United States

AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Crypto ETFs: Global Landscape, Market Dynamics, and Outlook

By Animoca Brands Research

Significant Growth & Untapped Potential: While global crypto ETF AUM has reached $168.3B, this represents a small fraction of the $14.8T global ETF market and the $128T total global AUM, indicating a vast addressable market and substantial room for future expansion. We project the global crypto ETF AUM to potentially exceed $1T in five years, over 6x the current level.
US Dominance in AUM, Europe in Variety: The US leads globally with $144.3B in crypto ETF AUM (85.7% market share), largely driven by the successful launch of spot Bitcoin ETFs. Europe, while smaller in AUM ($15.3B), offers a wider array of altcoin ETFs. Canada and Hong Kong have also emerged as important regional hubs.
Quantitative Spotlight on US Market Dynamics: Daily net flows into spot ETFs show a positive but modest correlation with Bitcoin price changes (0.34) and a very weak correlation for Ethereum (0.13). Coupled with low R-squared values, this indicates that spot ETF flows, while impacting underlying crypto price, are just one of many factors

Jefferson Capital Inc (JCAP): Profitable Insolvency Account Manager Sets Terms for IPO

Jefferson Cap is offering 10.0mm shares at $15.00-$17.00 equating to a market cap of $972m-$1.1b and will debut on June 26th.
The company is backed by J.C. Flowers and the majority of this IPO, 9.375mm shares, is secondary with J.C. Flowers offering 7.76mm shares and Canaccede offering 1.6mm.
Debt buying companies have a vastly different profile than a Chime, CoreWeave or Voyager or Circle which has major, scalable tailwinds.

UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q

U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
U-Haul is also the third largest self-storage operator in North America.
U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.

LE: Snapping the Catalog: Tote Girls Rule; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we review the June catalog.
Picking up on a theme from last month, the June catalog focus is on the Lands’ End “tote girl.” The company has continued to leverage the popularity of their totes (the most purchases Lands’ End item) and an overall trend towards personalization and embellishment, to capture a younger customer and drive multiple item purchases.
For June, the focus remains on swimwear (now at 50% off), and great new looks for the Lands’; End summer lifestyle, from a new linen collection, dresses, the emerging swim dress category and fitted tops and cotton sweaters.

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Jun 13

Daily Brief United States: Qualcomm Inc, Sui, Apimeds Pharmaceuticals US, Crude Oil, Chime Financial, JAKKS Pacific , Aethlon Medical and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Alphawave Ditches WiseWave Before Embracing Qualcomm Bid. But Why?
Sui (SUI): High Valuation, Early‑Stage Adoption
WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)
[ETP 2025/24] WTI Rises on Trade Hopes, Geopolitics; Henry Hub Slips on Weak Near-Term Outlook
Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day
JAKK: Further Tariff Proofing the Model Post Mgmt. Meetings; Reiterate Buy
Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Alphawave Ditches WiseWave Before Embracing Qualcomm Bid. But Why?

By William Keating

Qualcomm’s recently rumoured desire to acquire UK-listed Alphawave finally came to fruition on June 9 with a US$2.4 billion offer
Just two days earlier, on June 7, Alphawave announced that the company had disposed of its interest in China-based JV, WiseWave Technology
What is WiseWave Technology, why did Alphawave invest in it and why is it now divesting that interest prior to the Qualcomm acquisition?

Sui (SUI): High Valuation, Early‑Stage Adoption

By Tatja Karkkainen

Sui commands an ~US$11 bn market cap (FDV US$34 bn) barely two years after launch, yet real‑world usage is still embryonic.
Claimed throughput of 297 k TPS contrasts with currently observed ~48 TPS (peak 335).
A restrictive validator set, modest staking yields, looming token unlocks, and limited developer traction undermine the decentralisation and growth narrative.

