Companies

Eight days ago, I wrote here about Anthropic’s forthcoming IPO, which will likely be the second most-watched in financial market history, after SpaceX’s float in June. 

What’s worrying is that since that post, a raft of Australian publications have run articles either promoting the Initial Public Offering (IPO) or advising investors on how to participate.

Unfortunately, some of these articles fail to provide anything close to comprehensive analysis, yet they confidently conclude the IPO ‘looks good’. continue…

by Roger Montgomery Posted in Companies, Manufacturing, Market commentary, Market Valuation.

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For nearly two years, it has been an article of faith that the artificial intelligence (AI) revolution would fund its own momentum, and any enterprise failing to allocate exorbitant amounts of capital risks irrelevance.

More recently, however, that narrative has frayed under the weight of escalating capital expenditure (capex), declining free cash flows, and growing investor fatigue, if not nervousness, about the circular financing, which has escalated again with chip makers Nvidia, AMD, and Broadcom recently acting as US$5 billion cornerstone investors in Meta Platforms’ US$25 billion stock sale. continue…

by Roger Montgomery Posted in Companies, Insightful Insights, Market commentary, Technology & Telecommunications.

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I previously reported on Matt Stoller’s incisive insights into the abuse of monopoly power. Last week he reported on U.S. delivery company DoorDash’s proposed US$17 billion takeover of grocery channel operator Instacart.

While the business press is largely treating this transaction as a routine play for market dominance in food and grocery delivery, Stoller argues that the merger represents something far more fundamental. In his view, the real story isn’t just app-based delivery; it’s an ongoing effort by major tech platforms to dismantle the classic employer-employee framework that defined 20th-century life. continue…

by Roger Montgomery Posted in Companies, Market commentary.

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Well, if you didn’t know it already, Anthropic, the startup behind the Claude chatbot ecosystem, filed a Form S-1 with the Securities and Exchange Commission this week, officially launching what may be the most-watched initial public offering (IPO) in history. continue…

by Roger Montgomery Posted in Companies.

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Until now, Wall Street has been treating generative artificial intelligence (AI) as a license to justify virtually any valuation, no matter how lofty.

Aggressive spending today to dominate the architecture of tomorrow’s economy has led equity and bond investors to fall over themselves to avoid missing the next transformation of humanity.

However, over the last 24 hours, the market’s patience seems to have cracked. continue…

by Roger Montgomery Posted in Companies, Editor's Pick, Global markets, Insightful Insights, Market commentary.

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On Ausbiz, I discussed the mounting pressures facing Australian retailers, using David Jones’ financial difficulties as a reflection of broader challenges across the sector. We also explored the potential flow-on effects for Australian brands, employment and shopping centres, as rising costs and weaker consumer spending continue to weigh on retailers.

You can watch the episode here: David Jones’ woes and the domino effect. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary, Economics, Editor's Pick, Market commentary, TV Appearances.

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In this video, I discuss why Megaport (ASX: MP1) has become one of our highest-conviction holdings, including its position in AI infrastructure, differentiated data centre strategy and potential to benefit from growing demand for AI inference.

Disclaimer: The Montgomery Small Companies Fund owns shares in MP1. This video was prepared 14 September 2026 with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to trade MP1, you should seek financial advice.  continue…

by Gary Rollo Posted in Companies, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.

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Magellan Financial Group’s operating profit for the 2026 financial year (FY26) modestly beat consensus, but the quality of the result was read as weaker, with pressure in investment management and a softer-than-expected contribution from Barrenjoey offset by unusually strong distribution income. Meanwhile, the conference call revealed several additional headwinds that lower the starting point for the 2027 financial year (FY27). continue…

by Roger Montgomery Posted in Companies, Financial Services.

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Harvey Norman Financial Year 2026 (FY26) results: Australian squeeze, overseas drag, and what it signals for the broader economy

Harvey Norman Holdings (ASX: HVN) released its FY26 full-year financial results and early FY27 trading update. While property revaluations boosted top-line profit, the underlying retail and franchising operations reflect the well-documented challenges in the domestic consumer environment, as well as overseas operational challenges. continue…

by Roger Montgomery Posted in Companies, Consumer discretionary.

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For investors who still think of NRW Holdings (ASX:NWH) as simply a mining contractor, the Financial Year 2026 (FY26) result provides a useful reason to update that view. NRW has developed into a much broader Australian industrial contracting business, providing contract mining, drill-and-blast, engineering, and civil construction services to resources and infrastructure customers. Its activities span Civil, Mining, Minerals, Energy & Technologies and, following the acquisition of Fredon, a growing range of infrastructure-related work. Its exposure now stretches across mining, public infrastructure, data centres, defence, health and renewables. continue…

by Roger Montgomery Posted in Companies, Economics, Editor's Pick, Energy / Resources, Small Caps, Stocks We Like.

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