car businesses [10][12] Policy Alignment - Ford calls for European policymakers to align CO2 targets with market realities, as the current share of electric vehicles in Europe is 16.1%, below the required 25% by 2025 [14] - The company proposes three steps for a successful transition to electrification, including aligning targets with reality, incentivizing the transition, and supporting the working economy [17]

Group 1 - Copper prices reached an all-time high of $11,771 per ton, driven by China's focus on domestic growth and stockpiling in the US [1][2] - Analysts expect copper to benefit from supportive policies aimed at power-grid upgrades and computing power, indicating a bullish market outlook [2] - The demand for copper has surged over 30% this year on the London Metal Exchange, fueled by new requirements from data centers and electric vehicles, while supply remains tight due to mine outages [3] Group 2 - Concerns over potential tariffs from the US have led to increased stockpiling of copper, resulting in squeezed inventories and unprecedented premiums [4] - A projected shortfall of 450,000 tons of refined copper by 2026 is anticipated, necessitating prices to average above $12,000 per ton next year to attract investment in new mining capacity [5] - Copper settled at $11,635.50 per ton on the LME, with other metals, except zinc, experiencing declines [6]

Photographer: Angel Garcia/Bloomberg While some corners of energy markets have looked pretty frothy of late, one segment has Wall Street betting it won’t get trapped in a bubble: grid tech stocks. Despite sector-wide gains of some 30% this year, grid tech stocks remain an attractive target, according to Steve Tusa, managing director and senior equity analyst at JPMorgan Chase & Co. Grid tech encompasses a range of hardware makers and software developers as well as utility-scale battery installers. Tusa s ...

Summary of Key Points from the Conference Call Industry Overview - **US-China Tech Rivalry**: The discussion focused on the ongoing technological competition between the US and China, particularly in the energy sector and its implications for industrialization and computing [1][2]. Core Insights - **China's Power Demand Management**: - China has successfully managed high power demand growth for approximately two decades, with installed capacity increasing about 7 times since 2005, from around 500 GW to 3,400 GW [3]. - Despite slower GDP growth, power demand has continued to grow at an annual rate of 5-7% [3]. - The expansion of coal capacity has been primarily for peaking purposes, while renewable energy sources have seen aggressive build-outs, with over 600 GW of solar and 200 GW of wind capacity added [3]. - **US Power Capacity Growth**: - The US has experienced significantly slower capacity growth, with only a 40% increase over the past 20 years [4]. - Recent growth has been linked to industrial policy and new manufacturing capacity, but challenges such as permitting delays and supply bottlenecks could hinder future growth [4]. - **Electrification and Renewable Energy**: - The increasing share of renewables in the power mix and rising electrification are expected to create unique opportunities in energy storage systems (ESS) [4]. - Global ESS installations are forecasted to grow at a compound annual growth rate (CAGR) of approximately 27% from 2025 to 2030, with China expected to account for about 50% of all utility-scale additions by 2030 [4]. - **Power Electronics Opportunities**: - The enabling solutions across power electronics and equipment suppliers are seen as second and third order beneficiaries of industrialization and electrification trends in both the US and China [4]. - Japanese and Korean firms, such as Hyundai Electric and Hyushong Electric, are expected to gain market share in this sector [4]. Company-Specific Insights - **Contemporary Amperex Technology Co., Ltd. (CATL)**: - Price target (PT) set based on 2026E EPS of RMB20.0 and a PEG of 1.0x, with an underlying EPS CAGR of 26% from 2025 to 2028 [9]. - Risks include weaker electric vehicle (EV) sales, higher production costs, and potential loss of market share [9]. - **Kehua Data Co., Ltd.**: - Valued at a PT of RMB86.07, implying a 40x 2026E P/E ratio [10]. - Risks include weaker-than-expected domestic AI capital expenditures and increased competition [10]. - **Shenzhen Senior Technology Material Co., Ltd.**: - Valuation based on a PEG of 0.75x, with an underlying EPS CAGR of 44% from 2025 to 2027 [11]. - Risks include fluctuations in EV demand and capacity expansion rates [11]. - **Sungrow Power Supply Co., Ltd.**: - Price target of RMB233.96 based on a 25x FY26E P/E [12]. - Risks include lower-than-expected solar installations and growth in energy storage systems [12]. - **Wuxi Lead Intelligent Equipment Co., Ltd.**: - Base-case price target of RMB76 based on a 2026E P/E of 50x [13]. - Risks include shifts in global power battery demand and geopolitical actions against Chinese battery companies [13]. Additional Important Information - The report emphasizes the importance of energy demand in driving technological leadership and innovation across various fields, including computing and manufacturing [2]. - The contrasting dynamics of the power sectors in the US and China highlight the strategic importance of energy management in the tech rivalry [2][4].

Meet the "Tesla for watercraft."After years of research at Princeton, Flux Marine launched to electrify the boating world. They've raised $30 million to build high-performance electric outboards for boats that cost around $120,000.Say goodbye to noise and gas fumes. The electric revolution is officially hitting the sea. Read more: https://t.co/Ks4fxEjCHA #ForbesUnder30 (Photo: Sebastian Nevols for Forbes) ...

