United States

• Medtronic (MDT) announced an exchange offer on September 14, 2026 whereby investors can exchange their MDT shares for shares of MiniMed (MMED), Medtronic’s diabetes spin-off.

• To incentivize the exchange, MDT investors will receive $107.53 of value in MMED shares for every $100 of value in MDT shares.

• I expect the exchange offer to be oversubscribed.

• Bitari (BIAI) operates an exceptionally high-risk, low-margin hosting model with severe customer concentration, relying on a single client, ATA Investment LLC, for 91.5% of its fiscal year 2025 revenue. This leaves the company’s top-line entirely exposed to the solvency and operational health of one counterparty.
• The company is structurally hollow, run by just 4 employees and relying entirely on third-party contractor JWT Technology Inc. for operations and maintenance (O&M). This creates immense operational vulnerabilities, as any disruption in the JWT relationship or a key-man departure would instantly jeopardize their stated 98.5% historical uptime.
• Regulatory shifts in the ERCOT market, specifically the proposed NPRR-1337 protocol and Senate Bill 6 (SB 6), represent severe headwinds for Texas digital infrastructure operators. These changes aim to restrict price-responsive loads from lucrative demand-response programs, which will elevate net power costs and compress margins for under-scaled hosters.

• NAT has surged 142% YTD as sanctions and Middle East disruptions tighten the tanker market, pushing Suezmax earnings to record levels.
• With 17 Suezmax vessels and two more on order, NAT has direct exposure to higher rates, with Q2 TCE already rising to USD 63,000/day.
• The outlook hinges on sanctions, OPEC+ supply and fleet growth. NAT has a strong cash buffer, but its sharp re-rating leaves less room for weaker rates.

• Tender Offer Alignment: The $230 million modified Dutch auction tender offer (priced at $5.00 to $5.75 per share, expiring September 29, 2026) is structurally engineered to distribute the non-contingent proceeds of the Moderna settlement ($178.4 million received directly in July 2026) and the anticipated Q3 2026 Genevant parent dividend. This returns the windfall directly to shareholders, keeping the clinical-stage HBV asset (imdusiran) as a free option funded by the company’s existing $92.6 million baseline cash reserves.
• High Tax Friction on Genevant Dividend: While Arbutus owns a 16% equity stake in Genevant, extracting cash via a Genevant dividend involves severe tax friction. Under the Canada-Switzerland Income Tax Convention, the standard Swiss withholding tax on dividends is reduced from 35% to 5% for corporate holdings over 10%, but the mechanics require a notification and refund filing process that creates structural cash-flow lags and complex transfer-pricing audits.
• LNP Portfolio Prison: Arbutus cannot execute a clean spin-off or sale of its remaining Lipid Nanoparticle (LNP) patent portfolio. Under the 2018 Cross-License Agreement, Arbutus granted Genevant an exclusive, perpetual, worldwide license to the LNP patents for all non-HBV applications. This structural arrangement permanently ties the IP to the Genevant JV, meaning any potential buyer would acquire a portfolio that has already been fully hollowed out of its commercial applications outside of hepatitis B.

• In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment

• A larger-than-usual cargo with a combination of Group II light and heavy grades was set to load from Taiwan in the coming days, with India a likely destination.
• A large cargo of Group II base oils loaded from Taiwan at end-August headed to India, with arrival due this week.
• A large cargo with a combination of Group II light and heavy grades loaded from Taiwan at end-July headed to the US Gulf coast, with arrival due in late-September.

• The Liquidity-Yield Arbitrage Dilemma: Due to SEI’s strict 21-day unbonding period, a spot staked ETF cannot operate on standard T+1 or T+2 cash redemptions without massive cash drag or institutional credit facilities. Canary’s S-1/A filing addresses this by maintaining a 10% liquid buffer and utilizing proprietary sponsor credit lines to bridge redemptions, bearing substantial inventory risk.
• Severe Yield Compression in the Structuring: Staking rewards are treated as ordinary income upon receipt by the Trust, creating immediate tax liabilities for the grantor trust structure. When factoring in a 1.10% sponsor fee and a 20.00% staking fee slice, the net yield passed to investors is compressed from a gross 6.42% APY down to approximately 3.52% if maintaining the required 10% liquid buffer.
• Distribution Monopolies and Speed-to-Market: Although 21Shares filed a competing spot SEI ETF in August 2025 using Coinbase Custody, Canary’s dual-custody setup with BitGo and Coinbase, combined with live execution playbooks from TRXS (launched September 9, 2026) and SUIS (launched February 2026), grants them a first-mover advantage despite SEI’s market capitalization hovering around $300 million.

• SFC Suspension Driven by pre-IPO Put Options: The SFC’s rare Section 8(1) trading suspension on September 10, 2026, stems from suspected “rigging” of the July 2025 IPO. Pre-IPO Series B and B-1 agreements contained a standard put option allowing investors to retrieve their capital with compounded interest if the company failed to list by a certain deadline. This created an existential, systemic incentive for management to force the listing through, despite an incredibly weak international book (only 0.89 times subscribed), resulting in suspected artificial book-building.
• Severely Impaired Asset Valuations and “Regulatory Distress Discounts”: While CBT-001 for pterygium remains a scientifically compelling asset (12-month Phase 3 primary endpoints completed in June 2026, with top-line data imminent), its valuation is now structurally crippled. Out-licensing open geographies like the US and Europe to secure non-dilutive capital is the company’s only survival path. However, any potential big pharma or large biotech counterparties hold all the leverage and will demand a severe distress discount, likely slashing upfront cash expectations from US$20 million down to a fire-sale US$5 million.
• Extreme Runway Crisis & Operational Collapse: As of June 30, 2026, Cloudbreak possessed only US$32.7 million in cash and cash equivalents. Against a monthly operational cash burn of US$5.0 million to US$6.0 million (driven by ongoing Phase 3 clinical developments and climbing G&A expenses), the company’s remaining runway is less than 4 to 5 months (extending only into early 2027). Because the trading suspension blocks equity capital markets, and banks are highly likely to freeze their US$66.4 million unutilised credit facilities due to the active SFC probe, the company is facing an imminent liquidity wall.

• Crude oil futures retreated for a second session Thursday on hopes that losses from the Saudi pipeline attack would not be as severe as initially feared, while there has been a midweek slowdown in military strikes.
• Nov26 ICE  Brent futures were 1.7% lower at  $104.03/b (2053 BST), while Oct26 NYMEX WTI was at $101.25/b , down 1.15% versus Wednesday’s settle.
• Oil prices had already dropped around 3% Wednesday after Saudi Arabia stepped up efforts to restore its East-West pipeline, easing concerns over how much crude supply will remain disrupted by last week’s drone attack on a major pumping station.

