Daily Brief United States: Strategy, NVIDIA Corp, Medline, Andersen Group, DraftKings , Platinum, Seagate Technology Holdings PL, Somnigroup International, Cardinal Infrastructure, Virgin Galactic Holdings and more

• Strategy (MSTR US)‘s market cap has for near-on five years, traded at a premium to its bitcoin holdings. 
• The backbone of Strategy’s levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.
• That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.

• Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy
• More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.
• H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.

• Medline Inc., the Northfield, Illinois–based medical products manufacturer and distributor, is advancing toward one of 2025’s largest IPOs.
• The company plans to raise $5.0 billion by offering 179 million Class A shares at a price range of $26–$30, with an expected listing on the Nasdaq Global Select Market under the ticker MDLN.
• At the midpoint valuation of $28, Medline would command a fully diluted market capitalization of approximately $37.3 billion, positioning it among the year’s most significant offerings.

• Andersen Group Inc., a San Francisco–based tax and advisory firm, has set terms to raise approximately $165 million in its upcoming NYSE IPO by offering 11 million Class A shares priced in a range of $14–$16 per share.
• At the midpoint, the deal implies a market capitalization of roughly $1.64 billion based on 109.3 million total shares outstanding after the offering.
• The company will trade under the ticker ANDG, with Morgan Stanley, UBS Investment Bank, Deutsche Bank Securities, Truist, Wells Fargo, Baird, and William Blair leading the underwriting syndicate.

• DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges.
• The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million.
• Despite these challenges, some positive developments were noted.

• Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to recent seasonal stats.
• Over the last 25 years, platinum has produced an average return of +7.79% from December 6 to February 20, with a win rate of 84% and an annualized return of +43.29%, according to Seasonax. (we can verify this trend)
• Copper on the other hand remains more of a tariff play.

• Seagate Technology (STX US), Alnylam Pharmaceuticals (ALNY US) and Western Digital (WDC US) are the top forecasted additions with the highest price surge.
• Trade Desk (TTD US), On Semiconductor (ON US) and Lululemon Athletica (LULU US) are the forecasted deletions with the largest price drop.
• Ferrovial (FER US) can be a surprise addition depending on the treatment of its foreign listing.

• Somnigroup International reported a strong performance in the third quarter of 2025, driven by its recent acquisition of Mattress Firm and successful execution of key initiatives.
• The company achieved record results across important financial metrics despite flat conditions in the U.S. bedding market and persistent challenges internationally.
• Net sales rose by 63% to $2.1 billion, while adjusted EBITDA increased 52% to $419 million, and adjusted EPS grew by 16% to $0.95 per share.

• Cardinal Infrastructure debuted with a disciplined, well-supported IPO, opening 9.5% above pricing and finishing the session up nearly 12%.
• Strong  demand—multiple-times oversubscribed with no price sensitivity—validated the company despite limited sector momentum.
• Cardinal’s diversified, margin-expanding infrastructure platform and conservative leverage profile underpin long-term scalability and investor confidence.

• Virgin Galactic is at a critical inflection point, pausing current commercial operations to focus resources on its next-generation Delta-class spaceships, which are paramount for achieving future scalability and profitability.
• The company operates in a pre-profitability stage, characterized by significant cash burn and reliance on capital markets to fund development. Future success is entirely contingent on the successful and timely execution of the Delta program, slated for commercial service in 2026.
• While holding a unique position in the nascent space tourism industry, SPCE faces considerable operational, financial, and market risks. The valuation is speculative, reflecting a high-risk, high-reward bet on the future of commercial spaceflight.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.