Janus Henderson Investors exists to help clients achieve their long-term financial goals. Formed in 2017 from the merger between Janus Capital Group and Henderson Global Investors, we are committed to adding value through active management. For us, active is more than our investment approach – it is the way we translate ideas into action, how we communicate our views and the partnerships we build in order to create the best outcomes for clients. While our investment managers have the flexibility to follow approaches best suited to their areas of expertise, overall our people come together as a team. This is reflected in our Knowledge. Shared ethos, which informs the dialogue across the business and drives our commitment to empowering clients to make better investment and business decisions.www.janushenderson.com

There was a moment, somewhere around 1990, when I sincerely believed that the most important thing my mother did each evening was sit down at 9.00pm sharp to watch the news.

Not 9.01pm. Not 8.59pm. Nine, on the dot, because that was when the news began, because Sir Alastair Burnet had decided it was so, and because the rest of the United Kingdom, including, by the look of it, the entire cabinet, appeared to be doing exactly the same thing. The country ran on a single national rhythm, like a great wheezing grandfather clock, and the people who set the time wore tailored suits and lived in a place called Wood Lane.

That rhythm is now thoroughly, demonstrably, embarrassingly dead. And the people doing the burying are not bedroom-bound teenagers in TikTok-stained pyjamas. They are the very figures who built the broadcast schedule in the first place.

Take Stephen Colbert. Forty-eight hours after CBS finally smothered The Late Show with a corporate pillow, the network insists this had nothing to do with the lawsuit, the Skydance merger or the present occupant of the Oval Office, and we are of course expected to accept that assertion at the value of a Liz Truss lettuce, Colbert popped up on a public-access channel called Monroe Community Media. Then he popped up, rather more pointedly, on his shiny new YouTube channel, with Eminem and Jeff Daniels in tow, gathering 120,000 subscribers in a single weekend. No 11.35pm slot. No commercial break. No procession of Affiliate Sales stations of the cross. Just Stephen, a camera, and the most generous tip jar in the history of broadcasting.

A few months earlier, Piers Morgan walked off the Murdoch reservation entirely, to which I would normally raise a single languid eyebrow, but the man left a reported £50 million on the table to do it. He has called the TalkTV slot a “straitjacket”. He has 3.6 million YouTube subscribers and a four-year arrangement that hands him ownership of his own brand. Trump, Zelensky, Peterson, Ronaldo: all interviewed not for the dignified British 10 o’clock viewer but for a global congregation that watches him in Brisbane, Boston and bed.

And while the talent is bolting for the exits, the institutions are quietly digging tunnels under the perimeter fence. The BBC, that great, lumbering, well-meaning monument to the licence fee, is putting the finishing touches on a landmark deal to produce original shows for YouTube. Why? Because, mortifyingly, YouTube has overtaken BBC One on monthly reach in this country. The corporation that gave us Reith, Attenborough and Bake Off is now obliged to commission content for the same platform that hosts cats falling off skirting boards. The licence fee, it turns out, doesn’t beat free.

The numbers, for those of us who still pretend to be grown-ups, are devastating. Per Ofcom’s Media Nations 2025 report, Britons aged 16 to 24 now watch a startling 33 minutes of broadcast television a day, of which barely 20 minutes is live; they spend an hour and a half on YouTube and TikTok. For someone over 75, broadcast still hoovers up 90 per cent of in-home viewing. For a 16-year-old, it is 19 per cent. We are not, as is so often claimed, watching the gradual decline of an industry. We are watching its will being read.

Across the Atlantic, Nielsen’s Gauge confirms YouTube has now spent six consecutive months as the single largest distributor of television in America, larger than Disney, larger than NBCUniversal, larger than the entire stricken cable bundle put together. YouTube earned $36 billion in ad revenue in 2024, more than all four American broadcast networks combined. The schedule, to put it baldly, has been replaced by the search bar. The time slot has been replaced by the thumbnail.

The business lesson here is not “everyone should start a YouTube channel”. Please don’t. You’ll fail, embarrass your spouse and spend Saturdays editing in your shed. The lesson, for those of us building businesses outside the M25 commentary bubble, is rather more important than that. Ownership, distribution and audience relationship are now the three things that actually count, and the platform that delivers all three at once is winning. Witness Gary Lineker’s Goalhanger Ventures putting capital into creator-led media businesses precisely because the old playbook, make show, hand to broadcaster, hope, is demonstrably worse than the new one. The talent keeps the IP. The talent keeps the audience. The talent, increasingly, is the broadcaster.

