giant

As California voters went to the polls Tuesday to cast their ballot on a measure that could block President Trump’s national agenda, state officials ridiculed his unsubstantiated claims that voting in the largely Democratic state is “rigged.”

“The Unconstitutional Redistricting Vote in California is a GIANT SCAM in that the entire process, in particular the Voting itself, is RIGGED,” Trump said on Truth Social just minutes after polling stations opened Tuesday across California.

The president provided no evidence for his allegations.

“All ‘Mail-In’ Ballots, where the Republicans in that State are ‘Shut Out,’ is under very serious legal and criminal review,” the GOP president wrote. “STAY TUNED!”

Gov. Gavin Newsom dismissed the president’s claims on X as “the ramblings of an old man that knows he’s about to LOSE.”

His press office chimed in, too, calling Trump “a totally unserious person spreading false information in a desperate attempt to cope with his failures.”

At a White House briefing Tuesday afternoon, White House press secretary Karoline Leavitt claimed, without providing examples, that California was receiving ballots in the name of undocumented immigrants who could not legally vote.

“They have a universal mail-in voting system, which we know is ripe for fraud,” Leavitt told reporters. “Fraudulent ballots that are being mailed in in the names of other people, in the names of illegal aliens who shouldn’t be voting in American elections. There’s countless examples and we’d be happy to provide them.”

The White House did not immediately respond to requests for more details.

Political tension across the nation is high as California voters cast ballots on Proposition 50, a plan championed by Newsom to redraw the state’s congressional districts ahead of the 2026 election to favor the Democratic Party. The measure is intended to offset GOP gerrymandering in red states after Trump pressed Texas to rejigger maps to shore up the GOP’s narrow House majority.

California’s top elections official, Secretary of State Shirley N. Weber, called Trump’s allegation “another baseless claim.”

“The bottom line is California elections have been validated by the courts,” Weber said in a statement. “California voters will not be deceived by someone who consistently makes desperate, unsubstantiated attempts to dissuade Americans from participating in our democracy.”

Weber noted that more than 7 million Californians have already voted and encouraged those who had yet to cast ballots to go to the polls.

“California voters will not be sidelined from exercising their constitutional right to vote and should not let anyone deter them from exercising that right,” Weber said.

Of the 7 million Californians who have voted, more than 4.6 million have done so by mail, according to the secretary of state’s office. Los Angeles residents alone have cast more than 788,000 mail-in ballots.

Leavitt told D.C. reporters Tuesday that the White House is working on an executive order to combat so-called “blatant” election fraud.

“The White House is working on an executive order to strengthen our election in this country,” Leavitt said, “and to ensure that there cannot be blatant fraud, as we’ve seen in California with their universal mail-in voting system.”

Trump has long criticized mail-in voting. As more Democrats opted to vote by mail in 2020 during the COVID-19 pandemic, the president repeatedly made unproven claims linking mail in voting with voter fraud. When Trump ultimately lost that election, he blamed expanded mail-in voting.

In March, Trump signed an executive order requiring that Attorney General Pam Bondi “take all necessary action” against states that count absentee or mail-in ballots received after Election Day. Most states count mail-in or absentee ballots as long as they are postmarked by Election Day.

Over the last month, the stakes in the California special election have ratcheted up as polls indicate Proposition 50 could pass. More than half of likely California voters said they planned to support the measure, which could allow Democrats to gain up to five House seats.

Last month, the Justice Department appeared to single out California for particular national scrutiny: It announced it would send federal monitors to polling locations in counties in California as well as New Jersey, another traditionally Democratic state that is conducting nationally significant off-year elections.

The monitors, it said, would be sent to five California counties: Los Angeles, Kern, Riverside, Fresno and Orange.

While Trump is often a flame-thrower on social media, he has largely been silent on Proposition 50, aside from a few Truth Social posts.

In late October, the president voiced skepticism with California’s mail-in ballots and early voting — directly contradicting efforts by the state’s GOP leaders to get people to vote.

“No mail-in or ‘Early’ Voting, Yes to Voter ID! Watch how totally dishonest the California Prop Vote is! Millions of Ballots being ‘shipped,’” Trump wrote on Truth Social. “GET SMART REPUBLICANS, BEFORE IT IS TOO LATE!!!”

Over the weekend, Trump posted a video purporting to show a member of the San Joaquin County’s Sheriff Dept. questioning election integrity in California.

Times Staff Writer Seema Mehta contributed to this report

BYD (BYDDY -1.09%) produces far more vehicles than Tesla. But you wouldn’t be able to tell based on stock prices alone. The Chinese electric vehicle maker’s market cap is around $990 billion, while U.S.-based Tesla is valued at more than $1.3 trillion.

Part of the valuation gap is explained by BYD’s recent struggles. Shares are down 20% in value since May. Tesla stock, meanwhile, has gained more than 40% in value over that time period. Is this your chance to buy BYD at a rare discount?

There’s no doubt that shares look compelling. But there are two critical factors to consider before jumping in.

1. Warren Buffett changed his mind about BYD

Legendary investor Warren Buffett was one of the first major investors in BYD. He first acquired shares 17 years ago, paying $230 million for a 10% stake in the business. It wasn’t actually Buffett that spotted the opportunity, but rather his longtime business partner, Charlie Munger.

Earlier in its history, BYD was focused on battery technology. Through vertical integration and affordable labor in China, the company was able to keep costs low, leading to major customer wins. It launched its first vehicles in 2003, gradually expanding its portfolio to include two of the most popular EVs in the world. This year, analysts expect the company to produce more EVs than Tesla, making it the number one EV maker worldwide.

Over the last 17 years, Buffett has made more than 2,000% on his original investment. This year, however, he liquidated his entire position. Why? Even though it has massive scale, BYD is still primarily a Chinese company. Around 80% of its sales are domestic, a reality that creates two critical headwinds.

First, the Chinese economy has been gradually slowing. Last year, GDP in the country grew by just 5% — one of the lowest figures in decades. Accordingly, BYD’s domestic sales have struggled in 2025, leading to a sales forecast cut by management.

Second, the Chinese government has a heavy influence on BYD. The company has received significant financial support from the government over the years. But that generosity may be ending. BYD failed an audit this summer, which may force it to repay more than $50 million in subsidies. The Chinese government’s involvement in the auto industry has ramped up this year, with the ultimate results still uncertain.

Buffett hasn’t yet commented on his stake sale. But with rising political uncertainty and a shaky domestic market, it appears as if the Oracle of Omaha has had enough with this long-term position.

Image source: Getty Images.

2. Don’t compare BYD to Tesla

Due to China’s sluggish GDP and falling population growth, it will be difficult for BYD’s sales to maintain historical growth rates over the long term without expanding international sales aggressively. Increasing regulatory oversight may complicate efforts to do so, but BYD is making moves to shift its focus away from China.

A recent deal with Uber Technologies, for instance, attempts to make its vehicles more accessible to drivers in Europe and Latin America. The deal also paves the way for BYD to help power Uber’s robotaxi division in certain parts of the world.

On the surface, now looks like a compelling time to pick up BYD shares. While challenges exist, the company has an impressive manufacturing base, with the ability to sell cars at a price point that few competitors can match at scale. Its recent Uber deal, meanwhile, gives it exposure to the robotaxi market, which could eventually be worth more than $5 trillion globally.

Add in that shares trade at roughly 1 times sales versus Tesla’s valuation of nearly 17 times sales, and it’s not hard to get excited. Here’s the problem: BYD isn’t Tesla. Tesla, for instance, has a leading position in the robotaxi market, making it far more than a simple auto manufacturer. BYD’s position in the market is simply as a supplier to operators like Uber.

Is BYD stock a buy today? Patient investors comfortable with Chinese regulatory uncertainty may think so. But the valuation gap between BYD and Tesla shouldn’t be a motivating factor. These are two very different businesses.

Pacer Advisors, Inc. disclosed a significant reduction in its United Parcel Service (UPS 0.05%) holdings, selling 3,884,101 shares for an estimated $351.8 million, according to an SEC filing dated October 15, 2025.

What Happened

According to a filing with the Securities and Exchange Commission dated October 15, 2025, Pacer Advisors, Inc. sold 3,884,101 shares of United Parcel Service during the quarter. The estimated transaction value, based on the average share price for the quarter, was ~$351.8 million. Following the sale, the fund held 533,764 shares, worth $44.59 million.

What Else to Know

This sale reduced the United Parcel Service stake to 0.11% of Pacer Advisors’ total reportable U.S. equity assets under management as of September 30, 2025.

