>>> Europe : Brokers Upgrades & Downgrades - 18th of February 2026 V2(+)

>>> Up
* BE Semiconductor PT Raised to 224 euros from 214 euros at BofA (+)
* Chesnara PT Raised to 370 pence from 335 pence at RBC (+)
* Demant Raised to Buy at Nordea; PT 230 kroner
* Molten Ventures Raised to Overweight at Barclays; PT 575 pence
* Porsche Raised to Neutral at Grupo Santander; PT 43.70 euros
* Stubhub Raised to Neutral at Citi; PT $9

>>> Down
* 4c Group Cut to Hold at ABG; PT 10 kronor
* Aedifica Cut to Accumulate at KBC Securities (+)
* BASF Cut to Neutral at Grupo Santander; PT 52.50 euros
* CNH Industrial Cut to Underperform at Mediobanca SpA; PT $10.50
* Legal & General Cut to Neutral at BNP Paribas; PT 280 pence
* Schindler Cut to Neutral at BofA
* Toro Cut to Market Perform at Raymond James
* Truecaller Cut to Hold at ABG; PT 15 kronor
* Truecaller Cut to Hold at Nordea
* Unilever Cut to Hold at Berenberg; PT 5,840 pence
* Unilever Cut to Hold at DZ Bank; PT 5,650 pence (+)

>>> Initiation
* ABN Amro GDRs Resumed Buy at Citi; PT 36.60 euros
* Costco Reinstated Buy at William O'Neil
* Prosus Rated New Overweight at ABSA Securities; PT 58.03 euros

>>> Call
* ABN Amro Resumed Buy at Citi on Re-Rating Potential, EPS Upside
* Goldman Analysts See Cement Stock Risk on EU Emissions Policy (+)
* Duerr Order Intake, Ebit Beats Expectations, Bernstein Says
* Schindler Cut to Neutral at BofA as Cost Savings Efforts Slow (+)
* Unilever Downgraded at Berenberg on Completion of Transformation

FT : The software sell-off, part II

The software sell-off, part II
Last Friday, we took an initial look at the sell-off in software stocks, laying out which companies had been hit, by how much and when. But we didn’t make any progress on the question that really matters: how much of a threat do AI machines pose to the long-term profit growth of software companies? I know hardly anything about AI (a situation I’m trying to correct), so in taking a first shot at this question I’m depending on the arguments of others, a little logic and my experience of corporate finance.

The basic intuition behind the sell-off is that AI machines will allow companies and individuals to perform tasks they previously completed with paid-for software, or allow them to build substitutes for that software — all at a lower cost. Is this realistic? The consensus on Wall Street is some software vendors will be much more vulnerable than others and the sell-off has not respected the distinction between the endangered and the resilient.

Goldman Sachs recently proposed a software “pair trade” for clients — two buckets of stocks, one to buy and the other to short. They describe the longs as software companies that will be hard to replace because of “regulatory entrenchment, integration complexity, or human accountability” and that support “data infra[structure], observability, security, hyperscale cloud, [and] AI development platforms”. On the short side are companies supporting “workflows that AI could increasingly automate or rebuild internally”.

According to a Bloomberg story about the Goldman pair, stocks on the long side include Cloudflare, CrowdStrike, and Palo Alto Networks (all in cyber security), as well as Oracle and Microsoft. On the short side are Monday.com (application building, project management), Salesforce (customer relationship management), DocuSign (electronic signatures), Accenture (tech consulting) and Duolingo (language learning).

Software analysts, for their part, lean into the “integration complexity” argument for why software companies will continue to grow. The argument is based on high switching costs, the integration of different software systems and functions, and the ability of software companies to “plug” their own AI tools into the interconnected clusters of software their customers use. Here is HSBC’s Stephen Bersey:

The technology marketplace is an odd thing where the best or cheapest products don’t always win…

[O]nce a large platform application is installed and a customer’s business runs its critical operations on it, switching carries many risks . . . if there is a disruption during a platform replacement, normal operations can stall, loyal customers can leave forever, brands are tarnished and revenue can hard-stop until the issues are resolved . . . There are also many other unforeseen switching risks/costs that can fester, like lower productivity and numerous process errors as users retrain and get familiar with a new system. Or the sudden appearance of unwanted feature interactions that only manifest under long duration at-scale operations.

