United States

• l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to nostalgia.
• What began as an effort under former CEO Julie Masino to refresh an aging restaurant chain turned into a national controversy after changes to its longtime logo and restaurant appearance triggered intense customer criticism and political attention.
• Cracker Barrel reversed course, restored familiar elements, refocused on loyal customers and brought back some of the food and imagery associated with its traditional identity.

• A review of recent events/data impacting our investment themes and outlook
• Rate hike expectations in the United States continue to fall
• July is forgotten as speculation returns in the AI space

• Tempus AI reported total revenue growth of 22% year-over-year in the second quarter of 2026, reaching $382.5 million, marking the first quarter with full integration of Ambry Genetics in the results.
• The Diagnostics segment accounted for $289.3 million of revenue, up 20% year-over-year, despite slower growth in hereditary cancer testing balanced by accelerated growth in comprehensive genomic profiling (CGP).
• Hereditary testing revenues increased by 5%, while the Data and Applications segment grew 28% to $93.2 million, driven by a 36% rise in data licensing and modeling business insights.

• Builders FirstSource reported its second quarter 2026 financial results amid a challenging housing market characterized by persistent inflation, geopolitical uncertainty, elevated interest rates, and affordability pressures.
• Net sales declined approximately 9% to $3.9 billion due to lower core organic sales and commodity deflation, partially offset by acquisitions.
• Core organic sales decreased 8% in single-family, 10% in multifamily, and 2% in repair and remodel segments, aligning broadly with company expectations given weak demand conditions and consumer caution.

• Mohawk Industries delivered a second quarter of 2026 that surpassed expectations with net sales increasing 6.8% year-over-year to $3 billion, reflecting a 5% gain on a constant currency basis.
• Growth was fueled by volume expansion, pricing actions, and favorable product mix across the company’s three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.
• The company highlighted success in new product placements and expanded market share in both residential and commercial sectors despite continued softness in home resale and new construction markets.

• PBF Energy reported strong second-quarter 2026 results amid a highly disrupted global oil market characterized by significant geopolitical tensions, notably ongoing conflicts in the Middle East and Eastern Europe.
• These events led to a substantial dislocation in crude supply routes and reduced global refining capacity by an estimated five million barrels per day, contributing to tight product inventories and elevated refining margins.
• The company emphasized its strategic advantage stemming from its flexible crude slate and geographic proximity to stable crude supplies in the Americas, which allowed it to maintain uninterrupted operations despite global supply challenges.

• RBC Bearings Incorporated has added another targeted bolt-on to its industrial portfolio through Dodge Industrial’s acquisition of PSC Couplings, LLC for $24.2 million in cash.
• PSC, based in Richfield, Wisconsin, generated approximately $15.1 million of net sales over the last twelve months and manufactures standard and custom disc couplings for reliability-critical industrial applications.
• The timing is notable because RBC entered fiscal 2027 with broad industrial momentum, reporting 8.4% Industrial segment growth in its first quarter while OEM revenue rose 21.5%, alongside strength in aggregates and cement, food and beverage, warehousing, semiconductors and grain.

• Schneider National reported second quarter 2026 revenues of $1.3 billion (excluding fuel surcharges), marking a 4% increase year-over-year.
• Adjusted income from operations rose 29% to $73 million, with adjusted diluted earnings per share of $0.29 compared to $0.21 in the same period last year.
• The company’s adjusted operating ratio improved by 110 basis points from the prior year, reflecting gains across all business segments supported by ongoing cost-saving initiatives and productivity enhancements.

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• Smith’s financial results for the second quarter of 2026 displayed a mixture of performance across its geographic markets and product segments amid varied industry conditions.

• Eastman Chemical Company reported second quarter 2026 financial results characterized by solid volume growth in Advanced Materials (AM) and operational improvements across its segments, though the company continues to navigate a challenging macroeconomic environment and volatile input costs.
• Advanced Materials posted approximately 5% volume growth year-over-year, driven primarily by innovation-led wins and increasing contributions from its circular (Renew) product portfolio.
• About half of the segment’s revenue growth in the first half derives from Renew and specialty businesses respectively.

• Core revenue was $209.8 million, up 103% year over year. Core cloud and other services revenue was $127.7 million, +287% YoY. Core hardware revenue was $82.1 million, +17% YoY
• Year over year, core gross margins improved substantially. Q2 core gross margin was 40.6%, approximately 940 basis points higher than Q2 2025.
• Core operating margin was negative 16% compared to negative 42% a year ago, an improvement of approximately 2,600 basis points year over year.

• In the context of yesterday’s discussion, we are increasingly confident that our long-standing estimated trading range for the prompt NYMEX crude oil contract will remain intact.         
• Once again, our estimated peak has been around $88.00 per barrel with the trough at roughly $68.00 per barrel.                       
• In terms of the trough, our Base Case still expects the fourth quarter to average $68.25 per barrel, versus a temporary bottom during any period of volatility.                

• Asia and China accounted for 55% of global supply, maintaining a share above 50% for the ninth straight month despite lower regional output.
• Global demand rose by more than 4% in May, but growth slowed to its weakest pace in 11 months as stock-building eased.
• The global surplus held below year-earlier levels for the eighth time in nine months, with the January-May surplus down by about 35% from the same period in 2025.

• Oil futures were drifting lower on Thursday as a sharp increase in US crude inventories and weaker global demand forecasts offset continuing supply concerns linked to restricted traffic through the Strait of Hormuz.
• At 2020 London time Oct26 ICE Brent was down 2.4% at $86.88 / b , while Sep26 NYMEX WTI dropped $2.6% to  $81.09/b .
• The declines had narrowed from earlier in the Asian session after Brent and WTI fell by more than 2%.

