United States

• Jim Chanos discusses Bitcoin treasury companies and their flaws on Bloomberg Audio Studios Podcasts Radio News
• Companies are continuing to adopt the strategy of using treasury to buy Bitcoin
• The value of companies like MicroStrategy is being inflated by the appreciation of their Bitcoin holdings

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Even if Intel Corp (INTC US) ceases marketing 18A to new customers, the company will still fulfill existing foundry commitments.
• In response to the 18A dilemma, Intel’s initial solution is to redirect resources toward the development of 14A, a next-generation process where Intel hopes to gain an edge over TSMC.
• In addition to the strategic realignment of the foundry business, Tan’s broader efforts include refreshing Intel’s leadership team.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.

• Focus on diversifying the revenue base. As we discussed in our initiation of coverage, SURG has been actively working on diversifying the revenue base.
• We see the company as four different startups—wireless MVNO/MVNE, Lifeline telecom services, prepaid top-ups, and Clearline Mobile—all focused on underserved communities with distribution through neighborhood stores and bodegas.
• SURG’s differentiation is in how they all come together at the points of presence (PoPs), and yet, they represent different independent revenue streams.

• Titan International is a global manufacturer of off-the-road tires, wheels and undercarriages.
• The company serves the agricultural, earthmoving / construction, and consumer markets.
• Long-term secular tailwinds exist in the global agricultural, infrastructure and construction markets.

• While maintaining rigid cost controls generally (OpEx declined 26% y/y in FY 25), AEMD continues pre-clinical research and analysis of the Hemopurifier in areas outside of oncology.
• Results from a preclinical ex vivo study were published in bioRxiv in May 2025 and demonstrate that the Hemopurifier removed 98.5% of platelet-derived extracellular vesicles (PD-EVs) from human plasma.
• This supports moving forward with the ongoing oncology study in Australia, launching a similar study in India and also point to other potential applications of the Hemopurifier in EV-associated diseases.

Despite rapid advancements in cancer treatments, effective diagnostics for early screening and disease monitoring continue to be an unmet need. This is felt acutely in lung cancer, which is the leading cause of cancer-related death worldwide, with only 20% of cases diagnosed at an early stage. VolitionRx, a diagnostics company focused on the detection of life-altering diseases, such as cancer, continues to build clinical evidence for its Nu.Q® Cancer test as a multi-pronged diagnostic tool to enhance screening, treatment selection and disease monitoring in lung cancer. By detecting circulating nucleosomes associated with tumor activity, Nu.Q Cancer offers a compelling low-cost, quick-turnaround cancer screening and monitoring alternative/complement to existing diagnostic tools, particularly complex and time-consuming biomarker-based blood tests requiring expensive next-generation sequencing (NGS).

• CULP posted 4QFY25 adjusted EPS of ($0.07), beating our estimate by $0.03, on strong gross margin gains in mattress fabrics on the back of management’s restructuring gains despite softer-than-expected revenue.
• Upholstery fabrics revenue was down 8.9%, even as management noted strength (and potentially market share gains) in the contract/hospitality side of the upholstery business.
• On the residential side of upholstery, it was continued weak industry-wide demand (slow housing, mortgage rates, consumers pulling back from discretionary durable spend) and the continued hangover from one large customer’s order timing that pulled sales forward in early FY25. 

• Intercontinental Exchange, Inc. reported a record-breaking performance for the first quarter of 2025, demonstrating significant growth across its diverse business segments even amidst fluctuating macroeconomic conditions.
• The company achieved an adjusted earnings per share of $1.72, marking a 16% increase year-over-year.
• Net revenue rose by 8%, reaching a new high of $2.5 billion.

• During the past two weeks we highlighted that the upside for oil is only minimal and that trading the “war event” may be the rational thing to do.
• So far, this turned out to be the right call.
• Investment banks seem to be a bit more emotional about the topic.

