United States

• The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
• Intra-Review changes from two M&A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
• We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.

• Accelevation Holdings Corp. (ACCV) plans to sell 30.0 million shares of Class A common stock at $20 to $24 per share and list on the Nasdaq Global Select Market .
• At the $22 midpoint , the offering would total $660 million and imply an approximately $4.92 billion equity value on an as-exchanged basis , which includes the LLC units that existing owners can exchange for Class A shares.
• Accelevation is issuing 8.64 million shares, while existing stockholders are selling 21.36 million shares. 

• Differentiated health-tech platform: Oura combines wearable technology, biometric data and recurring subscriptions, with approximately 5 million paid members.
• Rapid growth: Latest-twelve-month revenue reached approximately $1.43 billion, while paid membership doubled year over year.
• Valuation remains a key consideration: The proposed valuation represents a meaningful premium to its October 2025 private financing, despite improving margins and cash generation.

• September 25, 2026 ADARx Pharmaceuticals Inc. (Nasdaq: ADRX) delivered a strong opening in its public-market debut, opening at $22.10 , exactly 30.0% above its $17.00 IPO price .
• The company priced at the top of its marketed $15.00-$17.00 range and increased the offering to 26.25 million shares , raising $446.25 million .
• The strong opening reflected significant initial demand, with ADRX reaching an intraday high of $23.21.

• On September 23, 2026, People Incorporated (PPLI) withdrew its $48.30 per share proposal to take MGM Resorts International (MGM) private.
• Diller said the ingredients weren’t coming together, while noting People remains “open to and interested in the possibility of a strategic transaction” later.
• MGM fell 11% as the premium came out of the stock.

• American Financial Group reported its second quarter 2026 results with a 32% increase in core net operating earnings per share to $2.82, driven by strong underwriting margins, premium growth, and higher net investment income.
• The company recorded an annualized core operating return on equity of 19.2%.
• Its $17.1 billion investment portfolio benefited from a 23% year-over-year increase in net investment income, boosted by improved alternative investment returns, which generated an annualized return of approximately 7.1% for the quarter compared to 1.2% in the prior year.

• AI infrastructure exposure: Accelevation provides integrated power distribution and data center infrastructure solutions to hyperscale, cloud and AI customers.
• Rapid growth: LTM Q2 2026 revenue reached $727 million, up 204%, with adjusted EBITDA of $132 million and an 18.2% margin.
• Strong demand: A $1.11 billion backlog and relationships with leading hyperscalers support the growth outlook, while SkyBridge offers additional expansion potential.

• ✓ IPO Prophet Rating: 7.90/10 🏦 Deal Quality & Underwriters: 7.75/10 Accelevation Holdings presents a high-growth AI and data-center infrastructure offering of 30.00 million shares at $20.00–$24.00, representing approximately $660 million at the midpoint, with trading expected September 30, 2026, on Nasdaq under ACCV.
• The company designs, manufactures and installs power-distribution, cooling and modular infrastructure for hyperscale, cloud and other data-center customers.
•  Morgan Stanley and J.P. Morgan are leading the transaction, supported by Goldman Sachs, Barclays and BofA Securities, providing the deal with a strong institutional underwriting platform.

• Asia’s spare capacity is filling gaps left by tighter US, European and Middle East supply, but recovering demand and fourth-quarter maintenance will test its limits.

• Traditional suppliers are losing export availability, giving Asian producers more room to meet requirements in the US, Europe and other overseas markets.

• The response spans the region, with South Korea, Taiwan, India, Singapore and China all sending cargoes beyond Asia.

• Merlin, Inc. [MRLN] sits at an unusual point in the autonomous-flight investment cycle.
• The company is no longer simply demonstrating whether software can fly an aircraft.
• Its Merlin Pilot architecture is intended to perform functions traditionally handled by human pilots, support reduced-crew or unmanned operations, and ultimately work across multiple aircraft types.

• Microsoft’s 17× under Satya Nadella was a double play: EPS rose about 6.6× while the P/E more than doubled from a value-trap 13.8×.
• It was a relay: the Ballmer era built the enterprise channel and incubated Azure; Nadella removed the anchors and redirected capital toward cloud and AI.
• The next setup pairs a re-founder with an inherited distribution channel and an unpriced option; IBM had a franchise and an insider CEO but lacked the option and the reallocation.

• No Commercial Scale Validation: KiNRG’s HydroThermal Reactor (HTR) technology is entirely unproven at commercial scale, having never constructed or operated a functional utility-grade tower. Its physical operation is highly dependent on specific thermodynamic conditions (dry-bulb and wet-bulb temperature differentials), making its “24/7 baseload” claim for AI data centers physically inconsistent outside of peak hot and dry desert environments.
• Severely Underfunded Capital Strategy: The upcoming IPO targeting $18 million (revised on September 24, 2026, to 3 million shares at a $5 to $7 range) is structurally insufficient to fund the construction of even a single modular HTR, which is estimated to cost less than $1.5 billion. A significant portion of the IPO proceeds is earmarked to repay a $3 million promissory note to the company’s President rather than directly fund project deployment.
• Controversial Related-Party Transactions: The acquisition of TRINITY Group Construction for $8.2 million on April 1, 2026, represents a major corporate governance concern, as the seller, Millard L. Wallen III, is also the President of KiNRG. While TRINITY’s $257 million in FY2025 revenue provides immediate cash flow, its thin general contracting net margins (typically 2% to 4%) cannot support the multi-billion-dollar CapEx required for HTR scale-out.

• Customer service on the phone,  that job is precisely the task. And so in those cases it could be automated away.
• At the beginning of this year, it was 70%, maybe higher, closed model tokens and 20% open model tokens. And now it’s running at about 70, 30 the other way
• If, when we test our models, it gets out and damages the world, then the answer is we have to shut the labs down because the damage is too great.

