Weatherford signs energy production MOU with AIQ
Weatherford (WFRD) announced it has signed a strategic memorandum of understanding with AIQ. This partnership is set to bring efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology. The collaboration aims to integrate Weatherford's software and hardware solutions, including the Modern Edge suite, Unified Data Model, and WFRD Software Launchpad, with AIQ's robust AI-driven systems.
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Yahoo
2 days ago
- Yahoo
Wedbush and Dan Ives Launch AI Revolution ETF
Tech analyst Dan Ives believes he has identified the most important companies driving artificial intelligence innovation today. He and Wedbush Fund Advisors launched the firm's inaugural ETF Wednesday — the Dan Ives Wedbush AI Revolution ETF (IVES). The fund, based on Ives' proprietary research, targets companies leading the charge in robotics, semiconductor chips, retail products, and of course, AI. It's the old California gold rush 'picks and shovels' strategy. 'AI isn't just about the Mag 7,' Ives told Advisor Upside. 'It's the software, the consumer, the infrastructure, the cybersecurity players.' The fund had net assets of more than $26 million as of Wednesday, an expense ratio of 0.75%, and a net asset value of $25.35. AI is likely going to be as monumental as the printing press or the internet, but do advisors have much enthusiasm for products that specifically target the sector? READ ALSO: There's Almost 600K More Millionaires. That's Not Necessarily a Good Thing and Goldman, Morgan Stanley, JPMorgan Layoffs to Hit Northeast There are plenty of AI-focused ETFs already, including Global X Artificial Intelligence & Technology ETF (AIQ), Defiance Quantum ETF (QTUM), and iShares Future AI & Tech ETF (ARTY) which collectively hold more than $5.5 billion in assets, according to data compiled by Morningstar Direct. As of the end of May, AI and robotics ETFs in the US alone have taken in nearly $1.3 billion. However, many of those funds also include holdings that aren't AI-specific. For example, ARTY has plenty of exposure to multiple foreign currencies. IVES, on the other hand, is more limited: It's made up of just 30 holdings, including all of the Mag 7. It also has a few names clients may not be aware of, like cybersecurity firm Zscaler, software-maker Pegasystems, and nuclear power company Oklo. 'Investors miss a core part of the theme by not playing the second and third derivatives,' Ives said. Wedbush Funds CIO Cullen Rogers added that the fund allows large-cap leaders like Nvidia and Microsoft to carry influence without overpowering the portfolio, and it gives smaller names 'a seat at the table.' Making Waves? Though AI is being viewed as the fourth industrial revolution and has been responsible for major investor returns of late, AI ETFs — and thematics in general — are a tough sell for advisors, said Bryan Armour, director of ETF & passive strategies research at Morningstar. 'Investors, and advisors alike, got burned by thematic ETFs in 2022, so they've failed to generate as much interest since then,' he told Advisor Upside. Plus, clients already have significant exposure to AI companies when they invest in the S&P 500 or Nasdaq. 'We have definitely seen how advisors have been putting some of the legacy AI thematic ETFs to work in client portfolios, but we've also seen advisors start to realize that most 'AI' ETFs are little more than the MAG 7 with high fees,' said Adam Patti, CEO of VistaShares. This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. 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
Eater
4 days ago
- Eater
Take a Peek Into Taylor Sheridan's Takeover of Cattlemen's Steakhouse in Fort Worth
Taylor Sheridan, the showrunner for Yellowstone and its universe of spin-offs, Landman , and Lioness , along with his partners David Glasser and Dan Schryer, finally announced that they have purchased Cattlemen's Steakhouse in the Fort Worth Stockyards. According to a press release, Marti Taylor and Larry Heppe will remain as part-owners, and the group plans to 'maintain the core essence of the menu' while preserving the experience that diners already know in place, including the cowboy decor. In a recent interview with Hurtado Barbecue owner Brandon Hurtado, Eater Dallas learned that Sheridan has already been serving steaks from cattle raised on his Weatherford-based Four Sixes Ranch at Cattlemen's Steakhouse, and that Sheridan is selling that beef to Hurtado Barbecue as well. 