arGEN X (0QW0) Receives a Buy from Barclays
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Currently, the analyst consensus on arGEN X is a Strong Buy with an average price target of €681.13, which is a 93.39% upside from current levels. In a report released on April 20, Bank of America Securities also maintained a Buy rating on the stock with a €680.00 price target.
The company has a one-year high of €656.80 and a one-year low of €324.30. Currently, arGEN X has an average volume of 13.3K.
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Money from ads and subscriptions paid for more content creation, which, in turn, helped Google show better search results. In today's era of AI-powered "answer engines," the map is no longer the product — the answer is. With tools such as Google's AI Overviews and AI Mode, OpenAI's ChatGPT, and Perplexity, users are fed synthesized responses that often eliminate the need to visit the original sources of information. "Answer engines don't drive traffic," Prince said. "Search engines were the engine that drove revenue on the web. If there's no traffic, then the existing ecosystem, based on the current business model, falls apart." A precipitous drop The data proves this is happening. Barclays analysts recently shared charts showing a precipitous drop in referrals and visits this year to websites in categories such as publishing, e-commerce, travel, fashion, finance, and food and drink. This is happening while AI bots from tech giants scrape websites much more often, scooping up their data for free without permission and spiking traffic-related costs. With AI summarization taking off, Google now crawls 18 web pages for every 1 user it sends to a site. That's up from a ratio of 2 to 1 a decade ago, according to data compiled by Barclays. "A year ago, it was about five times harder to get traffic from Google," Prince said. "Now it's 10 times harder." OpenAI's crawl-to-send ratio is nearly 100 times worse than Google, while Anthropic is even worse, data compiled by Barclays shows. "We are at a turning point," Prince said. Why Prince cares Prince seems to be the only major tech CEO trying to address this growing crisis, or even caring about it. There's a reason. Most Big Tech and AI companies have an incentive to downplay the value of data in models, chatbots, and related products. They're spending billions of dollars on GPUs, data centers, and talented researchers — the last thing they want to do is pay for data, too. Cloudflare is in a different position. It's an infrastructure, security, and software company that helps run about 20% of the internet. The company does well when the web thrives, and vice versa. "This is an existential threat to the internet," Prince said. "If the internet's business model breaks, that's not great for Cloudflare." Controversial moves Earlier this year, Cloudflare took a bold step: it began blocking AI bots by default and created a system that pushes AI companies to pay websites for access to their content. In essence, it's transforming what used to be a one-sided relationship — where tech companies took data for free — into a market transaction. These moves have been controversial. Guillermo Rauch, founder and CEO of AI startup Vercel, called it "blocking progress" this week. 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Google is at the heart of this crisis, and potentially its solution. As the dominant gatekeeper of the internet, its move from search engine to AI-powered answers has had a dramatic, chilling effect on web traffic this year. Despite this, Prince remains cautiously optimistic. "I do think Google will pay for content," he said. "The only question is whether they do it voluntarily or are forced to." Either way, Google "understands that something needs to change," Prince added, while noting the company has been mostly a huge force of good in the world. Indeed, Google recently said it's exploring and experimenting with new types of partnerships, after Bloomberg reported that the internet giant has been recruiting news organizations for a new licensing project related to AI. Google didn't respond to a request for comment. Prince said most of the tech companies Cloudflare has engaged with say they will pay for content, as long as there's a level playing field. "What they mean by that is that they will do it as long as Google does it, too," he added. "If Google goes, everyone else will follow." A vision of three AI futures Right now, the tech industry is in a stand-off over these questions. The future could play out in three ways, according to Prince. 1. Content Collapse: No sustainable business model emerges, original content withers, and the web becomes a wasteland of AI slop generated by robots and drones. 2. Oligarchic Control: All content creators work for a handful of tech giants. Like the Medicis of the Renaissance, these companies become the sole patrons of knowledge, controlling what gets created, what gets distributed, and to whom. "There will be a conservative US AI, a liberal AI, a Chinese AI, and probably an Indian AI. Europe will try too, but it will probably just use the liberal US AI," Prince said. 3. The Swiss Cheese Model: A more hopeful future where AI companies compensate creators to fill the holes in their giant knowledge bases. "The big AI companies have slurped up a huge amount of data, which, today, is the best approximation of human knowledge. Think of this as a giant block of Swiss cheese," Prince explained. "If we can create a new business model that rewards creators for filling in the holes in this cheese, that's a great outcome." Spotify > BuzzFeed Prince finds inspiration in Spotify's business model. The streaming giant often shares user-generated demand signals, and independent musicians create content to meet this. The system has generated billions of dollars for creators and has supported the continued production of high-quality original work. That's where AI content economics might go, with creators paid to supply bespoke answers to fill gaps in the AI knowledge universe, not just attention-grabbing headlines. This would be better than the digital world that Google inadvertently created, according to Prince. "At some level, everything that's wrong with the world is Google's fault," the CEO said. "Google taught us to worship the traffic deity, which begot Facebook, TikTok, and the entire attention-economy black hole that we've fallen into." Prince recalls talking with a BuzzFeed executive who described how the online publisher would run A/B tests for different headlines to figure out which one generated the biggest cortisol response in readers. "That's bad. We don't need that. And journalists don't like writing this stuff, they want to write original, thoughtful work," said Prince, who owns a local newspaper in Park City, Utah. I didn't have to guts to tell him in the interview that BI does these headline tests, too. (I'm telling you now, Matthew). "Instead, what if we create a new business model that incentivizes creators to help fill gaps in knowledge and pay them for that," Prince said. "That's a better world — a less enraged and less violent world." Internally, Cloudflare refers to this initiative as "Act 4," a new era for the company following its work in security, networking, and developer tools. Prince is betting that this next act will define not only the company's future but the internet's, too.
