stake

On Tuesday, voters in the largest city of the United States, New York, will choose a new mayor in a race that has stirred debate across the country and drawn global interest.

Zohran Mamdani, a 34-year-old state assembly democratic socialist who surprised many with his June win in the Democratic Party’s primary, is facing former Governor Andrew Cuomo, now running as an independent after losing the Democratic nomination. Republican Curtis Sliwa is among the other candidates in the race.

Here is what we know:

What’s happening on Tuesday?

Voters on both coasts of the US will cast ballots in a series of elections: gubernatorial contests in New Jersey and Virginia, the New York City mayoral race, and a vote in California on a redistricting measure.

But of these electoral battles, it is the New York mayoral vote that has grabbed the most attention .

Who are the candidates in NYC?

The three leading candidates are Zohran Mamdani, Andrew Cuomo, and Curtis Sliwa.

Zohran Mamdani

The Democratic nominee is running on a platform focused on affordability, calling for rent freezes, universal childcare, cheaper public transport, and a raise in the hourly minimum wage to $30. An immigrant, Muslim, and democratic socialist, his popularity has surged during the campaign, with nearly 370,000 early ballots already cast, and appealing strongly to young voters.

Mamdani, whose parents have Indian roots, was born in Uganda. If elected, he will be the city’s first Muslim mayor, the first to be born in Africa, and the first of South Asian descent.

Andrew Cuomo

Cuomo served as New York state’s governor from 2011 to 2021 and resigned after a state inquiry confirmed sexual harassment allegations by 13 women. He lost the Democratic primary to Mamdani (56 percent to 44 percent), but stayed in the race as an independent.

Curtis Sliwa

At 71, Sliwa has resisted pressure to withdraw from the race amid concerns he could split the anti-Mamdani vote. Known for his trademark red beret, he rose to prominence as the leader of the Guardian Angels, a volunteer crime-fighting group that became famous for its patrols of the New York subway system.

Who is leading in the polls?

The latest RealClearPolitics average shows Democratic nominee Mamdani leading the mayoral race with 46.1 percent , giving him a 14.3-point edge over Cuomo (31.8 percent ) and a 29.8-point lead over Sliwa (16.3 percent ).

US President Donald Trump and businessman Elon Musk backed Cuomo late on Monday. Whether that high-profile, last-minute support will shift voter sentiment remains uncertain.

What time do polls open and close in New York?

Polling stations across the city will open on November 4 at 6am local time (11:00 GMT) and voting will continue till 9pm (02:00 GMT on November 5).

Early voting took place from October 25 to November 2.

When will we know results?

In New York, mayoral races are usually called quickly.

This time, however, with two candidates vying for the support of the city’s mostly Democratic voters, it may take longer to determine the outcome.

The 2021 mayoral race ended quickly – Democrat Eric Adams was declared the winner soon after the polls closed.

What are the main issues and what’s at stake?

Being the US’s most diverse city, known around the world for its business and culture, makes picking a new mayor an especially important occasion.

New York’s election campaigns have mirrored the bigger national debates in the US, over identity, religion, political beliefs, and the country’s future.

Some of the key issues include:

Cost of living: The city is facing one of its tightest housing markets in decades. In 2023 the city had a vacancy rate of 1.41 percent , which means that only 14 out of every 1,000 housing units were unoccupied; 9.2 percent of all rental housing was described by city authorities as “overcrowded”. The number of new housing permits issued fell in 2024 compared with 2023.

This has made housing cost and availability a dominant issue. After a slate of California cities, New York is the costliest urban hub in the US to live in.

“Most of us are working multiple jobs, can’t make rent or rents are going up,” Tom Grabher, a city voter, told Al Jazeera.

Law and order: Serious crimes in the city, including murder, have gone down from their 17-year high in 2023. However, lower-level offences, such as shoplifting, remain higher than before the COVID-19 pandemic, adding to public worries about safety and disorder.

Migration: The city has long been a magnet for people from around the world, from its historic role as a gateway for immigrants to the recent influx of asylum seekers that critics say has placed new strains on the city’s resources.

Israel and Gaza: The ongoing Israel-Gaza conflict and the city’s large Jewish and Muslim populations have made foreign policy a key issue in this race.

What has Trump said about the race?

A former New Yorker, Trump has loomed over the mayoral race for months, threatening to arrest Mamdani, deport him, and take control of the city if he wins.

On Monday, Trump urged the city’s voters on his Truth Social platform to back Cuomo, saying they had “no choice” but to vote for the former governor.

When the federal government shut down in October, Trump put on hold roughly $18bn in federal funds, although $187m from New York’s security funding has since been restored. Trump has threatened to withhold more federal aid for the city if Mamdani wins.

What other elections are taking place?

Virginia governor

All eyes are on Virginia, a state next to Washington, DC, that has been directly affected by Trump’s spending cuts and the recent government shutdown.

Democrat Abigail Spanberger is facing off against Republican Lieutenant-Governor Winsome Earle-Sears.

New Jersey governor

In New Jersey, the governor’s race has centred on concerns about affordability. Although Democrats hold a voter advantage, Republicans are optimistic that Trump’s rising popularity in the state could lead to a surprise win. Democratic Congresswoman Mikie Sherrill is up against Republican Jack Ciattarelli , a former state assemblyman.

California

In California, a proposed ballot measure would redraw congressional districts in a way that could benefit Democrats in the 2026 midterm elections. Governor Gavin Newsom and state lawmakers say they introduced the plan in response to Trump’s earlier push for Texas to reshape its districts to give Republicans an advantage in five seats currently held by Democrats. If approved, the measure would effectively eliminate five Republican-held districts in California.

Starbucks has announced it will sell the majority stake in its Chinese business for $4bn to a Hong Kong-based private equity firm after years of losing market share to local competitors in China.

Starbucks announced the sale on Monday, which will see the firm Boyu Capital take a 60 percent stake in its Chinese retail operations through a joint venture.

Boyu Capital has offices in Shanghai, Beijing and Singapore, and its cofounders include Alvin Jiang, the grandson of former Chinese President Jiang Zemin, according to the Reuters news agency.

The US coffee giant will retain a 40 percent interest in its China operations while maintaining its ownership of the company’s brand and intellectual property, the company said.

The deal marks a “new chapter” in Starbucks’s 26-year-long history in China, the company said in a statement.

It will also give Starbucks a much-needed injection of funding and logistical support as it tries to expand its business deeper into China, according to Jason Yu, the Shanghai-based managing director of CTR Market Research.

Starbucks has 8,000 locations across China, but it aspires to open as many as 20,000 through its joint venture, the company said in a statement.

“Starbucks used to be a pioneer in coffee in China, where it was probably the first coffee chain in many cities, but this is no longer the case as the local competition already outpaced Starbucks in their expansion,” Yu told Al Jazeera.

Top competitors include homegrown Luckin Coffee, which has more than 26,000 locations worldwide, mostly in China.

Starbucks has historically been concentrated in first- and second-tier cities like Shanghai, Beijing and Shenzhen while Luckin has expanded into much smaller cities.

Luckin has also built a reputation around offering customers much cheaper drinks than Starbucks through its loyalty programme and in-app discounts.

A small Americano coffee at Starbucks costs 30 yuan ($4.21), but at Luckin, the same drink retails on average for about 10 yuan ($1.40), according to Yu.

Olivia Plotnick, founder of the Shanghai-based social marketing company Wai Social, told Al Jazeera that Starbucks has been unable to keep up with competitive pricing and consumer preferences.

“Between domestic players such as Luckin and later Cotti Coffee undercutting Starbucks on price, footprint and flavour fuelled by tech, wider beverage competition from the rise of milk tea brands and delivery platform wars, Starbucks have lost their once very competitive edge,” Plotnick said. By “delivery platform wars”, Plotnick referred to the cutthroat competition between apps for delivery services that drives down prices of goods like coffee.

Starbucks’s joint venture with Boyu Capital will offer the company more capital for investment but also help with logistics, infrastructure and managing commercial property as it opens more storefronts in regional cities, Yu said.

The company is following a familiar playbook used by other international brands in China, he said.

In 2016, after a major food safety scandal, KFC and Pizza Hut owner Yum Brands sold a stake in their China business to the China-based Primavera Capital and an affiliate of the e-commerce giant Alibaba Group, according to Reuters. The China business was later spun off into an independent entity.

In 2017, McDonald’s sold off a majority stake in its China, Hong Kong and Macau businesses to the Chinese state-backed conglomerate CITIC and the private equity group Carlyle Capital although it later bought back some of its business, according to CNBC.

After the deal with CITIC, McDonald’s doubled its outlets in China to 5,500 as of late 2023, CNBC said, and aims to open 10,000 restaurants by 2028.

If the ads are any indication, Proposition 50 offers Californians a stark choice: “Stick it to Trump” or “throw away the constitution” in a Democratic power grab.

And like so many things in 2025, Trump appears to be the galvanizing issue.

Even by the incendiary campaigns California is used to, Proposition 50 has been notable for its sharp attacks to cut through the dense, esoteric issue of congressional redistricting. It comes down to a basic fact: this is a Democratic-led measure to reconfigure California’s congressional districts to help their party win control of the U.S. House of Representatives in 2026 and stifle President Trump’s attempts to keep Republicans in power through similar means in other states.

Thus far, the anti-Trump message preached by Proposition 50 advocates, led by Gov. Gavin Newsom and other top Democrats, appears to be the most effective.

Supporters of the proposal have vastly outraised their rivals and Proposition 50, one of the most expensive ballot measure campaigns in state history, leads in the polls.

“Whenever you can take an issue and personalize it, you have the advantage. In this case, proponents of 50 can make it all about stopping Donald Trump,” said former legislative leader and state GOP Chair Jim Brulte.

Adding to the drama is the role of two political and cultural icons who have emerged as leaders of each side: former President Obama in favor and former Gov. Arnold Schwarzenegger against, both arguing the very essence of democracy is at stake.

Schwarzenegger and the two main committees opposing Proposition 50 have focused on the ethical and moral imperative of preserving the independent redistricting commission. Californians in 2010 voted to create the panel to draw the state’s congressional district boundaries after every census in an effort to provide fair representation to all state residents.

That’s not a political ideal easily explained in a 30-section television ad, or an Instagram post.

Redistricting is a “complex issue,” Brulte said, but he noted that “the no side has the burden of trying to explain what the initiative really does and the yes side gets to use the crib notes [that] this is about stopping Trump — a much easier path.”

Partisans on both sides of the aisle agree.

“The yes side quickly leveraged anti-Trump messaging and has been closing with direct base appeals to lock in the lead,” said Jamie Fisfis, a political strategist who has worked on many GOP congressional campaigns in California. “The partisanship and high awareness behind the measure meant it was unlikely to sag under the weight of negative advertising like other initiatives often do. It’s been a turnout game.”

Obama, in ads that aired during the World Series and NFL games, warned that “Democracy is on the ballot Nov. 4” as he urged voters to support Proposition 50. Ads for the most well-funded committee opposing the proposition featured Schwarzenegger saying that opposing the ballot measure was critical to ensuring that citizens are not overrun by elected officials.

“The Constitution does not start with ‘We, the politicians.’ It starts with ‘We, the people,’” Schwarzenegger told USC students in mid-September — a speech excerpted in an anti-Proposition 50 ad. “Democracy — we’ve got to protect it, and we’ve got to go and fight for it.”

California’s Democratic-led Legislature voted in August to put the redistricting proposal that would likely boost their ranks in Congress on the November ballot. The measure, pushed by Newsom, was an effort to counter Trump’s efforts to increase the number of GOP members in the House from Texas and other GOP-led states.

The GOP holds a narrow edge in the House, and next year’s election will determine which party controls the body during Trump’s final two years in office — and whether he can further his agenda or is the focus of investigations and possible impeachment.

