On September 3rd, Nasdaq proposed changes to its listing standards that potentially have dramatic consequences for cross-border, micro-cap IPOs. These smaller listings have comprised an essential part of Nasdaq’s IPOs over the past several years, and the impact of the new rules, if adopted, could be disruptive to many companies currently preparing to go public, as well as the investment banks and advisory firms that work with them.What do the new rules say?There are three crucial proposed changes from Nasda ...

BAYONNE, NJ - SEPTEMBER 1: The Empire State Building is lit in red, white, and blue behind the Statue of Liberty in New York City to mark Labor Day on September 1, 2025, as seen from Bayonne, New Jersey. (Photo by Gary Hershorn/Getty Images)Getty ImagesIf anything taught me that buying real estate through stocks—or better yet high-yielding closed-end funds (CEFs)—is way better than brick-and-mortar, it was my experience renting my Manhattan apartment on Airbnb (ABNB).If you’re reading this, you might feel t ...

A banner (designed by artists Stacey Coon, Anastasia Sultzer, and Nanu Berks) with the logo of bitcoin is seen during the crypto-currency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. (Photo by MARCO BELLO/AFP via Getty Images)AFP via Getty Images American Bitcoin Corp (NASDAQ: ABTC) experienced a 15% increase during Friday’s trading, elevating its market capitalization to approximately $6.6 billion. The recently listed cryptocurrency company provides u ...

CHONGQING, CHINA - SEPTEMBER 4: In this photo illustration, a smartphone shows the logo of The Kroger Co. (NYSE: KR), a U.S. supermarket chain and one of the largest grocery retailers in the country, with the company's latest stock market chart seen in the background on September 4, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)Getty ImagesKroger (NYSE: KR), a company that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores across t ...

Core Viewpoint - QuantumScape Corporation has transitioned from a research-focused entity to a commercially viable business, as evidenced by the successful live demonstration of its solid-state lithium-metal batteries in a real-world application [3][10]. Technical Validation - The live demonstration showcased impressive performance metrics: energy density of 844 Wh/L, fast charging from 10% to 80% in just over 12 minutes, and a 10C continuous discharge capability [7][8]. - The demonstration utilized a Ducati motorcycle equipped with QuantumScape's QSE-5 cells, marking a significant step from theoretical validation to practical application [3][5]. Market Reaction - Following the live demo, QuantumScape's stock surged by as much as 36%, closing the day up 21%, which reflects a year-to-date gain of 71% [8]. - This market response indicates a growing investor confidence in QuantumScape's ability to deliver a functioning product [8]. Strategic Partnerships - The event reinforced QuantumScape's partnership with Volkswagen Group through PowerCo, providing validation and market access for commercial production [9]. - QuantumScape is positioned as a leader among its peers in delivering full-scale solid-state cells to the electric vehicle market [9]. Future Challenges - Despite the technological advancements, the company faces several commercial hurdles, including scaling from demonstration to mass production, reducing manufacturing costs, managing rollout timing, and competing with established battery manufacturers [11][13].

Core Viewpoint - Lululemon's stock has seen a significant decline of 56% year-to-date, contrasting with a 10% rise in the S&P 500, raising questions about whether the market's reaction is excessive or if there are fundamental threats to growth and profitability [2] Financial Performance - Lululemon reported an EPS of $3.10, exceeding estimates of $2.87, but revenue slightly missed expectations at $2.53 billion compared to projections of $2.54 billion [3] - The company lowered its full-year revenue forecast to $10.85 billion–$11.0 billion from a previous range of $11.15 billion–$11.3 billion, and EPS guidance was adjusted down to $12.77–$12.97 from $14.58–$14.78, which triggered a selloff in the stock [4] Market Dynamics - U.S. same-store sales decreased by 4% in Q2 FY 2025, indicating weakness in the domestic market, while same-store sales increased by 17% in China and 12% in other international markets [5] - The elimination of the U.S. de minimis exemption will lead to approximately $240 million in additional import duties, with an overall operating cost impact estimated at around $320 million by 2026 [6] Strategic Initiatives - To combat brand fatigue, Lululemon plans to refresh its product offerings, increasing the proportion of new styles from 23% to 35% by next spring [6] Financial Strength - The company ended the quarter with $1.2 billion in cash, representing 15.4% of total assets, against $1.7 billion in lease liabilities, resulting in a conservative debt-to-equity ratio of 8.3% [7] - Lululemon has no traditional debt on its balance sheet and substantial liquidity, positioning it well to handle short-term disruptions [7] Valuation Perspective - Lululemon is currently trading at 14 times trailing earnings, a discount compared to its historical average and the market's 24 times multiple, despite maintaining strong margins and free cash flow [2]

SUQIAN, CHINA - MAY 9, 2025 - An illustration photo shows the Wolfspeed LOGO displayed in a smartphone in Suqian City, Jiangsu Province, China on May 9, 2025. (Photo credit should read CFOTO/Future Publishing via Getty Images)CFOTO/Future Publishing via Getty Images Wolfspeed (NYSE: WOLF) shares surged 60% in extended trading on September 9 following court approval of its Chapter 11 reorganization plan. The silicon carbide leader, now at $1.24 and down more than 80% year-to-date, gained creditor support fro ...

