🧵 "The Benefits of Bubbles" - Ben Thompson's latest (Nov 5, 2025) is one of his best ever. His core argument: The Al bubble will almost certainly pop and it will hurt, but that popping is actually necessary and the over-investment we're seeing right now is overwhelmingly

UBS || United Natural Foods Inc Leaning Into Its Strengths UNFI laid out a clear strategy at its Investor Day amid a tough macro. We think UNFI demonstrated that its making meaningful progress with its transformation efforts at its 2025 Investor Day. Its seeing solid

UBS || Samsung Electronics Conventional memory pricing expected to turbocharge earnings DDR and NAND contract pricing coming out higher than expected. With 4Q25 memory contract pricing negotiations now completed, we lift our forecast for DDR contract pricing to 35% QoQ (was

UBS || Oxford Industries Inc ( https://t.co/GSfM3qygKL) Lowering Price Target Post Lackluster Report Stay Neutral We think OXM has a decent portfolio of lifestyle brands capable of delivering LT sales and EPS growth. However, its FY25 guidedown should reinforce the view its

UBS || Nanya Technology ( https://t.co/QLZE0C7Dz9) Cycle keeps strengthening - upgrading to Buy The DRAM industry is heading towards unprecedented supply tightness, leading us to upgrade Nanya Tech back to Buy from Neutral. HBM will continue to squeeze capacity allocated to DDR.

UBS || General Mills (GIS.N) Scouting Report What to Expect From F2Q GIS is scheduled to report F2Q EPS on Wednesday 12/17 before the market open. Shares have underperformed the XLP by -6% since the company last reported, but our conversations would suggest that sentiment has

UBS || Gamuda (GAMU.KL) Q1 Below but mgmt believes on track to meet revenue and orderbook targets Q: How did the results compare vs expectations? Gamuda's results came below both UBS/e and consensus forecasts with Q1FY26 revenue RM3.9bn and core PATAMI RM215m making up,

UBS || ASML ( https://t.co/5mLRNJM1Or) PART 2 - WHAT IS THE IMPACT OF HIGH NA ON ASML? Questions: Why and when will High NA be adopted? and why it matters? 1 Why would you adopt high NA? High NA could lead to 20-40% of cost saving vs double or even triple patterning critical

UBS || Brunello Cucinelli S.p.A (BCU.MI) Year-end update reinforces the Solomeo optimism into 2026 Yesterday after market close, BC delivered its year-end update, highlighting strong brand momentum heading into 4Q25 and 2026. The company provided additional c.FX colour

Nomura || CSPC (1093 HK) CSPC Innovation eyes Hong Kong listing What is new? CSPC’s subsidiary CSPC Innovation filed for a Hong Kong listing. On 10 December, CSPC Innovation (300765 CH, Not rated) filed its Application Proof document on the Hong Kong Exchanges and Clearing

Morgan Stanley || Exxon Mobil Corporation (XOM.N, XOM UN) More Growth, Less Spending Raising the bar, again. Yesterday, XOM hosted its annual Corporate Plan Update. Reflecting another year of strong progress, management now expects $25 B of earnings growth and $35 B of cash

Morgan Stanley || Klarna Group Plc (KLAR.N, KLAR UN) Apple Pay Yet Another Driver of a Compelling Multi-Year GMV Opportunity What happened? Yesterday, Klarna announced that it is now live on Apple Pay in eight countries—U.S., UK, Canada, Denmark, Spain, Sweden, France, and

Morgan Stanley || Mazda Motor (7261.T, 7261 JP) Management Meeting in Hiroshima Mazda holds management meeting in Hiroshima: In attendance at Mazda's management small meeting for sell- and buy-side analysts on Dec 9 were CFO Jeffrey Guyton, Yasuhiro Aoyama, Director & Senior

Jefferies || Yara International ASA (YAR NO) Blue Skies Ahead? Air Products Negotiation De-Risks Yara's Outlook Negotiations with Air Products de-risks Yara’s investment case: hurdle rate cleared, capex overhang reduced, and 2.8mtpa low-carbon ammonia ensures long-term

Jefferies || SSE PLC (SSE LN) UK Grids and Gas/Flex Optionality Underpriced - Reiterate BUY Whilst SSE's sector-leading FY25-30 RAB growth outlook is better understood, several positives from the UK's regulation are yet to be priced in. Increasing intermittency, scope for UK

Bernstein : Oracle #Oracle 2Q26: Overall a decent quarter but the controversies persist Oracle 2Q26 vs. consensus What is included in Oracle's Infrastructure Cloud Services #OracleCloud

Jefferies || Engie SA (ENGI FP) More Power In The Tank; Reiterate Buy We believe the market could be underestimating Engie's ability to execute on >€10bn of B/S headroom to deliver growth. We forecast 7% net income CAGR over 2026-30 vs cons of 5%. Engie offers best in class

Stocks Are Still Anti-Fragile On Their 260-Day Uptrend

Bernstein || Taiwan Semiconductor Manufacturing Co Ltd ( https://t.co/1RLSa1PnxM) TSMC: 4025 sales tracking ahead of consensus and guidance This afternoon TSMC reported November revenue at NT$344B, down 6.5% MoM but up 24.5% YoY. October + November added up to NT$711B,

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