United States

• Micron delivered a blowout Q4, with $11.3B revenue and $3.03 EPS, led by DRAM’s 27% QoQ growth and an HBM3E run-rate nearing $8B.
• Data centre accounted for 56% of FY2025 sales, driven by LPDDR5 shipments for Nvidia’s GB chips and early HBM4 sampling.
• Management sees 2026 as a tight DRAM supply environment by design, with slower node transitions and deliberate capacity discipline supporting pricing.

• Axon Enterprise, best known for its Tasers, body-worn cameras, and cloud-based evidence management tools, has made headlines yet again.
• The company announced it will acquire Prepared, a U.S.-based emergency communications platform that integrates 911 call data across audio, video, GPS, text, and translation tools into one unified interface.
• Though Axon has not disclosed the official price, media outlets suggest a range of $800 million to $900 million.

• Tokenized Stocks Show Strong On-Chain Supply Growth: The tokenized stocks on-chain market value (ex-EXOD) has grown to an estimated $127M, up 14x YTD (as of 6 Sep 2025; $342M inclusive of EXOD), driven by the launch of Backed’s xStocks and Ondo Global Markets.
• Are Tokenized Stocks Real Stocks? The two main stock tokenization models are synthetic structure and native issuance.
• Both provide exposure to the return of the underlying stock, but native issuance aims to give investors true ownership rights.

• Global oil majors are slashing jobs and investments as weak demand, OPEC+ supply hikes, and rising costs drive the sharpest industry retrenchment since the 2020 collapse.
• U.S. producers face added strain from tariffs, cost inflation, and consolidation, forcing capex cuts, layoffs, and highlighting the slowdown of shale-driven growth that once powered record output.
• ExxonMobil emerges strongest among peers, supported by low debt, robust free cash flow, advantaged low-cost assets, and global diversification, giving it unmatched resilience in a prolonged low-price environment.

• Crude futures steadied Friday as oil headed for the strongest weekly gains since June, coming amid disruptions to Russian fuel supplies and heightened tensions between Moscow and NATO.
• Front-month Nov25 ICE Brent futures were trading at $69.53/b (0925 BST) versus Thursday’s settle of $69.42/b, while Nov25 NYMEX WTI was at $65.17/b against a previous close of $64.98/b.
• Fuel shortages in Russia have forced Moscow to extend the ban on gasoline exports and restrict overseas diesel sales.

Baillie Gifford US Growth Trust (USA) invests in exceptional US businesses with the potential to grow substantially faster than the market and deliver above-market returns. The company’s recent performance has been strong. The portfolio returned an impressive 31.6% in NAV terms and 37.6% on a share price basis in the year to 31 August 2025, well ahead of the benchmark return of 12.7%. However, USA’s managers are disappointed in its performance over three and five years, which was affected by the surge in growth stocks in 2020 and their subsequent sharp re-rating as interest rates rose in 2022. In response, the managers have implemented several portfolio construction ‘enhancements and guide rails’ to limit the adverse performance impact of future volatility. USA’s managers are confident about its outlook as they believe AI is generating exciting investment opportunities across the market. The trust is invested in a variety of companies focused on space travel, entertainment and online retail and business services. The managers expect these innovative and adaptable businesses to realise the outsized returns they are targeting as they develop into the mega caps of tomorrow.

Key points (machine generated)

• Disney has strong brand recognition and diverse content, indicating potential for growth.
• Challenges include increased competition, changing consumer preferences, and economic uncertainties.
• Stakeholders should be optimistic yet cautious about Disney’s future in the evolving entertainment landscape.

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

• Culp reported 1QFY26 GAAP EPS of ($0.02) versus ($0.58) in 1QFY25.
• Adjusting for one-time items, including a $4.0MM gain on the sale of property in Canada in 1QFY26, we estimate that ongoing EPS was ($0.30) versus ($0.36) in 1QFY25; management does not provide an adjusted EPS number.
• Please note with this report, we are assuming coverage of Culp, Inc.

Key points (machine generated)

• Uber has experienced over 50% year-to-date growth and has significant potential for future returns.
• The company connects drivers and riders, merchants and customers, and shippers and carriers, serving over 170 million monthly active users.
• Strategic initiatives like service integration, new product introductions, and effective pricing are expected to enhance growth and profitability.

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• OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former
• That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install
• Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!

