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• Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
• Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
• 2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.

• Confluent, a company specializing in data streaming solutions, reported solid quarterly results, surpassing all guided metrics.
• The company’s subscription revenue saw a 19% increase year-over-year, reaching $286 million, while Confluent Cloud revenue increased by 24% to $161 million.
• This highlights the firm’s strong growth trajectory in cloud services, which now represent 56% of its subscription revenue.

• Amkor Technology’s third-quarter 2025 financial results showcased strong performance and strategic advancements, yet they also highlighted some areas of pressure and challenges.
• The company reported a revenue of $1.99 billion, marking a 31% sequential increase and a 7% year-over-year growth, exceeding expectations.
• Earnings per share (EPS) for the quarter stood at $0.51, also above the guidance provided.

• Seagate Technology recently reported its fiscal first-quarter 2026 results, showcasing a strong start to the year marked by notable financial performance and strategic advancements.
• Positively, Seagate reported a year-over-year revenue growth of 21%, reaching $2.63 billion.
• Non-GAAP gross margin reached a new record for the company at 40.1%, with operating margins climbing to 29%.

• PayPal’s third-quarter 2025 financial performance and strategic direction reveal a nuanced picture with both notable achievements and ongoing challenges.
• The company has demonstrated impressive progress in strengthening its foundational operations and focusing on profitable growth.
• Revenue has accelerated recently, stemming from strategies centered on expanding branded experiences, buy now, pay later (BNPL) services, and increased Venmo monetization.

• HNI reported 3Q25 ongoing EPS of $1.10 versus $1.03 in 3Q24, up 6.8%, which was ahead of our $1.06 estimate, which was also consensus
• Sales grew 1.7% in the quarter to $683.8MM, slightly below our forecast for 2.2% growth and consensus of 2.5% growth.
• Excluding the HNI India divesture, organic sales growth was 2.6% in the quarter.

• Riley’s solid cash flow profile provides management with the flexibility to navigate the current commodity price environment. 
• Management’s latest (August 6, 2025) FY25 total capital spending plan totaled $113-146 million, which included $84-100 million of upstream capex and $29-46 million of midstream capex.
• An additional $15-18 million investment is planned in the company’s power joint venture. 

• Corning Inc. reported a robust third quarter for 2025, demonstrating strong financial performance and strategic advancements across its business segments.
• However, there are both positive factors and challenges that potential investors might want to consider when evaluating their investment in Corning.
• Positively, Corning posted a year-over-year sales growth of 14% to $4.27 billion and an impressive 24% increase in earnings per share (EPS) to $0.67, with the operating margin expanding by 130 basis points to 19.6%.

• This week we had a busy week of earnings (WDC, AAF, LBTYA), and it will continue next week.
• Honeywell (HON)  spun off 100% of its Advanced Materials business, Solstice (SOLS), on October 30, 2025.

• Solstice was added to the S&P 500 and performed well on its first day of trading before selling off on Friday.

• Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry landscape.
• The company’s broad global footprint and diversified revenue streams contributed to robust financial results that surpassed expectations.
• These results were highlighted by several key metrics that combined both positive trends and potential areas of caution.

• Light & Wonder (LNW US) will stop trading on the NASDAQ after the close on 12 November and the sole primary listing will move to Light & Wonder (LNW AU). 
• Index trackers will need to sell a lot of Light&Wonder (LNW US) at the close on 12 November. The buying in Light&Wonder (LNW AU) is a lot smaller.
• Light & Wonder (LNW AU) trades at a much lower forward PE compared to Aristocrat Leisure (ALL AU) and there could be a re-rating over the medium-term.

• Coinbase is a leading, US-based cryptocurrency exchange that has established a strong brand reputation for security and regulatory compliance in a volatile and often risky industry.
• The company’s financial performance is intrinsically linked to the cyclical and volatile nature of the cryptocurrency market, with revenues heavily dependent on transaction volumes and crypto asset prices.
• Future growth is contingent on diversifying revenue streams beyond transaction fees, with strategic initiatives focused on institutional services, the stablecoin (USDC) ecosystem, derivatives, and international expansion.

