Elon Musk Could Earn Massive Bonus if SpaceX Colonizes Mars

Posted on May 21, 2026 by Ignacio Teson

SpaceX disclosed that Elon Musk will only be eligible for extraordinary bonus compensation if he succeeds in sending one million people to Mars and meets unprecedented valuation milestones.

The company revealed one of the most striking clauses in its highly anticipated initial public offering (IPO): Musk would only unlock a massive incentive package if he achieves one of his most ambitious long-term goals — establishing a self-sustaining settlement of one million people on Mars.

The condition is outlined in the prospectus filed on Wednesday with U.S. regulators as part of SpaceX’s IPO process. The company is expected to list on the Nasdaq under the ticker “SPCX”.

The compensation structure directly links Musk’s future wealth to the Mars colonization project he has championed for years, which he has repeatedly described as essential for the long-term survival of humanity.

Bonus tied to SpaceX valuation and Mars milestones

According to the filing, Musk’s extraordinary bonus is subject to two core conditions.

The first is that SpaceX must reach valuation thresholds ranging from $400 billion to as much as $6 trillion.

The second requirement is even more ambitious: the company must successfully transport and establish one million people on Mars.

The structure reportedly surprised Wall Street due to its scale and the nature of its targets, which are closer to science fiction than traditional corporate compensation frameworks.

Musk’s potential net worth surge

Beyond the performance-linked bonus, the IPO itself could already position Musk as the wealthiest individual in modern history.

At a projected valuation of around $1.75 trillion for the offering, Musk’s current stake in SpaceX would be worth an estimated $735 billion.

This valuation would be reached even before any meaningful progress toward Mars colonization is achieved.

SpaceX is also shaping up to be one of the largest IPOs ever launched on Wall Street.

The second target: orbital data centers

The prospectus also outlines a second extraordinary compensation package tied to another frontier technology goal.

Under this scenario, Musk could receive 60 million additional shares if SpaceX succeeds in building orbital data centers capable of delivering 100 terawatts of computing capacity per year.

This figure would far exceed the scale of any existing computing infrastructure on Earth.

The initiative is closely linked to the rapid expansion of artificial intelligence and the surging global demand for energy and computational power.

Value Stocks Have Soared 3,500% Over the Past Two Decades

Posted on May 21, 2026 by Ignacio Teson

These stocks doubled the performance of the S&P 500 between January and April, posting a 12.1% gain over that period, as investors increasingly seek assets less exposed to technology-driven volatility.

Wall Street operators are ready for the earnings season.

Value stocks are regaining traction on Wall Street, supported by strong corporate balance sheets, improving earnings growth, and more reasonable valuations compared with other segments of the market. In an environment where investors are looking for safer alternatives to high-flying tech names, several strategists argue that fundamentally solid companies could continue delivering attractive returns in 2026.

According to Bloomberg Intelligence, a value-focused portfolio has returned 3,471% since 2000, significantly outperforming the S&P 500 over the same period, by more than a fourfold margin.

The strategy has also beaten the benchmark by more than two times so far this year through April, with a 12.1% advance during that span.

Wall Street Turns Back to Value

The appeal of value stocks lies in their lower valuation multiples combined with steady improvements in financial performance.

This renewed interest comes amid a strong corporate earnings cycle in the United States, with S&P 500 companies expected to post their fastest profit growth in more than four years in 2026. The expansion is being driven by investments in artificial intelligence, operational efficiency, and a still-resilient economy despite geopolitical tensions and inflationary pressures.

Valuations have also moderated even as equity indexes reach record highs. The S&P 500 price-to-earnings ratio has declined from above 25x to around 21x, supported by stronger earnings growth. In the technology sector, the adjustment has been even more pronounced, with average multiples falling from 36x to roughly 25x.

Focus on Financials and Industrials

Within the value universe, analysts are increasingly focusing on financial and industrial companies showing both earnings strength and strong market performance.

Names such as Axos Financial and Esquire Financial Holdings have improved their “relative strength” metrics, a measure used to compare stock performance against the broader market. Both companies have also reported accelerating earnings and revenue growth in recent quarters.

Meanwhile, major investment banks remain constructive on U.S. equities. Morgan Stanley recently raised its S&P 500 target, citing strong corporate earnings and the productivity boost driven by artificial intelligence.

