Core Viewpoint - Pomerantz LLP is investigating claims of potential securities fraud or unlawful business practices involving Take-Two Interactive Software, Inc. and its officers or directors [1]. Group 1: Company Developments - On May 2, 2025, Take-Two's subsidiary Rockstar Games announced a new release date for Grand Theft Auto VI, moving it to May 26, 2026, from a previously projected fall 2025 release [3]. - Following the announcement of the delayed release, Take-Two's stock price dropped by $15.67 per share, or 6.66%, closing at $219.50 per share on the same day [3]. Group 2: Legal Investigation - Pomerantz LLP is actively seeking investors of Take-Two who may have been affected by the alleged securities fraud and unlawful business practices [1]. - The firm has a long history in corporate, securities, and antitrust class litigation, having recovered numerous multimillion-dollar damages awards for victims of securities fraud [4].

Core Insights - Bigben Interactive's earnings for the financial year 2024/25 were impacted by delays in new releases, but strong growth is anticipated in 2025/26, particularly in the first half [2][14]. Financial Performance - Total sales for the year 2024/25 were €288.0 million, a slight decrease from €292.0 million in 2023/24 [3]. - Gross profit increased to €147.4 million, with a gross margin of 51.2%, up 2.4 percentage points year-on-year due to an improved product mix [3][4]. - EBITDA before non-recurring items remained stable at €62.1 million, while total EBITDA decreased to €61.1 million from €78.0 million in the previous year [3][4]. - The company reported a net loss of €0.3 million for the period, compared to a net income of €21.0 million in 2023/24 [3]. Business Segment Analysis - NACON's sales were stable at €167.9 million, with a gross margin improvement to 64.4% [6][7]. - Bigben AudioVideo/Telco generated sales of €120.0 million, down from €124.3 million, but gross margin increased to 32.7% due to better procurement control [9][10]. Future Outlook - The 2025/26 financial year is expected to see strong growth, with a busy release schedule for NACON, including major titles like "Robocop: Rogue City" and "Hell is Us" [14][15]. - NACON has secured a new agreement for the World Rally Championship (WRC) license, enhancing its gaming portfolio [17]. - Bigben is focusing on diversifying its product offerings and optimizing its supply chain to improve performance in the mobile accessories market [18][21]. Strategic Initiatives - The company is expanding its distribution channels and launching new products under various brands, including the Force® and Cosy ranges [21][22]. - Bigben is committed to reducing carbon emissions through its supply chain optimization efforts [18]. Shareholder Information - The Board of Directors decided not to propose a dividend for the 2024/25 financial year [13]. - Upcoming events include the Shareholders' General Meeting on 25 July 2025 and the release of first-quarter sales on 28 July 2025 [24].

Core Viewpoint - The self-regulation of the loot box industry in the UK has failed, leading to widespread noncompliance and lack of enforcement, particularly affecting consumer protection for children [2][4][5] Group 1: Industry Self-Regulation - The previous Conservative UK government encouraged the gaming industry, represented by Ukie, to self-regulate instead of imposing legislation [1] - A study published in Royal Society Open Science indicates that compliance with self-regulation is very poor, with only 23.5% of the top 100 iPhone games disclosing the presence of loot boxes in their marketing [2] - Only 8.6% of these games consistently disclosed the probabilities of obtaining different rewards, highlighting a significant lack of transparency [2] Group 2: Enforcement Issues - Noncompliant games were reported to Ukie and the UK government over six months ago, yet no enforcement actions have been taken, allowing these games to remain available for download [3] - Ukie had previously promised that noncompliant games would face "severe fines" and "delisting" from app stores, but these promises have not been fulfilled [3] Group 3: Consumer Protection - The current state of noncompliance and lack of enforcement fails to protect consumers, especially children, as initially promised by the industry [4] - Companies are not only breaching self-regulation but also advertising regulations and consumer laws, indicating a need for more proactive enforcement by other regulators [4]

Group 1 - Gabe Newell, co-founder of Valve, is associated with significant gaming titles and the Steam platform, which serves millions of gamers daily [1] - Valve's game "Half-Life" is recognized for its groundbreaking contributions to game design and interactivity, with "Half-Life: Alyx" being a revolutionary VR title [1] - Newell's reference to "long-term technological investment" likely pertains to Brain-Computer Interfaces (BCI), indicating a broader vision beyond just VR technology [1] Group 2 - Starfish Neuroscience, co-founded by Newell, recently announced a low-power microelectrophysiology chip for developing minimally invasive distributed neural interfaces [2][3] - The chip, measuring 2mm x 4mm, utilizes TSMC's 55 nm process and features 32 electrode sites and 16 synchronous recording channels, enabling both monitoring and stimulation of brain signals [6] - The chip operates at a total power consumption of only 1.1 milliwatts, allowing for wireless operation and charging, making it a fully wireless, battery-free implant [8] Group 3 - Starfish's approach differs from Neuralink's by distributing functions across multiple smaller implants, which theoretically reduces power consumption and simplifies usage [11][13] - The technology aims to improve data precision and address diseases involving cooperation across different brain regions, compared to traditional single-point signal collection [13] - While current BCI technologies primarily assist individuals with disabilities, the involvement of Valve raises possibilities for broader applications in gaming [14] Group 4 - Newell's participation in Starfish aligns with Valve's previous explorations into integrating BCI with gaming, as discussed by Valve's chief experimental psychologist at GDC 2019 [16] - The potential future of gaming could involve BCI enabling dynamic interactions, where games adapt to players' emotions and preferences, creating immersive experiences [19]