• No Proprietary Tech Moat: Evmand’s “proprietary” algorithmic platform, the Evmand SEO Assistant, is a commoditized API wrapper outsourced entirely to Digital Forge Solutions LTD for a mere $64,800 under a contract signed in March 2026, demonstrating zero in-house R&D capabilities.
• Going-Concern & Capital Deficiencies: The upcoming IPO seeking to raise $240,000 at $0.06 per share is an ultra-micro-cap shell-like offering. With a historic working capital deficit of $8,400 as of March 31, 2026, and operations dependent on an interest-free loan of up to $200,000 from its sole director, the cash runway is virtually non-existent without dilutive capital raises.
• Extreme Governance Risks: The business is a virtual operation with zero institutional presence. The sole director and promoter, Poliandra Guimaraes Peres, operates remotely from Brazil, controls 100% of the voting power pre-IPO (41.2% post-IPO), uses a mail-forwarding address in Wyoming, and has no experience managing a US public company.

• It would appear that our scenario in terms of a U.S.-Iran deal remains intact, i.e. “we will believe it when we see it.”    
• President Trump has apparently rejected Iran’s “seven day” timeline for what essentially appears to be an effective reiteration of the original MOU, strongly supported  by the IRGC.              
• President Trump also suggested, as anticipated, that a “re-escalation” of military strikes is possible, but his timeline, at least at this point, is after the midterms, but we shall see.             

• Special Purpose Vehicle Structure: Northern Star Investment Corp. III is a Delaware-incorporated blank check company that raised $400 million in its March 2021 initial public offering, targeting high-growth enterprises within direct-to-consumer (D2C) and digitally disruptive e-commerce sectors.
• Financial Profile & Capital Dynamics: Operating as a pre-combination vehicle, the company generates zero commercial revenues; net income fluctuations ($16.76M in 2022 vs. -$1.23M in 2021) are driven by non-cash warrant liability fair-value adjustments and trust interest income against recurring administrative cash burn (-$0.93M operating cash flow in 2022).
• Risk-Adjusted Institutional Proposition: While the cash held in trust provides downside floor protection near nominal NAV, macro de-SPAC headwinds, elevated redemption risks across the sector, and tight statutory timelines create significant execution friction for completing an accretive acquisition.

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• Structural Conversion Unlocks Sub-Scale Assets: Converting Permian Basin Royalty Trust’s legacy Waddell Ranch Net Profits Interest (NPI) to a cost-free ~15% effective royalty interest directly addresses the recurring “excess cost positions” that led to zero payouts from that asset in recent quarters (including June, July, August, and September 2026).
• Extreme Operator Concentration as a Strategic Double-Edged Sword: The combined platform’s 91% operational concentration with Blackbeard Operating (BBO) ensures unparalleled alignment on development pace and surface access. However, it subjects New PBT to substantial counterparty risk and leaves its capital expenditure cycle entirely captive to a single private equity-backed operator’s priorities.
• Valuation and Capital Allocation Pivot: The transaction establishes a pro forma C-corporation (Up-C structure) valued at $2.2 billion with $154.5 million in pro forma annualized Q1 2026 Adjusted EBITDA. By shifting from a pass-through trust model to a corporate structure, New PBT can selectively retain cash to pursue bolt-on acreage acquisitions at target hurdle rates of 15% to 20% IRR, breaking the traditional trust reinvestment bottleneck.

• UnitedHealth Group reported second quarter 2026 adjusted earnings per share of $6.38, a 56% increase from $4.08 in the prior-year period, alongside total revenues of $112 billion, largely flat year-over-year.
• Operating earnings grew by 55% to $8 billion, reflecting portfolio actions and more disciplined management.
• The medical care ratio improved to 86.7% in the quarter, aided by $860 million of net favorable prior period medical development, compared with 89.4% in Q2 2025.

• Vishay Precision Group (NYSE: VPG) is an established niche leader in specialized sensing, force measurement, and foil technology, underpinned by proprietary Bulk Metal Foil intellectual property that provides significant technical moats across aerospace, defense, semiconductor equipment, and industrial automation.
• Following a cyclical trough across 2024-2025 where annual revenues contracted from $355.0M in 2023 to ~$307M, early fiscal 2026 data indicates an operational inflection with quarterly revenues stabilizing near $84M, a book-to-bill expanding above 1.2x, and growing traction in high-growth physical AI and humanoid robotics applications.
• Management has initiated a comprehensive three-year operational enhancement program targeting 8% to 10% organic compound annual revenue growth, >$20M in structural cost rationalization, and an expansion of EBITDA margins toward 18.5%-20.5%, offering institutional investors asymmetric operating leverage as industrial end-markets recover.

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• Nutex Health Inc. (NUTX) operates a differentiated, technology-enabled healthcare delivery model that integrates 28+ micro-hospitals across 12 states with primary care Independent Physician Associations (IPAs) and Management Services Organizations (MSOs), providing concierge-level 24/7 emergency and acute care with minimal wait times.
• The company has demonstrated an exceptional financial turnaround, with revenue surging from $247.65M in FY23 to $875.26M in FY25 (a 253% two-year expansion), gross margin expanding to 50.76%, and FY25 free cash flow reaching $245.60M, propelled by higher patient encounters, network scaling, and favorable reimbursement collections under the Independent Dispute Resolution (IDR) framework.
• While Nutex offers an attractive valuation supported by top-tier Growth (5/5) and Value (5/5) Smartscores, institutional investors must weigh ongoing payor-provider frictions, quarterly margin lumpiness driven by IDR dispute resolution timing, and state-by-state regulatory execution risks.

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• Evmand Corporation is a technology company developing web-based digital tools for SEO, online visibility, and digital marketing performance. Its initial product, Evmand SEO Assistant, launched July 1, 2026.
• The company develops web-based digital tools for SEO and digital marketing, offering its Evmand SEO Assistant via a SaaS subscription model. It utilizes a proprietary algorithmic model.
• The company reported net losses and insufficient capital reserves, leading to substantial doubt about its ability to continue as a going concern.

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• KiNRG historically developed HydroThermal Reactor (HTR) projects for electricity generation without fossil fuels.
• TRINITY has constructed over 2.5 million square feet of data centers and currently manages over 500,000 square feet, with a backlog of approximately $657.4 million as of July 31, 2026.
• The company reported revenues of $369.2 million and net income of $15.9 million for the six months ended June 30, 2026, but faces substantial doubt about its going concern ability.

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• Markel Corporation reported its second quarter and first half results for 2026 reflecting mixed performance across its diversified business segments.
• Consolidated operating revenues, excluding net investment gains, were flat compared to the prior year, standing at $4.0 billion for the quarter and $7.6 billion for the first six months.
• Operating income including net investment gains increased to $1.6 billion for the quarter from $1.1 billion a year ago, though adjusted operating income—which excludes investment gains and amortization—declined to $436 million from $578 million in the prior-year quarter.