WTR Biotech Spotlight Podcast Recap Apimeds Pharmaceuticals US, Inc. (APUS)

By Water Tower Research

Apimeds US is a clinical-stage biopharma company that is developing an intradermal bee venom-based toxin, Apitox, for pain associated with inflammatory conditions, including knee OA and multiple sclerosis (MS), for the US market.
Apitox is licensed from Apimeds, Inc. in South Korea (Apimeds Korea), where the therapy has Korean approval as Apitoxin for treatment of OA.
Honeybee venom has anti-inflammatory and analgesic properties.

[ETP 2025/24] WTI Rises on Trade Hopes, Geopolitics; Henry Hub Slips on Weak Near-Term Outlook

By Suhas Reddy

For the week ending 06/Jun, U.S. crude inventories fell by 3.6m barrels (vs. expectations of a 2.4m barrel decline). Meanwhile, gasoline and distillate stockpiles rose more than expected.
The EIA reported a 109 Bcf storage build, while analysts forecasted a 108 Bcf increase. Storage levels are 5.4% above the five-year average but 8.6% below year-ago levels.
Shell targets 12 MMT of new LNG capacity by 2030, while TotalEnergies partners with Mistral AI to enhance its low-carbon, multi-energy strategy using artificial intelligence.

Chime Financial, Inc. (CHYM): Rips 59% at Open, IPO Dips the Rest of the Day

Chime Financial, Inc. (CHYM) priced a full-size deal of 32.0mm shares at $27.00 ($1 Above the $24-$26 range) and opened at $43.00 for a gain of 59.2% at first trade.
The debut is a major win for IPO investors but a disappointment for aftermarket traders as the stock closed nearly six points below the open.
Chime’s order book finished north of 20-times oversubscribed with the top ten accounts taking 60% of the deal and the top 20 being allocated 85% of the transaction.

JAKK: Further Tariff Proofing the Model Post Mgmt. Meetings; Reiterate Buy

We are reiterating our Buy rating and $40 price target, but lowering our 2025 and 2026 projections after meeting with JAKKS management and contemplating the near and longer term impact of China tariffs on the company.
In the very near term, while only a short period (approximately 30 day) the impact of 100%+ tariffs on China goods created a virtual stop in sales at JAKKS, and with a business model focused on freight on board (“FOB”) shipping, necessitated a ramp period thereafter.
Further, the current 30% tariff will mean that, yes, there will be a Halloween and Xmas, but it could be more cautious in terms of retailers placing product bets and, will obviously hurt returns for manufacturers and the entire toy supply chain.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.
Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.
We estimate, given the company’s focus on controlling costs, that expense associated with this effort was de minimis.

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Jun 12

Daily Brief United States: Voyager Technologies, RealReal Inc, Vera Bradley, Ategrity Specialty Holdings, Bone Biologics , Uni-Fuels Holdings, Telomir Pharmaceuticals, Vince Holding, CoreCivic and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
Worry About Fake Fakes Makes RealReal a Bad Bet
VRA: Time For Change (Again); Suspending Rating, PT; Lowering Projections
Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open
BBLG: Now is the Time to Look at BBLG
Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase
TELO: Data Shows Potential Treatment for Age-Related Diseases
VNCE: 1Q Preview: Living in a 30% China Tariff World; Reiterate Buy, $4 PT
CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation

Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open

Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.

Worry About Fake Fakes Makes RealReal a Bad Bet

By J Capital Research

Product authentication and legitimacy are paramount for The RealReal (NASDAQ: REAL), which sells used luxury items.
But our research indicates that REAL’s authentication lets through many counterfeits, and that has enraged both buyers and sellers, undermining the sense of trust.
REAL has applied AI to the authentication problem to speed things up, but we see no evidence of effectiveness.

