Daily Brief United States: Copper, Figma, Ambiq Micro, Shoulder Innovations, Crude Oil, Miami International Holdings, Ohmyhome , Pudgy Penguins Token, General Electric , PMV Pharmaceuticals and more

• The copper trade still gets lots of attention. Reason for us to dig a little deeper and evaluate emerging opportunities.

• Let’s also evaluate the “fundamental” reason market participants have why COMEX Copper is so much pricier than LME copper…

• The announcement of a 50% tariff on imported refined copper into the US has triggered a widening of the COMEX-LME-Spread from 11% to 27%.

• Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.
• One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. 
• The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

• The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
• While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach. 
• The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.

• For the three months ended June 30, 2025, they expect net revenue to be between $10.8 million and $11.2 million, compared to $8.3 million for the same period in 2024.
• Channel checks from our sources revealed that the deal is being classified as well-oversubscribed. The books are scheduled to close Tuesday at 4pm ET.  
• We like the risk-reward profile of this deal and see solid upside in this deal at this time. 

• Trump’s 50-day ultimatum to Russia expires on September 2nd, potentially leading to sanctions and increased weapons supplies to Ukraine
• EU’s new price cap on Russian crude takes effect on September 3rd, aiming to curtail Russia’s energy revenues and strengthen anti-circumvention measures
• Snapback provisions on Iran could be triggered in September, adding to global oil price volatility and uncertainty

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• The company that describes itself as a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies filed for its on July 18th.
• They maintain a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures.
• Their revenues less cost of revenues were $275.6 million, $232.5 million and $195.6 million  for 2024, 2023 and 2022. 

• Ohmyhome Ltd(OMH) Company Sponsored Research Report

• Pudgy Penguins, initially a successful PFP NFT launch featuring adorable penguin figures, gained early traction but lost momentum following unmet community expectations. 

• In 2022, current CEO Luca Netz acquired the project and transformed it into a successful IP business through omnichannel meme viral marketing, online experience building, and in-store toy sales.

• OverpassIP, an NFT licensing platform built by the same team, enables NFT holders to earn royalties, converting Pudgy NFTs with purely speculative value into assets with fundamentals tied to the IP’s commercial success.

• General Dynamics has recently reported its second-quarter 2025 earnings, highlighting several key aspects of its financial performance and operational activities.
• The company recorded earnings of $3.74 per share, surpassing analyst expectations by $0.19, with revenues coming in at $13 billion, marking an 8.9% increase year-over-year.
• The operational earnings also showed positive growth, rising by nearly 13% to $1.3 billion, while net earnings increased by 12%.

• PMV Pharmaceuticals is in a Phase 2 trial for cancer therapy, with interim results expected mid-2025, and potential value realization through strategic review due to a large net cash position.
• Yorkville Acquisition has commenced separate trading of its Class A ordinary shares and warrants, with a $10/share trust value.
• Copper Property CTL Trust extended its wind-down deadline to January 2026, with amendments allowing confidential shareholder consultations during the sale process.