• 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).
• Our near-term bullish outlook will remain in place long as the S&P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM) are above their 20-day MAs.
• Short-Term SPX support is at 6028-6059 and the 20-day MA, with additional supports at 5804-5854 and 5700-5785. Russell 2000 (IWM) and S&P Mid Caps (IJH) also breaking above key resistances

• We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.
• We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the “test and repeat” model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.
• When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

• Fastly Inc.’s earnings report for the first quarter of 2025 highlighted several key aspects of the company’s financial performance and strategic direction, presenting both opportunities and challenges for investors to consider.
• Positively, Fastly reported revenues of $144.5 million, surpassing their guidance range.
• This represents an 8% increase year-over-year, suggesting positive momentum in their revenue growth, notably higher compared to the previous quarter’s 2% growth.

• The Boston Beer Company’s latest earnings report for Q1 2025 demonstrates both positive progress and ongoing challenges in a dynamic market environment.
• The company reported a solid start to the year with a 5.3% increase in shipments and a 6.5% rise in revenue, driving its highest first quarter gross margin since 2019 thanks to volume growth and margin enhancement initiatives.
• However, depletions decreased by 1%, indicating that consumption trends remain under pressure amidst broader category headwinds.

• Asia’s base oils prices recover versus gasoil prices as crude oil prices revert to levels in H1 June 2025.
• Recovery in light-grade base oils margins curbs pressure on refiners to adjust output of those supplies.
• Any moves to sustain base oils output at current levels would coincide with completion of most plant-maintenance work in the region.

• Asia’s base oils demand could ease as lower crude oil prices curb prospect of refiners adjusting output or raising prices.
• Prospect of seasonal slowdown in consumption and rise in surplus supply in coming weeks adds to incentive to hold back and to procure top-up supplies on need-to basis.
• Demand for Group II heavy grades could get support from concern about tighter availability of Group I heavy neutrals because of upcoming plant-maintenance in southeast Asia and uncertainty about stability of flows from Iran.

• BigCommerce Holdings Inc. (BIGC) recently conducted its first quarter 2025 earnings call, during which key financial and operational metrics were discussed, shaping a comprehensive outlook for investors.
• The quarter demonstrated mixed results with a focus on profitability and business transformation, reflecting a balanced mix of challenges and opportunities.
• The company reported a non-GAAP operating income of $7.6 million, marking a 530 basis point margin improvement year-over-year.

• US Group II base oils price-premium to VGO rebounds after fall in crude oil prices.
• Excluding brief dip in June 2025, base oils margins hold in narrow range since early April 2025.
• US Group II domestic and export base oils price-premium to VGO rises in Q2 2025 from Q1 2025.

• Retirement is a key focus for BlackRock, with half of their assets being retirement related
• Recent policy changes have expanded access to workplace retirement plans in the US
• BlackRock and the Bipartisan Policy Center have co-authored a paper with recommendations to increase access to retirement plans and improve best practices for saving and investing for retirement

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Fortive and Ralliant began when-issued trading on June 25, 2025 under the ticker ‘FTV WI’ and ‘RAL WI’. 
• The regular-way trading will begin on June 30, 2025. Ralliant will trade under the ticker ‘RAL’ and Fortive (ex Ralliant) will continue to trade under the ticker ‘FTV’.
• As part of the transaction, FTV (ex RAL) will receive $1.15 billion in dividend from Ralliant Corp. RAL will assume debt to pay the cash dividend to FTV.

• In recent months, Nvidia has quietly transformed from the undisputed leader in AI semiconductors into a formidable new player in cloud computing.
• What began with DGX Cloud—launched two years ago as an infrastructure offering focused on AI workloads—has evolved into a full-fledged attempt to reshape how cloud services are consumed and delivered.
• The latest development is the launch of DGX Cloud Lepton, a marketplace designed to aggregate unused GPU capacity across a network of Nvidia-aligned cloud providers, including CoreWeave, Lambda, and Crusoe.