• Crude oil futures early Friday continued to drift lower amid growing optimism that disruptions to Saudi crude after the East-West pipeline attack would be less severe than initially feared.
• Nov26 ICE Brent futures were 0.85% lower at  $103.86/b (0115 BST), while Oct26 NYMEX WTI was at $100.97/b , down 0.9% versus Thursday’s settle.
• It left benchmarks relatively flat on the week as crude pulled back after Saudi Arabia indicated it could restore about half the capacity of its East-West pipeline within days by bypassing a damaged section, with full flows potentially returning by the end of October.

• Cloudbreak Pharma (2592 HK), a clinical-stage eye-disease drug developer, was listed on the HKEx on the 3rd July 2025 at HK$10.10/share, and promptly fell 39% on debut.
• The downward trend continued. Shares were suspended by the SFC on the 10th September 2026, with a last trading price of HK$1.19/share, down 88.2% from IPO. 
• The SFC said it has “serious concerns” that Cloudbreak’s 2025 IPO “may have been rigged to create an artificial impression of demand” for its shares.

• Arbutus Biopharma’s $230m tender offer for 20%-23% of shares is priced between $5.00-$5.75/share, expiring September 29.
• The tender is funded by a $178m settlement from Moderna, with additional cash reserves of $93m as of June.
• Arbutus’s value is primarily in lipid nanoparticle patents, with potential $1.3bn contingent payment from Moderna and ongoing litigation with Pfizer/BioNTech.

• Amaero Inc. is a leading U.S.-based producer of high-value refractory and titanium alloy spherical metal powders for additive manufacturing and a pioneer in PM-HIP manufacturing.
• The U.S. addressable market is projected to grow to $1,496.1 million by 2030, supported by a $15.3 million backlog and 680 metric tons capacity.
• As of June 30, 2026, total assets were $88,568, with a net loss of $(13,433) and substantial doubt about going concern.

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• Thunder Bridge Capital Partners IV, Inc. (THCPU US) is a special purpose acquisition corporation that executed a landmark cross-border business combination with Coincheck Group N.V., one of Japan’s premier licensed cryptocurrency exchange and Web3 platforms backed by Monex Group.
• Pro-forma consolidated revenue expanded rapidly from $1,551.86M in FY2024 to $3,186.93M in FY2026 (a 105.4% two-year increase); however, thin gross margins (2.56% in FY2026) and persistent operational cash burn (-$7.66M in FY2026) underscore high operating leverage and severe sensitivity to digital asset trading velocity.
• Following the de-SPAC transition to Nasdaq under Coincheck Group N.V. (CNCK), institutional value realization depends on diversifying revenue away from commoditized retail spot brokerage toward higher-margin staking, institutional custody, and Web3 asset management amidst complex multi-jurisdictional regulatory oversight.

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• FDCTech, Inc. is a financial technology company developing software solutions and business services for OTC brokerage and financial services industries, including its Condor Trading Technology.
• FDCTech’s wealth management business had over $770 million in client assets under advice as of June 30, 2026, serving more than 500,000 users.
• The company reported Total Revenue of $32,687,028 and Net Income of $14,578,197 for the six months ended June 30, 2026.

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• Robust Top-Line Re-Acceleration and AI Adoption: Snowflake has re-accelerated product revenue growth to 37% year-over-year, underpinned by a resilient net revenue retention (NRR) rate of 126% and rapid enterprise adoption of its generative AI engine CoCo, which has surpassed 9,100 accounts alongside growing traction for CoWork.
• Substantial Cash Flow Generation Contrasting GAAP Losses: FY2026 annual revenue reached $4,683.95M with operating cash flow and free cash flow expanding to $1,221.94M and $1,120.31M respectively (23.9% FCF margin), although high stock-based compensation and compute infrastructure investments maintained GAAP net losses at -$1,331.62M.
• Multi-Cloud Moat Balanced Against Premium Valuation: Snowflake’s cloud-agnostic architecture, native data-sharing ecosystem, and expanding support for open table formats (Apache Iceberg) provide a durable economic moat, though current market pricing leaves a narrow margin of safety against hyperscaler competition and macro spending rationalization.

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• Janus has gained roughly 53% from its $20 IPO price and nearly 30% from its $23.50 first trade, remaining within striking distance of its $32.83 high.
• Second-Quarter results showed 45% revenue growth, 40% adjusted FFO-per-share growth and 19.2% same-store adjusted NOI growth.
• The company has aggressively deployed IPO and follow-on capital, completing approximately $1.8 billion of acquisitions through August 3.

• De-SPAC Transformation and Business Model Evolution: Southport Acquisition Corp (PORT US) completed its business combination with Angel Studios, Inc., successfully transitioning from a blank check shell company into a scaled, audience-curated media and digital entertainment enterprise with proprietary theatrical and streaming distribution infrastructure.
• Financial Inflection and Cash Flow Expansion: Following FY2025 revenue of $321.56M generated largely in the post-merger second half, 1H 2026 results demonstrated steady commercial execution with $226.81M in revenue ($115.11M in Q1 2026 and $111.71M in Q2 2026), solid gross margins above 53%, and an inflection to positive operating cash flow ($1.89M in Q1 2026 and $16.94M in Q2 2026).
• Institutional Investment Considerations: The investment thesis balances a highly differentiated community greenlight model (1.5M+ Angel Guild members) and viral Pay-It-Forward ticketing technology against historical GAAP net losses (-$170.48M in FY2025), hit-driven box-office revenue lumpiness, and post-de-SPAC capital structure dilution.

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• Transition to Operational Profitability: Syra Health recorded $491,221 in net income for the six months ended June 30, 2026, representing its first sustained pivot to profitability. However, despite positive operating cash flow of $643,183, liquidity remains a serious headwind, with management’s independent auditor continuing to flag a going-concern warning.
• Concentration and Procurement Realities: High revenue concentration—with Humana and the Indiana Family and Social Services Administration (FSSA) historically dominating the receivables ledger—presents an existential risk. State-level procurement cycles spanning 12 to 24 months create structural revenue volatility and prolong Days Sales Outstanding (DSO) on government receivables.
• Digital Health Monetization Demystified: While the Syrenity mental health application has potential under the recently announced CMS ACCESS Model partnership with HealthSync, commercial B2B monetization is still in its infancy. True scalability is limited by high-friction government implementation cycles rather than frictionless, high-margin SaaS expansion.

