Core Viewpoint - GraniteShares will execute a reverse share split for the GraniteShares 2x Short COIN ETF, with a ratio of 1-for-20, effective after market close on August 14, 2025, which will not affect the total market value of shares outstanding [1][2]. Fund Details - The reverse split will reduce the approximate total number of outstanding shares by 95% [1]. - The Fund's CUSIP will change from 38747R 728 to 38747R 363 following the reverse split [1]. - Shareholders of record as of August 14, 2025, will be affected, and trading on a reverse split-adjusted basis will commence on August 15, 2025 [1]. Hypothetical Impact - A hypothetical example illustrates that owning 1,000 shares at a NAV of $1.00 pre-split would result in 50 shares at a NAV of $20.00 post-split, maintaining the total market value at $1,000 [2]. Fractional Shares and Tax Implications - Shareholders may hold fractional shares post-split, which cannot trade on NASDAQ; these will be redeemed for cash at the split-adjusted NAV, potentially leading to tax implications [3]. - No transaction fee will be imposed on shareholders for the redemption of fractional shares [3]. Company Overview - GraniteShares is an independent ETF issuer based in New York City, offering a range of leveraged single stock ETFs [4].

Group 1 - The "Stargate" project, announced by Trump with a $500 billion investment, has made little progress in six months, with its goals significantly reduced [3][15][16] - The project aims to build a nationwide AI infrastructure in the U.S., involving major players like OpenAI, SoftBank, Oracle, and the UAE's MGX fund [7][8][31] - OpenAI has signed a $30 billion data center agreement with Oracle, bypassing SoftBank, highlighting internal conflicts within the "Stargate" initiative [18][24] Group 2 - Trump's AI policies have reversed many of Biden's regulations, emphasizing the importance of AI as a national strategy [8][10][11] - The "Stargate" plan is compared to the 19th-century U.S. railroad construction, aiming to establish a comprehensive data center network across the country [13][20] - The project faces significant funding challenges, with SoftBank and OpenAI's combined investments only covering a fraction of the total required [20][24][25] Group 3 - The engineering challenges include securing sufficient power and resources for the proposed data centers, which require massive amounts of electricity [27][28] - SoftBank's founder, Masayoshi Son, has heavily invested in the project, betting his fortune on its success despite past failures [23][30] - The overall AI capital expenditure among major tech companies has surged, indicating a broader trend of investment in AI infrastructure [33]

Core Insights - Dividends provide a passive income stream and reflect a form of 'payday' in the market, appealing to investors [1] - Several AI-related stocks, including Broadcom, Vertiv, and NVIDIA, offer dividend payments, making them attractive for income-focused investors [2][6] Company Summaries Vertiv - Vertiv specializes in services for data centers and communication networks, with a strong portfolio in power, cooling, and IT infrastructure solutions [3] - Analysts have raised EPS expectations for Vertiv, with a current estimate of $3.56, indicating a 25% year-over-year growth [3] - Revenue is projected to grow by 18% year-over-year, reflecting strong demand, although the current dividend yield is modest at 0.1% [5] Broadcom - Broadcom is enhancing its AI infrastructure capabilities, focusing on high-performance, low-power custom AI accelerators [8] - The company has increased its dividend payout six times in the past five years, resulting in a 13.3% annualized growth rate [9] - AI revenue reached $4.4 billion, a 46% increase year-over-year, with free cash flow of $6.4 billion, up 44% year-over-year [12] NVIDIA - NVIDIA has experienced significant growth in its Data Center products, with sales reaching $39.1 billion, a 73% increase from the previous year [14] - Similar to Vertiv, NVIDIA's shares yield a modest 0.1%, but the stock is considered a strong play in the AI sector [18] - The combination of growth potential and income-generating capabilities makes NVIDIA a prime choice for investors [19]