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• Revenue up 18% YoY. Cloud revenue up 26%. Commercial remaining obligation up 51%. Commercial bookings up 112%. AI capacity up 80% this year, will roughly double over next two years. 
• For a company with $300+bn revenue, that’s impressive. Slight irritant: $4bn loss on OpenAI in a quarter, 13% of net income gone. Is that the price of top line growth?
• The stock is trading at 29x forward EPS, Cloud & AI revenues are accelerating, but profits incl OpenAI loss are probably very thin. The cash cow will come years later. 

• 3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.
• 2025 Capex revised up from $100bn to 125bn. If Data Center capacity doubles to 2027, that means $205bn Capex in 2027. AWS revenues will double to ~$270bn? Probably yes.
• Next 2 years revenue growth and margins expansion are an AWS story. Valuations are average at 31x forward EPS. Buy more.

• AI industrial developments are advancing fast, presenting a paradigm shift from human centric systems to human-system interactions.
• Emerging standards are shaping the AI agent economy, including the X402 protocol developed by Coinbase and the A2A and AP2 protocols by Google.
• Kite AI is a PoAI-powered L1 blockchain optimized for the AI agent economy, enabling near-instant, sub-cent stablecoin micropayments via state channels and payment lanes.

• Bean prices have rallied strong in Oct pushing past the 12-month trading range. Hope or Fundamentals?
• China has not purchased any US beans for MY 2025/26. In 2024/25, Chinese buying stalled after May.
• Puzzle is that prices climb despite worsening fundamentals. Are traders pricing in an eventual resolution? What if their hopes are misplaced?

Key points (machine generated)

• American Eagle’s stock price has declined significantly after the Sydney Sweeney ad campaign, presenting a potential investment opportunity.
• Aerie, the activewear sub-brand, has been a growth driver but faced a revenue slump, contributing to disappointing first-quarter results for both AEO and Aerie.
• An accelerated share repurchase program will reduce the share count by nearly 10%, potentially positioning the company for recovery despite current volatility.

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• Our estimations for FY 2025 annual revenue of Amgen Inc. (or the company) range at around $35,429 million and for FY 2026 at around $36,138 million.
• The company’s annual revenue reached $33,424 million in 2024 compared to $28,190 million in 2023, posting an increase by 18.57%.
• Gross (or operating) profit for FY 2024 was $7,258 million, decreased by 8.09% compared to $7,897 million for the corresponding period of 2023. 

• Crude futures moved higher in late-Friday trading after this week’s US-China talks were met with a muted response from oil markets, while investors continued to monitor Russian sanctions and the likely outcome of this weekend’s OPEC+ meeting.
• Jan25 ICE Brent futures were trading at $65.07/b (2020 BST) versus Thursday’s settle of $64.37/b, while Dec25 NYMEX WTI was at $60.87/b against a previous close of $60.57/b.
• The ‘truce’ between Beijing and Washington was seen as enough to keep global trade ticking over, but in the absence of a long-term solution, analysts said markets are likely to be kept on edge.

• GATX Corporation’s third-quarter earnings for 2025 reflect both strengths and challenges across its diverse operations in North America, Europe, and India, as well as its involvement in locomotive engine leasing.
• The company reported a net income of $82.2 million ($2.25 per diluted share), a slight decrease compared to the previous year’s third-quarter net income of $89 million ($2.43 per diluted share).
• This financial outcome incorporates a positive impact of $5.3 million from tax adjustments and other items.

• The Coca-Cola Company’s third-quarter performance for 2025 reveals a complex but strategically managed operating environment, resulting in steady growth amid various economic challenges.
• The company’s adaptability to global market dynamics, coupled with its strategic focus on expanding its beverage portfolio and optimizing operational efficiencies, continues to underpin its growth trajectory.
• During the quarter, organic revenue increased by 6%, with unit cases growing by 1%, reflecting sequential improvement over the months of July to September.

• InterDigital’s second quarter of 2025 showcased significant financial and operational achievements, highlighted by the conclusion of a pivotal arbitration with Samsung.
• This 8-year licensing agreement, running through 2030, marks a substantial development for InterDigital, as the deal is valued at over $1 billion.
• This contract represents an annual payment increase of 67% compared to the previous agreement with Samsung, reflecting the strength and increasing valuation of InterDigital’s intellectual property portfolio.

• J.B. Hunt Transport Services, a leader in the transportation and logistics industry, presented a mixed performance in the third quarter of 2025 that reflects a strategic emphasis on operational excellence, cost management, and preparation for long-term growth.
• The company is navigating a challenging freight demand environment while focusing on maintaining service excellence, which remains at the forefront of its operational priorities.
• The transportation giant continues to adapt its strategies in response to market dynamics, including potential rail consolidations that could influence its substantial Intermodal operations.

