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March 2025

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This week brought a rollercoaster ride for the stock market

A dramatic Monday (March 10) selloff hit mega-cap tech stocks hard, and was followed by a correction in the S&P 500 (INDEXSP:.INX) on Tuesday (March 11). Friday (March 14) witnessed a partial recovery fueled by a week of positive economic data; however, lingering uncertainties about global conflicts and potential tariffs kept overall gains in check.

The latest University of Michigan consumer sentiment survey, released on Friday, reveals a 10.5 percent decrease in consumer confidence in March, reflecting a broader 27.1 percent decrease for the year.

Tesla (NASDAQ:TSLA) led the retreat on Monday with a significant 12.25 percent drop by the closing bell. The decline came as CEO Elon Musk continued to cause controversy over his actions at the Department of Government Efficiency.

Protests this week included calls for a boycott of the company’s electric vehicles. After news hit that Tesla plans to make a lower-cost version of its Model Y in Shanghai, shares rose 3.9 percent to end the week at US$249.98.

Here’s a look at other key events that made tech headlines this week.

1. CoreWeave continues expansion with OpenAI deal

Insider told Reuters on Monday that AI startup CoreWeave has signed a five year contract worth US$11.9 billion with OpenAI to provide cloud computing services in exchange for a stake in CoreWeave worth approximately US$350 million.

CoreWeave will issue the shares through a private placement at the time of its initial public offering (IPO), which is expected to take place sometime in March. Investor interest in CoreWeave has grown since the company filed for an IPO on March 3. Investment research platform Sacra reveals a 730 percent increase in revenue between 2023 and 2024, and the company is projecting further revenue growth of over 320 percent to US$8 billion in 2025.

Multiple outlets have reported that the company is seeking to raise US$4 billion, targeting a valuation of US$35 billion. CoreWeave has also recently acquired the machine learning platform Weights & Biases.

However, the filing also revealed substantial debt and losses, and analysts have warned that CoreWeave’s multibillion-dollar partnership with its primary customer, Microsoft (NASDAQ:MSFT), and, to a lesser extent, its reliance on chips from NVIDIA (NASDAQ:NVDA), represent concentration risks. Analysts for Fitch Solutions believe that the agreement with OpenAI will alleviate some of those concerns.

2. Oracle stumbles after earnings report

Oracle (NYSE:ORCL) delivered its latest quarterly results on Monday, showing a mixed financial performance.

The company’s cloud infrastructure saw healthy growth thanks to demand for computing power, surging by 49 percent to US$2.7 billion. Meanwhile, its cloud services revenue reached US$11.01 billion, a 10 percent increase from the previous year; this segment accounted for 78 percent of Oracle’s total sales.

“We are on schedule to double our data center capacity this calendar year,” said Chair Larry Ellison.

Oracle’s total revenue and net income both saw substantial growth, reaching US$14.1 billion and US$2.9 billion, with annual increases of 6 percent and 22 percent, respectively.

However, the results did not quite meet investor forecasts, which anticipated US$14.39 billion in revenue. Earnings per share (EPS) also came up short at US$1.47 versus the expected US$1.49.

According to CNBC, Oracle CEO Safra Catz said during an earnings call that the US$48 billion in new contracts from this period has brought the company’s remaining performance obligations to over US$130 billion, a 62 percent increase from last year. Notably, this figure doesn’t include contracts related to the Stargate venture announced earlier this year with SoftBank Group (TSE:9984) and OpenAI.

Looking ahead, Oracle expects EPS to be between US$1.61 and US$1.65, a notable difference from the forecast US$1.79. Catz also said that Oracle expects to double its capital expenditure to US$16 billion this year.

Despite these shortfalls, Oracle’s board of directors announced a 25 percent increase in the company’s quarterly cash dividend to US$0.50 per share. The Information reported this week that the company is also the leading contender for helping run TikTok operations in the US.

3. Intel names new CEO

Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE:TSM) approached NVIDIA, Advanced Micro Devices (AMD) (NASDAQ:AMD) and Broadcom (NASDAQ:AVGO) to propose a joint venture to operate Intel’s (NASDAQ:INTC) factories, according to a report from Reuters on Wednesday (March 12).

Qualcomm (NASDAQ:QCOM) was also approached in a separate discussion.

According to insiders familiar with the matter, the proposal would involve TSMC running operations at Intel’s chip-making (foundry) division while holding a stake of less than 50 percent.

The news sent shares of Intel 7 percent higher on Wednesday from its previous closing price.