And here is Keith Weiss at Morgan Stanley:

[AI] risk should be considered within the framework of the end customer’s preference for ‘best of breed’ solutions versus more consolidated ‘suites’. In our [Chief Investment Officer] survey work . . . one of the driving factors of a rising preference for suites, in our view, [is] the ability of incumbent suite vendors to more effectively act as fast followers and minimise the functionality gap between their suite and best of breed solutions…

The direction of travel in software architectures over the past 50 years has been an increasing modularisation of the system into optimised components providing the best efficiency and efficiency for the type of work needing to be done. While the [AI can] effectively enable new functionalities around contextual understanding of unstructured data, coding, and content creation, [it is] unlikely to be the most effective and efficient component for every part of system

This argument makes sense as far as it goes: incumbent software systems are complex and hard to replace, and software companies will have been working hard on AI for some time. But how far does it go? The sell-off is not about damage to software companies’ profits in the next few years. Everyone acknowledges that industry fundamentals are fine and will continue to be fine for some years. This issue is how computing looks in a decade. In financial analysis terms, the question is about the “terminal valuation multiple” in the discounted cash flow model of your favourite software company. In a standard DCF model, you estimate profits for each of the next 10 years or so and then put a multiple — 20x, say — on the profits in year 10, resulting in a lump sum that accounts for all the future value. I think what is happening now is investors are taking that 20x and moving it to 15x or 10x because profits might not be growing very well at that point.

It’s not at all clear to me that this is a mistake. There are powerful network effects and high switching costs in the software business, which make it hard for new competitors to displace incumbents. But I’m not sure that AI machines are a new competitor in the standard sense. There may be no moment when customers take the old software system out and put the new AI system in. There may be no “switch”. Companies and individuals may just wake up one morning in five or 10 years and decide that, given the range of things their AI assistant can do for them, that they don’t need the old software any more. This is just a guess by a non-expert, but that’s what the threat look like to me.

A final point, one that several people have mentioned to be. The market currently acts as if the impact of AI will be sector specific, although which sector is expected to get hit changes from day to day. But if AI is revolutionary as many people think, won’t it be a huge, unpredictable “deflation bomb” that hits most sectors (I borrow the phrase from Paul Kedrosky)? That is to say, hasn’t the whole market gotten riskier, so the whole market needs to sell at a lower valuation? We may get there yet.

FT : Donald Trump’s AI push fuels revolt in Maga heartlands

Donald Trump’s AI push fuels revolt in Maga heartlands
Republicans fear backlash against White House agenda could undermine support in this year’s midterm elections

On a cold Tuesday evening last week, about 200 Missourians crammed into a Methodist church to share a message: The AI revolution embraced by Donald Trump’s White House does not have their unqualified support.

“I voted for this administration and didn’t really think about [AI] until it started to affect me,” said Lisa Garrett, who lives beside the site of a rapidly greenlit $6.6bn, 400-acre data centre development in the satellite city of Independence, just east of Kansas City.

A worker for a local ministry, Garrett’s unease extends beyond the project’s demand on local water and electricity supplies to the broader social impact of the industry it is being built to support.

“I have grandchildren . . . It does concern me that they’re being drawn into a world that isn’t real,” she said.

Her concerns, which poll after poll has shown are shared by much of Trump’s base, are increasingly at odds with the posture and policies of his administration.

Over the past year, the White House has courted tech billionaires and gone out of its way to protect the AI industry’s agenda, fast-tracking permits for data centre construction and greenlighting the sales of advanced chips to China while cracking down on states’ attempts to regulate chatbots.

Trump’s advisers — plucked from Silicon Valley and led by AI tsar David Sacks, an investor with close ties to the industry — have warned Republican state legislatures not to pass AI safety bills and challenged claims AI tools will cause widespread job losses or environmental damage. The president has emphasised that American AI dominance is a “national security imperative”.

But across the US, citizens, clergy and elected officials in conservative communities are leading a grassroots rebellion against the rapid rollout of the technology. Political strategists fear this could wreck Republicans’ chance of maintaining their majority in Congress this November and become a defining issue in the 2028 presidential race.