• Aperture size dictates the physics of direct-to-cell (D2C) performance. AST SpaceMobile’s large-aperture architecture (693 square feet for Block 1, scaling up to 2,400 square feet for Block 2) offers a superior link budget, allowing for standard, unmodified handset connectivity with true broadband speeds (LTE/5G data). In contrast, Starlink’s smaller D2C phased-array design is physically constrained to narrower bandwidths, limiting its initial commercial offering primarily to messaging and voice.
• Spectrum access and the FCC’s Supplemental Coverage from Space (SCS) framework form a highly defensible regulatory moat. By locking in exclusive partnerships with tier-1 Mobile Network Operators (MNOs) like AT&T and Verizon in the US, and Vodafone globally, ASTS utilizes existing terrestrial low-band spectrum (e.g., 700-850 MHz). This bypasses the need for new global spectrum allocations and prevents competitors from using those same bands within partner territories due to mutual interference rules.
• The transition to the custom ASIC chip is the single most critical commercial catalyst and execution risk. While Block 1’s FPGA-based architecture successfully validated the technology, it is commercially unfeasible for continuous global service due to power and processing bottlenecks. The custom TSMC-built ASIC is designed to deliver a tenfold increase in processing bandwidth (up to 10,000 MHz), but any manufacturing delay or tape-out defect would stall Block 2 deployments and threaten the company’s capital runway.

• Shell isn’t abandoning the energy transition. It is reallocating capital toward gas, LNG and upstream, betting that stronger returns can finally close its valuation gap with US peers.
• Under Wael Sawan, Shell has been focusing on tighter capital discipline, bigger buybacks and fewer low-return green assets, with growth centred on gas.
• Shell’s green retreat is less about abandoning renewables and more about following returns. The bigger question is whether this sharper strategy can finally unlock a U.S.-style valuation.

• Priority Technology is reviewing a non-binding privatization offer from its founder, with opposition from activists Buckley and Steamboat Capital.
• Q2 results showed soft margins, with management reaffirming 2026 guidance; leverage and volatility contributed to share price drop.
• Merchant Solutions remained stable, while Payables and Treasury Solutions faced margin pressures due to revenue mix shifts.

• Hess added roughly 455 MBOED from Guyana and the Bakken, accounting for most of Chevron’s 20% production growth and sharply lifting international upstream earnings.
• Chevron delivered USD 1.5 billion in annual Hess synergies, 50% above its original target, while reaching USD 3 billion in structural cost savings six months early.
• Hess was the biggest driver of Q2, but higher oil prices and one-off gains also helped. The key test is whether Chevron can sustain these gains.

• No-Man’s Land Valuation Sizing: The $200 million trust size of Karman Line Acquisition Corp. is strategically awkward—too small to realistically merge with Tier-1 defense tech “megacorns” (e.g., Anduril or Shield AI) without crushing dilution, yet too large for profitable niche component suppliers without triggering massive redemptions.
• The Double-Edged Meteora FPA Structure: While the sponsor’s backer, Meteora Capital, utilizes Forward Purchase Agreements (FPAs) to synthetically guarantee transaction approval, these structures often drain the post-merger company of net-cash-on-hand, leaving de-SPAC targets functionally undercapitalized.
• Severe Regulatory & Structural Friction: Because Karman Line is incorporated as a Cayman Islands exempted company, any transaction with a US defense target holding classified DoD contracts will trigger extensive CFIUS reviews and FOCI (Foreign Ownership, Control, or Influence) mitigation, adding months of delay to a tight 21-month liquidation clock.

• Cargo loadings from Taiwan slowed, after a surge in shipments in late July and early August, with one cargo moving to China in recent days.
• A cargo loaded from South Korea in second-half June  and reached Brazil in recent days, after a stop in South Africa.
• A large cargo loaded from Singapore in the past week before heading to Fujairah, UAE, set to arrive in second-half August; it is the first such shipment to the UAE since March.

• Server business grew more than 50% in Q126, grew more than 70% in Q226. Expect 80% growth in Q3 and Q4, and then at least 70% growth next year.
• AMD’s data center business, inclusive of AI, forecasted to grow “much more” than 100% next year
• AMD’s ambition is to get to >50% share of a server CPU TAM which they estimate will amount to $220 billion by 2030

• According to Financial Times, Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, which would be the largest IPO in history.
• This is likely to clearly benefit early investors in the company such as SK Telecom which had a 0.3% stake in Anthropic at the end of 2025.
• Given the fact that Anthropic is likely to complete its IPO sometime in October 2026, the further alpha on SK Telecom could take place in the next 1-2 months.

• Lyntris is a scaled defense technology platform operating across mission-critical communications, sensing, data and other technologies supporting U.S. and allied defense programs.
• The company offers institutional investors exposure to the modernization of military infrastructure without relying on a single product or emerging technology.
• The offering is led by Evercore, Citigroup, Guggenheim Securities and BofA Securities, providing a strong institutional syndicate with broad distribution across aerospace and defense, industrial technology and generalist investors.

• Nvidia is taking an unusually direct role in solving one of the biggest constraints facing the artificial intelligence boom: money.
• The chipmaker has reached agreements with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to establish compute-financing platforms aimed at deploying more than $500 billion of outside capital for customers building AI infrastructure.
• The initiative could make it easier for cloud providers, enterprises, sovereign projects and AI-native companies to finance increasingly expensive data centers packed with Nvidia hardware.

• Crude oil futures were trading sideways on Wednesday as a huge build in US inventories balanced out a market still watching for signs of a change to restricted traffic through the Strait of Hormuz.
• Oct26 ICE Brent was down 0.2% on the day in a choppy session at  $88.71/b at 2045 BST, while September NYMEX WTI was off 0.4% at  $82.91/b .
• The benchmarks have gained sharply since the start of the week, including an advance of about 5% on Monday, and recorded their highest settlements since 31 July earlier in the session as the nearby Brent contract peaked at $90.09/b before retreating.

• Claude Code continues to lead over Codex in enterprise account adoption.
• As of August 8, TickerTrends tracks Claude Code across 5,004 enterprise accounts, compared with 1,606 for Codex.
• Since February 28, Claude Code has added 3,052 accounts, nearly three times the 1,105 added by Codex.

• Intel Corporation is making one of the biggest financial bets in its recent history just as artificial intelligence begins to reshape its growth outlook.
• The chipmaker plans to raise $15 billion through a common-stock offering, with underwriters receiving an option to purchase up to another $2.25 billion of shares.
• The announcement initially pressured the stock, reflecting an obvious concern: issuing billions of dollars of new equity dilutes existing shareholders.

• SPX Technologies reported strong second quarter results for 2026, highlighted by a 23% year-over-year increase in revenue and a 20% rise in adjusted EBITDA, alongside a 22% growth in adjusted earnings per share.
• This performance was driven by robust organic growth in both the HVAC and Detection & Measurement (D&M) segments, complemented by recent acquisitions, notably Neptronic, which was added to the HVAC segment.
• The company raised its full-year guidance, increasing the midpoint to imply 27% adjusted EBITDA growth, based on higher-than-expected data center volume, improved D&M performance, and contributions from Neptronic.

