Category: 3. Business

It might seem bad, but the worst that can happen when you buy a stock (without leverage) is that its share price goes to zero. But if you buy shares in a really great company, you can more than double your money. For instance the Venture Life Group plc (LON:VLG) share price is 107% higher than it was three years ago. Most would be happy with that. And in the last week the share price has popped 10%.

The past week has proven to be lucrative for Venture Life Group investors, so let’s see if fundamentals drove the company’s three-year performance.

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To quote Buffett, ‘Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace…’ One way to examine how market sentiment has changed over time is to look at the interaction between a company’s share price and its earnings per share (EPS).

Over the last three years, Venture Life Group failed to grow earnings per share, which fell 113% (annualized).

This means it’s unlikely the market is judging the company based on earnings growth. Since the change in EPS doesn’t seem to correlate with the change in share price, it’s worth taking a look at other metrics.

The revenue drop of 22% is as underwhelming as some politicians. The only thing that’s clear is there is low correlation between Venture Life Group’s share price and its historic fundamental data. Further research may be required!

The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).

We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. So we recommend checking out this free report showing consensus forecasts

It’s nice to see that Venture Life Group shareholders have received a total shareholder return of 46% over the last year. That certainly beats the loss of about 7% per year over the last half decade. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We’ve spotted 2 warning signs for Venture Life Group you should be aware of, and 1 of them makes us a bit uncomfortable.

Venture Life Group is not the only stock insiders are buying. So take a peek at this free list of small cap companies at attractive valuations which insiders have been buying.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on British exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sea (NYSE:SE) delivered its third-quarter results with a sharp jump in revenue and big gains in net income, driven by strength in e-commerce and digital financial services. While profit missed expectations, broker upgrades and strong trading interest have kept sentiment resilient.

See our latest analysis for Sea.

Sea’s latest earnings sent the share price on a wild ride. After a sharp post-earnings dip on profit concerns, renewed analyst confidence and strong trading activity helped the stock recover some ground. Momentum has cooled since the recent high, but after delivering a 36.8% one-year total shareholder return, long-term holders are still well ahead of where they started.

If you’re curious about where else growth and insider conviction are driving results, it’s a great moment to explore fast growing stocks with high insider ownership.

With the stock trading at a discount to analyst price targets and strong momentum in its core businesses, investors are left to wonder if Sea is still undervalued or if the market already reflects this future growth.

Sea’s most widely followed narrative suggests the shares are trading well below what analysts believe is a fair value, compared to the recent close. This perspective brings together bullish expectations for engagement and monetization that aim to drive robust future growth.

Ongoing transition towards cashless economies and advancement of digital payment infrastructure (including BNPL and QR code integration) in Sea’s key markets is driving rapid expansion in Sea’s fintech loan book and transaction volumes. This is improving monetization opportunities and recurring revenues, and paving the way for net margin expansion as the business scales.

Read the complete narrative.

Want to decode why this valuation is catching investors’ eyes? The narrative points to surging fintech and digital revenue, with strong margin forecasts powering an aggressive long-term price target. Uncover the bold financial predictions and the assumptions behind them inside the full analysis.

Result: Fair Value of $196.66 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, intensifying competition and ongoing margin pressures could threaten Sea’s growth story and challenge the optimistic narrative that investors have been following.

Find out about the key risks to this Sea narrative.

Despite the fair value estimate, Sea’s price-to-earnings ratio sits at 58.8x, much higher than the global industry average of 20.3x and also above the peer average of 52.2x. The fair ratio, a target the market may eventually focus on, is just 34.1x. This large gap raises questions about valuation risk. Could investor optimism be overextended, or does the market see something others do not?

See what the numbers say about this price — find out in our valuation breakdown.

If you have a different take or enjoy diving into the numbers yourself, it’s easy to bring your own perspective to light in just a few minutes. Do it your way.

A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Sea.

Smart investors look beyond a single stock. Make your next move confidently by targeting opportunities that match your unique goals and see what the latest trends reveal.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SE.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• Seabridge Gold announced its third-quarter 2025 financial results, reporting a net loss of C$32.27 million and confirming a new large porphyry deposit at Snip North from a 24,000-metre drill program at Iskut, while ongoing legal proceedings continue for the KSM project.

• Despite the increased net loss, the company’s total assets grew to C$1.71 billion, reflecting active investment in advancing key mineral projects amid regulatory uncertainty.

• We’ll explore how Seabridge Gold’s major exploration success at Snip North shapes its investment narrative during a period of heightened legal risk.

