- Europe forges ahead with Big Tech crackdown with X fine, defying Trump Reuters
- Elon Musk’s X fined €120m over ‘deceptive’ blue ticks BBC
- EU hits Musk’s X with 120m euro fine Dawn
- X gets $140 million EU fine for breaching content rules but TikTok settles Reuters
- Statement from CCDH CEO Imran Ahmed, in response to EU’s $140M fine on X for transparency issues Center for Countering Digital Hate
Category: 3. Business
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Europe forges ahead with Big Tech crackdown with X fine, defying Trump – Reuters
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Fanuc (TSE:6954) Valuation After Nvidia Physical AI Robotics Deal and Recent Share Price Surge
Fanuc (TSE:6954) just jumped nearly 13% after unveiling a collaboration with Nvidia to build industrial robots powered by physical AI, a move that immediately sharpened investor focus on its long term growth story.
See our latest analysis for Fanuc.
That surge has come on top of already strong momentum, with a 7 day share price return of 18.0% and a 90 day share price return of 44.3%. The 1 year total shareholder return of 52.4% signals investors are steadily warming to Fanuc as physical AI moves from concept to commercial reality.
If this kind of AI driven robotics story has your attention, it could be a good moment to explore other high growth tech and AI names through high growth tech and AI stocks.
But after such a sharp rerating and a share price now sitting above the average analyst target, is Fanuc still trading below its long term potential, or is the market already baking in years of physical AI growth?
Fanuc last closed at ¥5,931, and its current valuation implies a rich price-to-earnings multiple of 35.2x, well above most Machinery peers.
The price-to-earnings ratio compares what investors pay today with the company’s current earnings. It is a key yardstick for mature, profitable industrial names like Fanuc. A higher multiple usually signals that the market expects stronger or more resilient earnings than the average company in the same sector.
In Fanuc’s case, earnings have grown faster than the broader Machinery industry over the past year and have compounded at roughly mid single digits over five years, with margins improving and earnings quality described as high. However, that earnings profile sits against forecasts for only mid single digit annual profit growth and a return on equity that is expected to remain in single digits, which is modest relative to what such an elevated multiple would normally imply. At the same time, our SWS DCF model flags that the current ¥5,931 share price is trading well above an estimated fair value of ¥3,707.35, indicating a substantial premium to the cash flows implied by those growth expectations.
Compared to the Japanese Machinery industry average P/E of 12.6x and a peer average of 24x, Fanuc’s 35.2x stands out as significantly higher, suggesting investors are paying a steep premium for its role in physical AI and industrial automation. Versus an estimated fair price-to-earnings ratio of 25.2x, the current market multiple also sits notably above the level our fair ratio work indicates the stock could gravitate toward over time if sentiment or growth expectations cool.
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West Midlands people urged to ‘shop local’ and back small firms
HandoutBecky Forster said the Small Business Saturday event was about backing “the little guy” People have been urged to shop local this weekend as Small Business Saturday shines a spotlight on small firms from artisan makers to family-run shops.
As well as pop-up events, seasonal entertainment is offer on many of the region’s high streets in a bid to encourage shoppers to venture offline.
One council said the aim was to have a “a lasting impact on small businesses” not just a short-term boost.
Events this weekend follow a recent visit by Business Minister Blair McDougall, who acknowledged that small firms often faced different challenges to larger companies, but that the government was trying to help, with measures in the Budget targeting sectors such as hospitality.
However recent increases in the national minimum wage and employers’ National Insurance contributions, as well as energy and food price rises have affected businesses big and small.
Among the events this Saturday is one by Black Country Artisan Fairs, which will feature 36 artists and makers selling handmade goods at Wolverhampton’s Mander Centre.
Organiser Becky Forster said the whole point was to “support the little guy”.
HandoutPop-up events allow local makers to sell their products without having the expense of a shop “Feedback from the shops and shoppers is always so positive. We bring people back to the high street,” she said, adding that pop-up events offered a platform for sellers who could not afford to run a shop because of business rates.
Ms Forster has a stall named That’s Sew Becky, selling clothing and accessories, using leftover fabrics to cut down waste.
Other traders include knitting and crochet makers, artists, a florist and a baker, and jewellery designers including fellow organiser Dave Hubble, who runs Wyrdwood with his wife Sandra.
Success stories in the West Midlands include Elite Hampers in Telford, which was one of the 100 businesses promoted by the Small Business Saturday campaign this year.
The campaign also highlighted Impressums Jewellery and occasionwear clothing company Diffuse Retail, both in Warwickshire, and Noah’s Art in Birmingham, which makes keepsakes and wedding decor.
Jeevan Punj, who founded Elite Hampers gifting service, was at the House of Lords and Number 11 Downing Street to meet the Chancellor on Tuesday, as part of a Small Business Saturday event.
