United States

• Agilent Technologies, Inc. recently reported its fourth-quarter results for fiscal year 2025, showcasing robust performance across numerous dimensions.
• The company’s revenue for the quarter was $1.86 billion, representing growth of 7.2% on a core basis.
• This marked Agilent’s sixth consecutive quarter of core revenue growth acceleration, with the results surpassing the high end of their guidance range.

• Dolby Laboratories reported its fourth quarter and full fiscal year 2025 results, revealing a 6% increase in annual revenue, reaching $1.35 billion, which aligns with the company’s previously communicated guidance.
• Operating margins also expanded by 1.8 percentage points.
• Revenue for the fourth quarter came in at $307 million, surpassing the midpoint of guidance, with non-GAAP earnings per share (EPS) at $0.99.

• Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador, coming on the heels of the recently completed Telefónica Uruguay transaction.
• These moves mark the clearest signal yet that TIGO is actively consolidating high-quality telecom assets across Latin America, prioritizing markets with stable macroeconomic frameworks, dollarized or investment-grade characteristics, and strong demand for digital services.
• The Ecuador deal expands TIGO’s footprint to 11 countries and adds a meaningful revenue and EBITDA base while reinforcing its position as the leading pure-play telecom operator in the region.

• Walmart Inc.’s latest earnings call revealed a performance that mirrors both the robust growth and the challenges the company faces as it continues to evolve.
• Walmart’s consolidated revenue in constant currency increased by 6%, marking a significant growth driven largely by e-commerce, which saw a 27% surge in sales.
• This climb reinforces Walmart’s omnichannel model, highlighting the synergy between its physical stores and digital platforms.

• Zoom’s third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges.
• On the positive side, Zoom saw an increase in total revenue, growing by 4.4% year over year to $1.23 billion, surpassing its guidance expectations.
• The company continues to benefit from its Enterprise segment, which grew 6.1%, representing 60% of its total revenue, up one percentage point from the previous year.

• Crude oil futures were sliding lower Monday as concerns over a massive oversupply in the new year again offset geopolitical events, leaving benchmarks floundering at around two-month lows.
• Front-month Feb26 ICE Brent  futures were trading at  $60.39/b (2055 GMT) versus Friday’s settle of $61.12/b, while Jan26 NYMEX WTI was at $56.67/b against a previous close of $57.44/b.
• While the market has been dogged by fears of a 2026 surplus, geopolitical uncertainty has injected some risk premium into prices and provided something of a floor, although benchmarks remain close to 2025 lows.

• Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.

• Versant generates meaningful adjusted EBITDA and free cash flow.

• However, despite the cash generation, it is difficult to build conviction in the equity story.

• Macy’s, Inc.’s third-quarter 2025 results demonstrate positive momentum and promising indicators for future performance, underpinned by the ongoing execution of its “Bold New Chapter” strategy.
• There are significant positive trends, yet several challenges remain.
• From an optimistic standpoint, Macy’s, Inc. exceeded its guidance in multiple key metrics.

• Waterdrop Inc. is a leading technology platform in China’s online insurance and healthcare sector, leveraging a unique business model that combines a medical crowdfunding platform with an online insurance marketplace.
• The company has demonstrated a strong growth trajectory and a consistent record of profitability, having maintained GAAP profitability for 15 consecutive quarters. Recent quarters show significant year-over-year growth in revenue and net profit, driven by its core insurtech business and advancements in AI.
• Key risks for investors include the stringent and evolving regulatory landscape in China, intense market competition, and geopolitical risks associated with its U.S. stock listing.

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• Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? 
• If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.
• So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO

• Nasdaq-100 inclusion confirmed, effective Dec 22, moving the thesis from probability to outcome and validating Ferrovial’s U.S.-centric infrastructure positioning.
• Index inclusion should drive about $315m of passive inflows, supporting near-term demand and delivering longer-lasting benefits through improved liquidity, spreads, and U.S. investor coverage.
• Beyond the index event, value creation remains tied to U.S. managed lanes and the JFK New Terminal One, underpinning durable EBITDA growth through 2027.

• Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI.
• On the surface, the company had a strong quarter.
• Revenue hit a record $18 billion, AI chip sales surged, and its infrastructure software business delivered steady growth.

• Applied Materials recently concluded their fiscal year of 2025 with encouraging results, achieving record highs in revenue, gross margin dollars, operating profit, and earnings per share, despite facing significant headwinds.
• The company reported a 4% year-over-year growth in revenue to $28.4 billion.
• Notably, the Semiconductor Systems and Applied Global Services (AGS) divisions posted record revenues, even amidst tightened trade restrictions that notably impacted their market presence in China.

• The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.
• With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.
• As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.

• Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential inflection point in its strategic roadmap to reclaim dominance in the AI and semiconductor space.
• This potential deal—first reported by Bloomberg—could materialize as early as next month, and would give Intel a foothold in custom AI chip architecture at a steep discount compared to SambaNova’s last valuation of $5 billion in 2021.
• The move comes on the heels of a transformative year for Intel, highlighted by the U.S. government taking a 10% stake, major equity infusions from NVIDIA and SoftBank, and a public commitment from CEO Lip-Bu Tan to rebuild Intel’s AI, foundry, and inference capabilities.

• GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments and underscoring specific strategic directions aimed at driving long-term growth.
• The company’s revenue for the quarter stood at $1.688 billion, marking a slight 3% decrease year-over-year, though it aligned with the high end of the anticipated guidance.
• Gross margins saw expansion both sequentially and year-over-year, landing at approximately 26% due to shifts toward higher-margin product mixes and increased revenue from non-wafer technology services.

• Adobe’s dominant position in creative software, underpinned by a wide economic moat, is being reinforced by the strategic integration of Artificial Intelligence (AI) across its product suite, driving consistent double-digit revenue growth.
• The company’s successful transition to a subscription-based model with its Creative, Document, and Experience Clouds provides a highly predictable, recurring revenue stream, fostering financial stability and enabling continuous innovation.
• While facing emerging competition from more accessible alternatives and navigating the monetization of its AI features, Adobe’s entrenched ecosystem, high switching costs, and strong brand loyalty present formidable barriers to entry for competitors.

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• Salesforce is the market leader in the Customer Relationship Management (CRM) software space, benefiting from a wide economic moat driven by high customer switching costs and a strong network effect from its extensive AppExchange ecosystem.
• The company is demonstrating a successful pivot towards profitable growth, with significant non-GAAP operating margin expansion and robust free cash flow generation. The recent initiation of a dividend underscores this focus on shareholder returns.
• Future growth is anticipated to be driven by the integration of Artificial Intelligence through its ‘Agentforce’ and ‘Einstein’ platforms, the expansion of its Data Cloud offerings, and strategic, bolt-on acquisitions. However, the company faces intense competition and risks associated with integrating new acquisitions and macroeconomic headwinds impacting IT spending.

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• Cisco Systems Inc. reported a robust start to its fiscal year 2026, with the first-quarter results surpassing projections in both revenue and earnings per share.
• The company achieved record revenue levels, indicating a promising trajectory for the full fiscal year.
• Total revenue saw an 8% increase year-over-year, with product revenue climbing by 10%, largely propelled by high demand for artificial intelligence (AI) infrastructure and campus networking solutions.

• Medline’s IPO is poised to be 2025’s largest, with a potential $5.4bn raise, positioning it as a key bridge deal into the 2026 IPO pipeline.
• Strong anchor demand and an oversubscribed book highlight investor appetite for scaled, mature healthcare platforms with durable cash flows.`
• Proceeds will materially reduce leverage, supporting a more balanced capital structure and reinforcing Medline’s long-term investment appeal.

• Andersen is offering 11.0mm shares at $14–$16, with early channel checks indicating a multiple-times oversubscribed book ahead of its December 17 debut.
• The firm has built a global advisory platform across tax, legal, and valuation services, delivering strong organic growth and meaningful margin expansion.
• Valuation appears reasonable versus peers, though year-end timing and recent IPO volatility may temper initial trading enthusiasm.

