United States

• 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).

• 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, 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.   

• 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, 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 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.

• 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.

• 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.

• 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 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.

• 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 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. 

• 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.

• 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.

• We are reiterating our Buy, rating, $4 price target and projections for Vera Bradley with the company announcing 1QFY26 (April) results before the open on Wednesday.
• We believe Vera Bradley has continued to take steps to return to prominence, from returning key styles and features, adding more licensed items at both the main line and outlet stores and continuing to shift their looks to appeal to a younger customer base.
• Further, while the company remains impacted by the lag between loss of older customers and a shift to a younger group, management has been aggressive in reducing cash spend, which in the near term, unfortunately, has resulted in further main line store closures.

• Interactive Brokers (IBKR US),Duolingo (DUOL US) and EMCOR (EME US) are the main candidates for addition at review to replace Enphase Energy (ENPH US) and Caesars Entertainment (CZR US). 
• Cheniere Energy (LNG US) and AppLovin (APP US) are the main candidates for the replacement of the acquisition of Ansys (ANSS US) which is anticipated end of June.
• There is a possibility of zero S&P500 changes at the review due to candidates scoring low in market cap and sector balance.

• They write several homeowners’, condominium owners’, and commercial residential products in coastal specialty markets in Florida and South Carolina.
• For the three months ended March 31, 2024 and March 31, 2025, they had gross premiums written of $245 million and $278 million.
• The strong performance of peers could provide a potential tailwind for this IPO. 

• Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
• We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins. 
• Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown. 

• Ategrity Specialty Holdings will be offering 6.67 million shares at a $14-$16 range equating to a $659m-$753m valuation.
• For the three months ended March 31, 2025, they wrote $116.1 million in gross written premiums, an increase of $34.5 million, or 42.3%.
• The underwriters have reserved for sale, at the initial public offering price, up to 7% of the shares offered.

• VEON last week announced it has secured regulatory approvals for its tower asset partnership with Engro Corp in Pakistan, unlocking US$563 million in value. 
• Cash portion of funds will be paid in tranches and received in Pakistan, with flexibility to upstream capital or reinvest locally.
• Transaction supports VEON’s ongoing transformation at the Group level and digital growth strategy in Pakistan while offering a roadmap for similar value creation in Ukraine.

• Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.
• Wanda Hotel Development’s asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.
• Liquidia’s FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International’s FX Payments segment shows high growth.

• Surpassed initial accuracy milestone in elderly care. Ainos provided new AI Nose data in the elderly care co- development project, reaching ~85% accuracy in excretion odor detection.
• The updated accuracy rate is an improvement over the recently met internal milestone of 80%.
• Accuracy improved with data-driven AI machine learning. AI Nose achieved 85% accuracy based on 254 subject events in Japan and Taiwan, leading to 2,119 sample entries for statistical evaluation. 

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
• The company announced it received a grant to develop a new and unique vaccine with the goal of eradicating polio.

• Asia’s heavy-grade base oils price-premium to Singapore gasoil stays unusually high.
• Firm base oils premium suggests supply remains tight and demand firm, incentivizing refiners to raise output.
• Gap between Group II light and heavy-grade base oils prices widens more even after restart of growing number of base oils units following scheduled maintenance work.

• The WTR Sustainable Index was down 0.5% W/W versus the S&P 500 Index (up 1.9%), the Russell 2000 Index (up 1.3%), and the Nasdaq Index (up 2.0%).
• Energy Technology (12.4% of the index) was up 1.1%, while Industrial Climate and Ag Technology (47.9% of the index) was down 0.1%, ClimateTech Mining was up 0.1%, and Advanced Transportation Solutions (21.2% of the index) was down 2.1%.
• Top 10 Performers: BNET, LNZA, ETL, NVVE, REVV, OPAL, WML, HYLN, LOOP, GWTI

• The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
• Revenue increased  by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively. 
• After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

• 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.

