CNH Industrial N.V. shares rose more than 15% in morning trading Monday after the agricultural and construction equipment maker reported second-quarter results that topped expectations and raised its full-year adjusted earnings outlook.

The stock traded near $11.84, up $1.59, as investors welcomed evidence of sequential improvement and disciplined execution during what the company described as a trough year for the agricultural equipment cycle.

CNH, based in Basildon, United Kingdom, posted consolidated revenues of $4.8 billion for the three months ended June 30, an increase of 2% from the year-earlier period. Net sales of Industrial Activities reached $4.14 billion. Reported net income was $141 million, or 11 cents per diluted share, compared with $217 million, or 17 cents per share, a year earlier. Adjusted net income came in at $161 million, with adjusted diluted earnings per share of 13 cents, exceeding analyst estimates that had centered around 10 to 11 cents.

The company narrowed its full-year 2026 adjusted earnings per share guidance to a range of 41 to 46 cents, from the previous range of 35 to 45 cents. The new midpoint sits at the higher end of the prior outlook and aligns with or slightly exceeds recent consensus forecasts.

In a statement accompanying the results, the company said its team continues to execute with discipline and focus. Revenue increased 2% year-over-year to $4.8 billion, and it narrowed its full-year outlook to the higher end of previously communicated ranges. Management pointed to ongoing investments through the cycle, including more than $450 million in research and development during the first half of 2026, along with expansions in manufacturing, customer centers and parts capabilities in markets including India, China and Italy.

Dealer inventories continue to normalize, fleets are aging, and market fundamentals are becoming more balanced, according to the company’s update. Priorities include strengthening customer proximity and dealer excellence, expanding product leadership through an Iron + Tech strategy, improving operational efficiency, and reinforcing quality as a core mindset.

Agriculture segment net sales were about flat year-over-year when including currency translation effects, while the Construction segment showed stronger momentum with net sales expected to rise between 5% and 10% for the full year, including currency benefits. Agriculture adjusted EBIT margin guidance for the year was set between 5.0% and 5.5%.

CNH returned approximately $200 million to shareholders in the quarter through a combination of dividends and share repurchases. The results follow a weaker first quarter in which sequential patterns fell short of typical seasonal strength, raising questions about demand stability in key markets, particularly North American agriculture.

The second-quarter performance suggested that cost controls, pricing discipline and gradual inventory normalization are beginning to support profitability even as industry retail demand remains subdued in some regions. Construction equipment demand, especially in North America, provided a brighter offset to softer agricultural trends.

Analysts had anticipated a meaningful sequential rebound from the first quarter’s low base. The combination of a revenue beat, adjusted earnings above forecasts and an upward revision to full-year guidance validated that expectation and reduced near-term uncertainty around the company’s ability to navigate the current cycle.

CNH Industrial designs, manufactures and sells agricultural and construction equipment under brands including Case IH, New Holland and CASE Construction Equipment. It also operates a financial services arm that provides retail and wholesale financing. The company has emphasized technology integration, precision agriculture tools and dealer network improvements as longer-term drivers of margin expansion and recurring revenue.

The agricultural equipment sector has faced multi-year pressure from lower farm incomes in some regions, elevated equipment inventories and cautious purchasing by farmers. Construction markets have shown more resilience in certain geographies, supported by infrastructure spending and data-center related activity. CNH’s ability to deliver modest top-line growth and improved sequential metrics while investing in product development was viewed positively by the market.

Guidance commentary indicated that Agriculture net sales are expected to remain roughly flat for the full year, including currency effects, while Construction is projected to grow. Adjusted EBIT margins for Industrial Activities remain under pressure from residual tariff and cost impacts but are supported by efficiency measures.

Trading volume was elevated as the stock moved higher, reflecting both the earnings surprise and the more constructive full-year outlook. The advance helped recover ground lost earlier in the year and positioned the shares closer to average analyst price targets that had implied meaningful upside from pre-earnings levels.

