United States

• Expansion of Microsoft Research to Singapore as a regional research and development frontier
• Focus on AI research in Singapore, including foundational AI, embodied AI, and AI in health
• Importance of tapping into local talent and culture for AI development

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• American Electric Power’s (AEP) second quarter of 2025 showcased several pivotal developments and a strong financial performance, indicative of both strategic progress and growth potential.
• This summary encapsulates the earnings call highlights, offering a balanced view of the company’s current state and future prospects.
• First, AEP reported a record-breaking second quarter with operating earnings of $1.43 per share, a notable increase from the previous year’s $1.25 per share.

• Microsoft reported a strong finish to fiscal year 2025, delivering financial results that surpassed Wall Street’s expectations and underscored its continued momentum in cloud and AI-driven services.
• For the fiscal fourth quarter, Microsoft posted adjusted earnings of $3.65 per share on revenue of $76.4 billion, handily beating the consensus estimates of $3.37 per share on $73.9 billion in revenue.
• This marked a notable improvement over the prior year’s fourth-quarter figures of $2.95 per share on $64.7 billion in revenue.

• Meta Platforms delivered a standout performance in the second quarter of 2025, with shares surging 12% to $779.70, just shy of its all-time high.
• The company significantly exceeded Wall Street expectations, reporting earnings per share of $7.14 versus the expected $5.88 and revenue of $47.5 billion, up 22% year-over-year.
• This strong financial showing was driven by growth in daily users, ad impressions, and price-per-ad across Meta’s platforms.

• Seasonal patterns shift in August, with weaker average returns and greater downside skew supporting a case for selective hedging.
• Most markets are at or near 52-week highs, further strengthening the argument for protective positioning.
• Unlike July’s consistent vol-selling setup, August presents a more mixed environment for volatility strategies.

• Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a nonGAAP EPS of $2.77, which were near the high end of guidance.
• The company’s chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.
• Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm’s strategy to diversify and expand its product offerings beyond mobile handsets.

• Recent legislations in major economies have propelled the mainstream adoption of stablecoin. While offshore use of stablecoin has been centered around crypto trading and informal economies, we believe the regulated stablecoins present two key opportunities: “open-source digital wallets” for payments and “open clearing houses” for settlements.
• Digital wallet payment solutions built around stablecoin have a much lower bar than building a web2 digital wallet company, in both technology and commercial terms.
• In developed economies dominated by credit cards, stablecoins could drive a new wave of digital wallet adoption, potentially capturing significant market share.

• Trane Technologies’ second quarter of 2025 results reflect a combination of robust growth drivers and challenges that provide a nuanced picture for potential investors.
• Positively, the company announced record bookings and revenues, with adjusted operating margins expanding by 90 basis points and adjusted EPS growing by 18%.
• A key highlight was Trane’s Americas Commercial HVAC business, which saw bookings increase by over 20%, driven particularly by a strong demand for Applied Solutions, which grew by over 60% year-over-year.

• Demand for AI compute has opened the door to a new kind of business: GPU-as-a-Service.  New kids on the block, Nebius and CoreWeave, are competing with the hyperscalers.
• Nebius has gained a foothold in the rapidly growing AI data center market, and it’s eyeing up to $1 billion in recurring revenue by the end of 2025. 
• The best comp is CoreWeave,  but Nebius’ balance sheet is much stronger, allowing it access to cheaper capital to help fund its growth.

• OpenAI is one of the fastest-growing private companies ever, with an estimated $10 billion annual revenue run rate by mid-2025 – up 82% from the year before. 
• Subscriptions and API fees have fueled OpenAI’s rocket-like trajectory, but they won’t get it to its ambitious goal of $174 billion in annual revenue by 2030. 
• Investors slapped a $300 billion price tag on the firm earlier this year, with $500 billion now being touted. What’s it worth?

• Microstrategy Inc Cl A (MSTR US) became eligible for inclusion in S&P500 following its quarterly earnings of $10bn on 31 July.
• Robinhood Markets (HOOD US), Microstrategy Inc Cl A (MSTR US), and AppLovin (APP US) are the main candidates for addition from TMI at the September 2025 review.
• Interactive Brokers Group, Inc (IBKR US) and Emcor Group Inc (EME US) are the main candidates for addition from MidCap at the September 2025 review.

