Connect with us
DAPA Banner
DAPA Coin
DAPA
COIN PAYMENT ASSET
PRIVACY · BLOCKDAG · HOMOMORPHIC ENCRYPTION · RUST
ElGamal Encrypted MINE DAPA
🚫 GENESIS SOLD OUT
DAPAPAY COMING

Business

Infuse Asset Management Q2 2026 Letter

Published

on

Infuse Asset Management Q2 2026 Letter

Q2 second quarter business report infographic data

cagkansayin/iStock via Getty Images

Dear partners,

Thank you for your continued trust and support; you are the best partners I could ask for.

I’ll get straight to the point; this was the second toughest quarter we’ve ever had in terms of performance vs. the index. We were down a little over 1% for the quarter while the index was up 15%. This will be a short letter as I don’t want to waste your time and I don’t have excuses. I was slow to react to just how much agentic AI has changed in the past six months and that factor combo of being overweight software and underweight semis hurt pretty badly but I think the real takeaway was the need to keep the growth and quality bars as high as possible alongside valuation. Frankly, I was stuck in the past, focused on trailing valuations instead of facing the stark reality of an evolving world. Looking at past multiples is easy, understanding the world as it currently is, not how you’d like it to be, is far more difficult. In light of this internalization, we have modified the core value of the fund starting with an “N” to noumenon. It’s a philosophical word that is the root of phenomenon. A phenomenon is something as it is perceived but the noumenon is the true, underlying reality of something. This word came from Immanuel Kant and it’s something to strive for, not something that can actually be known or understood. It’s sort of a Platonic ideal. But I think that’s what good investors strive for — a deep understanding of the world as it is, not as they want it to be.

Advertisement

Getting back to the portfolio, we can’t change the past but what are we doing to adjust to the future? As I study each loser, the main reason is sacrificing even slightly on the quality bar. What’s crazy is just how power-law-driven investing is. Of the thousands of companies in our database, I hold the minimum bar to basically the top 75 companies (top 2%). Almost every loser since inception was in the bottom half of that scoring system. The top half, however, has been incredibly resilient. Taking just the top 10 companies since inception in our system and holding only those, the backtested gross returns were ~43% annually. Now, of course, there are always problems with backtests but it was a jarring example of how all of my trading has destroyed value and lowering our standards is the root of the problem. My strengths are not trading and macro. My strength and the core value-add of this fund is the proprietary qualitative and quantitative system that we have to identify winners. Going forward, I am going to keep the bar higher than ever and be laser-focused on that. As I say in every single closing: “All we can do is focus on what we can control and work hard to continually raise our standards.” This quarter certainly forced us to raise our standards. That’s one thing about investing and life, the tough times can crush us or refine us. It’s our choice. I suspect we will look back on this quarter in several years as a turning point that forced us to raise our standards to the next level. That’s what we can control. May the results follow.

Closing

I’m honored to have you as a partner. Thank you for your trust and support. It enables me to think long-term and will be our own competitive advantage.

The stock market, like life, will have its ups and downs. All we can do is focus on what we can control and work hard to continually raise our standards. Our strategy is simple – hitch a ride to the world’s best entrepreneurs that are running the fastest-growing, highest-quality companies at the most attractive valuations we can find. Here’s to many more years of focusing on the inputs and letting the outputs take care of themselves.

Advertisement

Sincerely,

Ryan Reeves

Performance Appendix

Advertisement

Annual Net Returns

Infuse Partners LP

S&P 500

2022*

Advertisement

-30.65%

-7.25%

2023

17.62%

Advertisement

26.27%

2024

89.63%

25.05%

Advertisement

2025

79.52%

17.89%

H1 ’26

Advertisement

-19.96%

10.23%

Since inception

122.22%

Advertisement

91.46%

CAGR

22.72%

18.12%

Advertisement

* launched August 8, 2022

Disclosures

Infuse Asset Management LP (“Infuse”) is an investment management company to a fund that is in the business of buying and selling securities and other financial instruments. This information is provided for informational purposes only and does not constitute investment advice or an offer or solicitation to buy or sell an interest in a private fund or any other security. An offer or solicitation of an investment in a private fund will only be made to accredited investors pursuant to a private placement memorandum and associated documents.