• AT&T’s third-quarter 2025 results reveal a solid performance overall, with a balance of positive strides and areas to monitor.
• The company has shown growth in key areas like mobility and consumer wireline, underpinned by strategic enhancements in their service offerings, although challenges remain in the competitive landscape.
• Positively, AT&T reported over 400,000 postpaid phone net additions, indicating effective customer retention and acquisition strategies.

• Hexcel Corporation’s third-quarter results illustrate a company navigating a complex aerospace and defense landscape with several positives and challenges impacting performance and future prospects.
• On the positive side, Hexcel reported a firm standing in its core aerospace and defense markets.
• There is a strong projected demand for fuel-efficient, lightweight aircraft, with the commercial aerospace sector showing signs of recovery.

• Avery Dennison reported a solid third quarter with earnings up 2% year-over-year, marginally surpassing midpoint expectations.
• The company demonstrated resilience in navigating ongoing trade policy changes by executing strategic operational adjustments and select pricing surcharges to mitigate cost increases.
• Materials Group achieved margin expansion, although modest revenue declines were observed in high-value categories, attributed primarily to inventory management adjustments by some customers.

• Globalstar Inc. reported a modest revenue growth of 6% year-over-year for the first quarter of 2025, reaching $60 million.
• This increase was mainly attributed to the higher service revenue driven by wholesale capacity services and growth in the commercial IoT segment.
• Despite the revenue increase, the adjusted EBITDA rose only slightly by 3% to $30.4 million compared to the prior year.

• Halliburton Company reported its third-quarter 2025 financial results, reflecting both edges of volatility in the current global oil and gas market.
• The company posted a revenue of $5.6 billion, a 2% increase from the previous quarter.
• However, this performance is set against a slightly complex backdrop of contrasting conditions across North America and international markets.

• HCA Healthcare’s third-quarter performance for 2025 has shown strong results year-over-year, with a notable 42% increase in diluted earnings per share, as adjusted.
• The revenue grew by 9.6%, driven by broad-based volume growth and an improved payer mix.
• This improvement, coupled with disciplined operational management, resulted in better margins.

• Henry Hub prices are rising ahead of a colder U.S. winter, but stronger domestic production and expanding LNG exports could temper the pace of seasonal gains.
• Global LNG capacity is set to soar by 60% by 2030, raising the risk of a supply glut that could depress international gas prices and challenge U.S. competitiveness.
• While global LNG oversupply may pressure prices abroad, surging AI-driven electricity demand and slower renewable deployment could lift domestic gas consumption and keep prices resilient.

• Establishment Labs is a medical technology company poised for significant growth following the recent US FDA approval for its flagship Motiva® breast implants, granting access to the world’s largest market for aesthetic procedures.
• The company’s key competitive advantage lies in its focus on safety and innovation, with its proprietary SmoothSilk® surface and ergonomic implant designs demonstrating low complication rates in extensive clinical studies, potentially disrupting a market dominated by long-standing incumbents.
• Despite strong revenue growth, the company has a history of significant net losses and negative cash flow. The successful commercialization in the US and a clear path to profitability are critical for future stock performance.

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International Public Partnerships (INPP) had a strong first half of 2025, maintaining solid financial and operational performance while advancing portfolio optimisation and disciplined capital allocation. Alongside accretive share buybacks, the company’s investment in Sizewell C, targeting low-teens returns, enhances both inflation linkage and portfolio longevity. At the current share price, investors can access double-digit net returns from a low-risk, inflation-protected portfolio offering a cash yield above 6%, with dividend growth underpinned for over 20 years.

• Nextracker’s second quarter fiscal year 2026 results reflect a strong performance marked by substantial revenue growth, strategic partnerships, and expansion of their technology platform.
• The company posted a 42% year-over-year revenue increase to $905 million and a 29% rise in adjusted EBITDA to $224 million.
• For the first half of the fiscal year, revenue reached $1.77 billion, which indicates a 31% increase compared to the previous year, setting a new record for the company.

• Sintana Energy is acquiring Challenger Energy at a 0.4705x exchange ratio, with a 15% actionable spread.
• Charlestown Capital Advisors orchestrates the merger, holding significant stakes in both companies and providing financial support.
• Merger approval requires 75% of Challenger votes, with 34% already committed, and regulatory approvals expected smoothly.