• The California DFPI suspension on August 13, 2026, presents a severe risk of transaction failure before the final November 10, 2026, outside date, as Western Union may leverage regulatory hurdles and IMXI’s deteriorating financials to seek a price cut below the agreed $16.00 per share.
• Regulatory concessions in New York and the potential for similar terms in California structurally impair the deal’s synergy model, with the NY Attorney General’s price caps and retail footprint requirements directly undermining Western Union’s target of $30 million in annual run-rate cost synergies.
• IMXI’s standalone financial profile exhibits a stark divergence between cash-flow resilience and structural volume deterioration, characterized by strong first-half 2026 operating cash flow of $75.4 million used to aggressively pay down debt, contrasted against an 18.6% year-over-year revenue contraction in Q2 2026.

• Molina Healthcare’s second quarter 2026 results reflect mixed performance across its key business segments amid ongoing market and regulatory challenges.
• The company reported adjusted earnings per share (EPS) of $1.51 on premium revenue of $10.2 billion, yielding a consolidated medical cost ratio (MCR) of 92.2%, consistent with stable operating execution despite a difficult medical cost environment.
• Within segments, Medicaid delivered an MCR of 92.7%, aligning with expectations and stable medical cost trends projected at 5% for the full year.

• MGM Resorts suddenly finds itself back on its own after Barry Diller’s People Inc. withdrew its proposal to take the casino operator private for $48.30 per share in cash.
• The market reaction was immediate: MGM shares fell 11% in after-hours trading, highlighting how much takeover expectations had become embedded in the investment story.
• Yet the withdrawal does not erase the company’s recent operating momentum—or Diller’s continuing exposure to the stock.

• The Hanover Insurance Group reported strong second quarter results demonstrating resilience and disciplined execution across its diversified insurance portfolio.
• The company delivered an operating return on equity of approximately 20% and operating earnings of $5.31 per diluted share.
• Net written premiums grew 4.6%, with growth led by core commercial and specialty segments, while personal lines maintained strong margins and showed positive business momentum.

• The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
• A spin-off completes next week, and the new company’s entry into the SP 500 is expected to trigger an intra-review deletion.
• We expect two ADDs and two DELs at the December 2026 rebalance, and two M&A deals could trigger intra-review ADDs before that.

• Western Union is acquiring International Money Express for $16/share in cash, with almost all merger conditions satisfied.
• California’s regulatory review suspension has widened the merger arbitrage spread from 12% to 50% over ten days.
• Western Union accepted New York’s concessions, indicating commitment to the merger despite IMXI’s weakened financial performance.

• Accelerating Data Center and AI Inflection: Advanced Micro Devices (AMD) has established itself as the preeminent alternative in accelerated computing and high-performance x86 architectures, raising its 2030 Server CPU Total Addressable Market (TAM) forecast from $60B to $220B while targeting ambitious growth (>60% CAGR in Data Center and >80% CAGR in AI Data Center revenues).
• Robust Structural Margin and Cash Flow Expansion: LTM revenue reached $41.3B with Q2 2026 gross margins sustaining above 51.3% and net income reaching $2,297M, driven by favorable product mix shifts toward high-margin EPYC server CPUs, Instinct AI accelerators, and holistic full rack-scale Helios system solutions.
• Valuation and Macro Risk Premium: At a last price of $629.26 with an elevated beta of 2.49, current valuation multiples price in aggressive hyperscaler capex continuation and flawless multi-generation execution against formidable competitors, demanding disciplined milestone tracking on software stack maturation (ROCm/Optima) and enterprise token cost-efficiency.

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• Toro is spinning off its two LPG carriers into AI OKTO (AIOK) through a 1-for-8 share distribution. AIOK will start debt free with two vessels and $45 million of cash.
• Cash and vessel values make up most of AIOK’s value, so we focus on its estimated $78.6 million NAV rather than EBITDA multiples.
• Toro’s existing NAV discount could simply carry over to both companies, especially given their small size, related-party management and concentrated voting control.

• What you need to know: • IEHC announced that it has signed $3.6M in orders for mobile defibrillator applications.
• This gives us increased confidence that IEHC’s hyperboloid connectors have strong applications in the healthcare industry.
• • The other/medical segment represented only 3.8% of sales in FY26 or ~$1.1M, and as such, is growing off a small base.

• Meta’s 20× came from underestimated duration, not a cheap entry: net income rose 76-fold while the IPO’s roughly 104× earnings multiple shrank to 25×.
• The signals were visible early: proven margins, an engaged but under-monetized audience, a feared platform shift, free user-made inventory and a founder willing to cannibalize.
• Zynga and Groupon listed in the same months with big audiences but lacked owned distribution, repeat economics or cheap inventory; Meta’s soaring capex now fails one test.

• Thermodynamic Superiority vs. Commercial Captivity: Thermochemical water splitting, such as NewHydrogen’s ThermoLoop®, bypasses the costly electricity-to-heat-to-electricity loop of conventional electrolysis, presenting a theoretical shortcut to sub-$2.00 per kilogram clean hydrogen. However, its economic viability is completely captive to the commercial scale-up of high-temperature small modular reactors (SMRs) which remain in early testing and are years away from industrial deployment.
• Capital Disconnect & Going-Concern Risks: There is a severe mismatch between NewHydrogen’s capital resources—evidenced by a net loss of $2.85 million and a cash balance of $1.44 million at the end of 2025, alongside a highly dilutive $3 million GHS Investments equity facility—and the estimated $15 million to $20 million minimum required to develop and operate an automated engineering test unit and subsequent pilot plant.
• Key-Person and Management Deficiencies: While the technical core of the company is anchored by CTO Dr. Eric McFarland and his laboratory at UC Santa Barbara, the operational leadership is led by a CEO with a background in biopharmaceutical sales. This creates significant execution risks as the company attempts to transition from academic laboratory validation into complex, high-temperature chemical engineering.