Infuse may change its views about or its investment positions in any of the securities mentioned in this document at any time, for any reason or no reason. Infuse may buy, sell, or otherwise change the form or substance of any of its investments. Infuse disclaims any obligation to notify the market of any such changes.

Advertisement

The S&P 500 is a U.S. equity index. It is included for informational purposes only and may not be representative of the type of investments made by the fund. References made to this index are for comparative purposes only. Reference to an index does not imply that the funds will achieve returns, volatility, or other results similar to the index. The fund’s portfolios are less diversified than this index. Returns for the index are total returns which include dividends and do not reflect the deduction of any fees or expenses which would reduce returns.

An investment in the fund is speculative and involves a high degree of risk. The portfolio is under the sole trading authority of the general partner. An investor should not make an investment unless the investor is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

The information in this material is only current as of the date indicated and may be superseded by subsequent market events or for other reasons. Statements concerning financial market trends are based on current market conditions, which will fluctuate. Any statements of opinion constitute only current opinions of Infuse which are subject to change and which Infuse does not undertake to update. Due to, among other things, the volatile nature of the markets, an investment in the fund/partnership may only be suitable for certain investors. Parties should independently investigate any investment strategy or manager, and should consult with qualified investment, legal and tax professionals before making any investment.

The fund is not registered under the investment company act of 1940, as amended, in reliance on an exemption thereunder. Interests in the fund have not been registered under the securities act of 1933, as amended, or the securities laws of any state and are being offered and sold in reliance on exemptions from the registration requirements of said act and laws.

Advertisement

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Instacart Down Now? Service Disruption Hits Hundreds of Users Across U.S. as Delivery App Experiences Outage

Published

on

Some Instacart shoppers are claiming that their groceries are being stolen by the company's shoppers during the coronavirus pandemic. In this photo illustration the Instacart logo is seen displayed on a smartphone.

Instacart users reported widespread service disruptions Thursday, with hundreds unable to access the popular grocery delivery platform amid what appeared to be a technical outage affecting app functionality and order processing.

The grocery delivery service, which connects customers with personal shoppers for same-day fulfillment from major retailers, saw reports of loading issues, failed logins and stalled orders beginning in the early afternoon. Social media platforms quickly filled with complaints from affected users across multiple states.

Status monitoring sites and community forums registered a sharp spike in outage reports around midday Eastern time, with users describing error messages and inability to browse available stores or complete purchases. The problems appeared to impact both the mobile app and website interface for many customers.

Instacart has not yet issued an official statement detailing the cause or expected resolution timeline. Similar incidents in the past have stemmed from server overloads during peak demand periods, technical glitches or broader internet infrastructure issues.

Advertisement

Impact on Customers and Shoppers

For many households relying on Instacart for weekly groceries or last-minute needs, the outage created immediate inconvenience. Parents, elderly individuals and those with mobility challenges often depend on the service for essential deliveries.

Personal shoppers, who earn income through the platform, reported idle periods as new orders failed to appear. The gig economy workers typically navigate tight schedules, making unexpected downtime disruptive to daily earnings.

Major partner retailers including Walmart, Costco and regional grocery chains saw potential ripple effects as customers turned to in-store shopping or alternative delivery options during the disruption.

Complaints highlighted frustration over perishable items already in progress or scheduled deliveries that could not be tracked. Some users resorted to contacting customer service through limited available channels, though response times lengthened amid the surge in inquiries.

Advertisement

Technical Context and Previous Incidents

Instacart has experienced occasional outages in recent years as its user base expanded significantly during and after the pandemic. The platform’s sophisticated matching algorithms and real-time tracking require robust backend infrastructure to maintain reliability.

Industry analysts note that delivery apps face increasing complexity with dynamic routing, inventory synchronization across thousands of stores and payment processing at scale. Even brief interruptions can cascade into widespread user impact.

Competitors including DoorDash, Uber Eats and Amazon’s services provide alternatives, though many users maintain loyalty to Instacart for its grocery specialization and shopper quality controls.

The company has invested in technology upgrades to improve uptime, including redundant systems and enhanced monitoring. However, peak usage periods or unforeseen technical issues can still overwhelm safeguards.