She described how she started her career in healthcare as an optician, but, after a change of heart during the Covid pandemic, set up Elite Hampers in 2021.
HandoutJeevan Punj is sending hampers to 10 small businesses on Saturday as gifts “I like to give, to make something and give it to somebody,” she said.
One night she registered her business with Companies House and said she then had to work out what to do.
‘Imposter syndrome’
Ms Punj said she got an alcohol licence and 5* food hygiene rating, and went on to create hampers that mostly contain food and drink, but, as bespoke gifts, can also include anything from pens to diaries.
She said it was easy to get nervous and many small businesses had “imposter syndrome”, but she said: “You’re capable of so much more than you know.”
On Saturday, she is sending hampers as gifts to 10 other small businesses.
Her key message for Small Business Saturday was “try to support your local small business as much as possible, whether online or on the high street, because we want to help the economy and support local people”.
HandoutSmall businesses include a variety of sectors, from artists and designers to restaurants and bars Staffordshire County Council said small firms made up nearly 90% of companies in the area and were “vital” to the local and UK economy.
Council deputy leader Martin Murray urged residents to go out and support local businesses, but added: “We’re also reminding small business owners of our extensive range of business support available right now.”
Meanwhile, Visit Worcestershire said 78% of local enterprises employed fewer than five people and the county was “shaped by its micro-business community”.
The tourism body has showcased a family-run pottery studio, Honeybourne Pottery, owned by Annabel and Alan Cusack in Honeybourne High Street, on the border of Worcestershire and Gloucestershire.
Mr Cusack said Small Business Saturday “really helps put local makers on the map”.
“It brings new faces into the studio and encourages people to try something hands-on, which is what we’re all about,” he said. “That support means the world to small businesses like ours.”
Independent studios and small businesses gave character and life to communities, he added, and helped to keep villages and towns vibrant.
“Every purchase, booking and visit makes a real difference to the people behind the business,” he said. “For us it’s about sharing our craft.”
Getty ImagesChristmas markets can be a good way of small firms reaching shoppers Business Minister Blair McDougall visited Stoke-on-Trent on Thursday, describing its “enormous economic potential”.
He said there were a lot of issues facing small firms such as dealing with late payments from larger companies which he described as “crippling for a small business”.
He also highlighted the importance of finance to help them grow.
“For our part as government, we are trying to reform business rates and give more relief to people, you saw that in the budget with particularly additional help for hospitality businesses,” he said.
However hospitality firms have also been disproportionately affected by consecutive rises in the national minimum wage.
Other small businesses have said they wanted to see a cut in red tape as well as less tax.
Blair McDougal visited businesses in Stoke-on-Trent on Thursday Warwickshire County Council described small businesses as “the backbone of our communities”.
Councillor Rob Howard said Small Business Saturday was a “fantastic opportunity to shine a spotlight” on them.
On Saturday, a series of pop-up shops will open their doors in Rugby, while Warwick will have free parking, horse and carriage rides and a Christmas Fun Day showcasing 22 independent businesses.
The Smith Street Christmas Market is also taking place in the city with local traders offering gifts, seasonal food and mulled wine.
Tamworth Borough Council is offering free parking in council-run car parks on the three Saturdays before Christmas – on 6, 13 and 20 December.
Councillor Nova Arkney said: “We hope to boost trade, attract more visitors and give people the opportunity to enjoy Tamworth’s fantastic festive atmosphere.”
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Reassessing Valuation After a 14% Year-to-Date Share Price Decline
Marsh & McLennan Companies (MMC) has been drifting lower this year, with the stock down roughly 14% year to date despite steady revenue and earnings growth, which sets up an interesting valuation check.
See our latest analysis for Marsh & McLennan Companies.
With the latest share price around $181.82 and a 90 day share price return of about negative 11 percent, momentum has clearly cooled, even though the five year total shareholder return near 70 percent still points to a solid long term compounding story.
If MMC’s recent wobble has you rethinking where you want steady compounding, it could be worth exploring fast growing stocks with high insider ownership for other ideas with strong alignment between management and shareholders.
So with Marsh & McLennan still growing earnings while trading roughly 30 percent below some intrinsic estimates, are investors getting a quality compounder at a discount, or is the market already pricing in its future growth?
Compared to the last close at $181.82, the most widely followed narrative sees Marsh & McLennan’s fair value materially higher, framing today’s pullback as an opportunity rather than a warning.
Strategic investments in digital transformation, advanced analytics, and AI (e.g., proprietary data tools for risk modeling, agentic interfaces) are expected to enhance operational efficiency and improve product/service offerings, enabling margin expansion and net earnings growth through improved client retention and lower cost to serve.
Read the complete narrative.