Brad Littlejohn, a director at the conservative think-tank American Compass, said: “There’s a real danger here that you get a Democratic candidate who really builds their message around this . . . and wipes the floor because the Republicans have been pigeonholed as the friends of the AI companies.”

Polling by Public First for the FT found about 60 per cent of Trump voters are concerned about AI’s rapid development and almost 80 per cent believe the technology needed more regulation.


A recent survey by the Institute for Family Studies, a pressure group that campaigns for more AI regulation, found close to four-fifths of voters in Republican-supporting states wanted tech groups to be liable for harming children.

While the Trump administration’s AI Action Plan urges companies to “build, baby, build”, dozens of data centre developments have been stalled across the US because of local opposition, including in Kentucky, Georgia, Texas and other Republican strongholds.

The backlash is most pronounced when it comes to policing AI. Last year, the White House twice tried to pass federal legislation that would ban state-level AI regulation, only to be thwarted by some of the president’s closest Maga allies including Steve Bannon.

Instead of backing down, Trump, who has attracted tens of millions of dollars in donations from AI billionaires such as OpenAI co-founder Greg Brockman, in December forced through a similar measure via an executive order, echoing the industry’s claims that AI companies would be “destroyed” if obliged to comply with a “patchwork” of safety laws.

The order threatened to withhold federal funds from states that pass “onerous” laws to govern AI and ordered the Department of Justice to investigate attempts at regulating the nascent technology, but it is being defied.

Florida governor Ron DeSantis, seen as a leading contender for the Republican presidential nomination in 2028, last month hit out at the “very harmful” effects of AI and criticised Trump-backed attempts to “kneecap the states and let Big Tech write the rules”.

Arkansas governor Sarah Huckabee-Sanders, Trump’s former press secretary, has also publicly broken with the administration over the issue, as has Utah’s Republican governor Spencer Cox.

While Sacks has painted state-level regulation as an existential threat to the industry that would thwart efforts to beat China, his close friend JD Vance, the vice-president, said in the summer he understood the arguments against a moratorium and could “kind of go both ways” on the issue.

Vance, a protégé of Silicon Valley billionaire Peter Thiel who is also close to tech podcasters such as Chamath Palihapitiya, nonetheless told Fox News on Tuesday there were a “lot of things we are worried about” about the rollout of AI, including privacy violations.

A spokesperson for Vance did not respond to a request for comment.

The AI industry has amassed a war chest to back candidates who support light-touch regulation. One group backed by venture capital titan Andreessen Horowitz raised more than $125mn last year.

But in state capitols across the US, the mood music is very different. At least 370 AI-related measures have been introduced in state legislatures this year, according to FT analysis, with more than 120 of those originating in Republican-led chambers.

The intensity of the opposition to AI in Missouri is remarkable. After Meta and others built large data centres in the state over the past two years, lured by the the many rivers and tax abatements, the city of St Charles fought back. Last August, the district just outside St Louis became the first in the US to implement a year-long ban on new data centre construction.

Colin Wellenkamp, a Republican who represents St Charles in the Missouri state legislature, said: “The top three items people are most thinking about are: what are you doing with my water and my air, what are you doing to keep AI secure where you’re not using it to pull scams . . . or replicate identities and is it going to take my job?”

St Charles’ residents are proposing a permanent data centre ban. In the past week, residents in other parts of the state held three different meetings to protest such construction.

The Republican-dominated state legislature is proposing at least 10 bills regulating AI in defiance of Trump.

One law was introduced by Republican state senator Joe Nicola, whose district includes Independence. He is concerned AI tools are being deployed to surveil his blue-collar constituents including Amazon workers during shifts at a local warehouse.

“I don’t care who the president is,” Nicola said. “Being told as an elected official in this state [that] I can’t protect my people. No, that goes against my principles.”

AI is “just advancing so rapidly”, said Nicola, a pastor-turned-politician whose bill bans the technology from being treated as sentient. “We have data centres going up all over the place and we still have no regulation . . . we literally have reports across the nation where people have married an AI,” he added. “We’re headed in a really bad direction very, very quickly if we don’t have some regulation on this.”

Other state lawmakers are proposing legislation that would make AI developers responsible for potential harms caused by the technology, particularly chatbots. This is a real threat in Missouri, where juries are known to award large damages to plaintiffs taking on large corporations.

Some Maga groups in the state have supported them.