Noticeably absent for California’s Proposition 50 fight is the person who triggered it — Trump.

The proposition’s opponents’ decision not to highlight Trump is unsurprising given the president’s deep unpopularity among Californians. More than two-thirds of the state’s likely voters did not approve of his handling of the presidency in late October, according to a Public Policy Institute of California poll.

Trump did, however, urge California voter not to cast mail-in ballots or vote early, falsely arguing in a social media post that both voting methods were “dishonest.”

Some California GOP leaders feared that Trump’s pronouncement would suppress the Republican vote.

In recent days, the California Republican Party sent mailers to registered Republicans shaming them for not voting. “Your neighbors are watching,” the mailer says, featuring a picture of a woman peering through binoculars. “Don’t let your neighbors down. They’ll find out!”

Tuesday’s election will cost state taxpayers nearly $300 million. And it’s unclear if the result will make a difference in control of the House because of multiple redistricting efforts in other states.

But some Democrats are torn about the amount of money being spent on an effort that may not alter the partisan makeup of Congress.

Johanna Moska, who worked in the Obama administration, described Proposition 50 as “frustrating.”

“I just wish we were spending money to rectify the state’s problems, if we figured out a way the state could be affordable for people,” she said. “Gavin’s found what’s working for Gavin. And that’s resistance to Trump.”

Newsom’s efforts opposing Trump are viewed as a foundational argument if he runs for president in 2028, which he has acknowledged pondering.

Proposition 50 also became a platform for other politicians potentially eyeing a 2026 run for California governor, Sen. Alex Padilla and billionaires Rick Caruso and Tom Steyer.

The field is in flux, with no clear front-runner.

Padilla being thrown to the ground in Los Angeles as he tried to ask Homeland Security Secretary Kristi Noem about the Trump administration’s immigration policies is prominently featured in television ads promoting Proposition 50. Steyer, a longtime Democratic donor who briefly ran for president in 2020, raised eyebrows by being the only speaker in his second television ad. Caruso, who unsuccessfully ran against Karen Bass in the 2022 Los Angeles mayoral race and is reportedly considering another political campaign, recently sent voters glossy mailers supporting Proposition 50.

Steyer committed $12 million to support Proposition 50. His initial ad, which shows a Trump impersonator growing increasingly irate as news reports showing the ballot measure passing, first aired during “Jimmy Kimmel Live!” Steyer’s second ad fully focused on him, raising speculation about a potential gubernatorial run next year.

Ads opposing the proposition aired less frequently before disappearing from television altogether in recent days.

“The yes side had the advantage of casting the question for voters as a referendum on Trump,” said Rob Stutzman, a GOP strategist who worked for Schwarzenegger but is not involved with any of the Proposition 50 campaigns. “Asking people to rally to the polls to save a government commission — it’s not a rallying call.”

United States President Donald Trump expects “a lot of problems” will be solved between Washington and Beijing when he meets China’s President Xi Jinping in South Korea for a high-stakes meeting on Thursday, amid growing trade tensions between the two.

Relations between the two world powers have been strained in recent years, with Washington and Beijing imposing tit-for-tat trade tariffs topping 100 percent against each other this year, the US restricting its exports of semiconductors vital for artificial intelligence (AI) development and Beijing restricting exports of critical rare-earth metals which are vital for the defence industry and also the development of AI, among other issues.

Officials from Washington and Beijing have been locked in trade talks since August to de-escalate trade tensions, and they also came up with a framework for a trade deal during meetings in Malaysia over the weekend.

On the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, on Wednesday, Trump said an expected trade deal between China and the US would be good for both countries and “something very exciting for everybody”.

But only a meeting between Trump and Xi can confirm if a trade deal is really in the making.

Expectations for the agreement are modest, with analysts expecting the two world powers to continue to clash over their myriad differences long-term.

When are the two leaders meeting?

Trump is scheduled to meet Xi on Thursday in the port city of Busan in southeastern South Korea. The meeting is expected to start at 11am local time (01:00 GMT).

It will be the first time the leaders have met in person since Trump returned to the White House in January.

The US president last met Xi in 2019, during Trump’s first term, on the sidelines of the Group of 20 (G20) summit in Osaka, Japan.

“I think we’re going to have a great meeting with President Xi of China, and a lot of problems are going to be solved,” Trump told journalists on Wednesday on Air Force One while en route to South Korea.

On Wednesday, China’s Ministry of Foreign Affairs confirmed the meeting between Xi and Trump in a statement and said the leaders “will exchange views on bilateral relations and issues of mutual interest”.

What will Trump and Xi talk about?

Discussions are likely to cover:

• Trade tariffs
• Trafficking of fentanyl, a drug responsible for tens of thousands of deaths in the US each year
• China’s export controls on critical rare-earth metals and its purchase of US soya beans
• US export controls on semiconductors
• Geopolitical and security issues, particularly Russia’s war in Ukraine and Washington’s position on Taiwan
• Port fees on Chinese ships docking in US ports
• Finalising a deal to buy TikTok, the social media platform, from its Chinese owners

Alejandro Reyes, adjunct professor at the Department of Politics and Public Administration at the University of Hong Kong, told Al Jazeera that at this meeting, both sides will want to steady an uneasy rivalry – but for different reasons.

“For Washington, the goal is to show that its tough line on China has delivered results. The Trump team is walking into this summit after signing trade pacts with Malaysia, Cambodia and Japan that link market access directly to national security cooperation. These deals require America’s partners to align with US export controls and supply-chain rules – essentially making ‘economic security’ a shared obligation,” he said.

“For Beijing, the priority is to project calm and endurance. The meeting comes just after the fourth plenum, which reaffirmed Chinese leader Xi Jinping’s authority and set the direction for the next five-year plan. China’s message is that it has weathered Western pressure and is back to focusing on growth and domestic stability,” he added.

But discussions on disputes over trade tariffs, critical rare-earth metals, AI technology and geopolitical strategies, the issues that most define the current relationship between the US and China, according to Reyes, are not going to be easy to resolve.

“The mistrust is structural now – it’s built into how both countries think about power and security,” he said.

What are the sticking points?

Fentanyl

A key issue for the Trump administration is stopping the illegal flow of drugs, particularly fentanyl – a powerful synthetic opiate which is 50 times more potent than heroin – from China to the US. In February, Trump slapped a 20 percent trade tariff on all imports from China, citing Beijing’s lack of effort in curbing the flow of the drug into the US.

In a media briefing note sent to Al Jazeera by the German Marshall Fund of the United States, Bonnie Glaser, managing director of GMF’s Indo-Pacific programme, said the fentanyl trade has been “a really contentious issue between the US and China”.

“From what I have heard, a criminal money-laundering cooperation supports the fentanyl trade, and this is where China is willing to cooperate, in a way where it will have minimum negative impact on their domestic situation,” she said at a briefing held in Washington, DC, on Tuesday.

Late on Tuesday, The Wall Street Journal reported that during Thursday’s meeting, “China is expected to commit to more controls on the export of so-called precursor chemicals used to make fentanyl.” The newspaper added that if this agreement is reached, Trump would reduce the tariffs imposed because of fentanyl by as much as 10 percent.

Trade tariffs

Following the fentanyl-related tariffs, in March, China imposed a 15 percent tariff on a range of US farm exports in retaliation, triggering a tit-for-tat tariff war.

In April, Trump raised tariffs on Chinese imports to 145 percent, prompting China to hit back with 125 percent tariffs of its own.

Washington and Beijing later cut tariffs to 30 percent and 10 percent, respectively, in May, and agreed to a 90-day truce in August for trade talks. The truce has been extended twice, but despite repeated talks, a trade agreement has not been reached.

Rare-earth metals and soya beans

China has restricted exports of 12 critical rare-earth metals this year, as well as of the machinery needed to refine these metals, citing security reasons. Beijing also said its restrictions were in response to US restrictions on the Chinese maritime, logistics and shipbuilding industries.

The first seven metals to be restricted were announced in April, while the remaining five were announced on October 10. These metals are crucial for the defence industry and for developing AI technology.

In October, Trump responded by threatening to impose 100 percent tariffs on China from November 1, citing Beijing’s strict export controls on critical rare earths as the reason for the tariffs.

Trump added that the US would also impose export controls on “any and all critical software”.

Reyes noted that while the US wants guaranteed access to rare earths and battery materials, it signed a new agreement with Japan and trade clauses with Malaysia this week, which aim to reduce the US dependence on China for these. “Beijing sees this as an effort to contain its influence,” he said.

Meanwhile, US Secretary of the Treasury Scott Bessent told many US media outlets this week that he expected China to defer its restrictions on rare earths and that Trump’s 100 percent tariff threat was “effectively off the table”.

Bessent added that the Chinese side would agree to increase purchases of US-grown soya beans.

Dylan Loh, associate professor in public policy and global affairs at Nanyang Technological University, said he anticipates some positive movement on solving these trade disputes but does not believe the fundamental economic tension between the US and China will be resolved at the meeting.

“The competition and mistrust go beyond simply economics,” he told Al Jazeera. “But the problems can be managed and must be managed well. It requires political capital and the ability to move beyond zero-sum thinking.”

Technology and TikTok

In September, Trump signed an executive order to transfer TikTok’s US assets to US investors, citing national security reasons. On Sunday, Bessent told US broadcaster CBS that the US and China had “reached a final deal on TikTok”, which will be finalised at the Trump-Xi meeting.

But, Reyes said, “the deal cools one dispute but doesn’t end the fight over chips, AI and digital control”.

In October, Washington blacklisted hundreds of Chinese tech firms, claiming they posed a risk to national security. The US has also restricted companies such as Nvidia from exporting advanced chips, important to manufacture key equipment used for the development of AI, to China, claiming that Beijing would use it to advance its global power.

Beijing has been irked by Washington’s restrictions and has launched antitrust investigations into Nvidia and Qualcomm, and has also increased its export controls on rare-earth elements.

Speaking to reporters on board Air Force One en route to South Korea on Wednesday, Trump said he might speak to Xi about Nvidia chips.

“I think we may be talking about that with President Xi,” Trump said.

Geopolitical Issues

According to analysts, Trump is eager to use this meeting with Xi to discuss ways to end Russia’s war in Ukraine.

Beijing, a close ally of Moscow, has said a prolonged war in Ukraine “serves no one’s interest”. But, in July, according to a report by The South China Morning Post, Chinese Foreign Minister Wang Yi told the European Union that it can’t afford to have Russia lose the war in Ukraine since the US would then turn its attention to China.

Trump has threatened to slap sanctions and tariffs on countries that buy Moscow’s crude oil in efforts to end the war. It has already imposed an additional 25 percent tariff – bringing the total to 50 percent – on India as a punishment for purchasing Russian oil.

But the US has not yet taken this step with China, which imports about 1.4 million barrels of Russian oil per day by sea.

According to a Reuters report, however, after the US sanctioned two of Moscow’s largest oil companies, Rosneft and Lukoil, in October, Chinese national oil companies like PetroChina and Sinopec have said they will refrain from importing seaborne Russian oil for the short term.

“Trump wants a ceasefire and a peace deal in Ukraine. Putin has been unwilling to play ball, and Trump, I think, intends to raise this with Xi Jinping, possibly ask him if he can reach out to Putin and encourage him to come to the negotiating table,” Glaser said.

“We know so far, Xi Jinping has been very, very cautious about getting involved. I think he will be reluctant to pressure Putin to do,” she added.

Besides Ukraine, Beijing will be eager to discuss the US position on Taiwan, according to Glaser.

“Xi Jinping will raise concerns about what Beijing views as the pro-independence policies of Taiwan’s President Lai Ching-te, and I think he will want clarification of the US stance and may well press Trump to say that the US opposes Taiwan independence and supports China’s unification,” she said.