However, risks remain. A “higher-for-longer” interest rate environment, persistent inflation, or a slowdown in AI-related spending could dampen market enthusiasm. For now, though, the combination of solid earnings and more balanced valuations continues to support demand for value stocks.

Nvidia Raises Dividend by 2,400%: How the Big Tech Dividend Rankings Stand

Posted on May 21, 2026 by Ignacio Teson

NVIDIA, the world’s most valuable publicly traded company, delivered another strong earnings report and shattered multiple records.

Nvidia's earnings report is sure to move the stock market. — Nvidia’s earnings report is sure to move the stock market.

Yet one of the biggest surprises for investors was its decision to increase its dividend by 2,400%, making the chipmaker far more competitive with other major technology companies in terms of shareholder payouts.

[[NVDA/USD-graph]]

The company’s board approved an increase in the quarterly dividend from $0.01 per share to $0.25 per share. The payment will be made on June 26, 2026, to shareholders of record as of June 4.

As a result, Nvidia now offers an annual dividend yield of approximately 0.45%, placing it in line with several large-cap technology peers such as Microsoft and Alphabet.

The Top Dividend-Paying Technology Giants

According to data compiled by Finviz, the ranking of major technology companies by annual dividend yield now looks as follows:

Broadcom Leads the Group

Broadcom tops the list with a dividend yield of 0.95%. The company has become one of the key beneficiaries of the artificial intelligence boom thanks to its data center chips and infrastructure solutions.

Close behind is Taiwan Semiconductor Manufacturing Company (TSMC), also offering a yield of 0.95%. The company remains one of the few high-growth semiconductor leaders that also provides a meaningful cash return to shareholders.

Microsoft Combines Growth and Income

Microsoft ranks next with a dividend yield of 0.88%, reflecting the financial maturity of one of the world’s largest technology companies.

The software giant continues to balance dividend distributions and share repurchases while aggressively expanding its cloud computing and artificial intelligence businesses.

Apple, Meta, and Alphabet Offer More Modest Yields

Apple currently offers a dividend yield of 0.36%, relatively modest despite its enormous cash generation. Apple has historically prioritized large-scale share buybacks over aggressive dividend increases.

Meta Platforms, the parent company of Facebook and Instagram, provides a yield of 0.33%. The dividend is a recent addition to Meta’s capital allocation strategy and reflects a greater emphasis on returning cash to shareholders.

Alphabet offers a dividend yield of 0.22%. The Google parent company only recently initiated dividend payments after years of directing virtually all excess cash toward growth initiatives and technological development.

Companies That Pay Little—or Nothing

Further down the list is Micron Technology, with a dividend yield of just 0.08%.

Meanwhile, Amazon and Tesla do not currently pay dividends at all.

In both cases, management prefers to reinvest profits into expansion projects, acquisitions, and technological innovation, betting that long-term growth will generate greater value for shareholders than regular cash distributions.

Brazil Faces Sharp Foreign Capital Outflows

Posted on May 21, 2026 by Ignacio Teson

In addition to a challenging global backdrop, a series of recent political developments has prompted foreign investors to reassess their expectations ahead of Brazil’s presidential election.

Brazil has experienced a significant wave of foreign capital outflows in recent weeks. The trend reflects not only deteriorating global market conditions but also the recent decline of right-wing candidate Flavio Bolsonaro in opinion polls. Analysts broadly agree that the phenomenon is unlikely to have an immediate impact on Argentina, although they caution that pressures on the Brazilian real could eventually spill over into regional currency markets.

According to data compiled by Delphos Investment, foreign investors withdrew 2.47 billion reais (approximately $492 million) from Brazilian markets on Friday alone.

“This was not an isolated event but rather the culmination of a sequence of 19 outflow sessions in the last 21 trading days, totaling more than 22 billion reais ($4.38 billion) over the past month and reversing more than 25% of the foreign inflows recorded earlier this year,” the firm noted.

As a result, Delphos estimates that May is on track to become the worst month of the year for offshore capital flows, following first-quarter inflows of nearly 54 billion reais ($10.76 billion), which had marked the strongest start to a year since 2022.

Global Factors Drive Risk Aversion

The selloff has a clear external component driven by rising risk aversion and higher long-term global interest rates.