• Medline (MDLN US) goes public on 17 December on Nasdaq with an estimated market cap of $40bn, 27% lower than the consensus of $55bn.
• Inclusion in US indices is expected in March 2026, as the security meets US eligibility criteria before the lock-up expiry.
• Inclusion in Global indices is expected in May and June 2026 with a potential delay to August due to low float cap.

• Comcast (CMCSA) will spin off Versant Media Group (VSNT), a portfolio of cable networks and digital platforms, as an independent public company in early 2026.

• Comcast shareholders will receive 1 share of Versant (Class A or B) for every 25 shares of Comcast.

• When issue trading of Versant (ticker: VSNTV) will begin around December 15, 2025.

• In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
• Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
• Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
• Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.
• The largest flows will be in NVIDIA, Micron Technology, Applied Materials, Lam Research, Intel Corp, Texas Instruments and TSMC (Taiwan Semiconductor Manufacturing) – ADR. 

• BigBear.ai Holdings, NextVision Stabilized Systems, Ondas Holdings Inc and Planet Labs will be added to the MarketVector Global Defense Industry Index at the close on 19 December.
• The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 5.8% resulting in a round-trip trade of US$846m.
• The adds have all run up over the last year and the passive buying could give the stocks another leg up in the short-term.

• The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
• There will be no index changes for the December 2025 rebal event.
• We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.

• Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.
• The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.
• Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.

• A review of recent events and data impacting our investment themes and outlook
• Central banks add fuel to the ongoing commodity bull market
• Could we see a meaningful de-escalation in US and China tensions

• Shift4 Payments reported solid third-quarter 2025 financial results, showcasing notable growth in several key performance indicators, though there are areas that require caution.
• The company posted gross revenue less network fees of $589 million, marking a 61% increase year-over-year.
• Adjusted EBITDA came in at $292 million, up by 56% from the previous year, with the organic growth excluding recent mergers and acquisitions at 18%.

• Unrivaled IP Portfolio Drives Synergistic Flywheel: Disney’s core competitive advantage lies in its unparalleled portfolio of intellectual property (IP), including Disney, Pixar, Marvel, and Star Wars. This IP fuels a synergistic business model, allowing for monetization across its Experiences, Entertainment, and Sports segments, from theme parks and merchandise to blockbuster films and streaming content.
• Strategic Pivot to Streaming Profitability: The company is navigating a significant transition, focusing on achieving sustained profitability in its Direct-to-Consumer (DTC) streaming business. While this segment has recently turned profitable, it faces intense competition and the challenge of offsetting the secular decline in traditional linear networks.
• Experiences Segment Remains the Profit Engine: The Disney Experiences segment, encompassing theme parks, resorts, and cruise lines, continues to be the primary driver of profitability, posting record operating income. Significant capital investment is planned for this division, signaling its central role in future growth while navigating challenges of rising costs and economic sensitivity.

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• In a stunning reversal of its prior stance, The Walt Disney Company has announced a $1 billion investment in OpenAI, marking a pivotal shift from its earlier AI skepticism.
• Long wary of how artificial intelligence could disrupt creative industries, Disney is now betting big on generative video, specifically OpenAI’s Sora, to reimagine how fans experience its vast universe of characters.
• This landmark deal — the Disney OpenAI AI video deal — comes at a time of rising legal tensions between Hollywood studios and tech giants over copyright, voice cloning, and synthetic content.

• Perimeter Solutions is turning up the heat on its strategic ambitions with the proposed $685 million acquisition of Medical Manufacturing Technologies (MMT), a move that could reshape its operational landscape.
• Announced on December 10, 2025, the deal is expected to close in Q1 2026 and will be financed via $500 million in new secured debt and $185 million in existing cash.
• This announcement comes on the heels of Perimeter’s robust Q3 2025 performance, marked by $186.3 million in adjusted EBITDA and year-to-date free cash flow generation of $197 million.

• Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane
• Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.
• DeepMind is Alphabet’s dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let’s see…

• The big story heading into 2026 is simple.
• Microsoft looks like the early favorite to be the market’s biggest AI winner.
• Every new budget cycle pushes more workloads, more data, and more everyday work into Azure and Copilot.

• The Fed cut rates this week—likely the last cut for an extended period—and moved into a wait-and-see stance / monitoring mode, to assess economic conditions ahead.
• Both the S&P 500 INDEX (SPX INDEX) and the Nasdaq-100 Stock Index (NDX INDEX) have suffered very high volatility this week, after the Fed decision, after several flat days.
• This insight will try to forecast what is the next probable direction for the two main US indices in the next few weeks.

• TeraWulf’s third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment thesis.
• This period has been pivotal, with the company signing a landmark 360-megawatt IT load agreement at its Lake Mariner campus, in collaboration with Fluidstack and backed by Google.
• This 10-year contract is anticipated to generate substantial annual revenue and operating income, underscoring the strategic shift towards high-performance computing (HPC) and establishing TeraWulf as a leader in this transition.

• Duke Energy’s third-quarter 2025 results showcased a strong financial performance, with an adjusted earnings per share (EPS) of $1.81, up from $1.62 in the same period last year.
• This growth can primarily be attributed to the ongoing expansion in the company’s electric utilities sector.
• Duke Energy has also revised its full-year earnings guidance to a narrower range of $6.25 to $6.35 per share, indicating confidence in its financial outlook for the remainder of the year.

• SoundHound, a pioneer in the field of voice and conversational AI, presented its third-quarter results for 2025.
• The company highlighted robust revenue growth, expanded technological reach, and strategic acquisitions, underscoring a period of precise execution amid booming enterprise AI adoption.
• In terms of financial performance, SoundHound reported a sizable 68% increase in revenue year-over-year, reaching $42 million for the quarter.

• Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business strategy and execution.
• The company’s revenue rose by 26% year-over-year to $317 million, demonstrating solid growth, particularly driven by expansion in their large customer base.
• The company successfully added more large customers, with significant growth in accounts of $50,000, $100,000, and $500,000 in annual recurring revenue (ARR).

• Amazon’s bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift from the Federal Reserve.
• With the central bank announcing a rate cut for the first time in two years, Amazon finds itself in a macro environment that could supercharge its delivery ambitions—or complicate them.
• The Fed’s monetary easing lowers borrowing costs, boosts consumer liquidity, and alters capital allocation across sectors.

• STAAR Surgical’s China sales rebounded to 60% of normalized levels, supporting activist investors’ opposition to Alcon’s takeover offer.
• Alcon increased its bid to $30.75/share, but Broadwood and Yunqi rejected it, citing inadequate shareholder value.
• Shareholder vote on Alcon’s offer is scheduled for December 19, with potential board reshuffle if takeover is blocked.

• Oracle: results were decent. Management released a huge Remaining Performance Obligation number aka future AI Infra revenue. That spooked the market. 
• Broadcom: a very good quarter, AI semi revenue guidance back on track. But Broadcom will reach its 2027 revenue target ($60-90bn) with 5 customers, not 3.
• Results and outlook (for both) were ok to good; market reaction very negative.  1) the AI narrative is dead  2) the correction is especially steep for expensive stocks  

• Wealthfront is expected to begin trading on Friday, December 12, 2025, under the ticker WLTH on the Nasdaq Global Select Market.
• The IPO comprises 34.6 million shares—approximately 21.5 million new shares issued by Wealthfront and 13.1 million shares offered by existing shareholders—at a price range of $12.00 to $14.00 per share.
• As is our practice, we start by establishing context using analogues—past offerings that share structural, economic, or behavioral similarities with the new issue.