Advertisement

Broader Implications for Delivery Services

The incident underscores the growing dependence on on-demand delivery platforms in daily American life. From busy professionals to families managing tight schedules, services like Instacart have become integral to modern convenience.

Outages highlight vulnerabilities in critical digital infrastructure supporting essential needs. As reliance on such apps increases, expectations for reliability rise accordingly among consumers and regulators.

Gig workers’ organizations have previously raised concerns about income stability during platform disruptions. The issue adds to ongoing discussions about labor protections in the sharing economy.

Retail partners may evaluate contingency plans for technology failures to maintain customer satisfaction during service interruptions. Hybrid models combining digital and traditional fulfillment could gain traction.

Advertisement

User Reactions and Workarounds

Social media users shared screenshots of error messages and expressed collective frustration while seeking alternatives. Some turned to direct store apps or phoned in orders where possible.

Community forums offered troubleshooting tips including cache clearing, app reinstallation and VPN trials, though effectiveness varied. Many simply waited for resolution while monitoring status pages.

Instacart’s customer support channels experienced increased volume, with automated responses directing users to check back later. The company typically resolves such issues within hours, though some past incidents lasted longer.

Affected users are advised to check official channels for updates and consider backup shopping plans. Compensation policies for disrupted orders may apply once service resumes, depending on individual circumstances.

Advertisement

Company Background and Market Position

Instacart operates as a leading player in the grocery delivery space, partnering with thousands of retailers nationwide. The platform has expanded its offerings to include alcohol, pharmacy items and specialty goods.

Publicly traded since its 2023 debut, the company has focused on profitability improvements through operational efficiencies and advertising revenue. Technology investments remain central to maintaining competitive edge.

The outage arrives during a typically busy summer period for grocery services, with families preparing for vacations and back-to-school transitions. Timely resolution will be important for maintaining user trust.

Industry-wide, delivery apps continue refining algorithms for better matching and faster fulfillment. Artificial intelligence applications in routing and demand prediction help optimize operations at scale.

Advertisement

Looking Ahead

As digital services become more embedded in daily routines, expectations for seamless performance intensify. Companies like Instacart must balance rapid feature development with infrastructure resilience.

Users are encouraged to report issues through official apps or websites when service resumes. Aggregated feedback helps identify root causes and prevent recurrence.

The incident serves as a reminder of technology’s role in modern commerce while highlighting the need for robust contingency measures. Most users anticipate quick restoration based on past experience with similar events.

For now, affected customers are exploring local alternatives or delaying non-essential orders. The broader grocery delivery ecosystem demonstrates resilience through diversified options available to consumers.

Advertisement

Instacart has built its reputation on convenience and reliability. Addressing this disruption promptly will help reaffirm customer confidence in the platform’s dependability.

Continue Reading

Business

Euronext wheat falls as stronger euro weighs on prices

Published

on


Euronext wheat falls as stronger euro weighs on prices

Continue Reading

Business

‘Good growth’: Manchester summit debates what Andy Burnham’s big vision for the UK might look like

Published

on

Business Live

Good Growth Summit debates profit and purpose as likely new PM plans ‘Number 10 in the North’

Chris Woodroffe, managing director at Manchester Airport, at the Good Growth Summit 2026 in Manchester

Chris Woodroffe, managing director at Manchester Airport, at the Good Growth Summit 2026 in Manchester(Image: Alistair Houghton)

Andy Burnham wasn’t in the room at the Good Growth Summit in Manchester, but somehow he hovered over every conversation.

On Monday, Britain’s likely next Prime Minister announced his vision for ‘Good growth in every British postcode’. Wednesday’s summit at the Museum of Science and Industry in Manchester had been planned for months, but its timing was perfect.

Speakers from the North West and beyond came to talk about what good, inclusive growth meant for them – and of course, to talk about what a new Government might mean. In areas from housebuilding to green energy and from diversity to commercial property, we heard how business can and should be about more than just profit.

It all depends on what you think “good growth” actually is. In the video introducing the event, organiser Paul Corcoran said it meant business “doesn’t have to be a trade-off between profit and purpose. We can do both.”

Advertisement

He added: “Let’s prove why good business is actually great business.”