Core Insights - AMD shares fell over 6% following Broadcom's announcement of a $10 billion order for custom AI chips, believed to be from OpenAI, raising concerns about AMD's competitive position in the AI hardware market [2][7] - Broadcom reported a 63% year-over-year increase in AI revenue, reaching $5.2 billion, while Nvidia's data center sales surged by 56% to $41.1 billion, highlighting AMD's lag in the AI accelerator market [4][3] - The AI hardware market is shifting towards custom silicon for inference workloads, with ASICs emerging as more efficient alternatives to GPUs, indicating a potential change in infrastructure spending [5][6] AMD's Performance - AMD's data center revenue increased by 57% in Q1 to $3.7 billion, driven by strong demand for Instinct GPUs, but fell to $3.2 billion in the subsequent quarter, missing expectations [3] - AMD's MI300 series shows potential but lacks substantial customer validation at scale, posing challenges against Nvidia's established GPU ecosystem and the rise of ASICs [8] Competitive Landscape - Nvidia maintains a dominant share of training workloads, while Broadcom is positioned to gain market share with its custom silicon, potentially threatening AMD's market position [4][8] - The shift from GPUs to ASICs for AI inference workloads mirrors the transition seen in cryptocurrency mining, where efficiency and cost led to a preference for custom chips [6] Valuation and Growth Prospects - AMD stock trades at approximately 40 times estimated 2025 earnings, with expected revenue growth of about 28% this year, aided by a recovery in its CPU business [9] - Broadcom commands a higher valuation at roughly 49 times forward earnings, justified by its accelerating momentum in AI and a significant custom silicon deal [9]

Core Viewpoint - Rivian's stock (NASDAQ: RIVN) has the potential to double from its current price of $14 per share if the company's growth strategy and margin expansion plans are successful, particularly with the introduction of a new mass-market SUV and improved profitability in the coming years [2][3] Financial Performance - Rivian's Q2 2025 revenue reached $1.3 billion, exceeding expectations, with U.S. sales in July achieving a 10-month peak, up 20% from June [3] - Revenues increased from $55 million in 2021 to approximately $4.97 billion in 2024, reflecting a nearly 3x increase from 2022 to 2024, equating to a compounded annual growth rate of 73% per year [6] - Analysts predict a slower growth of about 6% in 2025, with revenues expected to reach $5.3 billion, but anticipate a sales surge of around 32% in 2026, reaching approximately $7 billion [6][7] Product Strategy and Partnerships - Rivian's product offerings, including the R1T pickup and R1S SUV, have received positive reviews, with a key growth catalyst being the anticipated R2 midsize SUV priced around $45,000, aimed at the mass market [4] - Rivian is strengthening its partnership with Volkswagen, which has invested $1 billion and plans to increase this to $5.8 billion, integrating Rivian's EV architecture into VW models by 2027 [5] Operational Efficiency and Cost Management - Rivian is focused on reducing costs and enhancing margins, targeting a reduction in the R2's bill of materials to around $32,000 per vehicle through its partnership with VW [8] - The company is implementing workforce reductions in its commercial and sales departments to lower fixed costs, with a goal of achieving adjusted net margins of about 10% by 2028, potentially translating to net income of around $1.3 billion for FY'28 [8] Valuation and Market Position - Rivian's stock is currently trading at a price-to-sales ratio of about 3x, similar to the S&P 500, indicating it is reasonably priced compared to the overall market [3] - If Rivian can execute its EV ramp-up effectively, it could achieve a market cap of about $33 billion, equating to nearly 2x current prices, based on a valuation of around 25x its earnings [9]

Core Viewpoint - Dunelm Group reported an increase in full-year sales and profits despite a challenging consumer environment, with shares dropping 6% following the announcement [2][8]. Financial Performance - Revenues increased by 3.8% to £1.8 billion for the 12 months ending June 28, attributed to volume increases and a rise in average product prices [2][3]. - Gross margins improved to 52.4% from 51.8%, leading to a 2.7% rise in pre-tax profits to £211 million [5]. - Net debt rose to £102 million from £55.6 million, resulting in a net debt to EBITDA margin of 0.3 times, up from 0.2 times [5][6]. Market Position - Dunelm's market share in the combined homewares and furniture markets increased to 7.9% from 7.7% [3]. - The number of active customers grew by 80 basis points year on year, with digital sales accounting for 40% of total turnover, up from 37% in the previous financial year [4]. Strategic Developments - The company made significant acquisitions, including Home Focus and Designers Guild, marking its entry into the Republic of Ireland and expanding its product offerings [6][8]. - Dunelm opened its 200th store and its first location in inner London, while also expanding its Click & Collect service [8]. Future Outlook - The company expressed satisfaction with early trading in the new financial year but noted the absence of signs indicating a sustained consumer recovery [8]. - Analysts highlighted the importance of Dunelm's online channels and efficient store rollouts, while also cautioning about potential risks due to changing consumer preferences and ongoing cost inflation [9].