Daily Brief United States: OpenAI, Applied Materials, Planet Labs, Texas Instruments, Wealthfront Corporation, CRB Commodity Index, Shift4 Payments, The Walt Disney Co, Perimeter Solutions and more

• In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
• Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
• Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
• Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.
• The largest flows will be in NVIDIA, Micron Technology, Applied Materials, Lam Research, Intel Corp, Texas Instruments and TSMC (Taiwan Semiconductor Manufacturing) – ADR. 

• BigBear.ai Holdings, NextVision Stabilized Systems, Ondas Holdings Inc and Planet Labs will be added to the MarketVector Global Defense Industry Index at the close on 19 December.
• The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 5.8% resulting in a round-trip trade of US$846m.
• The adds have all run up over the last year and the passive buying could give the stocks another leg up in the short-term.

• The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
• There will be no index changes for the December 2025 rebal event.
• We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.

• Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.
• The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.
• Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.

• A review of recent events and data impacting our investment themes and outlook
• Central banks add fuel to the ongoing commodity bull market
• Could we see a meaningful de-escalation in US and China tensions

• Shift4 Payments reported solid third-quarter 2025 financial results, showcasing notable growth in several key performance indicators, though there are areas that require caution.
• The company posted gross revenue less network fees of $589 million, marking a 61% increase year-over-year.
• Adjusted EBITDA came in at $292 million, up by 56% from the previous year, with the organic growth excluding recent mergers and acquisitions at 18%.

• Unrivaled IP Portfolio Drives Synergistic Flywheel: Disney’s core competitive advantage lies in its unparalleled portfolio of intellectual property (IP), including Disney, Pixar, Marvel, and Star Wars. This IP fuels a synergistic business model, allowing for monetization across its Experiences, Entertainment, and Sports segments, from theme parks and merchandise to blockbuster films and streaming content.
• Strategic Pivot to Streaming Profitability: The company is navigating a significant transition, focusing on achieving sustained profitability in its Direct-to-Consumer (DTC) streaming business. While this segment has recently turned profitable, it faces intense competition and the challenge of offsetting the secular decline in traditional linear networks.
• Experiences Segment Remains the Profit Engine: The Disney Experiences segment, encompassing theme parks, resorts, and cruise lines, continues to be the primary driver of profitability, posting record operating income. Significant capital investment is planned for this division, signaling its central role in future growth while navigating challenges of rising costs and economic sensitivity.

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• In a stunning reversal of its prior stance, The Walt Disney Company has announced a $1 billion investment in OpenAI, marking a pivotal shift from its earlier AI skepticism.
• Long wary of how artificial intelligence could disrupt creative industries, Disney is now betting big on generative video, specifically OpenAI’s Sora, to reimagine how fans experience its vast universe of characters.
• This landmark deal — the Disney OpenAI AI video deal — comes at a time of rising legal tensions between Hollywood studios and tech giants over copyright, voice cloning, and synthetic content.

• Perimeter Solutions is turning up the heat on its strategic ambitions with the proposed $685 million acquisition of Medical Manufacturing Technologies (MMT), a move that could reshape its operational landscape.
• Announced on December 10, 2025, the deal is expected to close in Q1 2026 and will be financed via $500 million in new secured debt and $185 million in existing cash.
• This announcement comes on the heels of Perimeter’s robust Q3 2025 performance, marked by $186.3 million in adjusted EBITDA and year-to-date free cash flow generation of $197 million.