U.S. Treasury yields — widely regarded as the benchmark for risk-free assets — have risen sharply amid expectations that global inflation could remain higher than previously anticipated due to the conflict in the Middle East. That leads investors to reduce exposure to emerging markets, resulting in capital outflows.

Polls Turn Against Bolsonaro

At the same time, domestic political developments have added to investor concerns.

According to Zabaleta, recent polling suggests that Flavio Bolsonaro has lost ground against incumbent President Luiz Inácio Lula da Silva following allegations linking Bolsonaro to former banker Daniel Vorcaro, who is currently imprisoned on fraud-related charges.

Reports indicated that the senator allegedly held discussions with former Master Bank CEO Daniel Vorcaro regarding potential financing for a film about his father, former President Jair Bolsonaro.

The controversy has affected the electoral landscape. Between late 2025 and April of this year, Flavio Bolsonaro had narrowed the gap with Lula in hypothetical runoff scenarios, and Brazilian assets had increasingly reflected expectations of a more competitive race.

However, the latest AtlasIntel poll released this week — the first to fully incorporate the impact of the Master Bank controversy — showed Lula leading Bolsonaro by more than seven percentage points.

As a result, investors are now assigning a lower probability to a political shift in Brazil following the October election.

Even so, analysts emphasize that the electoral race remains in its early stages. Presidential candidates have yet to be formally confirmed, with final nominations expected in August ahead of the general election scheduled for October 4.

Wall Street Rallies Ahead of Nvidia Earnings as Oil Prices Pull Back

Posted on May 20, 2026 by Ignacio Teson

The key event of the day will be the release of quarterly results from NVIDIA, while sovereign bond markets show signs of easing after recent volatility.

Major U.S. stock indexes traded higher on Wednesday, led by technology shares, reversing the losses from the previous session. Investor attention is firmly focused on Nvidia’s earnings report, due after the close, from the world’s largest company by market capitalization.

In commodities, oil prices extended their decline but remained well above the $100 per barrel mark amid ongoing uncertainty over the Middle East conflict. Brent crude fell 6.2% to $105.30 per barrel, while U.S. WTI crude dropped 5.2% to $98.19 per barrel.

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Global Market Impact

Reports from Axios and The Times of Israel suggested progress on a draft memorandum in which Iran would agree to transfer its highly enriched uranium stockpile to a third country, refrain from operating underground nuclear facilities, and accept enhanced inspections by the IAEA.

Meanwhile, the bond market — which had experienced sharp volatility in recent sessions — saw yields ease across major government debt benchmarks, including U.S. Treasuries, as well as bonds in Japan, the United Kingdom, and Germany.

In Europe, equities rallied broadly, with the Euro Stoxx index rising 1.97%. Germany’s DAX gained 1.28%, while France’s CAC 40 added 1.79%. Outside the eurozone, the UK’s FTSE 100 advanced 0.99%.

[[DAX-graph]]

In Asia, sentiment was mixed. Hong Kong’s Hang Seng slipped 0.18% and Shanghai fell 0.32%, while South Korea’s Kospi dropped 2.70% and Japan’s Nikkei 225 closed 1.34% lower.

Wall Street Drivers

In this context, U.S. equities moved higher. The S&P 500 rose 0.91%, the Nasdaq Composite gained 1.35%, and the Dow Jones Industrial Average advanced 1.12%.

Top gainers included Enphase (+14%), Super Micro Computer (+10%), and United Airlines Holdings (+10%). On the downside, Hasbro (-8%), Analog Devices (-5%), and Target (-5%) led declines.

The defining event of the session remains Nvidia’s quarterly earnings release after the closing bell. The report is seen as a key test for the artificial intelligence investment narrative, particularly in light of recent strategic developments involving CEO Jensen Huang’s engagement with policymakers in Beijing and Washington, and their potential implications for Nvidia’s China exposure.

China Seeks to Purchase 200 Boeing Aircraft and Extend Tariff Truce With the U.S.

Posted on May 20, 2026 by Ignacio Teson

Beijing confirmed the purchase following the summit between Chinese President Xi Jinping and U.S. President Donald Trump, which also produced commitments on agriculture and critical minerals aimed at stabilizing bilateral relations.

Boeing will provide China at least 200 planes.

China announced on Wednesday that it will buy 200 aircraft from Boeing and said it will request an extension of the current trade truce with the United States, which is set to expire in November. The announcement comes as part of a broader set of agreements reached after the recent Trump–Xi summit.