• Tesla & Samsung just inked an eight year, $16.5 billion foundry deal set to run from July 24, 2025 through December 31, 2033.
• Had Intel snagged this deal, it would have been a lifesaver for the company. Not getting it likely triggered the updated “Risk Factors” section in their latest 10K.
• This isn’t Intel playing politics, there’s no point. It’s LBT laying it on the line for investors. Continued investment in 14A is no longer a given. It’s that simple…

• Nextracker, a provider of advanced solar tracking systems, reported its financial performance for the first quarter of fiscal year 2026, showcasing both strengths and underlying challenges.
• The company achieved a significant year-over-year revenue increase of 20% to $864 million, buoyed by strong global demand and robust operational execution.
• Adjusted EBITDA similarly grew by 23% to $215 million, representing an EBITDA margin of 25%, a 100 basis point improvement from the prior year.

• The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
• In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
• The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.

• The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.
• Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.
• A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.

• Last week, the WTR Sustainable Index was down 5.7% W/W versus the S&P 500 Index (down 2.4%), the Russell 2000 Index (down 4.2%), and the Nasdaq Index (down 2.2%).
• Energy Technology (40% of the index) was down 5.2%, while Transportation Solutions (33% of the index) was down 5.0%, Climate Tech and Clean Tech (20% of the index) was down 4.2%, and Climate Tech Mining and Processing (7% of the index) was down 17.3%.
• Top 10 Performers: NXHSF, LISMF, KARX, AMSC, GNRC, AWLIF, NWTN, TPCS, CPSH, GRDAF

• US base oils demand likely to stay lower amid signs of healthy availability of supply.
• Healthy availability of supply, buyers’ sufficient stocks and seasonal slowdown in consumption incentivize buyers to hold back.
• Ongoing fall in US base oils export prices adds to signs of weaker domestic demand.

• Asia’s Group II heavy-grade base oils price-premium to gasoil holds steady at lower level, close to levels in Q4 2024.
• Lower heavy-grade base oils margins and falling regional cargo price point to weaker supply-demand fundamentals.
• Even at lower level, price-premium remains at level that incentivizes refiners to maintain steady output of the product.

• Global base oils prices mostly fall relative to feedstock/competing fuel prices, with export values under more pressure.
• Even at lower levels, price-differentials mostly hold at levels that sustain incentive for refiners to maintain output of most base oils grades.
• FOB Asia base oils cargo prices hold steady versus Singapore gasoil.

• Group II heavy-grade base oils premium to light grades is almost the same in US, Europe and Asia markets at same time and for first time in more than five years.
• Similar price-spreads in all those markets contrast with diverging fundamentals driving those similar price-spreads, especially in Europe.
• Similar price-spreads in US vs other markets follow sustained weakness of US heavy-grade prices because of persistent surplus supply.

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact. 
• This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index. 
• There are several expected ADDs/DELs for the September 2025 index rebal event. There will also be flows for the other index members due to capping.

• Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). 
• BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. 
• A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. 

• ProAssurance merger with The Doctors Company faces potential regulatory hurdles, particularly in California, risking a 30-40% stock drop.
• Lifeway Foods and Danone have resumed buyout talks, with confidentiality agreements in place, aiming for a resolution.
• Webjet Group sees increased stake from Helloworld Travel, indicating potential takeover interest following a rejected offer.

• Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap
• Change in tariff decision led to collapse in premium of COMEX over LME
• Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts

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• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• Insiders are buying in this offering which adds to the bullish thesis.
• They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
• Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. 

• Zach Townsend is the co-founder and CEO of Meanwhile, a company reinventing life insurance by holding reserves in Bitcoin.
• Life insurance is about protection and risk sharing, with term life providing coverage for a specific term and whole life lasting a lifetime.
• Term life is more focused on protection for a specific period, while whole life is an investment product for intergenerational wealth transfer.

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• Dollar strengthening due to positioning cleanup and various events this week
• Powell’s statement more dovish, payrolls weaker than expected
• Political pressure and potential Fed chair change could impact future Fed policy and dollar strength

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• Starbucks Corporation’s latest quarterly results underscored both the urgency of its transformation efforts and the early signs of progress in key areas.
• For the fiscal third quarter, the company reported net revenue of $9.5 billion, yet same-store sales fell 2 percent globally—worse than the 1.5 percent decline analysts had anticipated—and earnings per share of $0.50 trailed the $0.65 consensus.
• In the United States, comparable sales also dipped 2 percent, reflecting the continued impact of a year-and-a-half streak of domestic store declines.

• HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion. 
• According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions. 
• Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.

• Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.
• The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.
• Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

• LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.  
• For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
• China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..