• YTD our absolute return strategy is up 10,6% The Egg-Price-Bubble Has Busted!
• The price of a dozen eggs in the US has crashed from $8 to $2,5 within five months – highlighting extraordinary volatility in the egg market.
• For context: The rise of egg prices can be primarily contributed to the ongoing avian influenza (HPAI) outbreak that began in 2022.

• In reviewing Ecolab’s first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.
• Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.
• This robust performance highlights the company’s ability to maintain an upward trajectory despite a weakening demand in some end markets.

• Asia’s base oils demand could soften as weakening supply-demand fundamentals incentivize buyers to maintain lower stocks.
• Seasonal slowdown in lube consumption set to coincide with pick-up in supply following restart of growing number of plants after maintenance work.
• Weaker demand in markets like Japan frees up more surplus volumes for export, adding to supply.

• For the week ending 30/May, U.S. natural gas prices gained 3.4% on the back of forecasts of a hotter-than-expected summer and tightening supplies.
• For the week ending 23/May, the EIA reported that U.S. natural gas inventories rose by 101 Bcf, moderately higher than analyst expectations of a 98 Bcf build.
• Henry Hub OI PCR fell to 0.86 on 30/May compared to 0.89 on 23/May. Call OI decreased by 12.7% WoW, while put OI dropped by 16.1%.

• Deckers Brands recently reported its financial performance for the fourth quarter and the fiscal year 2025.
• The company showcased robust growth across its portfolio, emphasizing the success of its leading brands, HOKA and UGG.
• With a revenue increase of 16% year-over-year, the company approached $5 billion in sales, signaling strong brand appeal and strategic market positioning.

• AbbVie Inc. recently reported its results for the first quarter of 2025, showcasing strong performance across various therapeutic areas.
• The company’s adjusted earnings per share were $2.46, surpassing the guidance midpoint by $0.10.
• Total net revenues stood at over $13.3 billion, a remarkable increase of roughly $550 million beyond expectations.

• Birkenstock Holding plc’s second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
• Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
• This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.

• The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
• The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
• For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).

• The TJX Companies, Inc. reported its first-quarter results for fiscal year 2026, demonstrating resilient performance across its various divisions amidst a challenging macroeconomic environment.
• The company achieved a 3% increase in comparable store sales, driven by higher customer transactions, with each division—both in the U.S. and internationally—contributing positively.
• Notable growth was observed in the HomeGoods division, which outperformed its competitors, delivering a 4% increase in comp sales and a 70 basis point improvement in segment profit margin compared to the previous year.

• I thought I had missed NLOP. But a conversation at the Berkshire Hathaway annual meeting convinced me to take another look.
• I told a friend that I “was pissed that I missed NLOP.” He said, “You haven’t missed it. All recourse debt has been paid off and the company is about to start paying dividends.”
• So I made a decision to revisit NLOP with a fresh perspective.

• Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption, marking a defining moment in its trajectory as a dominant AI chipmaker.
• The company reported a 69% year-over-year revenue surge to $44.1 billion, outperforming expectations despite the mid-April U.S. government ban on H20 GPU sales to China.
• The data center segment remained the primary growth engine, rising 73% to $39.1 billion, driven by rising AI infrastructure demand and the adoption of its cutting-edge Blackwell architecture.

• Target Corporation faced a set of challenging conditions in the first quarter of 2025, significantly impacting its overall performance.
• The detailed analysis of the quarterly results reveals a balanced mix of positive aspects, setbacks, and strategic adjustments, offering investors insights into the company’s current standing and future priorities.
• First-quarter sales for Target declined by 2.8%, primarily driven by a decrease in comparable sales of 3.8%.

• The Home Depot, during its first quarter of fiscal 2025, reported sales of $39.9 billion, which represented a 9.4% increase compared to the same period last year.
• However, the company’s comparable store sales declined slightly by 0.3%.
• The U.S. comps showed a modest increase of 0.2%.