China’s Ministry of Commerce confirmed the deal in an official statement, though it did not disclose the specific aircraft models involved. As part of the agreement, the United States will guarantee the supply of aircraft engine parts and components to Chinese buyers.

If completed, the order would mark the first major Chinese purchase from Boeing in nearly a decade, after the U.S. manufacturer was effectively sidelined from the world’s second-largest aviation market amid escalating trade tensions between Washington and Beijing.

However, the reported figure is significantly lower than comments made by Trump earlier this week, when he suggested that total purchases could reach as many as 750 aircraft powered by next-generation engines from GE Aerospace.

Tariff Truce Under Negotiation

China’s commerce ministry emphasized that U.S. tariffs on Chinese goods should not exceed the ceiling established under last year’s Kuala Lumpur understanding, which preceded the Trump–Xi meeting in South Korea that extended the truce by one year and included a temporary pause on China’s restrictions on rare earth exports and magnets.

On tariffs, both sides are reportedly aiming for reciprocal reductions worth $30 billion or more, according to the Xi administration.

However, Washington’s tone remains cautious. U.S. Treasury Secretary Scott Bessent told Reuters that the Trump administration is “not in a hurry” to renew the critical minerals agreement, signaling further rounds of negotiations ahead.

Agriculture and Market Access

The White House said on Sunday that China has committed to purchasing at least $17 billion in U.S. agricultural products between 2026 and 2028, excluding a separate soybean agreement. Beijing has not confirmed the figure, but acknowledged “positive outcomes” in the agricultural sector and reciprocal market access arrangements.

Concretely, China will resume registration of eligible U.S. beef exporters and restart imports of certain American poultry products. In return, the United States has pledged to remove or reduce non-tariff barriers affecting Chinese agricultural exports, including dairy products.

Wall Street at Record Highs: Four Risks Threatening the Tech Rally

Posted on May 20, 2026 by Ignacio Teson

Wall Street’s record highs can no longer be explained solely by enthusiasm surrounding artificial intelligence.

Behind the rapid development of AI technologies — particularly within the semiconductor industry — there is a very real boom in capital spending on data centers, chips, memory, energy, and digital infrastructure. However, the explosive growth in AI-related assets is also exposing increasing fragility beneath the surface of the market rally.

Price gains are becoming increasingly concentrated in a small group of companies, while the broader market fails to keep pace. At the same time, valuations are pricing in an exceptionally optimistic future for the sector, and the liquidity that fueled the rally may not last indefinitely.

[[SPX-graph]]

What Valuations Are Signaling

In 2026, Wall Street’s main technology ETF, the Technology Select Sector SPDR, has surged roughly 23.7% — nearly three times the 8.5% return delivered by the broader market ETF. Meanwhile, the Nasdaq has climbed 16.3%, almost double the performance of the S&P 500.

Within the technology rally, semiconductor stocks have led the gains. The PHLX Semiconductor Index has jumped nearly 173% year-over-year, marking its strongest advance since the peak of the dot-com bubble in 2000 — a comparison that is increasingly raising concerns among investors.

Part of those gains are supported by genuine fundamentals. With nearly 90% of S&P 500 companies having already reported first-quarter earnings, 84% exceeded analyst expectations, while aggregate earnings growth reached 27.7% year-over-year — the fastest pace since late 2021.

Technology companies have led that expansion, posting earnings growth of 50.7%. However, that figure falls to 28.5% when excluding NVIDIA and Micron Technology.

Four Risks the Market Cannot Ignore

1. Extreme Concentration and Weak Market Breadth

The first risk is structural and already visible in the market itself.

According to data from BTIG, the S&P 500 recently closed 7.7% above its 50-day moving average, while only 52% of its components traded above their own 50-day averages.

Over the past 30 years, the market had never experienced a situation where the index traded more than 7% above its moving average while fewer than 55% of stocks participated in the rally.

This reflects the growing concentration in mega-cap technology companies, which continue driving indexes to new highs even as much of the broader market struggles under geopolitical volatility and economic uncertainty.

2. Valuations Pricing in a Near-Perfect Scenario

The second risk lies in valuations themselves.