Top holdings after the filing:

• NASDAQ:NVDA: $569.61 million (1.65% of AUM as of September 30, 2025)
• NASDAQ:AMAT: $499.48 million (1.44% of AUM as of September 30, 2025)
• NYSE:XOM: $489.87 million (1.42% of AUM as of September 30, 2025)
• NYSE:NEM: $483.92 million (1.40% of AUM as of September 30, 2025)
• NYSE:MO: $467.63 million (1.35% of AUM as of September 30, 2025)

As of October 14, 2025, United Parcel Service shares were priced at $84.05, down 37.5% over the past year; shares have underperformed the S&P 500 by 47.9 percentage points on a price-change basis (ex-dividends) over the same period.

Company Overview

Company Snapshot

United Parcel Service, Inc. is a global leader in integrated freight and logistics, operating in over 200 countries and territories. The company leverages a vast transportation network and advanced technology to provide reliable, time-definite delivery services. UPS’s scale, diversified service offering, and operational efficiency underpin its competitive position in the logistics sector.

The company offers letter and package delivery, transportation, logistics, and supply chain solutions across U.S. domestic and international markets. It generates revenue through time-definite air and ground shipping, freight forwarding, customs brokerage, and ancillary logistics services.

United Parcel Service serves a diverse client base including businesses of all sizes, healthcare and life sciences organizations, and individual consumers globally.

Foolish Take

Pacer advisors, a private investment manager based out of Pennsylvania, recently disclosed the sale of nearly 3.9 million shares of United Parcel Service (UPS), worth more than $351 million. It’s another blow for a company whose stock has chronically underperformed key benchmarks recently.

For example, UPS shares have slipped nearly 48% over the last three years, while the S&P 500 has gained about 86% over the same period. That means UPS shares have underperformed the benchmark index by 134% dating back to late 2022.

Therefore, it’s no wonder that institutional support is drying up. Fund managers like Pacer are clearly retreating from the logistics giant. But why?

As is often the case, it comes down to fundamentals. Key metrics for UPS, like revenue, net income, and free cash flow have fallen steadily in recent years. Dating back to 2022, UPS’ revenue has fallen 10%; net income has dropped 50%; and free cash flow has slumped by an eye-popping 62%.

Clearly, a turnaround is needed for this iconic company. However, until the company can improve its overall fundamentals, retail investors may want to exercise caution with UPS stock.

Glossary

Assets Under Management (AUM): The total market value of all investments managed by a fund or investment firm.
Reportable U.S. Equity Assets: U.S. stock holdings that an investment manager must disclose in regulatory filings.
Stake: The ownership interest or position held in a company by an investor or fund.
Top Holdings: The largest investments in a fund’s portfolio, usually ranked by market value.
Dividend Yield: Annual dividends per share divided by the share price, expressed as a percentage.
Time-Definite Delivery: Shipping services that guarantee delivery by a specific date or time.
Freight Forwarding: The coordination and shipment of goods on behalf of shippers, often internationally.
Customs Brokerage: Service that helps importers and exporters comply with customs regulations and clear goods through customs.
Ancillary Logistics Services: Additional support services in logistics, such as warehousing, packaging, or inventory management.
TTM: The 12-month period ending with the most recent quarterly report.

United States President Donald Trump has unveiled a second deal with a major pharmaceutical company to offer lower-cost prescription drugs direct to American consumers.

This time, the agreement concerned AstraZeneca, a multinational based in the United Kingdom.

Trump hosted the company’s chief executive, Pascal Soriot, in the Oval Office on Friday to publicly cement the deal, which he described as “another historic achievement in our quest to lower drug prices for all Americans”.

“Americans can expect discounts, and as I said, it could be, in many cases, way over a hundred percent,” Trump said.

As in previous press appearances, he pledged US consumers would see impossible discounts on popular medications.

Inhalers to treat asthma, for example, would be discounted by 654 percent, Trump said, calling the device a “drug that’s hot, very hot”. He also reiterated past claims that some medications could see “a thousand percent reduction”.

Trump has long pushed to reduce prescription drug costs to what he has billed as “most-favoured nations prices”.

That would bring prices down to the same level as in other developed countries, though Trump, with typical hyperbole, has said the policy would equate to “the  lowest price anywhere in the world”.

AstraZeneca is the second major pharmaceutical company after Pfizer to strike such a bargain. Last month, Pfizer announced a “voluntary agreement” to price its products “at parity with other key developed markets”.

Like AstraZeneca, it also agreed to participate in an online, direct-to-consumer marketplace the Trump administration plans to launch, called TrumpRx.

But in a news release on its website, Pfizer made clear that the agreement would help it dodge the high tariffs that Trump threatened against overseas pharmaceutical manufacturers.

“We now have the certainty and stability we need on two critical fronts, tariffs and pricing, that have suppressed the industry’s valuations to historic lows,” Pfizer CEO Albert Bourla said.

At Friday’s Oval Office ceremony, officials like Health and Human Services Secretary Robert F Kennedy Jr openly celebrated the power Trump had wielded through his tariff threats.

“ The president saw something that we didn’t see, which is we had leverage, and that came through Howard [Lutnick] and the tariffs,” Kennedy said, giving a nod to Trump’s commerce secretary. “We had extraordinary leverage to craft these deals.”

The deals with both AstraZeneca and Pfizer came after Trump threatened in September to impose a 100-percent tariff on pharmaceutical companies unless they started to build manufacturing plants in the US.

“There will, therefore, be no Tariff on these Pharmaceutical Products if construction has started,” Trump wrote on his platform, Truth Social.

Those tariffs were slated to come into effect on October 1. But Pfizer unveiled its deal with the Trump administration on September 30, and the tariffs were subsequently postponed.

In Friday’s Oval Office appearance, Soriot acknowledged that, like Pfizer, he had negotiated a delay for any tariffs against AstraZeneca. In exchange, he pledged to increase US investments to $50bn by 2030.

“I appreciate very much Secretary Lutnick granting us a three-year tariff exemption to localise the remainder of our products,” Soriot said. “Most of our products are locally manufactured, but we need to transfer the remaining part to this country.”

Just one day earlier, AstraZeneca had revealed it would construct a “multi-billion-dollar drug substance manufacturing centre” in Virginia, with a focus on chronic diseases, a top priority for the Trump administration.

Trump himself touted his tariff threat as the impetus for the recent string of drug deals. When asked by a reporter if he could have brought the pharmaceutical companies to the negotiating table any other way, Trump was blunt.

“ I would never have been able to bring him,” he replied, with a gesture to Soriot. “ Now, I’m not sure that Pascal would like to say, but behind the scenes, he did say tariffs were a big reason he came here.”

Since returning for a second term as president, the Republican leader has relied heavily on tariffs – and the threats of tariffs – as a cudgel to bring foreign governments and businesses in line with his administration’s priorities.

He has called the term “tariff” the “most beautiful word” in the dictionary and repeatedly labelled the dates he unveiled such import taxes as “Liberation Day”.

But earlier this year, it was unclear if his sabre-rattling would pay dividends. In May, for instance, Trump issued an executive action calling on his government to take “all necessary and appropriate action” to penalise countries whose policies he understood as driving up US drug costs.

He also called on Secretary Kennedy to lay the groundwork for “direct-to-consumer” purchasing programmes where pharmaceutical companies could sell their products at a discount.

Trump, however, lacked a legal mechanism to force participation in such a programme.

In July, he upped the pressure, sending letters to major pharmaceutical manufacturers. The letters warned the drug-makers to bring down prices, or else the government would “deploy every tool in our arsenal” to end the “abusive drug pricing practices”.

He also openly mused that month about hiking tariffs on imported medications.

“We’ll be announcing something very soon on pharmaceuticals,” Trump told a July cabinet meeting. “We’re going to give people about a year, a year and a half, to come in, and after that, they’re going to be tariffed if they have to bring the pharmaceuticals into the country, the drugs.”

“They’re going to be tariffed at a very, very high rate, like 200 percent,” he added.

The “most-favoured nation” pricing scheme is an idea that Trump tried but failed to initiate during his first term as president, from 2017 to 2021.

How that project might shape up in his second term remains to be seen. The TrumpRx website – which the president insists he did not name himself – has yet to offer any services.

Those are expected in 2026.

SHOPPERS are set for a major boost as a supermarket giant launches its first ever Express store in the UK.

It marks the start of a huge national rollout that’ll see up to 20 new stores open before the end of the year.

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The retail titan, Asda, has opened the doors to its brand-new Express in Castleford, West Yorkshire,

It’s the first time Asda has taken its famous yellow and green brand into the world of small-format convenience stores, as it looks to take on Tesco Express and Sainsbury’s Local head-on.