• Severe Revenue Contraction Driven by Pricing Commodore: Veri MedTech’s flagship platform, Veriheal, experienced a severe 34.3% year-over-year revenue decline from $17 million in 2024 to $11 million in 2025. This contraction was driven by its premium pricing model ($199 for new patients, $149 for renewals) in an increasingly commoditized market where direct competitors like NuggMD and Leafwell have anchored pricing at $99.
• The “Infinite Wellness Loop” is a Valuation Narrative, Not an Operational Reality: The company’s strategic expansion into direct-to-consumer wellness via DosePop is heavily constrained by prohibitive customer acquisition costs (CAC). The cross-sell conversion rate of medical cannabis patients from Veriheal to DosePop is under 2%, failing to validate the executive team’s claims of a self-reinforcing, zero-marginal-CAC retention engine.
• NASDAQ Uplisting is an Absolute Going-Concern Survival Trigger: With a working-capital deficit of $2.05 million and a shareholders’ deficit of $2.35 million as of late 2025, Veri MedTech’s upcoming $15 million NASDAQ uplisting (fixed at $4.00 per share as of September 14, 2026) is a critical liquidity event. Failure to execute this transaction within the next quarter will likely lead to technical default and potential insolvency.

• The Decentralization Spectrum: Design Tradeoffs In Digital Assets is a joint report by ARK Invest and Glassnode that maps Bitcoin, Ethereum, and Solana across four design features and six measurable dimensions of decentralization.
• Decentralization and centralization are architectures at two ends of digital asset network design.
• While “decentralized” and “centralized” networks seem to be binary alternatives, the reality is more nuanced. Blockchain design choices fall along a spectrum.

• Asana, Inc. reported second-quarter fiscal 2027 revenue of $216.4 million, up 10% year-over-year and above the high end of guidance.
• Growth was led by core customers spending at least $5,000 annually, which increased 11%, and enterprise customers spending at least $100,000, which grew 16%.
• Dollar-based net retention improved to 97% overall and 98% across core and enterprise customers, supported by healthier seat expansion and multiproduct adoption including AI.

• Electra is developing precision immunotherapies designed to selectively eliminate disease-driving immune cells while preserving normal immune function.
• Ipsoprubart has generated encouraging early data in malignancy-associated HLH, including 100% overall survival and overall response in 12 frontline patients.
• Sector momentum and current demand are constructive, with all four August biotech IPOs trading above issue prices and Electra’s book reportedly oversubscribed.

• Sentiment: Cautious Bearish, conditional on Black Sea export disruption easing
• Chicago SRW wheat futures (ZW) December 2026 closed at $7.4125 per bushel on 10 September.
• The rally primarily reflects the Russia-Ukraine conflict disrupting Black Sea exports.

• Ondas has taken another major step in expanding its autonomous defense platform through the acquisition of Israel-based GATE Technologies and affiliated Bron Technologies for $205 million.
• The transaction comes as Ondas aggressively scales its exposure to Precision Strike, Counter-UAS, persistent intelligence, and autonomous defense systems under its broader One Ondas strategy.
• GATE manufactures Electronic Safe & Arm Devices, or ESADs, and advanced electronic fuzing systems used in UAVs, loitering munitions, missiles, and rockets, while Bron adds manufacturing capacity in Poland and access to European defense customers.

• Ambarella, Inc. reported its financial results for the second quarter of fiscal year 2027 with revenue reaching $108.1 million, slightly above the midpoint of its guidance and representing increases of 7.7% sequentially and 13.2% year-over-year.
• The company’s performance was driven by record edge AI revenue and growth in both its Internet of Things (IoT) and automotive markets, particularly from commercial vehicle applications.
• Automotive revenue slightly outpaced IoT growth, and non-GAAP earnings per share stood at $0.18.

• Sentiment: Cautious Bearish, on a record managed-money long meeting a report that missed on the bearish side, with no flat-price information advantage in a settled crop.
• Treefera’s crop size agrees with the government’s, so the national number holds no edge.
• What is left to trade is which states grew the corn, and who is holding the position. Both sit outside the balance sheet the market is still trading.

• Washington is betting on Venezuelan oil: NABEP gives the U.S. unprecedented influence over future production, including equity, governance rights and priority access to output.
• The supply impact is distant: NABEP’s current production is far below its target, while infrastructure, capital and field development could push meaningful new volumes into the 2030s.
• Hormuz remains a different story: Venezuelan production cannot offset today’s disruption risk, leaving the current geopolitical premium largely intact despite the long-term supply option.

• UiPath Incorporated reported its second quarter fiscal 2027 results with a 12% year-over-year increase in annual recurring revenue (ARR) reaching $1.938 billion and 13% revenue growth to $410 million.
• Normalizing for foreign exchange (FX) impacts, revenue growth was approximately 16%.
• The company continued its trend of GAAP profitability for the fourth consecutive quarter, with GAAP operating income improving to $32 million from a prior year operating loss, and achieved a non-GAAP operating margin of 22%, up over 400 basis points year-over-year, driven by operational efficiencies and disciplined execution.

• Zscaler, Inc. reported its fourth quarter and full fiscal year 2026 results highlighting continued robust growth and strategic positioning for the expanding cybersecurity market, particularly around AI security.
• The company achieved 25% year-over-year growth in annual recurring revenue (ARR), reaching $3.8 billion, driven by broad-based demand across multiple geographies and customer segments.
• Net new ARR grew 24% year-over-year, accelerating to 17% excluding the contribution from its recent acquisition of Red Canary.

• AMD raised its 2030 Server CPU Total Addressable Market (TAM) projection from $60 billion to $220 billion, targeting >50% market share as it scales multi-threaded architectures like “Venice”.
• Shifting from isolated CPU/GPU/FPGA product roadmaps to a combined Data Center Roadmap Steering Group. Hardware and software trade-offs are now evaluated holistically to deliver full rack-scale system solutions like Helios.
• AMD targets a >60% CAGR in Data Center revenue and >80% CAGR in AI Data Center revenue over its strategic timeframe, driving overall company growth above 35% annually.

• After four weeks of due diligence, Reliance Worldwide Corp (RWC AU), a manufacturer of plumbing components, has now entered into a Scheme Implementation Deed (SID) with Brookfield.  
• Terms are A$4.75/share (or US$3.638/share), in cash, a 31.5% premium to undisturbed, unchanged from the Process Deed. Terms are not final.
• The binding SID provides Reliance with a “go shop” provision for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, that might be worthwhile pursuing. 

• Micron guided US$50bn / 86% GM / US$31 EPS; the Street sits on the guide but Goldman’s US$51.9bn / US$32.54 is the bar the crowded long actually has to clear. 
• The 29 July SK Hynix template applies: a record print 5% under consensus fell 9.6% and changed nothing; Micron’s FQ4 guide annualised already equals our FY2027E EPS of US$125. 
• BULLISH maintained, TP US$1,375 (11× FY2027E EPS US$125); at 7.4× with US$100bn contracted and US$22bn deposits banked, a guidance-level “miss” is an add, not a thesis event. 