“We support Trump’s efforts to win the AI race, but we don’t want to do it at the expense of human dignity,” said Byron Keelin, head of Freedom Principle, a right-wing group that this summer rallied its members to oppose the president’s attempt to ban state legislation. “We are trying to protect citizens from being taken advantage of by big corporations.”

In Washington, Josh Hawley, Missouri’s senior senator and one of Trump’s strongest supporters, has warned the AI revolution is “working against the working man, his liberty and his worth”. He has introduced federal legislation that would force AI companies to verify users’ ages and ban them from providing virtual “companions” to minors.

The Trump administration has attempted to temper the AI backlash. The president has called on data centre operators to “pick up the tab” for their power consumption and the White House has been keen to stress that facilities will not receive federal subsidies.

Companies including Microsoft and Anthropic have also sought to calm tensions by pledging to absorb some costs and spend more to support local communities whose lives are upended by AI.

Yet there is no sign the White House is rethinking its resolute backing for the industry. With AI investments underpinning much of the US’s recent economic growth, “we can’t afford to go backwards”, Sacks wrote.

The White House did not respond to a request for comment.

Residents of Independence, meanwhile, feel whiplashed by the pace of change.

Garrett said: “I’ve listened to [Elon Musk] talk about . . . how quickly it is happening and I don’t know, I just think sometimes things need to be slowed down a little bit, put some thought into it.”

“Why does it need to happen so quickly? I know that there’s a race, but I don’t have a good answer for that.”

TechCrunch : Apple is reportedly cooking up a trio of AI wearables

Apple is reportedly cooking up a trio of AI wearables

Late last month, The Information reported that Apple was developing an AI wearable — an AirTag-sized pendant with cameras that could be pinned to a user’s shirt. Now, Bloomberg writes that the development of such a device — along with two other AI-powered items — is accelerating as Apple looks to stay competitive with other tech giants that are racing to release similar products.

In addition to the AI pin, Apple is also speeding up the development of its upcoming AI-powered smart glasses, which have been code-named N50, the report claims. Apple obviously has competition in this space, as other companies — including Meta (which is arguably the most successful player when it comes to smart glasses) and Snap (which plans to release its “Specs” later this year) — are working on similar products.

Apple’s new smart glasses, which will supposedly include a high-resolution camera, may see a public release sooner rather than later, with Bloomberg reporting that the company is “targeting the start of production as early as December, ahead of a public release in 2027.”

Additionally, Bloomberg reports that Apple is working on AirPods with new AI capabilities.

All of these items will be designed to connect to the iPhone and will include Siri, the company’s virtual assistant, as a critical component of the user experience, the outlet notes. The glasses are being described as “more upscale and feature-rich” than the AirPods and the AI pendant, however. TechCrunch reached out to Apple for more information.

>>> What to look at today - 18th of February 2026

US equity-index futures edged higher along with Asian stocks as the recent selling pressure tied to artificial intelligence appeared to stabilize. Precious metals rebounded. Contracts for the S&P 500 Index rose 0.2% after the underlying gauge fluctuated in Tuesday’s session, eventually closing 0.1% higher. Nasdaq 100 futures rose 0.3%. European equities were also set for a stronger open. Asian shares rose for the first time in four days, with markets in China, Hong Kong and several regional exchanges still closed for the Lunar New Year holiday. The euro held its modest loss after the Financial Times reported that Christine Lagarde is expected to leave the European Central Bank before her eight-year term as president expires in October 2027. The dollar edged up against all its Group-of-10 peers, with the New Zealand currency sliding the most as traders pared bets for further rate hikes after the central bank stood pat. After months of gains fueled by optimism over AI, equity markets have turned volatile amid a clash between disruption fears and doubts that heavy spending will yield meaningful returns soon. The theme is important for Asia — home to much of the world’s chip development and hardware manufacturing — as the region has outperformed the US and European benchmarks this year. Investors are also turning their attention to the Federal Reserve’s next signals on interest rates, with the minutes of its Jan. 27–28 meeting — when officials held rates steady — due later Wednesday. The release follows strong jobs data and benign inflation readings, which have shaped expectations for the policy path ahead. Fed Governor Michael Barr said on Tuesday rates should remain steady “for some time” until officials see more evidence that inflation is heading toward the central bank’s 2% goal. Chicago Fed President Austan Goolsbee said there was potential for more cuts this year if inflation continued on its path toward that target. The yield on 10-year Treasuries rose one basis point to 4.07%. In other corners of the market, precious metals rebounded following losses this week. Gold rose 1% to trade around $4,930 an ounce, while silver jumped 3%. Elsewhere, oil broadly held its losses from the prior session after positive talks between the US and Iran over the OPEC member’s nuclear program, paring the commodity’s risk premium. In trade-related news, Japan plans to invest $36 billion in US oil, gas and critical mineral projects, the first tranche of its $550 billion commitment under the agreement it struck with US President Donald Trump. The yen was a touch weaker. Still, technology and the impact of AI remained dominant themes in global markets. The turmoil in stocks unleashed by the artificial-intelligence industry reflects two fears that are increasingly at odds.  One is that AI is poised to disrupt entire segments of the economy so dramatically that investors are dumping the stocks of any company seen at the slightest risk of being displaced by the technology.  The other is a deep skepticism that the hundreds of billions of dollars that tech giants like Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and Alphabet Inc. are pouring into AI every year will deliver big payoffs anytime soon.  US After Hours TCMD +19.9% USNA +12.5%, RSI +9.5%, PBI +9.4%, ATRC +8.2% higher on earnings; SMWB -17.2%, ACLS -14.4%, LZB -10.1%, PANW -7.7%, MKSI -6.1% lower on earnings.