The new shop, built on the site of a former pub on Holywell Lane, has been completely transformed into a slick, modern mini-market packed with more than 3,000 products.

From meal deals and snacks to fresh fruit, booze and ready meals, locals can now grab all their essentials in one quick stop.

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It’s open every day from 6am to 11pm, making it perfect for early risers, night owls, and anyone in desperate need of milk after hours.

The store also comes kitted out with handy extras, including a Costa Coffee machine, ATM, and Amazon collection point, plus, you can get your shopping delivered via Uber Eats, Just Eat or Deliveroo.

Shopping bargains

Asda says the new Express format is designed to bring its trademark low prices and big-brand bargains to places where it’s not always had a strong presence.

New locations will pop up in busy city centres, transport hubs and even residential areas.

It’s all part of the supermarket’s mission to “bring unbeatable value to even more communities” across the UK, according to bosses.

Joseph Sutton, Asda’s Vice President for Express, Foodservice and Fuel, said:

“We’re delighted to have opened the doors today in Castleford, marking the start of our Express store rollout as we bring Asda’s unbeatable value to new communities across the UK.”

He added: “From top-up essentials to convenient food-on-the-go options, we’re excited to welcome new customers and offer outstanding value.”

Rapid growth

Asda first dipped its toe into the convenience market in 2022, and things have moved fast.

The supermarket now plans to have around 500 Express stores open by the end of the year, with even more coming in 2026.

Each store will also feature electronic shelf-edge labels (a fancy way of saying digital price tags), designed to make life easier for staff and keep prices crystal clear for shoppers.

So whether you’re nipping in for bread and milk or a cheeky lunchtime sandwich, chances are you’ll soon be doing it in an Asda Express near you.

More on Asda

It come’s after Asda announced its price reductions, cutting the cost of nearly 1,000 everyday products.

The reductions will be available both in-store and online and will include massive discounts on cupboard staples such as pasta, cooking sauces and tea and coffee.

Meanwhile, Asda is following three other major supermarkets in introducing a big change to aisles across 186 stores from October.

The supermarket chain has introduced dedicated menopause aisles as has online grocery store Ocado.

This roll-out hopes to “raise awareness and understanding of the menopause experience,” said Matt Pryde, Senior Buying Manager for Asda Toiletries.

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UP here at the Tory Party conference in Manchester, comparisons between Kemi Badenoch and United’s Ruben Amorim write themselves. 

Two gaffers tasked with getting a once-formidable colossus back to winning ways — and both finding that nothing they do seems to work. 

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Supporters who long for the glory days of old are solemn, and the dressing room is fast losing faith. 

Both watch enviously as their gloating rivals in light blue continue to shine. 

Both beg for more time. 

After her bullish conference speech ­yesterday, Badenoch has bought herself that time. 

It was well delivered and she hit the right notes on the economy, welfare, crime and immigration. 

Her pledge to abolish stamp duty should also prick the ears of voters who until now have not been paying her ­attention. 

As an exercise in corralling despondent Tory members and seeing off any immediate leadership threat, it’s job done, Kemi. 

Back down to Earth 

Much the same can be said of Sir Keir Starmer’s run out in Liverpool, where he successfully united his party against their common enemy, Nigel Farage. 

He too delivered an address lapped up by his grassroots to the extent the prospect of impending mutiny melted away. 

The North West has been kind to them both, and they appear stronger. 

But the crashing thud of reality awaits them back in Westminster, where the mirage of the past fortnight will soon be shattered. 

Party conferences are bubbles frozen in time, and it is easy to be suckered into believing a leader has played a blinder just because their own side cheers them to the rafters. 

Both Badenoch and Starmer now need to come back down to Earth and confront some home truths. 

The first is that Nigel Farage is still leading the polls by a mile, opening up a 12-point gap according to More In ­Common.

May’s local elections are almost certain to be bloody, with the party at risk of ­falling to a humiliating fourth in both Wales and Scotland. 

Labour’s conference failed to make a dent, with the party registering “no change” in its position at 20 per cent ­compared to Reform’s 33 per cent. 

If Badenoch also fails to make inroads, the same doubts over her leadership will come flooding back. 

May’s local elections are almost certain to be bloody, with the party at risk of ­falling to a humiliating fourth in both Wales and Scotland. 

Badenoch’s allies are setting expectations on the floor — but as one of her Shadow Cabinet tells me: “You can roll the pitch as much as you like, nothing prepares you for the pain until it actually hits.” 

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Mass losses would spark a fierce ­internal debate between those gunning for regicide and those who despair at the thought of the Tories killing off yet another leader. 

One prominent donor has been telling friends that he will close his chequebook forever if Badenoch is toppled. 

Whereas a Shadow Cabinet minister says: “If she’s not going to be Prime ­Minister, you might as well get rid of her now.” 

Her main rival, Robert Jenrick, is sitting back, but king cobras also sit back before they strike. 

While plotters are setting their watches for the May 1 polls, smart Tories are ­looking towards November 26 to mount a fightback. 

The upcoming Budget on that date was barely ­mentioned in both Manchester and ­Liverpool, but it could turn the fortunes of all parties on their head. 

Last year Chancellor Rachel Reeves claimed her £45billion tax raid was a one-off forced upon her by years of Tory ­economic recklessness. 

Now she is coming back for more in a Budget that risks being even more toxic. 

Bond markets have put the Chancellor in fiscal handcuffs, rightly stopping her borrowing even more money on the slate. 

Labour MPs have put her in a political straitjacket by vowing to vote down any serious spending cuts, including to the eye-watering benefits bill. 

Despite the chaos of Liz Truss, voters on YouGov’s tracker still view the Tories as the most trusted custodians of the public finances. 

And growth is so puny that it will barely move the dial, all pointing to ­taxpayers being rinsed even further to make the sums add up. 

Ms Reeves is privately furious with the Office for Budget Responsibility, whose decision to downgrade productivity leaves her with an even bigger black hole — in the region of £30billion. 

Perhaps she regrets fawning quite so much over the economic watchdog when it was a thorn in the Tory side. 

She is preparing to once again blame the Conservative record, but that is unlikely to wash for a second time, ­especially if she finds money to lift the two-child benefit cap to placate her own MPs. 

A fight on the economy is fertile ­territory for Badenoch, who spent much of yesterday attacking this “high-tax, low-growth doom loop”. 

Shock therapy 

Despite the chaos of Liz Truss, voters on YouGov’s tracker still view the Tories as the most trusted custodians of the public finances. 

Some at the top of the tree believe ­economic implosion is the shock therapy needed to get them back in the game. 

One Tory Shadow Cabinet minister tells me: “People don’t yet realise how bad things are, but be in no doubt, we are flying into the mountainside. And when we crash, that is our chance to make our case to the country once again.”

Farage will of course give this short shrift, arguing he is not only reaping ­justified anger from years of immigration failure, but also decades of working people feeling no better off. 

It is clear Badenoch still needs to go toe-to-toe on borders to have any hope of winning back voters. 

But if a miserable Budget sees voters crying out for economic competence, the Tories might at last have their pitch. 

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On Tuesday, Eastover Investment Advisors disclosed that it sold 6,691 shares of RTX Corporation (RTX 0.41%) in the third quarter.

What happened

Eastover Investment Advisors sold 6,691 shares of RTX Corporation(RTX 0.41%) worth an estimated $1 million in the third quarter, according to a Form 13-F filed with the Securities and Exchange Commission on Tuesday. The fund reported holding 54,659 shares worth $9.1 million as of September 30.

What else to know

Eastover’s RTX position represents about 4% of the firm’s total assets.

Top holdings after the filing:

• NASDAQ:AVGO: $15.2 million (6.6% of AUM)
• NASDAQ:AAPL: $12.9 million (5.6% of AUM)
• NASDAQ:NVDA: $12.9 million (5.6% of AUM)
• NASDAQ:GOOGL: $11.4 million (5.0% of AUM)
• NASDAQ:MSFT: $11.4 million (4.96% of AUM)

As of Monday, shares of RTX were priced at $169.27, up 35% over the past year and outperforming the S&P 500 by about 17 percentage points.

Company Overview

Company Snapshot

• RTX provides aerospace and defense systems, including aircraft engines, avionics, cabin interiors, threat detection, and aftermarket services through its Collins Aerospace, Pratt & Whitney, and Raytheon segments.
• Generates revenue primarily from the sale of products and long-term service agreements to commercial airlines, military, and government customers, leveraging a mix of original equipment manufacturing and aftermarket support.
• Serves commercial airlines, defense departments, and government agencies globally, with a significant presence in both U.S. and international markets.

