United States

• 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.

• The ADDs/DELs for SP 500, SP MidCap400, and SP SmallCap600 indices for the September 2026 index rebal event were announced after market close on Friday 4 September 2026.
• There are 3 ADD/DELs for the SP 500, all of which will also be added to and deleted from the SP 500 Equal Weight and their corresponding Select Sector indices.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes. 

• Record US copper imports point to aggressive stockpiling, while Congo’s rising cathode shipments signal growing competition for physical demand outside COMEX channels.
• Copper options retain a clear bullish tilt, with OI PCR at 0.55 and volume PCR at 0.30 signaling strong upside demand, while the easing CVOL points to lower volatility expectations.
• Political pushback puts VBM’s IPO on hold, while Vale plans to double its copper business, keeping its growth strategy firmly focused on expanding production.

• WTI gained 9.7% last week as Hormuz tensions drove a sharp geopolitical risk premium, while speculative positioning turned more bullish through fresh long additions and short covering.
• Options markets moved from panic to acceptance, with IV and skew dropping as WTI held above USD 90, though put demand remained elevated for downside protection.
• Cheniere’s contracted model continues to deliver strong growth, but the 2027 to 2028 LNG supply wave could pressure the uncontracted margins behind recent earnings beats.

• Rocket Lab Corporation reported its second-quarter 2026 financial results, reflecting significant revenue growth driven by both its Launch Services and Space Systems segments.
• The company achieved a record $234 million in revenue for Q2, marking a 62% increase year-over-year and a sequential 16.8% rise.
• This performance was fueled primarily by a 38.6% increase in the Space Systems segment, reaching $189.5 million, supported by increased satellite manufacturing contributions and initial revenue from the Mynaric acquisition.

• Vertiv Holdings is moving to extend its reach deeper into the AI data-center power chain through its proposed acquisition of UtilityInnovation Group, or UIG.
• Vertiv Corporation agreed to acquire the business for approximately $1.45 billion in cash at closing, with up to another $1.15 billion payable through earnouts tied to EBITDA targets over the following 12 to 24 months.
• The transaction comes as Vertiv is already experiencing rapid growth from AI infrastructure spending, with second-quarter 2026 sales rising 24% year over year and management raising full-year revenue guidance to $14 billion.

• Flex has moved deeper into the AI infrastructure stack with its agreement to acquire EPC Power for approximately $4.4 billion, adding a specialist in power conversion and grid-forming technology to a business already benefiting from accelerating data-center investment.
• The transaction is expected to close in the fourth quarter of calendar 2026, after which EPC Power would become part of Flex’s Cloud and Power Infrastructure, or CPI, segment.
• That timing is particularly notable because Flex plans to separate CPI into an independent publicly traded company during the first quarter of calendar 2027.

• Air Canada is conducting an odd-lot tender buyback of ~9% shares at C$29-C$33, expiring September 24.
• LivePerson merger with SOUN closed successfully, resulting in an 18% gain; Regis Q4 softer, refinancing pending.
• Cementos Pacasmayo valuation firm appointed; Pacific Current Group’s bidder disclosed; VH Global sells assets; Cygnus Metals merger progresses.

• The massive $439 billion backlog reported in SB Energy’s S-1 is the undiscounted sum of multi-decade leases and power contracts heavily dependent on OpenAI and SoftBank, masking the reality that the data center segment is completely pre-revenue with zero operational capacity.
• The company’s LTM net loss of $7.01 billion is dominated by a non-cash $5.5 billion OpenAI warrant liability charge. This structure means SB Energy is effectively pre-funding its own tenants’ lease payments through massive equity dilution, creating highly circular unit economics.
• SB Energy’s “power-led” model shifts traditional real estate development risk into utility-scale power plant execution. To bypass PJM’s backlogged queue for the 8.0 GW-IT PORTS-Pike campus, they must build substantial on-site gas-fired generation and fund a $4.2 billion grid infrastructure agreement with AEP Ohio, creating an unprecedented upfront capital requirement before a single server is turned on.

• Europe’s supply held relatively steady at more than 370,000 tonnes, close to where it has stood for most of the past six months.
• Americas supply dipped as plant maintenance in Brazil combined with US output falling to a 14-month low.
• Middle East supply fell to its lowest level in more than seven years, with a slump in Group III shipments outweighing a rise in flows from Saudi Arabia.

• Plug Power, a company operating in the hydrogen fuel cell and electrolyzer market, reported a second quarter 2026 revenue of $178.3 million, representing a 9% sequential increase and an 11% year-over-year growth for the first half.
• This revenue growth, combined with improved operational performance, has led the company to raise its full-year revenue growth guidance to 15%-16% from a prior 13%-15% forecast.
• A key highlight of the quarter is the significant improvement in gross margins, which moved to roughly breakeven compared to negative 30.7% a year ago and negative 13% in the prior quarter.

