Group 1 - The BlackRock Investment Institute maintains a "risk-on" investment stance, remaining overweight in U.S. equities despite sticky core inflation [1] - A softening labor market is expected to provide the Federal Reserve with justification to cut interest rates, which is a key driver for BlackRock's positive outlook on equities [2][3] - The AI theme is a primary pillar of BlackRock's strategy, significantly contributing to U.S. equity performance and corporate earnings, with the tech sector accounting for over 40% of the S&P 500's total return [4] Group 2 - BlackRock has upgraded its position on long-term U.S. Treasuries from underweight to neutral, anticipating further yield declines as the Fed begins its cutting cycle [5] - The firm is prepared to adjust its strategy if the labor market weakens more than expected or if hiring rebounds, potentially reigniting inflation [6] - The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ) ended higher, indicating positive market sentiment [7]

Core Viewpoint - Palantir Technologies is experiencing a mixed performance, with a recent stock decline despite strong earnings and growth in its commercial business, raising concerns among investors [1][2][9]. Group 1: Financial Performance - Palantir's stock has decreased over 3% in the last 30 days, following a more significant drop of over 30% earlier this year [1]. - The company reported a Rule of 40 score of 94% in its latest earnings, indicating profitable growth [2]. - The commercial business has grown from approximately 25% of total revenue two quarters ago to over 40% now, showcasing significant growth [6]. Group 2: Government Contracts and Market Position - Palantir secured a contract from the U.S. Department of State for its Orion program, highlighting its first-mover advantage in government contracts [3]. - The company's software was the only one that met the requirements for an AI and machine learning solution among over 40 bidders, emphasizing its competitive edge [4]. - Palantir is positioned as an operating system rather than just a product, suggesting a potentially unlimited total addressable market (TAM) [5]. Group 3: Market Sentiment and Valuation Concerns - There is a bearish sentiment that Palantir's impressive growth may normalize, making it difficult to justify its high valuation [7]. - Skeptics warn that competition from large cloud providers and agile companies could impact Palantir's market position [8]. - Retail investors show confidence in Palantir's future growth, while institutional investors remain cautious, leading to potential stock volatility [10][11].

Group 1 - Applied Digital Corp. (NASDAQ:APLD) experienced a significant share price increase of 34.48% week-on-week, driven by optimism in the high-performance computing (HPC) sector and comments from CoreWeave's CEO regarding AI firms' demand for computing capacity [1][2] - The HPC sector is seeing increased investments, highlighted by Nebius Group securing an $18 billion cloud computing deal with Microsoft, indicating a growing trend in the industry [2] - Applied Digital finalized an expanded lease agreement with CoreWeave, potentially generating up to $11 billion in revenues, covering 400 MW of critical IT capacity across three long-term leases at its Polaris Forge 1 Campus in North Dakota [2][3]