The company has faced scrutiny from shareholders over its lagging chip business, and its share price has lost over 43 percent of its value compared to a year ago. Intel gained another 10 percent after hours on Wednesday, when the company named Lip-Bu Tan, a former board member, as its new CEO. In a letter to shareholders, Tan signaled that he intends to improve Intel’s chip foundry and did not address the report regarding TSMC.

After a rough several months, Intel ended the week up 18.82 percent.

4. Google powers humanoid robot

Google (NASDAQ:GOOGL) expanded its artificial intelligence (AI) capabilities by announcing two new Gemini Robotics models on Wednesday, along with an update to its large language model, Gemma 3.

Google’s AI research subsidiary, DeepMind, integrated its AI model, Gemini 2.0, with humanoid robots developed by Texas-based robotics company Apptronik. The two enterprises formed a partnership agreement to accelerate advancement in AI-powered humanoid robots in December 2024.

Apptronik was founded in 2016 and has developed 15 robotic systems, including NASA’s Valkyrie, which was built to help astronauts explore the Moon or Mars. The company’s flagship robot, Apollo, was designed as a general-purpose robotic assistant for a range of sectors, including aerospace and logistics, as well as retail and hospitality.

The robot made its debut in 2023. In March 2024, it partnered with Mercedes-Benz Group (OTC Pink:MBGAF,ETR:MBG) on a pilot program to test the robot in Mercedes’ manufacturing facilities.

Earlier this year, Apptronik secured US$350 million in a Series A funding round co-led by B Capital and Capital Factory, with Google also participating in the round.

On Thursday (March 13), Google launched an experimental capability to its chatbot, Gemini, giving users the option to connect Gemini to their search history and other apps for more personalized responses. Powered by Google’s Gemini 2.0 Flash Thinking model, the new feature is simply called Gemini with personalization.

“Early testers have found Gemini with personalization helpful for brainstorming and getting personalized recommendations,” said Dave Citron, senior director of product management for Gemini.

5. Cohere launches efficient, low-cost LLM

Canadian AI company Cohere revealed its newest large language model (LLM), Command A, a tool designed to help businesses handle complex tasks like coding by efficiently processing large data sets

“Command A is on par or better than GPT-4o and DeepSeek-V3 across agentic enterprise tasks — tasks where the LLM can act somewhat independently to complete a business goal — with significantly greater efficiency,’ the firm said.

What’s more, Cohere said it spent less than US$30 million to build the model, which can run on just two graphics processing units (GPUs). This is a stark contrast to the tens of thousands of GPUs used by other LLMs, demonstrating Cohere’s ability to achieve high performance with significantly optimized resource utilization.

In an interview with the Globe and Mail, Cohere co-founder Nick Frosst said the company achieved such amazing efficiency by focusing on fulfilling the needs of its customer base rather than pursuing the development of artificial general intelligence (AGI), AI systems that surpass human intelligence.

“We’re training it to be good at the things that our customers want,” he explained. “By being focused on that, we’ve been able to be significantly more efficient than the other players.

“The people who are saying AI is getting bigger and bigger are the people constantly saying they’re around the corner from AGI. That’s not our focus, nor is that my scientific belief.”

Cohere has attracted investment from a range of well-known venture capital firms, including Radical Ventures, SalesForce Ventures and Cisco Investments. It is also backed by prominent players in the AI sector, including Oracle, NVIDIA, AMD and SAP (NYSE:SAP), indicating strong confidence in its potential.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Pope Francis has approved a new three-year reform process for the Catholic Church, sending a strong signal he plans to continue in the post despite spending more than a month in hospital battling pneumonia.

The Vatican announced on Saturday that the 88-year-old pope had signed off on the reform plans from Rome’s Gemelli hospital on earlier in the wee. Francis has been hospitalized since 14 February, his longest since his election as pope.

Reforms on the table include how to give greater roles to women in the Catholic Church, including ordaining them as deacons, and the greater inclusion of laity in governance and decision making.

The reforms have been examined through a structure called the Synod of Bishops, which has been the primary vehicle through which the pope has implemented his pastoral agenda during his papacy. In recent years he’s sought to involve Catholics from across the globe in the renewal process.

In October 2023 and 2024 two Vatican assemblies – which for the first time included female voting members – each met for almost a month of discussions and deliberation with a final document agreed by the pope.

That document left open the question of ordaining women deacons, who carry out all the functions of a priest bar celebrating Mass and hearing confessions. It also insisted that women be given all the opportunities that church law provides to act as leaders.

Francis’ latest decision extends the process by another three years and will culminate in an “ecclesial assembly” in the Vatican in October 2028. Unlike a synod of bishops assembly in the Vatican – which occurred in October 2023 and 2024 – this will be a unique gathering of bishops, clergy, monks, friars, nuns and lay men and women.