RTX Corporation is a leading global aerospace and defense company with a diversified portfolio spanning commercial aviation, military systems, and advanced defense technologies.

Foolish take

Charlotte-based Eastover Investment Advisors’ sale of 6,691 shares of RTX Corporation (formerly Raytheon Technologies)—worth about $1 million—could reflect profit-taking after a year of extraordinary gains. The aerospace and defense contractor’s stock has soared 46% year-to-date, handily outperforming the S&P 500’s 14% rise, as demand for both commercial aviation and defense systems surged.

RTX reported 9% year-over-year sales growth in the second quarter, with strength across all three business segments—Collins Aerospace, Pratt & Whitney, and Raytheon—and particularly notable 16% commercial aftermarket growth. Adjusted earnings per share rose 11% to $1.56, and CEO Chris Calio highlighted a record backlog of $236 billion, calling the results proof that “we’re well positioned to drive long-term profitable growth.”

Investors will get a closer look at how RTX is executing when it reports third-quarter earnings on October 21. And with the recovery in commercial air travel and robust global defense spending, RTX offers dual exposure to cyclical and structural growth trends. For long-term investors, occasional pullbacks—like Eastover’s sale—may still represent opportunities, not exits.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings.
Assets Under Management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Fully liquidated: Sold all shares or holdings in a particular investment, resulting in a zero position.
Form 13-F: A quarterly SEC filing by institutional investment managers to disclose their equity holdings.
Aftermarket services: Support, maintenance, and parts provided after the initial sale of a product, often generating recurring revenue.
Original equipment manufacturing: Producing components or products that are sold to other companies for use in their end products.
Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
TTM: The 12-month period ending with the most recent quarterly report.

SEOUL, Oct. 2 (UPI) — The share price of Naver surged some 10% over the past week after reports that the leading internet company of South Korea may merge with Dunamu, a major player in the country’s cryptocurrency industry.

Naver’s affiliate, Naver Financial, is reportedly in talks with Dunamu, which operates the world’s No. 4 crypto exchange Upbit, for a stock-for-stock merger. If finalized, Dunamu would become one of Naver’s subsidiaries.

Both companies confirmed Thursday that such negotiations were underway, but they declined to provide details.

“Beyond discussions on stablecoins and an unlisted stock trading platform, Dunamu and Naver Pay are exploring a range of additional collaborations. No further details or specific agreements have been finalized at this time,” Dunamu’s chief spokesman Juan Kim told UPI.

Naver Pay, the digital payments service of Naver Financial, boasts a customer base of more than 30 million. Naver holds about 70% of the firm, with Mirae Asset Group holding the remaining 30%. Dunamu remains privately held, with its founding Chairman Song Chi-hyung having a 25.5% stake.

Even if a deal is reached, it would require approval from the shareholders of both sides. At least two-thirds of participants at each company’s shareholder meeting must vote in favor.

Market sentiment suggests that approval is likely, in consideration of the recent sharp rise in Naver’s share price on the Seoul bourse. That of Dunamu has also soared in the over-the-counter trading.

Creating new digital finance ecosystems

Observers point out that amalgamation between Naver Financial and Dunamu could reshape South Korea’s financial landscape, enabling them to compete more effectively with large-sized global rivals.

One major synergy could come from the introduction of a stablecoin, a cryptocurrency pegged to a stable asset like the U.S. dollar. This compares to most other cryptocurrencies, which fluctuate greatly in value.

Daishin Securities analyst Lee Ji-eun said in a recent report that the combined entity could link its stablecoin to Naver Pay, boosting mainstream adoption.

“In the long term, they could seek to dominate the Korean currency-based stablecoin market and provide services such as investment returns and lending by utilizing deposits as collateral,” she said.

Mirae Asset Securities projects that such a business model would provide roughly $210 million in annual revenue by the end of this decade.

Sogang University Professor Yoon Seok-bin described the potential deal as “the marriage of Web 2.0 and Web 3.0 businesses.” The former represents interactive, platform-based services, while the latter focuses on decentralized technologies.

“Both Naver Financial and Dunamu are already profitable. Together, I think they can bring about various new services such as a stablecoin and an all-in-one mobile application called a ‘super app,'” Yoon said in a phone interview.

“In addition, Naver Financial will be able to help Dunamu’s Upbit go abroad. Upbit is the primary crypto exchange in the country, but has yet to establish a notable global footprint. Based on Dunamu’s strong cash flow, Naver Financial will also have a chance to challenge bigger competitors, including PayPal and Stripe,” he added.

Naver Financial recorded $1.18 billion in sales last year for an operating profit of $74 million. Dunamu logged $1.24 billion in revenue, with an operating income of $847 million. Dunamu’s operating margin amounted to 68.5%.

Some watchers say that lucrative Dunamu opted to become a Naver affiliate to achieve its long-standing goal of going public in the United States based on the global brand power of Naver, which listed its U.S. unit Webtoon Entertainment on Nasdaq last year.

Expecting the merger will be structured as an equity swap, Eugene Investment & Securities analyst Jo Tae-na said that Dunamu chairman Song would be the largest shareholder of the new company.

Her rationale: Because the value of Dunamu is about three times bigger than that of Naver Financial, such an outcome is plausible through an equity swap.

“Following the merger, a global listing is expected to lead to at least 1.5 to 2 times higher valuation compared to Dunamu’s standalone listing,” she said in a report. “If the new company goes public, its corporate value could reach $29 billion to $36 billion.”

FAMILIES can now receive a cut of £56million in energy bill support from a ‘Big Six’ supplier.

From today, OVO Energy is handing out free electric blankets as one of its ways to help customers with rising energy bills.

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The supplier runs the extra support service for users all year round, but is now increasing the amount of aid it’s giving out ahead of the winter months.

Since 2022, OVO has given £190million in aid, including heated blankets, smart sockets, and efficiency kits, helping 42,000 customers last year.

The latest £56million package includes free energy-saving products and direct financial support.

And it’s not just electric blankets that you could bag for free.

OVO is also giving away mattress toppers and home efficiency kits to struggling households as part of the scheme.

Customers could also receive a wide range of energy-saving measures installed through ECO4 – from loft insulation to a new boiler, or even high-end tech like heat pumps.

Eligible customers could get a whole package installed, all for free.

Financial support including Direct Debit reductions, emergency credit top-ups, and extended repayment plans are also being offered.

To check your entitlement, visit ovoenergy.com/extra-support.

Ovo is separately campaigning for the introduction of a social tariff to protect vulnerable customers from high energy prices and combat fuel poverty across the UK.

David Buttress, chief executive of OVO, said: “We’re providing support to those who need it most by working together with our charity partners and committing our largest ever customer support package.”

“But this isn’t a long term solution.

“We need to make the energy system work better for everyone.

“That starts with targeted support in the form of a social tariff – no one can be, or no one needs to be left behind.”

What other grants are available?

There are several other ways households can boost their home’s energy efficiency and save money through a variety of grants.

From insulation and boiler upgrades to modifications for disabled residents, financial assistance can cover a substantial portion of your home improvement costs.

Some grants may even cover up to £50,000 worth of home improvements.

Great British insulation scheme – £1,000s

You can get help insulating your home through the Government’s Great British Insulation Scheme (GBIS) if you’re not eligible under the ECO scheme.

GBIS is open to an extra 400,000 households in council tax bands A to E across England, Wales and Scotland who might not be claiming benefits.

To qualify, you must have an energy performance certificate rating of D or lower.

You could be in line for essential upgrades to your home, including roof, loft or cavity wall insulation – which could cut your annual energy bill by £100s.

Check whether you meet the eligibility criteria by visiting gov.uk/apply-great-british-insulation-scheme.

Boiler upgrade scheme – £7,500

Through the boiler upgrade scheme, you could get a grant to cover part of the cost of replacing fossil fuel heating systems with a heat pump or biomass boiler.

You can get one grant per property, towards help with the following:

• £7,500 towards an air source heat pump
• £7,500 towards a ground source heat pump (including water source heat pumps and those on shared ground loops)
• £5,000 towards a biomass boiler

To qualify for this scheme you must own the property you are looking to upgrade.

You must find an MCS-certified installer to claim the grant on your behalf.

MCS is the certification scheme for energy-efficiency product installers.

You can find the nearest ones to you by visiting www.mcscertified.com/find-an-installer, but it is worth shopping for a few quotes.

Home upgrade grant – £1,000s

The home upgrade grant provides funding for various energy efficiency measures for homes that are not connected to the gas grid, often in rural or semi-rural areas.

To be eligible, you must own and live in the property you’re applying for and not use a mains gas boiler as your home’s main heating system.

