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IBM scales quantum computing as US pledges $2bn to race
Edgen Stock·Jun 23 2026, 18:53Share to
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[1] IBM Getting Ready to Scale Quantum Computing (https://www.wsj.com/tech/ibm-getting-ready-to ...)[2] IBM getting ready to scale quantum computing (https://www.msn.com/en-us/technology/tech-com ...)[3] Trump signs orders calling for a powerful quantum computer by 2028 (https://thenextweb.com/news/trump-quantum-com ...)[4] Trump signs 2 orders to prepare the US for a quantum future (https://www.nextgov.com/emerging-tech/2026/06 ...)[5] Trump signs orders on quantum computers and cryptography: What do they mean for your data privacy? (https://www.wionews.com/world/trump-signs-ord ...)
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Sterling Infrastructure surges 174% in E-Infrastructure as data center demand booms
Sterling Infrastructure reported Q1 FY2026 E-Infrastructure revenue surged 174% year over year, driven by data center and semiconductor demand. "The accelerated adoption of integrated site development and electrical services is driving faster project execution," the company said in its earnings release, noting two data center campuses moved to combined delivery six to eight months earlier than planned. Total revenue rose 92% from a year earlier, while adjusted earnings per share climbed 120%. The company raised its full-year guidance, citing a record project pipeline of US$6.5 billion. E-Infrastructure Solutions, which covers data centers, e-commerce distribution and manufacturing sites, accounted for the bulk of the growth as hyperscale customers accelerated buildouts. The results underscore Sterling's position as a direct beneficiary of the AI infrastructure buildout, where data center construction remains a priority for major technology companies. The company's modular manufacturing program is on track to triple capacity within 18 months, and AI tools have boosted project manager capacity by about 15%, reducing field labor intensity. Shares have returned 174.97% over the past 12 months but have pulled back 22.83% in the past 30 days, reflecting profit-taking after a strong run. The stock closed at US$668.82, well below the most-followed analyst fair value estimate of US$941.17, implying a 28.9% discount. The guidance raise signals management expects AI-driven demand to sustain through the year. Investors will watch the next quarterly update for progress on integrating recent electrical and MEP acquisitions and for any shifts in hyperscale capital expenditure plans. This article is for informational purposes only and does not constitute investment advice.
Jul 16 2026, 16:00
Voya tops $100 as top shareholder urges board to engage on M&A
TOMS Capital Investment Management, one of Voya Financial's largest shareholders, urged the board to engage with potential acquirers after media reports of takeover interest in the company. "Voya is an exceptional franchise with talented and dedicated employees," TCIM said in a statement Wednesday. "Today's media reports further reinforce our long-held view that Voya's Board of Directors must fulfill its fiduciary duty under Delaware law by engaging constructively with any and all interested parties to maximize value for shareholders." Voya shares surged to a record high, topping $100 for the first time, following reports the retirement and insurance company has been fielding takeover interest. The stock's rally pushed Voya's market capitalization higher as investors priced in a potential acquisition premium. Trading volume on the New York Stock Exchange was elevated compared with recent averages, reflecting heightened investor attention. TCIM has been one of Voya's most persistent activist shareholders, with the firm previously calling for the company to explore strategic alternatives. The statement shows the shareholder sees the reported takeover interest as supporting its view that Voya's board should pursue a transaction to maximize shareholder value. The takeover interest comes as insurers and retirement asset managers have drawn attention from private equity firms and strategic buyers seeking stable fee income. Voya's retirement and investment solutions business, which manages workplace savings plans and individual retirement accounts, represents a core part of the company's operations. Several US life insurers have struck deals with private equity buyers in recent years, capitalizing on the steady cash flows generated by retirement products. The public pressure from a major shareholder increases the likelihood of a formal bid or sale process for Voya. A sale could provide immediate value to shareholders at a premium to the current stock price, while a decision to remain independent would require the board to demonstrate a credible path to closing the valuation gap with peers. Investors will watch for the board's response and any further disclosure of interested parties in the weeks ahead. This article is for informational purposes only and does not constitute investment advice.
Jul 16 2026, 15:59
NVIDIA's 75% margins vs TSMC foundry bet: 2 paths to AI
The AI supply chain's two most important companies are winning on opposite business models — and both are delivering numbers that would be extraordinary in any other cycle. NVIDIA's 75% gross margins and TSMC's surging foundry revenue tell the same story from opposite ends of the AI supply chain: demand for AI compute is accelerating, not peaking. "The buildout of AI factories, the largest infrastructure expansion in human history, is accelerating at extraordinary speed," Jensen Huang, chief executive officer of NVIDIA, said on the company's Q1 FY27 earnings call. NVIDIA's Data Center segment reached $75.25 billion in the quarter, up 92% year over year, with networking alone at $14.8 billion — a 199% surge driven by InfiniBand, NVLink, and Spectrum-X. The company guided for $91 billion in Q2 FY27 revenue, excluding China entirely. TSMC, meanwhile, reported June revenue of NT$442.68 billion, up 67.9% from a year earlier, with first-half 2026 revenue climbing 35.6%. Advanced nodes at 7 nanometers and below accounted for 77% of TSMC's wafer revenue in Q4 2025, with 3nm at 28% and 5nm at 35%. The two companies share a symbiotic relationship — NVIDIA's $119 billion in supply commitments flow directly into TSMC's order book — but their economics could not be more different. NVIDIA's fabless model delivers 75% non-GAAP gross margins, while TSMC's foundry business trades at a forward P/E of 27, roughly a 37% discount to NVIDIA's 43. China tensions remain the shared downside risk for both. **Designer Margins vs. Foundry Scale** NVIDIA collects rent on its CUDA ecosystem and platform lock-in, converting each GPU sale into a 75-cent profit on the dollar. That margin profile is unmatched in hardware and closer to enterprise software than chip manufacturing. TSMC's model is the inverse: lower margins per wafer but near-insurmountable scale advantages. The foundry's High Performance Computing segment alone generated NT$558.59 billion in Q3 2025, surpassing smartphones as its largest end market. The gap in valuation multiples reflects this structural difference. NVIDIA trades at 43 times forward earnings, pricing in continued dominance of the AI accelerator market. TSMC at 27 times forward earnings — with shares up 79% over the past year — still carries a discount that suggests the market has not fully priced in the foundry's transition from cyclical commodity supplier to structural AI beneficiary. **The Shared Risk: China** Both companies face exposure to US-China export controls. NVIDIA has already excluded China from its Q2 FY27 guidance. TSMC serves Apple, AMD, and Broadcom alongside NVIDIA, but any escalation in semiconductor export restrictions would hit both the designer and the manufacturer. For TSMC, the risk is compounded by its concentration in Taiwan, though the company's geographic diversification efforts — including fabs in Arizona, Japan, and Germany — are underway. **Investor Takeaway** The AI trade is no longer a single-stock story. NVIDIA offers the margin leverage and the CUDA moat, but at a premium valuation that leaves little room for error. TSMC offers exposure to the same demand wave at a lower multiple, with the added buffer of a diversified customer base. For investors betting on AI infrastructure, the question is not which company wins — both are winning — but which business model fits their risk tolerance. NVIDIA's $91 billion guidance and TSMC's 67.9% June revenue growth suggest the answer, for now, is both. This article is for informational purposes only and does not constitute investment advice.