Daily Brief United States: NVIDIA Corp, Gold, Hinge Health, MNTN, Elevation Oncology , Mckesson Corp, Base Oil, Edesa Biotech and more

• NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  
• Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  
• Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  

• Nvidia will provide IP blocks to other semiconductor designers (hyperscalers Amazon, Google, their design partners Alchip, Mediatek) so that they can integrate their own CPU or ASIC into Nvidia’s systems.    
• A small size RTX-Pro-Server for Enterprise to run their own AI models, AI agents. That’s “on-premise” AI. AI Data Platform, a tool to structure and train AI data and models.  
• Mediatek is promoted to the title of “great partner”. Lots of mentions of Hon Hai / Foxconn, TSMC. No mention of Broadcom.

• Steve Lowe, former managing director at Scotiabank, discusses his experience leading the iconic Scotia metals business
• Scotiabank’s success in the gold market was attributed to its broad scope and involvement in the physical business
• Focus on client service and cooperation among regions contributed to Scotiabank’s success in the gold market

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• The venture-capital backed company set terms for its IPO and will be seeking a valuation cut of more than 50% from its 2021 peak.
• Their revenue was $123.8 million and $82.7 million for the three months ended March 31, 2025 and 2024, respectively, representing a year-over-year growth rate of 50%.
• This IPO has gained a substantial amount of orders as the underwriters are classifying the books as multiple-times oversubscribed. 

• Their self-serve software platform enables marketers to precisely target audiences through their MNTN Matched technology and then directly attribute each view to a purchase or other action.
• Detractors of this IPO may point to the lack of profitability of a company founded in 2009 as well as the immense competition in the space.
• The company does have a grand vision and a solid core of backers with a manageable deal size.  Furthermore, 19 of the last 25 quarters have produced positive adjusted EBITDA. 

• Elevation Oncology’s market cap is $16.5m, trading at a 50% discount to its mid-year cash guidance of $30m-$35m.
• The company has no debt, $0.5m in payables, $3.7m in accrued expenses, and guided mid-year cash of $30m+.
• Potential upside of 30%-60% is based on liquidation or buyout scenarios, considering working capital liabilities and cash burn.

• Asia’s base oils demand could see earlier-than-usual seasonal slowdown in face of weak lube consumption and improving supply.
• Asia’s lube demand falls at end-Q1 2025 from year-earlier levels.
• Demand weakness shows signs of extending into Q2 2025 as uncertainty about US tariffs compounds signs of slowing economic growth.

• Before I dig into my regular update, I want to share one chart that caught my eye this week.

• Colin King did a nice job modeling out Lionsgate RemainCo Stub / Starz valuation from last May to now.

• Interesting to see that at one point it was trading at a negative $1 price.

• Asia’s heavy-grade base oils prices hold firm versus feedstock/gasoil prices.
• Asia’s Group II light-grade prices slip vs feedstock/gasoil prices faster than heavy grades and faster than Group I light grades.
• Supply-demand fundamentals likely to improve for light and heavy grades in coming weeks as plant maintenance draws to a close and demand slows.

• On May 14, 2025, Edesa Biotech, Inc. (EDSA) announced financial results for the second quarter of fiscal year 2025 that ended March 31, 2025 and provided a business update.
• The company has initiated outreach to potential investigators along with manufacturing-related activities to support U.S. regulatory approval for a Phase 2 study of EB06 in the treatment of vitiligo.
• Manufacturing of EB06 is likely to be finished in the second half of 2025 such that the company can submit the manufacturing data to the FDA as part of the Investigational New Drug (IND) application.