• MongoDB reported strong financial and operational results for its second quarter of fiscal year 2027, with total revenue reaching $771.8 million, marking 30% year-over-year growth—the fastest growth since fiscal 2024.
• Atlas, the company’s cloud database service, grew approximately 29% year-over-year for the fifth consecutive quarter, driven primarily by large enterprise customers and expanding momentum in artificial intelligence (AI) workloads.
• The Enterprise Advanced (EA) segment, encompassing self-managed deployments, experienced even stronger growth of 36% year-over-year, partly due to the recent launch of Search and Vector Search capabilities that support AI applications in governed environments.

• Credo Semiconductor reported record first-quarter fiscal 2027 revenue of $479 million, up 10% sequentially and more than doubling year-over-year, marking its seventh consecutive quarter of triple-digit year-over-year growth.
• Non-GAAP gross margin was 68%, in line with guidance.
• Non-GAAP net income reached a record $236 million, up 140% year-over-year and 4% sequentially.

• Medtronic’s exchange offer allows shareholders to swap MDT shares for MMED shares at a 7.53% premium, expiring October 9.
• Hedging is challenging due to limited borrow availability and high fees, with unhedged positions exposed to volatility risks.
• Odd-lot holders are prioritized in the tender, avoiding proration, while oversubscription is likely, affecting larger positions.

• Palo Alto Networks reported a record fiscal 2026 finish, exceeding fourth-quarter guidance across financial metrics as bookings and platform adoption accelerated.
• Remaining Performance Obligations reached more than $21.2 billion, up 34% year-over-year, while Next-Generation Security ARR increased 63% to $9.1 billion.
• Nearly $1 billion of net new NGS ARR was added during the quarter.

• Electra Therapeutics, Inc. (ETRA) is preparing to sell approximately 21.67 million shares of common stock on the Nasdaq Global Select Market at an expected price of $14.00 to $16.00 per share.
• At the $15.00 midpoint, the offering would raise approximately $325.0 million and value the clinical-stage biotechnology company at roughly $916.5 million.
• Jefferies, TD Cowen, Evercore ISI and Cantor are serving as joint book-running managers. The shares are expected to begin trading on Friday, September 18, 2026.

• Broadcom Inc. reported robust financial results for the third quarter of fiscal year 2026, driven primarily by exponential growth in its AI semiconductor business.
• Consolidated revenue reached a record $29.6 billion, marking an 86% increase year-over-year, while operating income rose 92% to $20.1 billion, with operating margins achieving a record 68%.
• AI semiconductor revenue notably surged 221% year-over-year to $16.7 billion, representing 56% of total revenue and up from 49% in the previous quarter.

• ✓ IPO Prophet Rating: 7.68/10 🏦 Deal Quality & Underwriters: 8.25/10 Electra Therapeutics is a late clinical-stage biotechnology company developing precision medicines that selectively deplete disease-driving immune cells through the signal regulatory protein family.
• Its lead candidate, ipsoprubart, is a first-in-class pan-SIRP antibody designed to target pathological myeloid and T cells while preserving unaffected immune populations.
• Ipsoprubart is being evaluated as a frontline treatment for secondary hemophagocytic lymphohistiocytosis, a severe hyperinflammatory condition with high mortality and limited treatment options.

• Harte Hanks shareholders receive $5/share cash and 0.5 shares of Star preferred stock, with a 17% spread.
• Financing includes Star Equity’s cash, Harte Hanks’ cash, and a credit facility requiring lender amendment.
• Merger aims for $10m synergies, boosting combined adj. EBITDA by 50%, despite HHS’s negative trailing 12-month EBITDA.

• NVIDIA reaffirmed its confidence in delivering 70% year-over-year revenue growth for the coming year, noting unconstrained demand exceeds 100%.
• While software coding remains primary high-ROI use case, Huang highlighted cybersecurity as the next massive application, with NVIDIA deploying swarms of Nemotron models for red-teaming (bug finding) and blue-teaming (patching) 
• NVIDIA is actively working with the financial sector to position its high-utility GPU platforms as durable, asset-backed collateral for institutional financing. Seem like the strategy is working well, for now…

• Severe Revenue Contraction & Share Loss: PetMed Express (PETS) has experienced sustained top-line deterioration, with revenue dropping from $281.1M in FY2024 to $179.0M in FY2026 (-11.3% 3-year CAGR). The company faces structural headwinds from omnichannel pet retail powerhouses and veterinary clinic consolidation.
• Acute Profitability Collapse & Cash Burn: Operational performance weakened severely in FY2026, marked by a net loss of -$57.3M and negative free cash flow of -$33.0M. Persistent operating deleverage and escalating customer acquisition costs prompted the total suspension of the historical dividend.
• Distressed Valuation vs. Elevated Turnaround Risk: Trading at 0.1x EV/Sales and 1.6x P/B, PETS reflects deep distress pricing. While the valuation offers asymmetric upside if management stabilizes the core pharmacy base and expands into higher-margin pet wellness services, execution risks remain exceptionally high.

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• Back on the 18th August 2026, Reliance Worldwide Corp (RWC AU) entered into a process deed with Brookfield, potentially leading to a A$4.75/share Offer by way of a Scheme.
• Brookfield was granted four weeks of additional exclusive due diligence to “progress the proposal“. That exclusivity expires today.
• Should Brookfield firm terms, Reliance is permitted to “go shop” for 30 days. After AustralianSuper bumped its holding, twice, post-deal-announcement, a higher price may be warranted.

• Palisades is the near-term catalyst, with the 800MW restart expected to provide a meaningful financial step-up once commercial operations resume.
• SMR-300 offers the transformational opportunity, positioning Holtec to participate in the global shift toward advanced nuclear power.
• A $24 billion backlog and established nuclear-services businesses provide recurring revenue and cash flow while Holtec funds its growth initiatives.

• PayPal Holdings finds itself at one of the most consequential moments in its history.
• After Stripe and private-equity firm Advent International reportedly explored acquiring the payments company at roughly $60.50 per share, valuing it at more than $50 billion, negotiations stalled as the parties remained apart on price.
• That has put new CEO Enrique Lores firmly in the spotlight.

• nCino, Inc. reported its second quarter fiscal year 2027 results with total revenues reaching $161 million, reflecting an 8% year-over-year increase.
• Subscription revenues grew 10% year-over-year to $143.5 million, with a 12% growth rate when excluding the U.S. mortgage segment, which faced a slight decline of 1%.
• Non-U.S. revenues accounted for $36.4 million, up 9% year-over-year, supported by a 13% growth in non-U.S. subscription revenues despite minor foreign exchange headwinds.