• The latest weekly EIA report was extremely bearish for crude oil, but we will reserve final judgment on the overall fundamentals pending another week or two of data.         
• If it marks the beginning of a trend, however, almost irrespective of how long the Strait is “closed,” we may not see materially higher prices from here through end-2026.                      
• The odds are tending to favor, therefore, that we have been correct in stating that the peak in the prompt NYMEX crude oil contract occurred on February 28.  

• Huntington Ingalls Industries (HII) reported second quarter 2026 revenues of $3.4 billion, representing a 10.9% increase year-over-year.
• The company’s shipbuilding segment led growth with revenues of $2.7 billion, a 16% increase from the prior year, marking the fourth consecutive quarter of double-digit growth.
• Driven by momentum in ship deliveries and contract awards, management raised its 2026 shipbuilding revenue guidance to a range of $10.2 billion to $10.4 billion and increased shipbuilding margin expectations to between 6% and 6.5%.

• Micron has far broader & deeper levels of engagement with key customers than ever before. This will continue to develop, especially with the advent of custom HBM4E 
• Strategic customer agreements (SCAs) ,of which there are now sixteen, come with $22 billion of cash and cash-like commitments, of which $18 billion was just cash alone
• Aggregate memory demand continues to increase. There’s no sign of any letup in the supply-demand mismatch for DRAM, the current situation will persist through calendar year 2027, at least

• 2Q26 profitability on track, with Carvykti sales up 50% YoY and operating margin of 15%. 1Q26 marks Legend’s first quarter of company-wide profitability on both IFRS and adjusted basis
• LEGN 2H26 catalysts: 1) continued QoQ Carvykti growth (growing portion from 2-4L patients); 2) adjusted net income profitability; 3) IND submission for LB2501 (4Q26); 4) presenting additional in vivo data
• See inside for 2Q26 results call takeaways, management financial outlook/guidance, and LEGN quarterly P&L analysis

• Crude oil futures pared earlier gains Tuesday on reports a US-Iran peace deal was close, after fresh attacks on shipping in the Red Sea and Gulf of Oman pushed benchmarks higher.
• Oct26 ICE  Brent futures were up 1.3% from Monday’s close at $88.89/b at 2022 BST, having earlier topped $90/b, while Sep26 NYMEX  WTI was 1.4% higher at higher at  $83.24/b .
• Benchmarks softened after Pakistan signalled progress on an Iran-US deal that could see commercial shipping return to the Strait of Hormuz.

• Oil market participants are now trying to decide if the prompt NYMEX crude oil contract can challenge the upper end of our previously delineated trading range.          
• We will see over the next few days whether traders are anticipating “duration,” i.e. a further tightening of the market, or renewed strikes if President Trump’s patience runs out again.                     
• We will be so bold to suggest that the “duration” scenario would imply a slow and progressive rise in oil prices, whereas the military scenario would imply increased volatility.              

• The July 2024 merger with Cedar Fair has created a dominant North American regional theme park operator, with significant opportunities for revenue and cost synergies. The successful integration of the two companies is the single most critical factor for future value creation.
• Following a period of strategic realignment under former CEO Selim Bassoul, which focused on a ‘premiumization’ strategy of raising prices to improve guest experience, the merged company is now focused on leveraging its expanded scale, which includes 27 amusement parks and 15 water parks.
• The company faces considerable risks, including a significant debt load, vulnerability to economic downturns impacting discretionary spending, and the challenge of integrating two distinct corporate cultures and operational systems. Recent financial results show widening net losses despite stronger attendance, highlighting pressure from interest costs.

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• ClearOne, Inc. sold its operating assets in October 2025 and is merging with Cortigent, a neurotechnology company developing implantable neurostimulation systems for artificial vision and stroke recovery.
• Cortigent is a pioneer in precision targeted neurostimulation systems, with its Orion system designated as an FDA Breakthrough Device in 2018.
• Cortigent incurred a net loss of $0.8 million for the three months ended March 31, 2026, and $3.1 million for FY2025.

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• First Solar reported second quarter 2026 results characterized by record sales volumes and improvements in financial performance relative to the prior year, supported by its continued focus on domestic manufacturing and technology advancements.
• The company achieved net sales exceeding $1 billion with a gross margin of approximately 57%, a significant increase driven largely by tariff-related recoveries, enhanced mix of modules qualifying for tax incentives, and lower logistics costs.
• Adjusted EBITDA reached $644 million, reflecting a strong margin of 61%, alongside a net income increase of about 24% year-over-year.

• AfterNext Acquisition I Corp. is a Cayman Islands exempted company formed to effect a business combination, having not yet selected a target.
• Fintech accounted for 5% of global banking net revenue in 2022, estimated to exceed $400 billion by 2028, growing 15% annually.
• Total assets were $101,073,918 As Adjusted, with working capital at $(465,310) Actual, and a going concern doubt.

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• Check Point Software Technologies reported second-quarter 2026 financial results that aligned broadly with prior expectations, reflecting a mix of steady subscription growth and weakness in hardware appliance sales.
• Total revenues were $674 million, showing a modest 1% year-over-year increase, driven by a 12% increase in subscription revenues to $333 million.
• Meanwhile, product revenues declined by 14%, impacted primarily by reduced demand for firewall appliances, a trend the company expects to continue through the third quarter before rebounding in the fourth quarter.

• Marriott Vacations Worldwide (VAC) is a major player in the vacation ownership industry, leveraging powerful brands licensed from Marriott International and Hyatt to attract a high-income customer base.
• The company’s business model is a hybrid, combining high-ticket sales of vacation ownership interests with more stable, recurring revenue from financing, resort management, and exchange programs, which account for approximately 40% of adjusted EBITDA.
• VAC is currently facing headwinds from macroeconomic uncertainty impacting discretionary spending, increased competition, and internal challenges related to sales execution and forecasting credibility, prompting a strategic focus on improving profitability, managing cash flow, and monetizing non-core assets.

