It’s been a tough start to 2023 for shareholders of Linde (LIN). The industrial gas giant was a relative winner in 2022 with its stock declining roughly 5% compared to the S & P 500 ‘s drop of around 19.4%. But the new year has not been so kind with three straight down sessions, including nasty pullbacks Tuesday and Thursday. For such a high-quality company with a track record for delivering consistent, double-digit earnings growth, this is not the stock price performance we have come to know for Linde. Let’s take a look at some of the recent news that’s negatively impacting the company to figure out if this pullback is a buying opportunity. Russia freezing Linde assets First off, while U.S. markets were closed to observe the New Year holiday, Reuters reported Monday that a Russian court froze about $488 million of Linde assets. The legal action was at the request of a Russian joint venture that Linde stopped working on. The halt in the business relationship was done to comply with European Union sanctions after Russia invaded Ukraine. Long story short, Linde was prepaid $1.8 billion for work on a project, and Russian energy giant Gazprom is suing Linde to get that money back. It’s all pretty technical, but here’s what an analyst at BMO Capital Markets said about the news: “High level, we view this as a negotiation tactic tied to LIN’s suspension of the project and the eventual settlement of accounts. As a reminder, LIN holds ~$1.8B of cash/payments from Gazprom and its partners for the Ust-Luga gas complex (LIN lists this as a liability on its bal sheet). With LIN having stopped work on the project, it will be expected to return the $1.8B of proceeds minus the hours worked and the value of the equipment (both currently being negotiated). The freezing of the assets and valuing them at $488mm is simply part of that ‘negotiation.'” We’re not in the business of trying to predict the legal outcome or how negotiations will go, but what you do need to know is that Linde lost about $3.9 billion of market value Tuesday, as traders in the U.S. got their first chance to react to the news. That’s far beyond the value of what Linde was paid to complete this project. Therefore, we see the recent pullback as an overreaction. The next question is does any of this matter to future earnings? The answer here is no. Shortly after Russia invaded Ukraine, Linde suspended business in Russia and announced plans to scale back operations. This means Russia has zero impact to forward earnings per share; it was excluded from Linde’s full-year 2022 guide and should not be factored into any analyst estimates for 2023 earnings. Again, we think the news was an overreaction. Upcoming Frankfurt delisting vote There is a second factor likely contributing to some of Linde’s declines over the past few days and it is harder to quantify. It relates to management’s proposal to delist from the Frankfurt Stock Exchange. Linde is currently listed on two different stock exchanges: the New York Stock Exchange in the United States and Germany’s Frankfurt Stock Exchange. Through extensive analysis, management concluded that a single stock listing in the U.S. could expand Linde’s valuation , which would benefit current shareholders. The voting on this proposal ends on Jan. 17 and should be known the day after at a shareholders’ meeting. If Linde shareholders approve the German delisting — and we think they will — some of the European investors and index managers who own the stock will be forced to sell because of restrictions. For example, some managers may be limited to only owning European listed stocks or track the German blue-chip DAX index. If Linde only trades on a US line, they can no longer hold it. While this forced selling could stretch out, what we think is happening Thursday, in the absence of any fundamental news, is that European investors trying to get ahead of the results of the vote. Declines in Linde’s industrial gas peer Air Products and Chemicals (APD) are relatively in line with the broader market selloff of more than 1% on the major benchmarks. Linde slide Thursday was more than 3%. Bottom line So, what are we doing with the stock? When we wrote our delist story in November, we said if there is a pullback related to so-called forced selling closer to the key dates, we would treat those declines opportunistically and look to buy. Linde is the type of company that can continue to perform well in a slowdown because of the resilience of its gas-selling markets, its pricing power, and productivity initiatives. Linde also has a huge opportunity to support the advancement of clean energy initiatives promoted through the U.S. government’s Inflation Reduction Act. And as we mentioned above, the Russia legal issues won’t have a material impact on Linde’s overall business. With some of the selling beginning to flush out but no changes to our positive long-term fundamental view, we are getting closer to upgrading our rating and potentially adding to our position. Linde is scheduled to report its fiscal fourth-quarter earnings on Feb. 7. While that may feel like a lifetime from now, at some point the fundamentals will matter again and all this technical pressure will take a back seat. We’re looking at a price at or below $300 to upgrade Linde back to a 1 rating as we have found that the company typically likes to ramp up its buyback program at those levels. We should note that Linde’s buyback is temporarily on pause until the upcoming shareholders’ meeting. It can resume repurchases afterward but under a predetermined plan until earnings. In our system, a 1 rating means we view the stock as a buy. Linde is currently a 2 rating, which means we’re waiting for a pullback to consider buying. (Jim Cramer’s Charitable Trust is long LIN. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
A liquid hydrogen tanker truck taking a fuel delivery at the Linde hydrogen plant in Leuna, Germany, on Tuesday, July 14, 2020.
