Open Interest 5/29/2025
Get a jump start on the US trading day with Matt Miller, Katie Greifeld and Sonali Basak on "Bloomberg Open Interest." E.l.f. Beauty is buying Hailey Bieber's beauty brand for $1 billion dollars. We talk to the e.l.f CFO Mandy Fields. Plus, Trump's trade agenda is dealt a major blow as a US court deems most of the President's tariffs illegal. Nvidia's upbeat earnings report reignites AI optimism. And former JetBlue founder David Neeleman, who's now the CEO of Breeze Airways, joins the C-suite to talk about the intense competition among low-cost airlines as United and Jetblue announce a new partnership. (Source: Bloomberg)
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Yahoo
23 minutes ago
- Yahoo
Billionaires Stanley Druckenmiller and Stephen Mandel Both Exited Their Stakes in Nvidia and Have Piled Into This Leading Artificial Intelligence (AI) Stock Instead
Quarterly-filed Form 13Fs offer investors a way to track which stocks Wall Street's preeminent money managers are buying and selling. Over a 12-to-15-month span following June 2023, Duquesne Family Office's Stanley Druckenmiller and Lone Pine Capital's Stephen Mandel sent their respective Nvidia positions packing. However, these two billionaire asset managers can't stop buying a world-leading chip company that plays an indispensable role for the artificial intelligence (AI) revolution. 10 stocks we like better than Nvidia › Data is Wall Street's currency, and there's an abundance of it to go around. Between earnings season -- the six-week stretch each quarter where most S&P 500 companies report their operating results -- and economic data releases, there's an almost overwhelming amount of information for investors to absorb. Occasionally, something important can fall through the cracks. For example, May 15 marked the deadline for institutional investors overseeing at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission -- and you might have missed it. This filing, which is due no later than 45 calendar days following the end to a quarter, details which stocks, exchange-traded funds (ETFs), and (select) stock options Wall Street's brightest money managers purchased and sold in the latest quarter. It can offer big-time clues as to which influential stocks are garnering interest or falling out of favor. While Berkshire Hathaway's Warren Buffett is the stock market's most-followed money manager, he's far from the only billionaire investor known to move markets. For instance, Duquesne Family Office's Stanley Druckenmiller and Lone Pine Capital's Stephen Mandel have exemplary investment track records of their own, along with billions of dollars in assets under management. What's particularly noteworthy about the first-quarter 13Fs from Druckenmiller's and Mandel's respective funds has been their approach to the artificial intelligence (AI) revolution. Both billionaires have dumped the preeminent AI stock on Wall Street in favor of a company that's critical to enterprise AI data centers. With the analysts at PwC pegging the addressable market for artificial intelligence at $15.7 trillion by 2030, there's room for hundreds of businesses to get their piece of the pie. However, no company has been a more direct beneficiary of the evolution of AI than Nvidia (NASDAQ: NVDA). It's also the stock billionaires Stanley Druckenmiller and Stephen Mandel sent packing. Accounting for Nvidia's 10-for-1 forward split in June 2024, Duquesne Family Office held 9,500,750 shares in the June-ended quarter of 2023. Meanwhile, Lone Pine Capital possessed 6,416,490 shares of Nvidia, also at the end of June 2023. But over the following 15 months for Druckenmiller and 12 months for Mandel, both billionaires would oversee the complete purge of their respective fund's Nvidia holdings. While there's no denying that Nvidia's Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the preferred options in AI-accelerated data centers, and it's pretty clear that no other external competitors are particularly close to challenging Nvidia's hardware in terms of compute abilities, there are still viable reasons for Druckenmiller and Mandel to have cashed in their chips. One obvious reason to sell is simple profit-taking. Nvidia stock skyrocketed from early 2023 into late 2024, which increased its valuation by more than $3 trillion. We've never witnessed a megacap business add $3 trillion in market cap so quickly before, which may have encouraged these two billionaires to lock in their gains. But there might be more than just profit-taking behind this selling activity. For instance, it's only logical to expect competitive pressures to mount in the hardware arena. Even though Hopper and Blackwell hold most of the AI-GPU market share in high-compute data centers, external competitors are ramping up production of existing chips and bringing more energy-efficient hardware to market. What's more, many of Nvidia's top customers by net sales are developing AI-GPUs and AI solutions of their own. Even though these chips aren't going to be as fast as the Hopper or Blackwell, they're expected to be considerably cheaper and they won't