The slot, that great totem of the 20th-century media baron, was never about the viewer. It was about logistics, advert breaks, satellite uplinks, union breaks, Carol Vorderman’s hairdresser. The viewer wanted the show. They never wanted nine o’clock. And now, at last, they don’t have to take both.

Sir Alastair Burnet, sleep well.

Richard Alvin

Richard Alvin is a serial entrepreneur, a former advisor to the UK Government about small business and an Honorary Teaching Fellow on Business at Lancaster University.

A winner of the London Chamber of Commerce Business Person of the year and Freeman of the City of London for his services to business and charity. Richard is also Group MD of Capital Business Media and SME business research company Trends Research, regarded as one of the UK’s leading experts in the SME sector and an active angel investor and advisor to new start companies.

Richard is also the host of Save Our Business the U.S. based business advice television show.

NEW YORK — The average rate on the most popular U.S. home loan rose to a nine-month high last week, delivering another setback to housing affordability as persistent inflation concerns linked to the ongoing U.S.-Iran conflict kept borrowing costs elevated.

The 30-year fixed-rate mortgage averaged 6.65 percent in the week ended May 22, up from 6.56 percent the previous week, according to the Mortgage Bankers Association. It marked the highest level since August 2025, before the Federal Reserve began cutting rates to support the labor market.

Mortgage applications fell 8.5 percent from the prior week, with refinancing activity dropping sharply. Overall application volume reached its lowest level since last summer, the trade group said.

The increase in borrowing costs reflects broader market reactions to geopolitical developments. Renewed military exchanges between the United States and Iran near the Strait of Hormuz have pushed oil prices higher, contributing to renewed inflation pressures across the economy. This dynamic has driven up Treasury yields, to which mortgage rates are closely linked.

Fed Policy and Economic Backdrop

The rise comes as the Federal Reserve navigates a complex environment. After a series of rate cuts in late 2025, officials are now weighing whether to pause or even consider increases amid sticky inflation. Consumer prices rose 3.8 percent in April from a year earlier, compared with 2.9 percent last August.

The labor market has stabilized, with the unemployment rate holding at 4.3 percent. However, energy costs tied to Middle East tensions have spilled over into broader price increases, prompting caution from policymakers.

New Federal Reserve Chair Kevin Warsh, who succeeded Jerome Powell, faces immediate pressure to balance growth concerns with inflation control. Markets are now pricing in the possibility of a rate hike by the end of 2026, reversing earlier expectations for further easing.

Tight Supply Exacerbates Affordability Issues

Limited housing inventory continues to compound the challenge for potential buyers. Many homeowners with mortgage rates below 5 percent are reluctant to sell and take on higher borrowing costs, creating what economists call the “rate lock-in” effect.

Nancy Vanden Houten, U.S. lead economist at Oxford Economics, highlighted this dynamic in a recent analysis. “That shortage is compounded by the fact that historically few homeowners are selling their properties,” she said. “The turnover of the existing owner-occupied stock averaged 4.7 percent over the last four quarters, which is below the turnover rate we saw during the depths of the global financial crisis.”

As of the end of 2025, nearly two-thirds of outstanding mortgages carried rates below 5 percent, according to Federal Housing Finance Agency data. This low-rate lock-in has severely restricted the flow of homes onto the market, keeping prices elevated even as demand cools.

Impact on Homebuyers and the Market

Higher mortgage rates are pricing out many first-time buyers and making monthly payments less affordable for middle-income households. The combination of elevated home prices and borrowing costs has pushed affordability measures to multi-decade lows in many markets.

Purchase applications fell more sharply than refinancing last week, signaling weakening demand for new home loans. This trend could weigh on home sales in coming months, though tight supply may prevent a significant price correction.

Regional variations exist, with some Sun Belt markets showing more resilience due to job growth, while coastal areas face steeper challenges from high prices and rates.

Broader Economic Implications

Rising mortgage rates have ripple effects throughout the economy. The housing sector, which includes construction, real estate services and related industries, accounts for a significant portion of U.S. economic activity. Slower home sales can dampen consumer spending on furnishings, appliances and other big-ticket items.

Builders have responded by focusing on smaller, more affordable units and offering incentives, but high material and labor costs limit their flexibility. Multifamily construction remains active in many areas, providing some rental supply relief.

The Federal Reserve continues monitoring housing data closely as part of its dual mandate to promote maximum employment and price stability. Any further rate increases could intensify pressure on the sector, while premature easing risks reigniting inflation.

Outlook for Mortgage Rates and Housing

Analysts expect mortgage rates to remain volatile in the near term, influenced by geopolitical developments, inflation readings and Fed communications. A breakthrough in U.S.-Iran negotiations that eases oil price pressures could provide some relief, though underlying supply constraints will likely keep the market challenging.

