NEW YORK — Texas Pacific Land Corp. shares jumped more than 10% in morning trading Friday, climbing to $417.06 as investors appeared to shake off recent volatility tied to the passing of a major shareholder and renewed optimism around the company’s diversification into AI infrastructure and data centers on its vast West Texas holdings.

The Dallas-based land and royalty company, listed on the NYSE as TPL, added $39.16, or 10.36%, by 11:12 a.m. EDT. The sharp rebound followed a steep sell-off earlier in the week after the announcement of the death of Murray Stahl, founder of Horizon Kinetics Asset Management, TPL’s largest shareholder. Shares had plunged as much as 15-17% on Thursday amid the news and broader energy sector weakness linked to easing Middle East tensions.

Texas Pacific Land owns roughly 900,000 acres in the Permian Basin, generating revenue primarily through oil and gas royalties, produced water royalties, and water sales to drilling operators. The business model is asset-light with exceptionally high margins — often exceeding 60% net — because the company collects royalties without bearing drilling or operating costs.

In its fourth-quarter and full-year 2025 results released in February, TPL reported record performance. Full-year revenue reached $798.2 million, net income hit $481.4 million or $6.97 per diluted share, and free cash flow stood at $498.3 million. Oil and gas royalty production averaged 34.6 thousand barrels of oil equivalent per day for the year, rising to a quarterly record of 37.5 thousand Boe/d in the fourth quarter. Water sales revenue climbed to $169.7 million annually, with Q4 alone delivering $60.7 million on 1.0 million barrels per day of volumes.

The company also raised its regular quarterly dividend by 12.5% to $0.60 per share and entered a new $500 million revolving credit facility while completing a three-for-one stock split in late 2025. Adjusted EBITDA for 2025 reached $687.4 million.

Analysts have grown increasingly bullish on TPL’s non-traditional growth avenues. In February, KeyBanc raised its price target sharply to $639 from $350 while maintaining an Overweight rating, citing opportunities in power generation, data centers and strong water segment trends. Other targets range widely, with consensus around $487 and some lower figures near $390, reflecting debate over valuation amid high multiples.

A key catalyst has been TPL’s strategic pivot toward AI and digital infrastructure. In December 2025, the company invested $50 million in Bolt Data & Energy, a platform chaired by former Google CEO Eric Schmidt. The partnership aims to develop large-scale “Closed Loop Energy Data Hubs” on TPL land, leveraging the company’s natural gas resources for power generation and treated water for cooling. TPL holds equity stakes, warrants and rights of first refusal for land and water supply to these projects.

Management has highlighted ambitions for gigawatt-scale data center development, potentially transforming surface acreage into high-value AI infrastructure. Reports of potential involvement from major tech players, including Google, have fueled investor excitement even as traditional energy exposure remains core.

Water services continue to provide a resilient revenue stream less directly tied to oil prices. Produced water royalties and sales volumes set records in 2025, benefiting from higher drilling activity in the Permian. TPL has also explored desalination opportunities to expand its water portfolio sustainably.

Despite the positive long-term narrative, the stock has experienced significant swings. It surged over 50% year-to-date through early 2026 on royalty strength and data center buzz but pulled back sharply in recent sessions. Thursday’s drop followed Stahl’s passing; Horizon Kinetics holds millions of shares, and the activist-leaning investor had played a key role in modernizing TPL’s governance and strategy in prior years. Horizon continued buying shares even after the news, purchasing additional units on April 8.

The company remains debt-light with substantial cash and liquidity. Its fortress balance sheet allows opportunistic investments and resilience during commodity downturns, a point emphasized by CEO Ty Glover on recent earnings calls.

TPL’s land position gives it unique leverage in the Permian, one of the world’s most productive oil basins. Operators drilling on or near its acreage pay royalties on production, while surface rights enable additional income from easements, water and now potential tech infrastructure. This diversified model has helped TPL outperform traditional energy plays during periods of price volatility.

Challenges persist. Revenue remains sensitive to drilling activity, rig counts and commodity prices, even with royalty structures providing downside protection. Some analysts caution that elevated valuations assume continued robust operator spending and successful execution on new initiatives like data centers, which remain in early stages. Recent operator capital discipline and fluctuating rig counts have raised questions about near-term growth sustainability.