Investors will continue to monitor dealer inventory levels, order trends for the second half, and any further signs that the agricultural cycle is approaching a bottom. Aging equipment fleets and the need for productivity-enhancing technology are expected to support replacement demand over time, even if near-term volumes remain constrained.

For the remainder of 2026, CNH’s focus on operational simplification, customer proximity and technology-enabled products will be central to delivering on the raised earnings range. The second-quarter results provided the clearest signal yet this year that sequential recovery is underway and that management’s full-year targets are increasingly achievable.

The stock’s sharp rise underscored the market’s sensitivity to evidence of execution in a challenging industry environment. With inventories normalizing and construction demand providing support, CNH enters the second half with improved visibility and a more optimistic tone on the path ahead.

CoreWeave Inc. shares advanced more than 11% in morning trading Monday, extending a rebound fueled by a new collaboration with Leidos Holdings to deliver secure artificial intelligence cloud services to U.S. defense, national security and intelligence agencies.

The stock traded near $79.68, up $7.91, as investors weighed the potential for CoreWeave to expand beyond its commercial AI customer base into highly regulated government environments. The partnership, announced July 30, pairs CoreWeave’s specialized GPU cloud platform with Leidos’ long-standing expertise in federal mission integration and classified systems.

Under the collaboration, CoreWeave will supply its AI-native infrastructure, including high-performance computing, networking, storage and orchestration tools designed for large-scale model training and inference. Leidos will lead efforts around secure architecture, accreditation support, cyber operations, data engineering and program delivery for intelligence community and Department of War customers. The companies aim to provide sovereign AI capacity that meets the stringent security, classification and operational requirements of national security organizations.

“Artificial intelligence is becoming foundational to our nation, and federal teams need secure, scalable platforms to operationalize it,” said Sachin Jain, chief operating officer of CoreWeave. “CoreWeave is trusted by many of the world’s leading AI organizations to power the most complex workloads. Through CoreWeave Federal and our collaboration with Leidos, we intend to extend those capabilities to highly secure government environments with the performance, resilience, and operational rigor these missions require.”

Jason O’Connor, president of Leidos Intelligence, said the combination accelerates delivery for priority missions. “Combining CoreWeave’s AI cloud platform with our mission-grade federal integration accelerates delivery for IC and DoW priorities, expanding our nation’s AI superiority,” O’Connor said. “This is the next evolution of mission technology—sovereign AI compute at scale, secure by design, mission integrated, operationally resilient, and ready for the realities of classified national security work. That is what our team will provide to our government partners.”

The planned capabilities include classified AI cloud services for training, fine-tuning, evaluation and deployment of models; tools to augment intelligence analysts through multi-source fusion and imagery analysis; cyber ranges for simulating AI-related threats; synthetic data and digital twin environments; and edge-to-cloud orchestration that can connect centralized platforms with forward-deployed or disconnected tactical systems.

CoreWeave, often described as a “neocloud” provider, has built its business by offering purpose-built infrastructure optimized for the most demanding AI workloads. The company has secured multiyear commitments from leading AI laboratories, hyperscalers and enterprises, building a substantial revenue backlog that reached nearly $100 billion by the end of the first quarter of 2026. That backlog, which grew nearly 50% sequentially and nearly fourfold year over year, provides multiyear visibility as new data center capacity comes online.

In the first quarter, CoreWeave reported revenue of $2.1 billion, more than double the prior-year period, driven by rapid deployment of GPU capacity. The company has surpassed 1 gigawatt of active power and is targeting significantly higher levels in the coming years to meet contracted demand. Capital expenditures remain elevated as CoreWeave races to bring additional capacity online, a dynamic that has contributed to ongoing net losses and elevated interest expense even as adjusted profitability metrics have improved.