Want to see what happens when steady mid single digit growth meets rising margins and a richer earnings multiple usually reserved for faster growing sectors? The narrative leans on a bold earnings trajectory, firmer profitability and a premium valuation years from now, all reverse engineered into today’s fair value. Curious how those assumptions stack up against the current softer property and casualty backdrop and slower consulting demand?
Result: Fair Value of $212.35 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, softer property and casualty pricing and weaker discretionary consulting demand could cap margins and derail the premium multiple implied in this narrative.
Find out about the key risks to this Marsh & McLennan Companies narrative.
On simple earnings maths, Marsh & McLennan looks much richer than its sector, trading on 21.6 times earnings versus 12.8 times for the US Insurance industry, and above a 14.8 times fair ratio the market could drift toward. Is that premium resilience, or valuation risk building?
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Headwater Exploration (TSX:HWX) Valuation After 2026 Growth Plan, Dividend Commitment and Capital Discipline Update
Headwater Exploration (TSX:HWX) just laid out its initial 2026 game plan, targeting 8% production per share growth while funding a CA$0.44 dividend and still keeping exit working capital in the black.
See our latest analysis for Headwater Exploration.
The guidance has landed against a strong backdrop, with the share price now at CA$9.49 after a 30 day share price return of 26.53% and a five year total shareholder return of 383.28%. This suggests that momentum and confidence are building rather than fading.
If this kind of disciplined growth story appeals to you, it could be a good moment to look beyond energy and discover fast growing stocks with high insider ownership.
Yet with the shares already up sharply and trading only slightly below analyst targets despite an implied discount to intrinsic value, the key question now is whether Headwater is still mispriced or if the market has already priced in its next leg of growth.
On a headline basis, Headwater Exploration trades at a 13.1x price to earnings ratio, which makes the stock look reasonably valued rather than obviously cheap.
The price to earnings multiple compares the current share price to the company’s earnings per share, so it effectively captures what investors are willing to pay for each dollar of profit. For an oil and gas producer like Headwater, this is a core yardstick because earnings can swing with commodity prices, capital spending, and operating efficiency.
Against that backdrop, the picture is mixed. Headwater screens as good value versus peers and the broader Canadian oil and gas industry, with its 13.1x multiple sitting below both the industry average 15.3x and the peer average 20.6x. However, that same 13.1x looks expensive when compared with the estimated fair price to earnings ratio of 10.1x, a level the market could migrate toward if sentiment or earnings expectations cool.
Explore the SWS fair ratio for Headwater Exploration
Result: Price-to-Earnings of 13.1x (ABOUT RIGHT)
However, investors should watch for weaker earnings trends and a cooldown in oil prices, which could compress multiples and challenge the current growth narrative.
Find out about the key risks to this Headwater Exploration narrative.
While the 13.1x earnings multiple suggests Headwater is roughly fairly priced, our DCF model indicates a very different picture. It suggests fair value near CA$19.93, which is around 52% above the current CA$9.49 price. Is the market underestimating the cash flow runway here?
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Scaling sustainable business operations with agentic AI
Facing tomorrow’s challenges today.
To respond effectively to today’s uncertain business conditions, organizations need solutions to tackle current and future challenges, while continuing to drive innovation and competitiveness. Agentic artificial intelligence (AI) represents just such a solution. This advanced form of AI is focused on autonomous decision-making and action, promising greater benefits than traditional AI.
In our latest point of view developed in collaboration with Microsoft, we lay out how agentic AI can help organizations reduce waste, optimize processes, and embed sustainability in operations at scale.
A breakthrough in efficiency
Agentic AI can actively drive better business outcomes, thanks to its ability to process information, learn across interactions, and act autonomously to achieve objectives. When implemented across end-to-end workflows, agentic AI enables better resource allocation, automated sustainability reporting, and real-time emissions tracking.
By effectively leveraging these capabilities, organizations can promote resilience and optimize operations, while strengthening governance structures and social responsibility commitments.
New sustainability ambitions
Although organizations across sectors are eager to leverage the benefits of AI, they are concerned about its potential environmental impacts. However, agentic AI can actually strengthen organizations’ sustainability ambitions. Through better resource allocation, it can enable greater efficiency, productivity, and environmental performance. With key partnerships and a comprehensive human-AI framework, agentic AI can help organizations reimagine core operations, benefiting both business outcomes and the environment.
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Accurate Mediterranean Sea forecasting via graph-based deep learning
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Which Artificial Intelligence (AI) Stocks Are Billionaires Buying the Most?
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Several billionaires loaded up on Broadcom, Meta Platforms, and Microsoft stocks in Q3.
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However, Alphabet and Nvidia were the most popular AI stocks with billionaire investors during the quarter.
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Both stocks should have tremendous growth prospects over the next several years.
