Daily Briefs

• ndia does not have a top-down method for executing a five year plan like China does
• hina’s supply chain is vast and highly competitive, with India unlikely to replicate its success
• hina wants technology transfer to be one-way gate, inhibiting India’s ability to compete
• atrick Magee studied religion before becoming a financial journalist and eventually writing about Apple’s dependence on China

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• Q325 revenues of $9.3 billion, up 15% QoQ and up 37% YoY and $500 million above the guided midpoint. This represented a new quarterly revenue record for the company
• Micron forecasted current quarter revenues of $10.7 billion, up 15% QoQ, with gross margin of 42%, up 300 basis points sequentially
• HBM negotiations for 2026 supply & pricing still ongoing. Could Micron be holding out for a better deal?

• AAON Inc.’s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.
• The company’s core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.
• This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

• Results and Guidance beat, driven by HBM very fast growth. HBM also generates higher margins and sucks up DRAM capacity, a secondary benefit. 
• HBM is still in year-2 of a 5-year journey. Industry revenues double in 2025 and Micron HBM revenue increase 5x in FY25. Expect Micron HBM to double in FY26. 
• Consensus is a tad too low for FY26, likely 10% too low. Consensus is very low for FY27, likely 25-30% too low. It’s hard for the sell-side to forecast hyper-growth.

• Academy Sports and Outdoors navigated through a challenging environment in the first quarter of fiscal 2025 marked by new complexities due to newly imposed tariffs and macroeconomic uncertainties.
• Their financial performance for the quarter reported sales of $1.35 billion, slightly down by 0.9% from the previous year, translating to a negative 3.7% in comparable sales.
• Despite unfavorable weather conditions early in the quarter impacting sales, momentum improved towards the end as milder temperatures arrived in March and April, yielding a positive comp in April thanks to strategic initiatives and partnerships.

• Anthropic is a reckless and entitled AI start-up, symbolic of a tech industry that is completely out of control and drunk on its own success.

• A judge in California just ruled that they can use copyrighted data without permission to train their models.

• This allows them to make money of other people’s works without compensating them adequately.

• Appian Corporation reported its financial results for the first quarter of 2025, presenting an optimistic yet complex picture of its ongoing performance.
• The company’s cloud subscription revenue demonstrated a significant increase of 15% year-over-year, amounting to $99.8 million.
• Total subscription revenue rose by 14% to $134.4 million, contributing to an overall revenue growth of 11% year-over-year to $166.4 million.

• MasTec, a diversified infrastructure construction company, reported robust financial performance in the first quarter of 2025, exceeding guidance in key metrics such as revenue, EBITDA, and EPS.
• The company’s revenue stood at $2.85 billion, with adjusted EBITDA of $164 million, marking significant overperformance.
• The strong results came amid macroeconomic volatility, highlighting MasTec’s structural demand strength across its diversified business segments.

• Grace is a clinical-stage, biotechnology company focused on rare disease.
• Its lead program, GTx-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
• Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

• Avis Budget Group presented a mixed set of results for the first quarter of 2025, revealing substantial challenges alongside strategic advancements.
• The company reported a decline in total revenue to $2.4 billion, compared with $2.5 billion in the same period of the previous year.
• This decline was attributed to calendar shifts and a 2% decrease in pricing, set against softer commercial demand and relatively strong leisure demand.