Investment Insight

"Gold is money. Everything else is credit."
— J.P. Morgan

Talking Points

L3Harris Technologies

L3Harris Technologies shares surged over 13% this week following a landmark $1 billion investment from the U.S. Department of Defense in its Missile Solutions business. The deal, part of the Pentagon's new "Go Direct-to-Supplier" initiative, will convert to equity if L3Harris completes a planned IPO of the unit in the second half of 2026.

Delta

Air Lines Delta Air Lines shares fell nearly 6% this week despite beating fourth-quarter earnings expectations. The culprit was weaker-than-expected 2026 guidance, with the airline projecting full-year earnings per share of $6.50 to $7.50, below the $7.32 consensus. CEO Ed Bastian noted that "the lower-end consumer is struggling."

ASML

Shares in Dutch semiconductor equipment maker ASML hit an all-time high on Thursday, pushing its market capitalisation past the $500 billion milestone and cementing its position as Europe's most valuable company. The catalyst was

TSMC

's blockbuster quarterly results, showing net income of $16.3 billion, up 35% year-on-year.

JPMorgan

Chase In what has become a familiar pattern for banking stocks, JPMorgan Chase shares fell over 4% despite reporting fourth-quarter earnings that beat analyst expectations. The bank earned $5.23 per share on revenue of $46.77 billion, both exceeding forecasts. However, investment banking fees disappointed, prompting investors to take profits.

In the Charts

Pic of the Week

Silver broke above $90 an ounce this week for the first time in history, with the white metal touching $91.55 and extending an extraordinary rally that has seen prices climb over 180% in the past year. Gold, too, reached new highs above $4,600 an ounce. Several forces are converging to drive this historic move. Concerns about Federal Reserve independence have intensified following reports of a criminal investigation into Fed Chair Jerome Powell. Geopolitical tensions from Venezuela to Iran to Greenland have amplified demand for safe-haven assets. Perhaps most significant is the emergence of resource nationalism. China placed export controls on silver in December, with far-reaching implications given silver's essential role in AI technology, electric vehicles, and renewable energy.

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