• A significant production impact from the suspension of its Grasberg Block Cave mine in Indonesia, following a deadly mud rush incident, could lead to a spike in copper prices.
• The force majeure in the Freeport Mcmoran (FCX US) mine will take out 700,000 tons of annualized production in the foreseeable future (>2.5% of global copper production).
• Copper players like Southern Copper (SCCO US), Antofagasta PLC (ANTO LN), and Teck Resources (TECK US) would be beneficiaries, while Freeport Mcmoran (FCX US) could be significantly affected.

• Grasberg shock: Force majeure after mudflow cuts ~3% global supply; 50–60kt/month at risk; copper jumped to $10,300/t, near 2024 highs.
• Asian impact: Indonesia’s downstream push stalls; Chinese smelters squeezed by collapsing TCs; Japanese/Korean smelters face higher costs; miners and traders gain leverage.
• Winners: +$1,000/t adds ~6–8% EBITDA for Zijin, ~5–7% for Jiangxi; Japanese majors 15–45% exposed; Mitsui/Marubeni gain 0.5–2% via mine stakes/trading.

• NVIDIA’s has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.
• We highlight NVIDIA’s technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.
• We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.

• FactSet Research Systems delivered strong fourth quarter and full-year fiscal 2025 results, reflecting its continued resilience and capability to navigate shifting market conditions.
• The firm reported a 5.4% revenue growth rate to $2.3 billion for the fiscal year, and highlighted a significant increase in organic Annual Subscription Value (ASV), with the fourth quarter seeing the largest ASV addition in its history at $81.8 million.
• This ASV growth, especially notable at 5.7% sequentially, signals robust demand for FactSet’s offerings, particularly in wealth and asset management sectors, driven by an increasing appetite for data solutions.

• Comcast (Nasdaq: CMCSA) will spin off its cable networks and digital platforms into a new, independent, tax-free entity, Versant Media Group (Nasdaq: VSNT).
• The separation aims to unlock distinct value profiles, giving investors clearer exposure to both Comcast’s infrastructure-driven growth and Versant’s media/content-driven earnings
• The transaction is expected to be tax-free for Comcast shareholders and is anticipated to be completed in 2026.

• Vistra Corp shares recently pulled back sharply, dropping over 5% to \$206.82 after hitting an all-time intraday high of \$219.82 just a day earlier.
• The dip follows a downgrade by Jefferies, reflecting mounting investor concerns over delays in finalizing a high-stakes data center deal for the company’s Comanche Peak nuclear facility.
• While Vistra’s CEO Jim Burke expressed strong confidence that a deal will ultimately be signed, uncertainty around its timing and regulatory factors tied to Texas Senate Bill 6 have introduced a level of risk that the market is now pricing in.

• Crude oil futures were challenging monthly highs Wednesday, extending the previous session’s gains as investors eyed threats to oil supplies, including Russian diesel, after the latest spate of refinery attacks.
• Front-month Nov25 ICE Brent futures were trading at $69.13/b (2010 BST) versus Tuesday’s settle of $67.63/b, while Nov25 NYMEX WTI was at $64.86/b against a previous close of $63.41/b.
• Benchmarks have largely been rangebound in September with markets torn between supply disruptions and concerns over a Q4 supply glut as OPEC+ continues its unwinding program.

• ClearPoint Neuro is uniquely positioned as a critical enabler for the high-growth neuro-therapeutics market, providing the only commercially available platform for real-time, MRI-guided, minimally invasive navigation and delivery to the brain.
• The company’s hybrid business model, combining capital equipment sales with a growing base of recurring revenue from disposable products and services for its 60+ biopharma partners, offers a scalable path to future growth.
• While demonstrating impressive and consistent revenue growth (31% in 2024), the company remains unprofitable with significant cash burn, reflecting a high-investment phase focused on R&D, market expansion, and supporting partner clinical trials.

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• Crude oil futures eased back from multi-week highs Thursday amid profit taking but remained at the top end of the summer trading range.
• Front-month Nov25 ICE Brent futures were trading at $68.80/b (0945 BST) versus Wednesday’s settle of $69.31/b, while Nov25 NYMEX WTI was at   $64.45/b against a previous close of $64.99/b.
• Prices slipped after hitting the highest levels since July on what was put down to profit-taking, but concerns over Russian supplies continued to underpin the relatively elevated levels.