• Workday Inc. reported a robust first quarter of fiscal year 2026, demonstrating solid growth in key financial metrics and notable advancements in its strategic initiatives.
• The company reported a 13% increase in subscription revenue, reaching $2.059 billion, and achieved a non-GAAP operating margin of 30.2%.
• This performance was driven by strong customer adoption across various industries, solid contributions from their partner ecosystem, and a continued focus on AI innovation.

• During its second quarter earnings for fiscal 2025, Toll Brothers, Inc. outlined its financial and operational performance amidst a challenging economic environment, providing insights into its strategies and market outlook.
• Toll Brothers reported robust financial performance for the second quarter, achieving record second quarter home sales revenue of $2.71 billion, which surpassed the midpoint of their guidance by $236 million.
• They delivered 2,899 homes at an average selling price of approximately $934,000.

• Autodesk delivered solid results in the first quarter of fiscal 2026, surpassing the upper limits of its guidance range for both revenue and non-GAAP earnings per share.
• The company reported a revenue growth of 15% as reported and 16% in constant currency, with a significant contribution of $78 million from the new transaction model.
• Billings also saw a substantial increase of 29% as reported and 30% in constant currency, reflecting a strategic shift towards annual billings for most multi-year contracts.

• Lowe’s Companies, Inc. delivered a mixed performance during the first quarter of fiscal 2025, reporting total sales of $20.9 billion and a 1.7% decline in comparable sales, aligning with their expectations.
• The results reflect challenges in the DIY segment, particularly in discretionary spending on larger ticket items, compounded by a slow start to the spring season largely due to adverse weather conditions.
• On the positive side, the company showed strength in Pro sales, reporting mid-single-digit growth, and saw a 6% rise in online sales due to improvements in both traffic and conversion rates.

• The third-quarter results for Intuit’s fiscal year 2025 illustrate a strong performance across multiple segments, driven primarily by its robust AI capabilities and strategic innovations.
• Intuit reported a 15% increase in revenue, with significant contributions from both its Consumer Group and Global Business Solutions Group.
• This quarter, the company raised its financial targets, attributing its success to its AI-driven platform which enhances customer interaction and streamlines processes for consumers, businesses, and accountants.

• MARA Holdings recently held its first quarter 2025 earnings call, offering insights into both its current operations and future strategies.
• The company faces a mixed landscape shaped by Bitcoin’s fluctuating value, which significantly impacts shareholder sentiment and the company’s stock performance.
• Notably, MARA aligns with the view of Bitcoin as a macro hedge, comparable to gold, which is particularly relevant amid volatile market conditions.

• TLT is showing signs of shifting behavior, no longer acting like a classic flight-to-quality asset.
• One-Month implied vol sits above average, though not at extreme levels.
• The evolving vol structure suggests caution for those expecting traditional bond market flight to quality behavior.

• Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.
• The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.
• This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.

• Rocket Cos (RKT US) to acquire Redfin Corp (RDFN US) in an all-stock deal valued at $1.75B.
• Transaction includes a 0.7926 share exchange ratio and special $0.80 per share dividend.
• The acquisition is expected to impact a major US index on an intra-quarter basis.

• Expedia Group’s recent financial results for Q1 2025 present a complex blend of performance metrics that reveal both strengths and areas of concern.
• The company’s gross bookings climbed by 4% to $31.5 billion, while revenue increased by 3% to $3 billion, aligning with expectations but reflecting a modest growth trajectory.
• The growth has been hampered by weaker travel demand within and into the U.S., despite strong performances elsewhere.

• JFrog’s Q1 2025 financial results reflect both accomplishments and ongoing challenges.
• The company reported total revenue of $122.4 million, up 22% year-over-year, driven significantly by strong cloud revenue which rose by 42% to $52.6 million.
• This growth underscores JFrog’s strategic focus on cloud solutions and enterprise migrations toward its SaaS offering.