Freddie Mac is scheduled to release its weekly mortgage rate survey on Thursday, which may show slightly different figures due to methodological variations. Last week, Freddie Mac reported an average 30-year rate of 6.51 percent.

Longer-term, structural issues including zoning restrictions, construction costs and labor shortages will continue shaping the housing market. Experts call for policy measures to boost supply, such as streamlined permitting and incentives for affordable development.

For prospective buyers, the current environment demands careful financial planning. Locking in rates through adjustable or hybrid products may offer short-term relief, though fixed-rate loans provide more certainty for long-term homeowners.

The latest data underscores the persistent challenges facing the U.S. housing market. While job stability and wage growth provide some support, the combination of elevated rates and limited inventory continues testing buyer resilience and market balance.

As summer approaches — traditionally a busy season for home sales — higher borrowing costs may further dampen activity. Policymakers, builders and real estate professionals will be watching closely to see how these dynamics evolve in the months ahead.

Sen. Elizabeth Warren, D-Mass., is advocating for targeting the artificial intelligence industry with taxes.

“It’s time to tax AI and invest in people,” the left-wing lawmaker has asserted.

She has floated the prospect of taxing the energy consumed by AI data centers.

SEN WARREN BLASTED FOR CHEERING BLOCKING OF MERGER THAT MIGHT HAVE SAVED SPIRIT AIRLINES

Sen. Elizabeth Warren, D-Mass., ranking member of Senate Banking, Housing, and Urban Affairs Committee, speaks during a hearing in Washington, D.C., on Thursday, Feb. 5, 2026.  (Kent Nishimura/Bloomberg via Getty Images / Getty Images)

“Rethinking our tax code must also include going to the source: that means taxing AI companies directly, which can start with taxing AI data centers,” she wrote in an opinion piece posted by Time. “By imposing a reasonable excise tax on the energy used by data centers, families could recoup some of the gains of AI, while America continues to stay competitive in the AI race. A well-designed tax would focus on the companies that can afford it and scale with AI’s impact: the bigger the data center, the more they pay.”

“We can’t be afraid to consider even bigger and bolder proposals to tax AI too, including ideas that sound radical today but may quickly become common sense,” she asserted in the piece.

LAWMAKERS DEBATE AI’S IMPACT ON WHITE-COLLAR JOBS AS DISRUPTION FEARS GROW

The senator claimed that the tax system incentivizes replacing workers with AI.

“Right now, companies pay payroll taxes for their workers but get tax breaks for investing in technology—effectively, a tax penalty for hiring human beings and a tax break for buying equipment. In an AI world, that means our tax code is incentivizing corporations to fire people and replace them with AI. That’s wrong. We need to level the playing field by raising taxes on corporations and capital gains and closing corporate loopholes,” she wrote.

Warren also called for a “wealth tax” on affluent individuals.

AMERICANS OPTIMISTIC ABOUT INNOVATION ADDRESSING MAJOR CHALLENGES, SURVEY FINDS

Sen. Elizabeth Warren, D-Mass., speaks during the Borrowers Not Billionaires Rally To Defend the CFPB (Consumer Financial Protection Bureau) at Capitol Hill on Feb. 9, 2026 in Washington, D.C. (Jemal Countess/Getty Images for Protect Borrowers / Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

“AI billionaires are running the same playbook: get rich off massive stock valuations and avoid paying the taxes that would be owed if those funds were earned as salary. If it wasn’t clear before, there’s no question in a world of AI: we need a wealth tax,” she asserted in the Time piece.

NEW YORK — Samsung Electronics Co. shares present a favorable buying opportunity in late 2026 as the South Korean technology giant benefits from surging demand for high-bandwidth memory chips used in artificial intelligence applications, despite broader semiconductor sector volatility and near-term margin pressures.

As of late May 2026, Samsung Electronics (KRX: 005930) trades around 299,000–318,000 Korean won per share on the Korea Exchange, reflecting substantial gains year-to-date. The stock has more than tripled in value over the past 12 months, driven by strong recovery in memory chip pricing and market share gains in advanced foundry processes. Analysts largely recommend buying the stock, with a consensus “Strong Buy” rating from 37–42 covering firms.

The average 12-month price target stands near 357,000–374,000 won, suggesting potential upside of 18–25 percent from current levels. Optimistic forecasts reach as high as 590,000 won, while conservative estimates sit around 225,000 won.

