Good morning . OpenAI’s IPO filing pits Sam Altman against Elon Musk. Investors keep finding reasons to stay optimistic on tech. And why Donald Trump’s luck might be running out in Las Vegas. Listen to the day’s top stories . — Rose Henderson and Marcus Wright Market Snapshot S&P 500 Futures 7,450.25 +0.5% Nasdaq 100 Futures 29,688.50 +0.8% Bloomberg Dollar Spot Index 1,208.24 -0.3% Market data as...
Good morning . OpenAI’s IPO filing pits Sam Altman against Elon Musk. Investors keep finding reasons to stay optimistic on tech. And why Donald Trump’s luck might be running out in Las Vegas. Listen to the day’s top stories . — Rose Henderson and Marcus Wright Market Snapshot S&P 500 Futures 7,450.25 +0.5% Nasdaq 100 Futures 29,688.50 +0.8% Bloomberg Dollar Spot Index 1,208.24 -0.3% Market data as of 07:15 AM ET. Data is subject to provider delays. OpenAI confidentially filed for an IPO, opening a new front in CEO Sam Altman’s rivalry with Elon Musk. The ChatGPT maker is said to be targeting a listing as soon as this fall. The move follows a similar filing by Anthropic and comes as Musk’s SpaceX prepares for what could be the largest IPO in history this week. The two bosses recently faced off in court, where a jury rejected Musk’s claims that OpenAI had abandoned its original public-interest mission. The AI-led rebound in stocks entered a second day, with investors finding fresh reasons to stay optimistic on the sector. Under the surface, however, things may look different. Strategists at Citi said traders are aggressively building short-selling positions in US stocks while bullish wagers on the tech sector remain stretched. And over in the $31 trillion Treasury market, traders are telling Federal Reserve Chairman Kevin Warsh that interest rates aren’t high enough . Hours after brokering a halt to hostilities between Iran and Israel, Donald Trump said talks were still on track . “We’re in the final throes of what will be a very, very good deal,” he told reporters in New York. Recent waves of ballistic missiles between the two countries had threatened to derail broader peace efforts . Knicks Fall to Spurs in First Home Finals Game in a Generation Read more The California governor’s race in November is set to be a contest between Democrat Xavier Becerra and Republican Steve Hilton, Decision Desk HQ projections show. In Maine, Graham Platner heads into today’s Democrat...
Sources tell Bloomberg that SpaceX’s initial public offering is well oversubscribed with multiple institutional investors placing orders for about $10 billion or more of shares. Elon Musk's company is leading a race to list against both OpenAI and Anthropic. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down th...
Sources tell Bloomberg that SpaceX’s initial public offering is well oversubscribed with multiple institutional investors placing orders for about $10 billion or more of shares. Elon Musk's company is leading a race to list against both OpenAI and Anthropic. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Tom Mackenzie. (Source: Bloomberg)
PM Images/DigitalVision via Getty Images Thesis This is the second time I’m covering Indivior Pharmaceuticals ( INDV ) , a company almost entirely focused on helping people recover from opioid addiction. Their whole business revolves around treating people who have become dependent on opioids like fentanyl, heroin, oxycodone, and similar drugs. Their star product is SUBLOCADE , which I went into i...