“The bottom line is that Trump is not likely to abandon Taiwan because doing so could lead to a PRC [People’s Republic of China] decision to use force, and Trump wants to take credit for ending wars, not starting them,” Glaser added.

Trump, however, told journalists on board Air Force One on Wednesday that he was “not sure” he would discuss Taiwan.

How strong are their negotiating positions?

The balance of power in the respective negotiating positions of China and the US has shifted in the recent past.

Former US President Joe Biden restricted exports of US semiconductors, which are crucial for the development of AI, much to China’s annoyance. Then, early this year, Trump compounded this with 145 percent tariffs on Chinese goods.

China retaliated with 125 percent tariffs on US goods, escalating a trade war, until the two sides agreed in May to pause tariffs to allow for trade talks.

But that was not before China placed export restrictions on seven rare-earth metals in April. In October, China restricted exports of five more rare-earth metals, and Trump threatened 100 percent tariffs again in retaliation.

This week, seeking to diversify trade and its supply chains, China strengthened a trade deal with the Association of Southeast Asian Nations (ASEAN). But the US also drew up new trade agreements with Japan, Malaysia and Cambodia. On Wednesday, South Korea announced that it too had reached a trade agreement with the US, and was lowering tariffs on imported US goods.

According to Loh, it is unclear who has the upper hand right now between the US and China.

“While the signing of the FTA [with ASEAN] has certainly enhanced China’s position and influence and is indeed quite significant for ASEAN and China, it does not necessarily have a direct bearing on US-China itself,” Loh said.

“US retains considerable political and economic influence in this part of the world still, as evinced by Trump’s trip here,” he added.

According to Reyes, each side has different kinds of leverage.

“The United States has built a new network of allies who have literally signed on to Washington’s playbook,” he said, referring to the deal Washington signed with Malaysia, which obliges Kuala Lumpur to match US trade restrictions. Malaysia has clarified that this deal would only apply to matters of shared concern.

But Reyes said such a deal “gives Trump’s team political and legal momentum going into the China meeting”.

“China, though, has the economic stamina. It still anchors global manufacturing, dominates critical-mineral processing, and has proven that tariffs couldn’t break its model. China used the trade war to build muscles, resistance and resilience – it learned to do everything faster, cheaper and at scale,” he said.

“So the US has the ‘louder’ hand; China has the steadier one. Washington can escalate, but Beijing can outlast,” Reyes added.

So what is likely to come out of these talks?

The stakes are high with Trump announcing that he anticipates a “great” meeting. But expectations of any “great” outcome are low.

Reyes said he expects a truce in their strained ties with photo opportunities rather than any grand bargain.

“Expect both sides to announce small wins: a delay on tariffs, a joint statement on trade stability, maybe a working group on critical minerals cooperation,” he said.

“This summit won’t end the rivalry – it simply marks a new phase: the US building alliances through treaties, and China doing much the same, while consolidating power through endurance building. This meeting isn’t about ending the rivalry – it’s about learning to live with it,” he said.

Voters in Tanzania are heading to polling booths on Wednesday to vote for a new president, as well as members of parliament and councillors, in elections which are expected to continue the ruling Chama Cha Mapinduzi (CCM) – or Party of Revolution’s – 64-year-long grip on power.

Despite a bevy of candidates in the lineup, incumbent President Samia Suluhu Hassan, analysts say, is virtually unchallenged and will almost certainly win, following what rights groups say has been a heavy crackdown on popular opposition members, activists and journalists.

Key challengers Tundu Lissu of the largest opposition party, Chadema, and Luhaga Mpina of ACT-Wazalendo, have been barred from standing, thus eliminating any real threat to Hassan. Other presidential candidates on the ballot lack political backing and are unlikely to make much impact on voters, analysts say.

The East African nation is replete with rolling savannas and wildlife, making it a hotspot for safari tourism. It is also home to Africa’s tallest mountain, Mount Kilimanjaro, as well as a host of important landmarks, like the Ngorongoro Crater and the Serengeti. Precious minerals, such as the unique tanzanite – a blue gemstone – and gold, as well as agricultural exports, contribute significantly to foreign earnings.

Central Dodoma is the country’s capital, while the economic hub is coastal Dar-es-Salaam. Swahili is the lingua franca, while different local groups speak several other languages.

Here’s what to expect at the polls:

What are people voting for and how will the elections be decided?

Voters are choosing a president, parliament members and local councillors for the 29 regions in mainland Tanzania. A president and parliament members will also be elected in the autonomous island of Zanzibar.

Winners are elected by plurality or simple majority vote – the candidate with the most votes wins.

Authorities declared that Wednesday would be a public holiday to allow people to vote, while early voting began in Zanzibar on Tuesday.

How many people are voting?

More than 37 million of the 60 million population are registered to vote. To vote, you must be a citizen aged 18 or over.

Voter turnout in the last general elections in 2020 was just 50.72 percent, however, according to the International Foundation for Electoral Systems.

Who is President Samia Suluhu Hassan and why is she regarded as a shoe-in?

Formerly the country’s vice president, Hassan, 65, automatically ascended to the position of president following the death of former President John Magufuli in March 2021, to serve out the remainder of his term.

Hassan is presently one of only two African female leaders, the other being Namibia’s Netumbo Nandi-Ndaitwah. She is the sixth president and the first female leader of her country. She was previously minister of trade for Zanzibar, where she is from.

This will be Hassan’s first attempt at the ballot, and the election was supposed to be a test of how Tanzanians view her leadership so far. However, analysts say the fact that her two strongest challengers have been barred from the polls means the president is running with virtually no competition.

After taking office in 2021, Hassan immediately began reversing controversial policies implemented by Magafuli, an isolationist leader who denied that COVID-19 existed and refused to issue policies regarding quarantines or vaccines.

Under Hassan, Tanzania joined the international COVAX facility, directed by institutions like the World Health Organization, to help distribute vaccines to developing countries, especially in Africa.

Hassan also struck a reconciliatory tone with opposition leaders by lifting a six-year ban on political rallies imposed by Magufuli.

She focused on completing large-scale Magafuli-era development projects and launched new ones, especially around railway infrastructure and rural electrification. The president’s supporters, therefore, praise her record in infrastructure development, improving access to education and improving overall stability of governance in the country.

However, while many hoped Tanzania would become more democratic under her leadership, Hassan’s style of governance has become increasingly authoritarian, analysts say, and now more closely resembles that of her predecessor.

In a report ahead of the elections, Amnesty International found that Hassan’s government has intensified “repressive practices” and has targeted opposition leaders, civil society activists and groups, journalists and other dissenting voices with forced disappearances, arrests, harassment and even torture.

Tanzania’s government has consistently denied all accusations of human rights violations.

Hassan’s campaign rallies have been highly visible across the country – but hers has been nearly the only major national campaign, with smaller parties sticking to their particular regions.

Some opposition parties are now calling for a boycott of the elections altogether. Speaking to Al Jazeera, Chadema party member John Kitoka, who is currently in hiding to avoid arrest, said the elections are “completely a sham”.

How are opposition parties being dealt with?

Last week, Hassan urged Tanzanians to ignore calls to boycott the vote and warned against protests.

“The only demonstrations that will exist are those of people going to the polling stations to vote. There will be no other demonstrations. There will be no security threat,” she said.

Tanzania’s police have also warned against creating or distributing “inciting” content on social media, threatening that those caught will face prosecution. The country routinely restricts access to social media on specific occasions, such as during protests. Only select traditional media have been approved to provide coverage of the elections.

In the autonomous Zanzibar, which will also elect a president and parliament members, there is more of an atmosphere of competitive elections, observers say. Incumbent leader Hussein Mwinyi of the ruling CCM is facing off against the ACT-Wazalendo candidate Othman Masoud, who has been serving as his vice president in a coalition government.

Why have key opposition candidates been barred from standing?

Tundu Lissu, 57, is the charismatic and widely popular opposition Chadema candidate who lived in exile in Belgium for several years during the Magufuli era. His party, which calls for free elections, reduction of presidential powers, and promotion of human rights, has been barred from the vote for failing to meet a submission deadline, and Lissu is currently in custody for alleged “treasonous” remarks he made ahead of the elections.

The move followed Lissu’s comments during a Chadema rally in the southern town of Mbinga on April 3, during which he urged his supporters to boycott the elections if Hassan’s government did not institute electoral reforms before the vote. Lissu was calling on the government to change the makeup of the Independent National Election Commission, arguing that the agency should not include people appointed directly by Hassan.

Government officials claimed his statements were “inciting” and arrested Lissu on April 9.

Three days later, the electoral commission disqualified Chadema from this election – and all others until 2030 – on the grounds that the party had failed to sign a mandatory Electoral Code of Conduct due on April 12.

Local media reported that two Chadema party members attending a rally in support of Lissu on April 24 were also arrested by the Tanzanian police.

Last week, Chadema deputy chairperson John Heche, deputy chairperson of Chadema, was detained while attempting to attend Lissu’s trial at the Dar-es-Salaam High Court. He has not been seen since.

Lissu has been detained often. He survived an assassination attempt in 2017 after he was shot 16 times.

In August, the elections commission also barred opposition candidate Luhaga Mpina, 50, of the ACT-Wazalendo, the second-largest opposition party. Mpina, a parliament member who broke away from the ruling CCM in August to join ACT-Wazalendo – also known as the Alliance for Change and Transparency – was barred for allegedly failing to follow the rules for nominations during the presidential primaries.

Hassan will compete with 16 other candidates –  none of whom are from major national parties or have an established political presence.

What are the key issues for this election?

Shrinking democratic freedoms

Observers say Tanzania’s democracy, already fragile during the presidency of Magafuli, is at risk as a result of the Hassan government’s tightening of political freedoms and crackdowns on the media.

Amnesty International notes that electoral rights violations were apparent in 2020 under Magufuli, but have worsened ahead of this week’s polls.

Human Rights Watch and the United Nations human rights agency (UNHCR) have similarly documented reports of rights violations under Hassan’s government, noting in particular the disappearance of two regional activists, Boniface Mwangi from Kenya and Agather Atuhaire from Uganda, who travelled to witness Lissu’s trial but were detained in Dar-es-Salaam on May 19, 2025.

Mwangi was reportedly tortured and dumped in a coastal Kenyan town, while Atuhaire reported being sexually assaulted before also being abandoned at the border with Uganda.

“More than 200 cases of enforced disappearance have been recorded in Tanzania since 2019,” the UNHCR noted.

Business and economy

Tanzania’s economic growth has been stable with inflation staying below the Central Bank’s 5 percent target in recent years, according to the World Bank.

Unlike its neighbour, Kenya, the lower-middle-income country has avoided debt distress, with GDP boosted by high demand for its gold, tourism and agricultural commodities like cashew nuts, coffee and cotton. However, the World Bank noted that 49 percent of the population lives below the international poverty line.

While growth has attracted foreign investment, government policies have negatively impacted the business landscape: In July, Hassan’s government introduced new restrictions banning foreigners from owning and operating businesses in 15 sectors, including mobile money transfers, tour guiding, small-scale mining and on-farm crop buying.

Officials argued that too many foreigners were engaging in informal businesses that ought to benefit Tanzanians. The move played to recent protests against the rising influx of Chinese products and businesses in Tanzanian markets, analysts say. Foreigners are also banned from owning beauty salons, souvenir shops and radio and TV stations.

The move proved controversial in the regional East African Community bloc, particularly in neighbouring Kenya, whose citizens make up a significant population of business owners in the country, having taken advantage of the free-movement policy within the bloc.

Conservation challenges

While abundant wildlife and natural resources have boosted the economy via tourism, Tanzania faces major challenges in managing human-wildlife conflict.

Clashes between humans, particularly in rural areas, and wild animals are becoming more common due to population growth and climate change, which is pushing animals closer to human settlements in search of food and water.

