Daily Briefs

• The new transformer model requires significant amount of inference and multilevel reasoning
• The demand for inference compute is skyrocketing, surpassing current silicon architecture capabilities
• OpenAI’s new model showcases the future potential of AI, but also highlights the gap in semiconductor architectures and computing infrastructure

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• The S&P 500 (SPX) is back to test YTD highs and important resistance in the 5670-5783 range. This is an important target/resistance area we have discussed for weeks.
• Using the 2007 SPX topping analog suggests a 2% or less move above the prior all-time high set in July at 5670 before topping, which gives the 5783 number.
• As long as SPX does not have a weekly close above 5783 we continue to recommend reducing risk and shifting to defensives,and this is the ideal time to do so.

• In reviewing the latest results from Edwards Lifesciences, notable elements of growth and development paired with challenges shed light on the company’s financial and operational trajectory during the second quarter of 2024.
• With total company sales reaching $1.6 billion, this marked an 8% increase on a constant currency basis compared to the same period last year.
• While Transcatheter Aortic Valve Replacement (TAVR) growth was not as robust as expected, increasing by 6% globally, the Transcatheter Mitral and Tricuspid Therapies (TMTT) segment demonstrated impressive growth, with a 75% increase in sales.

• This report discusses the recent focus on transaction ordering policies and value accrual mechanisms in Layer 2 (L2) networks like Arbitrum, Optimism, and Polygon. 
• MEV extraction across L2 networks has become significant, with over $3.9 billion in atomic arbitrage and $400 million in sandwich attacks occurring on major L2 platforms.
• The focus on value accrual highlights how different networks design transaction ordering mechanisms to balance user experience, efficiency, and the fair capture of MEV.

• Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals, surgical devices, and vision care.
• The company’s second-quarter 2024 earnings showcased a remarkable 20% year-over-year constant currency revenue growth, driven by strong performances across all key business segments, particularly in the pharmaceuticals segment, which grew by 61%.
• Bausch + Lomb’s strategic focus on innovation and expansion is exemplified by product launches like BLINK NutriTears and Bausch + Lomb INFUSE, coupled with the rollout of its AI-based digital platform, Glimpse.

• ZetaChain simplifies Web3 by making blockchain interactions as easy as Web2, lowering barriers for non-technical users.
• It enables omnichain smart contracts, expanding developer capabilities and use cases across multiple blockchains.
• ZetaChain enhances DeFi with advanced cross-chain operations and supports non-smart contract chains like Bitcoin, broadening participation in decentralized finance.

• Reddit’s second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
• The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• UL Solutions reported a strong performance in the second quarter of 2024, marking a continuation of growth across all segments and geographies.
• This performance included an 8.4% increase in organic growth, resulting in $730 million in revenue.
• The company benefited significantly from high demand in its Industrial segment and saw positive trends in its Consumer and Software & Advisory segments.