-- ロイター通信は水曜日、関係者の話として、バイトダンス、テンセント（香港証券取引所：0700）、アリババ（香港証券取引所：9988）をはじめとする中国の大手企業が、ファーウェイのAIチップ「Ascend 950」の発注を急いでいると報じた。 同報道によると、需要の急増は、ファーウェイ製チップを搭載したDeepSeekのAIモデル「V4」の発表を受けてのものだという。 ロイター通信によると、クラウドコンピューティングやグラフィック処理ユニット（GPU）のレンタルサービスを専門とする企業も、受注獲得を目指しているという。 （マーケットチャッターのニュースは、世界中の市場関係者との会話に基づいています。この情報は信頼できる情報源に基づいていると考えられますが、噂や憶測が含まれる場合もあります。正確性は保証されません。）
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Research
Research Alert: Caterpillar Q1: Construction Machinery Restocking Enables Strong Results
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Caterpillar's (CAT) Q1 earnings beat expectations with EPS of $5.47 vs. the consensus of $4.64, as sales surged 22% Y/Y to $17.4B, supported by $2.3B from higher volumes and $426M from pricing. Despite tariff headwinds that pressured operating margins lower by 30 bps, operating profit rose 20% on strong sales growth. Growth stemmed from CAT's cyclical Construction segment rather than the increasingly important Power & Energy business. Management guided tariff costs at $2.2B-$2.4B for 2026. Construction Industries led with sales rising 38% to $7.2B and segment profit surging 50% to $1.54B, with margins expanding 160 bps to 21.4% despite tariff pressures from dealer restocking. Power & Energy maintained momentum with 22% sales growth to $7B; however, margins compressed 170 bps to 20.6% as tariff costs weighed, while power generation sales increased 41% to $2.8B on data center demand. Resource Industries disappointed, with segment profit plummeting 39% to $378M as margins compressed 700 bps to 10.0%.
$CAT
Research
Research Alert: Mo: Q1 Well Ahead Of Expectations; Guidance Unchanged
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Altria (MO) posted Q1 adjusted EPS of $1.32 vs. $1.23 (+7%), well above the $1.25 consensus. Net revenue rose 5.3% to $4.76B ($180M above consensus) as higher price realizations fully offset lower volumes, which declined 2.3% for smokeable products and 3.1% for oral tobacco. MO maintained 2026 adjusted EPS guidance of $5.56-$5.72, the midpoint of which is ahead of the $5.62 consensus and implies Y/Y growth of 2.5%-5.5% from the $5.42 earned in 2025. The company expects more balanced growth between the first and second halves of 2026, with guidance now contemplating moderated e-vapor industry growth impacts and increased macroeconomic uncertainty. MO repurchased $280M in shares and paid $1.8B in dividends during the quarter. Despite the big Q1 beat, MO shares are currently trading flat in pre-market trading, likely reflecting concerns as to why the company didn't raise full-year guidance considering the strength of Q1 results. However, we note that MO has a long history of providing conservative guidance.
$MO
Mining & Metals
OR Royalties Sells Stake in Osisko Metals for US$34.8 Million
OR Royalties (OR.TO) has sold its entire remaining non-core equity position in Osisko Metals (OM.TO), generating US$34.8 million in proceeds, Osisko Gold Royalties said Thursday.Osisko Gold Royalties also provided an update on its portfolio. The expanded and accelerated mine plan at Alamos Gold's (AGI.TO) Island Gold District in Canada is expected to transition a greater proportion of production from OR Royalties' current 1.38% net smelter return royalty (NSR) coverage to OR Royalties' 2.0% and 3.0% NSR royalty boundaries.Benz Mining (BZ.V) is conducting a 250,000 meter drill program at the Glenburgh gold project in Western Australia. OR Royalties holds a 1.08% gross revenue royalty on Glenburgh.Talisker Reosurces (TSK.TO) closed a C$52.1 million bought-deal financing in March as it expanded a 2026 diamond drill program at the Bralorne mine in British Columbia to 105,000 meters from 30,000 m. OR Royalties holds a 1.7% NSR royalty on Bralorne.PMET Resources (PMET.TO) has submitted an environmental and social impact assessment for the Shaakichiuwaanaan project in Quebec. OR Royalties's interests in the project includes a sliding-scale 1.5-3.5% NSR royalty on precious metals and 2.0% on lithium and other products.OceanaGold (OGC.TO) reported high-grade drill results from the Wharekirauponga project in New Zealand, including 14.9 meters at 16.3 grams per tonne gold. OR Royalties owns a 2.0% NSR royalty on the project.
$AGI.TO$BZ.V$OGC.TO$OM.TO$OR.TO$PMET.TO$TSK.TO