Nikkei +1.28% Hang Seng / CSI / Shanghai / Shenzen /

Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH

S&P +0.25% Nasdaq +0.30% EuroStoxx +0.20% FTSE +0.24% Dax +0.24% SMI +0.15%

Macro :
- Bitcoin Declines as Geopolitical Tension Adds to Risk-Off Mood
- Carmakers to Win Reprieve in UK Motor Finance Redress Plan: FT
- Brevan Howard’s Crypto Fund Slumped 30% in 2025: FT
- British scientist raising $1bn for new AI lab in Europe’s biggest seed round
- US Renews Threat to Withdraw From IEA Over Climate Advocacy

Keep an eye on :
- AIR FP : FTC Accepts Consent Order in Boeing, Spirit Acquisition
- AAD GY : Amadeus Fire Prelim FY Operating Ebita EU14M
- AMZN US : Anthropic Could Share Up to $6.4 Billion With Amazon, Google and Microsoft in 2027 - The Information
- AMRZ SW : Amrize Guidance, Cash Returns Impress Analysts: Street Wrap
- AAPL US : Dan Ives Says Apple's AI Alone Could Be Worth $1.5 Trillion — And Almost No One Is Pricing It In
- AAPL US : Apple Ramps Up Work on AI Glasses, Pendant and Camera AirPods
- ASRNL NA : ASR Nederland FY Life Segment Operating Profit Beats Estimates
- AUTO NO : Amazon pulls the plug on 'Blue Jay' warehouse robot after only a few months
- BA/ LN : BAE FY Underlying Ebit Beats Estimates
- BAYN GY : Bayer Announces Roundup Agreement on Current, Future Claims
- CA FP : Carrefour FY Recurring Operating Income Misses Estimates; Carrefour Targets Recurring Operating Margin of 3.5% in 2030
- CIBUS SS : Cibus Nordic Real Estate FY Dividend per Share Misses Estimates
- DTE US : US Court Orders DTE Energy, Units to Pay $100M Civil Penalty
- DUE GY : Duerr Prelim FY Adjusted Ebit Margin Beats Estimates
- EFGN SW : EFG International FY Net Income Misses Estimates
- EMEIS FP : Emeis FY Revenue Meets Estimates
- ENI IM : Eni Weighs Return to Oil & Gas Trading: FT
- EL FP : EssilorLuxottica ADRs Slump After Apple Wearable Devices Report
- EXA FP : Exail Technologies 4Q Revenue EU153M
- FLS DC : Carrefour Targets Recurring Operating Margin of 3.5% in 2030
- GLEN LN : Glencore FY Revenue Beats Estimates
- GOOGL US : Anthropic Could Share Up to $6.4 Billion With Amazon, Google and Microsoft in 2027 - The Information
- HAVAS NA : Havas NV Sees 2026 Organic Net Revenue +2% to +3%
- HEI GY : Heidelberg Said to Pursue Sabanci’s Stake in Akcansa Cement JV
- ICAD FP : Icade FY Group Net Current Cash Flow per Share Beats Estimates
- IMCD NA : IMCD FY Revenue Misses Estimates
- ISHA GY : Intershop Communications FY Revenue Under Estimates
- KAMBI SS : Kambi Sees 2026 Adjusted Ebita EU20M to EU25M
- MERY FP : Mercialys FY Ebitda Misses Estimates
- META US : Meta Agrees to Deploy ‘Millions’ of Nvidia Chips: TMT Wrap
