Daily Brief United States: Gold, Intel Corp, Raytheon Technologies , Lam Research, Boeing Co, Metsera, Crude Oil, 23andMe Holding Co, ZKsync, Lockheed Martin and more

• The book discusses new arguments for investing in gold in the modern era, including the threat of cyber financial warfare.
• The hosts discuss the book’s exploration of notable advocates and critics of gold investment, including Milton Friedman and Roubini.
• Emphasizing the new arguments in favor of gold investment in the 21st century alongside traditional reasons

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• Market looks happy about Intel 4Q result / 1Q guidance. There’s actually a fait bit of poor news for 2025. But the tone / narrative is a lot better.  
• 2025: Product margins under pressure, Foundry margins better if 18A EUV delivers. Server share loss to be fixed. No GPU. Capex reduced to US$20bn.
• How much do you pay for “we began the process of resizing our expense structure to support more modest long-term growth”. The stock trades at 13x 2025, 11x 2026 EPS. 

• Raytheon Technologies Corporation (RTX) concluded its fourth quarter of 2024 with robust financial performance, evidenced by significant growth across several key metrics.
• The company reported adjusted sales of $80.8 billion, marking an 11% organic increase driven by strong performances in commercial original equipment (OE), commercial aftermarket, and defense sales.
• Adjusted earnings per share (EPS) grew 13% to $5.73, and free cash flow amounted to $4.5 billion.

• Lam Research Corporation reported its earnings for the December 2024 quarter with results largely exceeding guidance midpoints, showcasing strong operational execution and strategic positioning.
• The company reported a revenue of $4.38 billion, an increase of 5% from the previous quarter.
• This growth was driven by a balance of increased spending in the DRAM and NAND segments, despite muted NAND spending levels earlier in the year.

• The Boeing Company’s recent quarterly earnings call revealed a mixed performance, capturing both progress and ongoing challenges.
• Key areas of focus included stabilizing production, managing fixed-price development programs, and cultural transformation, against the backdrop of an industry still in recovery.
• On the commercial aerospace side, Boeing’s production strategy post-IAM strike was highlighted.

• Metsera (MTSR US), a biotech using peptides to treat obesity, overweight and related conditions opened 41.7% above the issue price. 
• The company was seeking a specific cash-raise of $275 million and was not looking to allow further dilution.
• IPOs in the biotech sector are a “sell-the-news” event until we see on the tape otherwise.

• For the week ending 24/Jan, US crude inventories increased by 3.5m barrels, missing expectations of a 2.2m barrel build. Gasoline stockpiles rose, while distillate stocks fell more than expected.
• US natural gas inventories fell by 321 Bcf for the week ending 24/Jan, beating analyst expectations of a 317 Bcf drawdown. Inventories are 4.1% below the 5-year seasonal average.
• Shell’s Q4 adjusted earnings dropped 38.3% QoQ and 49.9% YoY, missing estimates due to weak margins and oil prices. HSBC raised its PT on Chevron but cut it for Exxon.

• 23andMe’s recent earnings report reveals a period of significant transition and strategic refocus for the company, characterized by financial adjustments, business restructuring, and an evolving operational strategy.
• These developments present a nuanced view of the company’s current state and future potential in the health genetics and consumer genomics sector.
• On the positive side, 23andMe reported strides in its overarching goal to achieve cash-flow positivity.

• This consulting report explores ZKsync’s transformation from a Layer 2 scaling solution into the Elastic Network, a groundbreaking ecosystem of interoperable ZK Chains positioned to revolutionize institutional blockchain adoption.
• With Bitcoin ETF inflows exceeding $30B and major players like BlackRock embracing blockchain technology, 2024 has marked unprecedented institutional interest in crypto.
• However, widespread adoption faces two key challenges: blockchain fragmentation and the inability of public networks to meet institutional requirements for privacy and compliance.

• Lockheed Martin Corporation’s recent earnings report for the fourth quarter and full year 2024 showcases a mix of positive and challenging aspects of the company’s performance.
• Overall, the company demonstrated resilience through revenue growth and an expanding backlog, but financial results were impacted by significant charges related to classified programs.
• In 2024, Lockheed Martin reported sales growth of 5% year-over-year, reaching $71 billion.