'We're the largest user of beef from the Four Sixes Ranch probably in the United States,' Hurtado says. 'Cattlemen's also uses beef from the Four Sixes, and it's honestly some of the best beef I've had in my life.' Rosewood Ranch owner Kenneth Braddock shared with D magazine that he has been working with Sheridan and annually sends 60 wagyu bulls to the Four Sixes to breed with its Black Angus first-calf heifers. The release also indicates that the restaurant has been undergoing a multimillion-dollar renovation in recent months, which is still ongoing. The project will include the addition of new dining, bar, and event spaces, along with an outdoor patio and stage for live music, totaling over 20,000 square feet of new space. Additionally, Cattleman's will introduce Cattlemen's Club, a private members' club accessible from inside the steakhouse via a private elevator, with a limited number of memberships available for $3,000, accompanied by a one-time initiation fee of $1,000. There will also be an option for corporate memberships, which include up to four memberships, at $9,000 annually, with a one-time $1,000 initiation fee, and an additional $2,000 for each additional membership in the package. Members will have access to priority reservations at the restaurant, VIP access to live performances, exclusive spirits, a boardroom for meetings and events, and invitations to special events on- and off-site (we assume this means at the Four Sixes Ranch). No date was given for when the full renovation is expected to be complete or when memberships to Cattlemen's Club will become available. Sign up for our newsletter.
CNBC
4 days ago
- CNBC
Wedbush, Dan Ives launch new ETF to capture the AI boom
Wedbush tech analyst Dan Ives is putting his theory of the artificial intelligence boom to the test with a new fund that will allow his audience to follow along and invest in his favorite ideas. The Dan Ives Wedbush AI Revolution ETF is set to begin trading on Wednesday under the ticker "IVES." The fund will track an index that consists of the companies from Wedbush's Ives AI 30 research list. "It's based on our research. So as new companies come in, then some companies could come out. This is a living organism, in terms of this AI 30. It's not static. And that's a key part of the theme here, because the theme will continue to evolve," Ives told CNBC. The current index includes many of the biggest tech funds in the market, such as Nvidia , Microsoft , Alphabet , Amazon and Tesla , according to a Wedbush report last month. Smaller names in the index include SoundHound AI and CyberArk Software . The index will be reconfigured quarterly and can be changed more often in the event of a corporate action, according to a Securities and Exchange Commission filing for the fund. Cullen Rogers, chief investment officer at Wedbush Fund Advisers, is in charge of the ETF's day-to-day operations. The fund is technically a passive investing product. "We're kind of walking this line between active and passive. … We're just looking to leverage Dan's ideas as well as we can in an institutional framework, in this index, that kind of gives investors a consistent, predictable structure," Rogers said. AI-themed ETFs have been something of a puzzle for fund issuers given the fast-developing nature of the industry, the obstacle of some large players like OpenAI being private firms , and the fact that the biggest public companies, like Nvidia, are already widely held by investors through other vehicles. The Wedbush team thinks their fund is launching as the AI boom is expanding beyond those initial big winners. "The AI revolution theme is now going from semis to software, to infrastructure, to consumer and the other derivatives," Ives said. There are some notable competitors for the Ives fund, however, including the Global X Artificial Intelligence & Technology ETF (AIQ) , which has more than $3 billion in assets under management. That fund has gained 22% over the past 12 months, which is well above the S & P 500 but basically in-line with just holding Nvidia alone. The Ives fund comes with a management fee of 0.75%. The Ives fund comes with a management fee of 0.75%. That is higher than the cost of many popular thematic ETFs, but it's lower than the equal-weighted average fee of about 1% for active U.S. equity funds, according to Morningstar . For comparison, the AIQ has a fee of 0.68%.