Broader market context includes recovering oil prices after a brief dip tied to Middle East developments, though energy stocks overall showed mixed performance Friday. TPL’s outsized move suggests company-specific catalysts — particularly AI-related speculation — are driving the rebound.

Upcoming events include a shareholder office and field visit in Midland on May 18, 2026, with an RSVP deadline already passed. The gathering offers investors a closer look at operations, water assets and potential development sites.

Founded originally in the 19th century and restructured as a modern corporation, Texas Pacific Land has evolved from a legacy land trust into a high-margin royalty and resource play. It maintains a lean structure with minimal overhead, allowing most incremental revenue to flow to the bottom line.

Insider and institutional interest remains notable. Major holders like Horizon Kinetics have demonstrated ongoing confidence through purchases, while short interest hovers around 6% of float. The stock’s beta near 1.0 indicates it moves with the broader market but amplifies energy and growth themes.

Technical analysts noted Friday’s surge broke short-term resistance after the recent pullback, with elevated volume signaling renewed buying interest. Longer-term charts show the shares well above 2025 lows despite volatility.

As TPL prepares Q1 2026 results in coming weeks, focus will center on royalty production trends, water volumes, progress with Bolt Data & Energy and any updates on surface development. Guidance or commentary on 2026 outlook could further influence sentiment.

The company’s story blends old-economy energy royalties with forward-looking bets on AI power and data infrastructure needs. In an era of surging electricity demand from data centers and hyperscalers, TPL’s land, water and energy resources position it uniquely at the intersection of traditional resources and next-generation technology.

While risks around execution, commodity cycles and high valuations remain, Friday’s rally underscores investor willingness to price in diversification potential. With Permian activity resilient and new revenue streams emerging, Texas Pacific Land continues to attract attention as both a defensive royalty play and a speculative growth name in the evolving energy-AI landscape.

Songkran, Thailand’s iconic water festival, fosters family unity and joy. Celebrated in April, it offers meaningful connections, creating lasting memories across generations through shared experiences and cultural traditions.

Songkran: A Festival of Family Unity

Songkran is deeply rooted in family traditions, serving as a vibrant celebration of joy and connection. This iconic water festival, celebrated in Thailand every April, transforms cities into living classrooms of shared experiences and lasting memories. Beyond the water fights, Songkran fosters a deeper sense of togetherness among families, strengthening bonds across generations.

Celebrating in the Heart of Thailand

In Bangkok, Songkran offers family-friendly experiences at locations like centralwOrld and Siam Square, blending tradition with safety. While Khao San Road is energetic, families can find designated splash zones that prioritize safety with crowd control and shaded areas. These spaces provide peace of mind for parents, allowing everyone to fully enjoy the festivities.

Embrace Diversity in Celebrating Songkran

Exploring beyond the capital, Chiang Mai offers spiritual experiences with ceremonies at ancient temples, promoting family teamwork and unity. In Pattaya, the lively Wan Lai festival showcases water-themed activities perfect for families seeking fun in the sun. Ayutthaya’s ancient ruins offer a unique cultural backdrop, transforming Songkran into a celebration of renewal, unity, and shared family joy.

Source : Splashing Through the Generations – TAT Newsroom

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NEW YORK — Credo Technology Group Holding Ltd. shares surged more than 10% in morning trading Friday, reaching $119.23 as investors piled into the high-speed connectivity specialist amid unrelenting demand for its solutions powering massive AI data center buildouts.

The San Jose, California-based company, listed on Nasdaq as CRDO, added $11.30, or 10.47%, by 11:16 a.m. EDT. The sharp move came as the market continued to reward Credo’s exceptional growth in providing energy-efficient interconnects critical for linking thousands of GPUs in next-generation AI training and inference clusters.

Credo specializes in high-performance connectivity solutions, including Active Electrical Cables (AECs), optical digital signal processors (DSPs), retimers and SerDes technologies that operate at speeds up to 1.6 terabits per second. These products solve critical bottlenecks in data movement within hyperscale AI infrastructures, where traditional passive copper cables fall short due to power, weight and reach limitations.

The rally builds on Credo’s blockbuster fiscal third-quarter 2026 results reported in early March. Revenue exploded to $407.0 million for the quarter ended Jan. 31, 2026, representing a staggering 201.5% increase from the year-ago period and 51.9% sequential growth. The performance far exceeded prior guidance and analyst expectations, driven primarily by surging adoption of Credo’s AECs among major hyperscalers.

