TOURNAI, Belgium — A Belgian farmer is facing off against oil giant TotalEnergies in court on Wednesday, arguing the French company should pay for damage caused by climate change, in the latest lawsuit by environmental activists against big energy companies.
Ahead of the hearing, Hugues Falys told a crowd of some 50 supporters, who had turned up in the cold rain, that he brought his claim “to force TotalEnergies to change its practices” and make its operations less harmful “for society in general and agriculture in particular.”
The lawsuit, backed by environmental organization Greenpeace, seeks financial compensation and demands TotalEnergies reduce its oil and gas production to slow the greenhouse gas emissions that warm the planet.
The company did not reply to a request for comment but in other litigation has said it has already cut emissions and is investing in greener energy sources.
Worldwide, environmental groups and individual citizens have brought nearly 100 cases against major oil producers including BP, Exxon Mobil and Shell in the last two decades. A 2023 report by the United Nations Environment Program found that the number of lawsuits had doubled in the previous five years.
None have, so far, resulted in any company being forced to pay for damages directly related to climate change.
“We think it’s time that the impunity of big polluters like TotalEnergies, that still exists today, ends and it has to end in court,” Joeri Thijs of Greenpeace Belgium told reporters ahead of Wednesday’s hearing.
The proceedings are expected to last until mid-December.
In 2021, a court in Belgium’s northern neighbor the Netherlands ordered Shell to cut its carbon emissions in a landmark case brought by climate activist groups. That decision was later overturned on appeal and is now pending before the Supreme Court.
Earlier this year, a German court ruled against a Peruvian farmer who argued global warming increased his risk of catastrophic flooding and wanted German energy giant RWE to pay up.
According to the Climate Litigation Database maintained by Columbia University’s law school, most of the lawsuits are brought in the United States.
In January, the U.S. Supreme Court declined to hear an appeal from oil and gas companies trying to block such lawsuits, allowing a case brought by the city of Honolulu against Sunoco, Shell, Chevron, Exxon Mobil and BP to move forward. A similar case is pending in Colorado.
Activists have had more success with cases against their own governments than against companies. The Dutch Supreme Court held in 2019 that protection from the potentially devastating effects of climate change was a human right and that the government has a duty to protect its citizens. A Paris court ruled similarly in 2021, but an appeal is still pending.
Last year, Montana’s Supreme Court upheld a landmark climate ruling that said the state was violating residents’ constitutional right to a clean environment by permitting oil, gas and coal projects without regard for global warming.
Activists have also looked beyond domestic courts to fight global warming.
In July, the United Nations’ top court handed down an advisory opinion that countries could be in violation of international law if they fail to take measures to protect the planet from climate change, and nations harmed by its effects could be entitled to reparations.
Last year, Europe’s highest human rights court ruled that countries must better protect their people from the consequences of climate change, siding with a group of older Swiss women against their government in a groundbreaking ruling that could have implications across the continent.
The effects of those cases have yet to be fully seen but experts say the decisions pave the way for other legal actions, including domestic lawsuits.
Libtayo® (cemiplimab) Approved in the European Union as First and Only Immunotherapy for Adjuvant Treatment of Cutaneous Squamous Cell Carcinoma (CSCC) with High Risk of Recurrence after Surgery and Radiation Regeneron
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Leading global law firm, Baker McKenzie, has hired Sebastian Ma’ilei as a Transfer Pricing Partner in the Firm’s Tax team in London.
Prior to joining the Firm, Sebastian (Seb) worked, most recently, as a Transfer Pricing Partner in the London office of Deloitte, where he has a proven track record of generating transfer pricing work on international tax planning projects and tax disputes. He has a particular focus on the financial services industry, with experience of having worked with each of the Big 4 over the course of his career.
Seb has deep experience in large scale insurance and asset management (across traditional and alternatives managers) businesses, as well as clients in the renewable and technology sectors.