• The Boeing Company reported its second-quarter 2025 financial results, showcasing a mixed bag of performance indicators, strategic progress, and notable challenges.
• During this period, Boeing generated total revenue of $22.7 billion, marking a significant increase of 35% from the previous year.
• This uptick was primarily driven by an increase in commercial airplane deliveries.

• PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
• The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
• PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

• Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
• The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
• This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.

• Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
• The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
• I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.  

• Corning Incorporated delivered solid results for the second quarter of 2025, showcasing both challenges and opportunities that suggest a nuanced outlook for investors.
• The company achieved record sales of $4 billion, representing a 12% growth year-over-year, and an earnings per share (EPS) increase of 28% to $0.60.
• The operating margin expanded by 160 basis points to 19%, contributing to a return on invested capital of 13.1%.

• Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.
• The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.
• A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.

• Hubbell Incorporated’s second quarter of 2025 financial results present a mixed picture, emphasizing the company’s strategic adaptability amidst continuing macroeconomic and inflationary pressures.
• The company reported a robust double-digit growth in adjusted earnings per share, driven by strong organic growth in its Grid Infrastructure and Electrical Solutions segments, accompanied by a notable year-over-year adjusted operating margin expansion of 120 basis points.
• Despite inflationary challenges, the company effectively managed costs through strategic price hikes and productivity enhancements, aimed at achieving positive price/cost productivity for the year.

• HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
• HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
• Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.

• Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
• Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
• Snapdragon X’s monetisation has been deferred,  while XR design momentum was a rare bright spot beyond mobile.

• Institutional investors are turning to AI to analyze SEC filings and earnings call transcripts, with Fintool offering a quicker and more efficient solution.
• The biography of Larry Ellison, focusing on Oracle during the dot com crisis, provides insight into Ellison’s leadership style and business strategies.
• Despite some mixed feelings about Oracle and Ellison’s personality, his vision for the future of computing, such as using commodity hardware and smartphones, has proven to be accurate in hindsight.

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• Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
• Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
• Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!

• 3Q25 saw an acceleration in revenues (+10% YoY) and EPS (+12%), after a long period of stagnation (2022-23-24 at ~3% growth). 4Q guidance is 5% above Consensus. 
• Impact of US import tariffs is negligible. Services is the major growth driver and Apple has few answers on critical questions (Epic ruling, DoJ rulings against Google, AI roll out). 
• The stock is expensive, as always  (27x FY26 EPS, 25x FY27 EPS) for sub-10% growth. Some people love the buybacks, the brand and dominant market position.

• Brightstar Lottery (BRSL) reported solid Q2 2025 results and is delivering on every aspect of the original thesis I laid out in June.
• The company has now begun executing on the largest capital return in its history: a $3.00 per share tax-free special dividend (paid July 29) and a $250MM accelerated share repurchase (ASR) — the first half of a $500MM buyback authorization.
• Brightstar also reiterated that it will maintain its $160MM annual dividend, so with fewer shares outstanding, the per-share dividend will increase, potentially rising to ~$0.22–$0.24 per quarter.

• Lear Corporation’s second-quarter 2025 financial results reflect a balanced mix of positive developments and areas of concern.
• Revenue remained stable at $6 billion, indicating resilience against macroeconomic and industry-specific challenges.
• The core operating earnings came in at $292 million with an operating margin of 4.8%.

• Booz Allen Hamilton’s first quarter fiscal year 2026 results reflect a dynamic environment influenced by shifting government priorities and procurement processes.
• Overall, the company’s financial performance aligned with expectations, showing resilience amidst a challenging backdrop with a 2% year-over-year growth in revenue, excluding billable expenses, despite an overall revenue decline of roughly 1%.
• Positively, Booz Allen Hamilton recorded a high quarterly book-to-bill ratio of 1.42x, contributing to a record backlog of $38 billion, suggesting future revenue streams are solid.

• Figma Inc., a product design leader with strong financial profile, priced its IPO at $33.00/share and raised ~$1.2B.
• The company raised the price range to $30.00-$32.00. The stock opened at $85.00 and closed on Thursday at $115.50, up ~250% vs. IPO offer price.
• The offering was priced above the marketed range. Figma had a ~$67B market cap at the close, implying a ~62x EV/2025E sky-high multiple on my 2025 revenue estimate of $1056M.

• A.
• O.
• Smith’s second-quarter fiscal 2025 earnings results reflect a mixed performance, highlighting both strengths and challenges in the company’s global operations and strategic initiatives.