• Okta’s second quarter fiscal 2027 results highlight ongoing strength in its core workforce and customer identity platforms, complemented by promising early traction in AI security products.
• The company reported broad-based growth across large enterprises—with over 600 customers generating annual contract values (ACV) exceeding $1 million—and notable expansion driven by upselling and cross-selling.
• New products, including Okta Identity Governance and AI-related offerings, represented roughly 30% of bookings during the quarter, delivering an average ACV increase of about 40% when included in deals.

• Intuit Inc. reported solid full-year fiscal 2026 results, with total revenue increasing 14% and both GAAP and non-GAAP diluted EPS rising 20%.
• Operating margins expanded, supported by its Big Bets in assisted tax, money, and mid-market, which collectively grew 34% and represented 30% of revenue.
• However, online paying customers increased only 3% year-over-year, reflecting slower-than-desired customer acquisition.

• CrowdStrike Holdings, Inc. reported its fiscal second quarter 2027 results with record-breaking performance across several key metrics, driven largely by heightened cybersecurity demand amid the accelerating adoption of artificial intelligence (AI) technologies.
• The company highlighted its “Mythos moment,” describing it as an inflection point marking increased market awareness of cybersecurity’s critical role in AI deployment.
• This evolving environment has expanded CrowdStrike’s total addressable market and intensified demand for its security platform.

• Quantinuum (QNT US) will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.
• Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.
• There are inflows for Honeywell Aerospace, Honeywell International and On Semiconductor and outflows for Arqit Quantum, Horizon Quantum Holdings and Global Unichip.

• Haymaker Acquisition Corp V is a blank check company formed to effect a business combination with one or more businesses or entities. It intends to acquire and operate a business.
• The management team has a proven track record of business combination success with prior SPACs and extensive experience in industrial, consumer, and consumer-related industries.
• Total assets were $342,493 (Actual, June 30, 2026) and $252,216,395 (As Adjusted, June 30, 2026). Shareholders’ deficit was $(33,605) (Actual).

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• The base oils market is approaching the fourth quarter with a smaller supply surplus than usual, as tighter Asian and Group III balances leave less supply available to absorb further disruptions

• The base oils market is approaching the fourth quarter with less surplus than usual, after the third-quarter slowdown failed to produce the usual supply build.

• China and India are putting more pressure on available barrels, with China’s Group II balance tightening as India’s demand extends its recovery.

• Given the ongoing uncertainty regarding the Strait of Hormuz, compounded by the uncertainty of the Bab el-Mandeb Strait, it is still hazardous to call a top to this oil market.
• We see some analysts now emerging and stating that the market is now poised for a new phase of renewed price strength well above $100.00 per barrel.           
• At this point, from a trading standpoint we will reserve final judgement in terms of the flat price, and remain focused on spread relationships.          

• The Cryptex Digital Market Cap ETF is a passive exchange-traded product incorporated in the Cayman Islands. It tracks the Cryptex Digital Market Cap Index by holding market-cap-weighted crypto assets across.
• The Fund holds 19 crypto asset constituents as of September 8, 2026. It intends to stake 26.82% of Portfolio Crypto Assets (ETH, SOL, ADA, HYPE), with a Sponsor Fee of.
• The Fund was incorporated on March 23, 2026, and has no operating history. CTX token price declined 86% from its 52-week high as of August 17, 2026.

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• Dyadic International, Inc. is a global biotechnology company based in Jupiter, Florida, developing and commercializing precision-engineered, animal-free recombinant proteins and enzymes using proprietary microbial expression platforms.
• The company’s common stock has been listed on Nasdaq under the symbol “DYAI” since April 17, 2019, with 40,063,703 shares outstanding as of September 10, 2026.
• The company has a history of net losses and $6.0 million in 8.0% Senior Secured Convertible Promissory Notes due March 8, 2027.

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• Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel, small molecule product candidates to modulate the ribosome and promote readthrough of premature stop codons.
• Exaluren received Orphan Drug Designation from the FDA for AS, with Phase 2b topline data anticipated by mid-2027.
• The company reported net losses of $8.3 million for the six months ended June 30, 2026, with an accumulated deficit of $308.8 million.

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• QVC Group, Inc. is a global live social shopping company engaged in video and online commerce. This filing registers shares for resale by existing stockholders.
• QVC Group, a global leader in video and social commerce, reported $3.534 billion in net revenue for six months ended June 30, 2026.
• The December 31, 2025 audit report raises substantial doubt about the company’s ability to continue as a going concern.

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• Founded in November 2009, the company’s mission is to power women to feel their best every day, building the world’s first shared designer closet.
• The company served approximately 3.5 million lifetime customers and had 186,019 total subscribers as of July 31, 2026, generating 90% of revenue.
• Total revenue, net was 187.6 for six months ended July 31, 2026, with a net loss of $(31.8) and an accumulated deficit of $(1,132.2).

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• Barrel Energy, Inc. is a Nevada corporation focused on environmental services, renewable energy, and waste-to-value activities via Happy Traps, LLC. It also launched a nutritional products division.
• Barrel Energy operates in environmental services, renewable energy, and waste-to-value sectors, with FY2025 revenue of $211,531 and net income of $23,610.
• Barrel Energy reported FY2025 revenue of $211,531 and net income of $23,610, with substantial doubt about its ability to continue as a going concern.

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• A review of recent events/data impacting our investment themes and outlook
• Government bond markets continue to exert pressure on other assets
• The Japanese Yen has likely confirmed a trend change – expect more volatility

• Meta has added another piece to its rapidly expanding AI strategy with the acquisition of Swedish startup Stilla.ai, a young company founded in 2024 that raised $5 million in pre-seed funding earlier this year.
• According to the reported transaction, Stilla’s team and technology will join Meta and support the development of Meta Business Agent, which is designed to help businesses interact with customers and facilitate transactions across WhatsApp, Messenger and Instagram.
• The deal comes as Meta is broadening AI beyond advertising and content recommendations into personal agents, enterprise tools, model APIs and business automation.

• Nutanix Inc. reported its fourth quarter and full fiscal year 2026 financial results, demonstrating stronger-than-expected top-line growth amid ongoing supply chain constraints and macroeconomic uncertainty.
• The company posted Q4 revenue of $757 million, surpassing guidance, with a year-over-year annual recurring revenue (ARR) growth of 16% reaching $2.55 billion, and a net dollar retention rate (NRR) of 106%, stable from the prior quarter.
• Fiscal year 2026 revenue totaled $2.85 billion, growing 12% year-over-year, outpacing previous guidance.