• Alnylam Pharmaceuticals (ALNY US) just became eligible for S&P500 following positive earnings released on 30 October 2025.
• The company’s market cap and other eligibility metrics are estimated to place it among the top 5 addition candidates for S&P500 with a higher chance of inclusion in 2026.
• Top 3 addition candidates for S&P500 are CRH, FIX and PSTG with the next inclusion expected by the end of November following the Omnicom-Interpublic $13bn acquisition.

• DuPont will separate its Electronics unit as Qnity Electronics Inc. on Nov 1, 2025, creating two focused platforms – a high-growth semiconductor materials business and a steadier diverfied industrial company
• Qnity launches with ~$4.3B sales, ~29% margins, strong semiconductor exposure but higher leverage and cyclicality
• We value Qnity at $106/share (17.2× FY26E EBITDA) and DuPont (ex-Qnity) at $47.5/share (13.0× FY26E EBITDA).

• Honeywell completed the spin-off of Solstice Advanced Materials Inc. on October 30, 2025.
• Both the parent and the spin-off commenced regular-way trading from October 30, 2025. On the first day of trading, parent lost 0.84%, while spin-off gained 0.29%.
• On an overall basis, HON (consolidated) gained 2.6% since the spin-off announcement on October 8, 2024, underperforming the S&P 500’s which gained 18.6% gain over the same period.

• iHeartMedia possesses an unparalleled reach in the U.S. audio market through its extensive portfolio of over 850 broadcast radio stations, complemented by a rapidly growing digital audio segment that includes the iHeartRadio app and a leading podcast network.
• The company is burdened by a highly leveraged balance sheet, with approximately $5.2 billion in total debt, posing significant financial risk and constraining its flexibility, especially with substantial debt maturities looming.
• Management’s strategic focus is on offsetting the secular decline in traditional radio advertising by accelerating growth in the Digital Audio Group, particularly in podcasting, and implementing significant cost-saving measures, including the use of AI, to improve profitability.

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• Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

• Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
• 2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
• Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.

• First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
• MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
• Altogether it looks like a ~50% Capex increase in 2026.

• Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
• They had net sales of $21.4  billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
• This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.

• Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
• The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
• Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

• Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
• The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
• On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.

• Tri Pointe Homes has reported its financial performance for the third quarter of 2025, providing a mixed outlook on both its immediate results and strategic direction moving forward.
• During this period, the company closed 1,217 homes at an average selling price of $672,000, generating home sales revenue of $817 million.
• This exceeded the upper limit of their delivery guidance, showcasing their ability to navigate a challenging housing market environment.

• Intel’s Q3 results confirm discipline over drama, with stronger liquidity, narrowing foundry losses, and tangible proof that the “systems foundry” strategy is progressing on schedule.
• $5.7 billion from the U.S. government, $2 billion from SoftBank, and divestments in Altera and Mobileye together fortified balance-sheet flexibility for the foundry ramp ahead. 
• Guidance underscores managed deceleration rather than weakness: Q4 margins to soften on Core Ultra 3 and Altera deconsolidation, even as execution tightens and demand continues to outpace supply into 2026. 

• Euronet Worldwide reported its third-quarter financial results, showcasing a mixed performance across its segments.
• The company achieved a revenue of $1.1 billion, with operating income standing at $195 million.
• Adjusted EBITDA reached $245 million, while the adjusted earnings per share were $3.62, reflecting a 19% growth compared to the previous year.

• Hasbro’s third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.
• Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.
• The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.

• Gentex Corporation’s third-quarter 2025 financial results present a mixed picture with several positive elements, tempered by notable challenges.
• The company reported consolidated net sales of $655.2 million, which marks an 8% increase from the prior year, driven primarily by the contributions from the recent acquisition of VOXX, which added $84.9 million in revenue.
• However, core Gentex revenue decreased by 6% compared to the same quarter last year.

• Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
• If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
• Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.

• After an extraordinary run, SLV’s pullback appears orderly as implied volatility cools yet remains high by historical standards.
• We examine how this bull market in Silver compares with previous bull market spanning 50 years.
• We also look at market participation to identify what’s been driving the recent price action.