Human-elephant flare-ups are most common. Between 2012 and 2019, more than 1,000 human-wildlife mortality cases were reported nationwide, according to data from Queen’s University, Canada.

While the government provides financial and material compensation to the families of those affected by human-wildlife conflict incidents, families often complain of receiving funds late.

Meanwhile, there is tension between the government and indigenous groups such as the Maasai, who are resisting being evicted to make more room for conservation space to be used for tourism.

Last year, crackdowns on Maasai protesters and resulting outrage from groups led to the World Bank suspending a $150m conservation grant, and the European Union cancelling Tanzania’s eligibility for a separate $20m grant.

The deal removes a major constraint on raising capital for OpenAI, the maker of ChatGPT, and values the firm at $500bn.

Microsoft and OpenAI have reached a deal to allow the ChatGPT maker to restructure itself into a public-benefit corporation, valuing OpenAI at $500bn and giving it more freedom in its business operations.

The deal, unveiled on Tuesday, removes a major constraint on raising capital for OpenAI that has existed since 2019.

At the time, it had signed an agreement with Microsoft that gave the tech giant rights over much of OpenAI’s work in exchange for costly cloud computing services needed to carry it out. As its ChatGPT service exploded in popularity, those limitations had become a notable source of tension between the two companies.

Microsoft will still hold a stake of about $135bn, or 27 percent, in OpenAI Group PBC, which will be controlled by the OpenAI Foundation, a nonprofit, the companies said.

Microsoft, based in Redmond, Washington in the United States, has invested $13.8bn in OpenAI, with Tuesday’s deal implying that the firm had generated a return of nearly 10 times its investment.

Shares of Microsoft rose 2.5 percent, sending its market value above $4 trillion again.

The deal keeps the two firms intertwined until at least 2032, with a massive cloud computing contract and with Microsoft retaining some rights to OpenAI products and artificial intelligence (AI) models until then – even if OpenAI reaches artificial general intelligence (AGI), the point at which AI systems can match a well-educated human adult.

Simplified corporate structure

With more than 700 million weekly users as of September, ChatGPT has exploded in popularity to become the face of AI for many consumers after OpenAI’s founding as a nonprofit AI safety group.

As the company grew, the Microsoft deal constrained OpenAI’s ability to raise funds from outside investors and secure computing contracts as the crush of ChatGPT users and its research into new models caused its computing needs to skyrocket.

“OpenAI has completed its recapitalization, simplifying its corporate structure,” Bret Taylor, the OpenAI Foundation’s board chair, said in a blog post. “The nonprofit remains in control of the for-profit, and now has a direct path to major resources before AGI arrives.”

Microsoft’s previous 2019 agreement had many provisions that rested on when OpenAI reached that point, and the new deal requires an independent panel to verify OpenAI’s claims it has reached AGI.

“OpenAI still faces ongoing scrutiny around transparency, data usage, and safety oversight. But overall, this structure should provide a clearer path forward for innovation and accountability,” said Adam Sarhan, CEO of 50 Park Investments.

Gil Luria, head of technology research at DA Davidson, said the deal “resolves the longstanding issue of OpenAI being organized as a not-for-profit [organisation] and settles the ownership rights of the technology vis-a-vis Microsoft. The new structure should provide more clarity on OpenAI’s investment path, thus facilitating further fundraising.”

Microsoft also said that it has secured a deal with OpenAI where the ChatGPT maker will purchase $250bn of Microsoft Azure cloud computing services. In exchange, Microsoft will no longer have a right of first refusal to provide computing services to OpenAI.

Microsoft also said that it will not have any rights to hardware produced by OpenAI. In March, OpenAI bought longtime Apple design chief Jony Ive’s startup io Products in a $6.5bn deal.

Florida-based wealth advisory J. L. Bainbridge & Co. sold 119,376 shares of Biogen (BIIB 0.58%) during the third quarter for an estimated $16.1 million.

What Happened

In a quarterly disclosure filed with the Securities and Exchange Commission on Friday, J. L. Bainbridge & Co. Inc. reported selling 119,376 shares of Biogen (BIIB 0.58%) during the third quarter. The estimated value of the shares sold was $16.1 million, based on the average closing price for the period. The fund now holds just 2,969 shares of Biogen valued at $415,898 as of September 30.

What Else to Know

The sale reduced Biogen to 0.03% of reported U.S. equity assets under management as of September 30.

Top holdings after the filing:

• NASDAQ:MSFT: $164.85 million (13.9% of AUM)
• NASDAQ:AAPL: $122.68 million (10.4% of AUM)
• NASDAQ:GOOGL: $116.65 million (9.9% of AUM)
• NYSE:GS: $71.43 million (6% of AUM)
• NYSE:ETN: $59.86 million (5.1% of AUM)

As of Friday’s market close, shares of Biogen were priced at $143, down 23% over the past year.

Company Overview

Company Snapshot

• Biogen’s portfolio includes therapies for neurological and neurodegenerative diseases, such as multiple sclerosis, spinal muscular atrophy, Alzheimer’s disease, and biosimilars targeting autoimmune disorders.
• The company generates revenue through the discovery, development, manufacturing, and commercialization of branded pharmaceuticals and biosimilars, with a focus on specialty and rare disease markets.
• Biogen serves a global customer base, including healthcare providers, hospitals, and specialty pharmacies treating patients with neurological and rare diseases.

Biogen specializes in therapies for complex neurological and neurodegenerative conditions. With a diversified product suite and a robust pipeline, Biogen leverages scientific innovation and strategic collaborations to maintain its position in high-need therapeutic areas.

Foolish Take

Florida-based J.L. Bainbridge & Co. dramatically scaled back its Biogen holdings last quarter, selling nearly its entire position for roughly $16 million. The firm, known for its long-term focus and balanced growth strategy, now holds only about $416,000 worth of Biogen stock—just 0.03% of its reportable U.S. equity assets.

The timing aligns with Biogen’s mixed performance over the past year. Shares are down 23%, despite a strong second-quarter report showing 7% year-over-year revenue growth to $2.6 billion and raised full-year guidance. The company highlighted sequential growth in Alzheimer’s therapy LEQEMBI, rare-disease drug SKYCLARYS, and postpartum-depression treatment ZURZUVAE, with CEO Christopher Viehbacher calling it “another quarter of strong execution” as Biogen reshapes its portfolio for sustainable growth. Still, the stock has struggled amid investor skepticism fueled by declining sales.

Bainbridge’s near-exit follows other portfolio adjustments—such as trims to Delta Air Lines—as the firm concentrates its holdings in proven large-cap growth names like Microsoft, Apple, and Alphabet. For long-term investors, Biogen’s upcoming October 30 earnings will be a key moment to gauge whether its new drug launches can meaningfully offset the erosion of its older franchises.

Glossary

AUM (Assets Under Management): The total market value of assets a fund or investment manager oversees on behalf of clients.
Quarterly disclosure: A report filed every three months detailing a fund’s holdings, transactions, and other relevant financial information.
Post-trade stake: The number of shares or percentage of ownership remaining after a buy or sell transaction.
Top holdings: The largest investments in a fund’s portfolio, usually ranked by market value or portfolio percentage.
Biosimilars: Biologic medical products highly similar to already approved reference drugs, used to treat various diseases.
Specialty and rare disease markets: Healthcare sectors focused on developing treatments for uncommon or complex medical conditions.
Pipeline: The portfolio of drugs or products a company is developing, from early research to late-stage clinical trials.
Strategic collaborations: Partnerships between companies to jointly develop, market, or distribute products or technologies.
TTM: The 12-month period ending with the most recent quarterly report.

One of the first investors to buy Nvidia (NVDA 1.04%) for the artificial intelligence (AI) boom was Stanley Druckenmiller at his Duquesne Family Office investment fund. At the end of 2023, it was one of his largest positions, a year where the stock more than tripled for investors, putting it on the path to become the largest company in the world by market capitalization.

Then, in 2024, Druckenmiller began to sell down his stake in Nvidia. By the end of last year, he had completely exited his position. What has he been buying instead? Last quarter, Duquesne bought two other trillion-dollar AI stocks: Taiwan Semiconductor Manufacturing (TSM -1.68%) and Microsoft (MSFT -0.43%).

Let’s see whether you should follow Druckenmiller and buy these two stocks for your portfolio today.

Image source: Nvidia.

Nvidia’s semiconductor supplier

Some readers may already know this, but Nvidia does not manufacture its advanced computer chips itself. It only designs them. The key manufacturing supplier of Nvidia chips is Taiwan Semiconductor Manufacturing, or TSMC for short. TSMC only makes computer chips for third parties and is known as a semiconductor foundry. These include Nvidia, but also the likes of Apple, Broadcom, and other technology giants.

With the insatiable demand for computer chips from the growing AI market, TSMC has been doing quite well in recent quarters. Last quarter, revenue grew 44.4% year over year to $30 billion. Not only is TSMC one of the largest businesses in the world, but one of the fastest growing.

As one of the only companies that can manufacture advanced semiconductors at scale, TSMC has been able to sell its computer chips to customers like Nvidia with fat profit margins. Last quarter, operating margin was close to 50%, which is unheard of for a manufacturing business.

At today’s stock price, TSMC trades at a price-to-earnings ratio (P/E) of 34. While this is slightly expensive, it is much better than Nvidia’s P/E ratio of 51. When you consider that both stocks will benefit from the growing demand for AI computer chips, it is no surprise that Duquesne sold its stake in Nvidia and owns TSMC today instead.

Microsoft’s opportunity in AI

Microsoft is a large customer of Nvidia as the company accelerates its buildout of cloud computing data center infrastructure to power the AI revolution. It has a relationship with OpenAI, the leading private AI company that is spending hundreds of billions of dollars on infrastructure. In 2025 alone, Microsoft is planning to spend $80 billion on capital expenditures to help catch up with AI demand.

Its cloud revenue is benefiting massively from the growth in AI. Its Azure cloud computing division grew revenue 34% year over year last quarter to $75 billion, making it the second-largest cloud business in the world apart from Amazon Web Services (AWS). Overall revenue is growing well due to Microsoft’s diversified assets in personal computing, Office 365 subscriptions, and other services such as LinkedIn. Revenue was up 17% year over year last quarter, with operating income up 22% (both in constant currency). Expanding operating margins to 45% makes Microsoft one of the most profitable businesses in the world.

Like TSMC, Microsoft trades at a much cheaper P/E ratio than Nvidia, at 37.5 as of this writing. With steady growth, margin expansion, and a clear line of new demand for Azure for AI solutions, Microsoft looks like a solid buy-and-hold stock for investors over the next decade and beyond.

At the end of the second quarter, TSMC was 4.3% of the Duquesne stock portfolio, according to its 13F filing, increasing its position by 27% more shares in the period. Microsoft was a completely new buy for the fund, but it is already a 2.5% position. Both stocks have done well throughout the second and third quarters, but can still be good long-term buys for investors looking for inspiration from super investors like Druckenmiller.

Louisbourg Investments increased its stake in ATS Corporation (ATS 2.97%), buying 113,773 shares in the third quarter for an estimated $3.3 million.

What Happened

According to a filing with the Securities and Exchange Commission released on Thursday, Louisbourg Investments added 113,773 shares of ATS Corporation (ATS 2.97%)in the third quarter. The estimated transaction value was $3.3 million based on the average price during the period. The fund held 215,295 shares, with a position value of $5.6 million, at the end of the quarter.

What Else to Know

The ATS Corporation stake is now 1.2% of Louisbourg Investments’ 13F reportable AUM.