These 13 companies survived and thrived after COVID and have the right ingredients to survive Trump’s tariffs. Discover why before your portfolio feels the trade war pinch.

To be a Seabridge Gold shareholder, you need to believe in the company’s ability to create value from its ambitious exploration assets during periods of financial volatility and regulatory uncertainty. The recent confirmation of a large porphyry deposit at Snip North stands out as a potential catalyst, reinforcing the long-term project pipeline, even as the latest results showed higher net losses and persistent zero revenues. This new discovery helps offset some concerns over legal headwinds at the KSM project, though these proceedings remain the biggest short-term risk and could impact development timelines or asset values if setbacks occur. The company’s increased asset base, now at C$1.71 billion, reflects continued investment despite unprofitability. For now, Snip North’s promise brings some optimism, but financial sustainability and legal outcomes are the factors that could truly shift the story in the near term.

Yet, despite the mining success, the uncertainty around legal proceedings is a factor investors should watch. According our valuation report, there’s an indication that Seabridge Gold’s share price might be on the expensive side.

With two community-driven estimates ranging from C$6.03 to C$60.25, the Simply Wall St Community highlights how sharply opinions on Seabridge Gold’s fair value can differ. While optimism around new discoveries resonates, ongoing legal risk remains front and centre for those comparing broader outlooks. Explore more perspectives from the Community to see the wide range of views on where the company could head next.

Explore 2 other fair value estimates on Seabridge Gold – why the stock might be worth as much as 81% more than the current price!

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Seabridge Gold research is our analysis highlighting 4 important warning signs that could impact your investment decision.

• Our free Seabridge Gold research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Seabridge Gold’s overall financial health at a glance.

The market won’t wait. These fast-moving stocks are hot now. Grab the list before they run:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SEA.TO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

These days it’s easy to simply buy an index fund, and your returns should (roughly) match the market. But you can significantly boost your returns by picking above-average stocks. For example, the Basilea Pharmaceutica AG (VTX:BSLN) share price is up 17% in the last 1 year, clearly besting the market return of around 7.6% (not including dividends). If it can keep that out-performance up over the long term, investors will do very well! Zooming out, the stock is actually down 1.8% in the last three years.

Let’s take a look at the underlying fundamentals over the longer term, and see if they’ve been consistent with shareholders returns.

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To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it’s a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.

Basilea Pharmaceutica went from making a loss to reporting a profit, in the last year.

When a company is just on the edge of profitability it can be well worth considering other metrics in order to more precisely gauge growth (and therefore understand share price movements).

However the year on year revenue growth of 59% would help. Many businesses do go through a phase where they have to forgo some profits to drive business development, and sometimes its for the best.

The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).

We know that Basilea Pharmaceutica has improved its bottom line over the last three years, but what does the future have in store? If you are thinking of buying or selling Basilea Pharmaceutica stock, you should check out this FREE detailed report on its balance sheet.

It’s good to see that Basilea Pharmaceutica has rewarded shareholders with a total shareholder return of 17% in the last twelve months. That certainly beats the loss of about 1.1% per year over the last half decade. We generally put more weight on the long term performance over the short term, but the recent improvement could hint at a (positive) inflection point within the business. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Even so, be aware that Basilea Pharmaceutica is showing 1 warning sign in our investment analysis , you should know about…

For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Swiss exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

The quarterly results for Hapag-Lloyd Aktiengesellschaft (ETR:HLAG) were released last week, making it a good time to revisit its performance. Results overall were not great, with earnings of €0.77 per share falling drastically short of analyst expectations. Meanwhile revenues hit €4.7b and were slightly better than forecasts. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there’s been a strong change in the company’s prospects, or if it’s business as usual. We’ve gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

Following the recent earnings report, the consensus from ten analysts covering Hapag-Lloyd is for revenues of €16.8b in 2026. This implies a not inconsiderable 13% decline in revenue compared to the last 12 months. Statutory earnings per share are expected to plunge 58% to €3.68 in the same period. In the lead-up to this report, the analysts had been modelling revenues of €16.7b and earnings per share (EPS) of €3.69 in 2026. The consensus analysts don’t seem to have seen anything in these results that would have changed their view on the business, given there’s been no major change to their estimates.