In his in-person intro, the smart casual-dressed Paul joked: “All eyes are on Manchester at the moment. And I even came in my Andy Burnham getup. Though I did leave my Adidas Sambas at home.”

Emma Degg, CEO from the North West Business Leadership Team, said hope was at the heart of “good growth”. Again referencing Andy Burnham’s speech, she said: “Hope in every heart and growth in every postcode really is the essence of good growth.”

And she added: “It’s not for Andy Burnham or the cabinet or the ‘Number 10 of the North’ to make a difference and make sure we properly deliver good growth – it’s for all of us.”

Advertisement

Juergen Maier, chair of Great British Energy, co-founder of social enterprise vocL and former CEO of Siemens UK, also enthusiastically referenced Mr Burnham’s flagship speech this week.

He said: “Genuinely I was celebrating the words ‘good growth in every postcode’ and even more, I was celebrating the word reindustrialisation.”

In his keynote address Chris Woodroffe, managing director at Manchester Airport and chair at the NWBLT, also had to mention both Mr Burnham’s good growth and his fashion sense.

The besuited Chris joked he didn’t get the memo about dressing like Andy Burnham does in Manchester, saying “I’ve turned up looking like Andy Burnham from London with my red tie and matching red socks.”

Advertisement

But he said that the Makerfield MP’s focus on good growth was “really quite important” for the North West and for the wider UK. Chris said he’d been at a dinner the night before the summit and mentioned it – only to be asked “What is good growth?”

He added: “What I said to the person next to me was it’s the sort of growth that, rather than making the rich richer and the poor poorer, is the kind of growth that impacts everyone”

Chris noted that Andy Burnham had been talking about place-based change, and about communities being able to make their own decisions – which he said was “Growth in a place rather than delivered from Whitehall to people to whom it doesn’t quite work.”

He added: “That’s what good growth is to me – place based work delivered by government with people like Tom (Stannard from Manchester City Council)… and all the businesses you run coming together to deliver growth, to deliver good jobs, to deliver investment. That to me is good growth. And it needs a long term perspective.”

Advertisement

Talking of long-term ambitions, Chris hailed Manchester Airport’s £1.5bn investment programme. He said the airport now handles 32 million passengers, serving some 200 destinations – a network that means the airport is “connected to 72% of the world’s GDP”.

Chris said the airport had the potential to grow still further, but that would need more support from Government and for a project with which Andy Burnham is all too familiar.

“There’s actually an opportunity for Manchester to be a 60m (passenger) airport. But to do that someone needs to sort out the transport infrastructure and build the Northern Powerhouse Rail …”

He said Manchester’s transport links to cities such as Liverpool and Leeds paled in comparison to the much faster connections available in the Netherlands to Amsterdam’s Schiphol airport.

Advertisement

If Manchester could get 60m passengers he said, the airport would need a new terminal and other big investments. That could generate another £9bn for the local economy and another 60,000 jobs.

And he added: “It’s jobs that really matter. When we talk about good growth or growth in general what that translates to are jobs for real people who live in real places and would like to have some optimism for the future.”

The day’s first panel discussion debated skills, talent, diversity and opportunity. Lauren Rosegreen, JCI International, talked about young leaders and the pressures they are facing.

Andy Burnham delivers a speech at The People's Museum in Manchester

Andy Burnham delivered his long-awaited first speech at The People’s History Museum in Manchester this week(Image: Jeff J Mitchell/Getty Images)

She said “we’ve never had a generation of emerging leaders that look like the one we have now” in terms of diversity of race, gender, sexuality and disability representation. But she said that generation was anxious about what the future might hold in a world of increasingly polarised views. She said: “The new generation of leaders are scared. They are nervous.. it is a really scary world we are inheriting.”

Advertisement

Also on the panel was Tom Stannard, chief executive at Manchester City Council, who was asked by host Paul Corcoran about what the city was doing to help those who might feel “left behind” by the city centre’s shiny tower-led regeneration.

Tom said the city had seen great success in recent years, including strong job creation. And again referencing Andy Burnham, added that the city was “soon to be home to a little known department called Number 10.”

Host Paul Corcoran, from Agent Marketing, at the Good Growth Summit 2026 in Manchester.