• Record royalties now make up over half of Arm’s revenue, with Compute Subsystems (CSS) earning nearly 2x more than conventional designs.
• Hyperscaler CPU share jumps to ~50%, as Neoverse powers AI infrastructure at NVIDIA, AWS, Google, and Microsoft.
• Custom silicon stickiness deepens, with multigenerational GPU deals and CSS design wins spanning cloud, PC, and automotive verticals.

• Baker Hughes is reportedly nearing a $13.6 billion all-cash acquisition of Chart Industries, potentially derailing Chart’s previously announced all-stock merger with Flowserve.
• The proposed deal, which values Chart at $210 per share—a 22% premium to its latest closing price—marks a significant strategic pivot by Baker Hughes toward enhancing its footprint in liquefied natural gas (LNG), nuclear energy, and digital infrastructure, particularly data centers.
• By superseding the $19 billion Flowserve-Chart merger agreement from June, Baker Hughes aims to consolidate its position in high-growth, energy-adjacent sectors through vertical integration and technology enhancement.

• In the second quarter of 2025, Honeywell International Inc. delivered robust financial results, maintaining or exceeding expectations across various metrics, despite economic fluctuations.
• The company reported a 5% increase in organic sales growth, driven by strong performances in the Defense and Space and UOP segments, as well as overall increases in orders and backlog reaching a record of $36.6 billion.
• Earnings per share rose by 4% to $2.45, with an adjusted earnings per share up by 10% to $2.75.

• TSMC has been operating as a monopoly, raising prices without consequence and controlling pricing in the industry.
• Intel’s CEO’s recent comments about not investing in the next process without an external customer have raised concerns about the future of Intel’s Foundry business.
• The lack of commitment to future processes has led to suggestions that Intel should shut down fabs and secure capacity at TSMC, potentially impacting CPU competitiveness.

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• Nvidia’s smooth return to China hits turbulence as regulators question the H20 chip’s security.
• AMD stays below the radar; less political baggage, and could be better positioned if Nvidia is slowed.
• AMD also gets a lift from its Threadripper 9000 launch and a bullish analyst price upgrade.

• Flex completed a notable first quarter in fiscal 2026, recording revenues of $6.6 billion, a 4% increase from the previous year.
• The company’s global footprint and strategic positioning appear to play key roles in driving this growth, particularly within the data center sector, which contributed significantly to the revenue.
• Flex reported a robust adjusted operating margin of 6% and an adjusted EPS of $0.72, the highest for a first quarter in the company’s history.

• Occidental’s Q2 2025 revenue is expected to drop 9.1% QoQ and 9.4% YoY. Its EPS is projected to fall by 66.7% QoQ and 71.8% YoY.
• Occidental expects Q2 performance to be weighed down by lower production and weaker commodity realizations, particularly in the Gulf of Mexico.
• Options activity and analyst outlooks suggest a potential rebound if earnings meet or beat subdued expectations.

• Figma priced a full-size offering of 36.9 million shares at $33.00 and opened at $85.00 for a gain of 157.6% at first trade.
• Exemplifying the strength of the IPO, the underwriters stated that the roadshow had a 100-percent hit rate or conversion rate. Half of the order book was allocated zero shares.
• The Figma story is one that is highly unique and one that we believe “could” ignite the IPO market.

• VeriSign Inc. delivered robust financial results in the second quarter of 2025, marked by a significant increase in domain registrations and positive financial performance.
• The company reported revenues of $410 million, reflecting a 5.9% increase compared to the same quarter in the previous year.
• The domain base for .com and .net expanded by 660,000 from the prior quarter, reaching 170.5 million.

• TransUnion’s second-quarter 2025 earnings reflected notable strength in performance, with the company exceeding its financial guidance across key metrics.
• The revenue demonstrated significant resilience, increasing by 9% on an organic constant currency basis.
• The U.S. Markets segment was particularly strong, achieving 10% growth, buoyed by an impressive 17% increase in Financial Services revenue.

• Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as seven mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing, Gen AI creation and editing and AI Chat.
• It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
• This year it bought the leading fashion try-on provider to expand to that vertical.

• The stock priced a full-size deal of five million shares at $15.00 ($4 below the prevailing $19-$21 range) and opened at $15.60. 
• According to our sources, the deal was reportedly multiple-times oversubscribed with several anchor orders from mutual fund and sector-dedicated funds.
• We think this deal was placed and priced well. Furthermore, the small deal size assisted in getting this company a small premium at first trade.

• Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
• Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
• Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.