VRA: Time For Change (Again); Suspending Rating, PT; Lowering Projections

We are suspending our rating and price target for Vera Bradley and lowering our projections after a below expectations 1Q, and the announced departure of CEO Jacqueline Ardrey and Chief Financial Officer Michael Schwindle.
Further, the company has already hired Martin Layding (x-Divisional CFO for the Coach brand) as CFO, with Board member Ian Bickley (Coach management) entering into a new role as Vera Bradley Executive Chairman until the CEO transition is completed.
Given the shifts, the company suspended any formal financial guidance.

Ategrity Specialty Holdings LLC (ASIC): Insurance Sector Stays Hot, Pops 6 Points at Open

Ategrity Specialty Holdings LLC (ASIC) priced a full-size deal of 6.67mm shares at $17.00 ($1 above the range) and opened at $23.65 for a gain of 39.1% at first trade.
The underwriters felt good about this IPO enough that they elected to accelerate the timing of this deal by a single day.
This insurance company was a pure-play E&S with higher regards given to this niche area by sector-dedicated investors.

BBLG: Now is the Time to Look at BBLG

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 we are looking forward to the initial results and suggest investors consider investing ahead of the result release.

Uni-Fuels Holdings: Initiation of Fast Growing Marine Fuels Supplier Entering a New Growth Phase

Uni-Fuels (NASDAQ: UFG) is a fast-growing global provider of marine fuels solutions, helping shipping companies optimize fuel procurement across various international markets and time zones.
The company currently operates in Singapore, Dubai and Seoul and plans to expand globally including new offices in Asia, Europe and the Americas.
The company went public in January 2025 raising $9.7 million in gross proceeds including February overallotment.

TELO: Data Shows Potential Treatment for Age-Related Diseases

Telomir Pharmaceuticals is a preclinical stage company focused on reversing biological aging and degenerative diseases.
The company announced preclinical test results that showed Telomir-1 reversed multiple symptoms in an animal model of Wilson’s disease.
These results provide further proof of the potential of Telomir-1 to reduce aging-related diseases.

VNCE: 1Q Preview: Living in a 30% China Tariff World; Reiterate Buy, $4 PT

We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 1QFY25 (April) results before the open on Tuesday.
We believe Vince’s business model remains fully intact, but material gains have been deferred by the current China export tariff regime; as such, we expect revenue and demand from both the wholesale and owned stores to be solid, while we also expect, as the company slowly shifts the supply chain to lower tariff countries, for near-term margins to remain under material pressure.
The key will be what the potential/ business model is going forward.

CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation

CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.

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Jun 11

Daily Brief United States: Advanced Micro Devices, Forum Energy Technologies , Chesapeake Financial Shares In, reAlpha Tech, Unusual Machines and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Semiconductor Shopping Season Is Now
Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation
CPKF: Raising our 2025 Diluted EPS Estimate by 0.20 to $2.70 and Initiating our 2026 Estimate at $2.85
reAlpha Tech – With only a partial contribution from recently acquired mortgage brokerage company
Unusual Machines, Inc. – CEO Discusses Ukraine’s Historic Drone Attack…

Semiconductor Shopping Season Is Now

Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets.
AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm.
4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.

Forum Energy Technologies, Inc: Beat-The-Market Strategy Supports Through Cycle Value Creation

By Water Tower Research

FET’s Beat-the-Market strategy is geared to position the company to gain share with customers during cyclical troughs that can support accelerated growth as the cycle turns higher.
The strategy is underpinned by the company’s focus on developing specialized technological solutions that allow its customers to develop their assets cost-efficiently and safely.
Increased drilling and completion intensity as operators push the limits of lateral lengths and stimulation intensity drives demand for the consumable products that account for ~80% of FET’s revenue.

