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Operator

Good day, and welcome to the Blackstone Secured Lending First Quarter 2026 Investor Call. Today’s call is being recorded. [Operator Instructions] I’d like to turn the conference over to Stacy Wang, Head of Stakeholder Relations. Please go ahead.

Stacy Wang
Head of Stakeholder Relations

Thank you, Katie. Good morning, and welcome to Blackstone Secured Lending Fund’s First Quarter Results Conference Call. Joining me today are Brad Marshall, Co-Chief Executive Officer; and Teddy Desloge, Chief Financial Officer, along with other members of the management team available for Q&A, including Jonathan Bock, Co-Chief Executive Officer; and Carlos Whitaker, President.

Earlier today, we issued a press release with a presentation of our results and filed our 10-Q, both of which are available on the Shareholder Resources section of our website, www.bxsl.com. We will be referring to that presentation throughout today’s call. I’d like to remind you that this call may include forward-looking statements, which are uncertain and outside of the firm’s control and may differ materially from actual results. We do not undertake any duty to update these statements. For some of the risks that could affect results, please see the Risk Factors section of our Form 10-Q filed earlier today. This audio cast is copyrighted material of Blackstone and may not be duplicated without consent.

With that, I’ll turn the call

SYDNEY — The S&P/ASX 200 has shown resilience in the first nine trading days of May 2026, climbing roughly 2.8% despite global volatility, with a handful of standout performers driving much of the gains. As artificial intelligence infrastructure demand, lithium market recovery and technology innovation continue to shape investor sentiment, five companies have emerged as the clear leaders in percentage terms on the benchmark index so far this month.

These top gainers reflect broader themes playing out across the Australian market: the global AI boom’s ripple effects on local tech and semiconductor-related firms, renewed interest in critical minerals, and selective strength in healthcare and consumer sectors. Here are the five biggest percentage risers on the ASX 200 from May 1 through May 8, 2026, based on closing prices and market data.

1. BrainChip Holdings (BRN) – Up 68% BrainChip has been the runaway leader, surging more than 68% in early May as its neuromorphic computing technology gained fresh attention from AI developers seeking energy-efficient alternatives to traditional chips. The company’s Akida processor, designed for edge AI applications, has secured several new design wins with automotive and industrial clients. Analysts at Bell Potter upgraded the stock citing “strong momentum in the AI edge computing space” and raised their target price significantly. BrainChip’s low-power chips are increasingly seen as complementary to larger data center solutions, positioning the company as a niche but high-growth player in the AI supply chain.

2. Lake Resources (LKE) – Up 52% Lithium developer Lake Resources jumped 52% as positive developments in its Kachi Project in Argentina and rising global lithium prices fueled optimism. The company reported strong progress on its Phase One demonstration plant and secured additional offtake interest from Asian battery manufacturers. With electric vehicle adoption remaining robust despite higher interest rates, investors are rotating back into lithium plays that offer near-term production potential. Lake Resources has benefited from a broader recovery in critical minerals sentiment as governments push for supply chain diversification away from dominant producers.

3. Appen (APX) – Up 41% AI data services provider Appen has risen 41% after announcing several major new contracts for data annotation and model training services with large technology firms. The company’s specialized datasets for generative AI applications have become increasingly valuable as companies race to improve their models. Appen’s recovery story has impressed investors, with the stock rebounding strongly from multi-year lows as its core business stabilizes and new AI-focused revenue streams accelerate.

4. Polynovo (PNV) – Up 37% Medical device company Polynovo continued its strong run, gaining 37% after positive clinical trial updates for its NovoSorb technology in wound care and reconstructive surgery. The company reported stronger-than-expected sales growth in the United States and Europe, with several new hospital contracts secured. Polynovo’s biodegradable polymer platform is gaining traction as a preferred solution in advanced wound management, driving both revenue and investor confidence.

5. Lynas Rare Earths (LYC) – Up 29% Lynas Rare Earths rose 29% as global tensions over critical minerals supply chains boosted sentiment toward non-Chinese producers. The company’s expansion of its Malaysian processing facility and progress on its Kalgoorlie rare earths plant have been well received. With governments in the US, Europe and Australia seeking to secure domestic supply of materials essential for electric vehicles and defense technologies, Lynas is positioned as a key Western-world supplier.