• Google: increased 2025 Capex ($75bn -> 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
• Meta: last quarter increased 2025 Capex ($62.5bn -> 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
• Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).

• Otis Worldwide Corporation’s second-quarter 2025 earnings report presents both strengths and challenges impacting its investment potential.
• A key positive for Otis is its Service segment, which continues to drive significant performance improvements.
• Service sales were up 4% organically, with all business lines and regions contributing to growth.

• Meta (META US) will report its earnings today July 30th, after the Close.
• If the earnings are positive, we predict a rally that could last up to 3 weeks and bring Meta (META US) at 758, above its recent all time high peaks.
• The rally could last up to 3 weeks – this is a short-term tactical forecast, it doesn’t offer a view of where the stock could be several weeks from now.

• Las Vegas Sands Corporation’s latest earnings report offers a mixed yet intriguing view into the company’s operational performance, focusing on their flagship properties in Macau and Marina Bay Sands in Singapore.
• The highlights of the earnings call indicate an exceptional quarter for Marina Bay Sands, posting a record quarterly EBITDA of $768 million.
• This reflects significant growth propelled by mass gaming, which reached $843 million – a stark increase of 97% from Q2 2019 and 40% higher year-on-year.

• Hilton’s latest financial performance in the second quarter of 2025 showcases both strengths and challenges within the company.
• The firm reported an Adjusted EBITDA exceeding $1 billion, surpassing expectations despite facing challenges such as modestly negative system-wide RevPAR and shifting holiday schedules that impacted business transient RevPAR negatively by 2%.
• The leisure transient sector, however, showed resilience with a 1% increase, bolstered by extended spring break periods.

• Netflix shares dropped 5.1% despite beating earnings expectations and raising full-year guidance—a reminder that strong results don’t always satisfy a market pricing in perfection.
• The stock is up 36% in 2025 and trades at 44 times forward earnings, just below a three-year high.
• While the selloff may have stemmed from revenue gains partially driven by foreign exchange effects rather than robust U.S. growth, the underlying business performance remains solid.

• As it executes its strategy to continue to expand its reach and distribution, HIT has added many new distribution partnerships, including with large players such as leading pharmacy benefit manager (PBM) MedImpact subsidiary, Verdegard Administrators, and Hilb Group, which ranks among the top 25 U.S. insurance brokers, among others.
• Moreover, HIT is preparing to launch AI-powered solutions for mid-sized and larger businesses later in 2025 and is optimistic about the prospects, based on interest it has generated to-date.
• Concurrently, HIT continues to serve and expand its offerings for the small- to medium enterprise (SME) market.

• Graco Inc.’s latest financial results outline a multifaceted performance with a mix of positive and challenging developments.
• In the second quarter, Graco reported sales of $572 million, marking a 3% increase from the same period last year.
• However, this growth was driven by acquisitions contributing 6%, while organic sales declined by 3%.

• Alphabet’s second-quarter 2025 earnings report marked a pivotal moment in the company’s pursuit of AI-driven growth, delivering strong results alongside escalating investment challenges.
• The company posted a 14% yearover-year revenue increase, reaching a record $96.4 billion, bolstered by significant gains in its cloud, search, and YouTube businesses.
• Earnings per share rose to $2.31, beating Wall Street expectations of $2.18 and up from $1.89 a year ago.

• BP’s Q2 2025 revenue is expected to drop 10% QoQ and 10.7% YoY. However, its EPS is projected to rise by 30.8% QoQ but fall by 32% YoY.
• Lower oil and gas realizations are expected to drag earnings by up to USD 1.1 billion, but strong refining margins and oil trading performance could offset the blow.
• Options positioning reflects mild bullish sentiment, with traders favouring calls near current levels, suggesting expectations of a modest post-earnings upside.

• AAPL has been an underperformer since its last earnings report which stands out against the backdrop of a stock that rarely misses earnings expectations.
• We take a closer look at implied volatility and the earnings-day move priced by the options market.   
• Volatility metrics and historical earnings reactions are analyzed to help frame expectations.  

• MSFT is set to report Q4 earnings after the market close on Wednesday, July 30.
• We examine the implied volatility and projected earnings-day move following a near 30% rally since the last report.
• Volatility metrics and historical earnings reactions are analyzed to help frame expectations.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).
• Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.

• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
• They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.