You’ll also need an performance certificate (EPC) rating of D, E, F or G – if you do not know your home’s EPC you can find it out when you apply.

You’ll usually need to have a household income of £36,000 a year or less.

If you’re eligible, your local council will arrange a home survey to see how your home could be made more energy efficient.

They might suggest improvements like installing wall, loft and underfloor insulation, air source heat pumps, electric radiators

Find out more by visiting gov.uk/apply-home-upgrade-grant.

What energy bill help is available?

There’s a number of different ways to get help paying your energy bills if you’re struggling to get by.

If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.

This involves paying off what you owe in instalments over a set period.

If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.

Several energy firms have schemes available to customers struggling to cover their bills.

But eligibility criteria vary depending on the supplier and the amount you can get depends on your financial circumstances.

For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.

British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.

You don’t need to be a British Gas customer to apply for the second fund.

EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.

Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).

The service helps support vulnerable households, such as those who are elderly or ill.

Some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.

Get in touch with your energy firm to see if you can apply.

The winless New York Giants used a first-round pick on Mississippi quarterback Jaxson Dart, and Sunday they’ll get a first regular-season glimpse at that investment.

It’s a rough way to start for the rookie, who will face a swarming defense and an undefeated opponent.

The 22-year-old Dart replaces the struggling Russell Wilson and takes over an offense that has scored fewer than 10 points in two of three games. Dart looked good in the preseason with three touchdowns and no interceptions but has played just six snaps in real games and has yet to attempt a pass.

The Chargers (3-0) are rolling, having won three consecutive AFC West games with outstanding play from Justin Herbert and six-time Pro Bowl receiver Keenan Allen, who has caught a touchdown pass in all three of those games. Receiver Quentin Johnston, once plagued by drops, has emerged as a sure-handed deep threat.

Not since 2002 have the Chargers gotten off to a 4-0 start.

How the Chargers can win: Pile the game on the inexperienced shoulders of Dart. Put him in third-and-long situations and force him to throw (but watch for an early deep shot). The Giants struggle to stop the run, so cut loose Omarion Hampton and let Herbert scramble for a couple first downs. Take the crowd out of the game ASAP.

How the Giants can win: Herbert got beat up by Denver last week (five sacks), so something is going on with pass protection, especially if guard Mekhi Becton isn’t in there. The Giants (0-3) need their front four to create a rush so they can drop seven defenders. Don’t let Herbert beat them with his legs. Keep Dart in third-and-manageable.

A Colorado company displayed at the Air & Space Force Association’s annual conference this week a model of a new very heavy lift cargo jet it is designing. Though still in its aspirational phase, Radia’s WindRunner concept comes at a time when the future of heavy lift cargo capabilities is in question, including within the U.S. military as it looks to eventually replace its fleet of aging C-5M Galaxy and C-17A Globemaster III transports. Globally, the ability to move very large, outsized loads over long distances by air also has something of an expiration date, without any clear replacement for existing aircraft waiting in the wings. So, while by all accounts Radia’s dream may be a big long shot, it’s certainly worth examining.

The four-engined WindRunner, far bigger in size than either of the two U.S. Air Force airlifters, was originally designed to carry 300-foot-long wind turbine blades. In other words, it originated with the goal of offering a transport solution to commercial customers. However, Radia claims that when it’s built, it could be an attractive airframe for moving tanks, helicopters, collaborative combat aircraft (CCAs) and other large war materiel to austere locations, as well as rocket boosters and other outsized loads.

“As interest grew and development progressed, WindRunner’s unprecedented volume similarly appealed to the defense, aerospace and commercial cargo sectors,” company spokesperson Grace O’Connor told The War Zone.

The C-17A, which first entered service in 1995, has a maximum payload capacity of some 82 tons, according to the official Air Force fact sheet.

The much larger C-5, which has been around since the 1970s, and is now in its enhanced C-5M configuration, can carry up to 140 tons. What’s arguably more important than just the raw weight it can lift, the C-5 can carry far larger items than the C-17.

Capable of being refueled in flight to extend their range, neither this aircraft nor the C-17 is currently in production.

By comparison, Radia states that the 356-foot-long WindRunner, first conceived of in 2016, will be able to deliver 72.6 tons of cargo. However, payload weight only tells a small part of the story, the company suggests.

“Current defense cargo aircraft run out of room before they run out of lift capability,” O’Connor posited. “In other words, military operations cube out on missions before they gross out, making volume the limiting factor. The massive dimensions of today’s military aircraft, modern satellites, missile systems, and mobile hospitals make it challenging to transport mission-ready.“

Instead, many weapons systems have to be disassembled to fit aboard a Galaxy or Globemaster.

Radia claims that WindRunner, with some 270,000 cubic feet of cargo space, delivers seven times the volume of a C-5 and 12 times the volume of a C-17. Among other cargo, Radia says WindRunner can carry six ready-to-fly Chinook C-47 helicopters. The placement of the cockpit in a bulge above the cargo hold offers more vertical space to roll items into its very long hold.

The WindRunner is also claimed to be able to take off and land on 6,000 feet of runway, which is pretty short for such a large plane. One limiting factor, however, may be range. While the C-17 can fly about 2,400 miles with a heavy load without refueling and the C-5 can fly over double that distance with cargo packed in its belly. The WindRunner has a loaded range of just 1,200 miles, according to Radia. So, aerial refueling capability would be a prerequisite for U.S. military service. Still, this may be a worthwhile trade for the ability to easily move very large cargoes while keeping the cheapest aircraft acquisition price possible and tankers already service the C-5M and C-17A fleets heavily for long-distance missions. It may also be possible to extend the giant aircraft’s 261-foot wingspan to increase its range, among other concepts commonly employed to increase an aircraft’s range, such as auxiliary fuel tanks. Radia told us aerial refueling capability would be added for military contracts, but not for the initial tranche of commercial jets

As a scale-model mockup of the WaveRunner was on display on the conference showroom located at the sprawling Gaylord Conference Center at National Harbor, a top Air Force general was in a small meeting room two stories above, talking about the future of the service’s heavy lift.

The U.S. Air Force is still in the early stages of figuring out what it needs for a Next Generation Airlift (NGAL) platform that will replace the C-5s and C-17s. However, the flying branch said it will emphasize greater speed and operational flexibility, as well as the ability to better defend against growing threats when on the ground and in the air.

The commander of AMC, Air Force Gen. John Lamontagne, told reporters, including from The War Zone, that the service currently seeks one aircraft to replace both the Galaxy and Globemaster. Given various budgetary and functional considerations, it is unlikely that a future NGAL would have the same cargo capacity as the Galaxy. You can read more about the tough choices the Air Force faces over its NGAL program in our story here.

Among the NGAL options is an aircraft with a blended wing body, or BWB, configuration. The design could provide increased lifting abilities with large amounts of internal volume, among other advantages. In 2023, the Air Force selected aviation startup JetZero to design and build a full-size demonstrator.

There likely won’t be a replacement aircraft that can match the size of the Galaxy, meaning the Air Force will have to look externally to move its largest cargo. However, there are limited options right now. There are a small number of commercially chartable An-124 Condors, which have roughly similar roll-on, roll-off heavy lift capabilities as the C-5, available today. The existing Soviet-designed Condors won’t last forever. It’s possible that Ukraine could put the Condor back into production in modernized form, but this would be a very large undertaking and it won’t solve the U.S. military’s issue of losing its organic ability to move outsized loads if the single aircraft that will replace the C-17 and C-5 won’t be capable of meeting the latter’s ability to swallow massive cargoes, which seem very unlikely.

It’s worth noting that the world’s largest operational cargo hauling aircraft at the time, the An-225 Mriya, which is an outgrowth of the An-124, was destroyed by Russia at the beginning of its all-out invasion of Ukraine. It served for decades as the heaviest-lifting charter aircraft available, supporting everything from wars to disaster relief operations to moving rail cars and aircraft.

With all this in mind, Radia’s giant cargo hauler could offer the U.S. military a new option to move big loads, if it actually becomes a real aircraft. While this may be more of a niche capability, even if it was offered just on a contracting basis, it would likely be an attractive option for some missions. A militarized version of this aircraft is a far bigger reach, but a small fleet could help fill the gap left by a ‘compromise’ C-5 and C-17 replacement design. The Pentagon has certainly been intrigued with far more exotic heavy lift concepts than this.

Radia claims it is shooting for the first flight of its WindRunner by 2030.

“Radia has raised over $150 million to date and is in discussions to raise additional billions through government support, commercial partnerships, and private capital to complete WindRunner development and production,” O’Connor said when asked how much it will cost to turn the clean sheet design into reality. “Radia has completed concept development and wind tunnel testing and is now preparing for system integration and manufacturing. WindRunner uses largely proven, off-the-shelf systems that are currently certified and flying today. We’ve focused on digital design and analysis, and we are now progressing toward building the full-scale aircraft for certification.”