By that stage Francis would be 91, so his move could mean that a conclave takes place while this reform initiative is ongoing. In that scenario, whoever is chosen as the next pope would be tasked with continuing the reform process Francis has started.

Meanwhile, the pope’s decision is also a response to those bishops and other senior leaders who have been quietly resisting the Argentine pontiff’s reform plans.

Cardinal Mario Grech, who leads the Holy See’s synod office, said the latest plans, which will include churches at the local level, “offer dioceses that have invested less in the synodal path an opportunity to recover the steps not yet taken and to form their own synodal teams.”

Since his hospitalization, the pope has signalled he’s still governing the Catholic Church, signing documents from the Gemelli hospital, meeting two of his most senior aides and appointing bishops.

Nevertheless, Francis’ extended period hospital has been a time of high anxiety for the Vatican. At 30 days, it is longest hospitalization, although is still behind John Paul II’s 55 days at the Gemelli.

This post appeared first on cnn.com

Mark Carney has never been a politician.

Yet now he’s sworn in as Canada’s new Prime Minister on Friday, he will face two of the most complex political challenges of any rookie world leader in years.

First, he must win a general election that he’s expected to call almost immediately to try to capitalize on his Liberal Party’s revival after months in predecessor Justin Trudeau-inflicted doldrums.

If he wins, his prize will be a dubious one — dealing with US President Donald Trump. Just ask Ukrainian President Volodymyr Zelensky, who was mauled in the Oval Office bear-pit, just how much fun that can be.

Carney’s elevation is a classic confluence of a man and a moment.

But for Trump’s election victory and unprecedented threats to make Canada the 51st state, Carney would probably still be a private citizen and the Liberals would be heading for oblivion. But Trudeau’s resignation and a wave of patriotism swept up by Trump’s attacks left Conservative Party leader Pierre Poilievre, who was cruising towards the prime minister’s office himself, flailing.

Carney looks like a banker because he is one. He ran the central Banks of Canada and England, and he’s billing himself as a pro who can manage the worst crisis in Canada-US relations for at least 40 years. He’s an old school antidote to Poilievre, a talented young ideologue whose alliterative soundbites are a good fit for the social media age. But the Conservative leader has one glaring liability — he’s a little too Trumpy — a factor that suddenly threatens to down his rising star. Populism was his route to power. Until it suddenly wasn’t.

A backlash against backlash politics

Poilievre’s problems and Carney’s arrival hint at a nascent trend 50 days into the new US administration. Trump’s return was widely seen as a harbinger of a second populist wave that would oust establishment figures all over the west. But a backlash against “America First” mayhem has lifted leaders seeking to operate in the political middle — that once looked like fallow political ground.

In Britain, Prime Minister Keir Starmer found fresh definition in the transatlantic tumult whipped up by Trump after a moribund start to his term that belied his landslide election win last year. His moving embrace of Zelensky after his disastrous visit to Washington was a show of independence from Trump and spoke for millions of Europeans. Starmer’s leadership holds out the possibility of a new era of UK-EU relations following the bitterness of Brexit. Beleaguered French President Emmanuel Macron — whose government keeps collapsing – is reborn as a Gaullist visionary, vowing to rebuild Europe’s military strength. And the rise of Germany’s likely next chancellor Friedrich Merz put the country on a stunning course out of America’s 80-year post-war tutelage moments after his general election victory last month.

As leaders respond, far-right movements have been stalling. The anti-immigrant AfD did better than ever in Germany — but strong support from the Trump administration might have alienated some voters. The pro-Trump Reform party in the UK has been forced to distance itself from some Trump policies and the wild rhetoric of Elon Musk. French right-winger Marine Le Pen must be wondering whether antipathy to Trump could frustrate her National Rally’s hopes for a long-awaited breakthrough in the next French presidential election in 2027.

So what can Carney learn from all this?

Macron and Starmer have evolved the classic how-to-deal-with Trump playbook. To self-demeaning flattery, they’ve added personal steel. By correcting the president’s falsehoods while in the Oval Office. Zelensky came a cropper when trying the same thing — but his stock soared back home at a time when Trump seems to be trying to oust him. And with the help of European leaders, he called Russia’s bluff by agreeing to Trump’s Ukraine ceasefire plan.

But Carney has bigger problems. After all, Trump is not openly attacking British or French sovereignty. The new PM can’t afford to ignore Canadians’ fury. A cynic might argue that if he calls a snap election, it suits him for cross border tensions to last until voters go the polls.