Non-GAAP gross margins reached an impressive 68.6%, while non-GAAP operating margins expanded to around 49.6%. Non-GAAP net income hit a record $208.8 million, or $1.07 per diluted share. Free cash flow for the quarter stood at $139.7 million, underscoring the company’s exceptional profitability and capital efficiency for a high-growth semiconductor player.

CEO Bill Brennan highlighted the strength of hyperscaler demand during the earnings call, noting expanded AEC adoption with an additional major customer. Product revenue, which includes AECs and optical solutions, continued its rapid ramp, with the top three customers each contributing more than 10% of total revenue in the period. Management has guided for full fiscal 2026 revenue around $1.33 billion, implying over 200% year-over-year growth.

Credo’s momentum has been fueled by the AI infrastructure boom. As companies scale GPU clusters for large language models and other generative AI workloads, the need for reliable, low-power, high-bandwidth interconnects has skyrocketed. Credo’s AECs offer a compelling alternative to passive copper by incorporating active signal processing in thinner, lighter cables that improve airflow, reduce weight and extend reach within data center racks.

The company has aggressively expanded its portfolio to capture more of the AI connectivity stack. In March 2026, Credo launched the 800G ZeroFlap optical transceivers engineered specifically for AI networks, addressing link stability issues that can disrupt large-scale fabrics. It also introduced the Cardinal family of low-power 1.6T optical DSPs for massive-scale AI fabrics and the Robin 800G optical DSP family tailored for next-wave AI applications.

These innovations build on Credo’s core SerDes technology and its PILOT diagnostic and analytics platform, which provides real-time telemetry to enhance reliability in complex AI environments. Demonstrations at the Optical Fiber Communication Conference in March showcased 400G and 800G ZeroFlap solutions in live AI network fabrics.

Credo has also resolved key intellectual property matters. In late March, it reached settlement agreements with TE Connectivity and Molex regarding active electrical cable patent disputes, clearing potential obstacles and allowing focus on execution and innovation.

Analysts remain broadly bullish on Credo’s prospects. Consensus price targets cluster around $200, with some high-end forecasts reaching $260, implying substantial upside from current levels. Firms have cited Credo’s strong execution, expanding customer base and positioning in the multi-billion-dollar AI interconnect market. Recent commentary has emphasized diversification beyond a few hyperscalers, with growing traction among neocloud providers and additional large-scale operators.

The stock has delivered extraordinary returns, with one-year gains exceeding 200% and multi-year performance far outpacing broader indices. Yet volatility persists, reflecting the high-growth, high-valuation nature of AI-related semiconductor plays. Shares pulled back modestly after the March earnings release before rebounding on continued positive sentiment around AI spending.

Financially, Credo maintains a robust balance sheet with significant cash reserves that support ongoing R&D and potential strategic moves. Operating leverage has improved markedly as revenue scales, with management emphasizing disciplined expense growth even as it invests in next-generation 1.6T and beyond technologies.

Challenges remain in the competitive landscape. While Credo has carved out leadership in AECs — a category it helped pioneer — larger players in optical DSPs and traditional networking continue to vie for share. Broader concerns around AI capex sustainability, potential shifts in hyperscaler spending patterns and commodity copper dynamics have occasionally weighed on sentiment. However, recent reaffirmations from industry leaders about the continued importance of both copper and optical solutions in AI fabrics have supported the narrative.

Credo was founded with a focus on energy-efficient connectivity and has evolved into a key enabler of the AI revolution. Its solutions address the “plumbing” of modern data centers, where efficient data movement between GPUs, CPUs, memory and storage directly impacts training times, inference performance and overall power consumption — critical factors as electricity demands from AI infrastructure soar.

Looking ahead, investors will watch for the fiscal fourth-quarter results, expected in May or June, along with updates on 800G and 1.6T product ramps, further customer wins and progress on emerging platforms like OmniConnect gearboxes and potential microLED collaborations. Guidance for the new fiscal year could provide additional visibility into sustained hyper-growth.

Broader market tailwinds include sustained hyperscaler investments in AI, with major cloud providers and tech giants committing hundreds of billions to data center expansion. Credo’s ability to deliver differentiated, standards-based solutions at scale positions it well to capture a growing portion of the expanding total addressable market in AI connectivity, projected to reach tens of billions of dollars in coming years.