Baker McKenzie’s London Managing Partner, Ed Poulton, commented:
“It gives me great pleasure to be announcing Seb’s hire into our London office. His deep client relationships, and expertise across established and emerging industries like renewables and technology will be a tremendous asset to our team.”
Head of Tax in London at the Firm, Jessica Eden added:
“Seb’s stellar experience in transfer pricing for insurance and reinsurance clients is the perfect complement to our top tier tax practice.”
Seb joins the Firm on 1 December.
Baker McKenzie continues to accelerate aggressively its lateral growth strategy to add senior talent to its bench in London. Most recently, this has included Tax Partner, Sam Trowbridge, M&A Partner, Helen Johnson, Private Equity Real Estate Partner, Mark Thompson, Investment Funds Partner, Nick Benson, Energy & Infrastructure Partner, James Wyatt, Restructuring & Insolvency Partner, Kevin Heverin, Patent Litigation Partner, Indradeep Bhattacharya, and Corporate M&A Partner, Michal Berkner.
With more than 2,700 deal practitioners in 45 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. Baker McKenzie has been consistently recognised as a top-three firm for cross-border M&A by volume over the past decade. The teams are a hybrid of ‘local’ and ‘global,’ combining money-market sophistication with local excellence.
Baker McKenzie’s Tax team is among the most highly rated and recommended tax advisers worldwide, top ranked by international tax directories in more jurisdictions than any other law firm.
Until 30 November 2025, anyone who opens a BBVA account in Italy and activates their card (physical or digital) will receive 10% cashback on purchases made during the first month, up to a maximum of €50 cashback credited directly to the account.
And that’s not all: for the following six months, every payment continues to bring satisfaction with 3% cashback on the first €280 of monthly purchases, for a total of up to an additional €50 in cashback.
Whether it’s a new Black Friday smartphone, Christmas gifts for the kids, or the holiday dinner, BBVA gives you back part of what you spend—a smart way to turn inevitable expenses into a small gain.
Liquidity that works for you: 3% gross interest on your balance
Your liquidity can celebrate too: BBVA offers 3% gross interest on the balance of your current account for the first six months, up to €1 million, with no restrictions, minimum amounts, or the need to open a savings or deposit account.
It’s a completely free current account, with full access to your funds—you can make transfers, withdrawals, and payments at any time. So while you think about gifts, your money keeps working for you.
“Black Friday and the Christmas holidays are times when we all tend to spend a little more — and we want to meet Italians’ needs by making this period more rewarding than ever,” says WalterRizzi, BBVA Country Manager for Italy. “With Great Cashback, part of your spending goes straight back into your account, while with the remunerated liquidity, even the money you don’t spend continues to grow. It’s the perfect combination for those who want to manage their finances smartly, even during the busiest time of the year.”
Cologne, Germany, 19 November 2025 – Airbus and Østnes Helicopters, the official distributor for Airbus Helicopters in the Nordic countries, announced a contract for 10 Airbus H125s at this year’s European Rotors. This order, when combined with four H125s already booked earlier in 2025, brings the total number of H125s ordered through Østnes Helicopters this year to 14 aircraft.
“Our customers require a rotorcraft that is not just reliable, but truly versatile, capable of performing everything from long-line utility work to passenger transport. The H125 delivers on all fronts, and we see a continuous strong demand for the helicopter on the Nordic market. This strategic procurement ensures we can maintain short delivery times and offer our customers the best availability for the world’s most successful single-engine helicopter,” said Stine Østnes, Chief Sales Officer of Østnes Helicopters.
“The unwavering demand for the H125 in the Nordics is a clear testament to its unmatched versatility and performance,” said Thomas Hein, Head of Europe Region at Airbus Helicopters. “The H125 is engineered to excel in the most demanding conditions, and this total of 14 orders in 2025 affirms its position as the preferred tool for customers across the Nordic countries. We are proud to continue this journey of growth and partnership with Østnes Helicopters.”