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• Monday.com reported Q2 2036 revenue of $364.6 million, up 22% year over year and about $9 million above the high end of the guided range issued back in May.
• Non-GAAP operating income was $61.1 million, representing a 17% margin, versus the 13 to 14% guide. This compares to 15% in the year ago quarter
• For the full year 2026, Monday projected total revenue of $1.47 billion, +20% YoY, but a far cry from the 50% CAGR of the previous five years. 

• The latest quarterly results from XPO Logistics, Inc. demonstrate record-setting financial and operational performance alongside ongoing investments in capacity and technology.
• The company reported second quarter revenues of $2.4 billion, marking a 13% year-over-year increase, with adjusted EBITDA of $434 million, a 25% rise excluding real estate gains.
• Adjusted diluted earnings per share increased 56% to $1.64.

• On August 6, PBH reported 1QFY27 EPS of $0.98 versus consensus of $0.89. 
• Sales were $265.7MM, +6.5% Y/Y, with organic sales +3.2% and the Breathe Right acquisition contributing $5.9MM or 2.4%. 
• The pull-forward of retail orders contributed 2% to growth. 

• Strategy is primarily positioned as the largest institutional holder of Bitcoin worldwide, having accumulated approximately 843,775 Bitcoin, which equates to roughly 4% of all Bitcoin that will ever exist.
• The company’s market capitalization stands near $38 billion, with Bitcoin reserves valued around $55 billion.
• Since adopting Bitcoin as a treasury asset in 2020, Strategy has consistently increased its Bitcoin holdings through 113 acquisitions, though the average acquisition cost of approximately $64 billion implies a higher average purchase price per Bitcoin (~$75,000) than the current market price (~$58,700 as of Q2-end), resulting in significant unrealized losses.

• MasTec Inc. reported second quarter 2026 results marked by solid year-over-year growth in key financial metrics and an expanded backlog.
• Revenue increased 23% to $4.374 billion, adjusted EBITDA rose 40% to $384 million, and adjusted earnings per share grew 49% to $2.22.
• The company also ended the quarter with a record backlog of $21.4 billion, reflecting strong demand momentum.

• APC has traded above its $18 IPO price for most of its first six months, reaching $21.72 before settling back toward $19. 
• Q2 revenue beat expectations, though EPS missed; management reaffirmed 2026 Adjusted EBITDA and cash-flow guidance. 
• The planned U.S. Petroleum Partners acquisition adds 400+ wholesale locations and reinforces APC’s growth-oriented strategy.

• Ingersoll Rand reported its second quarter and first half of 2026 results with continued execution strength and improving demand across its diverse markets.
• The company achieved 2% organic order growth and 4% organic revenue growth in the quarter, driving a 7% adjusted EPS increase year-over-year.
• Growth was broad-based, with every major region delivering positive organic revenue growth, and strong momentum was seen particularly in short- to medium-cycle businesses.

• Monolithic Power Systems, Inc. delivered a record second-quarter performance, reporting revenue of $981 million, marking a 22% increase from the prior quarter and a 48% gain year-over-year.
• This growth was attributed to broad-based strength across all end markets, notably enterprise data and communications, where revenues rose 45% and 80% sequentially, respectively.
• The company highlighted its continued focus on innovation, diversified market strategy, and expansion from chip-only offerings toward silicon-based full solutions as key drivers.

• Notion is rolling back its direct challenge Microsoft Office and Google Workspace, retreating from building a productivity bundle of standalone apps
• Sacra estimates Notion hit $865M annual recurring revenue (ARR) in July 2026, up 82% year-over-year
• Rather than rebuild the productivity suite, Notion is vying to win by owning the agent that operates across your SaaS productivity tools

• People Incorporated (PPLI, formerly IAC) reported a solid Q2. People Inc grew digital revenue 6%, its 11th straight quarter of growth, and expanded digital adjusted EBITDA 18% with margins still climbing.
• The headline $6.68 of EPS is almost entirely the mark-to-market gain on the MGM stake, so I’d ignore it and focus on the operating business, which keeps executing well.
• The leadership handoff is done, with Neil Vogel now CEO, Tim Quinn CFO, and Barry Diller staying on as Chairman. 

• Advanced Micro Devices delivered the strongest quarterly results in its history, yet investors focused on a single, highly visible rejection.
• The chipmaker reported $11.5 billion in revenue for the quarter ended June 27, narrowly exceeding analyst expectations of $11.3 billion, while net income reached $2.3 billion.
• Despite those figures, AMD shares fell more than 8% in after-hours trading after Elon Musk said SpaceX would build its future artificial-intelligence infrastructure exclusively around Nvidia chips and its Vera Rubin architecture.

• The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in May 2026.
• Total revenue for Q2 reached $299 million, marking a 60% year-over-year increase primarily due to the consolidation of Udemy’s results.
• On a normalized basis, which adjusts for the timing of the acquisition, revenue declined 1% year-over-year.

• Amazon.com reported second quarter 2026 revenue of $200.6 billion, representing a 20% year-over-year increase, and operating income of $27.5 billion, a 43% rise year-over-year.
• Amazon Web Services (AWS) was a major driver with revenue growth of 36.7% year-over-year, marking its fastest rate in 18 quarters, and an annualized revenue run rate of $169 billion.
• AWS benefits from strong growth across both core and AI-related services with an extensive customer backlog of $496 billion, exhibiting triple-digit growth.

• Bristol-Myers Squibb reported its second quarter 2026 financial results with an overall revenue increase of 5% year-over-year to approximately $13 billion.
• The company’s growth portfolio demonstrated robust expansion, rising 14% to $7.6 billion and now accounting for nearly 60% of total revenue.
• Key growth drivers included products such as Reblozyl, Breyanzi, Camzyos, Opdualag, and Qvantig, with 10 portfolio products achieving double-digit growth.

• Tenable Holdings, Inc. reported its financial results for Q2 2026, demonstrating a continuation of positive momentum driven primarily by the adoption of its Tenable One platform and related AI-enhanced security capabilities.
• The company achieved revenue of $268.5 million, marking an 8.6% year-over-year increase, driven largely by strong expansion within existing accounts, solid renewals, and professional services attached to larger Tenable One deals.
• Recurring revenue comprised 95% of total revenue, maintaining stability in its business model.