The Leidos partnership represents an effort to diversify the customer base. CoreWeave’s revenue has been concentrated among a relatively small number of large commercial clients. Government contracts, once secured and funded, can offer longer-duration relationships and different demand characteristics. The collaboration is still at an early stage; definitive agreements and actual deployments will depend on mission requirements, security accreditation processes and federal appropriations.

Separately, CoreWeave has continued to win commercial workloads. Flow Traders selected the platform to support foundation model training for AI-driven quantitative trading strategies, adding another specialized financial services use case.

Broader industry conditions have also supported sentiment. Recent earnings reports from major technology companies reinforced that demand for AI compute capacity remains robust, with hyperscalers continuing to expand data center footprints and lease additional capacity. That backdrop has helped lift many AI infrastructure stocks after periods of volatility earlier in the summer.

CoreWeave’s shares have experienced significant swings since the company’s public listing. The stock traded as high as $153 earlier in its public life before retreating amid concerns about capital intensity, debt levels, customer concentration and the pace of capacity deployment. The recent partnership news and signs of sustained industry demand have contributed to a recovery from recent lows.

Investors continue to monitor several key variables: the conversion of backlog into recognized revenue, the timeline for bringing new power capacity online, interest costs associated with financing the buildout, and progress in broadening the customer mix. The federal opportunity highlighted by the Leidos agreement offers one path toward greater diversification, though government contracting cycles are typically longer and more complex than commercial deals.

CoreWeave has positioned its CoreWeave Federal initiative as a dedicated effort to adapt its commercial technology stack for government use cases while meeting the elevated security and compliance standards required for classified work. Partnering with an established federal systems integrator such as Leidos is intended to accelerate that process by leveraging existing relationships, accreditation experience and mission knowledge.

As the company prepares to report second-quarter results in the coming days, attention will focus on sequential revenue growth, backlog trends, capital spending updates and any further details on the federal collaboration. The market reaction Monday suggested that investors view the Leidos partnership as a meaningful strategic step that expands CoreWeave’s addressable market into one of the most demanding and potentially durable segments of AI adoption.

The combination of commercial momentum, a large contracted backlog and a new pathway into national security workloads has provided a catalyst for the shares. Whether the collaboration translates into significant funded contracts will depend on execution over the months ahead, but the announcement has already shifted the near-term narrative around CoreWeave’s growth options beyond its core commercial AI customers.

Dwight Howard has pushed back against Kevin Durant’s comparison of LeBron James’ new Philadelphia 76ers roster to the Golden State Warriors teams that dominated the NBA nearly a decade ago, arguing the true parallel would have required a different destination.

Durant, speaking at a USA Basketball Foundation charity event in Southern California over the weekend, said the addition of James creates a potentially “unfair” collection of talent similar to the one he joined in 2016. “The last time they put three 20-point scorers on a team, they said it was unfair, which was the team I was on,” Durant said. “They have got four 25-point scorers on this team. So, hell yeah, I think they’re going to be a contender.”

He added that the 76ers will be “a fun team to watch” and “League Pass-worthy, TNT-worthy,” expressing excitement about seeing the group play. Durant also said he was happy for James, calling the move “a great decision for him to go to a team that got a good chance to win” and praising Philadelphia’s fan base and market.

Howard, who won a championship alongside James with the Los Angeles Lakers in 2020, responded on social media. “This would be the case if Bron joined the Knicks,” Howard wrote.

The former All-Star center’s point centered on the New York Knicks’ existing core. Before James ultimately signed a two-year, $8 million deal with Philadelphia, he had been linked to the Knicks. Pairing him with Jalen Brunson and Karl-Anthony Towns, two All-Stars who helped New York reach the NBA Finals, would have created what Howard viewed as a more direct superteam parallel to the Warriors’ dynasty era of Stephen Curry, Klay Thompson, Draymond Green and Durant.