• Fermi set terms for its IPO on Wednesday afternoon and will offer 25 million shares at $18-$22 and to debut on Wednesday, 10/1.
• One of Fermi’s founders is former energy sector director, Rick Perry.
• The underwriters have reserved for sale at the initial public offering price up to 5% of the shares of common stock for sale through a directed share program.

• Big Tech is throwing hundreds of billions of dollars at the AI boom and neocloud providers, who are building AI data centers, are central players.
• I wrote a Research piece about Nebius two months ago. Since then, its stock has doubled, thanks in part to a $17.4 billion contract with Microsoft.
• I took a close look at the deal, ran some scenarios, and came across IREN, a promising but lesser-known company that’s trying to follow the same playbook

• Robinhood has successfully disrupted the traditional brokerage industry with its commission-free, mobile-first platform, attracting a large and loyal base of younger investors. The company has recently achieved consistent profitability, driven by a rebound in trading volumes, higher net interest revenues, and growth in its subscription services.
• The company’s growth trajectory is supported by product innovation, including the expansion of its cryptocurrency offerings, introduction of retirement accounts, and a push into AI-driven trading tools. Potential inclusion in the S&P 500 could further enhance its market visibility and credibility.
• Significant risks remain, primarily centered on regulatory scrutiny of its key revenue source, Payment for Order Flow (PFOF), and its high dependence on volatile retail trading activity, particularly in speculative assets. Intense competition from both fintech startups and incumbent brokers who have adopted similar commission-free models also poses a threat to long-term market share.

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• Crude oil futures steadied Wednesday, consolidating the previous session’s gains as investors eyed threats to oil supplies, including Russian diesel after the last spate of refinery attacks.
• Front-month Nov25 ICE Brent futures were trading at $67.90/b (1030 BST) versus Tuesday’s settle of $67.63/b, while Nov25 NYMEX WTI was at  $63.55/b against a previous close of $63.41/b.
• Benchmarks have largely been rangebound in September with markets torn between supply disruptions and concerns over a Q4 supply glut as OPEC+ continues its unwinding program.

• Alphabet‘s dominance in the digital advertising market, driven by its core Google Search and YouTube platforms, continues to fuel strong revenue growth and robust free cash flow generation. This financial strength allows for significant investments in high-growth areas.
• Google Cloud is emerging as a significant growth engine, consistently capturing market share and benefiting from the increasing enterprise adoption of cloud computing and AI-powered services. Management has highlighted strong AI demand as a key driver for its 32% YoY revenue increase in Q2 2025.
• Strategic investments in Artificial Intelligence are being integrated across Alphabet‘s entire product ecosystem, from enhancing search results and ad monetization to powering its Cloud offerings. This AI-first strategy is pivotal to maintaining a competitive edge against peers like Microsoft and Amazon, though it also necessitates increased capital expenditures.

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Key points (machine generated)

• UEIC develops control and sensor technology solutions for home entertainment, including universal remotes and smart home devices.
• The company has been operational since the 1980s, holds around 500 patents, and has 24 subsidiaries worldwide.
• The rise of OTT streaming services is causing a decline in traditional cable subscriptions, threatening the relevance of universal remotes.

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

• Culp reported 1QFY26 GAAP EPS of ($0.02) versus ($0.58) in 1QFY25.
• Adjusting for one-time items, including a $4.0MM gain on the sale of property in Canada in 1QFY26, we estimate that ongoing EPS was ($0.30) versus ($0.36) in 1QFY25; management does not provide an adjusted EPS number.
• Please note with this report, we are assuming coverage of Culp, Inc.

• ARK Innovation ETF (ARKK) is an actively managed exchange-traded fund (ETF) that seeks long-term capital growth by investing in companies involved in disruptive innovation. The fund’s strategy, led by CEO and CIO Cathie Wood, focuses on themes such as artificial intelligence, DNA sequencing, robotics, energy storage, and blockchain technology.
• The ETF has experienced periods of stellar performance, notably a more than 150% return in 2020, but also significant drawdowns, highlighting its high-risk, high-reward nature. Its concentrated portfolio and aggressive growth focus result in high volatility compared to broader market indices.
• Key risks for investors include the fund’s high concentration in its top holdings, dependence on the vision of Cathie Wood (‘key-person risk’), a fluid and sometimes informal investment process, and the inherent volatility of the disruptive technology sector.