Top holdings after the filing:

• NYSE:CNI: $28.5 million (6.2% of AUM)
• NASDAQ:SHOP: $15.1 million (3.3% of AUM)
• NASDAQ:MSFT: $13.3 million (2.9% of AUM)
• NYSE:WPM: $12.7 million (2.8% of AUM)
• NYSEMKT:IVV: $12.3 million (2.7% of AUM)

As of Monday afternoon, ATS Corporation shares were priced at $26.09, down 13% over the past year and well underperforming the S&P 500’s 13% gain in the same period.

Company Overview

Company Snapshot

• ATS provides automation solutions, including planning, design, build, commissioning, and servicing of automated manufacturing and assembly systems, as well as software and digital factory management tools.
• It generates revenue through turnkey automation projects, pre- and post-automation services, contract manufacturing, and value-added engineering and integration services across multiple industries.
• The company serves clients in life sciences, transportation, consumer products, food and beverage, electronics, nuclear, packaging, warehousing, distribution, and energy sectors worldwide.

ATS Corporation provides automation solutions to a broad range of industries worldwide. The company leverages advanced engineering and digital solutions to deliver end-to-end automation systems for complex manufacturing environments. Its focus on innovation, service, and integration enables customers to drive operational efficiency and sustainable production improvements.

Foolish Take

Louisbourg Investments’ $3.3 million purchase of 113,773 shares of ATS Corporation signals growing confidence in the Canadian automation company despite a rocky year for the stock. The new stake lifted ATS to about 1.2% of Louisbourg’s portfolio—a smaller weight than core holdings like Canadian National Railway and Shopify but one that adds industrial diversification to an otherwise tech-heavy mix.

ATS shares have fallen roughly 13% over the past year as margin pressures and leadership changes weighed on sentiment. In its latest quarter, the company reported 6% revenue growth to $736.7 million, driven by acquisitions and a strong backlog in life sciences and food automation. However, net income slipped to $24 million from $35 million a year ago, and adjusted EBITDA margin narrowed to 13.8% from 15.3%. Still, a $2.1 billion order backlog suggests solid demand and visibility ahead.

For Louisbourg, the position may represent a long-term bet on automation as manufacturers invest in efficiency and reshoring capacity. Compared to its larger tech holdings like Microsoft and Shopify, ATS adds a cyclical but strategic growth complement with exposure to high-value industrial innovation.

Glossary

13F reportable AUM: The portion of a fund’s assets under management disclosed in quarterly SEC Form 13F filings.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Turnkey automation projects: Complete automation solutions delivered ready for immediate use by the client.
Contract manufacturing: Outsourcing production to a third-party company that manufactures products on behalf of another firm.
Value-added engineering: Engineering services that enhance a product’s functionality, efficiency, or performance beyond basic requirements.
Integration services: Services that combine different systems or components into a unified, functioning whole.
Commissioning: The process of testing and verifying that a new system or equipment operates as intended before full operation.
Digital factory management tools: Software solutions designed to monitor, control, and optimize manufacturing operations digitally.
TTM: The 12-month period ending with the most recent quarterly report.

SEOUL, Oct. 13 (UPI) — South Korean chemical giant OCI Holdings said Monday it will enter the solar wafer business to target the U.S. market by acquiring a facility being built in Vietnam.

Toward that end, its subsidiary, OCI TerraSus, plans to spend $78 million to purchase a 65% stake in a 2.7-gigawatt wafer plant from Elite Solar Power Wafer, which is scheduled for completion by the end of this month.

OCI Holdings expects the factory to start rolling out wafers early next year, without having to worry about U.S. tax-credit restrictions.

A solar wafer is a tin slice of crystalline silicon that serves as the primary building block for manufacturing solar cells.

The United States introduced legislation in early July barring prohibited foreign entities from receiving clean energy tax credits. These are entities controlled or significantly influenced by such nations as North Korea, China, Russia and Iran.

OCI Holdings projected that the deal would create synergy because OCI TerraSus is set to provide all the polysilicon needed for the new facility to manufacture non-prohibited foreign entity wafers.

The Seoul-based corporation said the plant’s capacity could be doubled within six months with an additional $40 million investment. However, it has yet to decide whether to proceed with the expansion.

“This strategic investment brings us closer to building a supply chain that facilitates U.S. exports,” OCI Holdings Chairman Lee Woo-hyun said in a statement. “We will continue to strengthen our presence in the global solar market by fostering partnerships with local companies in Southeast Asia.”

In July, OCI TerraSus joined hands with Japan’s Tokuyama to channel $435 million into establishing a semiconductor-grade polysilicon factory in Malaysia. Each company holds a 50% stake in the project.

On October 10, 2025, wealth management company Douglas Lane & Associates disclosed a purchase of Thermo Fisher Scientific valued at approximately $7.79 million, based on the average price for Q3 2025.

What happened

According to a filing with the Securities and Exchange Commission (SEC) dated October 10, 2025, Douglas Lane & Associates increased its position in Thermo Fisher Scientific (TMO -1.85%) by 16,745 shares during the quarter. The estimated transaction value was $7.79 million, based on the average closing price for the quarter. The fund now holds 216,276 shares after the trade.

What else to know

Following the purchase, Thermo Fisher Scientific represented 1.5% of the fund’s reportable assets under management as of September 30, 2025.

Top holdings after the filing are as follows:

• NASDAQ:NVDA: $312.46 million (4.4% of AUM) as of September 30, 2025
• NASDAQ:GOOG: $212.16 million (3.0% of AUM) as of September 30, 2025
• NYSE:JPM: $203.56 million (2.8% of AUM) as of September 30, 2025
• NASDAQ:MSFT: $184.79 million (2.6% of AUM) as of September 30, 2025
• NASDAQ:QCOM: $167.31 million (2.3% of AUM) as of September 30, 2025

As of October 9, 2025, Thermo Fisher shares were priced at $534.68, and were down about 12% over the trailing 12 months.

Company Overview

Company Snapshot

Thermo Fisher Scientific offers life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services with revenue streams diversified across research, diagnostics, and pharmaceutical sectors.

The company operates a multi-segment business model, generating revenue through direct sales, e-commerce, and third-party distribution of proprietary products, consumables, and services. It serves pharmaceutical and biotechnology companies, clinical and research laboratories, academic institutions, government agencies, and industrial customers globally.

IMAGE SOURCE: GETTY IMAGES.

Thermo Fisher Scientific is a global leader in scientific instrumentation, diagnostics, and laboratory services, with a broad portfolio that supports research, healthcare, and biopharmaceutical production. The company leverages scale and a diverse product offering to drive consistent revenue growth, and serve a wide range of end markets.

Foolish take

Douglas Lane upping its Thermo Fisher Scientific holdings is noteworthy in that the wealth management company already had a substantial stake. This move suggests Douglas Lane believes Thermo Fisher stock remains attractively valued, especially after its decline over the last 12 months.

Indeed, looking at Thermo Fisher stock’s price-to-earnings (P/E) ratio shows it’s lower than it was a year ago. This indicates shares are a better value now, although the earnings multiple is not as low as it was after President Trump’s new tariff policies caused the entire stock market to fall last April.

As far as its business performance, Thermo Fisher is doing well. It achieved 3% revenue growth to $10.9 billion in its fiscal second quarter, ended June 28. The company did an outstanding job managing its expenses, and combined with its sales growth, allowed Thermo Fisher to deliver a 6% year-over-year increase in fiscal Q2 diluted earnings per share (EPS) to $4.28. This continues the trend of rising EPS exhibited over the last couple of years.

On top of that, Thermo Fisher raised its 2025 fiscal guidance to sales of about $44 billion. This would be a jump up from the prior year’s $42.9 billion. With rising revenue and EPS combined with a reasonable P/E ratio, Thermo Fisher stock looks like a compelling buy.

Glossary

Assets Under Management (AUM): The total market value of investments managed by a fund or investment firm.
13F Reportable Assets: Securities that institutional investment managers must disclose in quarterly SEC filings if they exceed $100 million in assets.
Alpha: A measure of an investment’s performance relative to a benchmark index, often indicating excess return.
Quarter: A three-month period used by companies for financial reporting and performance measurement.
Proprietary Products: Goods or services owned and produced exclusively by a company, often protected by patents or trademarks.
Consumables: Products intended for single or limited use, requiring regular replacement in laboratory or industrial settings.
Direct Sales: Selling products or services directly to customers without intermediaries or third-party distributors.
Third-Party Distribution: The sale of products through external companies or intermediaries rather than directly from the manufacturer.
Dividend Yield: The annual dividend payment expressed as a percentage of the stock’s current price.
Biopharma Services: Specialized services supporting the development and manufacturing of biopharmaceutical drugs.
End Markets: The final industries or customer segments that purchase and use a company’s products or services.
TTM: The 12-month period ending with the most recent quarterly report.

Franklin Street Advisors disclosed an exit from Intuitive Surgical (ISRG -0.92%) in its latest SEC filing for the quarter ended September 30, selling 42,601 shares for an estimated $23.2 million.

What Happened

According to a filing with the Securities and Exchange Commission released on Thursday, Franklin Street Advisors sold its entire holding in Intuitive Surgical, divesting 42,601 shares. The estimated value of the transaction, calculated using the average market price during the quarter, was approximately $23.2 million.

What Else to Know

Franklin Street Advisors’ Intuitive Surgical position previously comprised 1.4% of the fund’s 13F assets.

Top holdings after the filing:

• NVDA: $132.2 million (7.6% of AUM)
• MSFT: $115.2 million (6.6% of AUM)
• AAPL: $110.4 million (6.4% of AUM)
• GOOGL: $91.2 million (5.3% of AUM)
• AMZN: $72.5 million (4.2% of AUM)

As of Thursday afternoon, shares of Intuitive Surgical were priced at $443.87, down 9.5% over the past year and underperforming the S&P 500’s 16% gain.

Company Overview

Company Snapshot

• Intuitive Surgical offers the da Vinci Surgical System for minimally invasive surgery and the Ion endoluminal system for diagnostic lung procedures, along with surgical instruments, digital solutions, and support services.
• The company generates revenue primarily through the sale of surgical systems, recurring instrument and accessory sales, and service contracts for its installed base.
• It serves hospitals, surgical centers, and healthcare providers globally, targeting institutions seeking advanced minimally invasive surgical capabilities.

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of, and access to, minimally invasive care in the United States and internationally. Its strategic focus on innovation and expanding procedure adoption underpins its long-term growth trajectory.

Foolish take

Franklin Street Advisors’ $23.2 million sale of its entire Intuitive Surgical position marks a clear step back from the medical robotics firm after a volatile year for the stock. Shares have fallen more than 25% from their all-time high in January, as investors weigh valuation concerns and new tariff-related risks that management warned could trim 2025 margins by about 1 percentage point.

In its second-quarter 2025 earnings, Intuitive posted revenue of $2.4 billion, up 21% year-over-year, with worldwide da Vinci procedure volume climbing 17%. Meanwhile, GAAP net income rose 25% to $658 million ($1.81 per share). Yet even with expanding adoption, tightening gross margins—driven by higher input costs and tariffs on components from Mexico, Germany, and China—tempered enthusiasm.

CEO Dave Rosa said Intuitive remains “committed to advancing care” and expanding access to minimally invasive surgery worldwide. But after a multi-year run-up, Franklin’s decision to take profits may signal growing caution among institutional investors who see near-term headwinds outpacing the company’s impressive long-term growth story.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their holdings in U.S. publicly traded securities.
Assets under management (AUM): The total market value of investments that a fund or firm manages on behalf of clients.
Full exit: When an investor sells all shares of a particular holding, eliminating exposure to that asset.
Stake: The amount of ownership or investment a fund or individual holds in a company or asset.
Filing: An official document submitted to a regulatory authority, such as the SEC, to disclose financial or operational information.
Divesting: Selling off an asset or investment, often to reduce risk or change portfolio strategy.
Minimally invasive surgery: Surgical procedures performed through small incisions, often using specialized instruments or robotic systems.
Installed base: The total number of a company’s products currently in use by customers.
Service contracts: Agreements for ongoing maintenance, support, or services related to products sold.
Procedure adoption: The rate at which new medical procedures or technologies are implemented by healthcare providers.
TTM: The 12-month period ending with the most recent quarterly report.