Carney must also recognize reality. If a full-bore trade war rages between the US and Canada, there will be only one winner. Or more accurately, given the damage wrought by tariffs — one biggest loser – since both nations will be hurt by an estrangement in one of the world’s most lucrative trading relationships. To find a way out, Carney must ensure his campaign trail rhetoric doesn’t close off an eventual settlement with Trump.

The answers do not lie in Britain or France. They might be found in a speech by 91-year-old Jean Chrétien, the former Canadian PM who stole the show at the Liberal convention in Ottawa last weekend.

The old master waxed lyrical about his own confrontations with the US in a stirring defense of Canadian identify and patriotism. He peered into a camera and upbraided Trump: “I can say this from one old guy to another old guy: ‘Stop this nonsense. Canada will never join the United States.’”

But amid fierce anti-Americanism, Chrétien also kept alive the prospect of an eventual, and necessary rapprochement. “We have worked with and collaborated with the United States in the past, and I’m telling you, we will do so in the future.”

This post appeared first on cnn.com

The shopfronts are decked out in white, blue and red, with Chinese and Russian flags hanging side by side from the ceiling. Waist-high Russian dolls greet customers at the entrance. Inside, shelves are stocked with an array of Russian goods – from chocolates and cookies to honey and vodka.

In China, pop-up stores specializing in Russian-made products have become an increasingly common sight. Their proliferation has left some residents puzzled, with many on Chinese social media questioning why these stores seem to have sprung up overnight.

Thousands of such stores have opened across the country in recent years, tapping into the Chinese public’s affinity for Russia and deepening trade ties between Beijing and Moscow since Vladimir Putin’s full-scale invasion of Ukraine began in 2022.

China has become a critical economic lifeline for sanctions-hit Russia, with bilateral trade reaching record highs year after year. While cheap Russian oil, gas, and coal dominate China’s imports, Russian food products – such as ice cream, sweet biscuits and milk powder – have also risen sharply in popularity.

Chinese businesses have rushed to capitalize on the booming demand.

More than 2,500 new companies involved in the trade of Russian goods have been registered since 2022, according to China’s business records, with nearly half registered in the past year alone. Around 80% of the new firms that rushed to cash in on the craze remained in operation as of this month, business registration records show.

Most of these companies are based in Heilongjiang, the northeastern province bordering Russia, though in the past two years they’ve spread in other provinces.

More than aquatic and agricultural products, which make up the bulk of China’s food imports from Russia, it is Russian-branded chocolates, biscuits and milk powder that have captured the attention of Chinese consumers, appealing directly to the “Made in Russia” brand promoted by Moscow.

The stores’ explosive growth – dubbed “crazy” by a Chinese state media report – has also sparked scrutiny over the authenticity of their products. Investigations by media outlets and influencers alike have revealed that some Russian branded items were actually made in China, prompting authorities to crack down on misleading labeling and advertising.

‘Better fit’

At a Russian goods store in downtown Beijing in February, a shop assistant arranged rows of neatly packaged candies, biscuits, and milk powder – some of the store’s most popular items.

“The best seller is Russian honey – it’s a big hit. And this chocolate is pure. They’re all very good,” she said, gesturing toward a wide selection of chocolates.

In the background, a loudspeaker played a looping message, welcoming customers to the “Russian Goods Pavilion” and hailing Russian products for their “healthiness, natural ingredients, and high quality.”

“This is not only a platform for selling Russian products but also a window showcasing Russian culture and charm,” it declared.

Liang Jinghao, a tourist from the northern Shanxi province, said he had seen many similar Russian goods stores back home. “Russia is a very good country, with a vast land area and rich resources, and its people are also very friendly,” he said.

Su, 20, has opened three Russian goods stores in Pingliang, a small city in the northwestern province of Gansu, since September last year.

“China and Russia have maintained pretty good relations in recent years, and personally, I have a fairly positive view of Russia as a country,” she said.

Su’s stores also sell products from Sri Lanka and Australia, but they were far less popular, she said. “I think Russian products are a better fit for the local taste,” she said.

Official support

As Putin wages his grinding war on Ukraine, China and Russia have grown closer than ever, accelerating a trend driven by their shared animosity toward the US and common goal of pushing back at a Washington-led global order.

Russia and its autocratic leader also enjoy wide popularity among the Chinese public.

In a poll released last year by the Center for International Security and Strategy at Beijing’s Tsinghua University, 66% of respondents expressed “very favorable” or “somewhat favorable” views toward Russia. By contrast, about 76% expressed “unfavorable views” toward the United States.

The made-in-Russia craze can be traced back to early 2022, according to Chinese state media.

Just days after Russian tanks rolled into Ukraine, the “Russian State Pavilion” – an e-commerce store endorsed by the Russian embassy in China – went viral on Chinese social media. Shoppers rushed to snap up everything from candies to tea sachets, spending nearly 6 million yuan ($826,000) on Russian goods within three days, according to Chinese media reports at the time.