CPKF: Raising our 2025 Diluted EPS Estimate by 0.20 to $2.70 and Initiating our 2026 Estimate at $2.85

CPKF’s first quarter net earnings, excluding a one-time charge from repositioning its investment securities portfolio of $8.0 million aftertax, or $1.69 per diluted share, increased $0.8 million, or 29%, to $3.55 million year over year, while 2025’s first quarter diluted EPS rose $0.17, or 29%, to $0.75.
Including this one-time charge, CPKF reported a net loss of $4.45 million, or a diluted loss per share of $0.94.
This was better than our estimate, which had called for flat net earnings (off by $0.8 million), as well as flat diluted EPS (off by $0.17).We are increasing our diluted EPS estimate for 2025 by $0.20 from $2.50 to $2.70, representing a 12% gain over 2024’s actual EPS of $2.42.

reAlpha Tech – With only a partial contribution from recently acquired mortgage brokerage company

With only a partial contribution from recently acquired mortgage brokerage company, GTG Financial, and before peak homebuying season had begun, 1Q25 revenue reached $925.6k vs $20.4k in 1Q24.
As competition intensifies during the peak homebuying spring-summer season, we expect the company to record further revenue ramp as homebuying activity climbs.
We also believe the GTG acquisition underscores AIRE’s focus on offering mortgage brokerage, title and home insurance services, which are also expected to lead to recurring revenue opportunities & potentially help smooth out the seasonality of homebuying trends.

Unusual Machines, Inc. – CEO Discusses Ukraine’s Historic Drone Attack…

By Water Tower Research

According to the WSJ, Ukraine’s drone strike on June 1 damaged as many as 40 aircraft deep inside Russia as strategic bombers sat outside in the open on military bases.
Ukraine was able to secretly place numerous cheap drones near Russian military installations all over the massive country.
The order was then given, and the drones were flown out of trucks and remotely piloted directly into exposed expensive bombers.

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Jun 10

Daily Brief United States: Blackstone , Advanced Micro Devices, Chime Financial, Lululemon Athletica, Circle Internet Group, Pvh Corp, MongoDB , Apple , Crude Oil and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade
AMD Ups The Ante With A Flurry Of Smaller Acquisitions
Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution
Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight
PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
Lululemon 1Q’25 Update
MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
Apple WWDC25: Nothing Announcements, and Nothing on AI.
[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

By Brian Freitas

There are no constituent changes for the S&P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US).
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.

AMD Ups The Ante With A Flurry Of Smaller Acquisitions

By William Keating

AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?

Chime Financial, Inc. (CHYM): Heavy Demand in IPO Order Book but Reason for Caution

The hold-up is based upon how Chime should be valued — either like a fintech darling or just another financial services company.
The company’s gross profit tells a solid growth story as Chime ramps into the IPO with a healthy 33% gross profit clip based on Q1 2025 financials vs Q1 2024.
According to our sources, the Chime order book is considered multiple-times oversubscribed.

Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!

Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.
The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.
The company also saw 17% revenue growth in the rest of the world.

Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight

By Dimitris Ioannidis

Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review.
Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.

PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent

PVH Corp.’s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.
On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.
The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women’s sportswear and jeans in North America.

Lululemon 1Q’25 Update

By MBI Deep Dives

Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.
Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.
China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated.

MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!

MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.

Apple WWDC25: Nothing Announcements, and Nothing on AI.

By Special Situation Investments

How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI.
The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.
Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!

[US Crude Oil Options Weekly 2025/23] WTI Rebounded on Supply Risks and Trade Optimism

By Suhas Reddy

WTI futures rose 6.2% for the week ending 06/Jun, as supply disruption fears and U.S.-China trade optimism outweighed concerns over the OPEC+ output hike.
The U.S. rig count fell by four to 559. The oil rig count fell by nine to 442, while gas rigs grew by five to 114.
WTI OI PCR remained at 0.83 on 06/Jun compared to 30/May. Call OI rose by 4.1% WoW, while put OI grew by 3.9%.