• Valero Energy Corporation reported a robust second quarter in 2026, driven by strong operational and commercial performance across its refining, renewable diesel, and ethanol business segments.
• The company’s refining operations delivered an operating income of $4.5 billion, a substantial increase over the prior year’s $1.3 billion, with throughput volumes averaging 3 million barrels per day.
• This performance was supported by resilient demand for transportation fuels amid volatile geopolitical and macroeconomic factors.

• Procore Technologies, Inc. reported solid financial and operational results for its second quarter of fiscal 2026, marked by a 15.8% year-over-year revenue increase to $375 million and a significant expansion in non-GAAP operating margin to 21.5%, an 800 basis point improvement compared to the prior year.
• This quarter also represented the company’s first GAAP operating profitability quarter, supported by strong free cash flow growth of 507% year-over-year to $65 million.
• International revenue grew 23% year-over-year, led by large agreements such as a nearly $7 million contract with a major European hyperscale AI data center operator and participation in one of the world’s largest infrastructure projects, the King Salman International Airport in Saudi Arabia.

• Collapse of the Legacy Wholesale Engine: DataMeds AI (formerly Wellgistics Health) is undergoing a severe operational and financial crisis, with Q1 2026 revenues collapsing 85.6% year-over-year to just $1.56 million (down from $10.86 million in Q1 2025). This collapse was driven by extreme liquidity constraints that choked off their physical drug procurement capabilities.
• Capital Squeeze and Nasdaq Delisting Risk: The company’s balance sheet is severely distressed, reporting a stockholders’ equity of $(12.45 million) as of December 31, 2025, far below the Nasdaq continued listing requirement of $2.5 million. Despite a 1-for-50 reverse stock split in May 2026 and a recent $6.5 million refinancing, the company has until October 12, 2026, to prove it has regained compliance or face formal delisting.
• Pivot to Digital and Data Monetization is Unproven: Management is attempting to transition from a physical low-margin drug wholesaler to a high-margin “micro health ecosystem” leveraging its EinsteinRx AI, PharmacyChain blockchain, and the Health Lives Here consumer app. However, this pivot is overshadowed by highly unconventional capital allocation strategies—such as the 50:1 Dream Bowl meme coin dividend—and complex transactions with Datavault AI (DVLT) that issue equity rather than generating near-term operating cash flow.

• SOLV priced at the high end, opened 20% higher and subsequently completed a heavily demanded upsized follow-on at $36.00.
• Revenue, margins, EBITDA and backlog all accelerated sharply following the IPO, reinforcing the company’s infrastructure growth story.
• The stock’s pullback reflects a broader rotation from AI infrastructure, but renewed enthusiasm could quickly put MWH back in favor.

• Cotton has rallied hard over the past couple of weeks.
• The primary driver has -not yet – been a dramatic supply shock.
• Hedge funds had been net short for nearly two years; that positioning began reversing in April, and short-covering into fresh long-buying has done most of the work since.

• IAMGOLD is successfully transitioning into a significant mid-tier gold producer, driven by the ramp-up of its new, large-scale Côté Gold mine in Ontario, Canada, which is set to become a cornerstone asset.
• The company is experiencing a dramatic improvement in its financial position, with record cash flow generation fueled by strong production and historically high gold prices, enabling debt reduction and shareholder returns via buybacks.
• Significant geopolitical risk associated with its Essakane mine in Burkina Faso and operational execution risk at the ramping-up Côté project remain key concerns for investors, counterbalancing the positive production outlook.

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• My Size, Inc. is a fashion technology company with an integrated portfolio addressing size, fit, inventory, circular economy, and international distribution. Its strategy is to build an integrated fashion platform.
• My Size operates Naiz Fit, Orgad, and Percentil. It entered an Equity Purchase Agreement with Square Gate Capital for up to $10.0 million in common stock purchases.
• The Company incurred significant losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern. Its MVLS was $2.1 million.

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• Critical Liquidity and Going-Concern Distress: Ambitious Entertainment’s audited financials expose extreme solvency pressure, featuring a $14.39 million negative working capital deficit and an active going-concern warning. The upcoming IPO is a desperate survival play to address immediate debt maturities, not a growth-oriented capital raise.
• Shattered Core Business Model: The company’s historical production services business has collapsed, with revenue plummeting 87% year-over-year from $9.29 million in FY2024 to $1.23 million in FY2025 due to the completion of projects for its single dominant customer, FATE, which represented 52% of its 2024 production service revenue.
• The Unproven AI-Influencer Economics: The pivot to self-funded owner-producer content like Cancel Me relies on a high-risk assumption that influencer partnerships (e.g., Adam Rose with 24 million social followers) and generative AI workflows can slash marketing customer acquisition costs and reduce production budgets by 20%. In reality, these digital-first models lack theatrical and streaming distribution agreements and face severe regulatory liabilities from the FTC.

• Silexion Therapeutics Corp is a clinical-stage, oncology-focused biotechnology company developing proprietary RNA interference (RNAi) therapies for KRAS-driven cancers.
• SIL204, a second-generation siRNA therapy, received regulatory approvals in Israel and Germany to initiate a Phase 2/3 clinical trial for LAPC.
• As of March 31, 2026, the company had an accumulated deficit of $57.9 million and substantial doubt about its ability to continue as a going concern.

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• Exceptional Financial Momentum: NB Bancorp has demonstrated remarkable growth in revenue and net income over the past three years, with recent quarterly results showing significant beats on analyst expectations and improvements in key operating metrics like ROA, ROE, and net interest margin.
• Attractive Valuation Relative to Peers: The company’s shares trade at a noticeable discount to its peer group on key valuation metrics, including Price-to-Earnings (P/E) and Price-to-Book (P/B) ratios, suggesting a potential value opportunity for investors.
• Strategic Growth and Improving Asset Quality: Following the acquisition of Provident Bancorp, NBBK has successfully expanded its asset base while simultaneously improving its credit quality, as evidenced by a significant reduction in the nonperforming loan ratio and net charge-offs.

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• News Corp is successfully transitioning towards a more profitable, digitally-focused model, with Digital Real Estate Services and the Dow Jones segment now serving as the primary growth and profitability engines for the company.
• The company is poised for significant potential upside from artificial intelligence, actively pursuing and securing content licensing agreements with major technology platforms, which could create a substantial new revenue stream.
• While legacy media assets, particularly in the News Media segment, face structural headwinds and underperformance, the strength of the core digital businesses and strategic share buybacks are providing a strong foundation for future earnings growth and stock support.

