Daily Brief United States: S&P 500 INDEX, Natera Inc, NVIDIA Corp, Eli Lilly & Co, Twilio , Oracle Corp, Klook, Magnolia Oil & Gas , First Solar Inc and more

• November’s seasonal strength extends into the U.S. Thanksgiving period, where macro markets have tended to post positive returns.
• Despite the positive averages, dispersion in returns remains wide, reminding traders that seasonality is no guarantee.
• Positive seasonals can align with favorable trading setups, but timing and risk management remain key.

• Natera is a leader in the high-growth cell-free DNA (cfDNA) testing market, with a strong portfolio spanning women’s health (Panorama), oncology (Signatera), and organ health (Prospera).
• The company is experiencing rapid revenue growth, driven by the strong uptake of its Signatera test for cancer monitoring, and is demonstrating significant operational leverage with improving gross margins and a clear trajectory towards positive free cash flow.
• While the company’s proprietary SNP-based technology provides a competitive advantage, Natera faces significant risks related to reimbursement uncertainty, intense competition, and the need to achieve sustained profitability after a history of net losses.

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• NVIDIA Corporation’s recent earnings for the second quarter of fiscal 2026 highlighted a record quarter in terms of total revenue, driven by widespread adoption of its comprehensive product suite across various sectors.
• The company reported a total revenue of $46.7 billion, surpassing its expectations with substantial growth noted in its data center segment, which increased by 56% year-over-year.
• The rollout of new technology, including the Blackwell platform and GB300 systems, was cited as a key driver of this growth, facilitating NVIDIA’s expansion in the AI infrastructure space.

• Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.
• The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.
• These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

• Twilio’s third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors’ perspectives on the company.
• The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.
• This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

• In a landmark move underscoring its deepening AI infrastructure ambitions, Oracle has emerged as a central player in the $38 billion Jacquard AI data center financing project, a joint venture involving OpenAI and SoftBank.
• The initiative—dubbed “Stargate”—will be developed by Vantage Data Centers and consists of two massive AI facilities in Texas and Wisconsin.
• Oracle is not merely a tenant in this project; it has signed a 15-year lease agreement and committed to a $300 billion purchase contract with OpenAI, positioning itself as a critical AI infrastructure provider.

• Klook (KLK US), the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    
• Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.
• The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  

• Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
• Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
• In this note, we talk about the positive aspects of the deal.

• Magnolia Oil & Gas Corporation reported its third quarter 2025 financial and operating results, demonstrating a strong performance with notable production growth.
• The company achieved a record quarterly production rate of 100,500 barrels of oil equivalent per day, reflecting an 11% year-over-year increase.
• The production gains were particularly significant in the Giddings area, where oil production rose by nearly 5% compared to the previous year.

• First Solar’s third quarter 2025 earnings results reveal a mixed picture featuring both strengths and challenges.
• On the one hand, the company reported record module sales of 5.3 gigawatts, reaching an earnings per share (EPS) of $4.24, in line with earlier projections.
• The firm also increased its gross cash position to $2 billion, bolstered by improved working capital and customer payments.