Strong Fundamentals Driven by AI Demand

Samsung has capitalized on the global AI boom through its leadership in high-bandwidth memory (HBM) chips and advanced semiconductor manufacturing. The company’s Device Solutions division, which includes memory and foundry operations, is projected to see significant profit growth in 2026. Jefferies analysts forecast operating profit in this segment could triple year-over-year to 61.8 trillion won, driven by higher shipments and improved average selling prices.

Recent market share gains in the HBM segment, particularly for AI accelerators, have positioned Samsung to challenge industry leader SK Hynix more effectively. The company’s aggressive investment in next-generation chip technologies, including HBM4, has drawn positive attention from investors and analysts.

Samsung also benefits from its diversified business portfolio, spanning consumer electronics, mobile devices, displays and batteries. While the semiconductor division drives recent gains, steady performance in smartphones and premium TVs provides earnings stability.

Valuation and Analyst Outlook

Despite strong recent performance, many analysts argue Samsung remains undervalued relative to its growth prospects. Discounted cash flow models suggest the stock trades at a 35–59 percent discount to intrinsic value estimates.

The company’s forward price-to-earnings multiple remains attractive compared to global semiconductor peers, especially considering its scale and technological capabilities. Strong balance sheet metrics, robust free cash flow generation and ongoing share buyback programs further support the investment case.

Nomura recently raised its price target significantly while maintaining a Buy rating, citing improved HBM outlook and foundry competitiveness. Other major firms including JPMorgan, Citi and CLSA have also issued upbeat assessments with upward revisions to targets.

Challenges and Risks

Near-term headwinds include cyclical semiconductor pricing pressures, intense competition in the foundry business from TSMC, and potential slowdowns in global consumer electronics demand. Geopolitical tensions, particularly U.S.-China trade dynamics, could impact supply chains and export markets.

Rising capital expenditure requirements for advanced chip facilities may pressure short-term margins. Additionally, currency fluctuations in the Korean won could influence reported earnings for international investors.

Investment Considerations

For investors considering buying Samsung Electronics stock, the case centers on long-term leadership in memory chips and AI infrastructure. The company’s vertical integration—from components to finished devices—provides unique competitive advantages in a rapidly evolving technology landscape.

Potential buyers may find current levels attractive following any pullbacks, particularly if broader market volatility creates entry opportunities. Long-term holders benefit from Samsung’s history of innovation and substantial dividend payouts.

Those leaning toward selling cite elevated valuations after recent gains and the risk of cyclical downturns in the memory sector. However, most analysts view such concerns as already priced in, with structural AI demand providing a multi-year growth tailwind.

Diversification remains essential. While Samsung offers significant exposure to high-growth technology trends, investors should balance it with other sectors to manage volatility inherent in the semiconductor industry.

Broader Technology Sector Context

Samsung’s performance mirrors strength across the global chip sector, fueled by AI infrastructure spending. The company joins peers like TSMC in surpassing $1 trillion market capitalization milestones earlier in 2026, reflecting investor confidence in semiconductor fundamentals.

As artificial intelligence adoption accelerates across industries, demand for advanced memory and processing solutions is expected to remain robust. Samsung’s strategic investments position it well to capture market share in this expanding opportunity.

Outlook for Remainder of 2026

Management guidance and analyst forecasts point to continued revenue and profit growth through 2026 and into 2027. Key catalysts include successful HBM4 ramp-up, foundry customer wins and potential recovery in consumer electronics segments.

Risks to the outlook include slower AI spending by hyperscalers, intensified competition or macroeconomic headwinds affecting global technology budgets. Positive surprises in earnings or major contract announcements could drive further upside.

As of late May 2026, Samsung Electronics represents a core holding opportunity for technology-focused investors. The combination of strong fundamentals, favorable analyst sentiment and structural growth drivers supports a generally bullish outlook despite short-term volatility.

Investors should monitor quarterly results, particularly memory division margins and foundry utilization rates, for confirmation of sustained momentum. Professional financial advice tailored to individual circumstances is recommended before making investment decisions in this dynamic sector.

NEW YORK — Taiwan Semiconductor Manufacturing Company (NYSE: TSM) continues to stand out as one of the most compelling technology investments in 2026, with analysts overwhelmingly recommending buying shares of the world’s largest contract chipmaker amid explosive demand for advanced semiconductors powering artificial intelligence systems.

As of late May 2026, TSMC shares trade near $404–$423, reflecting substantial gains over the past year. The stock has benefited from robust AI infrastructure spending by major clients including Nvidia, Apple, AMD and Broadcom. Wall Street maintains a strong consensus “Buy” rating, with 13 out of 15 analysts recommending purchase and only two suggesting Hold. Average 12-month price targets cluster around $404–$465, implying modest to significant upside from current levels.

