Daily Brief United States: Micron Technology, Molina Healthcare, FONAR , Vicor Corp, BigBear.ai Holdings , Tesla , Lexaria Bioscience , Evolution Petroleum, Crude Oil, Primo Brands Corporation and more

• SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market
• That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner…
• Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo

Molina Healthcare is a managed care organization specializing in Medicaid plans, with a market share of about 6% of the US population in Medicaid

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• FONAR’s privatization offer at $17.25/share by controlling shareholders has a 13% spread, with potential for a price increase.
• The company, trading at 5x EBITDA, holds $54m net cash, covering a significant portion of the buyout cost.
• FONAR’s core diagnostic centers generate 92% of revenue; the unprofitable MRI manufacturing segment is operationally integrated.

• Vicor is a highly innovative designer and manufacturer of high-density, high-efficiency modular power solutions, positioning it as a key enabler for demanding applications in artificial intelligence (AI), high-performance computing (HPC), automotive, and aerospace.
• The company’s proprietary technologies and vertical integration provide a technological moat; however, the business faces significant risks from customer concentration, intense competition from larger semiconductor players, and market cyclicality.
• Financial performance has been volatile, with recent margin compression and analyst downgrades creating uncertainty, yet the company maintains a strong balance sheet and is poised to capitalize on long-term secular growth trends in electrification and data center power demands.

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• BigBear.ai is a specialized provider of AI-powered decision intelligence solutions, with a primary focus on the U.S. defense, intelligence, and homeland security sectors. Its established relationships and expertise in these niche markets provide a competitive advantage.
• The company is in a high-growth industry but faces significant financial headwinds. It has a history of substantial net losses and negative operating cash flow, indicating a high-risk profile. Revenue growth has been inconsistent, with recent quarterly performance showing a year-over-year decline.
• Future success is heavily dependent on securing large-scale government contracts and successfully expanding into the commercial sector to diversify revenue. The company’s strong balance sheet, with a significant cash position, is intended to fund investments to capture these opportunities, but execution remains a key uncertainty.

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• Tesla remains a leader in the electric vehicle (EV) market, but is facing significant margin pressure from slowing demand and intense competition, particularly from Chinese manufacturers.
• The company’s future growth and lofty valuation are increasingly dependent on its ambitious pivot to artificial intelligence, robotics, and the successful commercialization of a robotaxi network.
• While revenue growth has decelerated and profitability has declined in recent quarters, the company’s strong brand, technological lead, and expanding energy division provide a foundation for future opportunities, albeit with high execution risk.

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• Lexaria is a biotechnology company seeking to enhance the bioavailability of multiple drug agents using DehydraTECH (DHT), its technology using oral and topical delivery.
• It combines lipophilic APIs with specific fatty acid and carrier compounds followed by dehydration.
• DHT offers several attractive features: 1) substantial improvement in bioabsorption in terms of time to measurable plasma levels & AUC, 2) brain permeation, 3) taste masking & 4) side effect reduction.

• The SCOOP/STACK mineral and royalty acquisition added high-margin production and future development potential with zero incremental capex.
• Net production was ~420 Boe/d (54% natural gas, 15% oil, and 31% NGLs) as of the transaction’s effective date on May 1, 2025.
• Importantly, the only incremental lifting costs associated with the production are gathering and processing fees associated with some of the leases.

• Crude oil futures were sliding lower Thursday as benchmarks racked up a fourth consecutive retreat of the week, coming amid expectations of a further OPEC+ hike offsetting heightened geopolitical tensions.
• Front-month Dec25 ICE Brent futures were trading at $64.16/b (2035 BST) versus Wednesday’s settle of $65.35/b, while Nov25 NYMEX WTI was at $60.57/b against a previous close of $61.78/b.
• Briefings from OPEC+ delegates over the last few days have wiped out the previous week’s healthy gains, with the group now expected to bring back a second tranche of voluntary cuts at a quicker-than-expected pace.

• After shedding 28% of its value year-to-date, Primo Water’s stock has come under intense scrutiny.
• The sharp decline reflects operational dislocations following its November 2024 merger with BlueTriton Brands, as well as broader disruptions across weather-impacted sales regions and distribution bottlenecks.
• In Q2 2025, comparable net sales fell 2.5% year-over-year, prompting a downward revision of full-year guidance to flat-to-1% growth from the previously guided 3% to 5%.