In today’s briefing:
- First AMD, Now Broadcom. How OpenAI Is Ruining NVIDIA’s Party
- BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
- Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
- S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!
- Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!
- BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy
- Estée Lauder Considers Offloading ‘Too Faced’—And Investors Are Watching!
- IBM Goes All-In On SAP—What The Cognitus Deal Really Means!
First AMD, Now Broadcom. How OpenAI Is Ruining NVIDIA’s Party
- OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
- OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
- In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!
BillionToOne, Inc (BLLN): Peeking at the IPO Prospectus of a Precision Diagnostics Company
- Their revolutionary single molecule NGS (smNGS) platform achieves what was once thought impossible – detecting and precisely quantifying genetic targets with single-molecule sensitivity.
- For the year ended December 31, 2024, they generated revenue of $152.6 million, representing 113% year-over-year growth, with a gross margin of 53% and net loss of $41.6 million.
- BillionToOne has raised nearly $400 million in equity funding prior to its IPO, complemented by debt financing, and continues to innovate within prenatal, oncology, and rare disease testing markets.
Evommune Inc. (EVMN): Peeking at the IPO Prospectus of a Chronic Inflammatory Biotech Company
- Evommune is a clinical-stage biotechnology company focused on developing therapies for chronic inflammatory diseases.
- Their most advanced clinical-stage product candidate, EVO756, is a potent and highly selective oral small molecule antagonist of MRGPRX2, a receptor predominantly found on mast cells and peripheral sensory neurons.
- The company is backed by many well-known sector dedicated investors including RA Capital.
S&P Acquires With Intelligence For $1.8 Billion—What It Means For Wall Street’s Data Wars!
- S&P Global is making strategic waves again with its recent agreement to acquire alternative assets data provider With Intelligence for $1.8 billion.
- The transaction, announced in October 2025, marks another major step by S&P to extend its footprint beyond public markets and deepen its capabilities across private markets.
- Expected to close either later in 2025 or early 2026, the deal is subject to regulatory approvals and customary closing conditions.
Merit Medical Just Acquired CryoBalloon—Here’s What Wall Street Missed!
- Merit Medical Systems has made headlines with its definitive agreement to acquire the C2 CryoBalloon technology from Pentax for $22 million—$19 million in upfront cash and up to $3 million in milestone-based contingent payments.
- This move, expected to close in Q4 2025, marks a strategic push by Merit into the gastrointestinal (GI) endoscopy space, targeting patients with Barrett’s esophagus and other GI disorders.
- This asset purchase follows a broader industry trend of tuck-in acquisitions aimed at boosting specialty portfolios while maintaining capital discipline.
BillionToOne IPO (BLLN.US): Unique Financial Profile For Molecular Diagnostics Company, Strong Buy
- BillionToOne Inc., a fastest-growing healthtech unicorn in the prenatal and oncology testing market in the U.S., set terms for its US IPO.
- The California-based molecular diagnostics company posts hyper-growth and enjoys industry-leading gross margins. Positive non-GAAP op income is likely to be achieved in 2025.
- BillionToOne Inc. has delivered 3+ years of exceptional revenue growth with a +167% CAGR over the past three years and strong gross margin profile supporting emerging profitability.
Estée Lauder Considers Offloading ‘Too Faced’—And Investors Are Watching!
- Estée Lauder Companies is reportedly exploring a divestiture of its cosmetics brand Too Faced, according to a recent Axios Pro report.
- Acquired in 2016 for $1.45 billion, Too Faced was once seen as a critical pillar of Estée’s efforts to appeal to younger, trend-conscious consumers through multibrand retailers like Sephora and Ulta.
- However, performance in the color cosmetics category has lagged, especially following pandemic-related disruptions and intensifying competition from newer indie entrants.
IBM Goes All-In On SAP—What The Cognitus Deal Really Means!
- In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.
- The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.
- With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.
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