- BMPS IM : Monte Paschi’s Board Approves Mediobanca Merger and Delisting
- NESN SW : Nestlé CEO Under Pressure as Infant Formula Crisis Adds to Woes
- NOVN SW : Oral Remibrutinib Achieves Positive Results in Chronic Inducible Urticaria Trial
- NVDA US : Nvidia Gains on Meta Agreement, AMD Falls: Street Wrap
- NYF SS : Nyfosa CFO Lindroth to Leave Company
- ORRON SS : Orron Energy 4Q Net Loss EU2.3M Vs. Loss EU6.6M Y/y
- PUIG SM : Puig FY Skin Care Revenue Meets Estimates
- REC IM : Recordati Guidance Should Underpin Estimates: Street Wrap
- RIO LN : Rio Tinto’s Copper Portfolio Post-Glencore in Focus: Preview
- RIOT US : Starboard Is Said to Urge Riot to Speed Up Shift to Data Centers
- SAF FP : Safran in Early Talks to Buy Poland’s AI Firm Satim: Les Echos
- SFQ GY : SAF-Holland Preliminary 2025 Sales Fall 8% to €1.73b
- SNDK US : Sandisk Offering by Holder Western Digital Prices at $545/Share
- SHOT SS : Scandic 4Q Net Sales Meet Estimates
- MSTR US : Saylor’s Strategy Buys More Bitcoin Using Preferred Stock
- STMN SW : Straumann FY Revenue Meets Estimates
- TSLA US : Tesla’s Austin Robotaxis Report 14 Crashes in First Eight Months
- TMQ CN : Billionaire Paulson Sells Stake in Alaska-Focused Trilogy Metals
- VRLA FP : Verallia Reviews Footprint, Considers Closing Site
- VOW GY : Blackstone, EQT & CVC Make Offers for VW’s Everllence Unit: FT
- WIE AV : Wienerberger FY Dividend per Share Beats Estimates
- ZEAL DC : Zealand Pharma Reports Positive Phase 1a Results With ZP9830

>>> Europe : Brokers Upgrades & Downgrades - 18th of February 2026

>>> Up
* Demant Raised to Buy at Nordea; PT 230 kroner
* Molten Ventures Raised to Overweight at Barclays; PT 575 pence
* Porsche Raised to Neutral at Grupo Santander; PT 43.70 euros
* Stubhub Raised to Neutral at Citi; PT $9

>>> Down
* 4c Group Cut to Hold at ABG; PT 10 kronor
* BASF Cut to Neutral at Grupo Santander; PT 52.50 euros
* CNH Industrial Cut to Underperform at Mediobanca SpA; PT $10.50
* Legal & General Cut to Neutral at BNP Paribas; PT 280 pence
* Schindler Cut to Neutral at BofA
* Toro Cut to Market Perform at Raymond James
* Truecaller Cut to Hold at ABG; PT 15 kronor
* Truecaller Cut to Hold at Nordea
* Unilever Cut to Hold at Berenberg; PT 5,840 pence

>>> Initiation
* ABN Amro GDRs Resumed Buy at Citi; PT 36.60 euros
* Costco Reinstated Buy at William O'Neil
* Prosus Rated New Overweight at ABSA Securities; PT 58.03 euros

>>> Call
* ABN Amro Resumed Buy at Citi on Re-Rating Potential, EPS Upside
* Duerr Order Intake, Ebit Beats Expectations, Bernstein Says
* Unilever Downgraded at Berenberg on Completion of Transformation