• International Gaming Technologies (IGT) is in the process of selling its Global Gaming and PlayDigital segments.
• The merger arbitrage market implies a high likelihood that this deal closes soon ($14.23 share price for EVRI vs. acquisition price of $14.25).
• Guidance is the deal could close as soon as July 1, 2025.

• Dollar decoupled from US rates and equities, investors expected to chase dollar lower
• Dollar positioning not as crowded as perceived, global holdings of US equities still large
• Unlikely for significant repatriation of Japanese foreign bond investments, focus on rebalancing rather than one-way repatriation; implications of upcoming election on Yen uncertain

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.
• The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.
• Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.

• This week, I recommended a new idea: Buy International Gaming Technologies.

• If you are interested in buying IGT, I would recommend doing so on Monday.

• IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Euronet Worldwide concluded its first quarter of 2025 with several notable achievements and strategic moves that highlight both the strengths and challenges of the company’s diverse business model.
• The company reported double-digit growth in both operating income and adjusted EBITDA, an 18% increase in operating income compared to the previous year.
• The growth spanned across all segments, driven by robust performance in transaction processing and foreign exchange activities.

• Carter’s, Inc. recently held its first quarter fiscal 2025 earnings call, revealing a mixed performance marked by both challenges and strategic initiatives intended to bolster long-term growth.
• Under Doug Palladini, the new CEO, Carter’s is gearing towards a reinvigorated strategy aimed at sustainable and accretive growth.
• His prior experience with brand expansion at Vans suggests an inclination towards focusing on enduring consumer connections and brand loyalty, elements he deems critical for Carter’s path forward.

• Inventory depletion across the LME and SHFE continued as copper prices breached the 10k USD level to end the week 3.7% higher.  
• The COMEX-LME spread breached $1,000/ton again, leading us to be confident that there will be a further rally in the short term. 
• We see an easy journey to 11,000 USD/ton on a weaker dollar, stronger COMEX premiums, depleted inventory levels, and lower-than-expected global production. 

• NVIDIA Corp (NVDA US)  stock keeps climbing towards an hypothetical 5 trillion $ market cap, as the artificial intelligence (AI) trade accelerates.
• Unconfirmed rumors say NVIDIA has acquired CentML, a machine learning startup that provides an optimization platform to enhance the efficiency and cost-effectiveness of AI model training and deployment.
• After 5 weeks up in a row and a furious, vertical rally, the stock begins to appear OVERBOUGHT, according to our model.

• Simeon McMillan, founder of Accrued Interest, has a unique perspective on the broadcast television industry, with experience as a banker and executive in prominent media companies.
• The broadcast television industry has evolved from the hub and spoke model of major networks to a more consolidated landscape, with companies like Nexstar Media Group emerging as major players.
• McMillan will discuss the revenue streams, impact of cord cutting, and strategic investments within the industry, providing insights into the structure and evolution of broadcast television.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Lancaster Colony Corporation delivered mixed results for its fiscal year 2025 third quarter.
• Despite the 2.9% decline in consolidated net sales to $458 million, the company achieved record gross profit and operating income, reaching $106 million and $50 million, respectively.
• This highlights effective cost management and operational efficiencies in a challenging sales environment.

• Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
• The company continues with human trials and is getting funding that will enable the approval process to continue.
• BBLG also filed for a patent that stands to strengthen the company’s intellectual portfolio.

• For the week ending 20/Jun, U.S. crude inventories fell by 5.8m barrels (vs. expectations of a 1.2m barrel decline). Meanwhile, gasoline stockpiles fell more than expected.
• The EIA reported a 96 Bcf storage build, while analysts forecasted an 88 Bcf increase. Storage levels are 6.6% above the five-year average but 6.3% below year-ago levels.
• Shell denied reports of merger talks with BP. TD Cowen raised its price target on Exxon to USD 128, citing its technological edge in resource recovery and strategic deal-making capacity.

