Daily Brief United States: SB Energy, Bank Of America, Base Oil, Super Micro Computer, Lumentum Holdings, CoreWeave, Amphenol Corp Cl A, YipitData, Western Digital, Bridgebio Pharma Inc and more

• SB Energy, an AI data center and power infrastructure developer, has filed its S1 for a Nasdaq listing. JPM, GS and MS are the lead bankers.
• We look at the company’s core segments: Standalone Power and Data Centers.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Short sellers made bold moves the week of August 31.
• MOO saw the most dramatic buildup – short interest tripled in seven days.
• At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.

• Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recover

• Middle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.

• Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.

• Super Micro Computer, Inc. reported record fiscal 2026 results, with revenue nearly doubling from $22 billion in fiscal 2025 to $39.1 billion, driven mainly by accelerating artificial intelligence and data center infrastructure demand.
• Fourth-quarter orders exceeded $60 billion, pushing backlog to record levels entering fiscal 2027.
• The company continues evolving from a primarily U.S.-based server manufacturer into a broader AI and IT data center solutions provider through its Data Center Building Block Solutions.

• Lumentum Holdings reported strong fourth-quarter fiscal 2026 results, driven by higher demand across components and systems.
• Revenue increased 109% year-over-year to $1.01 billion, marking the eighth consecutive quarter of growth.
• Components revenue rose 22% sequentially and systems revenue increased 30%.

• CoreWeave delivered a strong second quarter in 2026, marked by significant revenue growth, expanding operating margins, and rapid capacity increases aligned with evolving AI demand.
• The company reported record revenue of $2.6 billion, representing a 112% year-over-year increase and 24% sequential growth.
• Its revenue backlog more than doubled, reaching $104.2 billion, excluding an additional $25 billion in new Q3 commitments, indicating robust customer demand and contract visibility.

• Defensive options positioning dominated the week of August 31.
• Across five high-severity pulses, traders piled into protective puts on names nursing sharp price declines.
• The put/call ratio (PCR) – which measures put volume relative to call volume – spiked well above seasonal norms on multiple names, with several readings hitting 52-week extremes.

• Sustained High-Growth Pure-Play Alternative Data Leader: YipitData has established a premier market position delivering granular, ticker-level alternative data analytics and market intelligence to over 650 institutional investors and enterprise corporations, scaling Annual Recurring Revenue (ARR) from $215M at FY2025-end to $260M in August 2026, on track to reach ~$280M for FY2026 (+30%+ YoY).
• Potential $2.5B-$3.0B Liquidity Event: Carlyle-backed YipitData is actively exploring strategic sale options via Goldman Sachs, with reported valuation targets spanning $2.5B to $3.0B (~9.0x to 10.7x 2026E ARR), highlighting institutional scarcity value for verified, hard-to-replicate proprietary data assets amid accelerating AI-driven workflows.
• Expanding Addressable Market via Corporate Intelligence: The platform is successfully diversifying beyond its core hedge fund customer base into brand and corporate analytics (including clients such as Walmart, Lowe’s, and Ulta Beauty) and B2B enterprise procurement spend intelligence (SpendHound), structurally broadening long-term Net Revenue Retention (NRR) and TAM.

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• This week, I closed out my WDC recommendation.

• Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.

• When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).

• BridgeBio Pharma reported continued commercial progress in the second quarter of 2026, led by strong growth of Attruby, or acoramidis, for transthyretin amyloid cardiomyopathy.
• Net product revenue reached $222.4 million, increasing sequentially by more than $35 million.
• Attruby grew 23%, exceeding overall market growth of 19%.