• Each aircraft is projected to produce roughly $13 million in lifetime revenue at a 50% margin, driven largely by recurring battery replacement and service contracts.
• There are $300 million in anchor orders and a 5% directed share program. The deal is reportedly more than 10-times oversubscribed, according to our sources.
• The potential for Beta Technologies as a company is immense in a market with few operators. The critical story surrounding the recurring battery-driven economics makes this IPO highly-intriguing.

Key points (machine generated)

• Fiserv is a leading global technology provider in financial services, serving over 1,000 institutions and excelling in multiple sectors.
• The company has achieved nearly 40 years of double-digit adjusted EPS growth and is well-positioned for continued expansion.
• Investor focus on Clover’s GPV growth has overshadowed other business strengths, causing market reactions that reflect a disconnect in perception.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Lululemon Athletica is making its most ambitious leap yet into professional sports apparel with a new licensed collection for all 32 NFL teams.
• The move marks the brand’s first-ever partnership with the National Football League and is aimed at diversifying its consumer base while reigniting sluggish U.S. sales.
• The collection—available on Fanatics.com, NFLShop.com, and at team stadium stores—includes men’s and women’s gear from Lululemon’s signature styles such as Steady State, Define, Scuba, and Align.

• Vicor Corporation surged 27% in a single session to $82.64, following a bullish Q3 2025 earnings report, rapid expansion of its IP licensing business, and deepening engagements with hyperscalers and AI chipmakers.
• With net income more than doubling year-over-year and licensing revenue on track to exceed $200 million annually, Vicor is increasingly being recognized not just as a power module manufacturer but as a dual-engine IP and hardware company riding the AI wave.
• Analysts from Needham and Craig-Hallum upgraded the stock, citing its growing relevance in AI data center infrastructure and the monetization of its patented power delivery technologies.

• Crude oil futures were rowing back Tuesday, with OPEC+ set to further raise output and uncertainty over sanctions enforcement.
• Front-month Dec25 ICE Brent futures were trading at $64.28/b (2020 BST) versus Monday’s settle of $65.62/b, while Dec25 NYMEX WTI was at $60.01/b against a previous close of $61.31/b.
• But reports that OPEC+ will go ahead with a ninth consecutive production hike were seen limiting further price upside for now.

• Ford Motor Company’s third-quarter 2025 earnings presentation highlighted several areas of strength and challenge within the business.
• The company reported a record $50.5 billion in revenue and $2.6 billion in adjusted EBIT, despite encountering significant headwinds due to tariff impacts and an operational disruption caused by a Novelis plant fire.
• The revenue growth, driven by strong product offerings such as the iconic F-150 and Mustang, showcases Ford’s solid market position in both traditional vehicles and its developing lineup of electric vehicles (EVs).

• Separation should unlock value by allowing J&J to double-down on high-growth, higher-margin MedTech and pharma businesses.
• SpinCo will emerge as one of the world’s largest pure-play orthopaedics firm with ~$9B revenue and global leadership across hips, knees, and trauma.
• We see valuation upside. Transaction is likely to enhance JNJ’s sum-of-the-parts value.

• James River is undergoing a significant strategic repositioning, having divested its volatile Casualty Reinsurance segment to focus on its core Excess & Surplus (E&S) Lines and Specialty Admitted Insurance businesses.
• The company faces considerable challenges, including a history of significant net losses, adverse reserve development, and substantial declines in market capitalization and revenue over multiple years.
• Despite a challenging financial track record, the company operates in the growing E&S market, which is benefiting from a hard market cycle with elevated premiums and stricter underwriting standards, presenting a potential tailwind.

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• After a 9 weeks rally, Gold (GOLD COMDTY) started to pullback, last week, and the pullback continued into this week.
• Some market watchers argue US retail investors piled into Gold ETFs following the Fed’s late-August shift to rate cuts, potentially fueling the metal’s recent upside exhaustion.
• If Gold (GOLD COMDTY) was fueled by retail buying and is now correcting, retail investors will likely chase the dip—a textbook example of herd behavior, potentially driving a rebound.

• US sanctions now target all four of Russia’s largest oil companies, affecting 70% of production and exports
• EU also imposes new sanctions on Russia’s energy revenues
• Russia shifts to alternative currencies for oil trade to evade US dollar restrictions, leading to higher transaction costs and reputational risks

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• Horizon Aircraft (NASDAQ: HOVR) has made several positive announcements over the past month, further boosting our confidence in the company’s ability to achieve commercialization.
• Horizon Aircraft also released its first-quarter financial results, which were largely in line with our expectations, and the balance sheet has been strengthened by recent capital infusions, giving the company adequate capital to fund operations for at least the next twelve months.
• All publicly traded North American eVTOL companies are still pre-revenue, but several will likely have commercial products in the market next year.