• The Execution-Funding Gap: Nscale’s headline $103.4 billion total contract value (TCV) is highly misleading; only $2.6 billion is active and generating revenue, representing approximately 25,000 active GPUs. The remaining $100.8 billion is an unbuilt backlog of 436,000 GPUs that requires billions in capital expenditure to realize, exposing the business to extreme execution and liquidity risks.
• Contract Contingencies and Concentration: Landmark agreements like the $44.6 billion Anthropic contract and $43.8 billion Microsoft contract together represent approximately 85% of Nscale’s total contract value. However, these are not fully committed cash flows; they are contingent on Nscale successfully delivering physical data center space and procuring chips, with Anthropic’s financing not yet committed.
• High Stock Dilution and Artificial Cash Flows: While Nscale’s 1H2026 revenue grew to $140.6 million, its $1.02 billion GAAP net loss (a -726% margin) was heavily driven by $113.8 million in stock-based compensation—equivalent to 81% of revenue—and $457.1 million in non-cash warrant markups. The positive $1.7 billion in operating cash flow is an accounting artifact driven by $6.5 billion in deferred customer prepayments, which GAAP treats as interest-bearing customer loans.

• ADARx upsized its IPO to 26.3 million shares at $17.00, the high end of the range, opening at $22.10 for a 30% gain.
• The offering was 10 times oversubscribed, with the top 25 accounts receiving 95% of shares and nearly 100 accounts receiving zero allocation.
• Shares closed at $19.35 after reaching $23.21, highlighting persistent selling pressure despite strong demand and a constructive biotech IPO outcome.

• Boxlight Corporation (NASDAQ: BOXL) is executing a strategic pivot from commoditized hardware distribution toward an integrated EdTech and campus safety ecosystem, combining Clevertouch interactive flat panels, FrontRow networked classroom audio/communication platforms, and Mimio/EOS software and professional services.
• Following severe top-line contraction from $176.7M in FY2023 to $109.2M in FY2025 caused by the expiration of US federal ESSER stimulus funding, financial performance showed initial operational stabilization in Q2 2026, marked by gross margin expansion to 39.88% and a return to positive quarterly net income ($0.51M).
• Substantial balance sheet leverage ($34M+ in funded debt), ongoing inventory financing obligations, and tight working capital liquidity represent the primary constraints on valuation, requiring sustained positive operating cash flow generation to ensure long-term balance sheet de-risking and equity rerating.

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• Meta is shifting its primary focus from the Metaverse to delivering personal superintelligence, driven by its newly launched AI personal agent, Muse (and its underlying model family, MuseSpark).
• Monetization & Ecosystem: Muse is offered free with a generous token allowance; Meta plans to monetize by taking a small transaction fee from agent-led commercial actions.
• Meta showcased its next-generation Meta VR Glasses, a lightweight VR/mixed-reality device weighing just 100 grams (less than one-fifth the weight of Meta Quest 3).

• Nscale, an AI infrastructure and GPU cloud provider, has filed its registration statement with the SEC for a NYSE listing. GS, JPM and MS are the lead bookrunners.
• We look at the company’s core products: Nscale Infrastructure and Nscale Cloud.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Accelevation Holdings is a vertically integrated infrastructure platform designing, manufacturing, and installing power distribution and white space products for mission-critical environments.
• Accelevation Holdings reported 147% year-over-year revenue growth from 2024 to 2025 and a backlog of approximately $1.1 billion as of June 30, 2026.
• Accelevation Holdings reported FY2025 net income of $21,747 thousand and gross profit of $144,697 thousand, but net cash was used in operating activities for FY2025.

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• Oura Inc. (OURA) plans to offer 50.0 million shares on the Nasdaq Global Select Market at $40 to $44 per share, a $2.1 billion offering at the midpoint.
• Goldman Sachs, Morgan Stanley, J.P. Morgan, Allen & Company, and Jefferies lead the underwriting group.
• The company’s growth makes this one of the more closely watched consumer IPOs, but it also invites a familiar question: Is Oura becoming a lasting part of people’s lives, or is the smart ring having its moment?

• Accelevation Holdings Corp. (ACCV) has established terms for its initial public offering on Nasdaq, targeting a market valuation of $4.5B to $5.4B ($4.9B at the midpoint) by offering 30.0M Class A shares at $20.00 to $24.00 per share, positioning the firm as a vertically integrated pure-play beneficiary of accelerating artificial intelligence and hyperscale data center infrastructure spend.
• The company demonstrates explosive operating momentum, with revenue surging 176% year-over-year in 1H 2026 to $437.5M (following 147% growth in FY 2025 to $447.8M) and net income reaching $18.8M, supported by a contracted backlog of $1.11B and an exceptional 1H 2026 book-to-bill ratio of 2.5x.
• Key institutional investment considerations center on significant customer concentration (top two customers accounted for ~61% of direct revenue in FY 2025), substantial pre-IPO leverage ($651.5M in outstanding debt with ~$180M earmarked for paydown from primary proceeds), and an offering structure where 71% of shares sold represent secondary liquidity for sponsor Olympus Partners.

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• Imagine asking an AI assistant to find the best pair of running shoes under $120, compare the choices, select your size and complete the purchase without you visiting a retailer’s website.
• That increasingly looks like the direction of online commerce, and PayPal Holdings wants to make sure it remains involved when the money changes hands.
• Meta’s new Muse consumer AI agent can now shop and check out using PayPal, following a similar integration with Shopify’s Shop Pay.

• NewHydrogen, Inc. develops clean energy technologies, focusing on thermochemical green hydrogen production to reduce costs and lead the green hydrogen economy.
• The company is developing thermochemical green hydrogen technology to lower production costs, targeting a green hydrogen economy valued at $12 trillion.
• The company reported a net loss of $(1,740,818) and an accumulated deficit of $(182,530,308), with substantial doubt about its going concern ability.

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• MetLife reported its second quarter 2026 results demonstrating broad-based growth across its diversified business segments, supported by the continued execution of its New Frontier strategy.
• Adjusted earnings increased 15% year-over-year to approximately $1.6 billion or $2.43 per share, with adjusted earnings per share growing 20%.
• The adjusted return on equity stood at 17%, reaching the top end of its annual 15% to 17% target range and exceeding its cost of capital.

