Daily Brief United States: Copper, Advanced Micro Devices, Atlassian , Quanta Services, Viomi Technology Co Ltd, Earth Science Tech, Health In Tech, L3Harris Technologies , Namib Minerals, Omega Healthcare Investors and more

• Global copper demand is stabilising after months of weakness, even as inventories thin out. The ICSG now expects a 150,000-ton deficit in 2026, reversing its earlier forecast of a surplus.
• A softer dollar and expectations of continued Fed easing are improving the backdrop for commodities. The copper–gold ratio sits near 30-year lows, signalling room for mean reversion.
• The bullish setup hinges on growth holding up and exceeding the rate of growth of China. Electrification to be the biggest driver.

• AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
• Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
• Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.

• Atlassian Corporation Plc reported strong financial performance for the first quarter of fiscal year 2026, achieving total revenue growth of 21% year-over-year, amounting to $1.4 billion.
• A significant contributor to this growth was their cloud revenue, which saw a 26% increase to $998 million.
• Additionally, the company’s remaining performance obligations (RPO) grew impressively by 42% to $3.3 billion.

• Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.
• The company’s backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.
• This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.

• Viomi preannounced in August that its first-half revenues would exceed RMB 1.4 billion ($195 million), and this week, the company published its complete income statement for the first six months, which demonstrated strong performance in the company’s core market.
• We believe government policies in China drove a meaningful portion of the revenue growth in the first half.
• We are not expecting that this program renews in 2026, but we will adjust our model if that changes.

• Key F2Q26 takeaways include: 1) edging up our F2026 (Mar) EPS estimate by a penny to $0.02, while our F2027 forecast remains unchanged at $0.04, as a slightly flatter revenue growth trajectory is offset by more favorable margin assumptions 2) no change to our $1.00 price target suggesting meaningful upside potential from current levels, as ETST continues to trade at what we believe to be an unsustainably low valuation despite the company’s unique business model, compelling growth track record, improving profitability, and strong balance sheet and 3) balance sheet assets totaled $8.7 million, including cash of $1.2 million as of 9/30/25, up from $5.1 million a year ago, with net cash generated from operating activities of $1.2 million for the first six months of F2026.

• HIT recently introduced a key expansion of its Do-It-Yourself Benefit System (eDIYBS) to extend capabilities to employers with 150 or more & is extremely encouraged about the prospects.
• HIT also is testing a 3-year rate hold solution – expected to launch in 1Q26 – that it expects to boost customer retention and provide additional offerings for its distribution partners, and with JV partner AlphaTON Capital plans to jointly develop a blockchain-enabled healthcare insurance claims processing platform, HITChain, to address inefficiency and fraud in the domestic healthcare: claims processing space, lower administrative costs and improve transparency.

• L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.
• The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.
• This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.

• Namib Minerals outlined operational guidance for 2025, targeting 24-25Koz of gold and adjusted EBITDA of $22-26M, while focusing on grade optimization and throughput improvement at its How Mine.
• Management outlined a phased restart plan for Redwing and Mazowe, with early-stage dewatering and infrastructure upgrades set to begin.
• We initiated coverage on NAMM (see here), highlighting its strong growth potential as it advances two restart projects.

• Omega Healthcare Investors is a leading real estate investment trust (REIT) specializing in skilled nursing facilities (SNFs), positioned to benefit from powerful long-term demographic tailwinds of an aging population.
• The company’s triple-net lease model is designed to provide stable, predictable cash flows, supporting a historically strong dividend. However, this model’s success is heavily reliant on the financial health and operational stability of its tenant operators.
• Key risks to the investment thesis include the significant dependence on government reimbursement policies (Medicare and Medicaid), which are subject to change, and the persistent operational challenges faced by SNF operators, such as rising labor costs and staffing shortages.

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