• NVIDIA Corporation reported a strong second quarter performance for fiscal 2027, with total revenue reaching $96 billion, more than doubling compared to the prior year and marking four consecutive quarters of accelerated growth.
• This surge is primarily driven by the expanding demand for artificial intelligence (AI) infrastructure, which is propelling global buildouts across hyperscalers, AI labs, AI-native companies, enterprises, and sovereign customers.
• The company projects approximately 70% revenue growth in fiscal 2028 but notes this growth is constrained by supply limitations.

• The $10.50 take-private bid by Richmond Hill and Wesbild represents a highly opportunistic squeeze of minority shareholders. At roughly 14.8x the midpoint of FY2027 Adjusted EBITDA guidance, the valuation sits significantly below recent peer transactions in the private market (which range between 17x and 22x Net Publisher Share). The bid exploits public market discount dynamics and management’s historically conservative forecasting.
• Regulatory headwinds and tailwinds are diverging sharply. While the CRB IV escalation to 15.35% by 2027 and unmatched MLC distributions provide structural cash-flow support, Spotify’s classification of its Premium tier as an “audiobook bundle” is a severe near-term headwind. This bundling loop-hole reduces the mechanical royalty pool and could hit U.S. mechanical streaming revenues by 10% to 15% if the NMPA’s legal challenges fail.
• Reservoir’s capital structure is the primary driver of this privatization push. With net debt at $448.5 million and interest coverage sitting at a tight 1.5x, high interest rates have completely choked GAAP net income, resulting in a $0.5 million consolidated net loss in Q1 FY2027. Public markets are punishing the lack of net income, whereas private credit markets are structurally designed to fund these highly predictable, asset-backed royalty streams at higher leverage levels.

• Revvity is moving to deepen its position in human-relevant drug discovery with the planned acquisition of France-based Human Cell Design, a biotechnology company specializing in human cell models for diabetes, obesity, and other metabolic diseases.
• Announced on September 9, 2026, the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary conditions, while financial terms remain undisclosed.
• The acquisition would add Human Cell Design’s pancreatic beta cell models to Revvity’s Life Sciences portfolio, extending its capabilities in GLP-1 and broader metabolic drug screening while creating potential applications in regenerative medicine and cell-based therapies.

• Ross Stores reported a robust second quarter of fiscal 2026, demonstrating solid top-line growth with total sales increasing 13% to $6.3 billion and comparable store sales advancing 10%, marking consecutive quarters of double-digit comp growth.
• The growth primarily stemmed from increased customer traffic, supported by successful customer acquisition efforts reaching a broad demographic spectrum, including younger shoppers and diverse income groups.
• Both Ross Dress for Less and its subsidiary dd’s DISCOUNTS experienced broad-based strength across merchandise categories and geographies, notably driven by home and cosmetics sectors, and particularly strong performance in the Midwest.

• Commercial Viability Failure: Sobr Safe’s touch-based transdermal alcohol detection products, SOBRcheck and SOBRsure, failed to achieve commercial traction, leading to a decision on July 10, 2026 to wind down all legacy alcohol-monitoring operations. Despite targeting high-risk sectors like commercial fleets and construction, pilot-to-contract conversion rates hovered below 15%, and sales cycles dragged out to 9 to 12 months due to operational friction and the lack of structured insurance premium discounts.
• Unsustainable SaaS Unit Economics: While the hardware gross margins were theoretically attractive (pricing SOBRcheck at $500 and SOBRsure at $450 against a $200 manufacturing cost), the recurring $30.00 monthly per-user SaaS model could not scale. The lack of adoption led to a collapse in Q2 2026 revenues to just $29,075 (down from $104,228 in Q2 2025) and a crushing net loss of $3.06 million, making the technology commercially unviable.
• The CWV Reverse Merger as a Survival Mechanism: The definitive merger agreement with Clean World Ventures (CWV), announced on April 30, 2026, represents a complete pivot away from alcohol monitoring to save the public entity from delisting. The transaction dilutes legacy SOBR shareholders to a marginal 1.7% stake while handing 98.3% control to CWV. With a looming Nasdaq compliance deadline of September 15, 2026, the $3.1 million warrant cash exercise in July 2026 was a final, highly dilutive attempt to meet the $2.5 million stockholders’ equity requirement and keep the public shell alive.

• VenHub Global, Inc. is a fully autonomous and robotic-operated store utilizing AI and smart inventory management systems for a seamless shopping experience.
• VenHub Global commenced trading as “VHUB” on NASDAQ on January 30, 2026, and increased authorized common stock to 300,000,000 shares.
• Net losses were approximately $62.4 million for 2025, with an accumulated deficit of approximately $109.2 million as of June 30, 2026.

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• SPAC Market “Quiet Comeback” in 2026: Unlike the speculative 2021 bubble, the 2026 SPAC market is defined by smaller trust sizes, revenue-generating targets, and structured PIPE financing designed to absorb high redemption rates. Public redemptions of 80% to 95% are now structurally anticipated rather than treated as a fatal blow.
• Bluerock’s Sourcing Advantage: Bluerock Acquisition Corp. II leverages Chairman R. Ramin Kamfar’s $20 billion+ institutional asset management platform, offering a highly specialized sourcing network in proptech, real estate tech, and tech-enabled business services that generalist SPACs cannot replicate.
• Strict Capital Management of pre-IPO Deficits: The $(25,000) shareholders’ deficit reported as of June 30, 2026, is a standard pre-IPO accounting friction stemming from formation costs. Post-IPO, the sponsor’s primary structural challenge lies in managing the tight $850,000 working capital budget held outside the trust while navigating a high-redemption environment that places intense reliance on structured, convertible note PIPEs rather than massive cash trusts.

• Working capital expansion is a deliberate operational trade-off to secure the TASER 10 rollout and accommodate international/federal growth. The increase in Days Inventory Outstanding (DIO) reflects safety-stocking of critical custom components and automated production line ramps, while Days Sales Outstanding (DSO) is driven by a structural shift toward longer-cycle federal and international government contracts.
• M&A evaluation prioritizes ecosystem lock-in over near-term standalone ROIC. Recent acquisitions, such as Dedrone, are structured to drag on asset turnover initially, but the board expects them to transition to high-margin, recurring software layers within 24 to 36 months by integrating them into the Axon Community and Respond platforms.
• R&D governance employs a bifurcated stage-gate model. Hardware initiatives (e.g., TASER 10) operate on strict 3-to-5-year capital budgets with intensive physical testing milestones, whereas software and generative AI initiatives (e.g., Draft One) utilize rapid, agile feedback loops measured by immediate pilot conversion rates and incremental annual recurring revenue (ARR) per dollar of R&D spent.