Core Viewpoint - ASGN Inc reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $1.08 per share, but down from $1.36 per share a year ago, indicating a mixed performance despite the earnings surprise of +8.33% [1][2] Financial Performance - The company posted revenues of $1.02 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.95%, although this is a slight decrease from year-ago revenues of $1.03 billion [2] - Over the last four quarters, ASGN has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - ASGN Inc shares have declined approximately 40.3% since the beginning of the year, contrasting with the S&P 500's gain of 7.3% [3] - The current Zacks Rank for ASGN is 5 (Strong Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.16 on revenues of $988.12 million, and for the current fiscal year, it is $4.30 on revenues of $3.91 billion [7] - The trend of estimate revisions for ASGN Inc was unfavorable prior to the earnings release, which may impact future stock movements [5][6] Industry Context - The Computers - IT Services industry, to which ASGN belongs, is currently ranked in the bottom 29% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Market Overview - The main U.S. equity indexes experienced modest gains, with the Dow Jones Industrial Average increasing by 1.1% to 45,010, the S&P 500 rising by 0.8% to 6,358, and the Nasdaq Composite up by 0.6% to 21,020 [7][8] - The upcoming Federal Reserve meeting is set for July 29-30, during which the latest policy statement will be released [6] Housing Market - The National Association of Realtors reported a decline in housing sales as home prices reached record highs in June, indicating affordability challenges [5] - President Trump criticized Fed Chair Jerome Powell for the slow housing market, attributing it to the refusal to lower interest rates [2] Treasury Yields - The yield on the 10-year U.S. Treasury note increased to 4.388% from 4.336%, while the 2-year note rose to 3.886% from 3.831% [6][7] - The 30-year yield approached the significant 5% level, rising to 4.944% from 4.903% [7] Company Highlights - GE Vernova (GEV) stock surged by 14.6% after reporting second-quarter earnings that exceeded expectations and raising its full-year guidance [10] - Analyst Julien Dumoulin-Smith raised the 12-month target price for GEV from $427 to $565, despite previous concerns about valuation [10] - Among analysts tracked by S&P Global Market Intelligence, 24 rate GEV a Buy, 8 a Hold, and 1 a Sell, with an average 12-month target price of $511.75 [11] Automotive Sector - Japanese automakers Honda Motor (HMC) and Toyota Motor (TM) saw significant gains of 13.1% and 13.7%, respectively, following a tariff deal announced by President Trump [12] - Domestic automakers also benefited, with GM stating it would not raise prices to offset tariff impacts [13] Nuclear Energy Investment - Oklo (OKLO) stock rose by 9.3% after announcing a partnership with Vertiv Holdings (VRT) to develop power and cooling systems for AI data centers [14] - Oklo is focused on developing advanced fission power plants to provide clean energy at scale [15]

Group 1 - Vertiv appointed Shen Wei as President of Greater China, effective July 22, 2025 [1] - Shen Wei has nine years of experience as Vice President and General Manager at Gates Corporation and held multiple leadership roles at Eaton Electrical [1] - CEO Gio Albertazzi highlighted Shen Wei's ability in business transformation and his leadership style focused on execution, customer-centricity, and collaboration [1][3] Group 2 - Shen Wei replaces Cui Yibin, who has served as President of Greater China since 2022 and laid a solid foundation for the region's growth [3] - Vertiv provides innovative technology solutions and services for data centers, communication networks, and commercial and industrial facilities [3] - The company offers a comprehensive product portfolio covering power, cooling, and IT infrastructure, supporting clients from cloud to edge [3][4] Group 3 - Vertiv integrates hardware, software, analytics, and ongoing services to ensure critical applications run continuously and perform optimally [4] - The company addresses significant challenges faced by data centers, communication networks, and commercial and industrial facilities [4] - Vertiv is headquartered in Westerville, Ohio, and operates in over 130 countries [4]

