In today’s briefing:
- Microsoft’s OpenAI Conundrum
- Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?
- Zebra Technologies: How Its RFID Empire Is Taking Over Multiple Industries!
- Xylem Teams Up with Amazon: How Smart Water Tech Is Reshaping Global Cities!
- NCR Atleos – Growth at a Value Price
- AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch
- Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!
- Neurocrine Biosciences Doubles Down on CRENESSITY – Can This Strategy Dominate the CAH Market?
- Veralto’s Data Center Revolution – How Water Tech Became the Next Big Thing in AI!
- Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech
Microsoft’s OpenAI Conundrum
- In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
- The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide.
- Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently
Expand Energy Eyes Western Haynesville Boom – Could This Be Its Next Big Jackpot?
- Expand Energy’s latest quarterly results highlight both positive strides and challenges within the company’s operations and strategic outlook.
- The company has pursued capital efficiency, managing to reduce costs significantly while increasing production, particularly in the Haynesville region.
- Expand Energy has demonstrated an impressive cost reduction in well expenses by over 25% and outperformed peers with year-to-date costs 30% lower, thanks to optimized development and completion designs.
Zebra Technologies: How Its RFID Empire Is Taking Over Multiple Industries!
- Zebra Technologies reported its third-quarter 2025 results, surpassing its initial outlook.
- The company posted $1.3 billion in sales, representing a year-on-year increase of 5%.
- Adjusted EBITDA margin improved slightly by 20 basis points to 21.6%, and non-GAAP diluted EPS rose by 11% to $3.88.
Xylem Teams Up with Amazon: How Smart Water Tech Is Reshaping Global Cities!
- Xylem Inc., a leading global water technology company, reported solid results in the third quarter of 2025.
- The company demonstrated strong financial performance with notable growth across its segments and has adjusted its full-year outlook upwards due to ongoing robust demand and efficient execution of its strategic initiatives.
- Positively, Xylem registered an increase in revenue across all its segments, with a marked double-digit growth in both Measurement and Control Solutions (MCS) and Water Solutions and Services (WSS).
NCR Atleos – Growth at a Value Price
- NCR Atleos (NATL) is a 2023 spin-off that is focused on the ATM market.
- It is benefiting from banks outsourcing their ATM operations which is driving high margin growth (ATMaaS revenue up 32% and backlog up 105% in the last quarter).
- The company is going to grow earnings at a 20% rate for the foreseeable future.
AMD: Management Expects Revenue Re-Acceleration from 2H26 with MI400 Launch
- Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
- More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
- Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.
Teradyne Inc.: Strategic Positioning in the Memory Market to Enhance Market Share & Revenue In Memory Testing Segment!
- Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.
- This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.
- The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.
Neurocrine Biosciences Doubles Down on CRENESSITY – Can This Strategy Dominate the CAH Market?
- In the third quarter of 2025, Neurocrine Biosciences reported robust financial and operational performance.
- The period was marked by $790 million in net product sales, a 28% year-over-year increase, driven by their flagship drugs INGREZZA and CRENESSITY.
- INGREZZA, used for treating tardive dyskinesia and Huntington’s chorea, saw continued growth attributed to recent expansions of the sales force and improved patient access, resulting in record new patient starts and prescriptions.
Veralto’s Data Center Revolution – How Water Tech Became the Next Big Thing in AI!
- Veralto Corporation delivered a robust yet nuanced performance in the third quarter of 2025, reflecting significant progress across its key business segments amidst a continually evolving macroeconomic landscape.
- The company reported a 5.1% increase in core sales and an 11% growth in adjusted earnings per share, propelled by strong execution within its Water Quality and Product Quality & Integrity (PQI) sectors.
- Despite navigating challenges such as global trade policy shifts, Veralto raised its full-year adjusted earnings per share guidance, showcasing resilience and adaptability.
Exzeo Group Inc. (XZO): IPO Opens Flat for the HCI Spin-Off Insurtech
- Exzeo priced mid-range at $21.00 and traded flat, signaling a disciplined and stable market entrance.
- Profitable, zero-debt insurtech spin-off from HCI boasting 50%+ EBITDA margins and $195M ARR.
- Expanding beyond 13 states into major markets; poised for sustainable, high-margin growth under proven leadership.
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