Host Paul Corcoran at the Good Growth Summit 2026 in Manchester(Image: Reach plc)

But he said no-one should forget that there was still deprivation in the city, and work that needed to be done to make sure people are not left out. He said the high cost of living remaining a problem, and that lifelong learning could benefit people of all ages.

And he added: “It’s not just about what occurs in the city, it’s about what occurs in the towns and communities.”

Advertisement

Ciara Keeling, COO at Bruntwood Sci Tech, later spoke about her career in property, and about Bruntwood’s work “breathing new life into assets that other businesses might think are time-expired” as well as developing new buildings

Paul Corcoran couldn’t resist asking her: “What’s next for you? Do we see Number 10 North with a Bruntwood Sci Tech sign above the doors?”

Who knows – but what seems certain is that “good growth” will be at the heart of the Number 10 operation when it heads north.

Advertisement
Continue Reading

Business

Leeds’ payments innovator Iliad Solutions gets IP-linked bank backing

Published

on

Business Live

The firm will use a six-figure facility as working capital to carry out new contracts, and as headroom as it grows

Iliad Solutions provides specialist software used by banks, processors, fintechs and financial institutions.

Iliad Solutions is based in Leeds City Centre.(Image: NatWest)

Leeds payment processing firm Iliad Solutions has secured a six-figure lending facility using its intellectual property to borrow.

The city centre firm says it will use the backing for working capital to deliver new international contracts and continue to scale its proprietary payments testing and certification technology. Iliad’s tech is used by banks, processors, fintechs and other financial institutions to test, certify and launch payment products.

Its t3 platform creates a virtual testing environment, allowing organisations to validate card systems, real-payments, open banking, APIs and emerging digital currency technologies before they go live.

The NatWest lending facility has been structured around the value of Iliad’s intellectual property. The firm’s core assets are in software, expertise and innovation rather than physical assets which can be used as collateral.

Advertisement

Under NatWest’s High Growth IP-backed loan, applicants’ intellectual property is independently reviewed by Inngot, NatWest Group’s specialist IP valuation partner. The assessment helps the bank understand the value of intangible assets such as software, data, technology, brands and know-how when structuring lending facilities.

Anthony Walton, founder and CEO of Iliad Solutions, said: “For growing companies like Iliad, addressing the global payments market, we occasionally need capital to maximise our exploitation of new opportunities. NatWest understands our business and the value of our IP.

“This allows them to back our ambition, leaving us to focus on growth and execution towards our aim to be the number one payment testing company in the world.”

Ben McMullan, relationship director at NatWest, said: “Iliad is exactly the kind of high-growth, innovation-led business this type of lending is designed to support. Many ambitious technology businesses do not have the traditional physical assets typically used as collateral, but they do have valuable intellectual property, proven products and strong growth potential.

Advertisement

“By taking the time to understand Iliad’s technology, strategy and ambitions, we were able to structure a financing solution aligned to the company’s next stage of growth. This transaction reflects NatWest’s commitment to helping innovative UK businesses unlock the value of their IP and access the capital they need to scale.”

Continue Reading

Business

Australian Man Charged in Murder of Thai Teenager Sparks Global Attention

Published

on

Australian Man Charged in Murder of Thai Teenager Sparks Global Attention
  • Australian national Simon Peter Carman has been charged with murder after the body of a 17-year-old Thai girl was found in a suitcase in the Pattaya area. Thai authorities are investigating potential links to other unsolved cases, and Carman reportedly faces the death penalty if convicted under Thai law.
  • The case has drawn international media attention and renewed scrutiny of Pattaya’s safety and its association with sex tourism. The incident complicates Thailand’s broader efforts to rebrand its tourism sector toward higher-spending visitors, with analysts noting that high-profile crimes involving foreign nationals can undermine those reputational goals.

The Case at the Center of the Story

Australian national Simon Peter Carman has been charged with murder following the death of a 17-year-old Thai girl whose body was discovered in a suitcase in Thailand’s Pattaya area. According to reporting from The New York Times, Carman was charged with homicide after the teenager’s remains were found, triggering an intensive police investigation and significant media coverage across international outlets. The case has drawn comparisons to other high-profile crimes involving foreign nationals in Thailand’s tourist areas, raising fresh questions about safety protocols in popular destinations like Pattaya.

