The Q2 2026 Letter from Ron is here. Our Founder and CEO @RonBaronAnalyst shares his thoughts on: · @MSCI_Inc and the case for investing in long-term opportunity over near-term profits · @Tesla's robotaxi economics · @elonmusk's discussion with Jamie Dimon about leadership · A conversation with Claude on this year's Conference theme: "I think you should..." Read the full letter here: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of June 30, 2026 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.9%), Baron Focused Growth Fund (6.4%), Baron Global Opportunity Fund (1.5%), Baron Opportunity Fund (4.7%), Baron Partners Fund (14.1%*), Baron Technology ETF (3.2%), Baron First Principles ETF (12.4%), Baron Risk Optimized Large Cap ETF (2.1%); MSCI Inc. - Baron Asset Fund (1.0%), Baron Durable Advantage Fund (3.0%), Baron Focused Growth Fund (5.0%), Baron Generational Growth Fund (19.5%), Baron Partners Fund (3.9%*), Baron Financials ETF (3.6%), Baron First Principles ETF (4.5%), Baron SMID Cap ETF (1.9%), Baron Global Durable Advantage ETF (2.3%), Baron Risk Optimized Large Cap ETF (0.9%). *% of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. The discussion of market trends is not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed in this email reflect those of the respective writer. Some of our comments are based on management expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from our expectations. Our views are a reflection of our best judgment at the time and are subject to change at any time based on market and other conditions and Baron has no obligation to update them. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.

At $85 per $HYPE: ​That means during Genesis Airdrop ​18.9% of wallets got >$85,000 ​4,700 wallets → $85.0K - $348.5K (9.1%) 2,900 wallets → $348.5K - $1.39M (5.6%) 1,400 wallets → $1.39M - $5.57M (2.8%) 570 wallets → $5.57M - $22.27M (1.1%) 147 wallets → $22.27M - $85.0M (0.3%) ​Absolute madness. Hyperliquid

Singapore benefits from strong global AI-driven demand. But higher global oil prices and slower global demand are expected to weigh on the outlook. Growth is projected to moderate from 5.0% in 2025 to 4.8% in 2026, while inflation is expected to rise from 0.9% to 2.1%. Continued AI adoption and workforce transformation will be essential to strengthening competitiveness. As its prepares to assume the ASEAN Chairmanship in 2027, Singapore can also help advance regional integration through its strong regulatory regime and financial innovation capabilities.

In early August, MLCC suppliers experienced across-the-board growth in order intake and shipments, with Japanese and Korean suppliers—namely Murata, SEMCO, Taiyo Yuden, and Kyocera—seeing their order backlogs steadily mount. The MLCC industry’s overall BB ratio has climbed up to 1.1, compared to 1.08 in July. Among Japanese and Korean suppliers, Murata, Taiyo Yuden, Kyocera, and SEMCO have all posted BB ratios exceeding 1.2, with the exception of TDK at 0.95. Suppliers based in Taiwan and Mainland China have also benefited from the spillover of orders for mid-to-high-capacitance consumer MLCCs, lifting their average BB ratios above 0.9. Capitalizing on the voracious demand for high-end MLCCs used in AI servers, both SEMCO and Murata posted 2Q26 earnings that outperformed expectations. Murata has even revised its full-year 2026 revenue guidance upward to JPY 2.11 trillion, reflecting a 15% YoY increase. TrendForce projects that the supply-demand gap for AI server MLCCs will persist into 4Q26, signaling that the MLCC industry has entered the early stages of an upward cycle. 📊 For more: