Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul><li>Last week delivered exactly what we anticipated in the previous edition of Crypto Crisp.</li><li>Bitcoin surged past $70,000, closing in on its March all-time high of $73,700 by reaching as high as $73,600.</li><li>However, this rally was short-lived.</li></ul>

Last week delivered exactly what we anticipated in the previous edition of Crypto Crisp.Bitcoin surged past $70,000, closing in on its March all-time high of $73,700 by reaching as high as $73,600.However, this rally was short-lived.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the secondary impacts and then give you an idea.</li><li>Let’s start at the source and walk backward from there. Amazon finally woke up. <a href="https://www.semianalysis.com/p/amazons-cloud-crisis-how-aws-will" target="_blank" rel="noopener">SemiAnalysis’s piece on why Amazon will lose the future of AI</a> has pretty much turned out correct.</li><li>AWS has a fundamentally different view of how to run infrastructure, and most of it is driven by effectively pursuing Amazon basics at scale for their AWS property.</li></ul>

In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the secondary impacts and then give you an idea.Let’s start at the source and walk backward from there. Amazon finally woke up. SemiAnalysis’s piece on why Amazon will lose the future of AI has pretty much turned out correct.AWS has a fundamentally different view of how to run infrastructure, and most of it is driven by effectively pursuing Amazon basics at scale for their AWS property.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Everybody and their mothers are waiting for the election now.</li><li>It’s driving investment decisions, markets, rates etc. – so let’s dig a little deeper into what you should look out for this Tuesday.</li><li>The betting market has shifted slightly over the past 24 hours, underscoring our point that the election is tighter than what Polymarket and similar platforms had priced in just 1-2 days ago.</li></ul>

Everybody and their mothers are waiting for the election now.It’s driving investment decisions, markets, rates etc. – so let’s dig a little deeper into what you should look out for this Tuesday.The betting market has shifted slightly over the past 24 hours, underscoring our point that the election is tighter than what Polymarket and similar platforms had priced in just 1-2 days ago.

Election Watch: 4 Things to look out for on Tuesday

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

Occidental Petroleum Corporation explores for, develops, produces, and markets crude oil and natural gas.  The Company also manufactures and markets a variety of basic chemicals, vinyls and performance chemicals. Occidental also gathers, treats, processes, transports, stores, trades and markets crude oil, natural gas, NGLs, condensate and carbon dioxide (CO2) and generates and markets power.

<ul>
<li>Occidental's revenue is projected to grow 4.8% QoQ but dip 0.1% YoY, while EPS may drop 27.2% QoQ and 36.4% YoY due to lower realised prices.</li>
<li>Occidental's average realised worldwide oil price is expected at USD 75.3/b, down 6.7% YoY and 5.7% QoQ, largely due to an 8.1% YoY and 6.2% QoQ decline in US prices.</li>
<li>Occidental has committed to reducing at least USD 4.5 billion in debt within 12 months of acquiring CrownRock, having already cut nearly USD 3.8 billion, nearing 85% of its target.</li>
</ul>


Occidental's revenue is projected to grow 4.8% QoQ but dip 0.1% YoY, while EPS may drop 27.2% QoQ and 36.4% YoY due to lower realised prices.
Occidental's average realised worldwide oil price is expected at USD 75.3/b, down 6.7% YoY and 5.7% QoQ, largely due to an 8.1% YoY and 6.2% QoQ decline in US prices.
Occidental has committed to reducing at least USD 4.5 billion in debt within 12 months of acquiring CrownRock, having already cut nearly USD 3.8 billion, nearing 85% of its target.


[Earnings Preview] Occidental's Q3 Profitability Expected to Contract Due to Declining Oil Prices

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Sky Quarry Inc. is an oil production, refining, and development-stage environmental remediation company. The Company deploys technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Sky Quarry serves customers in the United States.

<ul><li>The WTR Sustainable Index was down 2.4% W/W versus the S&amp;P 500 Index (down 1.4%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 1.6%).</li><li>Energy Technology (13.3% of the index) was flat, while Industrial Climate and Ag Technology (47.2% of the index) was down 2.2%, ClimateTech Mining was down 4.4%, and Advanced Transportation Solutions (20.8% of index) was down 2.9%.</li><li>Top 10 Performers: VIHD, MAXN, NXH, SPWR, GCEH, PFIE, EVA, LITM, NXT, AMSC</li></ul>

The WTR Sustainable Index was down 2.4% W/W versus the S&amp;P 500 Index (down 1.4%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 1.6%).Energy Technology (13.3% of the index) was flat, while Industrial Climate and Ag Technology (47.2% of the index) was down 2.2%, ClimateTech Mining was down 4.4%, and Advanced Transportation Solutions (20.8% of index) was down 2.9%.Top 10 Performers: VIHD, MAXN, NXH, SPWR, GCEH, PFIE, EVA, LITM, NXT, AMSC

Sustainable Investing Surveyor Focus on Sky Quarry, Inc. (SKYQ)

United States
Insights on the United States (USA)

Crypto Crisp: Trump or Harris?

Last week delivered exactly what we anticipated in the previous edition of Crypto Crisp. Bitcoin surged past $70,000, closing in on its March...

Steno Research

The Rise of Amazon's Trainium 2

In my opinion, this week’s big news in the semiconductor industry is the ramp of Trainium. It’s a bit subtle, but I will walk you through the...

Fabricated Knowledge

Election Watch: 4 Things to look out for on Tuesday

Everybody and their mothers are waiting for the election now. It’s driving investment decisions, markets, rates etc. – so let’s dig a little...

Steno Research

[Earnings Preview] Occidental's Q3 Profitability Expected to Contract Due to Declining Oil Prices

Occidental's Q3 EPS is expected to decline due to a sharp drop in US average realized oil and natural gas prices. The firm’s high debt levels...

Mint Finance

Sustainable Investing Surveyor Focus on Sky Quarry, Inc. (SKYQ)

The WTR Sustainable Index was down 2.4% W/W versus the S&P 500 Index (down 1.4%), the Russell 2000 Index (up 0.1%), and the Nasdaq Index (down 1.6%).

Water Tower Research