Investigation Details and New Evidence

Australian Broadcasting Corporation has released images purportedly showing the room where the teenager was last seen alive, providing investigators and the public with visual context for the timeline of events leading to her death. Additionally, The Guardian reported that a friend of the victim visited Carman’s condominium after the teenager was reported missing, a detail that may prove significant as prosecutors build their case. Thai police are reportedly investigating whether Carman may be linked to other unsolved cases, suggesting the scope of the investigation could expand beyond this single incident. Reports also indicate that Carman appeared to have lived a normal life in the period leading up to the alleged crime, complicating public understanding of the circumstances.

Legal Consequences and Potential Sentencing

According to the Sydney Morning Herald, Carman is considered “likely” to face a death sentence if convicted under Thai law, underscoring the severity with which Thai authorities are treating the case. Legal analysts note that foreign nationals convicted of capital crimes in Thailand face a judicial system with strict penalties, and this case is being watched closely as a potential test of how such prosecutions unfold when international attention is involved. Additional reporting has explored the difficult conditions Carman may encounter while in custody, offering insight into the Thai penal system’s treatment of foreign detainees awaiting trial.

Broader Implications for Thailand’s Tourism Industry

The case has placed considerable scrutiny on Pattaya’s reputation as a hub for foreign visitors, with some outlets explicitly linking the murder investigation to broader conversations about sex tourism in the region. The South China Morning Post noted that the case has raised safety fears among both residents and the tourism sector as the community mourns the young victim. This incident arrives at a moment when Thailand is actively working to reshape its tourism image, with government initiatives increasingly focused on attracting higher-spending international visitors rather than the mass-tourism model that has defined many coastal areas for decades.

Context Within Thailand’s Evolving Tourism Strategy

While this case dominates immediate headlines, it unfolds against the backdrop of significant shifts in Thailand’s tourism and hospitality sector. The country has been pursuing an aggressive strategy to court high-value travelers, with recent announcements including new luxury hotel developments and international brand expansions. For instance, Hotel101 Global recently announced binding agreements for a new development in Bangkok, reflecting continued investor confidence in Thailand’s hospitality infrastructure despite reputational challenges tied to isolated criminal incidents. Industry observers suggest that high-profile crimes involving foreign nationals could complicate these rebranding efforts, particularly in regions like Pattaya that have long been associated with a different type of tourism demographic.

Advertisement

Public and Media Reaction

International media outlets have devoted substantial resources to covering this case, with detailed reporting from The Guardian, ABC, The New York Times, and numerous Australian publications tracking developments in near real-time. The intense coverage reflects both the shocking nature of the crime and the broader public interest in stories involving foreign nationals accused of serious crimes abroad. Multiple outlets have highlighted the investigative timeline, from the initial disappearance report to the eventual discovery of the body and subsequent arrest, painting a comprehensive picture of how Thai authorities responded to the case.

Looking Ahead

As the legal proceedings against Carman continue, Thai authorities face the dual challenge of ensuring a thorough judicial process while managing the case’s impact on the country’s international image. The investigation into potential links with other unsolved cases suggests that this story may continue to evolve, with implications extending beyond a single tragic incident. For Thailand’s tourism sector, already navigating a complex transition toward premium travel markets, high-profile criminal cases involving foreign visitors present an ongoing challenge that authorities will need to address through both law enforcement action and broader safety messaging. The case ultimately underscores the human cost behind headlines that often intersect with Thailand’s economic and reputational interests, sy

Source : Google News – Search

Advertisement
Continue Reading

Business

Novus Foods hands Admir Basic the CEO reins

Published

on

Novus Foods hands Admir Basic the CEO reins

Basic steps into role after company planned succession process for Tom Davis.

Continue Reading

Business

Icon Foods launches tagatose sweetener

Published

on

Icon Foods launches tagatose sweetener

TagaLite is a ready-to-formulate tagatose sweetener with sugar-like functionality.

