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EU’s SpaceX rival demands more than financial fuel

10 Apr 2025

Europe wants a home-grown alternative to Elon Musk’s rockets-and-satellites firm. That will require state largesse: SpaceX became a giant with the help of $28 bln in US government contracts. But it will also need supportive policy, new technologies and far greater ambition.

Rivals could put a stopper in BT’s cash fountain

19 Mar 2025

The $21 bln telecom group’s shares are up over 50% over the last year. That reflects hopes that the end of a costly fibre rollout could mean a windfall for shareholders, including tycoon Sunil Bharti Mittal. Yet upstart challengers could steal market share and drive down prices.

How to sort winners from losers in AI’s civil war

4 Mar 2025

Some advocates believe artificial intelligence is poised to surpass human capabilities. Others see it more as a powerful problem-solving tool. In this episode of The Big View podcast, Felix Martin explores the implications of the diverging views for investors and economists.

MrBeast buzz risks being new media’s old story

28 Feb 2025

The popular YouTube star may look to raise capital in a deal valuing his business at a whopping $5 bln. Huge audiences and a chance to overturn Hollywood beckon. But others like Vice once held similar promise and flopped. Like his forebears, he’s at the mercy of distribution.

Why Elon Musk is a headache for broadband bosses

11 Feb 2025

The SpaceX founder’s Starlink business has about 5 mln users of its satellite internet service. It’s a big risk for telecom firms in developing countries with few fixed-line connections, like India. But Western incumbents, particularly in the US, should also be concerned.

China advance creates more AI winners than losers

27 Jan 2025

The DeepSeek model’s quality and low cost has spurred a selloff in chips and energy stocks. Chinese competition may indeed hit ‘picks and shovels’ players like $3.5 trln Nvidia. But it’s not yet certain, and making AI less the domain of Big Tech may enhance its broader benefits.

Ericsson’s recovery looks tough to maintain

24 Jan 2025

The $27 bln telecoms hardware group, and Finnish rival Nokia, have seen share price gains of over 40% in the past year. They have a rebound in US 5G spending to thank. But as this capex cycle winds down, investors may feel their companies lack a sufficiently compelling plan B.

Hong Kong broadband buyout has a lot on the line

22 Jan 2025

State-owned China Mobile is buying internet provider HKBN for $900 mln, the latest example of mainland firms expanding their presence in the city. But a US fund may lob in a higher offer. If and how a bidding war unfolds will show how open the financial hub is to Western capital.

Telefónica ouster flags need for a Spain discount

20 Jan 2025

Madrid has used its stake in the $22 bln telco to abruptly replace boss José María Álvarez-Pallete. Spain’s fast growth means it borrows more cheaply than France. But if the government keeps throwing its weight around, domestic companies may warrant a governance markdown.

Huawei is a microcosm of China’s last four decades

14 Jan 2025

Since its founding in 1987 the tech giant has learned from Western rivals, expanded overseas, and is now on the front lines of a new Cold War. In this episode of The Big View podcast Eva Dou, author of ‘House of Huawei’, explains how the secretive firm became a national champion.

Meta’s Brussels bark may be worse than its bite

8 Jan 2025

The tech giant’s boss Mark Zuckerberg lambasted the EU for ‘institutionalising censorship’, and said he’ll do less fact-checking. It’s an artful way to both cosy up to President-elect Trump and push back on regulation. But in dealing with Europe, Meta doesn’t hold all the cards.

SpaceX will be a better $1 trln bet than Tesla

26 Dec 2024

The satellite network is a nascent monopoly, more useful and harder to dislodge every day. As at his car company, boss Elon Musk is chasing growth through maniacal cost-cutting. Thing is, that works better in space. Expect SpaceX and Tesla’s relative valuations to prove it.

Shein IPO is test of UK market discipline

6 Dec 2024

Britain’s financial watchdog may bless the fast-fashion group’s possible $64 bln listing, leaving investors to gauge the risks in its supply chain. Yet passive funds and soft disclosure rules limit shareholders’ ability to price such factors. Better transparency would help.

Tycoons’ odd telco bets mask a greater logic

26 Nov 2024

In recent years high-profile, rich investors like Carlos Slim have snapped up stakes in the likes of $19 bln BT. These haven’t always yielded juicy returns, nor prompted strategic shifts. But as a bet on much-needed consolidation, they may yet end up looking smart.

Europe’s Starlink-lite is a worthwhile also-ran

21 Nov 2024

EU satellite players like Eutelsat are debt-laden minnows compared to Elon Musk’s SpaceX-owned behemoth. But given Starlink now owns more than 60% of all working satellites, Europe has to start somewhere. Investors shouldn’t count on galactic returns, though.

Shein margin wobble takes bite out of IPO value

14 Nov 2024

The e-commerce giant’s revenue growth slumped in the first half of 2024, and the net margin fell to 2% per The Information. Even if the business recovers, it creates uncertainty that’s compounded by a protectionist US government. Investors may struggle to see the upside.

Vodafone M&A spree leaves German problem untouched

12 Nov 2024

CEO Margherita Della Valle has spent the past 18 months remodelling the $23 bln telco by striking deals in Britain, Spain and Italy. But the shares have trailed European rivals’. To change that, the former finance chief will have to tell a better Teutonic growth story.

What Masayoshi Son can teach us about investing

11 Oct 2024

The Japanese tech tycoon backed future giants like China’s Alibaba as well as spectacular flops like office-sharing startup WeWork. A new biography likens him to a high-stakes gambler. But Son’s chequered career also reveals some of the skills of a successful venture capitalist.

Vinted’s price markup rests on limitless growth

9 Sep 2024

Private equity shop TPG may buy a stake in the second-hand clothing site at a $5.5 bln valuation, the FT reported. It implies a much steeper multiple than the main listed peer. That may be fair if rapid growth persists, but the performance of other marketplaces are a red flag.