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• We are initiating coverage of SOL Strategies, Inc. (NASDAQ: STKE), a pioneer in the Solana market.
• SOL Strategies is a publicly traded company that provides infrastructure for the Solana blockchain ecosystem, which is the fastest-growing project in crypto.
• The company’s catchphrase is “Solana Grows, We Win. It’s That Simple.”

On 10 September, Wheaton (WPM) announced that it had committed to contribute to Carcetti Capital’s financing of its acquisition of the Hemlo mine from Barrick in the form of a US$400m gold stream (c 39% of Carcetti’s total funding requirement). At the current gold price of US$3,650/oz, we calculate a 9.2% pre-tax internal rate of return (IRR) to Wheaton from its investment in Hemlo. At Edison’s more conservative, longer-term gold prices, we forecast that Hemlo will contribute an average of 0.9c/share to Wheaton’s EPS per annum, over the official 14-year life of the mine, and that it will contribute an average of 7.2c to Wheaton’s operational cash flow per share. At the same time, we have increased our Q325 EPS estimate by 4.4% and our FY25 EPS estimate by 5.7% to reflect recent strength in precious metals prices. Note that, at these levels, our FY26 EPS estimate rises from the US$1.44/share shown below to US$3.15/share.

• Historical Context is Crucial: This report analyzes Xilinx Inc. as a standalone entity prior to its acquisition by Advanced Micro Devices (AMD), which was announced in October 2020 and completed in February 2022. Xilinx ceased trading on the NASDAQ post-acquisition. Therefore, this primer serves as a historical analysis of a foundational semiconductor company.
• Dominant FPGA Market Leader: Xilinx was the inventor of the Field-Programmable Gate Array (FPGA) and the market leader, consistently holding over 50% market share. Its primary competitor was Altera, which was acquired by Intel. The company’s core strength was its highly flexible and adaptive processing platforms that enabled rapid innovation across diverse, high-growth markets like data centers, 5G communications, automotive, and aerospace & defense.
• Strategic Pivot to Platform Company: Under the leadership of CEO Victor Peng, Xilinx successfully transitioned from a chip supplier to a platform-centric company, focusing on high-growth areas like data center acceleration and AI inference. This strategy involved significant R&D investment and acquisitions to bolster its software and IP portfolio, leading to strong revenue growth in its targeted markets prior to the acquisition.

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• Leading Digital Bank and Auto Financier: Ally Financial holds a strong position as the largest all-digital bank in the U.S. and a dominant player in the automotive finance market. This dual focus provides diversified revenue streams and a solid customer base.
• Financial Performance and Shareholder Returns: The company has demonstrated a commitment to shareholder returns through consistent dividend payments. Recent financial performance shows a significant rebound in Q2 2025, with adjusted EPS beating analyst expectations, driven by an expanded net interest margin and disciplined cost control.
• Navigating a Challenging Environment: Ally faces headwinds from intense competition in the financial services industry, potential economic downturns impacting loan performance, and a dynamic regulatory landscape. The company’s reliance on the auto lending market also exposes it to risks associated with this specific sector.

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• Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
• With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
• If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.

• Crude oil futures were climbing higher on Tuesday as concerns about oversupply vied with geopolitical uncertainty to set the tone for the early part of the week.
• Front-month Nov25 ICE Brent futures were trading at $67.91/b (2017 BST) versus Monday’s settle of $66.57/b, while Nov25 NYMEX WTI was at  $63.71/b against a previous close of $62.28/b.
• Benchmarks had opened the session lower, but geopolitical tensions continue to keep markets on edge amid ongoing strikes on Russian energy infrastructure, while Russian military activity close to the Polish border has raised wider tensions.

• Joby Aviation is a pre-revenue company at the forefront of the emerging electric vertical takeoff and landing (eVTOL) aircraft market, aiming to revolutionize urban transportation with an on-demand aerial ridesharing service.
• The company has made significant progress towards Federal Aviation Administration (FAA) certification for its aircraft, placing it ahead of many competitors. Strategic partnerships with major players like Toyota and Delta Air Lines, along with a strong financial position, are key enablers of its growth strategy.
• However, the company faces substantial risks, including a capital-intensive business model with a long road to profitability, intense competition from both startups and established aerospace giants, and significant regulatory and technological hurdles to overcome before commercial operations can commence.