Graphene Investments SAS fully exited its stake in United Rentals (URI 0.09%) in Q3 2025, selling approximately 4,100 shares for an estimated $3.09 million for the period ended 2025-09-30, according to its October 7, 2025, SEC filing.

What happened

According to a filing with the United States Securities and Exchange Commission (SEC) dated October 7, 2025, Graphene Investments SAS sold out its entire holding in United Rentals during the third quarter. The firm’s liquidation involved approximately 4,100 shares as of 2025-09-30, with the estimated transaction value totaling $3.09 million based on average prices for the period.

What else to know

Graphene Investments SAS fully liquidated its United Rentals position, which previously made up 2.0% of reported assets; it now represents 0% of 13F AUM.

Top holdings after the filing:

• GOOGL: $9.36 million (5.9% of AUM) as of 2025-09-30
• AAPL: $7.49 million (4.7% of AUM) as of 2025-09-30
• MSFT: $6.53 million (4.1% of AUM) as of 2025-09-30
• NVDA: $6.49 million (4.1% of AUM) as of 2025-09-30
• AVGO: $5.67 million (3.6% of AUM) as of 2025-09-30

As of October 6, 2025, shares of United Rentals were priced at $987.34, up 23.07% over the past year, outperforming the S&P 500 by 7.95 percentage points over the past year.

Company Overview

Company Snapshot

United Rentals:

• Offers equipment rentals, including general construction, industrial equipment, specialty trench safety, power, HVAC, fluid solutions, and mobile storage products.
• Generates revenue primarily through rental fees, equipment sales, and value-added services such as maintenance and parts distribution.
• Serves construction and industrial companies, infrastructure contractors, municipalities, utilities, and government entities across North America, Europe, Australia, and New Zealand.
• Operates a network of 1,360 locations, employing approximately 27,900 people.

The company’s scale and diversified fleet enable it to serve a broad customer base across multiple end markets, supporting both large-scale infrastructure projects and day-to-day industrial needs.

Foolish take

While it may seem jarring that Graphene Investments liquidated its position in United Rentals — a stock it had held for years — it is worth noting that the stock was up 75% in the last six months alone.

Following the run, United Rentals’ price-to-earnings (P/E) ratio of 26 was near 10-year highs, and well above its average of 15 over the same time.

For some institutions, it may make sense to part ways with a stock once it reaches these higher valuations.

However, from a longer-term Foolish perspective, I think there is still a lot to like about United Rentals — but you might not want to go “all-in” at today’s price.

A serial acquirer with a long track record of success, the stock has delivered total returns of nearly 6,900% since its debut in 1997. This far outpaces the S&P 500’s returns of 1,040% over the same time.

In addition to its spending on M&A, United Rentals started paying a dividend in 2023 and has already raised its payments twice. It currently yields 0.7%, but only uses 18% of the company’s net income, giving it plenty of room for future increases.

The company has also rewarded shareholders with hefty share repurchases that have lowered United Rentals’ share count by 4% annually over the last decade.

Growing revenue and net income by 19% and 24% annually over the last decade, United Rentals should be on investors’ radars, even with its lofty valuation.

Glossary

13F AUM: The total market value of assets reported by institutional investment managers in their quarterly SEC Form 13F filings.
Liquidation: The process of selling all holdings in a particular asset or position, reducing the stake to zero.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or number of shares an investor holds in a company.
Filing: An official document submitted to a regulatory agency, such as the SEC, disclosing financial or investment information.
Outperforming: Achieving a higher return or better performance compared to a benchmark or index.
End markets: The industries or customer segments that ultimately use a company’s products or services.
Trench safety: Specialized equipment and services designed to protect workers in excavations and trenches.
HVAC: Heating, ventilation, and air conditioning systems used for climate control in buildings and industrial settings.
Value-added services: Additional offerings beyond core products, such as maintenance or parts distribution, that enhance customer value.
TTM: The 12-month period ending with the most recent quarterly report.

Cullen Capital Management, LLC disclosed the sale of 6,565,339 shares of Kenvue (KVUE -0.67%) for the period ended Q2 2025. The transaction was valued at an estimated $149.46 million.

What happened

Cullen Capital Management, LLC reported in a September 30, 2025SEC filingthat it reduced its position in Kenvue by 6,565,339 shares during Q2 2025. The estimated value of the shares sold was $149.46 million, based on the average closing price for the quarter. After the trade, Cullen retained 2,484,940 shares valued at $52.01 million as of Q2 2025.

What else to know

The fund trimmed its Kenvue stake, which now represents 0.6% of 13F assets under management as of June 30, 2025.

Top holdings after the filing:

• JPM: $303.61 million (3.5% of AUM) as of Q2 2025.
• CSCO: $279,989,672 (3.1889% of AUM) as of June 30, 2025.
• BAC: $260,614,250 (2.9682% of AUM) as of June 30, 2025.
• NVS: $253.74 million (2.9% of AUM) as of 2025-06-30.
• DUK: $241,854,363 (2.7545% of AUM) as of June 30, 2025.

As of September 29, 2025, shares were priced at $16.34, down 29.4% over the past year, lagging the S&P 500 by 42.63 percentage points

Company Overview

Company Snapshot

Kenvue Inc. generates revenue through a diversified portfolio of consumer health products, including over-the-counter medicines, skin and beauty care, and essential health items under brands such as Tylenol, Neutrogena, and Listerine.

The company operates worldwide through three segments: Self Care, Skin Health and Beauty, and Essential Health.

Kenvue Inc. offers healthcare, personal care, and wellness products globally.

Kenvue Inc. is a global consumer health company with a broad portfolio of well-established brands and a strong presence in the over-the-counter and personal care markets. Its strategic focus on essential health and self-care positions it competitively within the consumer defensive sector.

Foolish take

Cullen Capital reduced Kenvue’s stake to 0.6% of assets under management after selling 6.6 million shares. This is notable because KVUE stock has fallen nearly 30% over the past year, and has badly lagged the S&P 500 by about 43 percentage points.

Institutions trim for many reasons, from portfolio rebalancing to risk control. Still, the consumer health sector is typically defensive, and KVUE’s underperformance shows that not all staples are immune to market headwinds. Kenvue continues to generate $1.4 billion in profit and offers a 5.07% dividend yield, underscoring its appeal to income-focused investors.

Looking ahead, the key question lies in whether this weakness reflects turbulence or a deeper challenge to Kenvue’s growth and margin profile. Investors should monitor whether Kenvue can deliver stabilized earnings and sustain its dividend. If not, more institutions may follow Cullen’s lead.

Glossary

13F assets under management (AUM):The total value of securities reported by institutional investment managers in quarterly SEC Form 13F filings.
Dividend yield:The annual dividend payment divided by the stock’s current price, expressed as a percentage.
Quarter (Q2 2025):The second three-month period of a company’s fiscal year, here referring to April–June 2025.
Top holdings:The largest investments in a fund’s portfolio, typically by market value or percentage of assets.
Consumer defensive sector:Industry group including companies providing essential goods, like food, beverages, and household products, less sensitive to economic cycles.
Over-the-counter medicines:Drugs available without a prescription, used to treat common health issues.
Portfolio:A collection of investments held by an individual or institution.
Lagging the S&P 500:Underperforming the S&P 500 index, meaning a lower return compared to this benchmark.
TTM:The 12-month period ending with the most recent quarterly report.

NICOLE Kidman and Keith Urban’s lawyers have a big job ahead of them in splitting the couple’s mammoth property empire after their bombshell split.

Nicole, 58, and Keith, 57, have called it quits after 19 years of marriage, with the Babygirl actress filing divorce papers on Tuesday, September 30.

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The couple, who share two daughters, have reportedly been living separately since the beginning of summer.

Just days ago, Nicole was seen still wearing her wedding ring and in good spirits at Cle de Peau’s event in Los Angeles as she appeared as their new brand ambassador.

The pair will have to spend time dividing their assets after almost two decades of marriage.

They mainly resided with their daughters, Sunday Rose, 17, and Faith Margaret, 14, in Tennessee.

Nicole is also mom to Isabella and Connor, whom she adopted during her marriage with her ex-husband, Tom Cruise.

The couple has spent millions on a property portfolio now worth more than $250million, according to online real estate sites.

Their main 20-room mansion is located just outside of Nashville and was purchased in 2008 for $4.89 million, two years after they tied the knot.

They married on June 25, 2006, at Cardinal Cerretti Memorial Chapel, located on the grounds of St. Patrick’s Estate in Manly, a suburb of Sydney, Australia. 

MILLION-DOLLAR LISTINGS

The lavish abode has seven bedrooms and eight bathrooms, along with a fully-equipped gym, a large tennis court, and a swimming pool, which were installed by the couple.

During the same year, Nicole and Keith also snapped up a Beverly Hills home for $6.77 million that has five bedrooms and five bathrooms.

The estate was built in the 1960s and sits on a 1.25-acre lot with celebrity neighbors Adele and Jennifer Lawrence in the desired neighborhood.

Listings show it has a flat-top roof, a pool, and a second-floor wraparound deck. 

They also bought their Australian farmhouse in 2008 for $6.5million, called Bunya Hill, which is located in the Southern Highlands village of Sutton Forrest.

The 45-hectare black Angus cattle farm features a large Georgian-style house built in 1878.

The home has sandstone verandas, a cedar staircase, and 10 marble fireplaces.

It sits on a private hilltop and includes a guest cottage.

The property has been updated with a swimming pool, tennis court, and gym.

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Two years after buying their main properties, the couple splashed out $13.53 million for a Manhattan duplex in the upscale Chelsea neighborhood.

It’s located in a stainless-steel tower and includes three bedrooms, a “double-height great room with a cathedral ceiling,” and two terraces with views of the Hudson River.

One of its most appealing qualities is its private “sky garage” with an elevator for apartment-level parking.

They also reportedly own two penthouses that were combined in the Latitude Building in Sydney’s Milsons Point. 

The first was bought for almost $6 million in 2009, while the second was around $7 million in 2012.

They also snapped up four more apartments in the same building.  

Last year, they also bought yet another residence in the same complex for $7.7million.

In 2020, they added to their New York portfolio after snapping up a two-bedroom apartment in Tribeca for $3.5 million.

According to the New York Post, there are three separate entrances into the building for added privacy.

The residence offers a 75-foot indoor lap pool, rooftop gardens, and a 2,200-square-foot fitness center.

Nicole Kidman and Keith Urban’s Relationship Timeline

Nicole Kidman and Keith Urban have been one of Hollywood’s ‘It

January 2005 – Nicole and Keith were introduced by actor Geoffrey Rush during the G’Day LA gala ball.

February 2006 – The couple made their public debut as an item at the 48th Annual Grammy Awards.

May 2006 – Keith’s publicist revealed that he and Nicole were “very happily engaged.”

June 2006 – The twosome tied the knot at a chapel in Manly, Australia, surrounded by many famous guests.

October 2006 – Keith checked himself into rehab for drug and alcohol issues at the urging of his new wife.

December 2006 – Model Amanda Wyatt claimed that Keith had cheated on Nicole with her multiple times, leading up to their nuptials.

In January 2008 – Nicole’s rep revealed that she and Keith were expecting their first child together.

July 2008 – Keith and Nicole welcomed their first child, a daughter named Sunday Rose.

December 2010 – The duo introduced their second child, Faith Margaret, to the world, whom they welcomed via surrogate.

July 2015 – Nicole confessed to Vogue that she’d wished she’d met Keith earlier in life, so that they could’ve had more children together.