James’ arrival in Philadelphia instead adds a fourth high-level scorer and playmaker to a roster already featuring Joel Embiid, Tyrese Maxey and Jaylen Brown. Embiid averaged 26.9 points last season, Maxey 28.3 and Brown 28.7 after arriving via trade. James contributed 20.9 points per game in his final season with the Lakers. The combination gives the 76ers unusual depth of scoring talent on paper.

The debate reflects broader conversations about roster construction and competitive balance in the current NBA. Durant’s own move to Golden State in free agency after the 2015-16 season drew heavy criticism at the time for stacking talent on a team that had already won a title and set a regular-season wins record. Those Warriors teams went on to win two championships during his three seasons there, though injuries and eventual roster turnover ended the run.

James, entering his 24th NBA season at age 41, has now played for four franchises and is chasing a fifth title. He spent eight seasons with the Lakers after earlier stops in Cleveland and Miami. His decision to take a veteran minimum contract with Philadelphia was widely viewed as a championship-driven choice rather than a financial one.

Howard has been generally supportive of James’ move to the 76ers in other comments. In an earlier interview, he described James as “one of the greatest chess players” and said the 76ers were already a strong team that needed only the missing piece. He predicted the group would be favorites and that James would help extend Embiid’s window.

Still, his specific reply to Durant drew a distinction between the current Philadelphia roster and the more transformative type of star convergence that defined the mid-2010s Warriors. The Knicks, by contrast, already possessed two established All-Stars who had proven themselves in deep playoff runs. Adding James there, in Howard’s view, would have more closely mirrored the sudden leap in talent Durant’s arrival provided Golden State.

Whether the 76ers can convert their paper strength into actual dominance remains to be determined on the court. Chemistry, health, defensive fit and coaching will all factor heavily. Embiid’s injury history has long been a concern, and integrating four high-usage scorers requires careful management of minutes and roles. James’ ability to facilitate and elevate teammates has been a hallmark of his career, but the supporting cast in Philadelphia is more established as primary options than many previous groups he has joined.

Durant’s comments also served as a defense of star players seeking better supporting casts. Having faced years of criticism for his own free-agency decisions, he has often framed such moves as rational pursuits of winning rather than moral failings. His public support for James’ choice aligns with that stance.

The exchange between the two veterans highlights how quickly narratives form around high-profile free-agency decisions. James’ signing immediately elevated Philadelphia’s profile and title odds. Durant’s endorsement of the roster’s potential added weight from a player who lived through a similar scrutiny. Howard’s counter offered a reminder that not every stacked roster is created equal and that context—existing pieces, market, and historical parallels—matters.

As training camps approach and the regular season draws nearer, attention will shift from hypothetical comparisons to on-court results. If the 76ers surge to the top of the Eastern Conference and make a deep playoff run, Durant’s assessment will gain retrospective strength. If chemistry issues or injuries intervene, Howard’s more cautious framing may look prescient.

For now, the conversation underscores the enduring fascination with superteam construction in the NBA. James’ presence in Philadelphia has already reshaped expectations for the 2026-27 season. Whether the group ultimately resembles the all-conquering Warriors of Durant’s era or follows a more complicated path is a question only games can answer.

Eighteen-year-olds will be able to buy half price train tickets for most services when railcard rules are changed later this month, the Department for Transport (DfT) has announced.

It’s an extension of the 16-17 Saver railcard which currently expires when the holder turns 18. From 17 August, they will be valid for a full year from the date of purchase.

It means 17-year-olds will be able to buy the railcard up until the day before they turn 18, making it valid until the day before they turn 19.

The existing rule meant more than 70,000 students each year were an average of £175 worse off than those in the same academic year who hadn’t yet had their 18th birthday, the DfT said.

The 16-17 Saver Railcard costs £35 per year and entitles the holder to 50% off most train fares.

Rail minister Lord Hendy claimed this “common sense change” is “exactly what passengers should expect from the railway”.