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• Lincoln Financial Group’s second-quarter performance showed a year-over-year improvement in adjusted operating income, marking the fourth consecutive quarter of such growth.
• The company reported robust results with a 32% increase in adjusted operating income, demonstrating momentum in its ongoing strategy to optimize operations and enhance profitability.
• This positive trend reflects efforts to focus on risk-adjusted return on capital and reducing result volatility, although the economic backdrop remains subject to change, potentially influencing future results.

• Regency Centers stands as a preeminent owner and operator of high-quality, grocery-anchored shopping centers located in affluent and densely populated U.S. markets.
• The company’s strategic focus on necessity-based retail provides a defensive moat against e-commerce and economic downturns, resulting in high occupancy rates and stable cash flows.
• Future growth is expected to be driven by a combination of strong leasing activity, a robust development and redevelopment pipeline, and disciplined capital allocation, though risks from tenant bankruptcies and rising interest rates persist.

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• Crude oil futures were slightly lower on Tuesday as concerns about oversupply vied with geopolitical uncertainty to set the tone for the early week.
• Front-month Nov25 ICE Brent futures were trading at $66.37/b (0850 BST) versus Monday’s settle of $66.57/b, while Nov25 NYMEX WTI was at  $62.10/b against a previous close of $62.28/b.
• Markets have been unable to shake off fears of a looming supply glut, with the International Energy Agency (IEA) setting off alarm bells last month with its forecast of a 2.5 million bpd Q4 surplus rising to over 3 million bpd next year, with OPEC+ seemingly on course to add more 2.5 million bpd by the end of this year.

• Blue Owl is strategically positioned in the fastest-growing segments of alternative asset management, particularly direct lending and GP solutions, capitalizing on the secular shift of capital from public to private markets.
• The company’s business model, anchored by a high concentration of permanent capital, provides a stable and predictable revenue stream through management fees, reducing volatility and supporting consistent growth in assets under management (AUM) and fee-related earnings (FRE).
• Aggressive strategic acquisitions are expanding Blue Owl’s capabilities into high-demand sectors like digital infrastructure and real estate credit, which are expected to drive significant synergies and future growth, although they also introduce integration risks.

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• Equinix is the world’s largest data center and interconnection provider, structured as a REIT, and is a critical component of the global digital economy’s backbone.
• The company is strategically positioned to capitalize on major secular growth trends, including artificial intelligence (AI), hybrid multi-cloud adoption, and enterprise digital transformation, which are driving robust demand for its services.
• While facing risks from high capital intensity, competition, and legal scrutiny, Equinix’s extensive global platform, dense interconnection ecosystem, and strong recurring revenue model provide a durable competitive advantage.

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• Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st. 
• It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
• The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. 

• Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.
• We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.
• We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.

• Despite initial concerns about tariffs and policy uncertainty hurting global economy, many major metals have seen significant price gains this year
• Tariffs have been implemented, but manufacturers have absorbed costs in margins rather than passing them on to consumers
• Despite signs of economic strain in recent data, commodity prices remain strong due to US dollar weakness making commodities more affordable for importing countries

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• The Federal Reserve is expected to ease interest rates by 50 basis points this year, aligning with a forecast of 100 basis points of easing by next January.
• The Fed prioritizing its labor market mandate over its inflation target may lead to better growth and higher inflation outcomes next year.
• The yield curve has been volatile but is currently fairly valued, with potential for steepening due to asymmetrically dovish reaction function and Fed independence considerations.

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• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

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• Lendbuzz filed for an IPO on September 12th for a potential October debut. 
• They serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores® of 601-719).
• They had total revenue of $101.3 million, $175.4 million, and $281.5 million and net income of $15.0 million, $11.2 million, and $24.3 million in 2022, 2023, and 2024, respectively.

• Crude oil futures opened the week slightly firmer as traders continued to monitor disruptions to Russian flows amid ongoing attacks against infrastructure and sanctions threats.
• Front-month Nov25 ICE Brent futures were trading at $67.22/b (0735 BST) versus Friday’s settle of $66.68/b, while Nov25 NYMEX WTI was at  $62.90/b against a previous close of $62.40/b.
• The prospect of tighter measures against Moscow was seen increasing with European leaders pushing for a wider rollout, including secondary tariffs.

• Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
• Pivotal studies have been completed with safety & efficacy results exceeding expectations.
• Achieve is now awaiting its target action date of June 20th 2026 and preparing for commercialization.

• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition offer, potentially forcing a higher bid before the October 23 vote.
• OCI N.V. will merge with Orascom Construction, leading to delisting and liquidation, with limited upside from current levels.
• Hearst’s $16.50/share bid for DallasNews likely to win shareholder approval, backed by major shareholder and proxy firms.

• Alliance Laundry Holdings (ALH US), filed for its IPO on September 12th. 
• BDT Capital Partners became the controlling shareholder of Alliance Laundry Systems in 2015, when its investment funds acquired a majority stake in the company from the Ontario Teachers’ Pension Plan.
• They had net revenues of $1.38 billion, $1.37 billion, and $1.51 billion and net income of $99.7 million, $88.3 million, and $98.3 million in 2022, 2023, and 2024, respectively.

• Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.
• The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.
• Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

• StubHub Holdings (STUB US) went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.
• StubHub Holdings (STUB US) is expected to be added to US TMI at the December 2025 review.
• The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.

• FedEx Corporation recently announced its first-quarter results for fiscal 2026, presenting a mixed bag of positives and challenges.
• On the revenue side, the company showed a 3% year-over-year increase, primarily driven by strength in the U.S. domestic package services.
• Despite this growth in revenue, FedEx faces continuing headwinds from global trade uncertainties and the expiration of a significant contract with the U.S. Postal Service, which together posed a notable financial impact.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• In a bold move signaling its intent to deepen its footprint in early-stage construction solutions, Commercial Metals Company has announced its plan to acquire Concrete Pipe & Precast (CP&P) for $675 million in cash.
• This acquisition comes at a pivotal time for CMC, which has been actively executing a strategy focused on higher-margin, lower-volatility segments, and expanding its exposure to infrastructure-heavy regions such as the U.S. South and Mid-Atlantic.
• CP&P, a supplier of precast concrete products, offers CMC the opportunity to integrate earlier into the construction value chain—a key element of its long-term growth strategy.

• The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders
• D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle
• D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years

• Expansive Exploration Ventures in Northern Chile Southern Copper is currently engrossed in a meticulous ground study of its Especularita copper-gold project, located within the metallic-rich coastal belt of northern Chile.
• Spread across 19,076 hectares, the Especularita project encompasses both exploration and mining ventures, either granted or in the process of being so.
• The firm further boasts rights to potentially secure full ownership of the project.

• Laboratory Corporation of America Holdings (Labcorp) reported strong financial results for the second quarter of 2025.
• The company delivered double-digit top-line growth, with total revenue reaching $3.5 billion, representing a 10% increase compared to the previous year.
• This growth was driven by both its Diagnostic Laboratories and Biopharma Laboratory Services (BLS) segments.

• Stanley Black & Decker’s financial results for the second quarter of 2025 highlight a mixed performance amidst a challenging economic environment.
• The company reported revenues of $3.9 billion, a 2% decrease compared to the previous year, with organic revenues down by 3%.
• This decline was primarily impacted by a slow start to the outdoor buying season and disruptions in shipments due to customers’ reactions to tariffs.

• Boyd Gaming reported a quarter characterized by strong operational results, significant capital deployment, and a transformative monetization of its digital gaming stake.
• The company announced the sale of its 5% equity interest in FanDuel to Flutter Entertainment for $1.755 billion in cash, with after-tax proceeds of approximately $1.4 billion.
• Proceeds will be used to repay outstanding credit facility debt, lowering leverage from 2.8x to below 2x and resulting in estimated annual interest savings of $85 million.

• A review of recent events/data impacting our investment themes and outlook
• The Precious metals and miners are potentially having blow-off moves
• Strategic Metals and Minerals get another boost from the Trump  administration

• Global central banks are navigating divergent monetary policies, with the Fed initiating rate cuts while European and Japanese counterparts maintain cautious stances amid varying inflation and growth outlooks.
• Significant economic headwinds, including the impact of tariffs and political instability in key regions, are influencing central bank decisions and contributing to a nuanced global economic landscape.
• This environment of diverging policies and persistent economic pressures sets the stage for a strategic market opportunity, focusing on volatility dynamics in developed markets.

• NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
• Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
• Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future

• UiPath’s second-quarter fiscal 2026 financial performance reflects a mix of positive results and challenges.
• The company exceeded the high end of its guidance across key financial metrics, indicating robust execution.
• With an annual recurring revenue (ARR) increase of 11% to $1.723 billion and revenue growth to $362 million, UiPath illustrates strong market demand and operational efficiency.

