Daily Brief United States: IShares Bitcoin Trust ETF, CRH , Comfort Systems Usa, Marvell Technology , Natural Gas, NVIDIA Corp, Firstenergy Corp, Moderna , Datadog and more

• Bitcoin has seen a historic price decline since October.  The fear gauge is higher than at any time in its history, and technical indicators show further downside is likely.
• The bitcoin ecosystem is highly leveraged and has seen miners and related single-stock ETFs fall dramatically.  Bitcoin volatility remains below historical levels, suggesting further selling is likely.
• Bitcoin price is highly dependent on monetary conditions, which indicate that easing will end by 1Q 2027. Gold is supported by continuing higher inflation expectations and, hence, the price divergence.

• The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
• The index changes for the December 2025 rebal will be based on the open of 3rd December 2025 and announced after the close of 5th December 2025.

• CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.
• Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.
• Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.

• Marvell Technology (MRVL US) became eligible at the last minute for S&P500 inclusion in the December 2025 review, following positive Q3 earnings.
• Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
• The company’s market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&P500 with a higher chance of inclusion in 2026.

• Henry Hub surged on cold forecasts and record LNG demand, while TTF stayed soft due to tepid demand. Weather and LNG flows now drive a volatile winter spread.
• The Henry Hub–TTF spread faces exceptional uncertainty, shaped by diverging regional fundamentals. Henry Hub remains sensitive to U.S. forecast shifts, while TTF is anchored by strong EU storage.
• With weather driving short-term volatility, the spread remains highly unpredictable. Even steady U.S.–Europe LNG flows offer only partial stability as shifting forecasts and regional imbalances continue to reshape price dynamics.

• The recent quarter’s performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.
• Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.
• Such figures underscore the company’s position within the rapidly evolving AI infrastructure landscape.

• In evaluating FirstEnergy Corp.’s third-quarter 2025 results, several key aspects inform an investment thesis.
• On the positive side, the company reported increases in both GAAP and core earnings per share, underscoring strong operational performance.
• Specifically, FirstEnergy’s core earnings saw a rise to $0.83 per share from $0.76 the previous year, while year-to-date core earnings jumped 15% to $2.02 per share, driven by effective execution of customer-focused investments and base rate adjustments in Pennsylvania.

• During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.
• However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.
• The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

• Bitcoin has been selling off since early October 2025 and reached a -35% loss around November 20, then bounced back, the rally is currently ongoing.
• Our focus is always short-term and in this insight we will try to analyze how far the current BTC-USD spot rally can go before a new sell-off begins.
• The alternate hypothesis is that the current downturn is merely a sharp, tactical correction within a larger secular bull market. Under this interpretation, the pullback could be a buying opportunity.

• Datadog is a market-leading observability platform for cloud-scale applications, providing a unified, real-time view of a company’s entire technology stack. Its strong growth is driven by secular tailwinds of cloud migration and digital transformation.
• The company exhibits a powerful financial profile, characterized by high revenue growth, a recurring subscription-based model, and improving profitability and free cash flow. The ‘land-and-expand’ strategy has proven highly effective, with a strong net revenue retention rate.
• While the company’s strategic position and growth are compelling, its shares trade at a significant premium valuation. Key risks include intense competition from both specialized vendors and large cloud providers, and the stock’s sensitivity to macroeconomic shifts impacting IT spending.

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