Rolf Schulten | Bloomberg | Getty Images
It’s been a tough start to 2023 for shareholders of Linde (LIN).
In a high-tech move that we can all get behind and isn’t dystopian at all, the City of Barcelona is feeding camera data from its city buses into an advanced AI, but they swear they’re not using the footage to to issue tickets to bad drivers. Yet.
Barcelona and its Ring Roads Low Emission Zone have earned lots of fans by limiting ICE traffic in the city’s core. The city’s latest idea to promote mass transit is the deployment of an artificial intelligence system developed by Hayden AI for automatic enforcement of reserved lanes and stops to improve bus circulation – but while it seems to be working as intended, it’s raising entirely different questions.
“Bus lanes are designed to help deliver reliable, fast, and convenient public transport service. But private vehicles illegally using bus lanes make this impossible,” explains Laia Bonet, First Deputy Mayor, Area for Urban Planning, Ecological Transition, Urban Services and Housing at the Ajuntament de Barcelona. “We are excited to partner with Hayden AI to learn where these problems occur and how they are impacting our public transport service.”
Currently operating as a pilot program on the city’s H12 and D20 bus lines, the system uses cameras installed on the city’s electric buses to detect vehicles that commit static violations in the bus lanes and stops (read: stopping or parking where you shouldn’t). The Hayden AI system then analyses that data and provides statistical information on what it captures while the bus is driving along on its daily route.
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Hayden AI says that, while it photographs and records video sequences and collects contextual information of the violation, its cameras do not record license plates or people and no penalties are being issued to drivers or owners of the vehicles.
So far so good, right? But it’s what happens once the six mont pilot is over that seems like it should be setting off alarm bells.
Big Brother Bus is watching
“You are being recorded” sign in a bus; via Barcelona City Council.
The footage is manually reviewed by a Transports Metropolitans de Barcelona (TMB) officer, who reportedly reviewed some 2,500 violations identified by AI in May alone. But, while the system isn’t being used to issue violations during the pilot program, it easily could.
And, in fact, it already has … and the AI f@#ked up royally.
AI writes thousands of bad tickets
NYC issued hundreds of thousands of tickets; via NBC.
When AI was given the ability to issue citations in New York City earlier this year, it wrote more than 290,000 tickets (that’s right: two-hundred and ninety thousand) in just three months, generating nearly $21 million in revenue for the city. The was just one problem: thousands of those drivers weren’t doing anything wrong.
What’s more, the photos generated by the AI powered cameras were supposed to be approved only after being verified by a human, but either that didn’t happen, or it did happen and the human operator in question wasn’t paying attention, or (maybe the worst possibility) the violations were mistakes or hallucinations, and the human checker couldn’t tell the difference.
In OpenAI’s tests of its newest o3 and o4-mini reasoning models, the company found the o3 model hallucinated 33% of the time during its PersonQA tests, in which the bot is asked questions about public figures. When asked short fact-based questions in the company’s SimpleQA tests, OpenAI said o3 hallucinated 51% of the time. The o4-mini model fared even worse: It hallucinated 41% of the time during the PersonQA test and 79% of the time in the SimpleQA test, though OpenAI said its worse performance was expected as it is a smaller model designed to be faster. OpenAI’s latest update to ChatGPT, GPT-4.5, hallucinates less than its o3 and o4-mini models. The company said when GPT-4.5 was released in February the model has a hallucination rate of 37.1% for its SimpleQA test.
I don’t know about you guys, but if we had a local traffic cop that got it wrong 33% of the time (at best), I’d be surprised if they kept their job for very long. But AI? AI has a multibillion dollar hype train and armies of undereducated believers talking about singularities and building themselves blonde robots with boobs. And once the AI starts issuing tickets to the AI that’s driving your robotaxi, it can just call its buddy AI the bank to send over your money. No human necessary, at any point, and the economy keeps on humming.
But, like – I’m sure that’s fine. Embrace the future and all that … right?
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A new report from global energy think tank Ember says batteries have officially hit the price point that lets solar power deliver affordable electricity almost every hour of the year in the sunniest parts of the world.
The study looked at hourly solar data from 12 cities and found that in sun-soaked places like Las Vegas, you could pair 6 gigawatts (GW) of solar panels with 17 gigawatt-hours (GWh) of batteries and get a steady 1 GW of power nearly 24/7. The cost? Just $104 per megawatt-hour (MWh) based on average global prices for solar and batteries in 2024. That’s a 22% drop in a year and cheaper than new coal ($118/MWh) and nuclear ($182/MWh) in many regions.