• Meta Platforms has taken another bold step in its augmented reality (AR) journey with the announcement of its $800 Ray-Ban smart glasses featuring a built-in display, gesture-based control via a Neural Band wristband, and AI integration.
• Unveiled at its September 2025 Connect conference, these glasses aim to transition the market from novelty wearables to daily-use smart devices.
• With over 2 million units of the prior Ray-Ban model sold since 2023, Meta is pushing hard to capitalize on its dominant 60% market share in smart glasses.

• IonQ has emerged as one of the most ambitious players in the quantum computing space, recently doubling down on both compute and networking strategies.
• Its Q2 2025 earnings call showcased a slew of high-profile announcements, including the strategic acquisition of Capella, formation of a Quantum Networking division, and a landmark $1 billion investment from Susquehanna.
• But even more intriguing are IonQ’s acquisition plans: the company has already announced the planned acquisition of Oxford Ionics and is reportedly in talks with Vector Atomic.

• NVIDIA Corp (NVDA US) surprised the market with its announcement of a $5 billion investment in Intel Corp (INTC US).
• The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.
• We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Broadcom Inc.’s recent financial results reflect significant developments within the technological landscape, with notable growth, strategic advancements, and some areas of slow recovery.
• Positively, Broadcom reported a substantial increase in revenue for its third quarter of fiscal year 2025, achieving a record $16 billion, a 22% rise year-on-year.
• This growth was propelled primarily by the strength of its AI semiconductor business and continuing expansion with VMware.

• Vivani Medical has set Oct 8, 2025 as teh record date for its earlier announced spin-off of its neuromodulation subsidiary, Cortigent Inc.
• Vivani will retain its focus on its GLP-1 implant pipeline for metabolic disease. Investors get clean exposure to two very different growth narratives: neuromodulation (BCI) and drug implants.
• If executed properly, this spin-off could unlock meaningful valuation uplift particularly for Cortigent in a promising but under-served medtech space.

• Adobe Systems Incorporated has reported strong financial results for the third quarter of fiscal year 2025, showcasing continued double-digit growth in both revenue and profitability, driven largely by its strategic emphasis on artificial intelligence (AI).
• The company saw record revenue of $5.99 billion, marking a 10% increase year-over-year, while GAAP earnings per share reached $4.18 and non-GAAP earnings per share was $5.31, reflecting an impressive 14% growth.
• The incorporation of AI into Adobe’s product suite has been a significant focus, as exemplified by the deployment of AI innovations across its flagship Creative Cloud applications like Photoshop, Illustrator, and Premiere Pro.

• Even though tariffs disrupt Chinese competitiveness, U.S.-centric petrochemical companies face pressures from weak demand, low prices, and higher input costs.
• Olin has outperformed peers in a weak petrochemical cycle, supported by U.S.-centric sales, disciplined capital allocation, and investor flows, while Dow and Eastman struggled with tepid exports and margins.
• Tariffs boosted U.S. sales but hurt exports, and while the sector remains in a downcycle, Olin’s domestic focus and shareholder-friendly strategy have fueled a sharp stock rally.

• China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
• Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
• If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.

• Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
• The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
• Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

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

• The geopolitical tech battle between the U.S. and China has taken a sharp turn—and Nvidia is now squarely in the crosshairs.
• In a significant escalation, China’s State Administration for Market Regulation has launched an antitrust probe against Nvidia, claiming the chipmaker violated monopoly laws during its $7 billion acquisition of Israeli firm Mellanox Technologies.
• The regulator’s preliminary findings come at a delicate moment as U.S. and Chinese officials wrap up high-stakes trade talks in Madrid.

• The race toward quantum advantage is entering its most critical phase, and IBM has quietly positioned itself as the frontrunner in a highly competitive field dominated by tech giants like Google, Microsoft, and Amazon.
• In its Q2 2025 earnings call, IBM confirmed a major milestone: the deployment of IBM Quantum System Two in Japan, the first such system outside the United States.
• This isn’t just a milestone in hardware—it signals IBM’s intent to establish global leadership in quantum computing infrastructure.

• They offer a range of residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.
• They had revenue of $84.9 million and $119.3 million and net income of $17.9 million and $34.6 million in 2023 and 2024, respectively.
• Neptune Insurance Holdings is set to become the sixth insurance-related IPO of 2025.