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Jun 09

Daily Brief United States: Cantor Equity Partners I, Chime Financial, Fortive and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

SSI Newsletter: New Portfolio Ideas, Guest Pitches, and Key Updates
Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices
Weekly Update (MEDXF, IDT, FTV)

SSI Newsletter: New Portfolio Ideas, Guest Pitches, and Key Updates

New portfolio ideas include Lutnick’s SPACs CEPO/CEPT with potential multibagger upside and MYX:AX’s merger arb with Cosette Pharmaceuticals.
Guest pitches highlight potential takeover of Webjet Group, Naturgy’s odd-lot tender offer, and Assura’s bidding war interest.
Updates cover LWAY’s board overhaul, LQDA’s patent lawsuit denial, RTACU’s unit separation, NZM’s strategic review, OCFT’s document delay, and PAC’s short report on ABL.

Chime Financial (CHYM US): Delayed Inclusion to US & Global Indices

By Dimitris Ioannidis

Chime Financial (CHYM US) meets public voting rights eligibility only after the 6-month lock-up expiry, leading to its delayed inclusion in Global-F SmallCap and R1000 in 2026.
Chime Financial (CHYM US) will be excluded from Global-M for the next 12 months due to the lock-up on undisclosed shareholders, which keeps the free float below the 15% threshold.
Chime Financial (CHYM US) is expected to be added to US TMI at the September 2025 review.

Weekly Update (MEDXF, IDT, FTV)

By Richard Howe

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.

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Jun 08

Daily Brief United States: Intel Corp, Snowflake , Arista Networks, Bristol Myers Squibb Co, Procter & Gamble Co, Viking Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Intel (INTC.US): Exploring a Tough Journey. (V)
Snowflake’s $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!
Arista Networks’ $1.5B AI Jackpot: How a “Has-Been” Became Wall Street’s Newest Favorite!
Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?
Procter & Gamble (P&G)’s 7
Viking Holdings Is Quietly Becoming the Hottest Cruise Stock — Why Smart Money Thinks It’s About to Soar!

Intel (INTC.US): Exploring a Tough Journey. (V)

By Patrick Liao

Intel Corp (INTC US) CEO Lip-Bu Tan was setting two guideline that “build the best products” and “satisfy customers.”
Going forward, no new product development project will be approved—nor will engineering resources be allocated—unless it can demonstrate a projected gross margin of at least 50%.
In the coming months, an internal tug-of-war is expected to unfold within the company—between engineers and senior executives

Snowflake’s $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!

Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company, for approximately $250 million.
Coming shortly after Databricks’ $1 billion acquisition of Neon, this move signals an intensifying war for enterprise customers who want to build AI agents using their own data.
Crunchy Data’s roughly 100 employees are set to join Snowflake as the company integrates Crunchy into a new product offering called Snowflake Postgres.

Arista Networks’ $1.5B AI Jackpot: How a “Has-Been” Became Wall Street’s Newest Favorite!

Once considered vulnerable to competitive pressures and margin erosion, Arista Networks (NYSE: ANET) has staged a remarkable comeback that has turned heads on Wall Street.
After seeing its stock plunge nearly 50% earlier this year due to fears around tariffs and intensified white-box competition, Arista has bounced back with vengeance.
Now trading near $95, the stock has rallied on the back of a robust Q1 2025 print, confident full-year guidance, and its growing role in powering AI infrastructure for tech giants like Microsoft, Meta, and Oracle.

Bristol Myers Just Dropped $11.1 Billion on BioNTech: Is This the Pivot That Transforms Its Oncology Pipeline?

Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.
The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.
With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.

Procter & Gamble (P&G)’s 7

Procter & Gamble, the global powerhouse behind brands like Tide, Pampers, and Gillette, has announced one of its most significant organizational shake-ups in recent years.
The company plans to cut 7,000 nonmanufacturing jobs globally—roughly 15% of its non-factory workforce—over the next two years.
This move is part of a broader noncore restructuring program estimated to cost between $1 billion and $1.6 billion before tax, with about 25% of that in noncash charges.

Viking Holdings Is Quietly Becoming the Hottest Cruise Stock — Why Smart Money Thinks It’s About to Soar!