• Ondas Inc. reported record second-quarter revenue of approximately $83.8 million, reflecting a growth of over 13 times compared to the same period in the previous year and a 67% sequential increase from the first quarter of 2026.
• This growth was driven by strong organic expansion—about 85% pro forma year-over-year growth assuming the full-year ownership of its current portfolio—and bolstered by recent acquisitions, particularly DZYNE and Cyberhawk.
• The company’s pro forma backlog stood at $757 million at the end of June 2026, marking a 66% sequential increase and supported by more than $100 million in new orders in the third quarter to date.

• Analog Devices is moving deeper into edge artificial intelligence with its agreement to acquire Alif Semiconductor in an all-cash transaction valued at $1.35 billion, with up to another $200 million payable through contingent consideration.
• The transaction, expected to close before the end of calendar 2026, would add Alif’s power-efficient EdgeAI microcontrollers and fusion processors to ADI’s established portfolio spanning sensing, signal processing, power management, connectivity, and software.
• The timing is notable.

• Intuitive Machines reported a strong second quarter 2026 marked by substantial revenue growth, an expanded backlog, and strategic investments aimed at scaling its aerospace operations across civil, commercial, and national security markets.
• The company posted $206 million in revenue, exceeding four times the amount from the prior year, and ended the quarter with a record backlog of approximately $1.8 billion.
• This backlog reflects diversification with 37% civil space, 49% commercial space, and 14% national security space exposure.

• Synopsys Incorporated reported strong third-quarter fiscal 2026 results, exceeding the high end of guidance for revenue, non-GAAP operating margin, and EPS.
• Revenue reached $2.477 billion, up approximately 42% year-over-year, including about $711 million from Ansys, acquired one year earlier.
• Non-GAAP operating margin was 41.6%, while non-GAAP EPS reached $3.91.

• Orion180 is a founder-led, technology-focused, high-growth, high-margin specialty insurance group. The IPO aims to increase capitalization and create a public market.
• Orion180 is the second largest E&S homeowners insurance provider, with $601 million in managed premiums and over 14,000 agents.
• Total revenues were $80,077 for the six months ended June 30, 2026, and the company reported a net loss of $(3,042) for the six months ended June 30, 2025.

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• Reservoir Media’s privatization bid at $10.50/share values it at 15x FY27 EBITDA, below recent industry transaction multiples.
• Founding family and Richmond Hill, holding 65% shares, aim to take RSVR private amid ongoing special committee review.
• RSVR’s FY27 revenue guidance is $186m-$191m, with a history of conservative guidance and subsequent upward revisions.

• Skeptical Target Universe: High-quality enterprise AI targets in the $400M–$1.5B valuation range are deeply skeptical of SPAC vehicles due to historical post-merger performance. Successful combinations will require realistic valuation adjustments, targeting companies with mature ARR profiles ($20 million to $50 million) rather than early-stage, API-wrapper hype.
• Extreme Pivot Track Record: The sponsor’s previous vehicle, Southport Acquisition Corp., executed a major style drift by pivoting from its stated mortgage-tech/fintech focus to merge with Angel Studios (now trading under ticker ANGX at $5.38, down significantly from its peak). This historical pivot and the subsequent stock decline present a major credibility hurdle when pitching enterprise AI founders.
• Capital Structuring Under New Rules: To mitigate redemption rates exceeding 90%, Southport II must rely on highly structured, non-redeemable PIPE commitments and defer at least 50% of the sponsor promote into price-based earn-outs. Additionally, the pre-IPO balance sheet shows a standard working capital deficit of $22,540 against $25,000 in cash as of July 15, 2026, which highlights the sponsor’s reliance on promissory notes to cover administrative costs prior to the completion of the IPO.

• Circular Dilution and AI Pivot: CDT Equity’s highly publicized pivot from a clinical-stage development model to an AI-powered drug-repositioning platform is primarily a capital-preservation tactic rather than a scientifically validated transition. Its 22.7% equity stake in Sarborg Limited was acquired almost entirely through highly dilutive stock and warrants. Crucially, Sarborg’s own audited financials filed in late August 2026 reveal that it is also operating under a going-concern warning with minimal cash, representing an unstable “paper-buying-paper” structure.
• Flawed Patent Defensibility: While CDT claims its solid-form chemistry and cocrystallization technologies can secure up to 20-year patent extensions on deprioritized assets, formulation and crystalline-phase patents are historically fragile. Generics and biosimilar developers frequently bypass these secondary barriers by designing around specific polymorphs, making CDT’s core IP far less defensible—and less attractive for out-licensing—than traditional new chemical entities (NCEs).
• Solvency and Governance Crisis: CDT is in a state of severe financial distress, holding just $0.7 million in cash as of June 30, 2026, against a projected 12-month working capital need of $19.5 million. This liquidity gap is compounded by a persistent $9.6 million accrued litigation liability stemming from the Strand Hanson High Court judgment, continuous auditor turnover, and extensive material weaknesses in internal controls over financial reporting.

• The fiscal year 2027 revenue guidance of $400 million to $460 million is highly speculative, relying on a frictionless 10x scale-up of Pohang capacity to 10,000 metric tons by November 2026 and the rapid conversion of pilot relationships into binding commercial-scale contracts.
• Severe dilution from the Yorkville Advisors convertible debenture facility is a critical overhang, with $20.0 million in principal still outstanding as of August 2026 and a newly filed S-1 registering 7.5 million shares for resale, which will pressure the stock regardless of operational milestones.
• The company’s non-China supply chain is exceptionally fragile, depending on a single July 2026 contract with SRE Vietnam (via Japan’s Senri Trading) that has only delivered an initial 5 metric tons of NdPr metal, leaving a massive gap to feed the targeted 10,000-ton magnet manufacturing capacity.

• KLA’s annual revenue grew 12% in 2024, 17% in 2025, and is on track for low-20% growth in 2026. Operating profits have expanded by ~400 basis points over this timeframe.
• I think growth rates into 2027 are probably in a similar range, maybe higher.  Our backlog is very strong. We just disclosed our backlog of $12.6 billion in our 10-K
• KLA’s share of advanced packaging inspection/metrology market rose from ~2% in 2023 to roughly 7%–8% in 2026. This business is growing 70% YoY (~$1.1 billion), roughly 2x market growth rate.

• All is well with the business. We think it will likely beat consensus and its own guidance for 4QFY26, on strong demand and production efficiency gains. 
• Q4 guidance: US$50bn revenue, 86% gross margin, ~US$31 EPS — the highest quarterly revenue in Micron’s history; US$100bn SCA contracted floor forecloses the historical earnings left-tail scenario.
• BULLISH maintained with unchanged TP of US$1,400 (11× FY2027E EPS US$125). Upcoming 4QFY26 results will be out on September, making it the bellwether for the sector.