Østnes Helicopters has solidified a strong presence within the region’s rotorcraft sector, having successfully facilitated the sale of more than 400 helicopters across both the new and secondary markets. The company’s maintenance organisation is approved to deliver full Maintenance, Repair, and Overhaul (MRO) services for the H120, H125, and H130 models. Furthermore, its operational scope encompasses full support for the H145, which is delivered by a dedicated team of certified technicians and avionics experts specially trained for the H145 helicopter.
There are more than 130 H125s in the Nordics, which mainly perform utility and aerial work missions. Across the globe, there are more than 4,300 H125 family helicopters flying in the most demanding conditions. The H125 belongs to the renowned Ecureuil family, the absolute market leader in the intermediate single-engine helicopter category, achieving a market share of 73% in 2024.
Maersk constantly strives to provide more reliable and innovative products. We offer the broadest coverage and competitive transit times at an unmatched reliability.
To continue offering our broad portfolio of services and high level of reliability, we are implementing – Origin Dangerous Cargo Service (Inland Haulage)- for the below said location in Madagascar with effective from 18th December 2025 for Regulated countries and 19th November 2025 for Non-Regulated countries.
The implemented tariff amount is detailed as follows:
Container Size Type – All containers
For your reference, you can also use our inland price look-up feature to find inland rates & its related mandatory surcharges online via Maersk.com that are already included in your existing contract or look up our tariff rates.
We appreciate your business and look forward to continuing working with you in the future.
Nokia Corporation Stock Exchange Release 19 November 2025 at 13:00 EET
Nokia announces new strategy, evolution of its operating model, new long-term financial target, strategic KPIs and changes to its Group Leadership Team
Espoo, Finland – Nokia is holding its Capital Markets Day 2025 today and announcing its strategy to position itself to lead in the AI-driven transformation of networks and capture the value of the AI supercycle. Nokia also announces new long-term financial target, strategic KPIs for the business, an evolution of its operating model and changes to its Group Leadership Team. To execute on its new strategic direction, Nokia is simplifying its operational model into two primary operating segments of Network Infrastructure and Mobile Infrastructure. These changes are intended to put Nokia on a stronger path to innovate, serve its customers and create shareholder value. The company now targets to grow its annual comparable operating profit to a range of EUR 2.7 to 3.2 billion by 2028.
“Nokia changed the world once by connecting people — and will again by connecting intelligence,” said Justin Hotard, President and CEO of Nokia. “As the trusted western provider of secure and advanced connectivity, our technology is powering the AI supercycle. From fixed to mobile infrastructure we are developing technology that accelerates value for our customers. I am proud of the work Team Nokia is doing to focus and lead this critical era in connectivity”.
The new strategy will focus on the following five strategic priorities:
Accelerate growth in AI & Cloud
Lead the next era of mobile connectivity with AI-native networks and 6G
Grow by co-innovating with customers and partners
Focus capital where Nokia can differentiate
Unlock sustainable returns
Together, these priorities will focus Nokia on where it can lead, simplify how it operates, and strengthen its path to deliver growth and create value.
Nokia to operate with two primary operating segments Nokia will reorganize its business into two primary operating segments to better align to customer needs and accelerate innovation as the AI supercycle increases demand for advanced connectivity. This reorganization will take effect as of 1 January 2026.
The reorganization recognizes Network Infrastructure as a growth segment, positioned to capitalize on the rapid, global AI and data center build-out while continuing to innovate for its telecommunications customer base. The segment will continue to be led by David Heard and consists of three business units Optical Networks, IP Networks and Fixed Networks.
The new Mobile Infrastructure segment will bring together Nokia’s Core Networks portfolio, Radio Networks portfolio and Technology Standards, formerly Nokia Technologies. It will be positioned for core and radio network technology and services leadership to lead the industry to AI-native networks and 6G. The new segment brings together a portfolio whose value creation is founded on mobile communication technologies based on 3GPP standards with a strong cash flow position underpinned by IP licensing. It will be led by Justin Hotard on an interim basis and will consist of three business units Core Software, Radio Networks and Technology Standards.