See our latest analysis for Hapag-Lloyd

There were no changes to revenue or earnings estimates or the price target of €105, suggesting that the company has met expectations in its recent result. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. There are some variant perceptions on Hapag-Lloyd, with the most bullish analyst valuing it at €132 and the most bearish at €72.00 per share. As you can see, analysts are not all in agreement on the stock’s future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 11% by the end of 2026. This indicates a significant reduction from annual growth of 1.8% over the last five years. Yet aggregate analyst estimates for other companies in the industry suggest that industry revenues are forecast to decline 0.6% per year. The forecasts do look bearish for Hapag-Lloyd, since they’re expecting it to shrink faster than the industry.

The most obvious conclusion is that there’s been no major change in the business’ prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. The consensus also reconfirmed their revenue estimates, suggesting that it is performing in line with expectations. Plus, our data suggests that Hapag-Lloyd is expected to perform worse than the wider industry. The consensus price target held steady at €105, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company’s earnings is a lot more important than next year. We have estimates – from multiple Hapag-Lloyd analysts – going out to 2027, and you can see them free on our platform here.

That said, it’s still necessary to consider the ever-present spectre of investment risk. We’ve identified 1 warning sign with Hapag-Lloyd , and understanding it should be part of your investment process.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

One simple way to benefit from the stock market is to buy an index fund. But if you choose individual stocks with prowess, you can make superior returns. For example, BVZ Holding AG (VTX:BVZN) shareholders have seen the share price rise 46% over three years, well in excess of the market return (9.5%, not including dividends). On the other hand, the returns haven’t been quite so good recently, with shareholders up just 21%, including dividends.

So let’s investigate and see if the longer term performance of the company has been in line with the underlying business’ progress.

AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part – they are all under $10bn in marketcap – there is still time to get in early.

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company’s share price and its earnings per share (EPS).

BVZ Holding was able to grow its EPS at 29% per year over three years, sending the share price higher. This EPS growth is higher than the 13% average annual increase in the share price. Therefore, it seems the market has moderated its expectations for growth, somewhat. We’d venture the lowish P/E ratio of 8.33 also reflects the negative sentiment around the stock.

The company’s earnings per share (over time) is depicted in the image below (click to see the exact numbers).

Dive deeper into BVZ Holding’s key metrics by checking this interactive graph of BVZ Holding’s earnings, revenue and cash flow.

It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. In the case of BVZ Holding, it has a TSR of 54% for the last 3 years. That exceeds its share price return that we previously mentioned. The dividends paid by the company have thusly boosted the total shareholder return.

It’s good to see that BVZ Holding has rewarded shareholders with a total shareholder return of 21% in the last twelve months. And that does include the dividend. Since the one-year TSR is better than the five-year TSR (the latter coming in at 6% per year), it would seem that the stock’s performance has improved in recent times. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Case in point: We’ve spotted 1 warning sign for BVZ Holding you should be aware of.

If you would prefer to check out another company — one with potentially superior financials — then do not miss this free list of companies that have proven they can grow earnings.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Swiss exchanges.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Kyowa Kirin (TSE:4151) has posted steady revenue growth over the past year, with its annual net income rising by 18%. The company’s shares have climbed 10% in the past month, drawing more eyes to its performance.

See our latest analysis for Kyowa Kirin.

After a relatively sluggish start to the year, Kyowa Kirin’s share price has picked up momentum with a 1-month share price return of 9.7%. That said, its total shareholder return has been slightly negative over the past twelve months and remains underwhelming across three and five years. This suggests the recent pop may reflect shifting sentiment or renewed optimism for the company’s outlook.

If this renewed momentum has you curious about what else is gaining traction, now is a perfect time to broaden your search and discover fast growing stocks with high insider ownership

With fundamentals on the rise and shares still trading just below analyst targets, the question for investors now is whether Kyowa Kirin’s recent jump signals a real buying opportunity or if the market has already factored in its future growth.

Kyowa Kirin trades at a notably high price-to-earnings (P/E) ratio of 35.7x, placing it well above both the Japanese pharmaceutical industry average and its closest peers. At the last close of ¥2,492, the stock commands a premium valuation from the market.

The P/E multiple reflects how much investors are willing to pay for each unit of the company’s earnings. In pharmaceutical and biotech sectors, high P/E ratios often signal anticipated future profits, innovation, or defensiveness. However, they can also indicate that expectations may already be priced in, especially if recent earnings have faced significant volatility.

When compared to the industry average P/E of 15.3x and the peer average of 16.5x, Kyowa Kirin’s valuation stands out as particularly expensive. The P/E ratio also exceeds the estimated fair value multiple of 22.8x, suggesting that the current price could decline if market sentiment shifts or growth underdelivers.