be backlogged like Nvidia's hardware. This is a direct threat to the AI-GPU scarcity that's afforded Nvidia superior pricing power for its GPUs. History isn't exactly in Nvidia's corner, either. Despite AI supporting a lofty addressable market, every next-big-thing technology and innovation for more than three decades has endured an early stage bubble-bursting event. In short, investors have a historically strong tendency to overestimate how quickly a new innovation will gain utility and be adopted on a mainstream basis. With artificial intelligence likely needing time to mature as a technology, it's the most-direct beneficiary, Nvidia, which could feel the pain if a bubble forms and bursts. While Duquesne's and Lone Pine's billionaire chiefs pared down the number of stocks they're holding amid a volatile first quarter, there's one artificial intelligence stock both have been buying -- and it plays a vital role in the expansion of AI-accelerated data centers. The new AI apple of Druckenmiller's and Mandel's eye is none other than leading chip fabrication company Taiwan Semiconductor Manufacturing (NYSE: TSM), which is more commonly known as "TSMC." Duquesne more than quintupled its existing stake by adding 491,265 shares of TSMC during the March-ended quarter, while Lone Pine's 13F shows that 104,937 shares of TSMC were purchased in the first quarter of 2025. Most AI-GPU companies rely on Taiwan Semi's fabrication services, including industry leader Nvidia and key rival Advanced Micro Devices. TSMC is in the process of rapidly expanding its monthly chip-on-wafer-on-substrate (CoWoS) capacity from approximately 35,000 units in 2024 to an estimated 135,000 units monthly by 2026. CoWoS is a technology used to package high-bandwidth memory, which is necessary for high-compute data centers where software and systems are making split-second decisions. With demand for AI-GPUs overwhelming their supply over the last two years, TSMC has enjoyed a significant backlog for its chip fabrication services and has seen more its net sales skew toward high-performance computing, which can yield higher margins for the company. On a year-over-year basis, TSMC's net sales from high-performance computing surged from 46% to 59%, as of the March-ended quarter. Although the possible bursting of an AI bubble would be a concern for Taiwan Semiconductor Manufacturing, the company's order backlog and revenue diversification offers some semblance of protection. For instance, 28% of net sales in the first quarter derived from advanced chips used in smartphones. Apple prominently leans on TSMC for the chips used in the iPhone. The great thing about smartphones and wireless service access is they've both evolved into basic necessities for most Americans. Even though demand for smartphone chips isn't growing as quickly as it once did, the cash flow from this segment tends to be highly predictable for TSMC. Taiwan Semi has a long runway of opportunity in Internet of Things and automotive, as well. As homes and vehicles become more technology-dependent, companies like TSMC will be relied on to manufacture these advanced chips. Lastly, Druckenmiller and Mandel may have been encouraged by the dip in Taiwan Semiconductor's stock in the first quarter. Though TSMC stock isn't (currently) historically inexpensive, its shares did drop to a forward price-to-earnings ratio of nearly 15 during tail-end of the March quarter. This makes for an attractive multiple, when compared to Nvidia. Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $651,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $828,224!* Now, it's worth noting Stock Advisor's total average return is 979% — a market-crushing outperformance compared to 171% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, Berkshire Hathaway, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy. Billionaires Stanley Druckenmiller and Stephen Mandel Both Exited Their Stakes in Nvidia and Have Piled Into This Leading Artificial Intelligence (AI) Stock Instead was originally published by The Motley Fool Sign in to access your portfolio
Skift
26 minutes ago
- Skift
Hilton's Luxury and Lifestyle Brands Open Their 1,000th Hotel
The DJIA ended Friday up 54 points, while Nasdaq was down 62, the S&P 500 was flat, and the 10-year treasury yield was down .01 to around 4.42%. Lodging stocks were mixed. With NYU and NAREIT this week, we have a lot of updates on outlooks for 2025 from consultants and analysts. Baird said May has been tracking better than expected/feared, especially compared to guidance that was provided just a month ago when tariff, economic, and capital markets uncertainties were higher. They expect management teams to have an upbeat tone this week, but Baird warned that the top-line outlook remains sluggish and expense headwinds are still pressuring profitability and cash flow growth. They did modestly increase earnings estimates for their coverage. On the investment side, they continue to prioritize balance sheet strength, capital allocation flexibility, and free cash flow. Morgan Stanley said they still see RevPAR in the U.S. hovering in the 0%-2% range with weaker trends in the midscale/economy space given higher supply growth and deterioration in leisure. MS acknowledged that forward indicators remain weak and would forebode a further deterioration in business travel demand if sustained. They said they were surprised by the general resilience in the hotel pipeline sequentially in 1Q but noted that openings have lagged the historical relationship to the pipeline. Lodging Analytics Research & Consulting said they now expect U.S. RevPAR to rise by 1.3% to $101.56 this year, driven by ADR growth of 2.1% to $162.36. They expect occupancy to decline by 0.8% to 62.5%. LARC is forecasting U.S. hotel EBITDA to decline by 2.3% with over 100 basis points of margin erosion, and hotel values to drop by 1%. Over the next five years, they expect hotel values to rise by 5%. With recent openings in Paris, Cape Town, Dallas, Osaka, Costa Rica, Jordan, and more, Hilton's luxury and lifestyle brands have opened their 1,000th hotel globally. This milestone follows a record year of growth for Hilton, punctuated by strategic partnerships, acquisitions, and nearly 100,000 rooms added to Hilton's portfolio. In 2025, Hilton expects to add more than 150 luxury and lifestyle hotels around the world. Upcoming openings include the Waldorf Astoria New York, Waldorf Astoria Rabat-Sale, Conrad Athens The Ilisian, and Conrad Hamburg, the first LXR Hotels & Resorts in India, and the debut of Curio Collection in Thailand, paving the way for the brand's 200th hotel milestone later this year. Recent openings have included Waldorf Astoria Costa Rica Punta Cacique; Waldorf Astoria Osaka; Sax Paris, LXR Hotels & Resorts; Signia by Hilton Amman; Canopy by Hilton Cape Town Longkloof; Tempo by Hilton Raleigh; and The Radical Asheville, Tapestry Collection by Hilton. Hilton, so far this year, has added more than 100 future luxury and lifestyle hotels to its development pipeline, building on the recent additions of the NoMad and Graduate by Hilton brands and the launch of a new exclusive partnership with Small Luxury Hotels of the World. Aimbridge Hospitality is continuing to sharpen its performance-driven culture to deliver measurable results across its portfolio of managed properties in North America, EMEA, and LATAM. As part of its focused strategy, Aimbridge has welcomed a collection of new properties to its managed portfolio in 2025, from coast to coast in the U.S. and across the Atlantic to its EMEA division. Among the additions are independent hotels as part of the company's Full Service division, including the Hotel Deco in Omaha, Nebraska, the Orange County Hotel in Santa Ana, California, and the Casa Palma Hotel & Bungalows in Palm Springs. In the U.K., Aimbridge EMEA added 11 notable properties to its portfolio, including the Crowne Plaza Newcastle, Hilton Garden Inn Birmingham Airport, The Harlow Hotel by Accor, and six hotels operating under the Mercure brand in Bedford, Cardiff, Harlow, Nottingham, Telford, and Birmingham. Other property updates in the first half of 2025 include brand transitions and property enhancements managed by Aimbridge including the reopening of the Sheraton Minneapolis Downtown Convention Center; the multi-million dollar rebrand of Hotel Milo in Santa Barbara, transforming the property into The Milo; and refurbishment of the Grand Luxor Hotel & Village, rebranding the 402-key resort as Four Points by Sheraton Costa Blanca. Other updates include a $50 million renovation of the Sheraton Fort Worth Downtown, as well as a complete refresh of the Hilton New York Fashion District. Aimbridge is also expanding its National Sales Team to accelerate top-line growth as part of a unified national sales strategy and strengthen efforts to attract government, airline, corporate, and sports group business to its properties. Supporting these efforts is Second Wave Marketing, Aimbridge's dedicated in-house branding and marketing agency. HEI Hotels & Resorts has added the Marriott City Center Hotel in Pittsburgh, Pennsylvania, to its growing portfolio of upper-upscale branded hotels and resorts throughout the U.S., a portfolio that now numbers more than 100 properties. The Marriott Pittsburgh provides 402 rooms, approximately 27,000 square feet of meeting space, and two food and beverage outlets. Moxy Hotel will open its first Charlotte hotel this summer. The hotel has 200 guestrooms from the fifth to the 12th floor, a check-in desk and bar sharing the same space, a fitness center, semi-private event spaces, bar and lounge areas, plus a grab-and-go section. PM Hotel Group announced its selection to manage Hotel Burg, a new 39-room, luxury boutique hotel opening in August 2025 in downtown Leesburg, Virginia. Windward Development Inc. is proposing a new, 40-room, four-story hotel on Locust Avenue in New Canaan, Connecticut, along with a restaurant and retail or office space. CapStar Advisors announced the completion of two transactions. The firm recently acted as a representative of Springboard Hospitality in its merger with Hotel Equities and completed a strategic growth plan for Brightwild, a vacation rental company. Starwood Capital