As part of these changes, Nokia is announcing additional changes in its leadership team, effective 1 January 2026. Raghav Sahgal will take the position of Nokia’s Chief Customer Officer, and will continue in the Group Leadership Team, driving a seamless customer experience for Nokia’s customers. Patrik Hammarén will continue in the Group Leadership Team as President, Technology Standards, formerly Nokia Technologies, reflecting the significant value technology standards creates for Nokia. In addition, Tommi Uitto will step down from the Group Leadership Team, effective 31 December.
Businesses moved to newly created Portfolio Businesses segment As part of its strategy work, Nokia has conducted a thorough review of its business portfolio. This process identified several units which despite some compelling growth opportunities, are not seen as core to the future of the company’s strategy. These units will be moved into a dedicated operating segment called Portfolio Businesses while the company assesses the best value creating opportunity for them.
Nokia plans to move the following units into Portfolio Businesses:
Fixed Wireless Access CPE (currently in Fixed Networks in Network Infrastructure)
Site Implementation and Outside Plant (currently in Fixed Networks in Network Infrastructure)
Enterprise Campus Edge (currently in Cloud and Network Services)
Microwave Radio (currently in Mobile Networks)
Nokia targets to conclude on a future direction for each unit during 2026. During this transition Nokia’s priority will be to ensure continuity for customers and employees. During the past twelve months, these units generated net sales of approximately EUR 0.9 billion with an operating loss of EUR 0.1 billion.
Moving defense into dedicated unit for incubation Nokia Defense is being launched as an incubation unit to serve as the central go-to-market and R&D hub for Nokia’s defense portfolio. Building on the strong foundation of Nokia Federal Solutions in the US, the company sees further opportunities in the US, Finland and other allied countries to deliver defense-grade solutions based on Nokia’s core technologies in Network and Mobile infrastructure.
New long-term financial target and strategic KPIs Nokia is introducing a new long-term financial target to achieve comparable operating profit of EUR 2.7 billion to EUR 3.2 billion by 2028, an increase from the EUR 2.0 billion generated in the last 12 months (Q4’24-Q3’25). This is a separate long-term target for Nokia, not part of the group level financial outlook and replaces Nokia’s prior long-term targets to grow faster than the market, achieve a comparable operating margin of at least 13% and free cash flow conversion from comparable operating profit of 55% to 85%.
Nokia is exposed to different trends across its primary segments and will use different strategic levers across the company maximise shareholder value creation based on the greatest opportunities. Nokia is introducing a series of strategic KPIs which best illustrate the expected outcomes of Nokia’s strategy. These KPIs for the business are not part of the group level financial outlook.
Net sales growth in Network Infrastructure: Nokia targets 6-8% net sales CAGR during 2025-2028. This includes a 10-12% target for the combined Optical Networks and IP Networks.
Network Infrastructure operating margin: 13% to 17% by 2028
Mobile Infrastructure gross margin: 48-50% by 2028
Mobile Infrastructure operating profit: Grow from a base of EUR 1.5 billion
Group Common and Other operating expenses: EUR 150 million operating expenses down from the current EUR 350 million run-rate by 2028.
Free cash flow conversion: Nokia targets to deliver free cash flow conversion from comparable operating profit of between 65% and 75%.
Provisional financial information for the new segment structure Nokia’s new segments will be established from 1 January 2026 and Nokia will begin reporting its financial results under the new segment structure beginning with its first quarter 2026 financial results. Nokia intends to publish recast financials for both 2024 and 2025 under the new reporting structure during the first quarter of 2026. Nokia is providing the below approximate provisional breakdown of the business within the new reporting framework to help investors understand the perimeter, these figures are also provided proforma for the Infinera acquisition.