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• Ionetix Corporation develops superconducting cyclotron technology for medical and industrial applications, generating revenue from diagnostic and therapeutic radioisotopes.
• Superconducting cyclotron technology enables a smaller footprint and cryogen-free operation. Nine sites are FDA-approved for N-13. The global radiopharmaceuticals market is projected to grow to over $26 billion by 2032.
• Total revenue was $6,012 in 2025, with diagnostic drug sales at $4,268. The auditor’s report includes a “going concern” explanatory paragraph.

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• Change Agents Corporation is a technology-focused company developing innovative Agentic AI software and consumer health products, expanding into drone interception and surveillance AI enhanced technology solutions.
• The company is developing innovative Agentic AI software, consumer health products, Catch-Up video platform, Beacon GEO search product, and distributes the FDA-registered Keto Air device.
• The company had an accumulated deficit of approximately $110.4 million as of March 31, 2026, and $200,000 cash as of July 31, 2026, raising going concern doubt.

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• DataMeds AI, Inc. is a holding company for operating companies focused on healthcare technology and pharmaceutical services, aiming to be a micro health ecosystem.
• DataMeds AI is a 50-state FDA licensed pharmaceutical wholesaler distributor, serving over 5,000 registered pharmacies nationwide with a network of over 19,000.
• The company has a history of losses and anticipates continuing losses, receiving a Nasdaq non-compliance notice for minimum stockholders’ equity.

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• Splash Beverage Group, Inc. is transitioning from a beverage brand company to regulated cannabinoid and wellness markets. It acquired exclusive worldwide rights to CannEpil®, a pharmaceutical product for epilepsy and.
• The company is transitioning to regulated cannabinoid and wellness markets, acquiring exclusive worldwide rights to CannEpil® on July 6, 2026. A one-for-four reverse stock split was effected July 24, 2026.
• The company reported a net loss from continuing operations of $(2,136,469) for the three months ended March 31, 2026. Auditors noted going concern issues.

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• FormFactor reported strong financial performance in the second quarter of 2026, achieving record revenue, gross profit, and earnings per share.
• The company surpassed a $1 billion annual revenue run rate and exceeded 50% gross margin, marking key milestones in its recently introduced target model that aims to double revenue and more than double profitability by 2030.
• Revenue for the quarter was $258.2 million, exceeding expectations by about $18 million and representing a 14% increase over the prior quarter, with non-GAAP gross margin expanding to 53.3%.

• Las Vegas Sands (LVS) is a premier developer and operator of integrated resorts, with a strategic focus on the high-growth Asian markets of Macau and Singapore.
• The company is experiencing a robust recovery and growth phase, driven by the rebound in travel and gaming in its core markets, and supported by significant capital investment projects to enhance its market-leading properties.
• Key risks to the outlook are centered on the regulatory environment in Macau and mainland China, geopolitical tensions, and the inherent cyclicality of the gaming and leisure industries.

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• NRG is strategically pivoting to capitalize on the anticipated ‘power demand supercycle’ by significantly expanding its generation capacity, notably through the acquisition of 13 GW of gas-fired assets from LS Power.
• The company’s integrated business model, combining a large-scale generation fleet with a substantial retail customer base of approximately 8 million, provides a competitive advantage in managing commodity risk and capturing value across the energy chain.
• While recent acquisitions have driven strong EBITDA growth, they have also increased leverage and interest expenses, pressuring adjusted EPS and creating a key risk for investors to monitor.

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• Pilgrim’s Pride Corporation reported net revenues of $4.63 billion for the second quarter of 2026, reflecting a slight decline from $4.76 billion in the prior-year period.
• Adjusted EBITDA decreased to $360 million, yielding a margin of 7.8%, down from 14.4% last year.
• This margin contraction was evident across the U.S., Europe, and Mexico segments, with the U.S. adjusted EBITDA margin falling from 17.1% to 8.7%, Europe declining slightly from 8.2% to 7.6%, and Mexico seeing a more pronounced reduction from 16.3% to 3.9%.

• Reported as No Longer Operational: The most critical factor for investors is the company’s status. As of early 2026, credible sources report Productfy as a ‘deadpooled’ company. This suggests the firm has ceased operations, rendering its equity likely worthless. All analysis must be viewed in this historical context.
• Innovative BaaS Platform with Strong Partnerships: Prior to its reported demise, Productfy had developed a comprehensive Banking-as-a-Service (BaaS) platform designed to enable non-financial companies to embed financial products. It had successfully established a strong ecosystem of partners, including sponsor banks like Stearns Bank, card issuers like Marqeta, and data providers like Equifax, which was a key operational strength.
• Overwhelmed by Industry and Execution Risks: Despite a promising model and successful fundraising, the company likely succumbed to the significant challenges inherent in the BaaS sector. These include intense competition, a complex and tightening regulatory environment, and the operational complexities of managing multiple third-party relationships.

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• Broad Sector Exposure at Low Cost: The Vanguard Industrials ETF (VIS) offers comprehensive, market-cap-weighted exposure to the U.S. industrials sector, including large, mid, and small-capitalization companies, at a highly competitive expense ratio.
• Cyclical Play with Secular Tailwinds: The fund’s performance is closely tied to economic cycles but is also positioned to benefit from long-term secular trends, including government-supported infrastructure spending, manufacturing reshoring, and increased investment in areas like AI-driven data centers and aerospace.
• Subject to Macroeconomic Headwinds: As a cyclical sector, the fund’s underlying holdings are sensitive to economic downturns, interest rate fluctuations, supply chain disruptions, and geopolitical volatility, which represent the primary risks to its performance.

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• Advantage Solutions is a key intermediary between consumer packaged goods (CPG) companies and retailers, offering a broad suite of outsourced sales and marketing services. The company is currently undergoing a significant strategic transformation, divesting non-core assets to reduce debt and focusing on integrating its operations and infusing technology to drive efficiency and growth.
• The company operates in a competitive and dynamic industry, facing pressures from client budget constraints, in-sourcing of services, and the need to adapt to technological changes. Financial performance has been mixed, with recent revenue growth in its Experiential Services segment, but declines in its Branded Services division. The company has a significant debt burden which it is actively managing.
• Forward-looking guidance suggests modest growth expectations. The management team, led by CEO Dave Peacock since early 2023, is focused on improving operational efficiencies and leveraging its scale and long-standing client relationships to navigate market uncertainties and position the company for long-term value creation.