Core Points - NACON has signed a new agreement with WRC Promoter for the publishing of official games based on the FIA World Rally Championship from 2027 to 2032, granting exclusive rights for PC and consoles for six seasons [1] - The partnership aims to develop a new WRC game series that provides an immersive experience reflecting the reality of the championship, featuring official rallies, vehicles, teams, drivers, and sponsors [2] - The project represents a complete reboot of the franchise, driven by a specialized team with the ambition to elevate rally games to new heights [3] Company Overview - NACON, part of the BIGBEN group, was established in 2019 to optimize expertise in the video game market, comprising 16 development studios and focusing on game publishing and premium gaming peripherals [4]

Core Viewpoint - Take-Two Interactive is experiencing a positive trend in its stock price, driven by strong sales from its video game franchises, particularly Grand Theft Auto [1] Group 1: Stock Performance and Market Expectations - Take-Two's stock is gaining attention as the release date for Grand Theft Auto VI approaches, with the current version, Grand Theft Auto V, having sold over 215 million copies since its 2013 release [2] - The stock has historically performed well, doubling within three years of the GTA V release and achieving a remarkable 1,230% increase to date [2] - Wall Street anticipates record revenue for Take-Two, with non-GAAP revenue estimates reaching $9 billion by fiscal 2027, up from $5.6 billion in the recent fiscal year [7] Group 2: Anticipated Sales and Demand - The Grand Theft Auto series has sold a cumulative 450 million copies, making it one of the best-selling franchises of all time, with each new release expanding its popularity [5] - The second trailer for GTA VI garnered a record 475 million views within the first 24 hours, indicating significant pent-up demand from players [6] - The launch of GTA V was a pivotal moment for Take-Two, nearly doubling the company's revenue from $1.2 billion to $2.3 billion in fiscal 2014, suggesting that the next release could generate even higher sales [7] Group 3: Future Stock Projections - The stock is currently trading at a price-to-sales (P/S) multiple of 7, which is below the 8.5 multiple that Microsoft paid for Activision Blizzard, indicating potential undervaluation [10] - If the stock maintains its current P/S multiple, it could see a price increase in line with revenue growth, with fiscal 2027 bookings estimates being 60% higher than trailing-12-month bookings [11] - Investors can expect a potential return of around 50% from current share prices over the next three years, assuming continued strong performance [11] Group 4: Management and Strategic Focus - Take-Two's management is planning several other releases to enhance shareholder returns and is focused on cost management to improve profit margins [14] - The company is well-regarded for delivering high-quality gaming experiences, which supports the expectation that it is more likely to exceed sales estimates rather than miss them [13]

Core Viewpoint - Nintendo's stock experienced a significant increase of over 5% due to an analyst's price-target upgrade, contrasting with the S&P 500's decline of 0.4% [1] Group 1: Analyst Upgrades - JPMorgan Chase's Junko Yamamura raised her fair value assessment for Nintendo's Japan-listed stock to 15,300 yen ($106.52) per share from 13,400 yen ($93.29), maintaining an overweight recommendation [2] - Yamamura's bullish stance has evolved over the past few months, having initially rated the stock as a buy at 11,600 yen ($0.76 per share) in January [4] Group 2: Market Sentiment - The upcoming launch of the long-awaited Switch 2 console has generated positive pre-launch buzz, contributing to the stock's support [5] - Other analysts have also increased their price targets for Nintendo, with Benchmark's Mike Hickey raising his target to 13,000 yen ($90.50) from 11,800 yen ($82.15), while CLSA's Jay Defibaugh raised his target to 8,600 yen ($59.87) from 7,800 yen ($54.30) despite maintaining a sell rating [6]

