Penguin Solutions plans $650 million convertible notes offering

We thank Anna Dreber Almenberg, Martha Bailey, Jonathan Cohen, Emma Duchini, Alex Frankel, Ryan Kellogg, Jack Mountjoy, Virginia Minni, Matt Notowidigo, Mikkel Plagborg-Møller, Charlie Rafkin, Shanthi Ramanth, Lutz Sager, and Witold Więcek for helpful conversations. We thank Giuseppe Cognata, Shravan Haribalaraman, Ari Jacob, Sedona Jolly, and Min Seo Kim for their excellent research assistance. Ganong…

Alaska, Norway, and Chile recognized the economic and political risks that accompany commodity booms and established sovereign wealth funds to preserve their resource revenues. Argentina’s hydrocarbon- and lithium-rich provinces should learn from their experience. BUENOS AIRES—Argentinian President Javier Milei has launched a reform program inspired by the free-market economist Friedrich Hayek, at the heart of…

Investors are bullish on Meta’s new low-cost AI pricing and infrastructure plans.

After an epic climb down in June, is it time to go back the other way? WTI crude is now up 14% in July and looks poised once again to move back above $80 as US-Iran tensions flare up again. Just as it would seem there is a little bit of hope, US president Trump…

Gold price (XAU/USD) remains under selling pressure near $3,995 during the early Asian session on Tuesday. The precious metal extends its downside as renewed US-Iran tensions keep inflationary pressures high. Traders await the release of the US June Consumer Price Index (CPI) inflation report and Federal Reserve (Fed) Chair Kevin Warsh testifies later on Tuesday.  Bloomberg reported…

MUFG’s Lloyd Chan highlights the Indonesian rupiah’s continued vulnerability as USD/IDR moved back above 18,000 amid renewed Middle East tensions and elevated US yields. Although attractive government bond and SRBI yields have supported foreign inflows into the bond market, persistent net foreign equity outflows leave the balance of risks tilted toward further rupiah weakness. External…