Summary of Global Tech Conference Call Industry Overview - The report focuses on the **Global Server Cooling** market, particularly the adoption of **liquid cooling** technologies in AI servers and ASIC servers [1][21][28]. Key Points Market Growth and Projections - The **Total Addressable Market (TAM)** for liquid cooling in AI training servers is projected to grow to **US$3.8 billion** in 2025 and **US$7.9 billion** in 2026, representing a **171%** and **106%** year-over-year growth respectively [1][15]. - The overall **Global Server Cooling TAM** is revised to **US$7.2 billion** in 2025 and **US$12.0 billion** in 2026, reflecting a **98%** and **66%** year-over-year growth [21][29]. Liquid Cooling Adoption Rates - Liquid cooling penetration for AI training servers is expected to rise from **15%** in 2024 to **45%** in 2025 and **74%** in 2026 [1][22]. - Full rack AI training servers will have a **100%** liquid cooling penetration rate, while baseboard-based AI training servers will see penetration rates of **27%** in 2025 and **52%** in 2026 [4][22]. Segment Analysis - For **general/HPC/AI inferencing servers**, liquid cooling penetration is anticipated to increase from **1%** in 2024 to **4%** in 2025 and **6%** in 2026 [23]. - The report indicates a potential upside from **ASIC servers**, with liquid cooling adoption driven by advancements in ASIC chips and improved ROI [28]. Component Breakdown - The TAM for liquid cooling components is detailed as follows: - **Cold plates**: US$1.1 billion in 2025, growing to US$2.2 billion in 2026 - **Manifold**: US$897 million in 2025, increasing to US$1.6 billion in 2026 - **Rear Door Heat Exchanger (RDHx)**: US$214 million in 2025, rising to US$283 million in 2026 - **Sidecar**: US$1.3 billion in 2025, reaching US$2.4 billion in 2026 - **CDU/RPU**: US$779 million in 2025, escalating to US$2.2 billion in 2026 [13][29]. Competitive Landscape - Key suppliers in the liquid cooling market include: - **Hon Hai**: Buy rating, market cap of US$77.1 billion - **Quanta**: Neutral rating, market cap of US$35.6 billion - **Wiwynn**: Buy rating, market cap of US$15.9 billion - **Lenovo**: Buy rating, market cap of US$15.9 billion - **Dell**: Buy rating, market cap of US$85.3 billion [32]. Additional Insights - The report highlights the importance of **liquid cooling** in meeting the increasing power demands of AI servers, particularly as computing power continues to rise [1][10]. - The adoption of liquid cooling technologies is expected to be a significant driver for the growth of the server cooling market, with major tech companies like Amazon, Microsoft, and Google investing in these solutions [28]. This summary encapsulates the critical insights from the conference call regarding the trends, projections, and competitive landscape of the global server cooling market, particularly focusing on liquid cooling technologies.

Investment Plans - Trump announced an investment plan exceeding $92 billion in Pennsylvania, focusing on AI infrastructure and energy projects, surpassing the previously announced $70 billion[1][6] - Blackstone Group is expected to invest $25 billion in data centers and energy infrastructure development[1][6] - Amazon plans to invest $20 billion in a new large data center and support upgrades for the Susquehanna Nuclear Power Plant[2][6] Market Trends - Pennsylvania is rapidly developing as a data center cluster, with confirmed investments totaling approximately $15 billion from various consortiums[2][6] - By 2025, U.S. super data center operators' capital expenditure is projected to increase by 34% year-on-year, reaching $257 billion[3][7] - The U.S. power grid is aging, with over 75% of equipment in service for more than 30 years, necessitating urgent updates[3][8] Equipment Demand - GE Vernova and Siemens Energy reported strong order backlogs of $76.3 billion and €52 billion, respectively, with significant year-on-year growth in new orders[4][9] - The market for dispatchable power generation and grid equipment remains robust, with GE Vernova expected to exceed 60GW in gas turbine contracts by year-end[4][9] Investment Recommendations - Companies benefiting from policy-driven tax reductions and capacity expansion investments include Vistra, Constellation, and Siemens Energy[5][10] - Risks include lower-than-expected demand for U.S. infrastructure and potential geopolitical risks affecting the AI sector[5][11]