Summary of AIDC Power Supply Systems Conference Call Industry Overview - The conference focused on the **AI Data Centre (AIDC)** power supply systems, highlighting the rapid evolution of AI and machine learning workloads, which are driving significant changes in power distribution and supply systems [3][11][24]. Key Insights 1. **Market Growth Projections** - AIDC power systems are projected to grow at a **25% CAGR** from 2025 to 2028, reaching a market size of **US$24 billion** [3][11]. - The largest segments within AIDC equipment include **Power Supply Units (PSU)** at **US$9.7 billion**, followed by **UPS + HVDC** at **US$8.4 billion**, **Diesel Power Generators** at **US$5.6 billion**, and **Battery Backup Units (BBU)** at **US$0.4 billion** [3][15]. 2. **Technological Transitions** - Key trends identified include **high-voltage conversion**, **direct current deployment**, **higher power density**, and **modular architecture** [3][4]. - **HVDC (High-Voltage Direct Current)** systems are expected to see a **94% CAGR** from 2024 to 2028, increasing their market share from **10% to 40%** [4][9][12]. 3. **Chinese Suppliers' Competitive Advantage** - Chinese companies are positioned to gain market share due to **lower costs** and **technological advancements**, particularly those with partnerships with overseas hyperscalers [5][20]. - The report suggests that aligning with hyperscaler demand early is crucial for rapid supply chain penetration [9][20]. 4. **Demand for Backup Power** - There is an anticipated boom in demand for backup power and power supply units, driven by the increasing power density and efficiency requirements of AIDCs [4][15]. 5. **Investment Trends** - North American hyperscalers (Meta, Amazon, Microsoft, Google) are expected to invest over **US$388.8 billion** in 2025, rising to **US$458.1 billion** in 2026 [27]. - Chinese hyperscalers (Alibaba, Tencent, Baidu) are projected to increase their capex to **US$31.9 billion** in 2025 and **US$32.8 billion** in 2026 [27]. Additional Insights 1. **Power Supply Unit (PSU) Evolution** - The efficiency of AI power shelves is increasing, with current power shelves achieving **97.5%-98% efficiency**, compared to **96%** for non-AI power shelves [75]. - The market for PSUs is dominated by Taiwanese companies, but mainland Chinese companies are catching up [77]. 2. **Solid State Transformers (SST)** - SSTs are expected to become the third-generation technology in power supply systems, combining transformer and HVDC functions, with commercialisation anticipated to begin in **2027** [69][70]. 3. **Competitive Landscape** - The AIDC market is currently dominated by established players like **Schneider**, **Eaton**, and **Vertiv**, but there is room for new entrants with strong technological capabilities [82][88]. - Companies like **Kehua** and **Sungrow** are highlighted as favorable investment opportunities due to their strong market positions and growth potential [9][92]. 4. **Valuation and Market Sentiment** - Despite an **86% YTD rally**, the sector is trading at a **31x 2026E PE**, which is considered undemanding given the forecasted **33% CAGR** in sector EPS from 2025 to 2027 [9][92]. Conclusion The AIDC power supply systems market is poised for significant growth driven by technological advancements and increasing demand from hyperscalers. Chinese suppliers are well-positioned to capitalize on these trends, and investment opportunities exist in companies that are innovating and expanding their market reach.

One of the big 2025 stories has been the resurgence of emerging market equities. As of September 9, the MSCI Emerging Markets Index was outpacing the S&P 500 by a nearly 2-to-1 margin. On a stand-alone basis, that data point is impressive. But it's all the more noteworthy when considering the emerging markets gauge spent years underperforming domestic stocks. This year's outperformance by developing world stocks is also worth highlighting. That's because it's been pieced together against the backdrop of vol ...

Group 1: Rewey Asset Management Overview - Rewey Asset Management's "RAM Smid Composite" increased by 6.11% in Q2 2025, slightly underperforming the benchmark Russell 2500 Value Total Return Index, which gained 7.29% [1] - Year-to-date, the composite returned -1.29%, compared to a 1.03% gain for the benchmark [1] - The firm expresses confidence in the Smid value sector as it approaches the second half of 2025 [1] Group 2: Orthofix Medical Inc. Analysis - Orthofix Medical Inc. (NASDAQ:OFIX) is highlighted as a key stock, with a one-month return of 2.76% and a 52-week loss of 9.80% [2] - As of September 12, 2025, Orthofix's stock closed at $14.91 per share, with a market capitalization of $588.86 million [2] - Rewey Asset Management increased its position in Orthofix Medical Inc. in Q2 2025, following a 45.6% decline from its February high and a 36.1% drop from its 2024 close, viewing it as a compelling valuation opportunity [3] Group 3: Hedge Fund Interest and Comparisons - Orthofix Medical Inc. was held by 25 hedge fund portfolios at the end of Q2 2025, down from 28 in the previous quarter [4] - While Orthofix is acknowledged for its investment potential, the firm believes certain AI stocks present greater upside potential and less downside risk [4]

