Daily Brief United States: NVIDIA Corp, SpringWorks Therapeutics Inc, Cognex Corp, ACM Research, Monogram Orthopaedics , Perfect , Ring Energy Inc, SES AI Corp, Tuya Inc, VAALCO Energy and more

• CEO is clearly saying that demand is growing faster than expected and has visibility into 2025-26 revenues (we have a fairly good line of sight of investment in data centers)
• Models are getting better and using up to 100x more computing power (ie chain of thought and reinforcement learning). The AI market is today Consumer, tomorrow Agentic, later on Physical.  
• The stock is not expensive at 30x FY26 EPS and 24x FY27 EPS. Get over it.

• SpringWorks Therapeutics is in advanced acquisition talks with Merck KGaA, following FDA approval for its drug Gomekli.
• Merck’s acquisition strategy focuses on low-risk, value-creating oncology deals, aligning with SpringWorks’ FDA-approved treatments.
• Estimated peak sales for SpringWorks’ drugs range from $600m to $1bn, suggesting a potential $85/share valuation.

• Cognex is a leader in machine vision, providing ruggedized cameras and software for automation in manufacturing and logistics environments
• Cognex’s products fall into four categories: Guide, Gauge, Inspect, and ID
• ID includes Dataman products for reading barcodes and optical character recognition

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• ACMR is a wafer fabrication equipment company that sells tools to semiconductor fabrication plants
• The company operates in a sector dominated by oligopolies with strong competitive advantages
• The symbiotic relationship between FABS and WFE makers creates barriers to entry for new competitors, providing long-term stability for the industry and companies like ACMR.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
• The company delivered its first surgical robot in November 2023 and submitted its 510(k) on July 19th and the application passed the Administrative Review.
• The first live in patient surgery OUS is expected in early 2025.

• Perfect Corp. provides an AI and machine learning based B2B SaaS platform for virtual try on and marketing of beauty and fashion products as well as six mobile apps sold B2C for makeup suggestions, try-on, tutorials, photo and video editing and most recently, Gen AI creation and editing.
• It is expanding its offering to new verticals and has strong IP as well as the largest database for AI training in the industry.
• It has a dominant market share and serves almost all the major beauty brands worldwide.

• Ring is adding production and proved reserves in its core Central Basin Platform (CBP) through the $100-million asset acquisition of acreage offsetting its Shafter Lake operations in Andrews County, Texas from Lime Rock Resources IV, LP.
• The assets consist of ~17,700 net acres (100% HBP) that are contiguous to Ring’s existing acreage. 3Q24 production averaged 2,300 BOE/d (>80% oil) from ~101 gross wells.
• Management estimates that the acreage could support more than 40 gross drilling locations that are expected to compete for capital in the 2025 plan.

• SES AI marked an important milestone with its 4Q24 results, transitioning from pure-play R&D to active commercialization.
• The company booked $2 million in revenue at a 63% gross margin from previously announced deals with (1) EV OEMs for battery materials discovery and (2) cells for drones.
• SES AI also noted some of its 4Q cell revenue for drone applications was with SoftBank’s HAPS drone program, which suggests that it is building on the initial traction announced in the Data Blanket deal in this space. 

• Tuya reported another solid quarter, with revenue of $82.1 million, up 27% Y/Y (revenue of $299 million in FY24 was up 30% Y/Y).
• Gross margin stayed in the upper-40s (47.8%). IoT PaaS revenue grew 26% Y/Y to $59.3 million.
• Cash and equivalents grew to $1,017 million, and the company has no debt. 

• The FPSO Baobab Ivoirien MV10 at the Baobab oil field in Côte d’Ivoire ceased production on January 31, 2025, and the last lifting from the vessel was scheduled for around February 6, 2025.
• The vessel is scheduled to be towed to shipyards in Dubai for a planned refurbishment on March 24, 2025.
• Baobab production is expected to resume in 2026 when the refurbished FPSO is returned to the field.