Financial Data and Key Metrics Changes - The company reported third quarter revenues of $251 million, a slight decrease from $257 million in the same quarter of fiscal 2025, primarily due to the completion of significant projects [7][18] - Gross profit for the third quarter was approximately $46.9 million, with a gross margin of 18.7%, up from 17.2% in the prior year [18][19] - Net income for the quarter was $30.7 million, or $2.17 per diluted share, compared to $28 million, or $2 per diluted share, for the same period last year [21] - EBITDA increased to $40.3 million, with an EBITDA margin of 16%, compared to 14.6% in the prior year [21][22] - The company maintained a strong balance sheet with $727 million in cash and investments, net liquidity of $377 million, and no debt [9][24] Business Line Data and Key Metrics Changes - Power Industry Services segment revenues decreased by 8% to $196 million, representing 78% of total revenues [10] - Industrial Construction Services segment revenues increased by 19% to $49 million, contributing 20% of consolidated revenues [10] - Telecommunications Infrastructure Services segment revenues grew by 76% to $6.3 million, accounting for 2% of total revenues [11] Market Data and Key Metrics Changes - The company has a record backlog of approximately $3 billion, which includes over 6 gigawatts of new thermal and renewable power plants [4][14] - The backlog consists of approximately 79% natural gas projects and 16% renewable projects, indicating a strong demand for new natural gas facilities [13][14] Company Strategy and Development Direction - The company aims to leverage its core competencies to capitalize on existing and emerging market opportunities, focusing on disciplined risk management and project management effectiveness [29][30] - There is a commitment to maintaining a presence in the renewable space while expecting gas-fired and other thermal power facilities to represent a substantial portion of the backlog in the near and midterm [13][14] - The company is dedicated to driving long-term value creation for shareholders through disciplined capital allocation and potential M&A opportunities [26][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, driven by the electrification of everything and the aging of existing power facilities [5][12] - The company expects to continue adding projects to its backlog in the high-demand environment over the coming years [30] - Management highlighted the importance of reliable energy supply for AI data centers and complex manufacturing operations, positioning the company as a key player in energy infrastructure [12][27] Other Important Information - The company raised its quarterly dividend to $0.50, marking the third consecutive increase in the past three years [9][25] - The company has returned approximately $109.6 million to shareholders since initiating its share buyback program in November 2021 [26] Q&A Session Summary Question: Insights on margins moving forward - Management has not disclosed specific pricing on gas projects but maintains a flexible pricing model based on market conditions and project specifics [33][34] Question: Sustainable gross margin targets - Management remains conservative with margin guidance but has exceeded previous benchmarks, indicating excitement about future opportunities [35][36] Question: Manpower challenges with multiple projects - Labor remains a challenge, but the company is focused on growing its headcount to meet project demands [37][38] Question: Pipeline cadence and future job additions - Management expects to add a handful of jobs over the next 12 to 24 months but cannot predict exact timing due to project start date variability [42][44] Question: Changes in the competitive environment - The competitive landscape has shifted, with fewer companies able to handle large, complex projects, but there is enough work for all players in the market [45][46] Question: Project selection criteria - The company remains flexible in contract terms and is focused on building relationships with both repeat and new customers [53][56] Question: Opportunities from private players or hyperscalers - Management is open to participating in behind-the-meter projects and evaluates each opportunity based on fit and contract terms [62][63] Question: Geographic opportunities for gas generation - The company sees opportunities in various regions, including Texas and the PJM area, and is familiar with the competitive landscape there [70][71]

Core Insights - Acceleware Ltd. has announced two paid feasibility studies for BHP to assess the techno-economic viability of its EM Powered Heat technology for mineral processing and drying applications [1][2] Group 1: Feasibility Studies - The first study focuses on using radio frequency (RF) energy to reduce moisture levels in iron ore from the Pilbara region of Australia, which is essential to minimize processing plant delays [2][3] - The second study aims to improve the efficiency of copper production via heap leaching in Chile by increasing the temperature of the heap, which can positively affect yield [3] Group 2: Technology and Applications - Acceleware's EM Powered Heat technology is designed to deliver cost-efficient process heat solutions that enhance production in the mining sector [2] - The company has a patented low-cost, low-carbon RF thermal technology, RFXL, aimed at enhancing oil production for heavy oil, which differs significantly from existing recovery techniques [6] Group 3: Partnerships and Initiatives - Acceleware is collaborating with a consortium of potash producers to reduce operating costs and emissions in potash ore drying [5] - BHP's Think & Act Differently (TAD) program supports innovative technologies that enhance efficiency, sustainability, and safety in mining, aligning with Acceleware's objectives [7]

Core Insights - NexDash has secured $5.8 million in seed funding to develop a digitally connected electric truck fleet in Europe, focusing on acquisitions, deployment of electric trucks, and digital fleet management [1][2] - The company aims to address heavy truck emissions and the fragmented nature of the European logistics sector, which is characterized by small, outdated diesel fleets and limited access to capital [3][4] Company Overview - NexDash is described as a neo-carrier, combining technology, capital, and operations to electrify and digitize freight at scale, founded by Michael Cassau and Karsten Sachsenröder [2] - The company is building Europe's largest digitally connected electric truck fleet, starting in Germany, with plans for large-scale electrification across the continent [3] Industry Challenges - Ground freight transport in Europe is economically significant yet poorly digitized, with heavy-duty trucks contributing approximately 35% of transport-related CO2 emissions [3] - Over 90% of logistics operators in Europe run fewer than 10 vehicles, typically small diesel fleets, and operate on thin margins [4] Business Model - NexDash has introduced NexOS, an AI-powered orchestration platform that integrates fleets, energy, and capital, supporting a "Trucking-as-a-Service" model [5] - This model manages routing, energy, maintenance, and financing in real-time, aiming for a scalable and sustainable approach to emission-free transport logistics [5] Market Potential - The company has the potential to consolidate the fragmented logistics market in Europe and build a robust, zero-emission logistics platform [6]