Q4’24 – Q3’25 (EUR billion)
Net sales
Gross margin
Operating profit
Operating margin
Network Infrastructure*
7.8
43%
0.8
10%
Mobile Infrastructure
11.6
48%
1.5
13%
Portfolio businesses
0.9
22%
-0.1
N/A
Group Common and Other
-0.2
N/A
Nokia comparable*
20.3
45%
2.0
10%
*This provisional financial information is also shown proforma for the Infinera acquisition.
Starting with its Q1 2026 financial results, Nokia will provide on a quarterly basis full segment reporting for the new segments (i.e. net sales, gross profit, operating profit) and will also provide revenue disclosure for the business units within the primary operating segments. The business units within Network Infrastructure will be Optical Networks, IP Networks and Fixed Networks. The business units within Mobile Infrastructure will be Core Software, Radio Networks and Technology Standards.
About Nokia Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, powered by the innovation of Nokia Bell Labs, we’re advancing connectivity to secure a brighter world.
Inquiries:
Nokia Communications Phone: +358 10 448 4900 Email: press.services@nokia.com Maria Vaismaa, Vice President, Global Media Relations
Nokia Investor Relations Phone: +358 931 580 507 Email: investor.relations@nokia.com
FORWARD-LOOKING STATEMENTS
Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.
Nvidia earnings, the most important report of the quarter, will be out after Wednesday’s close, and AI rockstar CEO Jensen Huang will be on the hot seat to answer tough questions about the spiraling artificial intelligence spending promises and how these tech companies — big and not so big — are going to pay for them all. Club stock Nvidia has gained about 35% year to date, as of Tuesday’s close, trading around $181 each. That’s nearly double their lowest close of 2025 on April 4, just days after President Donald Trump first announced his so-called reciprocal tariffs. There have been a lot of twists and turns in U.S. trade policy since then, with Trump making tariff deals with several countries and still working to reach one with China. Shares of Nvidia, which have largely benefited from Trump’s trade pacts and its own blockbuster AI dealmaking, closed at a record high of $207 on Oct. 29 and marked their first close above a $5 trillion market cap. NVDA YTD mountain Nvidia YTD Along with the incredible rise in the stock price, Nvidia’s earnings have kept pace. As a result, the stock still trades at about 27 times fiscal 2027 earnings estimates, the lower end of the range over the past decade. The forward price-to-earnings multiple is that far out because Nvidia’s earnings calendar has the company releasing Wednesday evening its fiscal 2026 third quarter, which ended in October. Unlike other recent quarters, Nvidia stock is not red-hot going into the print, and expectations are more reasonable. That’s because the concerns about AI valuations that have hit the overall stock market have crept into the Nvidia trade. The stock has dropped 12% from its record close and trades around a $4.4 trillion market cap. What to expect — and why According to the consensus analyst estimates compiled by LSEG, Nvidia is expected to report a 53% year-over-year increase in fiscal Q3 earnings per share (EPS) to $1.25 on revenue of $54.92 billion, which would be a 56% increase over the year-ago period. Wall Street analysts, per FactSet data, are looking for a 59% October quarter rise in data center segment revenue to $49.04 billion. Looking to the current fiscal fourth quarter, which ends in January, analysts are looking for management to guide revenue to about $62.17 billion, with a roughly 74% gross margin. An additional indication that demand is strong came on Nov. 10, when we learned that Nvidia CEO Jensen Huang had reached out to key semiconductor manufacturer Taiwan Semiconductor , asking that it increase wafer production. We believe this action was a clear indication that Huang expects the strong demand for Nvidia’s AI chips to continue and align with his “$500 billion in order visibility” comment he made at the company’s GTC event a few weeks ago. While there is a lot riding on Nvidia’s report, we do have a good sense of what it might say as it relates to the outlook for 2026. After all, the three biggest hyperscale cloud players – Club names Amazon and Microsoft , and Alphabet ‘s Google, as well as Club holding Meta Platforms – all made it quite clear that the spending they’re doing on AI infrastructure not only won’t slow down in 2026 but will increase. They all raised their spending outlooks, citing the need for far more computing