Corporate earnings growth is real, but stock prices now assume a future that must unfold almost perfectly. The 10 best-performing stocks in the Nasdaq 100 over the past year gained an average of 784%, surpassing the 622% average increase recorded by the top-performing stocks before the March 2000 dot-com peak.

As a result, comparisons with the dot-com bubble are becoming increasingly difficult to ignore.

3. The Reversal of Global Liquidity

The third risk is less visible but potentially more systemic.

The technology rally is not driven solely by AI optimism. It has also been supported by an enormous amount of global liquidity that was never fully absorbed after years of aggressive monetary stimulus.

The expansion of central bank balance sheets that began during the 2008 financial crisis never truly reversed and accelerated even further during the pandemic. Higher interest rates have only partially drained that liquidity from the financial system.

If global liquidity conditions tighten further, risk assets — particularly high-growth technology stocks — could face significant pressure.

4. Geopolitical Shock and Persistent Inflation

The fourth risk comes from geopolitics and inflation.

Oil prices recently climbed back above $100 per barrel amid the conflict between the United States and Iran, contributing to a rebound in U.S. inflation during April and reigniting uncertainty over the Federal Reserve’s monetary policy path.

The current concern is that the conflict could continue, crude oil prices could remain in triple digits, and central banks may be forced to adopt an even more restrictive monetary stance at a time when risk asset valuations are already stretched to extreme levels.

SpaceX Nears Historic IPO Led by Goldman Sachs

Posted on May 20, 2026 by Ignacio Teson

SpaceX is moving closer to what could become the largest IPO in history. The aerospace and artificial intelligence company founded by Elon Musk is reportedly preparing to file for its stock market debut this week, with a valuation expected to exceed $2 trillion.

Goldman Sachs will take the lead role in the offering, alongside Morgan Stanley as co-lead underwriter. According to sources familiar with the process, Bank of America, Citigroup, and JPMorgan Chase are also included in the underwriting syndicate, though with smaller roles.

The company could publicly submit its IPO filing as soon as Wednesday, according to earlier reports from Bloomberg News.

In public offerings, the placement of banks on the front page of the prospectus typically reflects a more active role in the deal and often a larger share of underwriting fees.

A Valuation Above $2 Trillion

SpaceX is reportedly aiming to raise as much as $75 billion through the IPO, which would easily surpass the record-breaking 2019 public offering of Saudi Aramco, which raised $29.4 billion.

Investor enthusiasm around SpaceX has been fueled by the rapid growth of its reusable rocket business, satellite operations, Starlink internet services, and expanding artificial intelligence initiatives.

Over the past several years, the company has established itself as one of the most strategically important players in the global aerospace and technology industries, securing multi-billion-dollar contracts with both private-sector clients and the U.S. government.

Wall Street Eyes Massive Fees

The scale of the offering is also expected to generate extraordinary fees for Wall Street banks.

Sources close to the deal said underwriting commissions could significantly exceed those typically associated with traditional IPOs due to the unprecedented size of the transaction.

Several international banks are also expected to play regional distribution roles:

Barclays will oversee UK-related orders.
Deutsche Bank and UBS will handle European distribution.
Royal Bank of Canada will coordinate Canadian orders.
Mizuho Financial Group will manage Asian demand.
Macquarie Group will focus on Australia.

The transaction is expected to become one of the most closely watched events on Wall Street, not only because of its historic size but also because of its potential impact on investor appetite for artificial intelligence, defense, aerospace, and advanced technology companies.

Which Stocks Are Being Hit Hardest by the Selloff in U.S. Treasury Bonds?

Posted on May 20, 2026 by Ignacio Teson

Not all Wall Street stocks react the same way to the surge in U.S. Treasury yields, which in some cases have climbed above the 5% threshold. As bond prices fall and yields rise, financing becomes more expensive, risk appetite declines, and equity valuations come under pressure.

The surge in bond yields continues today

In this environment, the most vulnerable companies tend to be small-cap stocks, consumer-related firms, homebuilders, and parts of the technology sector. According to analysts cited by Reuters, the move higher in yields reflects persistent inflation concerns and expectations that interest rates will remain elevated for longer.

The 10-year U.S. Treasury yield recently climbed above 4.6%, while the 30-year yield briefly breached the symbolic 5% level — thresholds that historically tend to create turbulence in equity markets.

