Presale promise: The Surrey development where buyers can get their money back if the market goes south
In a cooling condo market, one developer is trying a bold strategy to move units.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
36 minutes ago
- Globe and Mail
Broadcom Slides on Solid Earnings, AI Outlook Still Strong
[content-module:CompanyOverview|NASDAQ:AVGO] Given Broadcom's (NASDAQ: AVGO) explosive up moves after its past two earnings releases, many investors were likely hopeful to see fireworks again on June 5. The chip giant's price action would disappoint, but it should not discourage investors. Broadcom's fiscal Q2 earnings were solid by all accounts. Additionally, management provided some helpful commentary, despite deflecting some of the analysts' most pressing questions. Broadcom's Financials and Guidance Were Right on the Money Both on the top and bottom lines, Broadcom's fiscal Q2 2025 results came in almost exactly in line with expectations. The company's revenues of $15 billion resulted in growth of above 20%. This barely beat growth expectations of just under 20%. The company's adjusted earnings per share of $1.58 beat expectations of $1.57. The figure resulted in an earnings growth rate of under 44%, surpassing estimates of just under 43% growth. In terms of guidance, the company forecasted revenue of approximately $15.8 billion for fiscal Q3. This implies a growth rate of 21%, a sprinkle above estimates. Broadcom also predicted its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to come in at 'at least' 66%. This implies a small contraction from the 67% figure it achieved in fiscal Q2. Tan's Takes: Business Remains Booming, but No Seismic Updates Revealed Chief Executive Officer (CEO) Hock Tan said the company's three hyper-scale customers and four potential ones are 'unwavering' in their AI investment plans. This is true even with the current macroeconomic challenges. The company backed this up by providing AI semiconductor guidance of $5.1 billion in fiscal Q3, which would be an increase of 60%. Additionally, the company confirmed that, based on current visibility, it expects this growth rate to continue through fiscal 2025 and fiscal 2026. This is a particularly positive sign, indicating that demand is not expected to slow down anytime soon. However, to the chagrin of analysts, Tan firmly refused to give insights on when revenue contributions for its prospective customers might come. Tan said the company would likely not provide updates on this until sometime in fiscal 2026. He also refused to provide any type of updates to the company's serviceable addressable market (SAM) estimates. Tan provided notable news on the company's infrastructure software segment, particularly when it came to moving VMware customers from perpetual licenses to subscriptions. This has been key to the company's software success. Shifting customers to subscriptions boosts recurring revenue. It also upsells them to a more comprehensive package. Now, 87% of the company's 10,000 largest VMware customers have transitioned to the subscription model, a significant increase from just 70% a quarter ago. Tan added that two-thirds of the overall customer base have transitioned, moderately up from 60% last quarter. Another interesting highlight was the company's AI networking revenue. This came in strong at 40% of total AI revenue, the same as the prior quarter. The company expected this figure to drop closer to 30%, but it hasn't. The company continues to guide that, on average, AI networking will make up around 30% of total AI revenue over time. Tan said the company was experiencing a positive surprise in AI networking. He said that 'scale-up' data center server architectures are increasingly adopting Ethernet. Scale-up refers to when server racks pack compute chips more densely. Meanwhile, "scale-out" architectures increase computing capacity by adding more server racks across a data center. Scale-up architecture requires 5 to 10 times higher switch density than scale-out architectures. This creates a significant need for the company's new high-capacity Tomahawk 6 switch chips, which offer leading-edge port density and bandwidth. Broadcom Shares Fall Moderately, But Remain Barely Off All-Time Highs [content-module:Forecast|NASDAQ:AVGO] By the end of after-hours trading, shares were down around 4%. Broadcom's share drop shows mild disappointment in its financials. It is also indicative of the fact that there was no groundbreaking news in the call. Still, it's hard to be overly disappointed. The stock was trading very close to an all-time high before the result. At the conclusion of after-hours trading, shares were down less than 5% from their all-time closing high. The market will want to see much larger beats to send shares soaring, as in past quarters. Getting more information around contributions from prospective AI-chip customers could also do the trick. Potential analyst upgrades may also propel shares higher as information from these earnings gets digested further. Overall, things at Broadcom are going according to plan. Where Should You Invest $1,000 Right Now? Before you make your next trade, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
National Post
2 hours ago
- National Post
WSIB Rejects Unions Latest Offer
