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Energy Transfer: The AI Growth Story Has A Catch (Archive)

AI data center power demand trends is fueling EBITDA growth but the executional risk factors are becoming more apparent in addition to refinancing risks at higher interest rates.

Seagate: Buy When The Market Panics (Archive, Full Access)

Volume and pricing tailwinds, a favorable mix shift toward higher-margin products, and a deleveraged balance sheet.

Iovance: Buy Now Before Many Growth Catalysts Kick In (Archive)

Iovance's flagship cancer treatment protocol is seeing accelerated adoption and has a sweet suite of TAM-expanding growth catalysts

AppLovin: I Was Wrong, This Is A Sell (Archive)

There is persisting weakness in ads' performance and concerns about more intense competition.

Western Digital: Buy Aggressively Because The Market Is Wrong (Archive, Full Access)

The stock has been punished on news of capacity additions from a competitor, but this is an overreaction.

Meta: Muse Is Nice, But Not Enough (Archive)

Muse and Meta One adoption vs the long duration of growth bets that carry both monetization visibility risks and opportunity cost risks with rising rates.

Aeluma: The Numbers Don't Match The Narrative (Archive)

Promising technology and high potential is there but also a prolonged revenue scale-up in a hawkish rate environment amid rising costs and worse FCF burn.

Adamas Trust: Why I Prefer The Preferred Shares To The Common Stock (Archive)

Neutral as rising rates are a headwind, but expanding business purpose loan originations are good as are the fixed-to-floating preferred stock conversions.

Alphabet: Buy Before It Cashes In On Its TPUs (Archive)

Strong growth and margin tailwinds in Google Cloud and TPUs offsets the hiccups from European regulations on Search revenues.

Coinbase: The Bull Case Is Fading (Archive)

Headwinds are there with trading volume contraction and take rate compression, but the outlook for Stablecoin interest income is good with higher interest rates.

VWO: The AI Boom Isn't Enough To Offset China's Weakness (Archive)

AI & semiconductors exposure is favorable but offset by weakness in China, a mixed outlook for India and a potentially fading commodities bull run.

Infleqtion: Still Promising With Diversifying Revenue Streams, But Not As Clear A Buy (Archive)

The revenue progress is good but the valuations aren't compelling.

VICI Properties: I'm Flipping From Buy To Sell (Archive, Full Access)

A hawkish rate environment and rising inflation that exceeds the cap of annual rent escalators are a major headwind.

Calumet Has Powerful Favorable Macro And Industry Catalysts (Archive)

Calumet enjoys volume growth for higher priced products and favorable industry and energy macro conditions.