Market Context Driving the Gains

The ASX 200’s performance in early May has been supported by several factors. Easing geopolitical tensions in the Middle East have helped stabilize commodity prices, while persistent AI infrastructure spending continues to flow through to Australian companies with relevant exposure. The Reserve Bank of Australia’s decision to hold rates steady has also provided some relief to growth-sensitive sectors.

Smaller and mid-cap stocks with direct AI or critical minerals exposure have outperformed larger, more defensive names. This rotation reflects investor confidence that the AI megatrend remains intact while selective commodity recovery offers attractive entry points. However, analysts caution that volatility remains high, with many of these top performers carrying significant risk due to their smaller size and project-specific dependencies.

Analyst Perspectives

Bell Potter senior analyst Chris Savage described BrainChip’s surge as “a textbook example of niche AI technology finding its moment.” He noted that while the company is still pre-revenue at scale, its technology roadmap and partnerships justify significant investor interest.

For lithium plays like Lake Resources, Macquarie analysts highlighted improving fundamentals. “Lithium prices appear to have bottomed, and companies with near-term production potential are being rewarded,” one report stated.

Overall, the early May gainers list underscores the ASX’s sensitivity to global thematic trends. While the broader index has been relatively stable, individual stock performance has been sharply divergent, rewarding those with clear exposure to high-growth narratives.

Risks and Outlook for Remainder of May

Despite the strong starts, several of these stocks remain volatile. BrainChip and Appen, for instance, have a history of sharp pullbacks after rapid rises. Lithium and rare earths companies are inherently cyclical and sensitive to global economic conditions. Investors are advised to maintain diversified exposure and conduct thorough due diligence rather than chase momentum blindly.

Looking ahead, the remainder of May will bring important catalysts including quarterly production updates, potential new contracts and broader economic data from China and the United States. Analysts expect continued rotation between sectors as the market digests earnings seasons and monetary policy signals.

For investors scanning the ASX 200 for opportunities in May 2026, the standout performers so far highlight the importance of thematic alignment with global megatrends. Artificial intelligence, critical minerals and healthcare innovation have been the dominant drivers, rewarding companies that can demonstrate real progress and commercial traction.

As the month continues, market participants will watch whether these early leaders can sustain their momentum or if profit-taking and broader market rotations create new opportunities among laggards. The two-speed nature of the Australian market — with resource and tech plays outperforming while banks and consumer stocks remain more cautious — is likely to persist as global capital continues to seek exposure to the AI and energy transition themes.

The top five gainers in the ASX 200 for early May 2026 illustrate both the opportunities and risks inherent in thematic investing. While strong price action has rewarded early believers, sustainability will depend on execution, market conditions and the ability to convert hype into tangible commercial success. For now, these five companies represent the clearest winners in what has been a dynamic start to the month on the Australian sharemarket.

TOKYO — Sony Interactive Entertainment has yet to finalize the release timing or pricing for the PlayStation 6, with ongoing global RAM shortages driven by artificial intelligence demand forcing the company to consider pushing the next-generation console launch to 2028 or even 2029, according to multiple reports and statements from Sony executives in early May 2026.

Sony President and CEO Hiroki Totoki addressed the uncertainty during the company’s fiscal year 2025 earnings briefing, stating clearly that no decision has been made. “We have not yet decided on at what timing we will launch the new console, or at what prices,” Totoki said via a translator. “So we would like to really observe and follow the situation.” The comments confirm what many industry insiders have suspected for months: the traditional seven-year console cycle that delivered the PlayStation 5 in 2020 is under pressure, and the PS6 may arrive later than the previously rumored 2027 window.

The primary culprit is the sustained shortage and rising cost of high-bandwidth memory (HBM) and other advanced RAM components, heavily consumed by AI data centers. Bloomberg reported in February 2026 that Sony is actively weighing delays to secure adequate supplies without compromising performance targets. Analyst David Gibson from MST International had earlier warned that fiscal 2027 could see further pressure, potentially pushing a full launch into 2028.