• Wealthfront Corporation, the Palo Alto automated investing and digital banking platform, has filed to go public on Nasdaq under the ticker “WLTH.” 
• The company plans to offer 34.6 million shares of common stock at an estimated range of $12.00–$14.00, with cornerstone commitments from BlackRock and Wellington, who may purchase up to $150 million of shares at the IPO price.
• Based on the fully diluted share count disclosed in the S-1, Wealthfront’s initial public offering implies a fully diluted company market value of approximately $2.4 billion at the midpoint.

• Crude oil futures recovered from monthly lows Wednesday after reports that the US had seized a Venezuelan tanker, although fears over a massive surplus kept benchmarks at the low end of the December trading range.
• Front-month Feb26 ICE Brent  futures were trading at  $62.67/b (2042 GMT) versus Tuesday’s settle of $61.94/b, while Jan26 NYMEX WTI  was at  $59.02/b against a previous close of $58.25/b.
• Brent recovered from an intraday low $61.35/b after officials confirmed that the US Coast Guard had led an operation to seize the vessel carrying Venezuelan oil.

• The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines.
• This partnership centers on “Ship OS,” a new AI-driven logistics platform built by Palantir.
• It aims to digitize and streamline the Navy’s sprawling and often outdated maintenance and supply chain processes.

• CLEAR, a pioneer in secure identity solutions, showcased a mix of advantageous and challenging aspects in its latest quarterly results.
• The company reported a year-over-year revenue increase of 15.5%, reaching $229.2 million, and a 14.3% rise in total bookings to $260.1 million.
• The growth figures surpassed previous guidance, indicating strong financial performance.

• Clearwater Analytics surged in premarket trading after reports that activist hedge fund Starboard Value has taken a nearly 5% stake in the company.
• The move, first reported by Reuters, signals growing investor pressure on the cloud-based investment accounting and analytics provider.
• Starboard is reportedly urging Clearwater to enhance its share price and consider a full sale process, especially in light of recent interest from private equity suitors such as Thoma Bravo, Warburg Pincus, and Permira.

• AutoNation just made a strategic pit stop in the Baltimore area with its acquisition of Jerry’s Toyota, a more than 40-year-old dealership that’s been a fixture in the Mid-Atlantic automotive scene.
• The move, announced December 9, marks AutoNation’s first Toyota acquisition in over a decade and expands its footprint deeper into a region where it’s been steadily building scale.
• What makes this deal unique isn’t just the brand—Toyota is among the most durable and profitable franchises in retail auto—but the dealership’s heritage and the deliberate succession planning involved.

• Crude oil futures on Thursday were trading at multi-week lows as geopolitical events vied with growing surplus concerns to set the direction of travel for the remainder of 2025.
• Front-month Feb26 ICE Brent  futures were trading at  $61.47/b (2021 GMT) versus Wednesday’s settle of $62.21/b, while Jan26 NYMEX WTI  was at  $57.78/b against a previous close of $58.46/b.
• But the glut scenario was clearly winning over this week, said analysts, with continued expansion on the supply side met with only modest demand growth.

• Celanese Corporation’s third-quarter 2025 earnings call outlined a mix of strategic initiatives and ongoing challenges facing the company.
• The company’s leadership, including CEO Scott Richardson and CFO Chuck Kyrish, focused on financial results, operational strategies, and future plans.
• Performance in the third quarter showcased some positive aspects.

• CoreWeave’s third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI cloud services sector.
• The company reported a notable revenue increase of 134% year-over-year to $1.4 billion, demonstrating robust demand for its AI cloud platform.
• The revenue backlog has surged to $55 billion, which is indicative of strong future demand and customer confidence in CoreWeave as a critical player in AI infrastructure.

• Strategy (MSTR US)‘s market cap has for near-on five years, traded at a premium to its bitcoin holdings. 
• The backbone of Strategy’s levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.
• That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.

• Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy
• More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.
• H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.