Core Insights - The rapid advancement of AI technology is driving the demand for high-capacity computing clusters, entering the megawatt-level era, where solving computing power needs is crucial for gaining a competitive edge in the AI sector [1][2] Group 1: AI Data Center Development - AI data centers are expected to transition into a high-density megawatt era, facing new challenges in power supply and cooling infrastructure, requiring preparation in power chain reconstruction and hybrid cooling solutions [2] - The Chinese intelligent computing market is accelerating, with expanding computing power scale and optimized structure, but challenges such as rapid electricity consumption growth and application implementation difficulties remain [3] - The construction of intelligent computing centers is characterized by a "333" trend, indicating three forms, three main bodies, and three standards, necessitating higher infrastructure requirements across training, inference, and IDC dimensions [5] Group 2: Power and Cooling Solutions - The power supply chain faces severe challenges in capacity, heat dissipation, and reliability due to the rapid increase in cabinet power density in intelligent computing centers [4] - Liquid cooling applications must focus on five key factors: feed temperatures, flow rate, filtration, fluid selection, and fault prevention and detection [6] - Vertiv's 360AI solution encompasses energy management, thermal management, prefabrication, software, and services, ensuring efficient operation of intelligent computing centers [9] Group 3: Lifecycle Services and Innovations - The integrated service model for intelligent computing centers, covering construction, operation, and maintenance, effectively reduces total cost of ownership (TCO) and enables rapid deployment and stable operation [10] - Vertiv's new products showcased at the event include advanced energy management and thermal management solutions, designed to support high-density computing needs and enhance operational efficiency [11][12] - The company emphasizes a flexible and resilient energy system, with high efficiency and low environmental impact, supporting the construction of intelligent computing centers [12][14]

Group 1: Market Overview - The convergence of artificial intelligence, quantum computing, and crypto-financial systems is driving a potential new bubble, reminiscent of past market phenomena [1][2] - Broad markets have performed well recently, particularly in thematic stocks related to AI and quantum computing, indicating a speculative enthusiasm [2][3] Group 2: Artificial Intelligence - AI is transforming daily life and driving massive demand for compute infrastructure, with significant growth in large language model (LLM) usage [4][5] - OpenAI's ChatGPT has reached over 1 billion weekly active users and is generating more than $10 billion in annual revenue, highlighting the rapid growth of AI applications [5] - Global hyperscaler spending on data infrastructure is projected to reach nearly $400 billion this year, driven by commercial demand and geopolitical competition [7] Group 3: Key Stocks in AI - Key stocks positioned to benefit from the AI wave include Nvidia, Palantir Technologies, and Vertiv, which are critical to AI hardware and infrastructure [9] Group 4: Quantum Computing - Quantum computing is entering its commercialization phase, with practical use cases emerging in logistics, pharmaceuticals, and material science [11][12] - Companies like Microsoft, Meta, and Alphabet are investing heavily in quantum computing and AI integration, indicating strong market potential [13] Group 5: Key Stocks in Quantum Computing - Promising public companies in quantum computing include IonQ, Rigetti Computing, and D-Wave Quantum, with varying levels of commercial traction and speculative potential [14] Group 6: Cryptocurrency and Digital Assets - Bitcoin has outperformed traditional assets, serving as a hedge against fiat instability and a portfolio diversifier [15] - The rise of tokenization and stablecoins is creating new speculative energy in financial markets, enabling real-time trading and increased liquidity [16][17] Group 7: Key Stocks in Cryptocurrency - Key stocks for exposure to cryptocurrency trends include Coinbase, Robinhood, and MicroStrategy, which are positioned to benefit from retail and institutional flows [19] Group 8: Market Predictions - If the current market trends continue, estimates suggest the Nasdaq 100 could double, the S&P 500 could approach 10,000, and Bitcoin might reach $300,000 or more in the next couple of years [20]