• Nutanix has moved to deepen its enterprise AI infrastructure strategy through the acquisition of France-based Ryax Technologies, announced on September 22, 2026.
• Ryax brings AI-driven compute orchestration, GPU optimization, and smart scheduling capabilities that Nutanix plans to integrate into Nutanix Kubernetes Platform and Nutanix Enterprise AI.
• The deal arrives just weeks after Nutanix reported a strong fiscal 2026 finish, with $2.85 billion in revenue, $2.55 billion in ARR, and $841 million in free cash flow, while management highlighted growing traction in AI, cloud-native workloads, external storage, and Nutanix Cloud Clusters.

• Boxlight Corporation is a technology company designing, producing, and distributing interactive displays, software, and communication solutions, primarily for the global education market.
• The company has sold solutions into over 70 countries and 1.5 million classrooms, launching the award-winning FrontRow Symphony platform in January 2026.
• The company regained Nasdaq compliance and received $5.5 million in proceeds, but its auditor expressed substantial doubt about its going concern ability.

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• In 102 posts about Muse and competing tools, OpenAI was named most often (32 posts), followed by Google / Gemini (28) and Claude (15).
• The posts show different levels of switching: 24 claimed a direct switch or reduced use of another tool, 6 expressed intent to switch, and 60 compared Muse with another tool on a task.
• Some of those comparisons described choosing Muse for that task, even without claiming a broader switch. 

• CDNS had a record $8.1 billion backlog exiting Q2, with a Current Remaining Performance Obligation coverage ratio of ~58%, providing high visibility into revenue over the next 12 months.
• CDNS launched an agentic AI flow (including ChipStack, RapidFire, Veristack, InnoStack, and AuraStack), which bridges the engineering bottleneck by automating complex tasks like RTL code generation and test bench creation.
• Due to a projected 30-40x increase in design workload over the next 5–6 years, customers indicate willingness to spend >50% of a human designer’s cost on automation, tokens, and tools

• Oura is an always-on health intelligence platform transforming how people understand and manage health. Its Oura Ring captures biometric data, offering a recurring membership for personalized health insights.
• Oura had 5.0 million Paid Members and approximately 85% 12-Month Paid Member Retention as of June 30, 2026. Revenue was $1,214.5 million.
• Total revenue was $1,214,506 and net income was $60,768 for the nine months ended June 30, 2026. Total stockholders’ deficit was $(1,617,734).

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• Reddit may have turned an ordinary contract dispute into a much larger test of what human conversation is worth in the age of artificial intelligence.
• A California judge recently allowed most of Reddit’s case against Anthropic to move forward, rejecting the AI company’s attempt to dispose of claims tied to alleged unauthorized scraping of Reddit content.
• The dispute matters because Reddit already licenses its data to companies including Alphabet and OpenAI, while arguing that its billions of posts, comments, reviews, recommendations, debates, and firsthand experiences should not simply be treated as free raw material for AI systems.

• 2Q26 production from the non-operated portfolio was 914 boe/d (69% oil).
• Including our NGL estimates, this came in ~100 boe/d ahead of our forecast.
• We forecast a broadly similar production level in 3Q26.

• Weatherford International reported second-quarter 2026 revenue of $1.105 billion, adjusted EBITDA of $223 million at a 20.2% margin, and adjusted free cash flow of $139 million.
• Free cash flow conversion reached 62.3% of adjusted EBITDA despite geopolitical disruption in the Middle East, weaker activity in Indonesia, pricing pressure, and a labor strike in Norway.
• Middle East operations were affected by project suspensions, delays, and logistical constraints.

• Category-Defining Physical AI Pioneer: Physical Intelligence (π) is positioned as the premier pure-play software intelligence layer for robotics, developing general-purpose Vision-Language-Action (VLA) foundation models (notably the π0 and π0.7 series) that decouple physical hardware from robotic control, establishing a universal ‘generalist brain’ across diverse multi-embodiment systems.
• World-Class Technical Pedigree & Blue-Chip Capital Moat: Co-founded by leading researchers from Google DeepMind, UC Berkeley, and Stanford (including Karol Hausman, Sergey Levine, and Chelsea Finn), the company has secured over $2.1B in cumulative venture backing at an ~$11.0B–$11.2B valuation, supported by high-conviction institutional sponsors including Thrive Capital, Lux Capital, OpenAI, CapitalG, Founders Fund, and Jeff Bezos.
• High-Beta Asymmetry with Execution and Commercialization Hurdles: While the proprietary flow matching action architecture and multi-robot data engine provide a technical moat in dexterous physical manipulation, the company remains at an early pre-scale commercialization stage characterized by high R&D and compute cash burn, requiring proven enterprise contract conversions against vertically integrated peers.

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• Kylian Mbappé’s decision to leave Nike after roughly two decades and become the face of On Holding’s push into football creates the kind of headline that reaches far beyond Wall Street.
• One of the world’s most recognizable athletes has walked away from the Swoosh just as Nike is trying to rebuild momentum across product innovation, lifestyle footwear and consumer culture.
• The symbolism is difficult to ignore: a younger challenger has recruited a global superstar while Nike is openly acknowledging weakness in Sportswear and Jordan Streetwear.

• Kinder Morgan’s second quarter of 2026 results demonstrated continued operational strength and financial performance above both prior year and internal forecasts.
• Adjusted EBITDA increased by 12%, and adjusted earnings per share (EPS) rose by 32% compared to the second quarter of 2025, with every business segment contributing positively to the quarter’s results.
• The company has raised its full-year guidance, now anticipating adjusted EBITDA at least 5% above the 2026 budget and adjusted EPS at least 12% higher than initially projected.

• Domino’s Pizza, Inc. reported its second quarter results amid a transition in leadership, with Joe Jordan succeeding Russell Weiner as CEO in October.
• The company highlighted strong order count growth across both delivery and carryout channels, outpacing a generally flat quick-service restaurant (QSR) industry.
• This acceleration contributed positively to franchise royalties and supply chain gross margin dollars.

• Oura, Inc. plans to sell 50.0 million shares at an expected price of $40.00 to $44.00 per share and list on the Nasdaq Global Select Market under the ticker OURA.
• At the $42.00 midpoint, the offering would raise approximately $2.10 billion and value the company at approximately $13.48 billion.
• Goldman Sachs, Morgan Stanley and J.P. Morgan are leading the offering. 