• SB Energy, an AI data center and power infrastructure developer, has filed its S1 for a Nasdaq listing. JPM, GS and MS are the lead bankers.
• We look at the company’s core segments: Standalone Power and Data Centers.
• We then look at the company’s financial profile, loss-making status, pre-IPO valuation and investor backing.

• Short sellers made bold moves the week of August 31.
• MOO saw the most dramatic buildup – short interest tripled in seven days.
• At the other end, MSFT shorts nearly disappeared entirely, and GME saw rapid covering ahead of its September 8 earnings.

• Middle East disruption is drawing more Asian base oils toward the Americas, reducing the surplus normally available in Asia just as seasonal demand starts to recover

• Middle East disruption is leaving the US short of the Group III volumes it normally receives, tightening its balance at a time when summer surplus would otherwise move to export markets.

• Wide US arbitrage is drawing more Asian base oils toward the Americas, adding to established Group III flows.

• Super Micro Computer, Inc. reported record fiscal 2026 results, with revenue nearly doubling from $22 billion in fiscal 2025 to $39.1 billion, driven mainly by accelerating artificial intelligence and data center infrastructure demand.
• Fourth-quarter orders exceeded $60 billion, pushing backlog to record levels entering fiscal 2027.
• The company continues evolving from a primarily U.S.-based server manufacturer into a broader AI and IT data center solutions provider through its Data Center Building Block Solutions.

• Lumentum Holdings reported strong fourth-quarter fiscal 2026 results, driven by higher demand across components and systems.
• Revenue increased 109% year-over-year to $1.01 billion, marking the eighth consecutive quarter of growth.
• Components revenue rose 22% sequentially and systems revenue increased 30%.

• CoreWeave delivered a strong second quarter in 2026, marked by significant revenue growth, expanding operating margins, and rapid capacity increases aligned with evolving AI demand.
• The company reported record revenue of $2.6 billion, representing a 112% year-over-year increase and 24% sequential growth.
• Its revenue backlog more than doubled, reaching $104.2 billion, excluding an additional $25 billion in new Q3 commitments, indicating robust customer demand and contract visibility.

• Defensive options positioning dominated the week of August 31.
• Across five high-severity pulses, traders piled into protective puts on names nursing sharp price declines.
• The put/call ratio (PCR) – which measures put volume relative to call volume – spiked well above seasonal norms on multiple names, with several readings hitting 52-week extremes.

• Sustained High-Growth Pure-Play Alternative Data Leader: YipitData has established a premier market position delivering granular, ticker-level alternative data analytics and market intelligence to over 650 institutional investors and enterprise corporations, scaling Annual Recurring Revenue (ARR) from $215M at FY2025-end to $260M in August 2026, on track to reach ~$280M for FY2026 (+30%+ YoY).
• Potential $2.5B-$3.0B Liquidity Event: Carlyle-backed YipitData is actively exploring strategic sale options via Goldman Sachs, with reported valuation targets spanning $2.5B to $3.0B (~9.0x to 10.7x 2026E ARR), highlighting institutional scarcity value for verified, hard-to-replicate proprietary data assets amid accelerating AI-driven workflows.
• Expanding Addressable Market via Corporate Intelligence: The platform is successfully diversifying beyond its core hedge fund customer base into brand and corporate analytics (including clients such as Walmart, Lowe’s, and Ulta Beauty) and B2B enterprise procurement spend intelligence (SpendHound), structurally broadening long-term Net Revenue Retention (NRR) and TAM.

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• This week, I closed out my WDC recommendation.

• Not because I’ve soured on the stock, but because my “demerger arbitrage” thesis has played out, and I want to focus on other high conviction special situations.

• When I first recommended WDC, it was a demerger arbitrage: we were buying ahead of the SanDisk separation, and the stock was cheap on every metric (absolute, relative and SOTP).

• BridgeBio Pharma reported continued commercial progress in the second quarter of 2026, led by strong growth of Attruby, or acoramidis, for transthyretin amyloid cardiomyopathy.
• Net product revenue reached $222.4 million, increasing sequentially by more than $35 million.
• Attruby grew 23%, exceeding overall market growth of 19%.

• Total US border crossings in July 2026 were up just 0.6% Y/Y (and down 5% vs July 2024)
• July 2026 crossings by aircraft were down over 3% Y/Y, and down 2% Y/Y in US West
• The figures from peak Summer travel period seem to confirm sluggish US tourism activity

• OpenAI maintains clear market leadership in frontier artificial intelligence, underpinned by unmatched brand equity, expanding enterprise monetization across its API and ChatGPT Enterprise tiers, and accelerating developer mindshare as Codex B2B adoption surges ~550% YoY.
• The company’s commercial trajectory is driven by multi-tiered monetization spanning consumer subscriptions, developer compute tokens, and deep distribution partnerships, generating exponential revenue expansion while requiring massive compute infrastructure investments.
• While developer migration to next-generation models such as GPT-5.6 demonstrates immense platform pull (+300.9% MoM in GitHub mentions), high compute capex, rapid legacy model obsolescence, and aggressive rivalry from Anthropic and open-source models remain primary operational headwinds.