Friday’s trading volume was notably elevated as the stock broke through recent resistance levels. Technical observers noted the potential for continued momentum if AI-related news flow remains positive and broader semiconductor sentiment holds.

As one of the purest plays on the infrastructure buildout supporting artificial intelligence, Credo Technology has captured Wall Street’s imagination. With record-breaking revenue growth, expanding margins and a pipeline of innovative products addressing real pain points in massive AI clusters, the company stands out in a crowded field of AI beneficiaries.

While execution risks, valuation debates and cyclical semiconductor dynamics persist, Credo’s demonstrated ability to exceed expectations and innovate rapidly has built significant investor confidence. The coming quarters will test whether it can sustain this trajectory as the industry transitions from 800G to 1.6T interconnects and beyond.

For now, the AI connectivity story continues to drive enthusiasm, with Credo firmly established as a critical link in the chain powering the generative AI megatrend.

NEW YORK — Fluence Energy Inc. shares climbed more than 7% in morning trading Friday, reaching $14.56 as investors bet on the battery storage company’s strong positioning in the surging U.S. energy storage market fueled by artificial intelligence data centers, grid modernization and supportive domestic manufacturing policies.

The Arlington, Virginia-based firm, listed on Nasdaq as FLNC, added 99 cents, or 7.34%, by 11:18 a.m. EDT. The move came amid broader enthusiasm for clean energy infrastructure plays and followed Fluence’s recent reaffirmation of its U.S.-manufactured products’ eligibility for domestic content tax credits, a key advantage under evolving federal incentives.

Fluence, a joint venture between Siemens and AES Corp., delivers intelligent energy storage systems, operational services and asset optimization software. Its Gridstack platform and digital offerings help utilities, independent power producers and large energy consumers store renewable power and balance grids amid rising demand from electrification and hyperscale computing.

The latest surge builds on positive sentiment around Fluence’s record backlog and pipeline growth. In its fiscal first-quarter 2026 results released Feb. 4, the company reported revenue of approximately $475.2 million, a 154.4% jump from the year-ago period. While the quarter showed a net loss of about $62.6 million and negative adjusted EBITDA of $52.1 million — partly due to project costs and seasonal weighting — management reaffirmed full-year fiscal 2026 guidance of $3.2 billion to $3.6 billion in revenue, with a midpoint of $3.4 billion now fully covered by backlog.

Order intake exceeded $750 million in the quarter, pushing contracted backlog to a record $5.5 billion as of Dec. 31, 2025. The pipeline expanded significantly to 41.8 GW and 150.5 GWh, up about 17% and 23% respectively from the prior quarter, driven by accelerating U.S. demand. CEO Julian Nebreda highlighted “accelerating data center growth, utility demand and rising industrial loads” as key drivers.

Fluence has emphasized its U.S. manufacturing strategy. On April 6, the company reaffirmed the continued availability of domestically produced products qualifying for domestic content tax credits under the One Big Beautiful Bill Act. This positions Fluence to capture incentives that enhance project economics and competitiveness, particularly as customers seek compliant, reliable storage solutions amid policy shifts.

The company has partnered with domestic suppliers for battery cells and modules, supporting projects like the 1 GWh deployment with Cordelio Power across three U.S. sites starting in 2026. Such deals underscore Fluence’s push for supply chain localization, creating jobs while mitigating foreign entity of concern compliance risks.

Analysts have taken note of the momentum. Consensus price targets hover around $16 to $18, with some higher forecasts reaching $28 to $32, suggesting potential upside. Ratings remain mixed — largely Hold with a handful of Buy and Sell — reflecting execution risks in a competitive sector but optimism around long-term tailwinds. Recent adjustments include Susquehanna trimming its target while maintaining a Positive stance, amid broader coverage of the stock’s valuation relative to growth prospects.

Fluence’s deployed capacity stands at about 18.9 GWh globally, with strong presence in the U.S., where it ranks among top integrators. The company expects the U.S. to account for a substantial portion of 2026 activity, benefiting from policy support, grid reliability needs and explosive power demand from AI facilities. Data centers alone have emerged as a major growth vector, as hyperscalers seek firm, dispatchable capacity to complement intermittent renewables.