>>> Stoxx 600 Pre-Market Indications

  • Nokia (NOA3 TH) +2.5%
  • Demant (WDH1 TH) +2.5%
    • Demant Raised to Buy at Nordea; PT 230 kroner
  • Frontline PLC (HF6 TH) +2.1%
    • Frontline Price Target Raised to NOK 340 from NOK 301 by Danske Bank
  • Rockwool (R902 TH) +1.8%
  • Danske Bank (DSN TH) +1.8%
  • Umicore (NVJP TH) +1.3%
  • Rolls-Royce (RRU TH) +1.3%
    • Prospects Magnify Discount on Rolls-Royce’s £2 Billion in Bonds
  • Vestas (VWSB TH) +1%
  • Siemens (SIE TH) +1%
  • Bayer (BAYN TH) -0.9%
  • Glencore (8GC TH) -1.8%
  • Brenntag (BNR TH) -2.3%
  • Genmab (GE9 TH) -4.7%
  • Carrefour (CAR TH) -6.3%
    • Carrefour Ebit Misses; Awaiting Guidance Details: Street Wrap
  • IMCD (INX TH) -11%
    • IMCD FY Revenue Misses Estimates

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens (SIE TH) +1%
  • Heidelberg Materials (HEI TH) +0.8%
    • Heidelberg Said to Pursue Sabanci’s Stake in Akcansa Cement JV
  • Bayer (BAYN TH) -0.8%
    • Bayer Eyes Deal to Pay More Than $7 Billion in Roundup Cases (1)
MDAX:
  • Carl Zeiss Meditec (AFX TH) +1.1%
SDAX:
  • Deutsche PBB (PBB TH) +1.2%
  • Duerr (DUE TH) +1.1%
    • Duerr Order Intake, Ebit Beats Expectations, Bernstein Says

FT : Brevan Howard’s crypto fund slumped 30% in 2025 amid bitcoin rout

Brevan Howard’s crypto fund slumped 30% in 2025 amid bitcoin rout
Hedge fund manager’s digital asset strategy stung by ‘terrible year’ for cryptocurrencies

Brevan Howard’s crypto fund slumped 30 per cent in 2025, as a downturn in digital assets stung one of the hedge fund industry’s highest-profile participants in the sector.

The BH Digital Asset fund, which bets on digital currencies but also makes venture capital investments in the digital assets sector, fell 29.5 per cent last year, its worst annual decline since its launch in 2021, according to people familiar with the fund’s performance.

The fund was launched with backing from Alan Howard, Brevan Howard’s notoriously private billionaire co-founder who was an early adopter and champion of digital assets. Bevan Howard’s digital assets unit managed $2.4bn in assets at the start of 2025, most of which was in the fund.

The fund made gains of 43 per cent in 2023 and 52 per cent in 2024 but suffered heavily last year, as crypto assets were buffeted by steep losses for technology stocks at risk of disruption from AI. The price of bitcoin, the world’s biggest digital currency, fell 6 per cent over the course of 2025 after a record-breaking rally gave way to a sharp sell-off.

“There are a lot of private equity and venture capital type investments [in the fund],” said one hedge fund investor. “They have underperformed bitcoin but to give them some credit, last year was terrible for crypto.”

The BH Digital Asset fund’s poor returns came during a tumultuous year. Gautam Sharma, its chief executive and chief investment officer, left Brevan Howard and was replaced by Chris Rayner-Cook, the former head of trading and financing at crypto exchange Coinbase.

Howard personally made a series of early venture capital investments in the crypto industry, including Copper, a crypto custody and trading firm that was chaired by former UK chancellor Philip Hammond; crypto exchange Bullish Global and blockchain horseracing video game Derby Stars.

This year, the BH Digital Asset fund has participated in funding rounds for companies including Superstate, which works to put traditional assets such as equities and bonds on a blockchain, and TRM Labs, which tracks illegal activities on blockchains, according to announcements from those firms.

Crypto assets have endured another difficult stretch at the start of 2026. Bitcoin has dropped precipitously and is down more than 20 per cent to about $68,000 a coin, having peaked above $125,000 in October.

Meanwhile, Brevan Howard’s other strategies had middling returns last year. Its Master fund, which makes money by betting on key economic indicators such as interest rates through assets such as currencies and commodities, gained less than 1 per cent in 2025, according to a person familiar with the matter. However, it had a strong January, gaining more than 4 per cent, the person added.