• In a bold and highly publicized move, Tesla CEO Elon Musk recently purchased $1 billion worth of Tesla shares, raising questions about whether this insider action can restore near-term investor confidence in the electric vehicle giant.
• Coming on the heels of a tumultuous few quarters marked by falling regulatory credit revenue, inflationary cost pressures from tariffs, and increased capital expenditures for AI and energy storage initiatives, the purchase is being framed as a powerful show of confidence in Tesla’s long-term vision.
• At the same time, Tesla’s recent Q2 2025 results showcased significant advancements including the rollout of robotaxis in Austin, substantial progress on Optimus humanoid robots, and growing traction for FSD software.

• Apple shares are on the rise again, powered by stronger-than-expected demand for the newly launched iPhone 17.
• After stumbling below $230 in the wake of a lukewarm launch event, Apple stock rebounded to $236.57, up 1.1% on the day, outpacing the S&P 500’s 0.5% gain.
• While initial reactions to the iPhone 17 were muted, investors are now reassessing their expectations in light of robust preorder volumes and significantly extended delivery times — both of which suggest consumer enthusiasm is running high, particularly in key markets like the U.S., China, and the U.K. This dynamic mirrors — and in some metrics, surpasses — what was seen during last year’s iPhone 16 cycle.

• Credo Technology Group reported strong financial performance in the first quarter of fiscal 2026, with revenue reaching $223 million, marking a 31% sequential increase and a substantial 274% rise year-over-year.
• The company achieved a non-GAAP gross margin of 67.6% and nearly $100 million in non-GAAP net income.
• This growth is primarily driven by increased demand from hyperscalers and data center operators investing in AI infrastructure, necessitating high-speed connectivity solutions.

• Ciena Corporation delivered strong results in its fiscal third quarter of 2025, showcasing significant top-line growth and improved profitability metrics.
• The company reported revenues of $1.22 billion, outpacing the high end of its guidance and representing a 30% increase year-over-year.
• The gains were driven by broad-based demand, particularly from cloud providers and service providers, with reported strong orders setting a new quarterly record for Ciena.

• The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
• Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
• Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.

• Rubrik’s recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.
• Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.
• The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

• Samsara Inc. has demonstrated considerable growth in the second quarter of fiscal 2026, with key financial metrics reflecting the company’s strong market position and strategic direction.
• The company reported an Annual Recurring Revenue (ARR) of $1.6 billion, representing a 30% year-over-year increase.
• Notably, customers contributing over $100,000 in ARR accounted for nearly $1 billion, growing by 35% from the previous year.

• GitLab’s second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.
• The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.
• Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

• Chewy’s latest financial performance in the second quarter of fiscal year 2025 showcased solid growth, with net sales increasing by approximately 9% year-over-year to $3.1 billion, surpassing the upper end of the company’s guidance range.
• This growth is particularly noteworthy in a market environment characterized by low to midsingle-digit industry growth, highlighting Chewy’s ability to capture market share.
• The company’s Autoship program, especially in consumables and health categories, played a significant role, generating $2.58 billion in customer sales and constituting 83% of total sales for the quarter.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• Sprinklr, a company specializing in customer experience management software, reported $212 million in total revenue for the second quarter of fiscal year 2026, marking an 8% year-over-year growth.
• Subscription revenue accounted for $188.5 million, reflecting a 6% increase.
• The company achieved a record $38.2 million in nonGAAP operating income, resulting in an 18% operating margin, indicating improved cost management.

• Guidewire Software Inc. reported its fourth-quarter and fiscal year 2025 results, showcasing notable achievements in cloud transformation while addressing key challenges in the insurance software sector.
• Guidewire’s transition to a cloud-based model continues to drive growth, with Annual Recurring Revenue (ARR) increasing by 19% and fully ramped ARR advancing by 22% on a constant currency basis.
• Surpassing the $1 billion ARR milestone is a significant achievement, underlining Guidewire’s strong market position.

• Faraday Future to spin-off its “Crypto Flywheel” / C10 Treasury assets into a separate entity (CXC10), enabling independent fundraising and clearer strategic focus.
• Post separation, Faraday Future remains an EV story, focused on vehicle development, production milestones, and shared mobility initiatives.
• The separation of the volatile, high-risk crypto assets from the EV business will reduce investor confusion and may uplift valuation by removing any conglomerate discount.