• Most impressive US play on semiconductor memory segment. Management have substantially de-risked business from cyclical vagaries, BS turning strong, and so is focus to reward shareholders.  
• Only NAND producer in history that committed to 80% gross margin through FY2030; five NBM agreements carry US$42bn contractual revenue floor, backed by US$11bn guarantees.
• BULLISH maintained; TP US$2,050 (11× FY2027E EPS US$186); currently trading at 9.5× spot, sector multiple compression creates entry into the highest-margin NAND franchise in history.

• Evolution Metals & Technologies Corp. is a Delaware-incorporated company building an integrated supply chain for critical materials, rare earth elements, and advanced magnet technologies. Its mission is to establish a.
• Evolution Metals & Technologies became a publicly traded company on January 5, 2026, and issued convertible debentures up to $100,000,000 on May 7, 2026.
• For the six months ended June 30, 2026, total revenue was $1,000, with a net loss of $(1,000) and net cash used in operating activities of $(1,000).

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• Demand-Supply Mismatch: Demand for high-capacity hard disk drives (HDDs) is outstripping supply. Rather than narrowing, the gap between supply and demand is widening.  
• Seagate is focusing on increasing exabytes through technology transitions rather than manufacturing higher unit volumes. They are targeting at least a 25% exabyte CAGR over the next 2–3 years.
• Seagate plans to begin qualifying its 3rd-generation HAMR 50TB drive in roughly four quarters (mid-2027), representing a subsequent 25% capacity jump.  

• CDT Equity Inc. is a data-driven biotech development company focused on identifying, enhancing, and advancing high-potential therapeutic assets through scientific innovation and strategic partnerships.
• The company successfully extended the patent life of certain drugs by up to 20 years.
• The company reported a net loss of $(8,704) for the six months ended June 30, 2026.

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• Holtec is a U.S.-headquartered multinational technology company specializing in nuclear power generation and expanding into clean energy solutions and long-duration energy storage. It leads in nuclear energy, providing SSCs and.
• Holtec operates three advanced U.S. manufacturing plants with over one million square feet capacity and holds 203 granted patents worldwide.
• Total assets were $6,479,453 as of June 30, 2026, and $6,075,636 as of December 31, 2025.

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• Advanced Micro Devices, Inc. offers a growth-oriented semiconductor profile, supported by its increasing exposure to data center computing, artificial intelligence infrastructure and high-performance processing.
• The company has expanded well beyond traditional client and gaming markets, with a broader portfolio covering server CPUs, AI accelerators, adaptive computing and embedded solutions.
• This wider platform strengthens AMD’s ability to capture demand from cloud providers, enterprise customers and technology-driven end markets.

• Insurance is testing the IPO waters: Orion180’s offering provides an important read-through on investor appetite for specialty insurance following a summer IPO lull.
• Demand will be closely watched: Led by RBC Capital Markets, the $300–$340 million offering could help determine whether improving IPO momentum extends into insurance.
• Strong growth and profitability: Gross premiums written surged 79.4% to $354.4 million, while adjusted EBITDA more than quintupled year over year to $25.4 million.

• Apple has quietly added another potentially important technology to its expanding health, artificial intelligence, and next-generation computing portfolio through its acquisition of Sonera Magnetics.
• The transaction reportedly occurred in early May 2026 but became public only in September after disclosure under the European Union’s Digital Markets Act.
• The purchase price was not disclosed.

• On the CPU side, after a supply constraint, we have been increasing supply. We expect the second‑half CPU business to expand more than 80 % year‑over‑year, 
• CPU will continue expanding more than 70 % next year though it will still remain supply‑constrained
• We just updated our TAM opportunities to more than $220 billion from $25 billion in 2025. That is how significant the expansion has been. 

• In early October, Corteva (CTVA) will spin off its seed business into a new public company called Vylor, Inc.
• I have spent the last week working through Vylor’s Form 10 to get ready for the investor days on September 15, 2026 and for the start of trading.
• The distribution is targeted for October 1, 2026, and regular-way trading is expected to begin the same day.

• Boeing is attempting one of the most expensive corporate U-turns in modern aerospace.
• Two decades after separating the manufacturing operations that became Spirit AeroSystems, Boeing completed an $8.4 billion acquisition of the struggling supplier in December 2025, bringing critical fuselage production back under its roof.
• The timing is striking.

• Palo Alto Networks has moved deeper into agentic cybersecurity with its September 1, 2026 acquisition of Console, an AI-native platform designed to let enterprises analyze data, resolve operational issues, and build automated workflows through natural-language instructions.
• The transaction comes as Palo Alto is attempting to reposition security operations around machine-speed detection, prevention, and remediation rather than human-led dashboard monitoring and ticket queues.
• Management said Console will become part of Cortex and help “agentify” capabilities across the platform, fitting into a broader strategy built around XSIAM, Prisma AIRS, Idira, and an expanding observability stack.

• Lululemon Athletica has gone from being one of the most recognizable winners of the athleisure boom to facing a much harder question: are consumers simply losing interest?
• The stock fell nearly 20% following its latest earnings report, briefly pushing shares below $100 for the first time since 2018 and extending a decline of more than 50% in 2026.
• The financial numbers explain part of the reaction.

• CrowdStrike is escalating its push into artificial intelligence at a time when AI is becoming both a productivity engine and a new cybersecurity threat.
• Its newly unveiled SafeMind family of agentic security models is designed around a simple idea: if attackers can use AI to discover weaknesses at machine speed, defenders may need AI operating just as quickly.
• Developed using Nvidia technology, SafeMind pairs an offensive model that searches for attack paths with a defensive model that attempts to close them, creating a continuous test-and-response cycle.

• OpenAI’s public GitHub activity reached a new high in August 2026, with 3.96 million lines changed – up 119.5% month over month – and 3,543 commits, up 71.4%.
• That made August OpenAI’s most active month in the observed period across both measures. OpenAI recorded approximately three times as many lines changed as Anthropic and 27% more commits during the month.
• Anthropic also saw a meaningful increase in the size of its public code changes.

• Ionis Pharmaceuticals has added another major regulatory win to its growing list of RNA-based medicines, with the FDA approving Zanvastro for adults and children with Alexander disease, a devastating neurological disorder that previously had no disease-modifying treatment.
• The approval is medically significant, but the muted stock reaction highlights an important divide between scientific achievement and commercial impact.
• Alexander disease affects an exceptionally small population, limiting Zanvastro’s likely revenue contribution even if adoption is strong.