Rising Yields, Falling Stocks

One of the hardest-hit segments is small-cap equities. These companies typically rely more heavily on credit markets and domestic consumption, making them particularly sensitive to higher interest rates.

Small companies are more exposed to both consumer demand and capital markets — two factors that tend to weaken when borrowing costs rise.

In addition, many of these firms have limited current profitability, with valuations driven largely by expectations of future earnings. When Treasury bonds offer higher “risk-free” returns, those future cash flows become less attractive in present-value terms.

Consumer and Housing Under Pressure

Consumer discretionary stocks are also among the most exposed.

Higher interest rates combined with rising energy prices create a “double squeeze” on households: more expensive borrowing and higher day-to-day costs. This particularly affects retailers, leisure companies, and non-essential spending businesses.

The housing and construction sectors are also feeling the impact. Mortgage rates rise alongside Treasury yields, which can quickly cool demand. Portfolio manager Seth Hickle of Mindset Wealth Management noted that elevated rates may lead many buyers to “reconsider that purchase.”

Technology: High Valuations Under Strain

Technology — especially growth stocks and semiconductors — is another key pressure point. Because much of their valuation is based on future earnings, higher discount rates hit them more directly.

Richard Reyle of Questar Capital Partners warned that the rapid rise in yields “could threaten the leadership of the technology sector.”

Even so, some analysts argue that large-cap tech companies may prove more resilient thanks to strong balance sheets and robust earnings growth, which help cushion the impact of higher rates.

Global Sovereign Bond Selloff Intensifies as Investors Reassess Inflation Risk

Posted on May 20, 2026 by Ignacio Teson

The impact of rising oil prices on global inflation, the possibility of further interest rate hikes by central banks, and weakening fiscal dynamics across major economies have triggered alarm bells among investors.

Since late last week, sovereign bonds across the world’s leading economies have come under heavy selling pressure, pushing yields to multi-year highs and spreading volatility into Wall Street’s equity markets.

The clearest example is the yield on the 10-year U.S. Treasury bond — widely considered the main benchmark for the global economy — which currently stands at 4.672%, its highest level since the first week of 2025.

The current level of long-term U.S. Treasury yields is significant because it signals a broader shift in the global cost of capital. When the risk-free rate rises, financial assets across the world must reprice, including equities, corporate credit, emerging-market debt, and sovereign bonds.

For instance, Germany’s 10-year sovereign bond yield has climbed to its highest level since 2011, while UK government bond yields have reached levels not seen since 2008. Japan’s 10-year bond yield is now at its highest point since 1996.

War and Inflation Reignite Bond Market Fears

This sharp move in bond markets reflects a combination of short- and long-term factors.

“In the near term, the surge in crude oil prices has once again put pressure on inflation expectations, reducing hopes for rate cuts from the Federal Reserve and forcing markets to demand higher yields,” analysts noted.

The negative surprise in U.S. wholesale inflation data for April, released just days ago, also acted as a major catalyst for rising interest rates and deteriorating market sentiment.

Analysts at the Schwab Center for Financial Research (SCFR) argued that the moves “may partly reflect disappointment over the lack of progress with Iran” following meetings between U.S. President Donald Trump and Chinese President Xi Jinping, as well as concerns that geopolitical tensions could escalate again after Trump’s trip to China concludes.

ING analyst Padhraic Garvey echoed that view. “This shift began on the Friday following the conclusion of the U.S.-China summit. That day saw significant net selling of Treasuries, pushing real yields sharply higher,” he explained.

As a result, markets have started pricing in the possibility that the Federal Reserve could raise interest rates again. According to the CME Group’s FedWatch Tool, investors now assign a 58% probability to a rate hike at the Fed’s December meeting. By April 2027, that probability rises to 80%.

Structural Fiscal Concerns Add Long-Term Pressure

Beyond short-term geopolitical risks, investors are increasingly worried about deteriorating fiscal conditions in developed economies.

Major advanced nations continue to run elevated fiscal deficits, issue growing amounts of debt, and rely heavily on external financing. That dynamic has forced investors to demand higher risk premiums to hold long-dated sovereign bonds.

The United Kingdom and Japan have become particularly important examples of this trend.

In the UK, markets are concerned that the departure of Prime Minister Keir Starmer could pave the way for a more fiscally expansionary government at a time when British public debt is already at its highest level since the 1960s.