Smartkarma Daily Briefs

• Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
• Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
• Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

• Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
• After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
• Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

• The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
• They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
• Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.

• As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
• The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
• To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

• Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
• The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
• Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

• PLYM received a $24.10/share takeover bid from Sixth Street Capital, with a 14-15% spread to the bid price.
• Sixth Street has a prior relationship with PLYM, having invested $250m for a 65% stake in PLYM’s Chicago portfolio JV.
• PLYM’s governance structure lacks staggered boards and dual-class shares, making management vulnerable to activist investors.

• Lyft’s second-quarter 2025 results demonstrate a mix of strong financial performance and strategic expansion initiatives, though not without associated challenges and considerations.
• The company reported record-breaking metrics across several financial measures, including gross bookings, adjusted EBITDA, and free cash flows, marking substantial growth in its operational performance.
• Additionally, Lyft executed a substantial $200 million stock buyback program, signaling confidence in its valuation and future prospects.

• Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
• On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
• Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

• The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
• For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
• They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.

• U.S. LNG capacity is set to nearly double by 2028, reinforcing America’s dominance in global energy markets.
• Golden Pass LNG faces major delays due to contractor bankruptcy, highlighting execution risks in megaprojects.
• Most other projects, including Plaquemines, Rio Grande, and Port Arthur LNG, remain on or near schedule.

• Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
• Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
• Samsung’s partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.

• The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
• As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
• Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.

• Dollar undervaluation has closed in the past three months, but institutional Fed credibility news has not had a durable effect on the price.
• Concerns about exceptionalism in US equity market strength potentially pushing the dollar higher are countered by better growth not being US exclusive and the impact of inflation on currency.
• Despite large inflows into US equities in June, the dollar fell substantially, raising questions about the relationship between flows and dollar strength.

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• Owens Corning’s second quarter of 2025 demonstrated a blend of strategic advancement and lingering market challenges.
• The company reported a 10% revenue increase compared to the prior year, with revenues reaching notable highs due partly to the addition of its Doors business in May of the previous year.
• This addition reflects strategic diversification efforts to capture a larger share of the building products market in North America and Europe despite a softening market environment.

This Week’s Key Take Aways

• Lithium stock run may already be out of steam
• Like Oil, the Natural Gas markets appear well supplied and are showing near-term weakness.
• No love for North American lumber
• Copper continues to have us on edge, love the long-term story, but we have got to survive the short and medium term to get there.
• Renewable tax credit qualification has a new physical work standard; the race is on to build.

• Texas Pacific Land Corporation’s latest quarterly performance demonstrates resilience amid significant fluctuations in oil prices, underscoring its strong positioning in the energy sector.
• For the second quarter of 2025, Texas Pacific Land Corporation reported consolidated total revenue of $188 million, experiencing a notable growth compared to previous periods despite challenging market conditions.
• A key highlight was setting quarterly revenue records for produced water royalties and easements, as well as other surface-related income, which indicates the company’s robust revenue diversification strategy.

• Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key challenges.
• The company experienced solid financial results, surpassing prior forecasts, primarily driven by impressive Discovery and Safety Assessment (DSA) outcomes.
• This segment benefited from strong bookings recorded in the first quarter, which provided significant momentum for the first half of the year.

• Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
• The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
• With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.

• Private equity giant Blackstone is bringing a system services company public in September. 
• Revenue increased $78.1 million, or 15%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• As of June 30, 2025, they had $2.8 billion of backlog and awarded contracts, representing an increase of 29% over the same date last year.

• Primary operational goal for 2025 is to enter into multiple licensing agreements for human diagnostic applications, e.g. cancer & sepsis, emulating the strategy employed with the Nu.Q Veterinary Canine Cancer Test In addition, within Nu.Q NETs pillar, the commercial strategy to utilize the CE Mark has brought on 11 hospital networks in Europe that are ordering and re-ordering Nu.Q products for human application The final validation of the Lung Cancer study being conducted at National Taiwan University is planned for completion in late-2025.