• Medline Inc., the Northfield, Illinois–based medical products manufacturer and distributor, is advancing toward one of 2025’s largest IPOs.
• The company plans to raise $5.0 billion by offering 179 million Class A shares at a price range of $26–$30, with an expected listing on the Nasdaq Global Select Market under the ticker MDLN.
• At the midpoint valuation of $28, Medline would command a fully diluted market capitalization of approximately $37.3 billion, positioning it among the year’s most significant offerings.

• Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
• At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
• The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

• DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges.
• The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million.
• Despite these challenges, some positive developments were noted.

• Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to recent seasonal stats.
• Over the last 25 years, platinum has produced an average return of +7.79% from December 6 to February 20, with a win rate of 84% and an annualized return of +43.29%, according to Seasonax. (we can verify this trend)
• Copper on the other hand remains more of a tariff play.

• Seagate Technology (STX US), Alnylam Pharmaceuticals (ALNY US) and Western Digital (WDC US) are the top forecasted additions with the highest price surge.
• Trade Desk (TTD US), On Semiconductor (ON US) and Lululemon Athletica (LULU US) are the forecasted deletions with the largest price drop.
• Ferrovial (FER US) can be a surprise addition depending on the treatment of its foreign listing.

• Somnigroup International reported a strong performance in the third quarter of 2025, driven by its recent acquisition of Mattress Firm and successful execution of key initiatives.
• The company achieved record results across important financial metrics despite flat conditions in the U.S. bedding market and persistent challenges internationally.
• Net sales rose by 63% to $2.1 billion, while adjusted EBITDA increased 52% to $419 million, and adjusted EPS grew by 16% to $0.95 per share.

• Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
• Strong  demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
• Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

• Virgin Galactic is at a critical inflection point, pausing current commercial operations to focus resources on its next-generation Delta-class spaceships, which are paramount for achieving future scalability and profitability.
• The company operates in a pre-profitability stage, characterized by significant cash burn and reliance on capital markets to fund development. Future success is entirely contingent on the successful and timely execution of the Delta program, slated for commercial service in 2026.
• While holding a unique position in the nascent space tourism industry, SPCE faces considerable operational, financial, and market risks. The valuation is speculative, reflecting a high-risk, high-reward bet on the future of commercial spaceflight.

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• AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
• The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
• Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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• Medline is a leading manufacturer and distributor of medical-surgical supplies with a vast and resilient supply chain, positioning it as a critical player in the U.S. healthcare system.
• The company has demonstrated consistent revenue growth, with sales reaching $25.5 billion in 2024, and a significant rebound in profitability, indicating strong operational execution.
• Following a major leveraged buyout in 2021 by a consortium of private equity firms, Medline is poised for a significant IPO, which is expected to reduce debt and provide capital for further strategic investments and expansion.

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• NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.
• The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.
• NVIDIA’s data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

• We maintain our near-term bullish outlook on S&P 500 (SPX) and Nasdaq 100 (QQQ), which has remained in place since 4/22/25, aside from one week (11/19/25-11/25/25) when we were neutral.
• Our intermediate-term bullish outlook has been in place since 5/14/25. We’ll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold.
• Additionally, as discussed last week (12/2/25) we believe SPX, QQQ, and Russell 2000 (IWM) are in the midst of a new lockout rally, which is likely to run through early-2026

• Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
• The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
• The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

• Crude oil futures were moving sideways on Tuesday as markets steadied after early-week losses, although surplus fears continued to drive sentiment.
• Front-month Feb26 ICE Brent  futures were trading at  $62.01/b (2000 GMT) versus Monday’s settle of $62.49/b, while Jan26 NYMEX WTI  was at  $58.35/b against a previous close of $58.88/b.
• Forecasts of a surplus of at least 2 million bpd in the new year continue to weigh heavily on sentiment, despite OPEC+ pausing output hikes in Q1 and the threat to Russian supplies from sanctions.

• Doximity, Inc. recently reported its fiscal second-quarter earnings for 2026, highlighting both strides in its growth strategy and existing challenges.
• Overall, the company demonstrated strong financial performance and operational expansion, positioning itself as a key player in the digital health space, but it also noted some market uncertainties and risks that could impact future performance.
• On the positive side, Doximity recorded $169 million in revenue, marking a 23% year-over-year increase and exceeding its previous guidance.