Radia “has received Letters of Intent (LOIs) from major global customers across wind energy, defense, aerospace, and cargo sectors,” O’Connor added. However, an LOI is not a contract for delivery.

At this point, it is not publicly known where Radia intends to build these jets, if it actually gets the opportunity to do so.

“We are getting closer to publicly announcing our final assembly line location and production capacity,” O’Connor explained.

Radia may not ultimately produce any jets that wear USAF insignias — or any jet at all. However, there appears to be a heavy airlift gap that may form in the coming decades and it may take a mixture of assets, commercial and military, to fill it.

Contact the author: [email protected]

Global spending on artificial intelligence (AI) is set to reach $1.5 trillion this year, according to estimates from Gartner. Even with the huge amount businesses and tech companies are already spending, that number is forecast to climb even further well into the future. The analysts at Gartner expect total spending to hit $2 trillion in 2026. Many analysts see total spending climbing through the end of the decade in order to take advantage of the massive opportunity and promises of generative AI.

One company managed to build a massive $10 billion business out of demand for artificial intelligence compute in just a few years, and it expects to capture a significant amount of market share over the next few years. In fact, management said it expects that $10 billion in annual sales to grow to $144 billion in sales within five years. And it has the contracts to back it up.

Image source: Getty Images.

The massive opportunity ahead

A handful of companies are rapidly building out data centers and leasing space and equipment in order to meet the demand of tech companies training and using large language models. Some contracts from companies like OpenAI and Anthropic, two leading LLM developers, are worth tens of billions of dollars per year. And the biggest cloud computing platforms — owned by Amazon (AMZN -0.84%), Microsoft (MSFT -0.64%), and Alphabet (GOOG -0.53%) (GOOGL -0.56%) — are unable to keep up with the growing demand.

As AI companies look to diversify their compute providers, Oracle (ORCL -5.55%) has emerged as a strong alternative with excellent networking capabilities and competitive pricing. However, its Oracle Cloud Infrastructure (OCI) is lacking in scale relative to the three market leaders. That didn’t stop OpenAI from committing $300 billion to Oracle’s cloud business over five years starting in 2027.

As a result, Oracle reported a huge increase in its backlog of remaining performance obligations. The amount stood at $455 billion as of the end of the company’s first quarter, up from $137 billion at the end of the fourth quarter. While $300 billion of that is tied to OpenAI, Oracle added another $18 billion in contracts on top of that.

And management expects to sign additional contracts in the near future. It said OCI’s remaining performance obligations will likely exceed $500 billion by the end of the current quarter.

If management succeeds in growing OCI from $10 billion to $144 billion over the next five years, it’ll end the decade with a cloud business similar in size to Alphabet’s, based on current growth rates. If it can manage to earn similar operating margins as the three big providers today (20% to 37%), it could produce a huge boost to its existing earnings.

While management notes it already has the backlog to support its revenue outlook, it’s important to consider the significant risks that come with investing in Oracle stock right now.

The future is not guaranteed

Oracle burned $5.9 billion in cash over the past 12 months as it expanded OCI capacity. It took on $27 billion worth of debt over the past year, and it now holds $111 billion of debt on its balance sheet. It’ll have to take on more debt and burn more cash to build out the capacity needed to meet demand for its cloud computing business.

To put things in perspective, Microsoft is committing to $30 billion in capital expenditures for the current quarter, and it’ll likely maintain that pace throughout the year. Amazon expects to spend over $100 billion in 2025, mostly on additional compute capacity. Alphabet updated its target spend to $85 billion for the year, as demand for its cloud infrastructure continues to outstrip supply.

They all have significant backlogs, but none is as big as Oracle’s is now. Oracle plans to spend $35 billion this year, with OCI revenue of $18 billion.

Meanwhile, its three biggest competitors are producing strong positive free cash flow thanks to the fact that they already have large, established cloud businesses and massive businesses outside of cloud computing. Oracle’s legacy software business doesn’t generate nearly enough cash to keep up with the demand for AI compute.

But it’s not just the financing risk Oracle faces. It also takes on the risk of a long-term contract with OpenAI. The generative AI leader has committed to spending $30 billion on Oracle’s compute starting in 2027 and ramping up from there. But the company itself is only bringing in $13 billion in revenue this year, according to its CFO’s outlook. It’s also committed to spending $10 billion with Broadcom, not to mention its existing cloud computing deals with Microsoft and Alphabet.

It’s also unclear how profitable the OpenAI deal will be if it comes to full fruition. Oracle must have offered very attractive pricing relative to its larger competitors to attract such a big commitment. That could result in a significantly worse margin profile relative to Amazon, Microsoft, and Alphabet.

Nonetheless, shares of Oracle have now skyrocketed in price, reaching a forward PE ratio of 45 based on estimates for fiscal 2026. That’s far higher than its larger cloud competitors, making the stock a much riskier investment. If Oracle can execute, build the capacity it needs, and OpenAI holds up its end of the deal, it could be a huge winner over the next five years. But the other three cloud computing providers’ stocks look like much better values with much less risk right now.

Published on
24/09/2025 – 9:33 GMT+2

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Shares in Alibaba rose around 9% in Hong Kong on Wednesday afternoon after CEO Eddie Wu said that he would lift the firm’s AI budget.

The e-commerce giant had already pledged to invest 380 billion yuan (€45bn) in AI-related infrastructure over the next three years, seeking to stay ahead as firms race to develop new models. Wu did not give details on the additional expenditure.

The pledge came as Wu was launching Alibaba’s most powerful AI model during a company conference in Hangzhou, China. The firm’s chief technology officer, Zhou Jingren, said that the Qwen3-Max model contains more than 1 trillion parameters. These are learnt values that determine how the system processes information and makes predictions.

In certain metrics, Alibaba claimed that its Qwen3-Max model outperformed rival offerings like Anthropic’s Claude and DeepSeek-V3.1, citing third-party benchmarks.

“The industry’s development speed far exceeded what we expected, and the industry’s demand for AI infrastructure also far exceeded our anticipation,” Wu said on Wednesday. “We are actively proceeding with the 380 billion investment in AI infrastructure, and plan to add more.”

Stressing that Alibaba must push ahead, Wu estimated that total global investment in AI will exceed $4 trillion (€3.4tn) in the next five years. Chinese rivals such as Tencent and JD.com, as well as US tech firms, have invested heavily in AI over the past year.

Complicating Alibaba’s progress, however, are access restrictions on AI processors from Nvidia.

Last week, China’s internet regulator banned the country’s biggest tech firms from buying Nvidia’s artificial intelligence chips, according to the Financial Times.

The reported ban comes as China seeks to boost its homegrown chip industry and wean itself off dependence on the US.

In August, Chinese firms had previously been advised not to buy Nvidia’s H20, a chip designed specifically for China, with officials in Beijing warning of perceived security risks to national data and systems.

The warning arrived after the US lifted its own ban on the export of H20 chips to China, imposed in April amid a trade spat.

It’s the seaside village that is home to the oldest population in Britain, with the mean age of residents being 65

Many of us fantasise about retiring to the sun-soaked beaches of Europe or Asia, basking in pristine sands, palm trees and breathtaking sunsets. But you don’t need to look too far afield for somewhere you can enjoy a tranquil retirement, with serene towns boasting gentle waves and walkable cliffs for a slower, more peaceful life.

This is particularly true in the south of England, where Barton-on-Sea, a charming seaside village, holds the record for the highest average age population in Britain. The average age of residents in this Hampshire village is 65, a fact that became immediately evident upon my arrival to chat with locals about why the area attracts such an elderly demographic.

The pace of life is unhurried, with many using mobility scooters for transportation. One gentleman accidentally sped up and collided with a bicycle while trying to park.

Overlooking the sea towards the Isle of Wight are blocks of flats, including Westminster Court and Crescent Court. Residents can often be seen tending to flower beds outside their apartments, reports the Express.

A line of pensioners boarded a bus, presenting their freedom passes to the driver. The nearby streets are lined with rather impressive looking homes.

Indeed, according to Rightmove, the average house price in Barton-On-Sea over the past year was £554,156. Most of the properties sold in the village last year were detached houses, fetching an average price of £678,287. Flats were sold for an average price of £325,523.

Having a bit of wealth tucked away would certainly come in handy if you’re looking to buy property in this area.