In a short video posted on the online store, a Russian business representative toasted “the friendship of old Chinese friends under this complicated and constantly changing international situation.”

By April 2023, more than 300 Moscow-based companies had joined Chinese e-commerce platforms, including Taobao and JD, according to Russian state news agency Sputnik, citing the Moscow Export Center.

The following year, the first “Made in Russia Festival and Fair” debuted in Shenyang and Dalian, the two biggest cities in Liaoning province in northeast China. The event was organised by the Russian Export Centre – a state-owned development institute – with support from Moscow and the provincial government.

More than 150 Russian companies participated in the week-long event, selling $2.3 million of Russian goods to Chinese consumers online and offline, Sputnik reported, citing the Russian Export Center. Three more such fairs have since been held, including in the southwestern metropolis of Chengdu.

The Russian Export Center has authorized eight official retail stores in China under the “Russian State Pavilion” brand. However, these outlets are vastly outnumbered by thousands of unofficial stores capitalizing on the surging demand for Russian products.

Scrutiny and backlash

As their popularity grows, the unofficial stores have also come under greater scrutiny from Chinese consumers and media, especially over the quality and authenticity of the goods sold there.

Late last year, Chinese shoppers took to social media to complain that some products labeled as Russian for sale at the stores were in fact made in China and other countries, including Malaysia.

A report by state-affiliated Jiemian News found a significant portion of food products sold at Russian goods stores – such as bread, sausage and milk powder – were produced in factories in northeastern China.

On Douyin, China’s version of TikTok, Russian influencers based in China rushed to expose what they called “fake Russian goods.”

“I’ve never seen these candies in Russia. The packaging is all fake,” a Russian Douyin user said.

“There’s absolutely nothing like this in Russia,” said another, holding a sausage at a store in Shanghai, while a shopkeeper could be heard in the background asking her to stop filming.

The Russian embassy in China also weighed in, warning Chinese customers against “counterfeits” disguised as Russian goods. “These products often do not meet quality requirements and are different from similar products produced in Russia, but Russian words are used on the packaging to imitate the Russian origin,” it said in a statement.

Following the outcry, market regulators in Shanghai launched two rounds of inspections on 47 Russian goods stores in the city. Seven of them were accused of falsely advertising themselves as “state pavilions,” misleading customers into believing they have official backing; others created “highly misleading impressions” about the origins of their products, the regulators said in a statement in January.

Some stores were ordered to close, while others were fined and required to label domestically produced goods more clearly. Other cities soon followed suit with similar inspections.

Despite the controversy, the popularity of Russian goods is driving more stores to open in China, including official ones.

The Russian Export Center said in February it plans to set up as many as 300 Russian goods stores with Chinese partners across the country before the end of the year.

At this year’s “Made in Russia Festival and Fair” in Shenyang, Veronika Nikishina, director general of the Russian Export Center, offered a tip for distinguishing authentic Russian products from counterfeits.

Genuine goods carry a dove-shaped “Made in Russia” label on their packaging, with Russia clearly marked as the country of origin, she explained.

“We sincerely hope that all Chinese consumers can purchase authentic, high-quality Russian-made products,” Nikishina said.

This post appeared first on cnn.com

A Peruvian fisherman has been found alive in the Pacific Ocean after spending 95 days lost at sea, Peru’s state news agency Andina reported Saturday.

Máximo Napa Castro, 61, set off on his fishing boat on December 7 from Marcona, a coastal town in the south of the country, but bad weather caused him to stray from his course and lose direction, according to Andina.

He was found on March 11 by an Ecuadorian fishing boat in waters off the coast of northern Peru, heavily dehydrated and in critical condition, the agency said.

After his rescue, Napa Castro told local media in a tearful interview that he managed to survive by drinking rainwater he collected on the boat and eating insects, birds and a turtle.

He spent the last 15 days without eating, Reuters reported.

Napa Castro told local media he kept thinking about his family to “hold on” to life.

“I said I didn’t want to die for my mother. I had a granddaughter who is a few months old, I held on to her. Every day I thought of my mother,” he said.

The fisherman’s daughter Inés Napa Torres thanked the Ecuadorian fishermen for saving her dad’s life.

“Thank you, Ecuadorian brothers, for rescuing my dad Gatón, God bless you,” she said in a Facebook post.

Napa Castro’s family and groups of fishermen had been searching for him for three months. “Every day is anguish for the whole family and I understand my grandmother’s pain because as a mother I understand her (…) We never thought we would go through this situation, I wouldn’t wish it on anyone, we will not lose hope, Dad, of finding you,” his daughter wrote on March 3 on Facebook.