Article content TORONTO — After hearing nothing from the employer for over a week, the union and employer met to exchange proposals, but remain far apart on wages, workload, and employer cuts to seniority rights. The union has made significant movements to try and find a fair compromise, but after significant setbacks, the mediator made the decision to call-off the mediation. Article content OCEU is deeply disappointed that the employer rejected our proposal and hasn't presented their own in over a week. The union amended our proposal in the spirit of negotiation to bring the employer closer to addressing the workload issues which are impacting our members health and well-being. Despite our reasonable offer, the employer still refused to counter our proposal. Article content Article content OCEU/CUPE 1750 remains available to negotiate but needs to see a meaningful move by the employer to meet our members core needs. Picket lines will continue until a fair deal is reached. Article content mb/cope491 Article content Article content Article content Article content Article content Contacts Article content Article content Article content
National Post
3 hours ago
- National Post
BCI Invests in KKR Tower Platform Pinnacle Towers
Article content Article content SINGAPORE & VICTORIA, Canada — KKR, a leading global investment firm, British Columbia Investment Management Corporation ('BCI'), and Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, today announced the signing of definitive agreements under which BCI will acquire a minority stake in Pinnacle Towers from KKR, which will remain the majority shareholder. Article content Pinnacle Towers was established in 2020 to serve the rapidly increasing demand for connectivity and quality telecommunications infrastructure in the Philippines. Led by a highly experienced management team, the platform specializes in executing on Build-to-Suit ('BTS') telecommunications tower projects, optimizing the use and management of Sale-and-Leaseback ('SLB') assets with leading mobile network operators, and providing ancillary management services to industry players. In the span of five years, Pinnacle Towers has scaled to become the largest independent tower company in the Philippines with around 7,000 towers. 1 Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources, BCI, said, 'We are excited to work closely with KKR and Pinnacle's management team to support the growth of the business. The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services. This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners. We look forward to supporting Pinnacle Towers as it continues to enhance digital connectivity and drive meaningful impact across the Philippines.' Article content Projesh Banerjea, Managing Director, Infrastructure, KKR Article content , said, 'We are very proud of the success that we have achieved with Pinnacle Towers to serve the Philippines' connectivity needs. Since our initial investment, we have collaborated closely with Pinnacle Towers' outstanding management team to deepen the platform's capabilities and scale its presence organically and through bolt-on acquisitions. We are delighted to welcome BCI, who share our long-term vision and commitment to developing critical digital infrastructure, as strategic partners and look forward to building on Pinnacle Towers' strong growth momentum.' Article content Patrick Tangney, Chairman and CEO of Pinnacle Towers Article content , said, 'Over the last five years, with the support of KKR, Pinnacle Towers has grown to become the leading independent tower company in the Philippines. BCI's investment marks an important milestone in our journey and is a strong endorsement of our mission. With BCI and KKR as strategic partners, we are well-positioned to continue driving greater digital connectivity in the Philippines and across the region.' Article content BCI Infrastructure & Renewable Resources has a global portfolio with nine active investments in the Asia-Pacific region, including Rakuten Mobile (a leading communications tower company in Japan), Altius (a leading communications tower company in India), and Cube Highways (the largest toll road operator in India). The program continues to expand its presence in the region with the addition of this minority stake acquisition in Pinnacle Towers. Article content KKR made its investment in Pinnacle Towers from its Asia Infrastructure Funds I and II. KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. KKR's Asia Pacific infrastructure platform was established in 2019 and has since organically grown to approximately US$13 billion in assets under management. Article content The transaction is expected to be completed by Q3 2025, subject to customary regulatory approvals. Article content About BCI Article content British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients. Learn more at Article content About KKR Article content KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at Article content Pinnacle invests in, builds and operates telecommunications infrastructure with a focus on towers and related assets. Pinnacle is an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippines market. Frontier's leadership team includes founders of a number of highly successful tower companies and former C-level executives from some of the world's leading wireless operators. KKR first invested in Pinnacle Towers in 2020. Article content Article content Article content Article content Article content Contacts Article content Media Contacts Article content