Group refinanced the 418-room Westin San Francisco Airport and 298-room Aloft San Francisco Airport with a $92.2 million loan, which has a two-year initial term and three one-year extension options. The financing is part of a CRE CLO transaction. Starwood contributed an additional $12.7 million of equity to repay an existing $97.1 million loan and fund capex reserves; the loan is structured with a $10.2 million future funding commitment, and Starwood is planning $16 million of renovations by YE28. Hilton announced the signing of Elephant Tree Resort and Villas Tobago, Tapestry Collection by Hilton. Expected to open in 2028, the development marks the arrival of the Tapestry Collection by Hilton brand in Tobago. Operated by Hotel Equities, Elephant Tree Resort and Villas Tobago offers 40 guestrooms, 126 fully furnished residences, a fitness center, three pools, 400 square feet of meeting space, a beach club with a bar and grill, and a signature restaurant. Personnel News Rosewood Hotel Group announced the appointment of two new corporate executives. Anthony Ingham, the Group's new Chief Operating Officer, will begin his term on September 1, 2025. Anthony will be instrumental in shaping the Group's operations and strategy to achieve its vision. He will also be responsible for enhancing the guest experience and driving operational and commercial success across all the Group's properties while leading the global teams across operations, commercial, CRM, retail, wellness, digital, and e-commerce. He will join Rosewood Hotel Group from The Hong Kong Jockey Club. The Group is also welcoming Luca Finardi as Vice President, Operations, Europe, the Middle East, Africa, and Caribbean Atlantic, on June 1, 2025. Finardi spent the past decade establishing Mandarin Oriental's Italian portfolio and, most recently General Manager of Mandarin Oriental Paris and Area Vice President, Operations for France, Italy, and the Czech Republic. Finardi will oversee the operational strategies of the Group's portfolio and sustain its quality growth in the EMEAC region. Langham Hospitality Group has named Kevin Robinson as Chief Operating Officer, effective April 14, 2025. Robinson returns to the Group after previously leading The Langham, Chicago. Robinson will lead day-to-day operations across the Group, with a focus on maintaining execution readiness as the company prepares to manage an expanded portfolio. He will also oversee future hotel openings. Lark announced the appointment of Amber Asher to its board of directors. Asher brings decades of experience scaling bold, design-driven hotel brands and leading transformative growth strategies. Asher served as CEO of Standard International. Vision Hospitality Group, Inc. announced the promotion of O'Mally Foster to Chief People Officer. In his new role, Foster will continue to uphold the organization's core values; lead cultural transformations; reinforce Vision's shared purpose; promote internal career advancement to cultivate talent from within; leverage people analytics to track engagement, retention, and cultural progress; and align HR policies to actively advance the organization's mission of environmental stewardship, community service and cultural respect through its people practices. Foster joined Vision in 2017 and most recently served as Senior Vice President of Human Resources. Europe Highlights Hilton announced the recent opening of Sax Paris, LXR Hotels & Resorts. The 118-room property marks the debut of the LXR Hotels & Resorts brand in France. Owned and developed by Compagnie de Phalsbourg, the hotel offers two restaurants, a cocktail bar, versatile event spaces, an outdoor pool and garden, and a fitness and spa club. Spanish hotel chain Barcelo is negotiating the purchase of the four-star hotel Evergreen Laurel in Paris for around EUR 70 million. According to sources familiar with the matter, the talks are very advanced, although the transaction has not been closed yet. The hotel is currently owned by Taiwanese conglomerate Evergreen Group. 1 Hotels announced that reservations are now open for 1 Hotel Copenhagen, set to open in August in the heart of Denmark's capital. The property is a re-imagining of the Skt. Petri, an iconic hotel in the historic Latin Quarter.1 Hotels is transforming the space into a 282-room retreat offering multiple food and beverage venues, a range of versatile event spaces across four venues, and a fitness center. Opening in early 2026 is Bamford Wellness Spa.
Bloomberg
28 minutes ago
- Bloomberg
Trump's ‘Revenge' Tax Could See Dollar Dive 5%, Allianz CIO Says
A foreign tax provision in US President Donald Trump's massive fiscal package could trigger a 5% plunge in the dollar and send equities reeling if it takes effect, according to Allianz SE 's chief investment officer Ludovic Subran. The item, introduced in legislation that passed the US House in May as Section 899, is 'exactly what people don't spend enough time on,' Subran said in an interview on Bloomberg TV on Tuesday. The provision would increase tax rates for individuals and companies from countries whose tax policies the US deems 'discriminatory.'