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These 10 stocks could mint the next wave of millionaires ›
The phrase “follow the money” gained widespread attention thanks to the 1976 movie, All the President’s Men. While the quote and the movie were about the Watergate scandal, following the money has become a popular approach for many investors who track the stocks bought by billionaires.
As you might expect, quite a few billionaires have invested heavily in artificial intelligence (AI) stocks. But which AI stocks are they buying the most?
Image source: Getty Images. To answer that question, I examined the 13F filings for the third quarter of 2025 of companies, family offices, and hedge funds run by 10 prominent billionaire investors:
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Bill Ackman
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Warren Buffett
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Chase Coleman
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Stanley Druckenmiller
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Israel “Izzy” Englander
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Ken Griffin
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Carl Icahn
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Paul Tudor Jones
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George Soros
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David Tepper
Each of these billionaires, except for Ackman and Icahn, bought at least one AI stock in Q3. Three AI stocks didn’t rank at the top of the list, but deserve honorable mentions: Broadcom (NASDAQ: AVGO), Meta Platforms (NASDAQ: META), and Microsoft (NASDAQ: MSFT).
Jones’ Tudor Investment hedge fund initiated new positions in Broadcom and Meta in Q3. Druckenmiller’s Duquesne Family Office also initiated a new position in Meta during the quarter.
Coleman’s Tiger Global Management increased its position in Broadcom in Q3. Englander’s Millennium Management and Griffin’s Citadel Advisors each bought additional shares of Broadcom, Meta, and Microsoft. Soros Fund Management more than tripled its position in Microsoft in Q3.
However, two other AI stocks stood out as most popular with billionaire investors. Half of the billionaires on the list bought either Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) or Nvidia (NASDAQ: NVDA) in Q3.
Buffett surprised some observers by initiating a significant new position in Alphabet for Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) during the quarter. This purchase was a long time in the making. The legendary investor revealed in an interview with CNBC in 2017 that he regretted not buying shares of Google’s parent company earlier.
Druckenmiller also opened a new position in Alphabet in Q3. Meanwhile, Englander, Griffin, and Soros added to their hedge fund’s stakes in the tech giant. Griffin’s Citadel even bought more of both of Alphabet’s share classes.
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Evaluating Valuation After New Growth Initiatives and Automation Plans Unveiled
Recent remarks from MarketAxess Holdings (MKTX) at the Barclays Financial Services Conference put a spotlight on its next phase of growth, including deeper automation, non U.S. credit expansion and emerging markets opportunities.
See our latest analysis for MarketAxess Holdings.
Even with these growth levers, the 1 year total shareholder return of negative 29.18 percent and 3 year total shareholder return of negative 38.11 percent show longer term momentum has faded, despite a modest recent recovery in the 30 day share price return of 3.88 percent from a last close of 167.24 dollars.
If you like the MarketAxess story but want more ideas in financial technology, this could be a good moment to explore fast growing stocks with high insider ownership.
With revenues and profits still growing, but the share price languishing well below past highs and roughly 20 percent under the average analyst target, is MarketAxess now a mispriced compounder, or is the market correctly discounting its future growth?
With MarketAxess last closing at 167.24 dollars, the most followed narrative points to a materially higher fair value anchored around future earnings power.
The analysts have a consensus price target of 218.833 dollars for MarketAxess Holdings based on their expectations of its future earnings growth, profit margins and other risk factors. However, there is a degree of disagreement amongst analysts, with the most bullish reporting a price target of 274.0 dollars, and the most bearish reporting a price target of just 168.0 dollars.
Read the complete narrative.
Curious how a steady revenue glide path, rising margins and a premium earnings multiple combine into that fair value? The narrative lifts the lid on those projections, but keeps the boldest assumptions just out of view until you dive in.
Result: Fair Value of $200.90 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, that upside case could unravel if competitive pressure intensifies and high grade block trades remain stubbornly phone based, limiting electronic share gains.
Find out about the key risks to this MarketAxess Holdings narrative.
Step away from analyst targets and the picture looks quite different. On a price to earnings basis of 28.3 times versus a fair ratio of 14.9 times, and above both industry and peer averages, MarketAxess screens as expensive. Is the market overpaying for quality, or just pricing in reality?
See what the numbers say about this price — find out in our valuation breakdown.
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Vietnam’s trade turnover earns nearly 840 bln USD in first 11 months
HANOI, Dec. 6 (Xinhua) — Vietnam’s total import-export turnover reached 839.75 billion U.S. dollars in the first 11 months of 2025, up 17.2 percent year on year, the National Statistics Office reported Saturday.
During the period, exports totaled 430.14 billion U.S. dollars, rising 16.1 percent, while imports climbed 18.4 percent to 409.61 billion dollars.
The Southeast Asian country posted a trade surplus of 20.53 billion U.S. dollars, the data showed. Enditem
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