This post appeared first on cnn.com

It’s a new day in Europe.

Gone are the halcyon years of unshakeable American commitment to Europe’s defense against Russia.

Here to stay – at least while Donald Trump is in the White House is something more transactional. And the stakes couldn’t be higher.

Europe must “step up in a big way to provide for its own defense,” US Vice President JD Vance told decision-makers in Munich in February.

Europe’s answer so far has been to pledge to boost spending at home and for Ukraine, with an eye to buying European-made armaments. But a more radical solution has also been floated: a European “nuclear umbrella.”

If the United States has always been Europe’s big brother, France and the United Kingdom are longstanding nuclear powers too — and some European leaders are wondering whether the ultimate deterrence to Moscow could come from closer to home.

While the bulk of the world’s nuclear weapons are US or Russian-owned, France has some 290 nuclear warheads, the UK 225 of the US-designed Trident missiles.

Recent weeks saw a flurry of comments from European leaders looking to bolster their common defense under a British or French nuclear umbrella, as Washington’s reliability appears to waver.

French President Emmanuel Macron earlier this month promised to “open the strategic debate on the protection by our deterrence of our allies on the European continent.”

His comments came after Germany’s presumed next Chancellor Friedrich Merz called for talks with France and the UK on extending their nuclear protection.

Polish Prime Minister Donald Tusk said that the French proposal was “not new” and had come up several times in conversations, throwing his support behind the idea.

Other leaders from countries historically averse to nuclear weapons, like Sweden and Denmark, also welcomed France’s overtures towards European allies.

Since General Charles de Gaulle established France’s nuclear force in the late 1950s, in part to keep Paris at the heart of global decision-making, France’s program has been proudly sovereign — “French from end to end,” as Macron described it.

The UK hasn’t made any public offer to further share or alter its nuclear protection. But its warheads remain pledged to the US-dominated NATO command, thus already offering a strategic protection to European allies.

Some leaders are still hoping for reinforced US support though.

On Thursday, Polish President Andrzej Duda called on Trump to deploy US nuclear weapons in Poland, likening the move to Russia’s decision to base some of its own nuclear missiles in Belarus in 2023.

“I think it’s not only that the time has come, but that it would be safer if those weapons were already here,” Duda told the Financial Times.

Pound for pound

Aside from its huge power, the American arsenal’s size and diversity gives it another key advantage in nuclear war: the potential to minimize any thermonuclear exchange. The US, “can use what we call a graduated response,” Pincé said, to perhaps even deliver a single strike, instead of unleashing its entire arsenal.

In contrast, the French nuclear armory – with missile-laden submarines and nuclear-armed bombers – was historically intended as a last resort if Cold-War Russian forces threatened the French homeland, likely unleashing a barrage on key sites in territories of the Soviet sphere to force an enemy withdrawal.

It is differences such as these that pose a key challenge to any European-centered nuclear umbrella.

“One thing that the Europeans don’t have is nuclear culture. They don’t understand it because they’ve always presumed that the Americans would do it,” Yakovleff said. “I suspect that Macron is thinking of, if I dare say, educating whoever wants it, on nuclear dialogue.”

Macron has proposed having allies participate in the country’s secretive nuclear exercises, to see firsthand France’s capabilities and decision-making.

But he’s also been clear that he’s not yielding his “nuclear button” to allies or even to Brussels. The decision to launch a nuclear strike “has always remained and will remain” in his hands, he told France in a national address.

The UK military has been “very active in terms of increasing what it’s called the nuclear deterrence IQ at NATO,” said Lukasz Kulesa, director of UK-based think tank RUSI’s proliferation and nuclear policy program, thereby “making sure that all the allies are aware and understand the grammar of nuclear deterrence.”

Crucially though, the US hasn’t said it’s pulling out of its commitment to protect NATO allies, she stressed.

This week, a nuclear-capable US bomber flew over central Stockholm to mark the one-year anniversary of Sweden’s accession to NATO – a highly symbolic choice.

Such a move might signal how seriously Washington views the rising temperatures in Europe.

Warding off Moscow

Megaton for megaton, Europe’s arsenal bears no comparison with that of Moscow.

Boosting Europe’s nuclear arsenal would be a “question of years, if not decades,” of investment and development, according to RUSI’s Kulesa.

But deterrence isn’t just a question of the number of missiles; demonstrating the operational credibility of Europe’s nuclear forces is also essential.

More cohesive cooperation with allies around nuclear forces would be a strong boost to deterrence, Kulesa said. That could entail air-to-air refuelling from allies in support of French bombers or anti-submarine warfare capabilities to protect British or French nuclear sub maneuvers.

