PwC's AI Chief Says Firm Has Cut Prices as Tech Saves Staff Time
'Clients would hear us talking about using AI and and say, 'We want our fair share of those efficiencies,'' PwC Chief AI Officer Dan Priest said in an interview with Bloomberg News. 'We certainly, as appropriate, give our clients the pricing benefit of the efficiencies we're achieving.'
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Bloomberg
20 minutes ago
- Bloomberg
OPEC+ to Boost Oil Supply Faster Than Expected in August
CC-Transcript 00:00So, Anthony, yet another surprise from OPEC. They keep surprising us the last couple of months and this time an even bigger than anticipated supply put back to the market. What is the justification from their perspective? Good morning, and nice to see you from London. Yeah, that's right. It was another surprise increase because OPEC had signaled to going into this stretch of increases that they would be putting on to the market just a little bit more than 100,000 barrels a day. But for the last three months, they've been doing more than more than four, 400,000 barrels a day. So they've they've really put three months into one in terms of increases over the last three months. The market was expecting that also in the decision that they took on Saturday, which is for August production. Instead, they've come up with, again, as you said, over half a million barrels a day of increase there. So four months rolled into one. They're saying that there's still demand in the market. In fact, we are seeing a lot of demand for transport fuels because of the summer, because of summer burn in the in the northern hemisphere where people are driving, people are going on vacation. So we are seeing that demand, particularly in fuels like diesel, like gasoline, and that's supporting the crude prices. But but what is the issue going forward for OPEC is that the the market traders, analysts, market participants are forecasting a glut towards the in the second half of the year. So towards the end of the year, we will be having prices going down. Some of the big investment banks like Goldman Sachs are forecasting prices at or below $60 by the end of the year. So we are seeing this glut building and this OPEC increase, this bigger than expected OPEC increase is going to add on to that. Plus, we've got some initial signals coming out from OPEC's that in September they will do a similar move. So that would really unwind this group of voluntary cuts that eight members have taken that we're talking about here, Jomana. Anthony, when OPEC plus put out that statement on Saturday, they referenced a steady global economic outlook, healthy market fundamentals and low inventories, which of course is contrary to the expectations of the market, that by the end of the year, you're going to start seeing those inventories build up. But there's something else that caught my attention yesterday. ARAMCO'S official selling prices, those OSP prices actually increased to all regions around the world. What does that tell you about how Saudi Arabia is feeling about demand? Yeah, it shows that they're really confident about demand. That they're really bullish and that they think it'll be supported because we're looking mainly at Asia when we look at that, because that's where most of the Saudi oil goes. And that increase was they charge a premium and that premium increased by for the main crude grade that goes to Asia. And that was more than expected. So that's a hefty hit for some of those refiners there because they were seeing they were expecting, yes, an increase, but but less than that. So that's going to be added cost for them going forward. So when we see Aramco increasing at the same time as Opec+ is putting more oil into the market, that's a really bullish signal that they are really confident about the market, they're confident about demand, and they're confident that the market can take this up. Right now we do have those good refining margins for the refiners, so they're able to take that oil, refine it, sell it as fuels and make some money. But again, that prospect is going to weaken going into the second half. This is also compounded on last month's OSP decision for Aramco, which was also an increase. And also excuse me, it was a cut, but it was a cut that was smaller than expected in the last month. So the the traders and the refiners in Asia have been really been kind of hit by a double whammy of these these two consecutive stronger than expected pricing decisions and added production. So it's a really a difficult situation for them to navigate. And we are seeing that weakness coming through later in the year, as we said, Jomana.
Bloomberg
20 minutes ago
- Bloomberg
Sompo Sees Acquisition Opportunities in US, Europe
Mikio Okumura, Group CEO at Sompo Holdings, discusses the insurer's business strategy and sees potential acquisitions opportunities in the US, Canada, Europe. He speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg: The Asia Trade". (Source: Bloomberg)
Business Insider
21 minutes ago
- Business Insider
BigBear.ai Stock Hits a New Street-High Price Target
With AI continuing to reshape the defense and security landscape, (NYSE:BBAI) stock has been on a tear in 2025, soaring 74%. A steady stream of new customers, major contracts, and surging interest in AI-powered solutions have all combined to fuel the rally. Moreover, with a $384.9 million backlog as of Q1 and mounting traction in areas such as border security, defense, intelligence, and critical infrastructure, BBAI is well positioned for continued growth. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. That momentum has been further reinforced by a series of recent milestones. In just the past few weeks, announced several high-profile initiatives, including the deployment of its biometric software for Enhanced Passenger Processing (EPP) at major international airports and ports of entry, a strategic partnership in the UAE, and a collaboration with Analogic, a leader in imaging, detection, and automation solutions for the security sector. Alongside these operational wins, improvements to the company's balance sheet have strengthened its financial footing, potentially paving the way for accretive acquisitions that could accelerate revenue growth and shorten the path to sustained profitability. Taken together, these factors significantly bolster the bull case for says H.C. Wainwright analyst Scott Buck. 'This positive momentum gives us greater confidence in our 2025 and 2026 revenue expectations and warrants an expansion in our valuation multiple to 12.0x from 10.0x,' Buck opined. 'Notably, this is still well below AI peer Palantir Technologies, Inc. which currently trades at more than 66.0x 2026 Street revenue estimates, suggesting considerable room for further multiple expansion.' Building on these encouraging trends, Buck believes the expected acceleration in revenue heading into 2026 is likely to push shares higher. The analyst anticipates revenue growth will pick up in 2H25, rising to 7.3% compared to 3.9% in the first half, and then increasing to double-digit growth in 2026, with his forecast calling for 2026 revenue growth of 13.6%. This acceleration should help investors to 'extrapolate a path towards more consistent profitability' – potentially as early as 2026, according to Buck. This is reflected in his model, which projects a positive adjusted EBITDA of $4.5 million next year. With this robust backdrop, Buck has now raised his price target from $6 to a new Street-high of $9, suggesting the stock will gain 16% in the months ahead. Buck's rating remains a Buy. (To watch Buck's track record, click here) Buck is by some measure the Street's most prominent BBAI bull; one other analyst joins him in the bull camp and with 2 additional Holds, the stock claims a Moderate Buy consensus rating. However, going by the $5.83 average price target, a year from now, shares will be going for a ~25% discount. (See BBAI stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