Ember calls it “24/365 solar generation,” and it’s not just a theoretical model. Cities like Muscat, Oman, and Las Vegas can hit that steady power mark for up to 99% of the hours in a year. Hyderabad, Madrid, and Buenos Aires can reach 80–95% of the way there using that same solar-plus-storage setup with some cloud cover. And even cloudier cities like Birmingham in the UK can cover about 62% of hours annually.
“This is a turning point in the clean energy transition,” said Kostantsa Rangelova, global electricity analyst at Ember. “Around-the-clock solar is no longer a distant dream; it’s an economic reality of the world. It unlocks game-changing opportunities for energy-hungry industries like data centres and manufacturing.”
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This is an enormous opportunity for sunny regions in Africa and Latin America. Manufacturers and data centers could also tap into solar-plus-storage and skip long waits (and big bills) for new grid connections.
It’s not a silver bullet for grid-wide reliability, but it lets solar carry much more of the load, especially where sunshine is abundant. Batteries also help avoid costly grid expansions by allowing up to five times more solar to plug into existing connections.
In 2024 alone, global battery prices dropped 40%, which helped drive down solar-plus-storage costs by 22%. Record-low tenders from countries like Saudi Arabia point to even cheaper options coming soon.
Real-world projects are already online: The UAE built the world’s first gigawatt-scale 24-hour solar facility. Arizona is already home to solar-powered data centers. And as battery tech keeps improving, round-the-clock solar could become the backbone of clean energy systems in the world’s sunniest places.
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The Honda Prologue continues to surprise, ranking among the top ten most leased vehicles (gas-powered or EV) in the US in the first quarter. It was the only EV, outside of Tesla’s Model Y and Model 3, that made the list.
Honda Prologue EV ranks among most leased vehicles
After launching the Prologue in the US last March, Honda’s electric SUV took off. In the second half of the year, it was the second-best-selling electric SUV, trailing only the Tesla Model Y.
The Prologue remains a top-selling EV in the US this year, with over 13,500 units sold through May. That’s not too bad, considering it only sold 705 through May of last year.
According to a new Experian report (via Automotive News), Honda’s success is being driven by ultra-affordable lease rates. In the first quarter, nearly 60% of new EV buyers in the US chose to lease, up from just 36% a year ago.
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Three EVs ranked in the top ten most leased vehicles, including the Tesla Model Y, Model 3, and Honda Prologue.
2025 Honda Prologue Elite (Source: Honda)
Tesla’s Model Y and Model 3 took the top two spots, while the Honda Prologue ranked number seven. Those who leased Tesla’s Model 3 paid $402 per month, Honda Prologue lessees paid $486 a month.
Given the average loan rate was $708 a month for those who bought it, it’s no wonder nearly 90% chose to lease. Under 9% chose to buy, while less than 2% paid cash.
To give you a better idea, the average monthly payment for a new vehicle lease in the US in the first quarter was $595.
With over $20,000 in discounts, Honda’s luxury Acura brand is selling a surprising number of EVs in the US. The nearly $65,000 Acura ZDX is sold for under $40,000 on average in May, according to Cox Automotive’sEV Market Monitor report for May.
2024 Acura ZDX (Source: Acura
The trend is primarily thanks to the $7,500 federal EV tax credit, which is being passed on to customers through leasing.
With the Trump administration and Senate Republicans aiming to kill off federal subsidies, the savings could soon disappear. If the Senate’s recently proposed bill is passed, the $7,500 credit would expire within 180 days. It would not only make electric vehicles more expensive, but it would also put the US further behind China and others leading the shift to electrification.
2025 Chevy Equinox EV LT (Source: GM)
Some automakers, including GM, are expected to continue offering the incentives. “GM has been very competitive on the incentives on their end, and that is not scheduled to end.”
After outselling Ford, GM’s Chevy is now the fastest-growing EV brand in the US through May. Chevy is starting to chip away at Tesla’s lead, largely thanks to the new Equinox EV, or “America’s most affordable +315 range EV,” as GM calls it.
2025 Chevrolet Equinox EV RS (Source: GM)
According to Xperian, those who leased a new Chevy Equinox EV in Q1 paid $243 less than those who financed it. The electric Equinox stood out in Cox Automotive’s EV Market Monitor report with an average selling price under $40,000, even without incentives.
The Chevy Equinox EV remains one of the most affordable EVs on the market. Starting at just $34,995, the base LT FWD model offers an EPA-estimated range of 319 miles.
Looking to test out some of the most popular EVs for yourself? With Honda Prologue leases as low as $259 per month and Chevy Equinox EV leases starting at just $289 per month, the deals are hard to pass up right now while the incentives are still here. You can use our links below to find models in your area.
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