• Honeywell International Inc. reported its financial performance for the third quarter of 2025, presenting a mixed picture with several strategic changes and operational highlights.
• Organic sales growth stood out, delivering a 6% year-over-year increase, driven predominantly by the Aerospace and Building Automation segments.
• Aerospace showed a notable rebound with a 12% organic growth led by commercial aftermarket and defense sectors, aligning well with supply chain improvements and defense spending.

• Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
• Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
• Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

• Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.
• Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.
• As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.

• Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.

• The EMC spin-off aims to surface hidden asset value by separating AREC’s high-growth battery-recycling unit, allowing EMC to attract a pure-play electrification multiple and investors clearer sum-of-the-parts visibility.
• The separation positions AREC as an asset-light critical-materials holding company, retaining minority stakes in ReElement, Novusterra, and Royalty Management while enabling EMC to independently pursue commercialization and partnerships.
• EMC gains dedicated access to growth capital and strategic investors, while AREC enhances financial optionality and valuation clarity across its diversified clean-energy and infrastructure holdings.

• Crude oil futures were moving sideways Monday amid uncertainty around trade talks and enforcement of Russian sanctions.
• Front-month Dec25 ICE Brent futures were trading at 65.67/b (1950 BST) versus Friday’s settle of $65.94/b, while Dec25 NYMEX WTI was at $61.34/b against a previous close of $61.50/b.
• Benchmarks had opened Monday higher before giving up ground that was recovered to leave the market flat from Friday.

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

• Our strategy approach is to filter various information sources and apply our clear investment process on top of it.
• There are two reasons for us to enter a trade: …our quant system tells us to do so …or we make a discretionary manager decision based on market fundamentals that the quant system will only grasp with a time-lag
• While not only moving sideways, the oil complex is currently drastically underperforming other parts of the commodity complex.

• Comcast’s planned spin-off of Versant Media creates two sharper investment profiles – broadband and infrastructure (Comcast ex-Versant) versus content and networks (Versant) – enabling clearer strategic focus and capital discipline.
• Post-Spin, Comcast retains $117B revenue and 30% margins, while Versant will have $7B media portfolio with 40% EBITDA margins.
• Our sum-of-the-parts (SOTP) valuation assigns 6.0× to Comcast and 8.4× to Versant, implying combined equity value of $146.5B, or $39 per share.

• Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong financial results for the third quarter of 2025, showcasing significant growth in various operational metrics and continued strategic progress.
• The company’s performance was characterized by an 8% increase in sales compared to the previous year, reaching $2.9 billion.
• Both the Freight and Transit segments contributed to this growth, bolstered by the acquisition of Inspection Technologies at the beginning of the quarter.

• Verizon Business offers a new My biz plan with customizable mobile options starting at $25 per line
• Odd Thoughts podcast discusses big market stories, including the fall of the dollar, rise in gold prices, and enthusiasm for AI in the stock market
• Hyun Sung Shin of the Bank for International Settlements discusses the unusual market trends of the year and their implications.

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• Crude prices were mixed Friday, but consolidated the sharp rally driven by new US sanctions on Russia’s top oil producers, as both benchmarks headed for their biggest weekly gain since June.
• Front-month December ICE Brent was up to $66.01/b at 2011 BST, while December NYMEX WTI dipped slightly to $61.58/b , after jumping more than 5% on Thursday.
• The pullback followed Washington’s sanctions on Rosneft and Lukoil, which together account for roughly half of Russia’s crude output and exports.

• Honeywell will complete the tax-free spin-off of its Advanced Materials division as Solstice Advanced Materials Inc. (Nasdaq: SOLS) on October 30, 2025.
• We value HON(ex-SOLS) at $228/share on a SOTP basis. We value Solstice at $60/share based on 10.9× FY2026E EBITDA of $1.0B, implying ~31% upside to the when-issued price of $45.75
• SOLS has greater upside potential at current levels. Given its smaller market capitalization, index rebalancing flows post-listing could trigger near-term technical selling pressure, which may provide even better entry point.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).