Group 1 - Playtika Holding Corp. (NASDAQ:PLTK) has had its price target lowered by UBS from $5.5 to $4 while maintaining a Neutral rating on the stock [1][3] - The company's legacy portfolio, particularly Slotomania, saw a significant decline of 39.4% year-over-year during Q2 FY2025, while Bingo Blitz revenue increased by 2.9% [2] - Playtika's strategic shift towards Direct-to-Consumer (DTC) revenue showed minimal growth of 1.3% year-over-year, with a long-term DTC target raised from 30% to 40% [3] Group 2 - Analysts from BofA, Wedbush, and TD Cowen maintain a bullish outlook on PLTK, assigning Buy ratings with price targets of $5.5, $11.5, and $14 respectively [4] - The average price target for Playtika Holding Corp. is $5.25, suggesting an upside potential of nearly 40% from current levels [4] - Playtika develops mobile games and distributes them through various web and mobile platforms, including DTC platforms [5]

Group 1 - ONEOK, Inc. is involved in a joint venture to construct the Eiger Express natural gas pipeline, which will transport gas from the Permian Basin to the Houston and Corpus Christi markets in Texas [1][2] - The Eiger Express pipeline will be approximately 450 miles long, 42 inches in diameter, and has the capacity to transport up to 2.5 billion cubic feet of natural gas per day [1] - The joint venture ownership structure consists of 70% by the Matterhorn joint venture, 15% by ONEOK, Inc., and 15% by MPLX, with ONEOK holding a total stake of 25.5% [2] Group 2 - ONEOK, Inc. operates as a midstream energy company, providing services such as gathering, processing, transportation, storage, and export of natural gas and liquids [3]

Core Insights - BitMine Immersion Technologies has announced total crypto and cash holdings of $10.771 billion, which includes 2.151 million ETH tokens and $569 million in unencumbered cash [1][2] - The company is supported by prominent institutional investors and aims to acquire 5% of the total ETH supply [1][2] - BitMine is currently the largest ETH treasury globally and ranks as the second-largest crypto treasury, following Strategy Inc [2] Financial Overview - As of September 14, 2025, BitMine's crypto holdings consist of 2,151,676 ETH valued at $4,632 per ETH, 192 BTC, and a $214 million stake in Eightco [2] - The company has achieved a significant milestone by surpassing 2 million ETH in holdings, positioning itself as a leader in the crypto treasury space [2][3] Market Position - BitMine is one of the most actively traded stocks in the US, with an average daily trading volume of $2.0 billion, ranking 28th among US-listed stocks [3] - The company is leveraging the convergence of Wall Street and AI on the blockchain to transform the financial system, particularly through Ethereum [3] Strategic Vision - The Chairman of BitMine, Thomas "Tom" Lee, emphasizes the importance of Ethereum as a major macro trade over the next 10-15 years, driven by the movement of traditional finance onto the blockchain [3] - The company is focused on long-term investment strategies in crypto, including Bitcoin mining and advisory services [4]

Core Viewpoint - First Hydrogen Corp. supports Canada's fast-tracking of the Darlington Small Modular Reactor (SMR) project, aligning with its green energy strategy and aiming to be a leader in SMR technology [1][3]. Group 1: Company Developments - First Hydrogen Corp. is collaborating with the University of Alberta to optimize SMR design and fuel materials, addressing the growing energy demands of AI data centers, which are projected to increase global power demand by 50% by 2027 and 165% by 2030 [2]. - The company launched First Nuclear Corp. in March 2025 to integrate SMR power with electrolysis for green hydrogen production, targeting off-grid and industrial sites [3]. - First Hydrogen has developed two hydrogen fuel-cell-powered light commercial vehicles (FCEV) that have completed 6,000 km of testing and achieved a range of over 630 kilometers on a single refueling [5]. Group 2: Industry Context - The Darlington SMR project is positioned as a national priority for Canada, aiming to make it the first G7 country with an operational SMR, which supports the country's energy infrastructure and climate goals [1][4]. - SMRs are designed to be factory-built and suitable for small-scale applications, providing energy for approximately 300,000 homes [1]. - The anticipated US$720 billion in grid spending through 2030 highlights the significant investment needed to support the growing energy demands, particularly from data centers [2].