Daily Brief United States: NVIDIA Corp, KULR Technology Group and more

• Performance was in line with estimates, with total revenue of $57.01B and an expanding Non-GAAP Gross Margin of 73.6%. Management issued robust Q4 revenue guidance of $65B.
• Despite strong fundamentals, the stock’s muted reaction and subsequent slide highlight the risk of unusual, synchronized cross-asset market drops, signaling a need to examine, and hedge against potential systemic vulnerability.
• The synchronized cross-asset market drop on November 20, lacking a clear catalyst, suggests hidden systemic risk driven in part by algorithmic positioning.

• KULR Technology Group is transitioning from a service-oriented business to a product-driven company focused on thermal management and battery safety solutions, with a significant strategic pivot towards a Bitcoin-centric treasury model.
• The company has established strong relationships with high-profile clients like NASA and the Department of Defense, leveraging its proprietary carbon fiber thermal management technology for mission-critical applications.
• While revenue is growing, the company remains unprofitable with significant cash burn, and its recent foray into Bitcoin introduces a new layer of volatility and risk to its financial profile.

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