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Molson Coors stands by 'cyclical' stance on US beer downturn
The ongoing pressure on beer sales in the US is 'cyclical', Molson Coors' CEO has insisted, after the company's sales suffered in the second quarter. Muted demand in the US – which Molson Coors had expected to see improve in the second quarter – was a factor in the company's changes to forecasts. In the three months to the end of June, Molson Coors' volumes dropped 6.6% amid lower brand volumes in the US and the end of a contract brewing deal. The decline was better than Wall Street had forecast but, speaking to analysts after the results were published, Molson Coors CEO Gavin Hattersley – who said in May he expected the US beer industry to pick up – conceded trading conditions had not improved. 'The industry did not get better as we were expecting it to,' he said. 'We had expected it to navigate back to where it's been for the last few years of around down 3% and it didn't. 'Certainly, consumer confidence and the macro environment, whilst we continue to believe very strongly that it is cyclical, we're not seeing any signs of that changing in the balance of the year, and it certainly didn't in the second quarter.' Molson Coors' previous expectation that the US beer industry would return to the recent run-rate of a 3% decline had 'faced with considerable scepticism last quarter – and for good reason', Barclays analyst Lauren Lieberman said in a note to clients today. She added: 'Molson Coors' updated outlook strikes us as now rooted in a more reasonable view on the US beer industry's near-term trajectory.' Hattersley told analysts on yesterday's post-results call that 'the current industry decline is cyclical', adding 'Consumer confidence will turn I don't know when but it will turn.' Nevertheless, the Molson Coors CEO was pushed on whether the pressure on the US beer industry was cyclical given soft volumes in the sector for the past few years. Hattersley said: 'We continue to believe that over time, [consumer confidence] will change. I mean, it could be sooner rather than later, or it could be in the same time period next year. The items that have been impacting the overall alcohol category – I've often heard GLP-1s talked about - we don't have a lot of data that suggests that that's having any meaningful impact on either the alcohol category or our category at this point. 'The other item that gets talked about is D9 [Delta 9]. The impact of D9 does vary by market. In some markets, it's not sold. In others, it carries strong restrictions. That's certainly an area that we continue to monitor the impact of that. I think consumer confidence has had a disproportionate impact, as I said, across some consumers differently to others. And, again, we believe that that is cyclical.' Hattersley said Molson Coors' 'core power brands' in the US – Coors Light, Miller Lite and Coors Banquet – had retained the 'unprecedented shelf space gains' achieved in spring of 2024 when Anheuser-Busch InBev's sales were hit by a marketing controversy. 'Banquet in particular, has been a strong performer. After 16 consecutive quarters of share growth, it was a top 5 volume share growth brand in the quarter. And given it's only about half the buying outlets of Coors Light, we believe there is significant distribution runway ahead,' he added. During the second quarter, volumes in EMEA and APAC missed Wall Street expectations and were another contributor to the new sales and earnings forecasts issued by the Madri owner. The volumes from Molson Coors' combined EMEA and APAC division fell 7.8%. The company pointed to 'soft market demand and a heightened competitive landscape'. Asked for more detail on the division's performance and the company's outlook for that side of the business, Hattersley pointed to competitive pressure in the UK and said the beer market in central and eastern Europe 'remains sluggish'. He added: 'The market in the U.K. continues to decline in both channels. We have seen a little bit of a category improvement quarter-to-date, starting to see some trend improvement in our share trajectory. 'Competition in the marketplace, it remains intense, frankly. And despite the increase that we've seen in promotional frequency in the off-premise with our largest brand, it does remain challenged given the actions of some of our competitors, which we have chosen not to follow. I mean we're seeing some of our competitors in that space price consistently 20% lower than Carling on shelf.' Madri volumes in the UK increased 'mid-single digits', Hattersley noted. He added: 'We continue to remain optimistic about the growth potential for our central and eastern European businesses. We're putting investments behind our national power brands and we're supporting the recent launches that we have in the above-premium space.' "Molson Coors stands by 'cyclical' stance on US beer downturn" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
