In today’s briefing:
- StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs
- The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%
- Cross the Ages: IP-Based Transmedia Operation in GameFi
- Oil futures: Crude prices nudge up, benchmarks rangebound
StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs
- I see Wynn Resorts (WYNN US) trading around all-time highs – both the implied stub (net of Wynn Macau Ltd (1128 HK)) and on a simple ratio (WYNN/1280).
- Preceding my comments on Wynn are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
The Cost of Running Hot: Nvidia’s Warranty Reserves Spike 168%
- Nvidia’s warranty liabilities have ballooned from $1.29B in Q4 FY25 to $2.7B in Q3 FY26, with actual warranty spending surging 14× YoY.
- The jump comes as Blackwell-generation racks grow hotter, denser and more complex (up to 2 million individual parts), driving higher expected incident rates.
- Rising warranty reserves paired with rising finished-goods inventory suggest the same underlying tension that systems are getting harder to operate and harder to absorb downstream.
Cross the Ages: IP-Based Transmedia Operation in GameFi
- Cross the Ages (CTA) exemplifies the transmedia IP practice in the gaming sector by establishing literary content as its foundational asset and expanding it across interactive and physical formats.
- The game originated from a seven-volume dystopian novel saga and began development in 2020, leading the team to secure a $12 million Series A investment in March 2022.
- The Trading Card Game (TCG), the flagship product, is designed to translate narrative elements into interactive gameplay. The TCG has achieved over 400,000 cumulative worldwide downloads and maintains robust engagement with approximately 148,000 monthly active users.
Oil futures: Crude prices nudge up, benchmarks rangebound
- Crude oil futures were moving sideways Thursday as markets entered into a holding pattern amid ongoing talks on the Russia-Ukraine peace deal.
- Front-month Jan26 ICE Brent futures were trading at $63.34/b (1930 GMT) versus Wednesday’s settle of $63.13/b, while Jan26 NYMEX WTI was at $59.10/b against a previous close of $58.65/b.
- Analysts said that while both Moscow and Kyiv have accepted versions of the US-brokered plan, there are still several key sticking points, particularly regarding Russia’s territorial demands.
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