• Period: September 21-25, 2026. Two qualifying IPOs are scheduled to trade this week.
• Bamboo and ADARx represent approximately $1.015 billion at midpoint; Oura is scheduled to trade September 30.
• Bamboo Insurance is expected to price September 22 and trade September 23.

• Google Cloud has 17 product lines with more than $1 billion in revenues and their customers on average exceeded their commitments by more than 50%. 
• They have also seen more than 2x QoQ and YoY growth in the number and value of $100 million to $1 billion deals, >300 customers each with $100 million-plus commitments.
• The size of our TPU business is more than twice that of the next-largest hyperscaler. Our payback period on AI servers in aggregate is less than two years.

• Schlumberger Limited reported second-quarter 2026 revenue of $9 billion, up 3% sequentially as international growth and a North American rebound offset Middle East weakness.
• Middle East revenue declined 13% sequentially to $1.66 billion because of regional conflict and security disruptions, particularly in Iraq.
• Management expects activity to recover gradually, although the pace will vary by country and customer.

• Accelevation targets a $4.5-$5.4 billion valuation, offering investors exposure to the rapidly expanding AI and data center infrastructure buildout.
• Revenue surged 176% in 1H26, while $1.1 billion of backlog and a 2.5x book-to-bill provide significant forward revenue visibility.
• Olympus Partners is selling 21.4 million shares, making the IPO primarily a secondary offering, while proceeds will repay approximately $180 million of debt.

• Bitcoin closed at $81,169 (CoinGecko, Sep 20 close), up nearly 5.7% w/w after both twin catalysts landed.

• CLARITY Act failed cloture 49-50 on Sep 15. Four Republicans defected. Effectively dead for 2026.

• Fed hiked 25bp to 3.75-4.00% on Sep 16 in a unanimous 12-0 vote. First hike since July 2023. Dot plot shows 16 of 18 expect another hike this year.

• Omnicom Group Inc. reported its second quarter 2026 results reflecting a continuation of its strategic repositioning following the integration with Interpublic, casting it as a more integrated operating company rather than a traditional holding company.
• The company achieved organic revenue growth of 6.1% from its Core Operations, which exclude assets held for sale or planned dispositions, driven primarily by strong performance in Integrated Media and experiential disciplines.
• Core Operations generated 91.4% of total revenue and 95% of adjusted EBITA, which grew 20.4% year-over-year, with EBITA margin improving nearly 200 basis points to 17.8%, largely attributed to the realization of cost reduction synergies.

• Ecolab reported a second quarter characterized by continued organic sales growth and margin stabilization despite challenging commodity cost inflation.
• Adjusted earnings per share increased by 11%, supported by 5% organic sales growth, stable organic gross margins, and productivity gains.
• Pricing actions, including a newly implemented global energy surcharge, contributed to a 4% price increase in the quarter, with expectations for pricing to strengthen to 5-6% in the second half of 2026.

• Gentex Corporation’s second quarter of 2026 financial results showed net sales of $651.3 million, reflecting a slight 1% decrease compared to the same period last year.
• Automotive revenue declined approximately 3% year-over-year, primarily due to lower shipments in Europe, Japan, Korea, and China.
• This decline was partially offset by stronger demand in North America and higher vehicle content in Europe.

• The J.
• M.
• Smucker Company made one of the biggest bets in its history when it acquired Hostess Brands for roughly $5.6 billion in 2023, bringing Twinkies, Donettes, Ding Dongs and other familiar snack brands into a portfolio already dominated by coffee, peanut butter, pet food and frozen sandwiches.

• Oura brings a compelling mix of 74% revenue growth, 5.0 million paid members, strong retention and recurring subscription revenue to the IPO market.
• Cornerstone interest from Eli Lilly and Dragoneer adds another notable dimension to an offering targeting a valuation above $14 billion.
• With Oura serving as the first major technology IPO test after Labor Day, investor demand and pricing will be closely watched.

• Bamboo Insurance Services, Inc. (BMB) is preparing to offer 35.0 million shares of Class A common stock on the New York Stock Exchange at an expected price of $18.00 to $20.00 per share.
• At the $19.00 midpoint, the selling stockholders would receive approximately $665.0 million, while the company would command an implied market capitalization of approximately $2.97 billion.
• Bamboo will not receive any proceeds from the offering.

• Oracle Corporation reported record first-quarter fiscal 2027 revenue of $19.3 billion, up 30% year-over-year.
• The quarter also delivered sequential revenue growth, notable because Q1 has historically been weaker following Q4.
• Growth was led by cloud infrastructure, where revenue increased 121% as Oracle added substantial new megawatt capacity and benefited from strong demand for compute and database services.

• Adobe Inc. reported its third-quarter fiscal year 2026 results with total revenue of $6.76 billion, representing a 12% year-over-year growth on a constant currency basis.
• The company achieved GAAP earnings per share of $4.62, up 11% year-over-year, and non-GAAP earnings per share of $6.13, a 15% increase compared to the same period last year.
• Annual recurring revenue (ARR) ended at $27.5 billion, growing 11.2% year-over-year, and operating cash flow set a quarterly record at $2.52 billion.

• In its recent Investment Strategy Insights publication, UBS makes the case for expanding commodity exposure beyond traditional safe-haven assets such as gold and the more familiar energy and industrial metals segments.
• The underlying argument is that commodities can provide additional sources of return, portfolio diversification, and protection against inflation, geopolitical disruptions, and structural supply constraints – something we argue for a couple of years now
• UBS identifies several structural trends supporting commodity markets. 

• Apple has effectively abandoned its long-held “net cash neutral” strategy to prioritize aggressive R&D scaling and potential generative AI acquisitions, reflecting a clear strategic pivot under new CEO John Ternus.
• The company has compromised with the European Commission through its August 18, 2026 App Store policy overhaul, replacing the controversial Core Technology Fee with a 5% Core Technology Commission on web/alternative store transactions, while reducing the baseline in-app purchase rate to 26%.
• Hardware margins face severe headwinds from memory inflation, with TrendForce estimating a nearly 400% surge in DRAM/NAND costs that is pushing the total iPhone 18 Pro Bill of Materials (BOM) up by 38%, forcing Apple to rely heavily on its high-margin Services segment (75.6% gross margin) to cushion the impact.