He said the change would “lower the cost of travel at a critical time for teenagers, whether they’re pursuing further education, vocational pathways or getting their footing in the jobs market”.

Jacqueline Starr, chief executive of industry body the Rail Delivery Group, said the change demonstrates the sector’s commitment to “offering better value fares and delivering a more joined-up railway”.

Kaynat Ahmad, vice president for further education at the National Union of Students, described the railcard as “essential for young people reliant on trains to get to college, work or training”.

Eighteen-year-olds were already entitled to a 16-25 Railcard, but that only entitles them to a third off the cost of travel.

The announcement comes after the government said the cap on most single bus fares in England will be cut from £3 to £2 next year.

The U.S. housing market is trending in two different directions as a new report from Zillow finds that while demand for luxury homes is surging, starter home sales are softening with growing inventory.

Zillow’s data defines starter homes as those in the 5th to 35th percentile of home values in a given region, whereas luxury homes are in the top 5% of a region’s home values. Around the country, the typical starter home is worth about $202,000, an increase of 2.3% from a year ago, while the typical luxury home is worth about $1.9 million, up 3.1% from last year.

Inventory for starter homes is up 4.5% year over year in June, while it fell 5.2% for luxury homes. Price cuts were also more common for starter homes, of which 25% had price cuts in June, while 20.6% of luxury home listings had price cuts.

“The best time to buy a home is when nobody else wants to,” said Kara Ng, senior economist at Zillow. “Starter home buyers today have more options, more negotiating power, and sellers who are more willing to deal.”

MORTGAGE RATES HIT HIGHEST LEVEL IN NEARLY A YEAR

The rise in inventory of starter homes is creating an opportunity for buyers if they’re willing and able to put down an offer, Zillow noted. (David Ryder/Bloomberg via Getty Images)

Would-be buyers of starter homes are facing a difficult economic environment, with elevated inflation squeezing household budgets, low levels of consumer sentiment and the job market slowing.

All of those factors tend to cause households to delay major financial commitments, like purchasing a new home, despite the opportunity available to buyers, Zillow’s report noted.

“The challenge is that the same financial pressures making it harder to save for a down payment are also making it harder to take advantage of that opportunity,” Ng said.

THESE AMERICAN CITIES ARE TRENDING TOWARD A BUYER’S MARKET

Starter homes are seeing more price cuts than luxury listings, Zillow found. (Paul Bersebach/MediaNews Group/Orange County Register via Getty Images)

The situation is very different for higher-income households, as gains in the stock market have bolstered their purchasing power and helped stoke demand for luxury homes.

The divergence between the two ends of the market is the most significant in San Francisco, which saw luxury home sales surge 21.6% year over year in May, with inventory falling sharply and fewer listings cutting prices.

STARTER HOME AFFORDABILITY IS CRAWLING BACK. THESE REGIONS ARE BEST FOR FIRST-TIME BUYERS

San Francisco’s housing market shows the divergence between luxury and starter home sales. (Tayfun Coskun/Anadolu via Getty Images)

By contrast, starter home sales in the San Francisco metro area declined 1.2% year over year in May, while more than twice as many price cuts were recorded – with 22.2% of starter home listings cutting prices in June compared with 9.4% of luxury homes.

Markets which saw the largest year-over-year increases in starter homes sold as of May were Louisville (19.3%); New Orleans (12.9%); San Jose, California, (10.5%); and Miami (8.2%).

The hottest markets for luxury homes sold year over year as of May were Memphis (42.4%); Nashville (40.8%); Cincinnati (32.6%); Austin (27.7%); and Birmingham, Alabama (25%).

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SYDNEY — Petro Papathomas and Vinnie Gibaldi will face off in the MasterChef Australia 2026 Grand Finale after a tense semi-final service challenge eliminated Aaron Kher on Monday night.