• Global monetary shifts and diversification from the U.S. dollar are creating a favorable environment for gold, supported by central bank activity and strong physical demand.
• The market is showing signs of declining volatility after a recent price drop, suggesting an opportune moment for strategic options trading.
• Careful consideration of resistance levels and downside risks is key to optimizing this particular market strategy.

• CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
• He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
• By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.

• Pegasystems’ third-quarter financial results from 2025 highlight both strengths and challenges for the company.
• The reported results underline Pegasystems’ ability to execute its cloud strategy and leverage artificial intelligence innovations, which have been key growth drivers.
• The company’s focus on AI-driven process automation and orchestration platforms remains a cornerstone of its strategy, which is increasingly appealing to financial services and other regulated industries due to its approach of ensuring predictable workflows.

• Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.
• Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.
• This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

• Vertiv Corporation reported robust financial performance for the third quarter of 2025, indicating strong growth across several metrics.
• The company reported an adjusted diluted earnings per share (EPS) of $1.24, a 63% increase year-over-year, largely driven by enhanced operating profit margins, which stood at 22.3%, up from the previous year.
• Organic net sales grew 28%, with the Americas contributing a substantial 43%, and the AsiaPacific (APAC) region also showing a strong performance with a 21% increase.

• Moody’s Corporation reported a strong financial performance in its third-quarter results for 2025, achieving a record revenue of over $2 billion, marking an 11% increase from the previous year.
• The corporation has also raised full-year guidance across nearly all metrics, demonstrating considerable growth and operational leverage.
• The adjusted operating margin stood at 53%, a 500-basis point improvement from the previous year, and adjusted diluted EPS increased by 22% to $3.92, highlighting robust earnings power.

• Balchem Corporation reported robust financial performance for the third quarter of 2025, setting record figures across key financial metrics.
• The company achieved consolidated sales of $268 million, which marked an 11.5% increase from the prior year, and delivered record earnings from operations at $55 million, reflecting a 13.7% rise.
• This resulted in a net income of $40 million, up by 19.1%.

• United Rentals reported its third-quarter results, showcasing some notable achievements alongside challenges that could impact its future performance.
• The company experienced record revenue and adjusted EBITDA due to robust demand, particularly from large projects and key verticals.
• Total revenue increased by 5.9% year-over-year to $4.2 billion, with rental revenue rising by 5.8% to $3.7 billion.

• Badger Meter reported a robust third quarter in 2025, displaying continued growth and a solid financial footing.
• The company achieved a 13% year-over-year increase in total sales, reaching $236 million.
• This growth was mainly driven by the utility water product line, which saw a 14% increase, driven by higher ultrasonic meter volumes, BEACON Software sales, and water quality product sales.

• Las Vegas Sands Corporation (LVS) has reported its third-quarter 2025 earnings, showcasing impressive performance, particularly in its Singapore operation, Marina Bay Sands (MBS), and significant improvements in Macau.
• The company’s Financial Year 2025 demonstrates robust growth, but some challenges remain, especially in Macau.
• The standout performer in this quarter for Las Vegas Sands was Marina Bay Sands, which delivered EBITDA of $743 million, pointing to an expected annual EBITDA well above the projected $2.5 billion, potentially nearing $2.8 or $2.9 billion.

• Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.
• With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.
• Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.

• Privatization by Vista Equity Partners: In a significant strategic shift, EngageSmart was acquired by Vista Equity Partners for approximately $4.0 billion and taken private on January 26, 2024. This transaction fundamentally alters the investment landscape, as the company’s stock is no longer publicly traded. The partnership with a top-tier software investor like Vista is expected to accelerate growth and innovation.
• Strong Position in Vertical SaaS: EngageSmart is a leading provider of vertically-tailored customer engagement software and integrated payment solutions. The company operates through two main segments, SMB Solutions and Enterprise Solutions, serving specific verticals like Health & Wellness, Government, Utilities, and Financial Services. This focused approach allows for deep industry integration and high customer retention.
• Consistent Financial Outperformance: The company has demonstrated a robust track record of revenue growth and expanding profitability. For the third quarter of 2023, EngageSmart reported a 24% year-over-year increase in revenue to $97.7 million. This financial strength is driven by strong demand for its SaaS solutions, high digital adoption rates, and successful customer acquisition and expansion within its niche markets.