• The Vylor spin-off is a structural realignment designed to unlock the premium valuation of Corteva’s elite seed and genetics portfolio, which has historically been valued at a discount due to its integration with the more cyclical and asset-heavy crop protection division. However, this separation comes at a severe cost to the parent company: S&P Global’s downgrade of continuing Corteva to BBB+ on September 17, 2026, reflects a significant reduction in scale and diversification.
• The legal challenge filed on September 13, 2026, by California Attorney General Rob Bonta and a 20-state coalition poses a direct, near-term risk to the transaction’s completion. By alleging that the spin-off is a fraudulent transfer designed to shield $39 billion in assets from legacy DuPont PFAS and pension liabilities, the states are attempting to force a preliminary injunction in South Carolina federal court that could halt the October 1, 2026, launch of Vylor.
• The post-spin management split reveals a clear drain of top-tier talent toward Vylor. Current CEO Chuck Magro and CFO David Johnson are resigning from Corteva to lead Vylor, leaving incoming New Corteva CEO Luke Kissam (former Albemarle chief) to navigate a highly volatile crop protection market defined by persistent generic pricing pressure in Latin America.

• ✓ IPO Prophet Rating: 7.34/10 🏦 Deal Quality & Underwriters: 8.00/10 Bamboo Insurance Services is a technology-enabled, underwriting-focused and capital-light homeowners insurance managing general underwriter.
• The company was established to address structural changes in the homeowners insurance market, including reduced carrier capacity, rising catastrophe exposure, higher construction costs and the growing use of specialized MGUs and outside reinsurance capital.
• Bamboo manages most functions across the insurance value chain, including product development, underwriting, pricing, distribution, policy administration and claims handling.

• This week, Corteva and Vylor hosted their respective analyst days.
• Corteva also set the distribution ratio (1:1) for the spin-off, announced a ticker (VYLR), and confirmed expected regular way trading (10/1/2026).
• Meanwhile, Medtronic announced it would distribute its ~90% stake in its diabetes business, MiniMed (MMED), through an exchange offer (MDT shareholders get to decide which stock they want to own).

• The structural turnaround in Forged and Cast Engineered Products (FCEP) is real, yielding an annualized run-rate savings of $7 million to $8 million following the October 2025 exit of the U.K. facility. However, the consolidated valuation remains severely depressed by a “conglomerate discount” that hides the high-margin, secular defense and data center exposure of the Air and Liquid Processing (ALP) segment inside a cyclical steel holding company.
• The de-risking of the U.S. defined benefit pension plan—which achieved fully funded status on February 9, 2026—is a major structural milestone. By shifting to a conservative, liability-driven investing (LDI) glide path, the company has effectively immunized its pension liabilities, permanently stabilizing cash outflows over the next 36 months at the cost of lower non-cash pension income.
• With net debt standing at $130.5 million as of June 30, 2026, and interest expenses historically consuming over 75% of EBIT, Ampco-Pittsburgh is effectively locked out of the M&A market. Deleveraging is entirely dependent on organic cash flow generation, making the execution of the Sweden plant integration and the reduction of the 152.93-day cash conversion cycle in ALP critical priorities.

• Nadella argues the industry must address AI risks through classic, rigorous engineering practices: transparent chain-of-thought (CoT) tracking, strict behavioural auditing and independent, third-party testing rather than “cozy arrangements”.
• Nadella wants broad industry interoperability standards (e.g., externalising memory/harnesses from specific models and creating unified KV cache standards across models) so customers can switch between models without losing their data.
• While continuing its deep strategic partnership with OpenAI, Microsoft is simultaneously building its own native AI models and adopting heterogeneous chip infrastructure (NVIDIA, AMD, internal silicon, and OpenAI’s custom silicon)

• EverQuote, Inc. (EVER) has engineered a decisive financial and operational turnaround following the 2022-2023 auto insurance underwriting trough, growing full-year revenue from $287.92M in FY2023 to $692.52M in FY2025 and generating $95.38M in Operating Cash Flow and $90.32M in Free Cash Flow.
• Structural cost discipline implemented in mid-2023, coupled with proprietary machine learning traffic optimization, has yielded meaningful operating leverage, expanding quarterly EBITDA margins to 12.54% by Q2 2026 and sustaining gross margins above 97%.
• With a fortress balance sheet featuring zero debt, $170M+ in cash reserves, and multi-year secular tailwinds as Tier-1 auto carriers ramp digital acquisition spending toward a targeted $1.0B revenue milestone, EVER offers institutional investors an attractive growth and cash-flow profile at a discounted valuation relative to peers.

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• The Southern Company reported second-quarter 2026 adjusted EPS of $1.13, exceeding the prior-year quarter by $0.21 and company guidance by $0.13.
• Results benefited from higher electricity usage and customer growth across regulated utilities, increased allowance for funds used during construction, stronger equity investment earnings, favorable taxes, and contributions from Southern Company Gas and businesses such as PowerSecure.
• These gains were partly offset by higher interest expense from increased debt and dilution from additional shares outstanding.

• Live Oak Acquisition Corp. VI is a blank check company formed to effect a business combination, focusing on companies with growth, strong cash flow, and a defensible market position.
• The company targets businesses with enterprise values from $500 million to $2 billion, focusing on above-average growth, substantial free cash flow, and defensible market positions.
• Total assets were $133,318 (Actual) and $203,566,295 (As Adjusted) as of June 30, 2026. The auditor’s report expresses substantial doubt about going concern.

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• Exelon Corporation reported second quarter 2026 adjusted operating earnings of $0.43 per share, aligning with expectations, and reaffirmed full-year guidance of $2.81 to $2.91 per share.
• The company continues to prioritize providing safe, reliable utility services while managing investments and costs amid increasing weather-related challenges.
• ComEd, one of Exelon’s utilities, encountered 16 major weather events this year, including severe storms that impacted over half a million customers.

• Workday has suddenly become one of the most closely watched names in enterprise software after its shares gained roughly 7% on reports that financing efforts for a potential take-private transaction were continuing.
• No acquisition has been announced, and management declined to comment on private-equity interest when directly asked during its latest earnings call.
• Yet the renewed takeover speculation arrives at an intriguing moment for the company.