• WTI crude declined 1.4% for the week ending 25/Jul, pressured by oversupply concerns and renewed U.S. tariff threats, despite midweek gains from inventory draws and trade optimism.
• The U.S. rig count fell by two to 542, marking its twelfth weekly fall in thirteen weeks. Oil rigs by seven to 415, marking its thirteenth consecutive weekly fall.
• WTI OI PCR remained at 0.96 on 25/Jul compared to 18/Jul. Call OI inched up by 3.1% WoW, while put OI rose by 3.8%.

• For the week ending 25/Jul, Henry Hub dropped 12.8% on the back of mild weather forecasts, record output, and stagnant LNG flows.
• For the week ending 18/Jul, the EIA reported that U.S. natural gas inventories rose by 23 Bcf, lower than analyst expectations of a 28 Bcf build.
• Henry Hub OI PCR fell to 0.84 on 25/Jul compared to 18/Jul. Call OI grew by 6.5% WoW, while put OI rose by 3.2%.

• India’s imported Group I heavy neutrals base oils cargo price strengthens relative to FOB Asia and Europe prices in July 2025.
• India’s rising price-differential for Group I SN 500 follows drop in availability of the supplies from Iran especially in recent months.
• India’s imports of Group I heavy neutrals fall to eighteen-month low in June 2025, mostly because of drop in supplies from Middle East.

International Public Partnerships (INPP) has been selected as a preferred bidder on the Sizewell C nuclear power station, a landmark infrastructure project critical to strengthening the UK’s energy security and to meeting the government’s net zero targets. INPP will take a c 3% equity stake in the Sizewell C regulated company and has committed to invest c £250m over the next five years. It expects to fund this through capital recycling, with the share repurchase programme remaining in place. The investment is structured under a regulated model and is expected generate predictable, long-term, inflation-linked cash flows, protected against construction and nuclear-specific risks, and provide capital upside. We expect the ability to recycle capital into attractive, new, long-term investment opportunities, in addition to its immediately accretive share repurchases, to support a continued re-rating of INPP shares.

• The merger involves TDC acquiring ProAssurance for $25/share, creating a combined 16% market share in medical malpractice insurance.
• California regulatory concerns arise due to the combined entity’s 65% market share, potentially impacting merger approval.
• TDC’s offer price was contingent on regulatory outcomes, with PRA rejecting a structure tying price to regulatory conditions.

• The copper trade still gets lots of attention. Reason for us to dig a little deeper and evaluate emerging opportunities.

• Let’s also evaluate the “fundamental” reason market participants have why COMEX Copper is so much pricier than LME copper…

• The announcement of a 50% tariff on imported refined copper into the US has triggered a widening of the COMEX-LME-Spread from 11% to 27%.

• Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.
• One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. 
• The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

• The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
• While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach. 
• The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.

• For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
• Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  
• We like the risk-reward profile of this deal and see solid upside in this deal at this time. 

• Trump’s 50-day ultimatum to Russia expires on September 2nd, potentially leading to sanctions and increased weapons supplies to Ukraine
• EU’s new price cap on Russian crude takes effect on September 3rd, aiming to curtail Russia’s energy revenues and strengthen anti-circumvention measures
• Snapback provisions on Iran could be triggered in September, adding to global oil price volatility and uncertainty

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• The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
• They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
• Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million  for 2024, 2023 and 2022. 

• Ohmyhome Ltd(OMH) Company Sponsored Research Report

• Pudgy Penguins, initially a successful PFP NFT launch featuring adorable penguin figures, gained early traction but lost momentum following unmet community expectations. 

• In 2022, current CEO Luca Netz acquired the project and transformed it into a successful IP business through omnichannel meme viral marketing, online experience building, and in-store toy sales.

• OverpassIP, an NFT licensing platform built by the same team, enables NFT holders to earn royalties, converting Pudgy NFTs with purely speculative value into assets with fundamentals tied to the IP’s commercial success.

• General Dynamics has recently reported its second-quarter 2025 earnings, highlighting several key aspects of its financial performance and operational activities.
• The company recorded earnings of $3.74 per share, surpassing analyst expectations by $0.19, with revenues coming in at $13 billion, marking an 8.9% increase year-over-year.
• The operational earnings also showed positive growth, rising by nearly 13% to $1.3 billion, while net earnings increased by 12%.

• PMV Pharmaceuticals is in a Phase 2 trial for cancer therapy, with interim results expected mid-2025, and potential value realization through strategic review due to a large net cash position.
• Yorkville Acquisition has commenced separate trading of its Class A ordinary shares and warrants, with a $10/share trust value.
• Copper Property CTL Trust extended its wind-down deadline to January 2026, with amendments allowing confidential shareholder consultations during the sale process.