Explore the SWS fair ratio for Kyowa Kirin

Result: Price-to-Earnings of 35.7x (OVERVALUED)

However, sluggish long-term returns and a steep premium to peers could both act as potential headwinds for Kyowa Kirin’s optimistic outlook.

Find out about the key risks to this Kyowa Kirin narrative.

While Kyowa Kirin’s high price-to-earnings ratio suggests the stock is expensive compared to peers, the Simply Wall St DCF model offers a very different perspective. This methodology estimates Kyowa Kirin is trading roughly 53% below its fair value, challenging the notion that shares are overvalued. Could the market be missing something?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Kyowa Kirin for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 886 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

If you approach valuations with a different perspective or want to see trends for yourself, you can quickly analyze the numbers and craft a story in just a few minutes. Do it your way

A great starting point for your Kyowa Kirin research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

Markets move fast and the best opportunities do not wait long. Give yourself an edge by checking out a range of standout companies tailored to your interests.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include 4151.T.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Steep penalties

Indonesian authorities say they have taken down more than 5.7 million pieces of gambling-related online content over the past eight years.

Police have also stepped up enforcement, with at least 85 influencers arrested last year for promoting online betting.

Penalties are steep, including potential prison terms of up to 10 years, while gambling itself is punishable by up to four years in jail.

The Ministry of Communication and Digital Affairs said it regularly asks social media platforms to remove gambling-related content, and issues warning letters if those requests go unanswered.

“Continued inaction will result in a third warning letter sent to the platform, which carries additional penalties and may lead to access termination,” Alexander Sabar, director general for digital space supervision, told AFP.

In October, the ministry temporarily suspended TikTok’s operating license because the platform refused to provide data related to the alleged monetisation of live activities from accounts suspected of online gambling.

AFP asked Sabar if the minister will summon Meta following the findings of paid gambling ads.

He said the ministry maintains regular communication with social media platforms, and often raises the issue of gambling adverts.

The ministry “urges all digital platforms to strengthen their ad detection and moderation systems in accordance with Indonesian laws and regulations”, Sabar told AFP on November 12.

“Should repeated violations be found and left unaddressed, we will take enforcement in line with the applicable regulations.”

China’s premier metropolis has a vision for the future of dining – and it is one involving restaurants run by artificial intelligence, with automated kitchens, robot servers, data-driven menus and intelligent supply chains.

The city has set a target of becoming a “nationally leading, world-class” hub for smart restaurants by 2028 as part of a plan that analysts say could trigger a major shake-up in China’s vast food service sector: reshaping how meals are made and transforming the labour market.

The action plan, released on Tuesday by Shanghai’s commerce commission and four other municipal bureaus, aims to push catering businesses across the city to overhaul their operations using new technologies over the next three years.

“Across group dining, fast-food and drink chains, over 70 per cent of operations will incorporate smart technologies throughout their value chains, while the rate of intelligent application in key operations at full-service restaurants will exceed 50 per cent,” the document stated.

Shanghai would also create a number of smart central kitchens, set up three to five “AI + dining” pilot projects, and nurture several leading smart solution providers for the catering industry, it added.

JPMorgan CEO Jamie Dimon has called for major reforms to fix the United States’ economy, failing which the nation could follow the path of Europe, which has been facing a long period of economic slowdown.

“In 30 years, if we don’t fix these things, we are going the way of Europe,” he said, pointing out how over-regulation, weak investment and stalled innovation has left the continent with slow growth.

Dimon made the remark at the America Business Forum in Miami, where he suggested that most of America’s modern-day economic problems are early signs of a system that is too ‘slow to respond’.

“All these bad policies usually hurt the lower-paid people more,” he said, urging the US government and authorities to lower regulations that, according to him, stall construction and hurt small businesses.

Dimon used Europe as a prime example and warned that the long period of slow growth could jeopardise the continent’s economy.

“Europe used to have a GDP per person of about 90% of America,” he said. “It’s now 65% of America — and it’s on its way to 50%. And if they don’t fix it, it will jeopardise the health of Europe itself over time.”

Dimon warned that many of the pressures that Europe faces now visible in the US, starting from housing shortages to sluggish permitting and uneven school outcomes.

“You look at affordable housing, education, small business — it’s regulatory. You can’t build a multifamily building, you can’t put something here, you don’t have enough parking, you’re stuck in federal, state and local permitting. It’s terrible,” he said.

“Good public policy is free,” he said. “We already spend the money. We just need to fix the system a little bit,” he added.

Dimon went on to call for private sector to increase US competitiveness, pointing to JPMorgan’s plan to channel up to $500 billion over the next ten years into AI capabilities, defence and engineering.