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• Advanced Drainage Systems (ADS) is the leading U.S. manufacturer of high-performance thermoplastic corrugated pipe and related water management products, with a dominant position in the stormwater and onsite septic wastewater industries.
• The company’s growth strategy is centered on driving the conversion from traditional materials like concrete and steel to its lighter, more durable, and cost-effective plastic products, supplemented by strategic acquisitions and product innovation.
• While facing cyclical risks from the construction market and margin pressures from volatile raw material costs, ADS has demonstrated a strong track record of profitable growth, margin expansion, and robust cash flow generation, supporting consistent dividend increases and share repurchases.

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• Academy Sports & Outdoors (ASO) is a value-oriented sporting goods and outdoor recreation retailer with a strong regional presence, primarily in the Southern United States.
• The company’s growth strategy is centered on new store openings, enhancing its omnichannel capabilities, and expanding its portfolio of high-margin private label brands.
• While ASO trades at a valuation discount to many peers, it faces significant risks from intense competition, macroeconomic pressures on consumer discretionary spending, and challenges in executing its growth initiatives.

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• Integrated Spend Management Platform Positioned for Growth in the Mid-Market: Airbase has established a strong position in the underserved mid-market segment with its comprehensive, all-in-one spend management platform. The integration of accounts payable, corporate cards, and expense management into a single system provides a compelling value proposition for companies seeking to gain control and visibility over their non-payroll spend.
• Acquisition by Paylocity Creates Synergistic Opportunities: The recent acquisition by Paylocity in September 2024 is a significant catalyst, offering potential for deeper integration with human capital management (HCM) systems. This could expand Airbase‘s market reach and create cross-selling opportunities within Paylocity’s existing customer base.
• Intensely Competitive Landscape Requires Continuous Innovation: The spend management market is highly competitive, with major players like Ramp, Brex, and Coupa. Airbase‘s focus on a software-first approach and its targeting of the mid-market are key differentiators, but the company must continue to innovate to maintain its competitive edge.

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• Figma reported Q2 2026 revenues of $370.1 million, up 48% YoY and up 11.0% sequentially from $333.4 million in Q1 2026.
• Gross margin expanded 250 basis points sequentially to 85% non-GAAP, which management attributed directly to the first full quarter of AI credit revenue. 
• Despite the beat-and-raise report, Figma’s share price fell ~15% on the news. Investors still remain to be convinced that their AI monetization strategy can really succeed in the long term.

• Bunge Global reported an improved financial performance in the second quarter of 2026 amid a complex and evolving global operating environment marked by geopolitical tensions, shifting trade flows, and weather-related disruptions impacting crop availability.
• The company highlighted its diversified global platform across crops and geographies as providing resilience and balance, particularly in soybean and softseed processing.
• For the quarter, reported earnings per share (EPS) increased to $3.47 from $2.61 a year prior, with an adjusted EPS of $2.00 compared to $1.31.

• A $236 million revenue jump in Client and Gaming yielded just $7 million in operating income, capturing less than 3% of the upside and trailing far behind Data Centre profitability.
• AMD reported $1.56 billion in FCF, but holding accounts payable flat would have plunged the quarter deeply into the red to negative $716 million.
• To deliver AI compute at hyperscale, AMD is taking on the massive inventory and infrastructure costs of a hardware vendor; a potential structural warning for the broader chip sector…

• AEye is a pre-revenue LiDAR technology company positioning itself as a leader in high-performance, software-defined sensing solutions for Automotive (ADAS), smart infrastructure, and industrial applications.
• The company’s core competitive advantage lies in its unique iDAR™ (Intelligent Detection and Ranging) platform, which is software-configurable, enabling adaptability and a capital-light business model focused on licensing and partnerships with Tier 1 suppliers.
• While the company has secured key partnerships and is integrated with platforms like NVIDIA DRIVE, it faces significant risks related to its pre-revenue status, high cash burn, and intense competition within the crowded LiDAR market, making the path to profitability uncertain.

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• Spectral Capital Corporation is a technology-focused holding company pursuing a growth strategy centered on acquiring, integrating, and advancing businesses in telecommunications, data infrastructure, and advanced computing technologies.
• Spectral Capital served approximately 335 enterprise customers as of March 31, 2026, with Q1 2026 revenue run rate approaching $1 billion annualized.
• Spectral Capital suffered recurring losses from operations and has a working capital deficit, raising substantial doubt about its ability to continue.

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• Visa Inc. has agreed to acquire BioCatch from funds advised by Permira for $2.4 billion, extending its expansion beyond payment processing into behavioral fraud intelligence and digital identity protection.
• Announced on August 3, 2026, the transaction is expected to close by the end of Visa’s fiscal second quarter of 2027, subject to customary conditions.
• BioCatch analyzes behavioral and device-level signals to identify suspicious intent during digital banking sessions, helping financial institutions address account takeovers, scams, money-mule activity, and application fraud.

• FTAI Aviation operates through three main business segments: Aerospace Products, Asset Management via Special Purpose Vehicles (SPVs), and Power, each centered on aftermarket turbine engine performance.
• The second quarter of 2026 showed progress across these units, with Aerospace Products notably increasing production by over 60% year-over-year and expanding capacity to 3,000 CFM56 modules annually, positioning the company toward its goal of capturing 25% market share.
• Despite supply constraints in the CFM56 market, FTAI has prioritized directing production toward third-party customers, emphasizing market share growth and customer relationships over expanding its own leasing fleet.

• Okta has moved to deepen its position in identity security by signing a definitive agreement to acquire Permiso Security, a cloud-native platform focused on detecting and mitigating threats across human, non-human, and agentic identities.
• Announced on July 30, 2026, the transaction is expected to close in Okta’s fiscal third quarter of 2027, subject to customary conditions, and is not expected to change guidance issued on May 27, 2026.
• The timing aligns with Okta’s push into the agentic enterprise, where management argues that AI agents are becoming the fastest-growing and least-governed identity type.