One local described Barton as “affluent”, noting that the village isn’t teeming with young families. However, they pointed out that there are plenty of young families in nearby areas like New Milton and Milford-on-Sea, and that people often relocate to Barton from other parts of the UK, including London.

In the heart of Barton, there’s a war memorial dedicated to Indian soldiers who served in the First World War, which I found particularly interesting given my university studies on how Commonwealth troops were perceived post-war. The village centre also boasts a few cafes, a convenience store (where I had to explain why I was buying several newspapers – I always make a point of picking up a local paper wherever I go), a restaurant, another eatery down the road, a takeaway pizza joint, and a bathroom shop.

Standing in the middle of it all, it felt very much like being in a large retirement complex where everyone is taking their time and all immediate needs are catered for by the local businesses. As one resident put it, people have clearly chosen to settle in Barton for “a slower form of life in an area of great beauty”.

There aren’t any major employers offering jobs in the immediate vicinity, making it an ideal spot for those who’ve hung up their work boots. During the summer months, Barton is quite the charming place.

During my visit, locals and tourists alike savoured ice creams, enjoyed a spot of lunch, and took leisurely strolls along the cliffs, soaking up the calm and sunny conditions before the onset of the colder, windier winter months. It’s undeniably an idyllic location to spend your retirement years.

Such places are becoming increasingly sought-after as more Brits are fortunate enough to enjoy longer lifespans. However, as a relatively energetic 27-year-old, I suspect I might find village life a touch monotonous.

Sept. 8 (UPI) — Whaleco Inc., operating as Temu, has been ordered by a federal court to pay a $2 million civil fine for violating federal law regarding its online marketplace, the U.S. Department of Justice said Monday.

The private U.S.-registered company, which mainly sells products from China, had the most downloaded app in the United States in 2024, according to Business of Apps. The company also sells products to customers in 90 countries.

DOJ and the Federal Trade Commission filed a complaint in the U.S. District Court of Massachusetts alleging Temu didn’t sufficiently disclose certain information for high-volume third-party sellers, including addresses, or provide consistent reporting methods as required by law. This included consumers’ ability to electronically and telephonically report suspicious activity to the marketplace.

The agencies said they violated the INFORM Consumers Act.

“The Justice Department is committed to ensuring American consumers have information about third-party sellers online and mechanisms to report suspicious marketplace behavior,” Assistant Attorney General Brett A. Shumate of DOJ’s Civil Division said in a statement. “The Department will continue to ensure that online marketplaces follow the INFORM Consumers Act.”

Temu also was ordered to ensure compliance with the INFORM Consumers Act in the future.

Temu, which means “Team Up, Price Down,” was founded as Whaleco Inc. in Boston in 2022.

It is a subsidiary of PDD Holdings, a Chinese online retailer owned by Colin Huang. PDD Holdings also owns Pinduoduo, an online commerce platform in China.

In July, the European Commission charged Temu with breaking the EU’s Digital Services Act by failing to prevent the sale of usnafe products that violate its standards.

In an analysis, the European Commission found that shopping on Temu carries a high risk of finding unsafe products, such as small toys and small electronics.

In the EU, companies can be fined up to 6% of their annual total worldwide turnover.

Temu, with an estimated annual revenue of $53.9 billion in 2024, competes with Amazon, the No. 1 online retailer in the world with $391.4 billion in revenue last year.

“Temu is committed to bringing affordable products onto its platform to enable consumers and merchandise partners to fulfill their dreams in an inclusive environment,” the company said on its website.

Temu and another online retailer, Shein, have been hit by tariffs imposed on imports into the United States.

“Due to recent changes in global trade rules and tariffs, our operating expenses have gone up. To keep offering the products you love without compromising on quality, we will be making price adjustment starting April 25, 2025,” Temu said in a statement to U.S. shoppers.

That was in late April when there was a 145% duty on Chinese imports. The Trump administration has since lowered them temporarily to 10%. The pause is until Nov. 10.

Alphabet (GOOGL 1.13%) (GOOG 1.04%) is already one of the biggest companies in the world, but there is no reason to think it couldn’t become much bigger. With a market cap of about $2.8 trillion, it has a real shot at becoming the next $4 trillion stock and possibly the largest company in the world one day.

The recent court ruling that let it keep its search advantages pulled a big risk off the table, and the company now has multiple growth drivers lined up. Let’s look at why Alphabet is set to run higher.

Search advantage stays intact

One of the biggest risks hanging over Alphabet for the past year or so was the Department of Justice’s antitrust case against it. The judge could have forced it to spin off Chrome and Android or end its exclusive search deal with Apple, but that didn’t happen. Alphabet still owns both, and it can still pay Apple and others for default search placement. The only change is that these contracts need to be renewed every year instead of for longer terms.

One of Alphabet’s key advantages in search, as well as in artificial intelligence (AI), is its distribution. Almost 70% of the world uses Chrome, while Android powers about three quarters of the world’s phones. Meanwhile, through a revenue-sharing agreement, Apple’s Safari defaults to Google, helping it reach most of the rest of the world’s population. That makes Alphabet the gateway to the internet, and the judge’s ruling protected that advantage. People don’t often change default browsers, which means billions of users are going to stick with Google Search.    

At the same time, AI isn’t taking away from search; it’s doing the opposite. Over 2 billion people are already using AI Overviews every month, and Alphabet just started rolling out AI Mode globally, which lets users switch between traditional search and chatbot-style results without leaving Google. Last quarter, Alphabet saw its search revenue growth accelerate, as AI helped drive queries.

Meanwhile, the company has been at the forefront of AI search innovation, with features like Lens and Circle to Search driving incremental queries, often with a commercial intent. It’s also embedded AI commerce features in its offering, such as Shop with AI, where users can even virtually try on clothes.

Finally, Alphabet has spent decades building one of the most far-reaching ad networks on the planet. From your local landscape business down the street to global powerhouses, the company has the tools to reach any type of audience for advertisers.

Image source: Getty Images.

Cloud is finally breaking through

While Google Search is Alphabet’s foundation, its cloud computing unit, Google Cloud, has become its growth engine. Revenue jumped 32% last quarter, while operating income more than doubled. This segment is now scaling fast, and it is one of the best ways Alphabet is tied into the AI boom.

One of Alphabet’s big edges here is that it’s designed its own custom AI chips specifically for its infrastructure. Its Tensor Processing Units are designed to handle AI workloads within its TensorFlow framework, which gives it cost and performance benefits. Developers are also adopting its Gemini models and Vertex AI platform at a rapid pace, which keeps customers tied into Google Cloud.

Capacity is tight, and Alphabet is spending aggressively to expand. It recently upped its capex budget by $10 billion to $85 billion to build new data centers, and management has said constraints will likely last into 2026. That shows just how strong demand is.

Emerging opportunities

Alphabet also has a set of bets that could pay off big. YouTube is still dominant in online video and pulling more ad dollars from TV, but the real long-term excitement sits with Waymo and quantum computing.

Waymo is rapidly growing its robotaxi service, rolling into new cities and testing in major markets like New York. It may take time, but if autonomous driving takes off and Alphabet can reduce the cost of its robotaxis, it could end up with another giant business.

Quantum computing is even further out, but progress with Alphabet’s Willow chip shows it is moving forward. Reducing errors is the biggest hurdle for quantum computing, and Alphabet is one of the few companies that have made headway in this area.

Still an attractive valuation

While Alphabet’s stock has recently hit new highs, it still hasn’t seen the momentum of many other megacap AI stocks over the past few years. Investors were too worried about the impact of AI on search and the potential risk of the antitrust trial. However, the worst-case scenario with the trial is now behind it, and Alphabet has been demonstrating that it is set to be an AI winner. In fact, after the trial, it has been reported that Alphabet and Apple are getting close to expanding their relationship, with Google’s Gemini model set to power an AI version of Siri. That’s not the sign of a company that is losing the AI race.

Trading at a forward price-to-earnings (P/E) ratio of just 21 times 2026 analyst earnings estimates, Alphabet is much cheaper than peers like Microsoft, Apple, and Amazon. If it were to trade at a similar 30 times multiple on 2026 analyst estimates as these names, it would already be a $4 trillion company.

Given its strong leadership positions in search and streaming, along with its growth opportunities around AI, cloud computing, robotaxis, and quantum computing, there is now no reason why Alphabet may not become the world’s largest company by the end of the decade.

The world’s largest sports pirating site, Streameast, is no more.

The illegal streaming giant was terminated in Egypt after a sting operation, according to the Alliance for Creativity and Entertainment, one of the country’s largest antipiracy coalitions. Egyptian law enforcement and ACE shut down the service Aug. 24 following a yearlong investigation.