• Dynatrace reported a robust performance for the fourth quarter and full fiscal year 2025, showcasing significant accomplishments across various key metrics.
• The company’s subscription revenue experienced a 20% increase, reaching $1.62 billion, while the Annual Recurring Revenue (ARR) stood at $1.73 billion, marking a 17% growth.
• The non-GAAP operating margin expanded by over 100 basis points, and the pre-tax free cash flow margin improved by roughly 250 basis points, underlining the company’s effective balance between growth and profitability.

• dLocal delivered a first-quarter 2025 result that showcased both strong financial performance and ongoing strategic advancements, accompanied by notable business developments and challenges.
• The total payment volume (TPV) reached $8.1 billion, marking a significant 53% growth year-over-year, which further increases to 72% in constant currency terms.
• This growth was led by robust performance in cross-border payments, particularly in regions like Chile, Pakistan, Nigeria, Turkey, and Brazil across sectors including remittances, commerce, and financial services.

• Installed Building Products (IBP) reported its first quarter 2025 financial results, reflecting mixed performance amidst a challenging macroeconomic landscape affecting the construction industry.
• The company’s performance was impacted by housing market dynamics and adverse weather conditions, although strategic initiatives and a strong operating framework provided some balance.
• On the positive side, IBP maintained a solid financial base with significant cash flow, highlighting its capacity for growth via acquisitions.

• DaVita Inc. (DVA) has recently disclosed its financial results for the first quarter of 2025.
• The company faced significant challenges, most notably a cybersecurity incident, which disrupted operations.
• Despite these setbacks, DaVita succeeded in maintaining its patient care levels and mitigating the impact on its core services.

• Circle Internet locked down a pair of anchor orders ahead of next week’s IPO which is already oversubscribed.
• Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m. 
• The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.

• Texas Roadhouse reported its first quarter financial results, demonstrating both strengths and challenges in its business performance.
• The company recorded a revenue of over $1.4 billion, with same-store sales increasing by 3.5% and average weekly sales reaching all-time highs.
• Notably, March experienced the highest weekly sales across Texas Roadhouse’s three brands: Texas Roadhouse, Bubba’s 33, and Jaggers.

• Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant attention.
• The company achieved a revenue of $479.1 million, marking a 27% increase year-over-year.
• This growth was primarily driven by the addition of large customers, with 3,527 clients contributing over $100,000 annually—a 23% year-over-year rise.

• Carvana Co.’s latest earnings for Q1 2025 highlighted several key achievements as well as ongoing challenges.
• The company reported robust growth across several financial metrics, reflecting the effectiveness of its business model in a competitive and fragmented automotive retail industry.
• On the positive side, Carvana achieved record retail units sold at 133,898, representing a 46% increase year over-year.

• Paramount Global’s Q1 2025 financial results presented a mixed picture of the company’s performance and strategic positioning.
• On the positive side, Paramount reported a 2% revenue growth, when excluding the Super Bowl, alongside a significant year-over-year improvement in Direct-to-Consumer (DTC) OIBDA by approximately $180 million.
• The company also generated $123 million in free cash flow, demonstrating efficient cash management amid a challenging advertising environment.

• Coinbase delivered notable results in the first quarter of 2025, showcasing both strengths and areas for potential growth.
• The company reported a robust financial performance with a top-line revenue of $2 billion and an adjusted EBITDA of $930 million, indicating a strong operational capability even amidst a challenging macroeconomic environment.
• This quarter also saw Coinbase making a strategic acquisition of Deribit, positioning it as the leading global crypto derivative platform by open interest, which is significant as it seeks to expand its footprint in international markets.

• Royalty Pharma PLC’s recent earnings results for the first quarter of 2025 outline a period of significant financial performance and strategic initiatives.
• The company reported a 12% increase in royalty receipts, demonstrating solid cash flow stemming from its diversified portfolio.
• Total portfolio receipts grew by 17%, boosted by variable milestones and contractual payments, indicating a strong top-line performance.

• HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum.
• Revenue increased by 18% year-over-year in constant currency, driven by several key trends.
• The company added over 10,000 net new customers, bringing its total customer base to 258,000, with customer growth driven by platform consolidation, upmarket expansion, and robust downmarket acquisition.

• Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics impacting the company’s performance.
• CEO Steve Sanghi detailed a nine-point recovery plan initiated to restore the company to its former performance levels.
• Key actions under this plan involved resizing the manufacturing footprint, reducing inventory, refining business focus areas, strengthening customer relations, and conducting organizational restructuring efforts.

• SharkNinja’s first quarter results for 2025 reflect a period of both significant achievements and challenges, painting a nuanced picture for potential investors.
• The company demonstrated resilience in sales growth and strategic adaptability amidst an uncertain macroeconomic backdrop.
• Let’s explore both the positive and negative aspects of the financial results and strategic directions highlighted in the call.

• NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ
• NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues
• Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.

• Daniel Dicker is a seasoned oil trader and expert on energy markets
• Oil has become less important in the macro landscape, with its influence on stocks decreasing over the years
• Oil’s current price fluctuations are driven more by supply and demand factors rather than financial speculation, with no signs of improvement in the near future, despite recent macro developments.

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

Mammoth Energy (Tusk) has undergone a transformation and is a potentially undervalued small cap stock with limited downside

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

• Occidental Petroleum’s recent earnings call for the first quarter of 2025 presented a mixed but detailed view of the company’s operational and financial performance, showcasing both strengths and challenges.
• The management highlighted a solid execution across its diversified portfolio, despite facing some market headwinds and external uncertainties.
• On the positive side, Occidental generated $3 billion in operating cash flow before working capital adjustments, maintaining oil and gas production at just over 1.39 million barrels of oil equivalent per day, which aligns with their guidance.

• After the success of Hinge Health, Omada Health is now testing the IPO waters. 
• Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. 
• The size of the transaction is manageable and the company is backed by major VC players in the industry. 

• Skyworks Solutions reported its second fiscal quarter 2025 results, highlighting both strengths and challenges within its operational landscape.
• The company delivered revenue of $953 million and earnings per share of $1.24, both slightly exceeding the midpoint of their guidance.
• Gross profit was $445 million, with a gross margin of 46.7%, indicating strong execution in cost management and operational efficiency.

• HP Results Show Commercial PC Growth is Resilient, AI PC Penetration Expanding
• Key Industry Outlook Perspective — HP’s ZGX AI Station with NVIDIA Chips Marks the True Arrival of AI PCs… Locally Run LLMs Signal a Step-Change for PC Capabilities
• Remain Structurally Long PC Makers on AI PC Upgrade Cycle — Emergence of New NVIDIA Blackwell-Powered Workstations Clarifying the Path for AI PCs to Deliver Step-Change Improvements in Value

• The earnings for CDW Corporation’s first quarter of 2025 highlights several key aspects of its performance and outlook.
• With detailed comments from management, the company presents a mixed set of results and expectations amid a dynamic market environment.
• Starting with the positives, CDW reported a robust start to the year with net sales increasing by 8% year-over-year to $5.2 billion.

• We are reiterating our Buy rating and $58 price target for Build-A-Bear Workshop and slightly lowering our EPS projections to account for the current tariff-driven environment, as the company announced material 1Q top and bottom line upside, driven by strong offerings, seasonal shifts and further gains in the higher margin franchising and third party segments.
• Further, management continues to return capital to shareholders via share repurchases and quarterly dividends, while still maintaining a cash rich ($3.37 per share), debt free balance sheet.
• That said, given the current uncertain economic environment, management, despite the 1Q upside, remained conservative in their guidance, reiterating FY25 revenue growth of mid single digits and reducing the pre-tax projection to $61 to $67 million.

• IonQ’s latest financial results and strategic developments signal a bold push toward cementing its role as a dominant player in the emerging quantum computing industry.
• The company reported first-quarter revenue of $7.6 million, matching last year’s figure but exceeding analyst expectations.
• Despite the flat top-line performance, IonQ remains aggressive in its vision to become the “Nvidia of quantum computing,” as CEO Niccolo de Masi described.

• Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies & landing in Taiwan. 
• He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
• NVIDIA’s market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.

• Nippon Steel proposes binding governance safeguards, including a U.S. CEO, majority-U.S. board, and a “golden share” for U.S. veto power on strategic decisions.
• USW union opposition remains vocal, but Trump’s political pivot reframes the deal as a domestic partnership, easing labor and nationalist concerns.
• Antitrust risk is low due to limited overlap; CFIUS clearance remains the key regulatory hurdle, with approval possible by late July or early August.

• Large impact of H20 discontinued sales to China. Including the impact, 1-2Q26 are inline with consensus. Adding back the H20 missed revenues, 1-2Q26 would have been ~10% above Consensus. 
• The ramp of GB200 is very impressive, demonstrating Jensen’s point: “it drives down cost and improves quality of response with higher speed”. The Good Times Keep Rolling.
• This means that Consensus most likely does not need to revise down FY26 forecasts. This means that the stock is cheap-ish, trading at 31x FY26 EPS and 24x FY27.

• AppLovin, a leader in performance marketing, has recently announced its first-quarter 2025 financial results, highlighting its robust growth trajectory despite external challenges.
• The company has navigated market volatility, such as short-seller scrutiny and broader economic conditions, by focusing on emerging opportunities in the advertising sector.
• This quarter is especially significant due to its strategic decision to divest its games business entirely, further sharpening its focus on advertising technology.

• AZEK recently shared its second-quarter fiscal 2025 financial results, highlighting both positive performances and notable challenges.
• The quarter saw consolidated net sales grow by 8% year-over-year to $452 million, while the residential segment led growth with a 9% year-over-year increase in net sales.
• This robust performance was driven by mid-single-digit sell-through growth and continued expansion in product lines such as TimberTech and AZEK Exteriors.

• Uber Technologies’ Q1 2025 earnings call provided insights into the company’s performance, operations, and strategic outlook.
• The results reflected robust growth across key metrics, albeit in a competitive and dynamic environment.
• Here’s a synopsis of the key points from the call, reflecting both strengths and challenges faced by the company.

• China represents ~11% of revenues for Cadence and Synopsys. The weight of China has been declining. 
• China has a number of startup working on replacement software, the leader is Empyrean – good but some years behind Cadence and Synopsys and focused on legacy chip design. 
• Between this news today and more restrictions on Nvidia’s sales to China, it looks like more US restrictions will come.

• By the time this insight is published, NVIDIA Corp (NVDA US) will have reported earnings. Our model does not rely on fundamentals or news, so the forecast is made in advance.
• The stock pulled back last week, mild pullback, not oversold, ideally a buy-the-dip opportunity. Support targets: 123-112
• If the stock rallies, the rally could last 3 weeks and reach 156. Read the detailed analysis in the insight.

• We believe Moody’s simply took the opportunity on the Tariff news to move USA’s rating to be in-line with those of the other two agencies.
• Though rising rates are not friendly to fixed rate bonds, we believe Asian high-yield bonds remain a good place to park capital in the near term
• We prefer short duration under 5 years to keep duration low in preparation for an upward pressure on rates in the near term.

• Walt Disney’s second-quarter 2025 earnings report was met with a wave of investor enthusiasm, driving the stock up 11% to over $102.
• This optimism was not only driven by stronger-than-expected financials but also by the high-profile announcement of a new theme park in Abu Dhabi.
• The planned park marks Disney’s seventh globally and is set to be developed in collaboration with the Miral Group.

