Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end</li>
<li>Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Speculative Growth Themes Still Leading; Nuclear Stocks are Going... Nuclear. We highlight many speculative stocks to buy that we believe will continue to outperform into year-end
Software (IGV), semiconductors (XSD), (IPO), ARK (ARKK and ARKW), uranium (URA), hydrogen (HYDR), quantum computing (IONQ, RGTI, QUBT, QBTS), A.I., nuclear, robotics, drones, autonomous driving, EV batteries, energy storage,bitcoin,data centers


Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.</li>
<li>A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).</li>
<li>The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. </li>
</ul>


Their mission is to deliver up to 11 gigawatts on-demand power directly to the world’s most compute-intensive businesses with 1 GW of power projected to be online by 2026.
A pair of hyperscalers have gone public and have been well-received by the market: CoreWeave (CRWV US) and Whitefiber (WYFI US).
The company has no revenues and was formed in January meaning investors will have to exercise extreme patience with this developmental company. 


Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.</li><li>Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.</li><li>Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.</li></ul>

Founded in 2012, Lambda sold physical GPUs and workstations for deep learning before launching a cloud GPU service as demand for AI compute exploded post-ChatGPT.Now at $500M+ in annualized revenue as of May 2025, Lambda has hired Morgan Stanley, J.P. Morgan, and Citi to prepare for a U.S. IPO in the first half of 2026.Lambda’s H1 2026 IPO target gives it access to public capital markets at the moment the market may shift from chip-constrained to data center-constrained.

<ul><li>After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the French government.</li><li>With its ~85% gross margin Private Cloud business growing to 62% of revenue ($112M ARR) and expected to rise to 93% by 2027 while its platform marketplace model falls to 38% of revenue at 13% gross margins ($68M ARR), Sacra estimates Fluidstack hit $180M in annualized revenue at the end of 2024, up 620% YoY.</li><li>After securing approval from Macquarie and other lenders to borrow up to $10B against the 100,000 GPUs on its platform—more debt capacity than CoreWeave raised in its entire pre-IPO lifetime ($8.1B)—Fluidstack now has the collateral &amp; financing necessary to compete with cash-rich hyperscalers (which currently dominate ~80% of the European cloud market) and stake a claim to being the “CoreWeave for Europe".</li></ul>

After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the French government.With its ~85% gross margin Private Cloud business growing to 62% of revenue ($112M ARR) and expected to rise to 93% by 2027 while its platform marketplace model falls to 38% of revenue at 13% gross margins ($68M ARR), Sacra estimates Fluidstack hit $180M in annualized revenue at the end of 2024, up 620% YoY.After securing approval from Macquarie and other lenders to borrow up to $10B against the 100,000 GPUs on its platform—more debt capacity than CoreWeave raised in its entire pre-IPO lifetime ($8.1B)—Fluidstack now has the collateral &amp; financing necessary to compete with cash-rich hyperscalers (which currently dominate ~80% of the European cloud market) and stake a claim to being the “CoreWeave for Europe".

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy</li>
<li>NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand</li>
<li>Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective </li>
</ul>


Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 


Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CoreWeave (CRWV US)

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

Lambda's IPO

TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as...

Sacra

CoreWeave Of Europe

TL;DR: After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the...

Sacra

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Going Nuclear $LTBR $LEU $NNE $OKLO $SMR; Russell 2000 Breakout to All-Time Highs; Still Bullish

Going Nuclear $LTBR $LEU $OKLO $NNE $LEU; Russell 2000 Breakout to All-Time Highs; Still Bullish; Continue to Overweight Spec Growth Themes into...

Vermilion Research

Fermi Inc. (FRMI): Peeking at the IPO Prospectus of a Hyperscaler Development Company

​New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

IPO Boutique

Lambda's IPO

TL;DR: Following rival CoreWeave’s IPO in March 2025, Lambda (fka Lambda Labs) has hired Morgan Stanley, JPMorgan, and Citi for an IPO as early as...

Sacra

CoreWeave Of Europe

TL;DR: After launching in 2017 as an “Airbnb for bandwidth”, Fluidstack is now building the largest national sovereign AI cluster in Europe for the...

Sacra

Taiwan Teck Weekly: Apple Snags Over Half of TSMC's Best Chips; Long-Reasoning AI Will Surge Compute

​Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.

Vincent Fernando, CFA

New company aims to provide 11 GW of on-demand power to compute-intensive businesses, with 1 GW projected by 2026. The IPO is anticipated in October.

Apple secures majority of TSMC's 2nm capacity, NVIDIA sees demand for AI models, Intel's equity deal with US government raises industry implications.