Viking recently reported its first-quarter results for 2025, showcasing a solid financial and operational performance.
The company experienced a 7.1% increase in net yields alongside a 14.9% capacity boost compared to the previous year.
Total revenue reached nearly $900 million, approximately three times higher than in 2019, reflecting strong demand for Viking’s offerings and the disciplined implementation of its growth strategy.

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Jun 07

Daily Brief United States: Gap Inc/The, Broadcom , Crowdstrike Holdings , Guidewire Software, elf Beauty Inc, UiPath Inc, Cooper Cos, Hewlett Packard Enterprise , Synopsys Inc, Costco Wholesale and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Gap Inc.: An Insight Into Its Product Innovation & Brand Rejuvenation Efforts & Key Growth Catalysts!
AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive
CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?
Guidewire’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!
e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?
UiPath Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!
Cooper Companies: Product Expansion
Hewlett Packard Enterprise (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?
How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?
Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

Gap Inc.: An Insight Into Its Product Innovation & Brand Rejuvenation Efforts & Key Growth Catalysts!

The Gap Inc. reported first-quarter fiscal 2025 results showcasing a mix of positive outcomes and ongoing challenges across its portfolio of brands.
Highlights of the quarter include improvements in certain financial metrics and continued execution of its strategic initiatives, although the company is facing headwinds primarily related to tariffs which could impact its financial outlook.
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.

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.
Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.
Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.

CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both strengths and challenges.
The company’s headline achievement was its double-digit million-dollar addition to net new ARR, significantly surpassing expectations and reaching an ending ARR of $4.4 billion.
This milestone reinforces its stature as a dominant player in pure-play cybersecurity software at scale.

Guidewire’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!

Guidewire Software, Inc.’s latest financial results for the third quarter of fiscal year 2025 demonstrate a mix of robust performance and strategic progress.
The company reported a record-breaking quarter in terms of sales activities, showcasing strong demand for its cloud offerings, with Annual Recurring Revenue (ARR) reaching $960 million.
Notably, Guidewire expects to surpass the $1 billion ARR milestone by the end of the fiscal year, indicating significant traction and growth in their subscription model.

e.l.f. Beauty Just Acquired rhode—Can This Power Duo Redefine Celebrity Skincare?

e.l.f. Beauty recently reported its financial performance for the fourth quarter and fiscal year of 2025, characterized by continued momentum and strategic expansion initiatives.
The company exhibited a robust growth trajectory, marking its 25th consecutive quarter of net sales growth.
For fiscal 2025, net sales increased by 28%, while adjusted EBITDA went up by 26%.

UiPath Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!

UiPath, a leader in robotic process automation (RPA), recently reported its first-quarter results for fiscal 2026, highlighting both progress and challenges amidst a variable macroeconomic environment.
The company announced revenue of $357 million, a modest year-over-year increase of 6%, and an annual recurring revenue (ARR) of $1.693 billion, reflecting a 12% increase.
While these figures exceeded expectations, it’s important to dive deeper into the dynamics driving these results.

Cooper Companies: Product Expansion

Cooper Companies delivered a solid second quarter fiscal performance for 2025, exhibiting a 7% organic growth in consolidated revenues, driven primarily by robust expansions in its CooperVision and CooperSurgical segments.
CooperVision’s revenue reached $670 million, showcasing a 7% organic growth, while CooperSurgical posted revenues of $333 million with similar organic growth.
The performance was notably buoyed by double-digit growth in key product lines such as daily silicone hydrogel lenses and the office and surgical portfolio.

Hewlett Packard Enterprise (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?

Hewlett Packard Enterprise’s fiscal 2025 second quarter performance presents a mixed bag of outcomes, reflecting both areas of improvement and ongoing challenges.
Revenue reached $7.6 billion, showing a 7% year-over-year increase, which exceeded the upper bound of the company’s guidance.
This growth was driven by strong revenue performance across all product segments, notably in AI systems and Intelligent Edge.