• April 2025, the US Gvt extended restrictions on Nvidia’s China-specific H20 chip. Restriction also apply to H20’s memory bandwidth. This means SK Hynix HBM and TSMC CoWoS.   
• Nvidia new China-specific chip derive from this: a downgraded chip, half a Blackwell, without HBM-CoWoS packaging. Time to design, manufacture, could lead to ~15% downside risk to FY26 Consensus?   
• FY26 revenues could land at US$175bn or  -12% below Consensus at 199bn. $175bn implies 35% growth YoY, Consensus expects 52%. The stock trades at “low” 30x FY26 and 24x FY27.

• Circle will be offering 24 million shares at a $24-$26 range equating to a 5.2b-5.65b valuation.
• The company is a stable coin powerhouse with more than $25 trillion in transacted volume since founding. 
• The deal has a potential “floor” with companies reportedly interested in acquiring Circle Internet. 

• In a turbulent 2025, Netflix has emerged as one of the most closely watched tech stocks, not just for its market performance but also for its evolving business strategy.
• The streamer’s share price is up over 30% year-to-date, nearing a $500 billion market cap, outpacing the broader S&P 500 by a wide margin.
• Amid global macro uncertainty and shifting consumer behavior, Netflix is experimenting aggressively — hosting live NFL games, expanding into gaming, leveraging artificial intelligence in content production, and responding to a proposed 100% tariff on foreign-produced films.

• Alphabet Inc. (NASDAQ:GOOGL) has entered a defining phase in its AI journey, unveiling a host of advanced technologies and product integrations that mark its most aggressive push yet into artificial intelligence.
• At the heart of this transformation is Gemini 2.5 Pro, the company’s most advanced AI model, now powering everything from Search and mobile assistants to developer platforms and multimodal queries.
• The rollout of AI Overviews, which now serves over 1.5 billion monthly users, and the launch of AI Mode, capable of handling more complex search tasks, underscore Alphabet’s commitment to redefining user experience through AI.

• Their company was purpose-built to address issues at the forefront of defense, national security and space industries and they have organized their business to reflect this goal. 
• Since 2019, they have grown their revenue to $144.2 million in 2024 and $34.5 million for the three months ended March 31, 2025.
• The company officially filed for its IPO on May 16th and is highly likely to debut in the month of June. 

• Informatica is back in the headlines following renewed acquisition talks with Salesforce, reviving a potential deal that had collapsed in 2024 due to valuation disagreements.
• This time, the context has shifted considerably.
• Informatica’s stock soared 17% on the revived news, while Salesforce’s dipped ahead of its earnings report.

• AT&T’s $5.75 billion acquisition of Lumen Technologies’ Mass Markets fiber business is poised to be one of the most significant telecom deals in recent years.
• Expected to close in the first half of 2026, the transaction will transfer approximately 1 million subscribers and 4 million fiber-enabled locations across 11 key states—including markets such as Denver, Seattle, Salt Lake City, Phoenix, and Minneapolis—into AT&T’s growing fiber footprint.
• The move is part of a broader strategy by AT&T to double its fiber coverage to 60 million locations by 2030.

• The Kraft Heinz Company has ignited speculation across the investment world with its recent confirmation that it is exploring “potential strategic transactions” aimed at unlocking shareholder value.
• This announcement comes at a time of mounting pressure for the food giant, which owns legacy brands such as Heinz, Oscar Mayer, and Kraft.
• Notably, the news coincided with another significant development: Berkshire Hathaway, a long-time stakeholder holding 27.5% of the company, has relinquished its board seats, with Timothy Kenesey and Alicia Knapp stepping down.

• Global base oils prices mostly hold firm vs feedstock/gasoil prices.
• Firm margins in Asia and Europe point to still-tight supply-demand fundamentals, incentivizing refiners to maintain high output levels.
• Weaker margins in US point to diverging fundamentals compared with other regions.

• US base oils demand likely to remain more muted as concern about strength of end-user consumption and expectations of improving supply incentivize buyers to maintain low stocks.
• Demand could get support from procurement of additional stocks as buffer against any weather-related supply disruptions during Atlantic hurricane season.
• Any such stock-building would be despite expectations of more readily-available supply over coming months.