power than currently available. In addition to the public companies forecasting more spending on AI infrastructure ahead, OpenAI is going around making massive commitments for more power and compute. Last week, we also learned that Amazon -backed Anthropic committed to building out $50 billion in data center infrastructure nationwide. Then, on Tuesday, Microsoft announced new partnerships with Anthropic and Nvidia. Anthropic pledged to buy $30 billion in Azure cloud capacity from Microsoft and additional compute from Nvidia’s Grace Blackwell and Vera Rubin systems. In exchange, Microsoft will invest $5 billion into Anthropic, and Nvidia will put $10 billion into the startup. Sure, most, if not all, of these names are working internally on their own specialized chips. But we fully expect their spending with Nvidia to grow alongside their internal initiatives. There are still many benefits to working on a platform that is not only the industry standard for AI software development but also general-purpose in nature. It provides more flexibility and can support a wider range of applications, which is key to ensuring the capacity being built is able to be used no matter how customers’ needs and preferences may shift. That Nvidia flexibility can be seen when we look at what’s taking place with the neocloud players, like CoreWeave . In previewing CoreWeave’s quarter, analysts at Loop Capital noted that their checks before the release found “up to 8-year neocloud contracts being signed for Ampere,” in some cases at up to 90% of the original cost. That’s pretty shocking given that Nvidia’s Ampere is the predecessor to Hopper, which is the predecessor to Blackwell. In other words, the neocloud cohort is seeing so much demand against such a tight graphics processing unit (GPU) supply environment that they’re even willing to take chips originally released in mid-2020. That should ease any concerns over obsolescence, as it is clear that even two-generation-old chips have a place in today’s compute-starved world. In some cases, the older chips may even make more sense. According to Loop analysts, “While it’s true that Blackwell is more power efficient … it’s also true that Blackwell requires greater gross-power and that Ampere data centers are built in lower-power areas … and are constructed for air cooling. As such, it is more efficient to extend Ampere as is as opposed to taking the six months to retrofit the data centers for liquid cooling [needed for Blackwell] and lose the productivity while still being in a lower power area.” When reporting its quarter last Wednesday, CoreWeave reported a 134% increase in revenue and 271% increase in the revenue backlog, with CEO Michael Intrator calling out an operating environment that was “highly supply-constrained” due to “insatiable customer demand.” On the post-earnings call, Intrator backed Loop’s findings that older generation chips are still in high demand. “In Q3, we saw our first 10,000-plus H100 contract approaching expiration. Two quarters in advance, the customer proactively re-contracted for the infrastructure at a price within 5% of the original agreement. This is a powerful indicator of customer satisfaction as well as the long-term utility and differentiated value of the GPUs run on CoreWeave’s platform,” he said. CoreWeave CFO Nitin Agrawal added, “Demand remains robust for not just the Blackwell platform, but across our GPU portfolio. In the third quarter, we signed a number of deals for older generations of GPUs, adding new customers and re-contracting existing capacity.” To be sure, CoreWeave did have problems with some new data centers from a subcontractor that slammed the stock 16% on Nov. 11. Including that post-earnings slide, Tuesday was the sixth straight session of declines for CoreWeave. Intrator defended the quarter on CNBC, telling Jim Cramer that “every single part of this quarter went exactly as we planned, except for one delay at a singular data center.” Last Wednesday, we also heard from Advanced Micro Devices CEO Lisa Su after she addressed at an analyst day event earlier that week and forecasted companywide revenue would grow at a roughly 35% annual rate over the next three to five years. Su said on CNBC, “In the last 12 months, we’ve seen every one of our largest customers say, ‘We can see the inflection point now Lisa, like we can see that demand is accelerating because people are now starting to get real productivity out of the AI use cases,’ and you know we have all of the largest hyperscales in the world saying they’re investing more in capex because they can see the return on the other side of it.” 5 questions for Nvidia With the hyperscaler capex commentary, along with Huang’s request from Taiwan Semi, neocloud contracts indicating that Nvidia’s older offerings still have immense value, and Nvidia’s closest competitor, AMD, calling for significant growth in the years ahead, here are the five questions we have as we head into Nvidia’s quarterly release. 