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• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Focused Permian Operator Delivering Strong Growth: Riley Exploration Permian is an independent oil and gas company with a concentrated acreage position in the Permian Basin, primarily in Yoakum County, Texas, and Eddy County, New Mexico. The company has demonstrated a robust growth trajectory, with significant year-over-year increases in revenue, net income, and free cash flow, driven by its horizontal drilling programs in conventional formations.
• Commitment to Shareholder Returns: REPX has established a strong track record of returning capital to shareholders, evidenced by a consistent and growing dividend. The company’s dividend yield is a key feature of its investment thesis, supported by substantial free cash flow generation.
• Exposure to Commodity Cycles and Operational Risks: As a pure-play exploration and production (E&P) company, REPX’s financial performance is inherently tied to volatile oil and natural gas prices. While the company utilizes a disciplined hedging strategy to mitigate some downside risk, its profitability remains sensitive to market fluctuations.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Strategic Position as a US-Based Producer: United States Antimony (UAMY) is uniquely positioned as the only significant producer of antimony products in the US, a mineral deemed critical for national security and various industrial applications. This status is amplified by escalating geopolitical tensions and recent export restrictions from China, the world’s dominant supplier, creating a significant supply chain vulnerability for the US that UAMY is poised to address.
• Volatile Financials with Recent Improvement: The company has a history of revenue volatility and net losses, reflecting the challenging nature of commodity markets. However, financial performance has shown marked improvement in the latest reported quarters of 2025, with significant revenue growth and a return to profitability, signaling a potential operational turnaround.
• High-Risk, High-Reward Investment Profile: The investment case for UAMY is tied to the execution of its vertical integration strategy, fluctuating antimony prices, and its ability to secure stable ore supplies. Recent surges in antimony prices, driven by global supply shortages and rising demand from the solar and defense sectors, present a strong tailwind, but the company’s historical performance underscores the inherent operational and market risks.

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• Large, Modern, and Diversified Fleet: International Seaways (INSW) is one of the world’s largest tanker companies, operating a diversified fleet of approximately 77 vessels that transport crude oil and petroleum products. This scale and diversity across crude and product segments allow it to adapt to changing market dynamics and serve a broad range of customers, including major oil companies and traders.
• Favorable Market Dynamics: The tanker market is benefiting from favorable supply and demand fundamentals. An aging global fleet, limited new vessel orders, and longer voyage distances due to geopolitical shifts are constraining vessel supply. Concurrently, global oil demand remains robust, supporting strong charter rates and profitability for established operators like INSW.
• Strong Shareholder Returns and Financial Health: The company has demonstrated a strong commitment to returning capital to shareholders through substantial dividends and share buybacks, supported by strong cash flow generation. A solid balance sheet with a low debt-to-equity ratio provides financial flexibility to navigate market cycles and pursue strategic growth opportunities.

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• Following disappointing clinical data for its lead asset, EO-3021, Elevation Oncology has discontinued its development and is now exploring strategic alternatives to maximize shareholder value.
• The company has shifted its focus to its preclinical HER3-targeted antibody-drug conjugate (ADC), EO-1022, with plans to file an Investigational New Drug (IND) application in 2026.
• With a significant workforce reduction and a cash runway extended into the second half of 2026, the company is in a transitional period with high uncertainty, facing pressure from activist investors to wind down operations.

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• PHX Minerals operates as a natural gas and oil mineral company, focusing on the acquisition and management of mineral and royalty interests, which generates revenue without the operational risks and costs of drilling.
• The company’s financial performance is intrinsically linked to volatile commodity prices, leading to significant fluctuations in revenue and net income, yet it has consistently generated strong operating and free cash flow.
• On June 23, 2025, PHX Minerals was acquired by WhiteHawk Income Corporation and became a wholly-owned subsidiary, resulting in its delisting from the New York Stock Exchange and a complete change in executive leadership.

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• Vitesse Energy operates a unique non-operated model, acquiring minority stakes in oil and gas wells primarily in the Bakken Shale, which minimizes operational risk and capital intensity while leveraging the expertise of its operating partners.
• The company is highly focused on shareholder returns, evidenced by a strong dividend yield. Its financial strategy includes disciplined hedging to protect cash flows and fund its dividend, even amidst commodity price volatility.
• Future growth is tied to a disciplined acquisition strategy and the development of its extensive drilling inventory. However, the company faces risks from maturing assets in the Bakken, reliance on third-party operators, and inherent commodity price fluctuations.

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