PM Images/DigitalVision via Getty Images Thesis This is the second time I’m covering Indivior Pharmaceuticals ( INDV ) , a company almost entirely focused on helping people recover from opioid addiction. Their whole business revolves around treating people who have become dependent on opioids like fentanyl, heroin, oxycodone, and similar drugs. Their star product is SUBLOCADE , which I went into in a deeper dive here . Basically, think of someone battling opioid addiction. Most of the challenge comes from the fact that the treatment has to be carried out daily. People miss doses, stop treatment, relapse, and the cycle continues. That's where the economics get interesting. A monthly injection is much more valuable and much more expensive than generic addiction medications. So every time a clinic administers a SUBLOCADE injection, Indivior gets paid. When I last rated the stock a Buy, my thesis was built around the market not giving enough credit to SUBLOCADE's earnings power and the potential for a broader operational turnaround. Seeking Alpha That thesis has played out far better than even I expected. But it’s been more than a year, which makes this a good time to revisit the case. After another look at the fundamentals, I still like the stock. In fact, the investment situation looks stronger today than it did when I first covered it. Why Indivior Pharmaceuticals Looks Different Today Dispense Unit Growth : +20% YoY Record New Patient Starts: 31,800 (+29% YoY) Active Prescribers Growth: +19% YoY Prescribers Treating 5+ Patients: +20% YoY SUBLOCADE Category Share: 76% It's no surprise to see that the primary driver was volume expansion of SUBLOCADE. Dispense units increased at nearly double the rate witnessed last year, which management credits to better commercial execution and the early impact of the Move Forward in Recovery direct-to-consumer campaign. New patient starts hit a record. The prescriber base grew at a double-digit rate, with physicians treating five o...
alexskopje/iStock via Getty Images For the last couple of days, since the news came out that Strategy ( MSTR ) had sold some Bitcoins for the first time, I have been tracking Bitcoin and MSTR constantly. And because of that news, both were in a constant selloff for a couple of days. But then Friday came along, everything remotely tech-related got hammered and for some reason it was the cherry on t...
alexskopje/iStock via Getty Images For the last couple of days, since the news came out that Strategy ( MSTR ) had sold some Bitcoins for the first time, I have been tracking Bitcoin and MSTR constantly. And because of that news, both were in a constant selloff for a couple of days. But then Friday came along, everything remotely tech-related got hammered and for some reason it was the cherry on top of the selloff for Bitcoin and MSTR. They both went down harder than they should have. Data by YCharts Now, the title of this article may sound exaggerated but I do not think it is. I want you to stick with me through this and then decide for yourself. And I am also inviting MSTR and Bitcoin bulls into the comments for any logical debate and criticism because that is the entire point of writing here. So from the start we are going to go directly to their strategy and my thesis, and we are going to ignore their operational business. Because at this point it looks like a rounding error on their balance sheet. So we are going to talk about their strategy of accumulating bitcoin and why it may make them a single point of failure for Bitcoin. But before that I want to be clear about what this article is and what it is not. This is not a piece about whether Bitcoin is a good asset or not. I am not making any directional call on Bitcoin itself. What I am saying is that Strategy’s capital structure has become a self-referencing financial machine. If it continues on this path it could make Bitcoin from a decentralized, liquid digital asset into something else. The Strategy, As Advertised The core idea behind Strategy is very simple. They issue equity (common stock via ATM programs) and fixed-income instruments (convertible notes and preferred stock) at valuations that trade at a premium to the underlying Bitcoin it holds. It then uses that money to buy spot Bitcoin. As long as the equity market continues to price MSTR above its net asset value per share, this process is theoretic...
Nvidia was edging up early on Tuesday. The chip maker has added Apple to its roster of big-name customers but details are still scarce on exactly how big a deal it could be. Nvidia shares were up 0.9% at $210.44 in the premarket.
Nvidia was edging up early on Tuesday. The chip maker has added Apple to its roster of big-name customers but details are still scarce on exactly how big a deal it could be. Nvidia shares were up 0.9% at $210.44 in the premarket.
Far-right National Libertarian party say museum would highlight ‘victims’ of socialist government Far-right lawmakers in Chile have proposed the creation of a “museum of truth” to tell its own version of the years preceding Gen Augusto Pinochet ’s bloody dictatorship – and emphasise the plight of what it calls the victims of Salvador Allende’s socialist government. According to the seven congressp...
Far-right National Libertarian party say museum would highlight ‘victims’ of socialist government Far-right lawmakers in Chile have proposed the creation of a “museum of truth” to tell its own version of the years preceding Gen Augusto Pinochet ’s bloody dictatorship – and emphasise the plight of what it calls the victims of Salvador Allende’s socialist government. According to the seven congresspeople from the far-right National Libertarian party who presented the bill, the museum would highlight the “outrage, hunger and humiliation” of Allende’s Popular Unity government. Continue reading...