1. Can the market sustain 40% capex growth through the end of the decade? This is really going to depend on end market demand – which will itself depend on use cases – and Nvidia’s customers’ (like the cloud providers) ability to monetize that demand. While currently in a situation where the cloud players need to invest ahead of monetization to build out initial infrastructure, whether these levels of capex continue should be tied to the monetization trends. The last thing we want is for names like Meta to forget just how brutal Wall Street can be when spending to the high heavens without a clear path toward a positive return on investment. Meta learned that the hard way when the stock tanked 11% post-earnings and has generally moved lower since. 2. What did Huang mean about China winning the AI race, which was later softened? The answer here may be tied to the CEO’s style of “running scared,” meaning that despite all his success, Huang still seeks to innovate as fast as possible, lest anyone catch up or surpass Nvidia’s chip platforms. Is that what he was getting at? Trying to get the U.S. government to increase its sense of urgency as it relates to the AI arms race with China? We suspect so, but will look for him to clarify on the call. 3. What are the plans for free cash flow – capital returns to shareholders, more deals? Nvidia is a cash printing machine at the moment. Free cash flow is expected to increase by about 67% its fiscal 2026 third quarter. On a full fiscal year 2026 basis, the Street expects Nvidia’s cash flow to grow by about 60% and another 48% in fiscal 2027. With net debt estimated to be negative – meaning Nvidia is sitting on more in cash and equivalents than it owes to the tune of about $70 billion – investors are curious as to how management plans to deploy that cash. Share buybacks are always an option, but so are acquisitions or investments in other companies, which Nvidia has been doing at a furious pace. Any thoughts on that from management would be key. 4. How can we get clarity on the $500 billion of orders for Blackwell and Rubin? While we believe that number to include networking revenue related to these platforms, we will be listening for clues as to the timing of when this revenue will be realized, as well as management’s confidence in the financial standing of the customers placing these orders. 5. What about margins? Margins are always of interest since they tell us how much the top line we should expect to show up in earnings. That’s especially true when a new product is ramping, as that initial phase of production can often crunch profit margins. That said, we don’t think there will be the same margin hit going from Blackwell to Vera Rubin as we saw in transitioning from Hopper to the latest Blackwell platform. That’s because those two used different rack architectures. In contrast, the new Vera Rubin platform will use the same rack architecture as the Blackwell. Still, any commentary on margin dynamics is sure to be scrutinized by investors. AI spending concerns We would be remiss not to highlight some concerns we have as it relates to Nvidia. The major one is funding – not the funding of Nvidia’s needs, but rather the needs of its customers. While the hyperscaler customers plus Meta have previously funded their data center ambitions with free cash flow, we have started to see even these monstrously large players tap the debt markets. We must watch this new wrinkle to ensure that management teams haven’t forgotten about the value investors place on operating efficiency and disciplined spending, and that the borrowing doesn’t start to balloon. The Club also has concerns about the sheer dollar size of the commitments being made by names like Oracle, OpenAI, and SoftBank, the latter of which recently divested its stake in Nvidia to fund its commitment to OpenAI. We don’t view the SoftBank sale as a negative for Nvidia, as Nvidia needs OpenAI to make good on its spending commitments more than it needs the investment from SoftBank. However, the move does signal just how large the investment commitments are getting. The final, perhaps greatest, concern relating to funding in the AI space is that the major players