How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?

Synopsys Inc. reported a robust second quarter for fiscal year 2025, showcasing substantial strength in revenue growth and operational execution.
The company achieved a 10% year-over-year revenue increase, reaching $1.6 billion, surpassing the midpoint of its forecast.
Non-GAAP earnings per share (EPS) also exceeded expectations, underlining the efficacy of Synopsys’ business model amid challenging market conditions.

Costco Wholesale Corporation: Supply Chain Optimization to Enhance Efficiency & Support Competitive Pricing Strategy!

Costco Wholesale Corporation’s financial and operational performance during the third quarter of fiscal 2025 reflects a mix of strategic growth and operational challenges.
The company reported net income of $1.9 billion, an increase of over 13% from the previous year, and net sales rose to $61.96 billion, up 8% compared to the prior year.
These improvements were driven by solid sales momentum despite persistent headwinds like a $130 million LIFO charge and adverse foreign exchange impacts, which collectively affected net profit.

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Jun 06

Daily Brief United States: Interactive Brokers Group, Inc, NVIDIA Corp, Circle Internet Group, Advanced Micro Devices, Zscaler , Eli Lilly & Co, Check Point Software Tech, Gold, Oge Energy Corp, Motorola Solutions and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

[Quiddity Index Jun25] S&P500/600 Jun25 Rebal: Final Predictions APP and IBKR
US – China: Restrictions on Semiconductors Are Getting Worse
Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!
Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!
Eli Lilly’s Bold Move: Can the SiteOne Acquisition Knock Vertex Off Its Pain Drug Throne?
Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?
Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds
Is OGE Energy Powering America’s Next Boomtowns with Unstoppable Customer Growth?
Motorola Just Spent $4.4 Billion On Battlefield-Grade Wireless Networks— Inside The Silvus Technologies Power Play!

[Quiddity Index Jun25] S&P500/600 Jun25 Rebal: Final Predictions APP and IBKR

By Travis Lundy

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.
The rankings used for the June 2025 index rebal event will be based on yesterday’s (4th June 2025) opening prices. The announcement will be after the close on Friday.
In this insight, we take a look at our final expectations for ADDs/DELs (along with a tracker of all live spinoff/M&A events which affect the index the next two quarters).

US – China: Restrictions on Semiconductors Are Getting Worse

Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo.
Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.

Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

Circle Internet Group, Inc. priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade.
The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one.
Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This could mean that more “fireworks” are in store for the short term.

AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!

In a strategic move underscoring its ambitions in AI infrastructure and next-gen interconnects, AMD recently acquired Silicon Valley-based Enosemi, a startup specializing in photonic integrated circuits.
The acquisition is part of AMD’s broader effort to catch up with competitors like Nvidia, Intel, and Broadcom in the co-packaged optics (CPO) space, a technology increasingly viewed as essential for building high-bandwidth, energy-efficient AI systems.
Enosemi, founded in 2023 by semiconductor engineers Ari Novack and Matthew Streshinsky, had previously collaborated with AMD on photonics development and brings with it a small but elite team of PhD-level engineers.

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.
The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.
Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.

Eli Lilly’s Bold Move: Can the SiteOne Acquisition Knock Vertex Off Its Pain Drug Throne?

Eli Lilly and Company has made a decisive move to expand its footprint in neuroscience and pain management by announcing its acquisition of SiteOne Therapeutics, a clinical-stage biotech focused on developing non-opioid pain treatments.
The deal, valued at up to $1 billion including milestones, centers around STC-004, a Phase 2-ready NaV1.8 inhibitor that could become a next generation oral pain medication.
The acquisition underscores Lilly’s broader ambition to lead in addiction-free, chronic pain solutions at a time when regulatory and societal pressures around opioid misuse continue to rise.

Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?