Streameast had 80 associated domains and amassed more than 1.6 billion visits during the past year. It offered access to sports’ biggest events, including Europe’s football championships, the NFL, NBA, MLB, pay-per-view boxing and F1 races. It garnered an average of 136 million monthly visitors, primarily based in the U.S., Canada, the U.K., the Philippines and Germany.

“With this landmark action, we have put more points on the board for sports leagues, entertainment companies, and fans worldwide — and our global alliance will stay on the field as long as it takes to identify and target the biggest piracy rings across the globe,” said Charles Rivkin, chairman of ACE and head of the Motion Picture Assn., in a press release.

Two men were arrested about 20 miles outside of Cairo under suspicion of copyright infringement. Authorities confiscated devices, including laptops and smartphones thought to be operating the site, cash and several credit cards. Investigators also identified a shell company possibly used to launder the advertising revenue, which totaled to around $6.2 million, and an investment of $200,000 in cryptocurrency. Several properties in Egypt were also allegedly purchased with these funds.

In addition to working with local Egyptian authorities, ACE’s investigation was aided by Europol, the U.S. Department of Justice, Office of the U.S. Trade Representative and National Intellectual Property Rights Coordination Centre, according to the Athletic’s reporting.

All sites previously associated with Streameast will be redirected to ACE’s “watch legally” page, which provides links to authorized streaming video providers. This announcement comes a day before the NFL’s regular season kicks off.

THE widow of an Olympic hero and schoolteacher has paid tribute to “a proud Yorkshireman” after his tragic death at the age of 80.

John Sherwood lived in Hillsborough and shot to fame in 1968 when he won the bronze medal in the hurdles at the Mexico Olympics in 1968.

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He sadly passed away after a long illness at the palliative care unit at the Northern General Hospital on August 19. 

His heartbroken wife, Sheila, who also won an Olympic medal in Mexico has paid tribute to her husband who she said always gave his best whatever he did.

She went on to say: “There were never any half measures. He would do things properly and that was why he had such a great sporting career and was such a good teacher.

“We were unique in 1968, a married couple who both won medals. We’d married six months before the games.

“We were amateurs and both worked full time as teachers. John was at Intake School in Doncaster at that time, I was at Myers Grove.

“After we won our Olympic medals we just carried on as normal.”

John’s wife Shiela has received dozens of messages of condolence from John’s former pupils at Forth Park Comprehensive, where he worked for 37 years.

John, who is survived by his two grown up children, retired from teaching in 2005.

He and his wife trained for the games together and both took home medals.

Sheila said: “We were unique in 1968, a married couple who both won medals. We’d married six months before the games.

“We were amateurs and both worked full time as teachers. John was at Intake School in Doncaster at that time, I was at Myers Grove.

“After we won our Olympic medals we just carried on as normal.”

She taught at Myers Grove School and the pair returned to their careers following their Olympic success.

Sheila added: “He loved teaching, and didn’t want to go into an office as a head of year. He wanted to stay as a PE teacher.”

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Sept. 3 (UPI) — Chinese President Xi Jinping, Russian President Vladimir Putin and North Korean leader Kim Jong Un stood shoulder-to-shoulder on Wednesday for a display of Chinese military might in Beijing, including its latest nuclear-capable missiles, laser weapons and a new stealth fighter-jet.

The massive parade marking the 80th anniversary of the end of World War II in Beijing’s Tiananmen Square was the first time the three leaders had been seen together publicly.

Xi engaged in lengthy handshakes first with Kim and then moved on to Putin before the three walked side by side along a red-carpeted route to their viewing position on a rostrum in Tiananmen Square to join 50,000 guests gathered for a march-past of 10,000 troops flanked by the latest military hardware and more than 100 aircraft overflying the square.

Among the equipment on display were new hypersonic and nuclear Inter Continental Ballistic Missiles, including a new DF-5C version of the Dongfeng-5, said to be capable of reaching the United States, the DF-26D and the DF-61, as well as new AI-enabled autonomous weapons.

The military’s new J-20S twin-seater stealth fighter was given its first outing, but in a static display, and did not fly.

The 70-minute-long parade also showcased new branches of the People’s Liberation Army, including Aerospace Force, Cyberspace Force and Information Support Force.

However, Xi sought to present the growing military might on display as a force for peace with helicopters flying banners that read “Justice will prevail. Peace prevails. The people prevail,” and a speech in which he said that in an ever more dangerous world, China would always make a principled stand.

“Today, humanity is again faced with the choice of peace or war, dialogue or confrontation, win-win or zero-sum,” Xi said. China’s people, he added, “firmly stand on the right side of history”.

But at the same time, he stressed that as a great nation, China “is never intimidated by any bullies” and warned that his country was “unstoppable”.

“Strength may prevail for a time, but over the long arc of history, it is reason that wins. Justice, light, and progress will always triumph over evil, darkness, and reaction,” he said.

Only two Western leaders were present and no representatives of any of China’s wartime allies, which included the United States, Britain, Australia, New Zealand, and the then-U.S. colony of the Philippines, were invited.

The conspicuous show of unity and muscle-flexing prompted a scathing response from U.S. President Donald Trump, who accused the trio of plotting against the United States and bemoaned the fact that the event ignored America’s contribution in helping defeat the Japanese army in China.

“The big question to be answered is whether or not President Xi of China will mention the massive amount of support and ‘blood’ that the United States of America gave to China in order to help it to secure its FREEDOM from a very unfriendly foreign invader. Many Americans died in China’s quest for Victory and Glory. I hope that they are rightfully Honored and Remembered for their Bravery and Sacrifice!” Trump wrote on his social media platform.

“Please give my warmest regards to Vladimir Putin and Kim Jong Un, as you conspire against the United States of America.”

Xi’s speech did nod to the contribution made by allies, saying China would never forget the help it received from “foreign governments and international friends,” in defeating the Japanese army, which formally surrendered to the then-nationalist government on Sept. 3, 1945.

US chipmaker reports revenue of $46.74bn for second quarter, defying fears that AI may be overhyped.

Chip giant Nvidia has set a new sales record, a sign that demand for artificial intelligence remains strong despite fearsthe technology may be overhyped.

Nvidia, the world’s most valuable company, on Wednesday reported revenue of $46.74bn for the three months that ended in July, a rise of 56 percent year-on-year.

Profit for the quarter was $26.42bn, a yearly rise of 59 percent.

Nvidia’s latest earnings report had been hotly anticipated as the tech giant is widely seen as a barometer of the AI boom, which has lifted the US stock market from all-time high to all-time high.

Nvidia CEO Jensen Huang said that production of Blackwell Ultra, Nvidia’s latest platform using its most advanced chips, was ramping up “at full speed” and demand for the company’s products was “extraordinary”.

“The AI race is on, and Blackwell is the platform at its centre,” Jensen said.

Looking ahead, the Santa Clara, California-based tech giant predicted revenue of $54bn, plus or minus 2 percent, for the July-September quarter, which would be slightly above market expectations.

Despite the robust results, Nvidia’s stock price fell more than 3 percent in after-hours trading, an indication of the sky-high expectations attached to the chipmaker, which is valued at more than $4.4 trillion.

Nvidia’s sales notably did not include any shipments to China, whose market is subject to US government export controls intended to blunt Beijing’s ability to develop AI.

US President Donald Trump’s administration earlier this month lifted a ban on sales of Nvidia’s H20 chip, which was designed specifically for the Chinese market, following concerted lobbying by Huang.

As part of its agreement with the Trump administration, Nvidia agreed to pay the US government 15 percent of revenues from chip sales in China.

The lifting of the ban on the H20 raises the possibility that Nvidia could have potentially enormous untapped sales potential in the world’s second-largest economy, though its prospects have been complicated by a recent directive by Beijing urging local firms against doing business with the company.

“Just imagine what will happen to this stock if the China business even comes half back to life,” The Kobeissi Letter, a newsletter following capital markets, said.

“Jensen Huang will undoubtedly be working overtime on the China situation. The AI Revolution is in full swing.”

Fuelled by explosive demand for its AI, Nvidia’s revenue has grown at breakneck speed over the past two years.

The company posted triple-digit revenue growth for five straight quarters between mid-2023 and 2024.

Since the start of 2023, the price of Nvidia shares has multiplied more than 11 times over, with the stock up more than 30 percent so far this year.

The firm’s stellar performance, underpinned by multibillion-dollar AI investments by tech giants including Microsoft, Meta and Amazon, has stoked discussion about whether AI could be in a bubble.

In an interview with The Verge earlier this month, OpenAI CEO Sam Altman, who oversaw the release of the groundbreaking AI model ChatGPT, said he believed that investors were “overexcited” about the technology.