The pair emerged from a three-way battle that required each remaining contestant to deliver a two-course fine dining experience for the judges and 20 diners. With three hours on the clock, the cooks prepared 23 plates of each course under the guidance of returning judge Andy Allen, who rejoined the kitchen after parental leave.

The decision between Aaron and Vinnie proved one of the most difficult of the season. Aaron’s main course featured an Asian-French fusion of pork loin chop roasted on the bone with charred Treviso and three sauces — pork and veal jus, XO glaze and red miso mustard. His dessert of basil and white pepper ice cream with tomato, strawberry and white balsamic granita, finished with a fried basil leaf and hazelnut crumb, left the judges impressed. However, the bold flavors in his sauces were judged to clash, costing him a place in the final.

Petro and Vinnie advanced to the Grand Finale, scheduled for Sunday, August 9, at 7 p.m. on Channel 10. The all-Victorian showdown marks the culmination of a season that began with 24 home cooks and narrowed through months of pressure tests, mystery boxes, immunity challenges and eliminations.

Papathomas, a 30-year-old chartered accountant of Greek-Cypriot heritage, has drawn consistent praise for his inventive approach and Mediterranean influences. He secured an early path to the semi-finals by winning immunity with a celeriac dessert that impressed guest judge Meghan Markle. His long-term goal is to open a Cypriot restaurant, and he has spent years refining a signature halloumi recipe.

“I love risk,” Papathomas has said of his cooking style. “I took her advice on board and just trusted my gut. Trusting your gut is the most important thing you can do in this competition I believe.” Reflecting on earlier challenges, he added that he learned he could “lean into uncertainty and out of my comfort zone, and with the right belief and approach pull off something I never expected I would be able to in this competition.”

Gibaldi, a 25-year-old registered nurse from Victoria, grew up in a large Italian family where food formed the center of celebrations and connection. He has been noted for his composure under pressure and steady improvement throughout the competition. In earlier comments ahead of the later stages, he emphasized the value of constructive feedback after the contestants briefly judged the mentors themselves.

Kher, 32, also from Victoria and drawing on Malaysian-Chinese heritage inspired by his grandmother’s cooking, had expressed a clear aim for the semi-final. “Going into the semi-final, I just wanted to cook dishes that truly represented me and my journey on MasterChef,” he said. “I wanted my food to reflect how much I’d grown throughout the competition, and I wanted to walk away knowing I’d left everything on the floor, with no regrets.”

The Grand Finale will consist of two challenges. It opens with a 75-minute Mystery Box using ingredients that pay tribute to special guest judges who appeared during the season. The second and decisive challenge is a pressure test set by internationally acclaimed pastry chef Cherish Finden. The finalists must recreate her Chinese Afternoon Tea, comprising three intricate desserts and a total of nine petit gateaux, in five hours.

Finden, who previously served as executive pastry chef at London’s Langham Hotel and has more than 25 years of international experience, brings one of the most technically demanding finales in recent seasons. The winner will claim the MasterChef Australia 2026 title and $250,000 in prize money.

The season has been marked by strong performances under judges Poh Ling Yeow, Sofia Levin, Jean-Christophe Novelli and Allen. Guest appearances, including Markle and others, added high-profile moments, while emotional challenges such as the “Letters from Home” elimination brought personal stories into the kitchen. Casper Kenworthy was the last contestant eliminated before the top three, after a challenge involving ingredients chosen by family members.

Both finalists have spoken of the intensity of the competition and the personal growth it demanded. Papathomas entered the semi-final determined simply “to try and keep calm and enjoy the experience.” Gibaldi has highlighted the respect gained from seeing the judges under pressure themselves during the traditional “Fun One” episode that preceded the semi-final.

With the Grand Finale days away, attention turns to how the two remaining cooks will handle the combination of creative freedom in the Mystery Box and the precision required by Finden’s multi-element dessert. The service challenge demonstrated their ability to execute under the demands of volume and timing. The final will test consistency, creativity and nerves on an even larger stage.