• Flowserve Corporation reported second quarter 2026 results characterized by solid bookings growth and ongoing operational progress, though sales faced headwinds from the Middle East conflict and portfolio optimization efforts.
• Bookings increased by 26% year-over-year to $1.35 billion, highlighted by record aftermarket orders nearing $700 million, which reflects the company’s sustained focus on expanding service offerings and faster customer response.
• Original equipment bookings also rose significantly by 44%, buoyed by a healthy project pipeline including LNG projects in the Middle East and Canada, as well as nuclear awards in Asia and North America.

• Chipotle Mexican Grill reported second quarter fiscal 2026 revenue growth of 9.3% to $3.3 billion, supported by positive comparable sales growth of 2.2% and a 1% increase in transactions.
• Digital sales comprised 38.3% of total sales, up from 35.5% in the prior year.
• The company attributes these results to the continued advancement of its Recipe for Growth strategy, which focuses on strengthening core restaurant operations, modernizing the business through technology, evolving brand messaging, cultivating talent, and expanding globally.

• Q4 FY2026 revenue of $8.97bn (+51% QoQ, +372% YoY) and non-GAAP EPS of $39.25 beat guidance and consensus; Q1 FY2027 revenue guidance of $10.55bn came in below Street’s $10.62bn.
• New Business Model backlog rose to $93.9bn minimum contracted revenue across 8 customers, with RPO of $91.1bn pro forma including deals signed after quarter-end.
• We upgrade to BULLISH, TP US$1,860, set at 10x FY2027E EPS of $186 — a 10% discount to Micron’s 11x, reflecting SanDisk’s NAND-only exposure without HBM optionality. 

• AMD reported Q2 2026 revenues of $11.5 billion, up 50% YoY, up 13% QoQ and marginally ($36 million) beating the high end of the guided midpoint. 
• Looking ahead, AMD forecasted current quarter revenues of $13 billion at the midpoint, up 12.7% QoQ and up 41% YoY.
• Revenue growth now expected to “substantially exceed” the prior long-term target of more than 35%, and EPS expected to “significantly exceed” the prior $20 annual target within the strategic timeframe.

• The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
• We expect two ADDs and two DELs at the September 2026 rebalance, with some larger names likely skipped over on volatility grounds.
• No intra-review changes are expected before the rebal as the pending deals have been pushed out by regulatory challenges.

• Attovia Therapeutics (NASDAQ: ATTO) made an impressive public market debut Wednesday, finishing its first day of trading well above its initial public offering price after strong institutional demand carried into the secondary market. 
•  The clinical-stage biotechnology company priced its upsized IPO at $17.00 per share, selling 17.0 million shares to raise $289 million, before opening at $21.00, a 23.53% premium to the offering price.
• Shares traded as high as $22.79, never fell below $20.21, and closed at $21.90, representing a 28.82% gain from the IPO price. 

• The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
• The Technology Select Sector Index is the top sector with US$6.1 bn one-way flow. We expect one-way flow of ~US$14bn in September 2026 for the Select Sector indices in total.
• There is, of course, an additional US$5bn for the SP500, $6bn for Equal Weight, and a large expected funding flow across TMI.

• While it appears part of our “implausible plausible” scenario may unfold as expected, the critical part, i.e. President Trump accepting it, has yet to unfold.       
• Iran indicated that a deal to “manage” the Strait with Oman is close to consummation, while Tehran has indicated that effectively the U.S. “has nothing to do with it.”                  
• Otherwise, on the trading front, we closed out our short Sep NYMEX RBOB position, booking a near $572,000 gross profit for our model energy portfolio.           

• Braveheart Bio is a clinical-stage biotechnology company focused on developing a potentially best-in-class therapy, BHB-1893, for hypertrophic cardiomyopathy (HCM), a significant cardiovascular disease with unmet medical needs.
• The company is poised for a well-capitalized future, with a planned ~$300 million IPO that has garnered strong institutional interest, including a significant anchor investment from Fidelity, to fund upcoming global Phase 3 trials.
• The investment thesis is a high-risk, high-reward scenario, entirely dependent on the successful outcomes of its Phase 3 trials for BHB-1893, facing competition from established and emerging therapies in the growing HCM market.

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• We are reiterating our Buy rating and $30 price target after a.k.a. Brands Holding reported basically inline 2Q26 (June) top line and EBTIDA results, driven by solid growth in the domestic and non-Australian markets, as the company anniversaried the highly negative impacts of tariffs, and the focus on new Princess Polly stores, wholesale expansion and Culture Kings’ margin growth begins to demonstrate the ability of a.k.a. to register solid EBITDA growth.
• Further, the company provided basically inline initial 3Q and unchanged 2026 guidance; we note the 3Q guide projects YoY top line growth of 8.8% to 11.5% and EBITDA expansion of 14% to 21%.
• Further, management announced the first Culture Kings domestic store expansions since the initial Las Vegas opening in 4Q22 and guided to 10 new Princess Polly store openings in 2027.

• Drata is a rapidly growing private company in the security and compliance automation market, offering a SaaS platform that helps businesses streamline their compliance with various frameworks like SOC 2, ISO 27001, and HIPAA.
• The company has demonstrated impressive revenue growth, reaching an estimated $100 million in Annual Recurring Revenue (ARR) by early 2025, and has a strong venture capital backing with a valuation of $2 billion as of its last funding round.
• Positioned as a leader in the Governance, Risk, and Compliance (GRC) space, Drata is expanding its product offerings and global presence to capitalize on the growing demand for automated compliance solutions, driven by increasing regulatory complexity and cybersecurity threats.

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• Advanced packaging ASPs are heavily diluted by raw material pass-throughs: While 2.5D and High-Density System-in-Package (SiP) command high absolute ASPs, the bill-of-materials (BOM) cost—particularly high-density substrates—means gross margins for advanced packages remain structurally capped in the 12% to 15% range, even as gross margin dollars per wafer increase.
• Extreme utilization bifurcation persists across the footprint: Facilities running advanced packaging for high-performance computing (HPC) and premium smartphones are operating at 85% to 90% utilization, whereas legacy wirebond and automotive packaging lines remain depressed at 55% to 65% utilization due to prolonged Tier-1 automotive inventory digestion.
• Geographic diversification introduces a structural margin headwind: Amkor’s $2 billion Arizona facility faces a 15% to 20% operational cost premium over Asian hubs, necessitating “geopolitical tax” premiums and take-or-pay contract structures with Apple and TSMC, while the rapid ramp of the $1.6 billion Vietnam facility is temporarily diluting margins through front-loaded depreciation.