Given decades of shrinking investment in the British military, questions have been raised over the deterrence that Britain’s conventional and nuclear weapons offer, particularly given its reliance on a US supply chain.

In the last eight years, the UK has publicly acknowledged two failed nuclear missile tests, one of them in the waters off Florida, when dummy missiles didn’t fire as intended.

British Prime Minister Keir Starmer last month promised what the government described as “the biggest investment in defense spending since the Cold War” in an increasingly dangerous world.

Other non-nuclear European allies are boosting their spending on conventional weapons – and this also counts, analysts say.

Fundamentally, “nuclear weapons are not a magic instrument,” said Kulesa.

Any true deterrence to Russia will need conventional and nuclear forces, he said, and under Trump, “the question is whether you can count on the American commitment and involvement.”

This post appeared first on cnn.com

It’s been rocky for the S&P 500 and particularly rocky for some industry groups and sectors. The market does appear ready to give us a good bounce, but past that we aren’t overly bullish.

Tariff talk has really pummeled the Retail (XRT) industry group and we don’t see much relief in sight. The daily chart below doesn’t even show the next level of support. There was a recent Death Cross of the 50- and 200-day EMAs. Friday saw a good bounce but it wasn’t enough to really improve the under the hood indicators. Let’s look at our “under the hood” chart for XRT.

Participation is anemic, with all readings below our bullish 50% threshold. It will be very difficult to turn this decline around when so few stocks have price above their key moving averages. The Silver Cross Index is at a very low 16% and the Golden Cross Index is below our bullish 50% threshold. Both the Silver and Golden Cross Indexes are below their signal lines and falling, so the IT and LT Bias is BEARISH. The PMO is at an extremely low reading below the zero line. We don’t see much upside available to XRT; even if we do get a bounce, overhead resistance is very near at 69.

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Is a new market uptrend on the horizon? In this video, Mary Ellen breaks down the latest stock market outlook, revealing key signals that could confirm a trend reversal. She dives into sector rotation, explains why defensive stocks are losing ground, and shares actionable short-term trading strategies for oversold stocks. Don’t miss these crucial market insights to spot the next rally before it takes off!

This video originally premiered March 14, 2025. You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Even with an impressive run of relative performance thus far in 2025, some investors still remain skeptical of gold’s uptrend. Let’s look at the performance of gold through three different angles, all using the best practices of technical analysis.

Gold Has Dramatically Outperformed in 2025

Whether you think gold has merit as a store of value, as a safe haven, or for no reason at all, there is no denying that gold has registered much stronger returns than stocks so far in 2025.

The S&P 500 index is now down about 4.0% for the year, even with Friday’s strong finish to the week. The Roundhill Big Tech ETF (MAGS) is down 12.4%, while the growth-heavy Nasdaq 100 is down about 6.2%. The SPDR Gold Shares (GLD), meanwhile, is up another 13.7% in 2025 after an exceptionally strong 2024.

There have been a number of times over my career where people have pushed back when gold is doing well. They have claimed that it’s just an anomaly, or that it shouldn’t go higher because of some particular reason.  My answer is always to bring up the chart and remind us both, “The market doesn’t care what we think!”

Gold Prices Remain in a Primary Uptrend

Let’s break down gold’s outperformance in greater detail using a daily chart of GLD.  At a time when many stocks and ETFs have broken below moving average support, gold stands out as remaining above two upward-sloping moving averages.

GLD has featured two clear consolidation phases since the end of 2023, one from April to July of 2024, and the other from October through December 2024. In both cases, the ETF bounced off price support a number of times before eventually resolving these patterns to the upside. Consolidations are very common in long-term bullish phases. What’s important is that the uptrend continues after the price exits the range, as we’ve often seen recently with GLD.

We can also apply our proprietary Market Trend Model to gold prices, which can help us to better compare the trend in gold to other ETFs and indexes. We can see that the GLD is currently bullish on all three time frames, compared to the S&P 500, which is now bearish on the short-term and medium-term time frames. When stocks are in a confirmed downtrend, I prefer to look for things that remain in primary uptrends, and gold fits the bill.

Gold Stocks Are Catching Up to Physical Gold

I’m often asked whether it’s better to play gold using an ETF that holds physical gold versus one that offers exposure to gold stocks. By focusing on the relative performance of gold stocks compared to gold futures, we can perhaps identify where opportunities could lie going forward.