• Care Cloud’s Preferred Stock ($CCLDO) represents the type of opportunities we’re pursuing in the Small Cap Absolute Growth Strategy.
• I’d written most of this post and put it on the backburner in preparation for it to be part of our quarterly letter, but a press release today made me smile and I decided to revise and inform.

• Today’s press release:“Our audit firm has informed the Company that it does not have the capacity to perform an ICFR attestation.

• Valaris Ltd.’s first quarter of 2025 financial results indicate robust performance, showcasing both significant operational achievements and strategic initiatives.
• The company’s success in securing over $1 billion in new backlog contracts highlights its capability to align strategically with market opportunities, notably in lucrative regions such as West Africa.
• This aligns with Valaris’s broader commercial strategy that emphasizes contracting high-specification assets on attractive long-term terms, thus ensuring consistent revenue streams critical for sustaining financial health.

• 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

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• 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.

• Kontoor Brands, a prominent name in the fashion industry known for its Wrangler and Lee brands, has recently shared its financial results for the first quarter of 2025.
• The company made notable headway with the impending acquisition of Helly Hansen, which is anticipated to bring substantial benefits in terms of revenue growth, earnings, and cash flow.
• The acquisition is expected to be finalized by the end of May and will likely offer opportunities for expansion and operational synergy.

• Much of UnitedHealth’s business is just freeriding the US healthcare system.

• To some extent it could even be called parasitic. 40% of its revenues come from government programs.

• The most important one is Medicare Advantage (MA), which was originally designed to lower costs through the use of private carriers and their competition.

• Antero Resources’ first-quarter earnings presentation for 2025 reflects a strong operational performance and strategic execution across several key areas.
• The firm has reported significant efficiency gains in drilling and completions, a strengthened hedging position, improvements in natural gas liquids (NGL) pricing, and continued solid financial management.
• On the operational front, Antero Resources has achieved noteworthy drilling and completion efficiencies.

• This week, I spoke to the CFO of Unit Corp and updated my investment case on Unit Corp.

• I think Unit Corp looks very cheap. On a consolidated basis, the stock is trading at ~5.6x FCF.

• This doesn’t sound that cheap for an oil and gas company. But results are depressed.

• Bumble Inc.’s recent financial performance and strategic direction provide an intricate picture of potential future opportunities and challenges.
• The earnings call highlighted several key themes.
• Bumble is actively working to transition its focus from expansion via performance marketing to enhancing user experience and match quality.

• Freshpet recently reported its first-quarter 2025 results, demonstrating a mixed performance amidst a challenging macroeconomic environment.
• The key takeaway from the earnings discussion is that while Freshpet has managed to maintain a growth trajectory, driven by its broad consumer base and strong brand proposition, it’s facing economic headwinds that are impacting its ability to maintain the previous levels of growth.
• 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.

• We are reiterating our Buy rating, $23 price target and projections for Guess?
• after visiting stores in Long Island and the Metropolitan New York City area.
• We believe Guess?

• Lennar Corporation’s recent financial performance highlights both the challenges and strategic initiatives that define its current position in the market.
• The company’s second-quarter earnings reflect a focus on sustaining volume and restructuring operations in response to a challenging housing market environment characterized by higher interest rates and ongoing economic uncertainty.
• Herein lies Lennar’s commitment to balancing volume with affordability while investing in technological innovations to reshape its operational landscape.

• Gentex Corporation’s financial results for the first quarter of 2025 reveal a mixed performance, characterized by several challenges and responses.
• The company’s net sales fell to $576.8 million from $590.2 million in the same quarter last year, driven by lower global light vehicle production and a weakened trim-mix in primary markets such as North America, Europe, Japan, and Korea.
• This environment resulted in a sales shortfall estimated between $25 million and $30 million for the quarter.

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
• The company announced its AI technology has identified a new novel vaccine target to combat a major bacterial infection impacting hundreds of millions of people around the world.