Core Viewpoint - Coupang and Sea Limited, once popular growth stocks, are now being evaluated for their potential as turnaround plays in the current market environment [1][3]. Coupang Overview - Coupang operates South Korea's largest e-commerce platform and went public at $35 in March 2021, reaching an all-time high of $50.45 shortly after [2]. - The stock currently trades at approximately $27, having retreated from its peak due to slowed growth and rising interest rates [3]. - Coupang's active customer base grew from 14.9 million at the end of 2020 to 23.4 million in Q1 2025, with Wow subscribers increasing from 6 million in 2020 to 13 million in 2023 [6]. - The company has expanded its marketplace to Taiwan and acquired Farfetch to diversify beyond South Korea, achieving a revenue CAGR of 26% from 2020 to 2024 [7]. - Coupang turned profitable on a GAAP basis in 2023 and 2024, driven by higher-margin marketplace expansion and automation [8]. - Analysts project Coupang's revenue and GAAP EPS to grow at CAGRs of 13% and 130% from 2024 to 2027, respectively, with a current valuation of 1.4 times this year's sales [9]. Sea Limited Overview - Sea Limited, based in Singapore, operates Shopee, the leading e-commerce platform in Southeast Asia, and went public at $15 in October 2017, reaching a peak of $366.99 in October 2021 [2]. - The stock currently trades at around $163, facing challenges as growth has slowed and competition has intensified [3][12]. - Sea's strategy relied on Garena's gaming profits to subsidize Shopee's losses, but the gaming segment has faced setbacks, including the ban of Free Fire in India [11]. - Despite these challenges, Sea's revenue grew at a CAGR of 40% from 2020 to 2024, and it also turned profitable on a GAAP basis in 2023 and 2024 [14]. - Analysts expect Sea's revenue and GAAP EPS to grow at CAGRs of 20% and 97% from 2024 to 2027, with plans to enhance Shopee's features and expand into Vietnam [15]. Investment Comparison - Coupang is viewed as a more balanced investment with a cheaper valuation compared to Sea, which is heavily reliant on a single aging video game for profits [16]. - While Sea is growing faster, its higher forward price-to-sales ratio makes it less attractive than Coupang [16].

Core Point - The popular video game Fortnite has returned to the iPhone app store in the U.S., ending a prolonged absence due to a legal dispute with Apple over in-app transaction fees [1][2]. Group 1: Legal Context - Fortnite was removed from the iPhone and iPad in 2020 after Epic Games attempted to bypass Apple's 15% to 30% commissions on in-app transactions [2]. - The return of Fortnite follows a motion filed by Epic Games asking a federal judge to order its reinstatement as part of a civil contempt ruling against Apple [3][4]. - The ongoing legal battle includes allegations from Epic that Apple has created an illegal monopoly with its app store, a claim that was dismissed in a 2021 ruling [4][5]. Group 2: Court Rulings and Changes - U.S. District Judge Yvonne Gonzalez Rogers ruled that while Apple was not violating antitrust laws, it must allow links to alternative payment options, which could offer lower prices [5]. - Following an appeal process that reached the U.S. Supreme Court, Apple introduced a new system allowing links to alternative payment methods while still imposing a 27% commission on transactions outside its system [5][6]. - Despite the ruling, Epic accused Apple of ignoring the legal system, leading to further court hearings and a ban on collecting commissions on alternative payment options [6]. Group 3: Current Developments - Epic Games claimed that Fortnite was still being blocked by Apple despite the court's ruling, prompting further legal action to clarify the game's status [8]. - Judge Gonzalez Rogers questioned Apple's continued blocking of Fortnite without an appeals court order and scheduled a hearing to address the issue [9].

Core Insights - NACON showcased 9 upcoming games and accessories during the 8th Bigben Week held in Paris from May 19, 2025, providing an exclusive preview to journalists and international partners [3][4][5]. Game Previews - "Hell is Us," an action-adventure game by Rogue Factor, will be released on September 4, 2025, for PlayStation®5, Xbox Series X|S, and PC, featuring a unique design philosophy that emphasizes player exploration without maps or quest markers [5]. - "Robocop: Rogue City - Unfinished Business," a standalone sequel to the 2023 title, is set to launch on July 17, 2025, allowing players to experience new gameplay elements and play as Alex Murphy for the first time [6]. - "Edge of Memories," a JRPG developed by Midgar Studio, will be available in autumn 2025 on multiple platforms, featuring a dynamic combat system and collaboration with renowned artists [7]. - "Architect Life," NACON's first architectural simulation game, will be released on June 19, 2025, allowing players to design and build homes in both career and free modes [9]. - The new editions of "Tour de France 2025" and "Pro Cycling Manager 25," both adopting Unreal Engine 5, will be available on June 5, 2025, introducing new features like a sponsor system and refueling mechanics [10]. Sim Racing Innovations - NACON's Racing Division unveiled new accessories for sim racing, including a hybrid gearbox and load cell handbrake, enhancing the REVOSIM ecosystem [12][14]. - Two new sim racing titles were announced: "Endurance Motorsport Series," focusing on team strategy and race management, and "RENNSPORT," designed for e-sports with realistic driving physics, both set for release in autumn and September 2025, respectively [15][16]. Accessories and Product Launches - NACON celebrated 10 years of gaming accessories, showcasing flagship models that highlight the brand's expertise [17]. - The "Revolution X Unlimited," a high-end wireless controller, was released on April 23, 2025, designed for precision and comfort for action game enthusiasts [18]. - New colorful versions of the RIG gaming headsets were introduced, expanding the product line with unique designs [19]. - Anticipating the Nintendo Switch 2, NACON presented protective accessories to ensure console safety upon release [20]. Company Overview - NACON, part of the BIGBEN group, was established in 2019, focusing on optimizing expertise in the video game market with 16 development studios and a strong emphasis on innovation and competitive advantages [22].