Here we’re showing the VanEck Vectors Gold Miners ETF (GDX), along with RSI and then the relative performance of GDX vs. GLD.  When that ratio is sloping higher, gold stocks are outperforming physical gold. Going into the end of last year, the GLD was outperforming as gold stocks experienced a significant pullback. But, so far in 2025, we’ve noticed a strong reversal in relative performance which shows gold stocks are performing better.

The GDX is now testing its October 2024 high around $43.50, and we would consider a confirmed break above this level as an additional sign that gold stocks could continue a “catch up trade” versus physical gold. And with so many gold stocks starting to appear in the top decile of the StockCharts Technical Rating (SCTR), we see this as an area of emerging strength in the weeks to come.

Looking for our daily market recap show? CHART THIS with David Keller, CMT runs every trading day at 5pm ET over on our YouTube channel!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

Disclosures: Author holds position in GLD.

The US is on the brink of an unprecedented rise in electricity demand, with projections showing a 35 to 50 percent increase by 2040, according to data from S&P Global Commodity Insights.

This surge, largely driven by artificial intelligence (AI) data centers, manufacturing expansion and mass electrification, underscores an urgent need for a diversified energy strategy.

While renewable energy and natural gas will both play vital roles, nuclear power is emerging as a key component — though its growth may be constrained by uranium supply challenges.

Nuclear energy’s key role in electricity supply

As demand for electricity skyrockets, nuclear power is positioned as a crucial solution due to its reliability and ability to provide continuous, carbon-free energy. Industry leaders stress that without significant investment in nuclear infrastructure and uranium supply chains, the US could struggle to sustainably meet its energy needs.

John Kotek, senior vice president of policy and public affairs at the Nuclear Energy Institute, one of the groups that commissioned the S&P study, emphasized nuclear energy’s potential, stating, “The S&P Demand Growth Report highlights the tremendous growth in electricity demand and the critical gaps that must be filled to meet future needs.’

He added that nuclear power is well positioned to serve power needs from the manufacturing sector, as well as AI and data center demand. Kotek also pointed to growing partnerships between nuclear energy producers and major tech firms like Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META) and Google (NASDAQ:GOOGL), which require reliable around-the-clock power for their AI data centers.

However, uranium supply constraints could present long-term challenges. The nuclear fuel cycle depends heavily on uranium market stability, and geopolitical factors could further complicate sourcing. According to the World Nuclear Association, global uranium production has struggled to keep pace with growing demand.

In 2022, uranium mines supplied only 74 percent of power utilities’ annual needs, with the remainder coming from secondary sources such as stockpiled reserves and recycled materials. The depletion of these reserves over time, combined with increasing nuclear energy adoption worldwide, could stress uranium supply chains.

At the end of 2022, uranium stockpiles stood at approximately:

  • 36,000 metric tons in Europe
  • 40,000 metric tons in the US
  • 132,000 metric tons in China
  • 49,000 metric tons in the rest of Asia

China and Russia have taken steps to secure long-term uranium supply, with China investing in mines across Niger, Namibia, Kazakhstan, Uzbekistan and Canada. Russia’s ARMZ Uranium Holding acquired Uranium One in 2013, ensuring a steady uranium flow for its domestic reactors. The US and Europe, by contrast, rely more heavily on market-driven supply chains, making them more vulnerable to price fluctuations and geopolitical instability.

“Facing an unprecedented increase in electricity demand, America is provided with a golden opportunity to modernize our power sector while securing domestic leadership in cutting-edge future technologies,” said Marty Durbin, president of the US Chamber of Commerce’s Global Energy Institute.

“To meet this challenge, we need policies that support both existing nuclear reactors and the development of next-generation nuclear technology,” he further emphasized.

US needs all types of energy to meet electricity demand

Against that backdrop, many policymakers and industry leaders argue that nuclear energy must be prioritized in future energy planning. The S&P report suggests that an additional 10 to 25 gigawatts of nuclear and geothermal capacity will be needed by 2040 to maintain grid reliability, along with increases in natural gas and renewable capacity.

‘We must bring equal urgency to accelerate the development and deployment of new nuclear generation capacity and fossil generation with carbon capture,” said Jason Grumet, CEO of the American Clean Power Association.

This push aligns with policy efforts to streamline nuclear development.

Recent US government initiatives aim to fast track small modular reactor deployment, expand domestic uranium enrichment capabilities and reduce reliance on foreign uranium supplies. However, bringing new nuclear plants online can take a decade or longer, highlighting the need for quick action to ensure supply chain stability.

S&P notes that the US already has the technology to bridge the gap between electricity supply and demand — it sees a need for government, industry and consumers to work together on solutions.

‘It is time to join together behind a true all-of-the-above energy strategy that lowers prices, creates jobs, and supports our national security,’ Grumet concluded.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com