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• A review of recent events/data impacting our investment themes and outlook
• Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes
• Long Japanese Yen starts to work. Now follow through is needed

• Enterprise over Consumer: The Direct-to-Consumer (DTC) digital safety market is highly saturated, with customer acquisition cost (CAC) payback periods stretching past 20 to 24 months. Aura’s mid-term scalability relies entirely on the Employee Benefits (EB) channel, which operates at a highly attractive 8 to 12-month payback period but remains dependent on its exclusive MetLife distribution layer.
• High Integration Hurdles Post-ASX Listing: While standalone Aura showed top-line momentum in H1 2026 with $119.9 million in revenue, the pro forma combined entity with Qoria has structural margin pressures, having posted a combined EBITDA loss of -US$176 million in CY25. Achieving the projected post-merger free cash flow targets will depend on extracting $4 million in targeted engineering and headcount synergies.
• Compliance and Control Deficiencies: Aura’s rapid M&A pace has outstripped its back-office maturity, culminating in a newly flagged material weakness in internal control over financial reporting. Remediating these controls and reconciling US GAAP to Australian ASX reporting standards (AXQ) will consume an estimated $5 million to $10 million in non-discretionary capital over the next 12 to 18 months.

• CarGurus reported a 13% year-over-year revenue increase to $251 million in the second quarter of 2026, slightly surpassing the midpoint of its guidance.
• The international segment outperformed with 28% revenue growth, driven by listings and “Sell My Car” initiatives in Canada and advertising in the UK.
• Adjusted EBITDA rose 7% to $85 million with a 34% margin, reflecting disciplined investment and operating leverage despite a modest margin compression compared to the prior year.

• Commerce reported second-quarter 2026 revenue of $84.5 million, in line with guidance, while non-GAAP operating income of $8.1 million exceeded the $4 million to $5 million guidance range.
• Gross merchandise volume increased 14% year-over-year to $8.8 billion, including 17% B2B GMV growth.
• The company posted positive GAAP net income for a second consecutive quarter, while net revenue retention improved sequentially to 95.8% for a third straight quarter of improvement.

• Appian Corporation reported second quarter fiscal 2026 results featuring continued revenue growth driven by its cloud subscription business and expanding AI capabilities.
• Cloud subscriptions revenue grew 23% year-over-year to $131.7 million, contributing to a total revenue increase of 19% to $203.3 million.
• The company also achieved adjusted EBITDA of $16.2 million, surpassing its guidance range and nearly doubling year-over-year, while net income rose to $9.2 million from breakeven a year prior.

• Five9, Inc. reported second quarter 2026 revenue of $312 million, exceeding the high end of guidance, supported by 14% year-over-year subscription revenue growth.
• AI-related revenue increased 78% and represented approximately 15% of subscription revenue, up from 9% a year earlier, partly reflecting customers deploying AI solutions ahead of schedule as professional services capacity expanded.
• Five9 now expects full-year AI revenue growth of at least 60%, above its previous outlook of over 40%.

• Fluor Corporation reported a second quarter 2026 revenue of $4.3 billion, representing a 9% year-over-year increase, supported by robust execution across its diverse project portfolio.
• Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $149 million, up from $96 million the previous year, while adjusted earnings per share (EPS) improved to $0.91 from $0.43.
• The company’s backlog expanded to nearly $27 billion, reflecting $6.1 billion in new awards during the quarter and a book-to-bill ratio anticipated well above one for the full year.

• Fox Factory Holding Corp. reported second quarter fiscal 2026 results with consolidated revenue of $358.1 million, reaching the high end of management’s guidance but reflecting a 4.5% year-over-year decline and a 2.9% sequential decrease.
• The sequential revenue dip was anticipated, attributed primarily to portfolio optimization after the Phoenix operations divestiture, shipment timing effects, and a continued aluminum supply disruption impacting Ford F-150 volumes.
• Despite these headwinds, the company expressed confidence in a revenue growth trajectory returning in the back half of 2026 and into 2027, bolstered by continued investment in research and development and new product introductions.

• Installed Building Products reported consolidated net revenue growth of 2% to $778 million in the second quarter of 2026 compared to the prior year, supported by contributions from recent acquisitions and growth within commercial installation, manufacturing, and distribution segments.
• Same-branch sales declined slightly by less than 1%, with new residential installation sales decreasing due to ongoing affordability pressures and subdued consumer confidence, while commercial installation sales grew by 10%, and heavy commercial sales increased over 15%.
• Multifamily end market backlog expanded, indicating stability in that segment despite overall softening in single-family housing starts, which decreased 4% year-over-year, while multifamily starts increased 10%.

• Alarm.com operates a software-as-a-service and connected device platform with diversified revenue across residential and commercial security, along with distributed energy resource management through its EnergyHub subsidiary.
• In the second quarter of 2026, SaaS and license revenue reached $188.8 million, up 11% year-over-year and above guidance.
• Adjusted EBITDA increased 15.7% to $57.7 million, with margin expanding approximately 115 basis points to 20.8%.