June 2016 – Keith opened up to Rolling Stone about how Nicole helped him get sober by insisting that he go to rehab a decade earlier.

October 2018 – Nicole gushed about her simple, quiet life in Nashville with Keith, and said that was the secret to their happy marriage.

June 2021 – Keith shared a sweet Instagram post, commemorating his and Nicole’s 15th wedding anniversary.

July 2024 – Keith, Nicole, and their daughters were seen enjoying the Gymnastics Women’s Team Final at the Paris Olympics.

April 2025 – Nicole referred to Keith as her “deep, deep love” during an interview with People, and said she was “lucky” to have the musician.

September 2025 – TMZ announced that Nicole and Keith had separated and were no longer living together.

There’s also a wine cellar with its own private dining room.

Since the couple’s split, their two children have been in Nicole’s care, and she is “holding the family together through this difficult time since Keith has been gone,” according to reports.

It is currently still unknown what led to the pair’s separation.

Sources claim that Nicole was “blindsided,” as she had been desperate to save their marriage, one of the longest in Hollywood.

Insiders also said that “Keith has acquired his own residence in Nashville and has moved out of their family home,” although this has not yet been confirmed.

The U.S. Sun has reached out to Nicole and Keith’s reps for comment but did not hear back.

Both Nicole and Keith grew up in Australia, but did not meet until 2005 at a gala.

Keith swooned over his wife in an interview with CBS News in 2016.

Nicole told Ellen DeGeneres in 2017: “I had such a crush on him, and he wasn’t interested in me.

“It’s true! He didn’t call me for four months.”

The actress has spent a considerable amount of time filming in England recently, which may have put strain on their relationship.

She has been shooting scenes for the Practical Magic sequel and reportedly shelled out $87,288 a month to stay at Boy George’s luxurious mansion – without Keith.

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Summit Financial Wealth Advisors, LLC disclosed in a Monday filing with the Securities and Exchange Commission that it sold 101,515 shares of food distribution giant Sysco(SYY -0.11%), cutting the vast majority of its stake in the firm.

What happened

According to a Monday SEC filing, Louisiana-based Summit Financial Wealth Advisors, LLC sold 101,515 shares of Sysco during the quarter ended June 30. The estimated transaction value was $7.4 million based on the average closing price for the quarter. The fund’s remaining Sysco holding totaled 4,295 shares, worth $325,266, meaning the firm cut about 95% of its stake.

What else to know

The transaction reduced the Sysco position to 0.1% of fund AUM, down from 1.6% in the prior quarter.

Top holdings after the filing:

• SCHD: $53.05 million (9.5% of AUM)
• VUG: $49.21 million (8.8% of AUM)
• VYMI: $36.55 million (6.6% of AUM)
• NOBL: $24.6 million (4.4% of AUM)
• SPBO: $23.2 million (4.2% of AUM)

As of Monday, Sysco shares were priced at $81.72, up about 5% year over year but underperforming the S&P 500 by more than 10 percentage points during the same period.

Company Overview

Company Snapshot

Sysco distributes a broad range of food products—including frozen foods, fresh meats and seafood, dairy, canned and dry goods, beverages, and non-food supplies—to the foodservice industry.

The company generates revenue primarily through large-scale distribution operations, leveraging its logistics network to supply restaurants, healthcare, education, hospitality, and other institutional clients.

Sysco’s primary customers include restaurants, hospitals, nursing homes, schools, hotels, and other foodservice providers across North America and select international markets.

Sysco is a leading global food distribution company with a significant presence in North America and international markets.

Foolish take

Summit Financial’s decision to unload nearly all of its Sysco shares is notable, but it doesn’t necessarily mean the firm has lost confidence in the food distributor. Large managers regularly rebalance portfolios to free up cash or reallocate into higher-conviction ideas. In this case, Sysco had been a modest position for Summit—reflecting less than 2% of reportable assets—and now barely registers at just 0.1%.

For investors, the bigger question is how Sysco stacks up in today’s market. Shares have risen just over 5% in the past year, a steady climb but well short of the S&P 500’s double-digit gains. The lag highlights Sysco’s profile: It’s a defensive stock with dependable cash flows and a long history of paying dividends, not a high-growth story. Its dividend yield is about 2.6%, compared to an average of about 1.25% for the broader S&P 500.

Nevertheless, recent headlines—including a $388 million deal with the U.S. Navy and continued investments in distribution facilities—underscore Sysco’s ability to secure stable revenue streams. Still, the stock’s performance will ultimately depend on restaurant traffic and consumer confidence, both of which are highly sensitive to broader economic trends.

Glossary

13F assets: Securities and assets that institutional investment managers must report quarterly to the Securities and Exchange Commission (SEC) if above a certain threshold.
AUM (Assets Under Management): The total market value of investments managed by a fund or financial institution on behalf of clients.
Dividend Yield: A financial ratio showing how much a company pays in dividends each year relative to its share price.
Distribution operations: The logistical processes involved in delivering products from suppliers to customers, often on a large scale.
Institutional clients: Organizations such as pension funds, endowments, or corporations that invest large sums of money.
Logistics network: The system of transportation, warehousing, and coordination used to move goods efficiently from suppliers to customers.
Reportable: Refers to holdings or transactions that must be disclosed to regulators, such as the SEC, due to their size or nature.
TTM: The 12-month period ending with the most recent quarterly report.
Underperforming: Delivering a lower return compared to a benchmark or index over a specific period.

Over 35 years ago, Warren Buffett told investors, “When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.” Since then, he’s bought and sold dozens of stocks for Berkshire Hathaway (BRK.A 0.55%) (BRK.B 1.06%), proving that even the Oracle of Omaha doesn’t have a perfectly clear crystal ball.

Even when Buffett has made extremely successful equity investments, he’s often had reason to sell at least some of Berkshire’s stake — either to maintain a more balanced portfolio, or sell a stock that’s become overvalued, or for any number of other reasons. Those are factors that have come to the fore recently for Buffett and his team of investment managers. Berkshire Hathaway has sold more marketable equities than it bought in each of the last 11 quarters.

Those sales include one stock that Berkshire first bought in 2008 and will go down as one of Buffett’s (and Munger’s) most successful investments of all time.

Image source: The Motley Fool.

Powering massive returns for investors

In late September 2008, as the global stock market was reeling amid the Great Recession, Buffett and Munger took the opportunity to buy a 10% stake in a Chinese auto company called BYD (BYDDY -0.94%) (BYDD.F -1.20%). They gradually increased Berkshire’s stake in the business, reaching about 20% at one point. Today, the company is the largest EV manufacturer in the world, surpassing Tesla.

It was Vice Chairman Charlie Munger who brought the company to Buffett’s attention. He found CEO Wang Chuanfu’s engineering and managerial skills extremely impressive. He had developed one of the largest battery manufacturers in the world before transitioning to the automotive business in the early 2000s. With its battery expertise and other vertically integrated components made through acquisitions, BYD looked poised to do well in the nascent electric vehicle market.

Sure enough, BYD has developed a broad lineup of vehicles sold around the world. Its global sales of fully electric vehicles surpassed Tesla’s in the fourth quarter of 2023 and for the full year of 2024. It’s not just success in its home country, either. BYD’s European sales surpassed Tesla’s in April this year. Management aims to sell half of its cars outside of China by 2030. It’s worth noting BYD has yet to enter the U.S. market due to tariffs and the political environment.

It’s no surprise, then, that BYD’s stock price has soared amid its success. With the acceleration in sales over the last few years, BYD’s stock is up more than eightfold since the start of 2020.

Buffett started decreasing Berkshire’s stake in BYD starting in August 2022, after Berkshire’s initial investment had already climbed about 20-fold. At one point, Berkshire’s shares were worth $9 billion. Based on financial reports from Berkshire Hathaway subsidiary, Berkshire Hathaway Energy, the company gradually sold off shares until completely divesting its stake in the first quarter of this year.

Is the competition too much?

Buffett may have missed the absolute peak of BYD’s stock price, but shares have certainly struggled in the latter half of the year, as Chinese competitors take market share from its domestic business. BYD’s August deliveries were flat year over year, as were July’s. Not only has the intense domestic competition hurt unit sales, but it’s also hurt BYD’s margins.

But the company stands at a distinct advantage over the competition thanks to its significant vertical integration. As mentioned, BYD is one of the leading battery manufacturers in the world. That, in and of itself, is a significant advantage over other EV makers who need to source batteries from third parties. But BYD also makes many other components in its vehicles, including the motors, semiconductors, and practically everything else except the tires and glass.

That allows the business to adapt quickly and maintain better margins than its competitors. With plans for an aggressive international expansion, it’ll have to replicate its manufacturing capabilities all around the world. But management has proven quite adept at building systems and scaling them.

After the pullback in price, investors can buy shares for just 1 times sales and less than 16 times forward earnings expectations. That’s an attractive price for the leader in a growing industry, even if it’s seeing some pressure from the competition weighing on revenue growth and margins. It’s certainly a better valuation than investors could get with Tesla. While Buffett may have sold out of the stock, it might still deserve a spot in your portfolio.

The multimillion-dollar jousting over redrawing California’s congressional districts to boost Democrats and counter President Trump was on full display in recent days, as both sides courted voters less than a month before ballots begin arriving in mailboxes.

Gov. Gavin Newsom, national Democratic leaders including Sen. Elizabeth Warren (D-Mass.) and a slew of political influencers held an hours-long virtual rally Tuesday afternoon, urging Californians to support Proposition 50 in the Nov. 4 special election. Speakers framed the stakes of the ballot measure as nothing short of existential — not just for Democratic interests, but also for democracy.

“It’s all at stake. This is a profound and consequential moment in American history. We can lose this republic if we do not assert ourselves and stand tall at this moment and stand guard to this republic and our democracy. I feel that in my bones,” Newsom said Tuesday afternoon.

If passed, Proposition 50 would gerrymander the state’s congressional districts to favor Democrats, bolstering the fates of several Democrats in vulnerable swing districts and potentially cost Republicans up to five House seats.

California’s congressional districts are drawn by a voter-approved independent commission once a decade after the U.S. census. But Newsom and other state Democrats proposed a rare mid-decade redrawing of the districts to increase the number of Democrats in Congress in response to similar efforts in GOP-led states, notably Texas.

Tuesday’s virtual rally, which was emceed by progressive influencer Brian Tyler Cohen, was a cross between an old-school money-raising telethon and new media streaming session. Popular podcasters and YouTubers such as Crooked Media’s Jon Favreau and Tommy Vietor (alumni of former President Obama’s administration), Ben Meiselas of MeidasTouch and David Pakman shared the screen with political leaders, with an on-screen fundraising thermometer inching higher throughout.

Cohen argued that people like him had been “begging” Democrats to fight Trump. And now elected officials had done their part by getting Proposition 50 on the ballot, he said, urging viewers to donate to support the effort.

Warren argued that Trump was a “would-be king” — but if Democrats could retake control of either house of Congress, that would be stopped, she posited.

“And if we have both houses under Democratic control,” Warren continued, “now we are truly back in the game in terms of making our Constitution work again.”

The exhaustive list of speakers represented the spectrum of the modern left, with standard-bearers such as Rep. Jamie Raskin (D-Md.) and House Minority Leader Hakeem Jeffries of New York, alongside rising stars including Reps. Jasmine Crockett (D-Texas) and Maxwell Frost (D-Fla.). A number of California delegates, including Sen. Alex Padilla and Reps. Ted. Lieu, Robert Garcia, Pete Aguilar, Jimmy Gomez and Sydney Kamlager-Dove, also spoke.

The event had been scheduled to take place Sept. 10 but was postponed after the assassination of conservative activist Charlie Kirk earlier that day.

Jessica Millan Patterson, the former leader of the California Republican Party and chair of an anti-Proposition 50 committee, accused Newsom of “scrambling for out-of-touch messengers to sell his scheme.”