• Middleby Corp.’s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis.
• The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations.
• This performance underscores Middleby’s capacity to leverage its investments in marketing and strategic growth initiatives over the years.

• Constellation Energy Corporation’s third quarter financial performance reflects strong operational execution across its nuclear and energy generation assets.
• The company reported GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, an increase compared to the same period last year.
• This performance was attributed to fewer nuclear outage days and robust generation volumes, though the financial benefits were partially offset by nonrecurring operating and maintenance (O&M) headwinds due to stock compensation plans triggered by the company’s stock appreciation.

• Intel’s supply constraints aren’t manufacturing issues; three independent demand drivers have converged simultaneously, something which the firm seemed to have under-modelled.  
• Hyperscalers are abandoning their flexible procurement model to secure multi-year CPU commitments for the first time, indicating structural demand shifts rather than temporary spikes.
• Even TSMC-manufactured Intel products are sold out, proving this is demand-driven across both internal and outsourced capacity.

• Precious metals sub index has surged by 62% year to date, base metals are up 11%, oil has declined by 16%, and agricultural livestock index has been flat
• Forecasting broadly flat returns for 2026, with declines in energy offset by price increases in metals and agriculture
• Gold price expected to rise to $5,000 per ounce by end of 2026, driven by supply inelasticity, central bank demand, and investor inflows

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• Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.
• IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.
• Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.

• Solstice Advanced Materials (SOLS US) is a recent spin-off from legacy conglomerate Honeywell International (HON US). It sports a market capitalization of US$7.5bn and ADTV of US$226m. 
• It is a beneficiary of continued AI data center buildouts and owns the only domestic nuclear conversion site in the US.
• In this note, we will talk about the company’s past performance and future prospects.

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Global gas prices often diverge sharply as Henry Hub and TTF respond to regional conditions, unlike WTI and Brent, which move together due to seamless global crude market integration.
• Recently, Henry Hub surged while TTF declined, highlighting how contrasting storage conditions, weather patterns, and demand fundamentals create major regional price disconnects in global natural gas markets.
• Although LNG links regions, slow arbitrage, infrastructure limits, policy differences, and contrasting demand mixes prevent price alignment, leaving Henry Hub and TTF shaped by distinct regional fundamentals.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• Business Breakdowns is a series diving deep into a single business
• Doximity is a B2B media business for medical professionals
• Community engine, social network, and tools make life easier for medical professionals

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• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.

• DuPont recently reported its third-quarter financial results for 2025, reflecting a solid performance with both positives and challenges.
• The company’s net sales rose to $3.1 billion, marking a 6% growth on an organic basis compared to the previous year.
• This growth was driven largely by volume increases across the board, particularly within its Healthcare & Water and Electronics segments, which saw significant demand influenced by advancements in AI technology.

• Akamai Technologies, Inc. reported strong financial performance for the third quarter of 2025, demonstrating positive growth across several key areas.
• The company recorded total revenue of $1.055 billion, marking a 5% increase year-over-year as reported, and a 4% increase in constant currency.
• This growth was driven largely by their Cloud Infrastructure Services (CIS) which saw a 39% rise in revenue year-over-year, indicating robust demand and solidifying Akamai’s position in the cloud services sector.

• Crude oil futures were steady on the week but up  from Monday’s lows after US-Russia talks failed to find a breakthrough, while growing optimism on a US rate cut also helped to bolster sentiment.
• Front-month Feb26 ICE Brent futures were trading at  $63.71/b (2041 GMT) versus Thursday’s settle of $63.26/b, while Jan26 NYMEX WTI  was at  $60.07/b against a previous close of $59.67/b.
• Benchmarks recovered from early-week lows, rebounding around 2% after negotiations between the US and Russia in Moscow broke off without a deal to end the Russia-Ukraine conflict.