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
• We expect two regular changes in September 2025. There are also multiple live M&A events which are likely to trigger intra-review index changes.

• S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflecting changing market conditions.
• The main changes are lowering the minimum float threshold, shortening the market cap calculation period and the liquidity calculation period, and including buffers for additions and deletions.
• We currently forecast 47 changes to the S&P/ASX family of indices in September and the short market cap computation period could lead to more change over the next two months.

• Fortive (FTV US) to spin off its Precision Technologies segment, under the name “Ralliant”.
• Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.
• Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.

• Global base oils price differentials fall sharply relative to feedstock/competing fuel prices in June 2025 following surge in crude oil prices.
• Speed and size of fall in base oils margins reflects more the surge in crude oil prices rather than sudden, unexpected change in base oils supply-demand fundamentals.
• Lack of any sudden, unexpected change in supply-demand fundamentals could support reversion of base oils margins closer to their higher levels in early-June 2025 before their slump in recent weeks.

• In our note Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies, we noted a mid-point guidance of 575,000 tons for Ivanhoe Mines (IVN CN).
• The company revised this midpoint guidance down substantially to 400,000 tons following the discovery of Seismic activity in the Kakula mines (a 0.7% downward revision of global refined production). 
• The Kamoa-Kakula mine is the 4th largest mine in the world, and the mid-point guidance post 2027 was to ramp it beyond 700,000 tons. 

• Asia’s base oils price-premium to competing/feedstock prices extends fall to five-month low.
• Lower margins coincide with improving supply in Asia as more plant-maintenance draws to a close.
• Improving supply and seasonal slowdown in demand could curb refiners’ leverage to target higher prices to reverse recent drop in margins.

• On June 21, 2025, MetaVia Inc. (MTVA) announced the presentation of preclinical data for DA-1241, the company’s novel GPR119 agonist, that showed hepatoprotective effects when administered in combination with Efruxifermin, a fibroblast growth factor 21 (FGF21) analogue, in a mouse model of metabolic dysfunction-associated steatohepatitis (MASH).
• The results were presented in a poster session at the American Diabetes Association 85th Scientific Sessions.
• The data showed that 94% of mice receiving the combination therapy achieved a =2-point improvement in the non-alcoholic fatty liver disease (NAFLD) activity score and immunohistochemistry revealed significantly reduced inflammatory and fibrotic gene expression in the liver.

• Viomi recently launched a new filtration system that produces mineral water-like output, which could be a differentiated product in the market, enabling Viomi to gain a share in an increasingly crowded filtration market.
• The company’s inability to file a timely 20-F with the SEC, combined with a recent change in auditors, will likely raise concerns among investors.
• Viomi’s strong balance sheet could enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

• WTI futures picked up by 1.2% for the week ending 20/Jun, marking its third straight weekly gain. The uptrend was due to the Israel-Iran conflict.
• The U.S. rig count fell by one to 554. The oil rig count fell by one to 438, while gas rigs dropped by two to 111.
• WTI OI PCR fell to 0.87 on 20/Jun compared to 0.89 on 13/Jun. Call OI fell by 8.9% WoW, while put OI dropped by 11.4%.

• US base oils demand could get support from higher crude oil prices that curb prospect of fall in base oils prices.
• Even so, expectations of ready availability of supplies, combined with seasonal slowdown in lube consumption in coming weeks, likely to incentivize buyers to maintain low stocks.
• Buyers face ongoing challenge of balancing expectations of weak fundamentals with repercussions of higher crude oil prices and risk of weather-related supply disruptions during Atlantic hurricane season.