In a strategic move that signals a shift toward automated, prevention-first cybersecurity, Check Point Software Technologies has announced its acquisition of Veriti Cybersecurity, a pioneering Israeli startup specializing in preemptive threat exposure management.
The transaction, valued at over $100 million, is expected to close by the end of Q2 2025 and marks the first major acquisition under new CEO Nadav Zafrir.
The deal comes at a time when Check Point is pushing hard on its hybrid mesh architecture vision and doubling down on its Infinity Platform to unify security across endpoints, cloud, and networks.

Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

By John Ley

Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.
Implied volatility declined across most markets, but remains above historical medians in several key regions.
Vol premium analysis highlights a few standouts where short vol has historically outperformed.

Is OGE Energy Powering America’s Next Boomtowns with Unstoppable Customer Growth?

OGE Energy Corp reported consolidated first-quarter earnings of $0.31 per diluted share, driven predominantly by Oklahoma Gas and Electric Company (OG&E), which contributed $0.35 per share.
A loss of $0.04 per share from the holding company slightly offset this performance.
The top-line performance was supported by strong operational metrics and increased demand for electric services, reporting an 8% increase in demand year-over year in key residential and commercial sectors.

Motorola Just Spent $4.4 Billion On Battlefield-Grade Wireless Networks— Inside The Silvus Technologies Power Play!

Motorola Solutions has made its boldest move in years with the $4.4 billion acquisition of Silvus Technologies, a Los Angeles-based company specializing in software-defined mobile ad hoc networks (MANETs) for mission-critical communications.
The deal, announced on May 27, 2025, marks a significant strategic pivot as Motorola deepens its focus beyond mission-critical voice and expands aggressively into high-bandwidth, infrastructure-less communications that support video, sensors, and autonomous systems in contested environments.
Silvus’ technology, already battle proven in the Ukraine conflict and widely adopted by U.S. and allied militaries, enables real-time decentralized communications across hundreds of connected nodes.

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Jun 05

Daily Brief United States: Caris Life Sciences, Intel Corp, Cantor Equity Partners I, Jefferson Capital, Vera Bradley and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO
Intel @ BofA Securities 2025 Global Technology Conference
Cantor Equity Partners SPACs: Crypto-Linked Opportunities with Political Ties
Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager
VRA: 1Q Preview: Rebuilding Continues; Reiterate Buy Rating, $4 PT

Caris Life Sciences, Inc. (CAI): Peeking at the Prospectus of an AI TechBio IPO

By Special Situation Investments

Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.
The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.
For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.

Intel @ BofA Securities 2025 Global Technology Conference

By William Keating

Intel Products CEO Michelle Johnston Holthaus reveals that the company is now also including Samsung as a second foundry option
The practice of Intel offering OEM incentives appears to be coming to the end of its unnatural life as LBT sets the tone. Great news for AMD I would think.
Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will come a la Mr. Gelsinger.

Cantor Equity Partners SPACs: Crypto-Linked Opportunities with Political Ties

CEPO and CEPT SPACs, run by Howard Lutnick, trade above trust value with potential multibagger upside in crypto-related deals.
Cantor Fitzgerald, led by Lutnick’s son, has deepened its crypto involvement, including a 5% stake in Tether.
Cantor’s SPACs feature no warrants, a sponsor note boosting trust value, and no specified target sectors.

Jefferson Capital Inc (JCAP): Peeking at the IPO Prospectus of PE-Backed Insolvency Account Manager

They are a leading analytically driven purchaser and manager of charged-off and insolvency consumer accounts with four geographic regions with the majority of their operations landing in the USA.
The principal purposes of this offering are to increase their capitalization and flexibility, facilitate an orderly distribution for the selling stockholders, and create a public market for their common stock.
We anticipate this offering to likely find participation from sector dedicated investors and not draw the attention of “traditional” IPO players.

VRA: 1Q Preview: Rebuilding Continues; Reiterate Buy Rating, $4 PT