Viewers will see the culmination of a competition that rewarded both technical skill and personal expression. Papathomas’ risk-taking and Mediterranean roots contrast with Gibaldi’s steady development and Italian family influences, setting up a distinctive final pairing.

The outcome remains undecided until the plates are judged on August 9. One of the two will emerge as MasterChef Australia champion for 2026, ending a season defined by high-stakes cooking, emotional eliminations and the steady narrowing of a diverse field of home cooks.

The South West side has reached an agreement with a Birmingham-headquartered IT business

A Birmingham-headquartered technology company has agreed a new sporting deal with Bristol Bears Rugby Club in a move it has described as a “major milestone”.

Under the terms of the agreement, Intercity will become an official club partner of the Gallagher PREM side ahead of the 2026-27 season, providing IT managed services, cloud, cybersecurity and communications for the men’s and women’s teams.

The one-year deal – the details of which have not been disclosed – will also see Intercity become the official lower back-of-shirt partner for Bristol Bears Women, which recently made the high-profile signing of England Red Roses player Ellie Kildunne.

Oliver Hayward, chief revenue officer at Intercity, said: “This is a major milestone for our business, giving us a new presence in the South West, whilst also extending our footprint in the sporting world – where we already have similar agreements with Birmingham City Football Club and Edgbaston.

“Bristol Bears and Bristol Bears Women are very ambitious and share our values of developing talent and delivering a major positive impact to the communities we both operate in.”

Mr Hayward said the company wanted to equip both teams with the “robust IT foundations and technology innovations” needed to make the most of performance analytics and the matchday experience.

“The sponsorship element of the deal will also raise awareness of the Intercity name in a relatively untapped area for us, with stadium branding, digital engagement and, the icing on the cake, our logo on the lower backs of the Bristol Bears Women’s shirts,” he added.

Daisie Mayes, Bears Women general manager, said: “We’re delighted to welcome Intercity to Bristol Bears. Its commitment to developing female talent and creating opportunities for women in technology really resonates with what we’re building within our women’s programme.

“Having its support as our lower back-of-shirt partner is a fantastic endorsement of our ambitions, and we’re excited to work together as we continue to grow the team and inspire the next generation.”

The news comes just days after Bristol Bears’ captain – Fitz Harding – warned his side that “every point matters” as it looks to try to improve on its sixth-place finish last year.

Pat Lam’s team will kick off their next campaign with an away game against Sale Sharks on Saturday, September 26, which will be followed by a match with Northampton Saints at Ashton Gate the weekend after.

Bristol Bears chief executive Tom Tainton added: “As we continue to invest in high-performance environments across our men’s and women’s programmes, we’re excited to work alongside Intercity, a partner that truly understands the vital role technology plays in enabling success both on and off the field.”

Nebius Group N.V. shares climbed nearly 12% in morning trading Monday, extending a rebound for the AI cloud infrastructure provider as investors digested a multiyear computing contract and the activation of next-generation Nvidia hardware.

The stock traded near $213.16, up $22.75, after the company announced a multiyear agreement to supply more than $1 billion in GPU-based cloud services through 2029 to Reflection AI. Nebius also reported that its Vera Rubin compute rack is now operational at its data center in Finland, expanding capacity for advanced AI workloads.

The moves add to a series of large-scale customer commitments that have positioned Nebius as a significant player in the neocloud sector, which supplies specialized computing power for artificial intelligence model training and inference. The company already counts multiyear agreements with major technology firms, including a capacity deal with Meta Platforms valued at up to $27 billion over five years and substantial business with Microsoft.

Nebius, based in Amsterdam, has pursued aggressive expansion of its data center footprint and GPU inventory to meet demand that management has described as consistently outstripping available supply. In the first quarter of 2026, group revenue rose 684% year over year to $399 million, while the core Nebius AI cloud business delivered $390 million, up 841% from the prior-year period. Annualized run-rate revenue for the AI segment reached $1.9 billion at the end of March.