Recent performance has been impressive. TSMC reported record first-quarter 2026 revenue of $35.9 billion, up 35–40.6 percent year-over-year, driven by high-performance computing and AI-related demand. Gross margins reached 66.2 percent, exceeding expectations, while management raised full-year guidance citing “extremely robust” AI chip orders.

Strong AI Tailwinds Support Growth

TSMC’s position as the leading foundry for advanced nodes (3nm, 2nm and beyond) has positioned it at the center of the global AI boom. High-bandwidth memory and advanced packaging technologies critical for AI accelerators have seen particularly strong demand. Chairman and CEO C.C. Wei highlighted the shift toward “agentic AI,” which requires even greater computational power, during the April earnings call.

Analysts project TSMC’s revenue could grow more than 30 percent in 2026, with some forecasts calling for even higher figures if AI spending accelerates. Capital expenditure plans remain elevated at $52–$56 billion, reflecting aggressive capacity expansion to meet client needs. Advanced nodes already account for 74 percent of wafer revenue, with 3nm alone contributing 25 percent.

Morningstar recently raised its fair value estimate to $428 per ADR after strong results, noting the stock trades at a meaningful discount to intrinsic value. Several firms, including Bank of America, have increased price targets to $490–$500, citing sustained AI momentum and pricing power for leading-edge chips.

Valuation and Financial Strength

Despite strong gains, TSMC’s valuation remains reasonable compared to pure-play AI peers. The company trades at forward multiples that many analysts consider attractive given its market leadership, technological moat and consistent profitability. Strong free cash flow generation supports ongoing dividends and share repurchases, providing additional returns for long-term holders.

The balance sheet remains solid with low debt levels relative to cash flows. Geographic diversification efforts, including new facilities in the United States, Japan and Europe, help mitigate risks from geopolitical tensions in Taiwan.

Key Risks and Challenges

While the outlook is predominantly positive, investors should consider several risks. Geopolitical tensions between the U.S. and China, along with cross-strait relations, remain a perennial concern for Taiwan-based companies. Any escalation could disrupt operations or supply chains.

Intense competition from Samsung in foundry services and potential cyclical slowdowns in broader semiconductor demand could pressure margins. Rising capital expenditures may also weigh on near-term returns if utilization rates dip unexpectedly.

Currency fluctuations, particularly movements in the Taiwanese dollar, can impact reported earnings for international investors. Recent strength in the U.S. dollar has been somewhat supportive but remains a variable to watch.

Investment Considerations for 2026

For investors considering buying TSMC stock, the case centers on structural growth in AI and high-performance computing. The company’s irreplaceable role in the semiconductor supply chain, combined with proven execution, makes it a core holding for technology-focused portfolios.

Potential buyers may look for pullbacks toward the $380–$400 range for better entry points, especially if broader market volatility creates opportunities. Long-term investors benefit from TSMC’s technological leadership and exposure to multiple growth megatrends.

Those considering selling or staying sidelined cite potential valuation expansion limits after recent gains and the risk of geopolitical shocks. However, the overwhelming analyst consensus and strong fundamentals suggest limited downside at current levels for patient capital.

Diversification remains important. While TSMC offers high-quality exposure to semiconductors, pairing it with other sectors helps manage volatility inherent in technology stocks.

Broader Semiconductor Sector Context

TSMC’s performance reflects strength across the chip industry driven by AI adoption. The company’s success has ripple effects throughout the supply chain, benefiting equipment makers, material suppliers and design firms. Continued investment in advanced process technologies ensures TSMC maintains its competitive edge against rivals.

As artificial intelligence moves from training to inference and agentic applications, demand for sophisticated chips is expected to remain elevated. TSMC’s capacity expansion plans position it to capture a significant share of this growth.

Outlook for Remainder of 2026

Management and analysts project continued strong performance through 2026 and beyond. Key upcoming catalysts include progress updates on 2nm development, major client announcements and quarterly results demonstrating sustained AI momentum.

Risks to the outlook include slower AI adoption rates, intensified geopolitical pressures or broader economic slowdowns affecting technology spending. Positive surprises in earnings or capacity utilization could drive further upside.

As of late May 2026, TSMC represents one of the highest-conviction opportunities in global technology. Its combination of market leadership, technological superiority and structural tailwinds supports a bullish long-term view despite periodic volatility.

Investors should monitor quarterly earnings closely, particularly comments on AI demand, pricing trends and geopolitical developments. Professional financial advice tailored to individual circumstances is recommended before making investment decisions in this dynamic sector.