Continue Reading

Business

Applied Materials, Inc. (AMAT) Discusses DRAM and Advanced Packaging Innovations for AI-Driven Semiconductor Growth Prepared Remarks Transcript

Published

on

OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Michael Sullivan
Corporate Vice President of Investor Relations

Hello, and welcome back to the Applied Materials Master Class series. Several years ago, we anticipated that the AI wave would drive the semiconductor industry to $1 trillion in annual sales by 2030. And through that time, we modeled the wafer fab equipment market composition to be around 1/3 leading-edge, foundry-logic, 1/3 ICAPS and 1/3 memory, with memory evenly divided between DRAM and NAND.

Today, we see AI driving the semiconductor industry to around $1 trillion this year and new incremental applications like agentic, edge and physical AI growing the industry to much higher levels over the next several years. These AI waves are fueling demand for faster, more energy-efficient chips and systems, and this is creating a new WFE spending mix.

We now expect leading-edge, foundry-logic to outgrow ICAPS and drive well over 50% of foundry-logic in the years ahead. And in memory, we expect DRAM WFE spending to be well over 2x NAND spending. Applied is well positioned for this new mix with the highest process equipment market share in leading-edge, foundry-logic, which we covered in our April master class as well as both DRAM and advanced packaging, which we’re covering today.

Advertisement

In a moment, Kevin Moraes will summarize our strategy and explain why DRAM and advanced packaging are growing with AI. Next, Sony Varghese will share the road map for both standard DRAMs and high-bandwidth memories. Then Jinho An will discuss how advanced packaging is enabling faster and more energy-efficient AI chips and systems. Next, Lior Engel will explain how we are bringing eBeam process control to advanced packaging. Finally, Kevin

Continue Reading

Business

India’s textile stocks become market standouts on trade deals

Published

on

India's textile stocks become market standouts on trade deals
Indian suppliers of T-shirts, bed linen and towels to global retailers such as Walmart Inc. are among this year’s biggest stock-market winners, with some investors betting the rally has further to run.

A Bloomberg-compiled equal-weight gauge of eight textile exporters has climbed more than 30% this year, compared with an 8% decline in benchmark NSE Nifty 50 Index, with the nation’s new trade deals and a friendlier tariff regime bolstering the industry’s competitiveness.

The sector “should see a re-rating as this is a real opportunity for Indian firms to grab market share,” said Pawan Bharaddia, co-founder and chief investment officer of Equitree Capital Advisors Pvt. SP Apparels Ltd., a supplier of garments to Tesco Plc, is a part of his portfolio. The stock has surged 60% this year.

India is set to implement its trade accord with the UK this month, is concluding one with the European Union, and is moving closer to a deal with the US, fueling optimism that these agreements will boost exports. At the same time, global brands are moving their sourcing away from China and a few Asian peers, creating opportunities for Indian exporters and manufacturers.

Advertisement

1Bloomberg

Textile companies are seen as among the biggest beneficiaries of these trade pacts. That optimism is also visible in institutional portfolios, with large investors including SBI Funds Management Ltd. and Quant Mutual Fund raising their stakes in textile firms in recent months.
Arvind Ltd., which counts global retailers including Gap Inc. among its clients, has surged 74% this year. Indo Count Industries Ltd., which supplies bed linen to Walmart Inc and Target Corp., has soared 54%.
“With global retailers improving order visibility and brands consolidating toward large compliant suppliers, major Indian textile exporters are well-positioned to capture disproportionate market share in the upcycle,” Motilal Oswal analysts wrote in a note last week.
Despite being one of the world’s largest producers, India accounts for only about 4% of the global trade in textiles and apparel. The government aims to expand the textile market to $350 billion by 2030, from an estimated $194 billion in fiscal year 2026.

Achieving that goal will require fresh investments in manufacturing capacity, particularly in garments, where India lacks enough large-scale exporters, according to Prerna Jhunjhunwala, an analyst at Elara Securities India.

“Future gains will depend on companies expanding capacity, winning export orders and delivering sustained earnings growth,” said Jhunjhunwala, who holds buy recommendations on KPR Mill Ltd. and Arvind Ltd., and is among the top rated analysts for the sector.

Advertisement
Continue Reading

Business

The flavor trends transforming Texas barbecue

Published

on

The flavor trends transforming Texas barbecue

Asian, African American, Cajun and Tex-Mex traditions are reshaping the pit.

Continue Reading

Trending

Copyright © 2025