Despite the delay rumors, development appears to be progressing. Leakers and supply chain sources indicate that Sony awarded the next PlayStation chip contract to AMD back in 2022, with the PS6 expected to feature a custom AMD Zen 6 CPU and RDNA 5 GPU architecture. These next-generation components are anticipated to deliver a substantial leap in performance, targeting 4K gaming at 120 frames per second with advanced ray tracing and improved power efficiency. Rumors also suggest 32GB or more of high-speed RAM and at least a 1TB SSD as baseline specifications.

A dedicated handheld companion device, codenamed “Project Canis” in some leaks, is also rumored to launch alongside or shortly after the main console, potentially creating a seamless ecosystem similar to the Nintendo Switch but with significantly more power. This dual-device strategy could help Sony compete more effectively against Microsoft’s rumored next-generation hardware and maintain momentum during the transition period.

Why the Delay Makes Strategic Sense

Extending the PlayStation 5 lifecycle appears to be a deliberate move. The PS5 has enjoyed strong sales and a robust library of games, with the PS5 Pro variant providing a mid-generation refresh that has satisfied many enthusiasts. By delaying the PS6, Sony can avoid the costly overlap that occurs when new hardware launches while the previous generation still has strong demand. It also gives the company more time to refine hardware specifications and secure critical components at reasonable prices.

Industry analysts suggest that a 2028 or 2029 launch would align better with stabilized supply chains and potentially lower component costs. It would also allow Sony to observe Microsoft’s next Xbox plans more closely before finalizing its own strategy. However, the delay carries risks. A longer gap between generations could allow competitors to gain ground, and fans may grow impatient if the PS5 begins to feel dated by 2028.

Rumored Specs and Features

While nothing is officially confirmed, leaks and credible reports paint an exciting picture for the PS6. The custom AMD silicon is expected to focus heavily on AI acceleration, with dedicated neural processing units for upscaling, frame generation and in-game assistance features. Backward compatibility with PS5 and potentially PS4 titles is considered a near-certainty, continuing Sony’s strong track record in this area.

Storage is expected to start at 2TB or higher with next-generation SSD technology for dramatically faster load times. Graphical capabilities could target 8K output in some scenarios, though 4K at high frame rates with full ray tracing will likely be the standard. Power efficiency improvements are also anticipated, addressing criticism of the PS5’s relatively high energy consumption.

A potential “PS6 Lite” or digital-only variant at a lower price point is also rumored, following the successful strategy Sony employed with the PS5 Slim. This could help broaden accessibility while a premium “Pro” or flagship model targets enthusiasts.

Impact on Gamers and the Industry

The potential delay has mixed reactions from the gaming community. Some players welcome more time with the PS5 and its growing library of titles, while others are eager for the next technological leap. Developers may benefit from a longer development cycle, allowing for more polished cross-generation titles and better optimization for new hardware features.

For the broader industry, Sony’s cautious approach could influence competitors. Microsoft is reportedly working on its own next-generation console, codenamed Project Helix, with similar supply chain considerations. The extended PS5 lifecycle may also give Nintendo more breathing room with its Switch successor.

What Fans Can Expect in the Meantime

While waiting for the PS6, Sony is expected to continue supporting the PS5 with major first-party releases and technical updates. Games like the next entries in the God of War, Horizon and Gran Turismo franchises are likely to showcase the console’s capabilities further. Enhanced features through system updates, such as improved upscaling and performance modes, are also anticipated.

Rumors suggest Sony may introduce new hardware accessories or mid-generation refreshes to keep interest high. The company has also been expanding its portfolio with more live-service titles and multi-platform releases, adapting to changing consumer preferences.

As development continues behind closed doors, leaks and official teases will likely increase throughout 2026 and 2027. For now, PlayStation fans can enjoy the excellent lineup of games available on PS5 while looking forward to the next generation with cautious excitement. Whether the PS6 arrives in 2028 or later, Sony’s commitment to quality and innovation suggests it will be worth the wait.

The evolving story of the PlayStation 6 reflects the complex realities of modern console development in an era of component shortages and rapid technological change. As Sony observes the situation and makes strategic decisions, gamers worldwide will be watching closely for any official updates on what promises to be another transformative chapter in gaming history.