• Despite the pressure on the regime and escalating hostilities between Israel and Iran, oil prices have remained relatively contained, up only $10 since last Tuesday
• The risks of the Strait of Hormuz being closed are considered low due to US presence in the region and historical trends of short-lived oil shocks from conflicts
• Regime changes in oil-producing countries have historically led to significant spikes in oil prices, with supply disruptions lasting up to six months and causing prices to stabilize at levels 30% or higher than pre-conflict levels

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Four SPACs, CCCM, PCAPU, MBAV, and TACO, are highlighted for their potential asymmetric trade opportunities in the crypto sector.
• Sage Therapeutics announced a sale to Supernus Pharmaceuticals, with shareholders receiving $8.50/share in cash and a CVR.
• Mayne Pharma’s acquisition by Cosette progresses with FIRB approval discussions, despite no strict obligation for Cosette to pursue it.

• For the three months ended March 31, 2025, they had net income of $64.2 million, compared to $32.9 million for the three months ended March 31, 2024.
• The company is coming at an attractive valuation but our sources say traditional IPO investors “may” be staying on the sidelines for this deal. 
• This company is private equity backed by J.C. Flowers & Co and they will own 68.9% of the voting power following this IPO.

• Sprott Physical Uranium Trust (Spot) raised $200 million, causing a surge in uranium stocks.
• Spot’s ability to add more pounds of uranium depends on trading above NAV, which it achieved with recent raises.
• The market dynamics in uranium are unique, with financial players influencing the market in unexpected ways.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Price discovery and risk management tools in commodities markets through futures contracts
• Discussion with industry leaders at the 2025 Asia Pacific Precious Metals Conference in Singapore
• Focus on creating a kilo bar contract and improving price discovery in Asia, with a growing interest in connecting Asia to the world

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
• Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
• At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.

• Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999
• Chesky’s background in industrial design engineering heavily influenced Airbnb’s design-centric approach
• Chesky’s scrappiness and founder mentality have driven Airbnb’s success, with a focus on improving margins and generating free cash flow.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Crude Oil (CL1 COM COMDTY) reached extreme levels amid the Iran war; our models flagged a >89% reversal probability at the end of last week. Short-term tactical view: OVERBOUGHT.
• The long-term price may be higher than now, so any pullback may be a good occasion to BUY.
• This insight briefly discuss possible entry points, a couple of scenarios.

• Equifax Inc. has provided a comprehensive overview of its Q1 2025 financial performance and outlook in its recent earnings, revealing both strengths and challenges in the company’s operational landscape.
• Starting with the positives, Equifax reported a strong beginning to 2025 with revenue reaching $1.442 billion, marking a 4% growth on a reported basis and 5% in constant currency.
• Notably, this was $37 million above the midpoint of the company’s previous guidance offered in February.

• Roivant Sciences, in its most recent fiscal year-end earnings, reported a period of significant activity and progress across several fronts.
• The company emphasized advancements in its late-stage pipeline, particularly in its anti-FcRn franchise and developments in brepocitinib.
• The fiscal year was marked by the generation of critical data from studies involving batoclimab in Myasthenia Gravis and CIDP, as well as anticipation for pivotal data from brepocitinib in dermatomyositis, which could lead to novel treatments with significant lead-time advantages.

• Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
• In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
• Want to dig deeper? Comment or message on the themes you think should be highlighted next

• Apple failed to deliver on the highly anticipated Siri makeover, noting that it didn’t meet their quality standards and effectively pushing it out for another full year 
• Internal rivalries, divided opinions on the direction AI should take, organizational restructuring, unwillingness to do meaningful acquisitions would all appear to be contributing to Apple’s AI woes
• Apple’s peers are advancing their AI ambitions at warp speed, investing heavily, taking bold risks and mostly delivering on their promises. Apple is the polar opposite. What’s another year? Failure.

• Copper prices on the spot market are set to breach 10,000 USD/ton again as inventory levels tighten on the LME, driven by a rush to ship metal to the US. 
• Current KPIs in China, such as weak steel production (-2-3% YoY est.) and thermal power production (-19% YoY) for May temper our bullishness.  
• We are bullish on copper in the short term, expecting it to break above $10,000 USD easily. However, we will closely monitor China data for potential impacts on the outlook.