Beyond hardware, Fluence’s services and digital platforms contribute growing recurring revenue. Annual recurring revenue is projected to reach approximately $180 million by fiscal year-end, supported by long-term operations and maintenance contracts plus AI-driven optimization software that maximizes asset performance.

The energy storage market is expanding rapidly. Industry forecasts point to significant deployment growth, with battery systems playing a pivotal role in integrating renewables, providing peaking capacity and enhancing grid resilience. Fluence has been recognized as a leading global provider, ranking in the top three for installed and contracted capacity in independent reports and earning System Integrator of the Year honors multiple times.

Challenges persist. Gross margins in the first quarter remained pressured at around 5.6% on an adjusted basis, reflecting project-specific costs and the front-loaded nature of revenue recognition in large deployments. The company has worked through execution issues on select projects, with expectations that most additional costs will be recovered. Operating leverage should improve as scale increases and higher-margin services grow.

Fluence amended its syndicated credit facility in early April, tightening certain terms while extending covenant relief and securing liquidity through 2026. The move provides financial flexibility amid heavy investment in growth. In March, stockholders approved an expansion of the equity incentive plan, adding shares to support talent retention in a competitive tech and energy talent market.

The stock has shown volatility typical of high-growth cleantech names. It has rebounded from earlier 2026 levels but trades well below peaks seen during previous enthusiasm waves for energy storage. Friday’s volume appeared elevated as shares tested recent resistance, with technical observers noting potential for continued momentum if positive news on orders or policy continues.

Founded as a Siemens-AES venture and spun out publicly in 2021, Fluence has scaled rapidly by focusing on utility-scale and commercial & industrial applications. Its vertically integrated approach — combining hardware, software and services — differentiates it from pure-play competitors. Recent board and governance updates, including director elections and auditor ratification at the March annual meeting, reflect ongoing maturation.

Broader industry tailwinds include rising electricity demand from AI, electric vehicles and manufacturing reshoring. Utilities face pressure to add flexible resources as coal and gas retirements accelerate and renewable penetration grows. Battery storage addresses these needs by shifting energy from sunny or windy periods to peak times, while providing ancillary services like frequency regulation.

International expansion continues, with projects in Southeast Asia, Australia, India and Europe. However, the U.S. remains the primary growth engine, supported by tax credits, state-level mandates and corporate procurement from tech giants.

Looking ahead, investors await the fiscal second-quarter results, expected in coming months, for updates on margin trends, order intake and progress toward profitability. Management has stressed disciplined execution, cost control and leveraging its backlog to deliver on guidance.

While near-term profitability swings and project risks remain, Fluence’s record backlog, domestic content advantages and exposure to secular megatrends in power infrastructure position it as a compelling player in the energy transition. As data centers and grids demand more storage, the company’s integrated solutions could capture significant value.

Friday’s trading reflected renewed confidence in Fluence’s ability to navigate a dynamic market. With global deployments accelerating and U.S. policy supporting local manufacturing, the company appears well-placed to benefit from the next wave of battery storage growth.

Operator

Good day, everyone, and welcome to the FRP Holdings, Inc. Fourth Quarter 2025 Conference Call. [Operator Instructions] It is now my pleasure to hand the floor over to your host, Chief Financial Officer, Matt McNulty. Sir, the floor is yours.

Matthew McNulty
CFO & Treasurer

Thank you. Good afternoon, and thank you all for joining us on this call today. I am Matt McNulty, Chief Financial Officer of FRP Holdings, Inc. And with me today are John Baker II, our Chairman; John Baker III, our CEO; David deVilliers III, our President and Chief Operating Officer; Mark Levy, our Chief Investment Officer; and John Klopfenstein, our Chief Accounting Officer.

First, let me run through a brief disclosure regarding forward-looking statements and non-GAAP measures used by the company. As a reminder, any statements on this call, which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings.

To supplement the financial results presented in accordance with generally accepted accounting principles, FRP presents certain non-GAAP financial measures within the meaning of Regulation G. The non-GAAP financial measures referenced in this call are net operating income, or NOI, and pro rata NOI. In this quarter, we provided an adjusted net income to adjust for the impact of onetime expenses of the Altman Logistics acquisition, which is a material business combination unlike our historical real estate acquisitions or joint ventures where expenses are capitalized.