Adjusted EBITDA for the group turned positive at $130 million in the first quarter, with a 32% margin, while the AI cloud business posted a 45% adjusted EBITDA margin. The company reiterated full-year 2026 guidance calling for annualized run-rate revenue of $7 billion to $9 billion, group revenue of $3 billion to $3.4 billion and an adjusted EBITDA margin around 40%.

Capital expenditures remain elevated as Nebius builds capacity. Management raised its 2026 CapEx outlook to $20 billion to $25 billion to support power and infrastructure targets exceeding 4 gigawatts of contracted capacity by year-end. A new site in Pennsylvania is designed to support up to 1.2 gigawatts once fully operational. Funding has come from a mix of customer prepayments, equity investment, convertible notes and, more recently, a senior secured debt facility.

Nvidia holds a notable stake in Nebius and has deepened technical collaboration, including recognition of Nebius infrastructure for advanced GPU generations. The partnership has been cited by analysts as a strategic advantage in securing hardware supply and co-developing capabilities for training and inference workloads.

The Reflection AI contract provides additional multiyear revenue visibility at a time when AI infrastructure providers face high upfront costs before utilization ramps. Industry demand continues to be supported by heavy capital spending from hyperscalers and enterprise customers racing to expand model training capacity and deploy generative AI applications.

Nebius is scheduled to report second-quarter results on August 12. Analysts expect continued strong top-line growth, with consensus revenue estimates near $577 million, representing several hundred percent year-over-year expansion, though adjusted losses are still anticipated as the company invests ahead of capacity coming online.

The stock has experienced significant volatility throughout 2026, reflecting both enthusiasm for AI infrastructure pure-plays and concerns about capital intensity, customer concentration and the pace of capacity deployment relative to contracted demand. Shares have risen sharply over the past year on the back of major contract announcements and improving operating metrics.

Market participants will watch closely for updates on utilization rates, additional customer wins, power acquisition progress and any revisions to the ambitious full-year targets. The combination of a new multiyear contract and operational milestones with Nvidia hardware has reinforced the narrative that Nebius is converting AI demand into tangible capacity and contracted revenue.

As the company scales its platform across existing and new sites, the focus remains on delivering the contracted power and converting backlog into recognized revenue while managing the substantial capital requirements of the build-out. The latest announcements have provided near-term catalysts for the shares amid broader positive sentiment toward AI infrastructure names.

Putting Iran aside for a moment, I want to point out, besides Iranian news, just how strong the American economy is — war or not. By the way, the Dow Jones index just hit a new record high of 53,178.  

Today’s Institute for Supply Management manufacturing index came in far higher than consensus estimates, and scored its seventh straight monthly gain. We haven’t seen anything like this in years. And if you run your finger down the survey category — whether its new orders, or production, or employment, or even order backlogs, it’s a power-packed report. Seven straight months.

From a policy standpoint, two big issues: first, the One Big Beautiful Republican Bill, and its immediate 100 percent expensing of business investments, including the whole semiconductor connectivity, power networking boom, is driving this manufacturing renaissance. 

And, second, although mainstream economists may not like it, tariffs have refocused businesses domestic production away from offshoring. Hat-tip to our pal John Carney on this one.

This manufacturing report comes after a badly misunderstood GDP report — where the topline was only 1.5 percent growth, but the guts of the economy, which is consumer spending and business investment, actually grew at 3.9 percent. And here too, business equipment is up more than 15 percent, all at an annual rate.

Unemployment claims are at record lows. Nobody’s getting fired. The AI doomsters are wrong. Jobs are rising, not falling. The American dollar is strong. Hopefully exerting lower inflation pressures.  And the aforementioned manufacturing AI productivity boom is leading to soaring profits, lower economy-wide costs, and guess what? A record breaking Dow. 53,178 at the close. How about those apples?