are becoming increasingly interconnected with every new deal. That’s even more concerning when you consider that one of the biggest spenders, OpenAI, isn’t even pubic, which means we don’t have a clear picture of its financial standing and ability to make good on its commitments. Tuesday’s big news from another growing non-public player, Anthropic, raises the stakes. As noted earlier, Nvidia and Microsoft intend to invest in Anthropic, which itself has committed to spending on Microsoft’s Azure cloud and Nvidia’s GPUs. So, let’s sketch this out: A and B (Microsoft and Nvidia) invest in C (Anthropic), while C agrees to buy from A and B. One can see how this all starts to feel risky in the sense that if one domino falls, it’s going to have potentially massive ripple effects throughout the AI cohort. We expect the nature of the deals to come up during Nvidia’s post-earnings Q & A session, and we want to hear management explain why they think the concerns are overblown. Bottom line Ultimately, these concerns do keep us cautious in terms of putting new money to work in the data center theme. At the same time, signs of accelerating demand – which serve to support the committed increase in spending, much of that coming Nvidia’s way – keep us in the stock. We believe that while there may be hiccups along the way, long-term investors would do well to maintain a core position in Nvidia, the company at the heart of the entire AI investment cycle, and Jim’s mantra through the years on Nvidia: “Own it, don’t trade it.” (Jim Cramer’s Charitable Trust is long NVDA, AMZN, MSFT, META. See here for a full list of the stocks.) 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By catalysing shifts in trade and consumption, plastics policy helps power innovation and sustainable industrialization on the continent.
As the world continues seeking a treaty to end plastic pollution, Africa is not waiting to adapt but planning ahead.
Beyond short-term bans and clean-ups, the continent is working to revamp laws, markets and supply chains to steer economies towards non-plastic alternatives and substitutes as a new source of industrial growth.
Ghana: Plastic policy for industrial shift
In Ghana, a five-year implementation plan is underway to reduce plastic packaging and make sustainable alternatives more commercially viable.
The blueprint, a first in West Africa, was developed with support from the UK-funded Sustainable Manufacturing and Environmental Pollution (SMEP) Programme of UN Trade and Development (UNCTAD).
It aligns economic incentives, public procurement and key performance indicators with broader industrial strategy, currently being piloted to target the country’s most waste-heavy sectors such as plastic mulch film, sachet water packaging and carrier bags.
“This is a development strategy, not a waste strategy,” Ebenezer Laryea, a project director for SMEP on the ground, told UNCTAD ahead of this year’s Africa Industrialization Week running through 21 November.
“We’re using plastics policy to drive broader industrial shift, rethinking how we trade and consume so that sustainability and the bioeconomy shape our path to economic growth.”
The blueprint links to forthcoming Extended Producer Responsibility (EPR) rules, as the country aims for a competitive foothold in the fast-emerging global circular bioeconomy.
“Ghana’s transition provides an opportunity for both enhanced environmental protection and economic advancement, positioning the country as a hub for trade in plastic alternatives and natural substitutes,” said Director Larry Kottoe of Ghana’s Environmental Protection Authority.
East Africa: Plastic policy for green industrialization
Supported by UNCTAD’s SMEP programme, countries in East Africa also accelerate progress towards a circular and regenerative economy.
The East African Community is considering a draft bill on a regionally binding roadmap to phase out harmful single-use plastics.
The work seeks to close cross-border loopholes that often hamper national action on single-use plastics, harmonising regulations across Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, Somalia, South Sudan, Uganda and the United Republic of Tanzania.
Beyond banning plastics, the draft bill mandates EPR rules, incentivizes sustainable materials and protects informal workers to formalize the waste economy.
“Plastic controls must be paired with business-enabling measures, supportive policy frameworks, sustainable finance and skills development,” concluded Abraham Korir Sing’Oei, a principal secretary at Kenya’s Ministry of Foreign and Diaspora Affairs.