• IBM has turned one of its most ambitious quantum plans into something tangible.
• Its Anderon subsidiary has finalized a $1 billion research and development award from the U.S. Department of Commerce under the CHIPS and Science Act, supporting what IBM describes as America’s first pure-play quantum wafer foundry.
• Located in Albany, New York, the 300-millimeter facility is designed to manufacture quantum wafers not only for IBM but also for other companies developing quantum hardware.

• Vital Farms has suddenly become an M&A story after a report said the premium egg producer is reviewing strategic alternatives, including a potential sale.
• Shares rose roughly 4% following the report, reflecting investor attention around what could become an important turning point for the company.
• No transaction has been announced, and there is no certainty that the strategic review will result in a sale.

• Greenwave Technology Solutions operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, processing various scrap metals for sale. This filing is for resale of shares by selling stockholders,.
• Greenwave operates 13 facilities and reported revenue of $32,271,860 for the six months ended June 30, 2026. Revenue increased by 76.06% and gross profit by 129.92% compared to 2025.
• The company reported a net loss of $(4,745,708) and an accumulated deficit of $525,656,136 as of June 30, 2026. Concerns exist about the ability to continue as a going concern.

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• Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline.
• The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states.
• Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses.

• Frontier AI Labs: Pausing, pacing, those are all the voluntary things that they could do if they feel that their company is out of control.
• President Trump: And I’m telling you, it’s all a hoax. The data centers are great and they make people wealthy and they make states wealthy
• Jensen Huang: I’d rather help everybody succeed instead of taking a slice out. And so we would go up as far as we need to but as low as possible.

• A review of recent events/data impacting our investment themes and outlook
• The Boj, the Fed, and the ECB all tightened rates this week – with different outcomes
• Tightening liquidity globally, but still no signs of a major top

• GeoVax Labs, Inc. is a clinical-stage biotechnology company developing human vaccines and immunotherapies against infectious diseases and solid tumor cancers using novel proprietary platforms.
• GEO-MVA Phase 3 clinical trial initiation is planned for Q4 2026, and Gedeptin® Phase 1/2 trial for advanced head and neck cancers completed.
• As of June 30, 2026, cash and cash equivalents were $3,143,422, sufficient to fund operations into October 2026.

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• Icelandic Pension Funds’ Domestic Dominance: Local pension funds manage assets exceeding 180% of GDP (nearly ISK 8.9 trillion), representing the primary competitive threat to NIAA for local renewable and infrastructure assets. Following the summer 2026 amendments to the Icelandic Pensions Act, these funds have gained greater allocation freedom for unlisted assets, compressing local yields and making it extremely difficult for an external SPAC to win on price alone.
• Structural Avoidance of Act No. 34/1991: Foreign direct investment (FDI) laws in Iceland explicitly bar non-EEA entities—such as a Cayman-incorporated SPAC—from owning energy exploitation rights or associated real estate. Consequently, NIAA cannot directly acquire power generation assets; its target pipeline must focus strictly on downstream applications like data centers (via leasehold models) or cold-chain logistics, or utilize highly complex, untried synthetic local-holding joint ventures.
• Severe Redemption Risks and PIPE Dependency: With late-2026 SPAC redemptions averaging over 90%, NIAA’s $125 million trust is highly likely to be depleted at the business combination vote. Given the Central Bank of Iceland’s recent policy rate hike to 8.00% on August 19, 2026, funding the required target size (averaging $111 million in revenues) will require a heavily structured, dilutive PIPE or convertible debt facility rather than relying on trust cash.

• Severe Financial Distress: NuvOx is operating in extreme financial distress, holding just $332,000 in cash against a staggering $32.11 million in total liabilities as of June 30, 2026. Its pending $20.02 million IPO on the NYSE American is a literal survival mechanism to address its going-concern risk rather than a standard growth-capital raise.
• Clinical Validation is the Key Gate: The phase-transition mechanism of NanO2 (dodecafluoropentane, or DDFP) allows it to be active at less than 1/200th of the dose of historical perfluorocarbons (PFCs), bypassing the severe reticuloendothelial system (RES) toxicity and thrombocytopenia that terminated earlier trials like Alliance’s Oxygent. However, the core clinical challenge is overcoming deep-seated physician skepticism regarding the risk of microvascular gas emboli during liquid-to-gas transition in vivo.
• Strategic Pivots are Hard but Rational: The company’s decision to shelf its sickle cell program (NVX-508) and focus entirely on the glioblastoma multiforme (GBM) RESTORE trial is highly rational. GBM has an unchanged standard of care (the Stupp protocol) since 2005, making neuro-oncologists highly receptive to radiosensitizers that can reverse tumor hypoxia. Conversely, sickle cell requires large, expensive cardiovascular safety trials and faces a crowded field of newly approved gene therapies, which NuvOx simply cannot afford.

• Gravity Acquisition Corp. is a blank check company incorporated in the Cayman Islands to effect a business combination with one or more entities. Its efforts to identify a target business.
• The management team possesses deep capital markets, M&A execution, and operational experience, including leadership at Tapestry, Mars Acquisition Corp., Joint Fortune Capital, and Tricentis USA Corp.
• Total assets were $250,713,191 as of May 31, 2026 (As Adjusted). The auditor report expresses substantial doubt about the ability to continue as a going concern.

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• Commercial Viability and Clinical Gaps: The ZSmile platform offers a compelling lifestyle value proposition by eliminating 22-hour daily wear and daytime speech/eating interference, but it faces significant clinical finishing limitations. In approximately 5.00% of cases, patients still require conventional braces to be bonded for 4 to 6 weeks for final precision finishing, which creates resistance among premium-focused orthodontists.
• Extreme Financial Precarity: Dror’s financial position is critical. As of June 30, 2026, the company had total assets of just $258,936, a negative working capital of $(3.75) million, and an accumulated deficit of $23.32 million. The August 2026 capital raise of $275,000 via 0% interest convertible debentures is a short-term stopgap maturing on October 19, 2026, which underscores its high restructuring risk.
• Go-to-Market Hurdles: While a 2,000-to-1 reverse stock split is planned for a Nasdaq uplisting, the commercial launch cannot scale without a major strategic partner. High customer acquisition costs (CAC) and the dominance of Align Technology—which shipped 2.61 million cases in FY2025 and maintained a clear aligner average selling price (ASP) of $1,260 in Q2 2026—mean Dror’s technology is more likely to be acquired for its IP portfolio rather than successfully launched independently.