“For Gavin Newsom, it’s all distraction and deflection. Instead of addressing the $283 million price tag taxpayers are stuck with for his partisan power grab, he’s hosting a cringeworthy webinar packed with DC politicians, out-of-state influencers, and irrelevant podcasters, all lining up to applaud his gerrymandered maps,” Millan Patterson said in a statement Tuesday.

Former Gov. Arnold Schwarzenegger, who championed the creation of the independent redistricting commission while in office and has campaigned to stop gerrymandering across the nation after his term ended, forcefully denounced Proposition 50 on Monday.

“They are trying to fight for democracy by getting rid of the democratic principles of California,” Schwarzenegger told hundreds of students at an event celebrating democracy at the University of Southern California. “It is insane to let that happen.”

The former governor, a Trump foe who has prioritized good governance at his institute at USC, said the effort to dismantle the independent commission’s congressional districts to counter Trump are anti-democratic.

“They want to get rid of it under the auspices of we have to fight Trump,” Schwarzenegger said. “It doesn’t make any sense to me because we have to fight Trump, [yet] we become Trump.”

And on the morning of Sept. 10, opponents of the ballot measure rallied in Orange County, speaking about how redrawing congressional districts would dilute the voice of communities around the state.

“We’re here because Prop. 50 poses a serious threat to Orange County’s voice, to our communities and to our taxpayers. This measure is not about fairness. It’s about power grab,” said Orange County Supervisor Janet Nguyen during a rally at the Asian Garden Mall in Little Saigon, a Vietnamese hub in Westminster. “And it comes at the expense of our taxpayers, our small businesses and our minority communities.”

She noted that Little Saigon would be grouped with Norwalk in Los Angeles County if the ballot measure passes.

“Ask anybody in this area if they even know where Norwalk is,” Nguyen said.

Malawians are voting to elect their next president amid a deepening economic crisis in one of Africa’s poorest and most climate-vulnerable countries.

The small Southeast African nation has been hit with double-digit inflation that has caused food prices to skyrocket for several months now. It came after intense drought events last year. Earlier, in 2023, Cyclone Freddy, which struck the region, hit Malawi the hardest, killing more than 1,000 people and devastating livelihoods.

In Tuesday’s election, voters are also choosing parliamentarians and local councillors across 35 local governments.

Malawi is most known for its tourist hotspots, such as Lake Malawi, Africa’s third-largest freshwater lake, as well as nature and wildlife parks.

The country has a population of 21.6 million. Lilongwe is the capital city, and Blantyre is the commercial nerve centre.

Here’s what to know about the elections:

How does voting happen?

The elections began in the morning on Tuesday and will end by evening.

Some 7.2 million people are registered to vote across 35 local government authorities, according to the electoral commission.

To emerge as president, a candidate must gain more than 50 percent of the vote. If not, then a run-off must be held. Presidential results will be published by September 24.

A total of 299 constituency parliament members and 509 councillors will be elected. Parliamentary results will be published by September 30.

Who are the key contenders?

Seventeen presidential candidates are running for the post. However, the race is largely considered a two-horse race between incumbent President Lazarus Chakwera and former leader Peter Mutharika.

Lazarus Chakwera: The 70-year-old president and leader of the ruling Malawi Congress Party (MCP) is hoping to secure his second and — per the constitution —  final term.

The former preacher’s win in 2020 was historic, after a court ruled that there were irregularities in the 2019 election, and ordered a re-run. Chakwera’s win in that second vote marked the first time in African history that an opposition candidate won a re-run election.

However, Chakwera’s tenure has been marked by high levels of inflation and, more recently, fuel shortages. There have also been numerous allegations of corruption, particularly nepotism, against him. In 2021, the president made headlines when he appointed his daughter, Violet Chakwera Mwasinga, as a diplomat to Brussels.

In his campaigns, Chakwera has asked for more time to work on easing the country’s current economic stagnation. He and officials in his government have also blamed some of the hardships on last year’s drought, a cholera outbreak between 2022 and 2024, and the devastation of Cyclone Freddy in February 2023.

Supporters point out that Chakwera has already overseen major road construction work across Malawi and restarted train services after more than 30 years.

He previously ran in 2014, but was unsuccessful.

Peter Mutharika: The 85-year-old leader of the opposition Democratic Progressive Party (DPP) is looking to make a comeback after his earlier second-term bid was defeated by Chakwera in 2020.

A former law professor, Mutharika has campaigned on the economic gains he said Malawi witnessed under him, arguing that things were better during his tenure than under the present leadership. He led Malawi from 2014 to 2020.

While he is credited with lowering inflation and kickstarting major infrastructure projects, Mutharika also faced corruption scandals in his time. In 2018, Malawians took to the streets to protest his alleged involvement in a bribery scandal that had seen a businessman pay a 200,000 kickback to his party. Mutharika was later cleared of wrongdoing.

Critics have speculated about Mutharika’s age, noting that he has not been particularly active during the campaign. Mutharika is the brother of former President Bingu wa Mutharika, who died in office in 2012.

Other notable presidential contenders include:

• Joyce Banda – Malawi’s only female president from 2012 to 2014, from the People’s Party. She was formerly vice president under Bingu wa Mutharika.
• Michael Usi – the former vice president who is from the Odya Zake Alibe Mlandu party.

What’s at stake in this election?

Struggling economy

Although Malawi exports tobacco, tea, and other agricultural products, the country is largely aid-dependent. It is also under pressure from accumulated external debt.

For Malawian voters, rising prices of food and everyday items are the most pressing issue on the ballot. Food costs have gone up by about 30 percent in the past year, but salaries have largely stayed the same. Meanwhile, the costs of fertiliser for the 80 percent of Malawians who survive on subsistence farming have risen.

Economists chalk up the stagnation crisis to a lack of foreign currency, which has limited crucial imports, including fertilisers and fuel.

Presently, the country is facing severe fuel shortages, with hundreds queuing up at fuel stations daily. Chakwera has blamed corrupt officials, who he says are deliberately sabotaging the fuel markets, for the problem.

In May, the International Monetary Fund (IMF) terminated a $175 million loan programme after it failed to give early results. Only $35 million had been disbursed. There will likely be negotiations for a new IMF programme after the elections, officials have said.

Earlier, in February, disgruntled citizens took to the streets Lilongwe and Blantyre in protest against the rising cost of living. Some voters, particularly the young people, feel that not much will change whether they vote or not.

While Mutharika has campaigned on his economic record while in office, Chakwera has pledged a cash transfer programme of 500,000 Malawi kwacha ($290) for newborns, which they can access at the age of 18.

Corruption

Corruption crises have riddled both Mutharika and Chakwera’s governments, something many Malawians say they are tired of.

While Chakwera has talked tough on fighting graft since becoming head of state in 2020, he has faced criticism for nepotism scandals and for handling corruption cases selectively.

Meanwhile, candidate Joyce Banda has also promised to fight corruption if elected. As president, Banda fired her entire cabinet in 2013, following news that some government officials were caught with large amounts of cash in their homes.

Drought and extreme weather

Malawi is one of the most climate-vulnerable countries, although it does not contribute significantly to emissions. With the majority of people relying on subsistence farming for food, extreme weather events often hit Malawi especially hard.

Climate activist Chikondi Chabvuta told Al Jazeera that governments in the past have not invested enough in building systems, such as food systems, that can absorb climate shocks. Women and girls, in particular she said, are often most affected by the double whammy of weather disasters and inflation that often follows.

“Creating a buffer for the people impacted should be a priority because science is telling us these events are going to get worse,” Chabvuta said. “Life for Malawians has to get better by policies that show seriousness,” in tackling environmental challenges, she added.

Millions of people were impacted for several months in 2024, after a severe regional drought destroyed harvests, driven by El Nino weather patterns.

According to the World Food Program, hundreds of thousands across the country were forced to rely on food assistance for survival as Malawi declared an emergency.

In February 2023, Cyclone Freddy, which was one of the deadliest storms to hit Africa in the last two decades, caused 1,216 fatalities. It also wiped out crops and caused similar food shortages.

SAN FRANCISCO — This is the time to bring on the rivals. The Dodgers are used to taking on challengers down the pennant stretch: the San Francisco Giants and San Diego Padres — and, in a previous version of the National League West, the Atlanta Braves and Cincinnati Reds.

The final two weeks of the regular season are upon us. The Dodgers have one remaining head-to-head matchup that really matters — and that series starts Monday at Dodger Stadium, against the Philadelphia Phillies.

The Phillies?

The Phillies have not been realigned into the NL West. However, although the three division champions automatically qualify for the playoffs, the two with the best records earn a bye into the division series. The division champion with the third-best record — right now, that would be the Dodgers — must play in the first round.

The Milwaukee Brewers, the presumed champions of the NL Central, boast the best record in baseball. The Phillies, the presumed champions of the NL East, lead the Dodgers by 4 ½ games. The Dodgers have 13 games to play.

The Dodgers got a bye and lost in the division series in 2022. They got a bye and lost in the division series in 2023. They got a bye and came within one game of elimination in the division series in 2024. Would they be better off not getting a bye and playing in the first round?

“There is not a question in my mind that that does not make sense,” Andrew Friedman, the Dodgers’ president of baseball operations, told me last week. “It is better for your World Series odds to not play those three games.”

The five days off that come with a bye can disrupt the timing of hitters. They also can allow time for injured and weary players to recover — that could be critical for Dodgers catcher Will Smith, in particular — and for the Dodgers to arrange their starting rotation just the way they might like it. And, of course, you can’t be eliminated in the first round if you don’t play in it.

“We have made our life more difficult to this point,” Friedman said, “but I still think we have a really good run in us, and we’ll make it competitive. So obviously these three games against Philly are really important in that.”

What if the three games against the Phillies go poorly?

Even if they don’t, the Dodgers might not win the division. The Padres are closer to the Dodgers than the Dodgers are to the Phillies.

San Diego trails the Dodgers by 2½ games in the NL West.

If the Padres win the NL West, how much would that hurt the Dodgers’ chances of a lengthy postseason run?

Not much, if at all. Both teams almost certainly would end up in the wild-card round.

The NL West champion would play the last team into the NL field, most likely the Giants or New York Mets and maybe even the Reds or Arizona Diamondbacks, with the chance the opponent exhausted its pitching just to get into the playoffs. The other team would play the Chicago Cubs, and would avoid the possibility of facing the surging Phillies until the NLCS.

If the NL West comes down to the last day or two, the Dodgers would have to determine whether to use their best starters on that final weekend or line them up for the wild-card series.

In that scenario, what might be the decisive factor in the Dodgers’ calculus?

The NL West champion would play all three games of the wild-card round at home; the runner-up likely would play all three games on the road. The Dodgers are 48-26 at home, 36-39 on the road. (The Padres are 47-28 at home, 35-40 on the road.)

Would there be any precedent for the Dodgers not minding if the Padres won the NL West?

In 1996, the Dodgers and Padres were tied for the NL West lead heading into the final day of the regular season, with the two teams facing one another. Both teams were guaranteed a playoff spot.

In Game 162, the Dodgers started Ramon Martinez — undefeated in his previous nine starts — then removed him after one inning.

The Padres won the game, and with it the division. The Dodgers started Martinez in their playoff opener three days later. They lost that game, and they were swept in the series by the Braves. The winning pitchers in that series, in order: John Smoltz, Greg Maddux and Tom Glavine.

How many games are the Dodgers on pace to win?

Ninety-one.

In Friedman’s previous 10 seasons running the Dodgers, what is the fewest number of games they have won?

Ninety-one, in 2016.

How did the Dodgers do that October?

They earned a bye into the division series, in which they beat the Washington Nationals. They lost to the Chicago Cubs in the league championship series.