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If the sale of Ingenuity was 12-18 months later I think Mr Market may have reacted differently, it was always seen as a weight around the two large brands with its debt and CAPEX dominating THG's balance sheet.

Now we are in the midst of an Ai revolution its not looking so bad after all, especially with Googles involvement.

..but this is what it is about and has been from the start, long term forward thinking which markets and fund managers are not very good at being driven by quarterly numbers/bonuses and such..

The same can be applied to MP pricing, many will want to see a short term rise in margins to satisfy the market, but at what cost ?

BrokeNSmoke, yep, I think opinions are now converging on how Ai fits in for most businesses, there is still the case for agentic but its certainly not mainstream.

Your comments and insights are valuable as an industry insider especially around the coding/memory side of things, keep 'em coming..

Roughly 5% of the share cap, may get a Tr1 although with US companies it usually 5% threshold to cross.

At a guess, would say its Patient Opp as the only ones of note that have been selling recently.

Volume is about right for them, end of month so we should get Feb figures on mstar fairly soon..

Todays move up could keep it in, very close though and depends on what other constituents are doing

https://www.stockchallenge.co.uk/ftse.php

Monday sees the start of the share buy back programme, that may help lift the price further..

I can't see the benefit of protein coffee, what is the proposition here drink a large Lattes then go and sit behind your desk for a few hours?

Surely better to have a normal coffee with a lump of cheese hanging off the side :))

Excellent numbers, surprised at the lack of interest given cash flow, increased dividend and buyback.

We also have a backdrop of declining interest rates

...and

15 Other

In November, the Group received notice of a potential claim. At this stage, no claim has been received. The Group is confident of the value it provides to its partners.

Starting next month, Starbucks is officially bringing its protein drinks from the café to grocery stores and beyond. The coffeehouse is launching Starbucks Coffee & Protein on March 23, a new ready-to-drink (RTD) line designed for the health-conscious coffee lover. The latest launch follows the success of Protein Lattes and Cold Foams and employs some of Starbucks’ classic flavors so you can grab a sip reminiscent of your go-to drive-thru order (without overloading on sugar or calories).

https://www.brit.co/starbucks-protein-coffee/

IShares dropped another 0.10% yesterday on CD, that's the lowest I have seen since following of maybe 2 years or so..

This is where at least some of the selling is coming from, Matts order was probably propping it up for a good while.

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That was a near on 15% increase in whey futures yesterday, its a big jump by any standards

Why Whey and Whey Isolate Has Gotten So Expensive — And Why It’s Not Just a “Local NZ Price” Thing

https://www.nzprotein.co.nz/article/whey-price-increases

CoreWeave

shares fell as much as 12% in extended trading on Thursday after the artificial intelligence-focused cloud infrastructure provider posted higher fourth-quarter revenue than Wall Street had expected.

I can't recall management saying they wouldn't sell or consider an offer, maybe a change of strategy at the top after what 21 years maybe time to join forces for the better.

Both Cavendish and Trinity have similar outlooks and valuations, there is also a third broker covering which has a premium paid for note, forgot the name but if anyone has access would be interested to hear their numbers.

Big jump in EU whey futures, its like bitcoin of the commodities world..

https://www.barchart.com/futures/quotes/W5G19/futures-prices

.. the irony, now Ai companies are warning

C3.ai Inc

https://www.cnbc.com/quotes/AI/

Ordinarily this would be funny, but its the VP of Ai research at Google ..

..and she has uploaded screenshots..(thank you : ))

Hilarious.

https://youtu.be/JiA4fvoeUfI

Everything is THG's fault when its the focus of your life

“I think the markets got it wrong,” Nvidia CEO Jensen Huang said, pushing back on fears that AI agents will cannibalize the enterprise software industry.

Instead, agentic AI will use software tools even more, boosting efficiency, Huang argued.

The concept of Ai as a 'tool' is something that's been discussed here many (many) times, this is the basis of my argument for a good while now, Ai as a tool.

https://www.cnbc.com/2026/02/26/nvidia-jensen-huang-gpu-ai-threat-software-companies-saas-earnings-chips.html

That's a pretty good point Jatw, some of the revenue was delayed or pushed back until 2026, also H2 was showing signs of returning to normal after recent turmoil.

HCM has a market cap of £.18b with $1.4b in cash, if we take the extra revenue from SHPL (targets being met) that values current pipeline at appox $400m give or take..

..on top of that revenue is expected to exceed $500m for 2025, and $580m for 2026..

That's without ATTC although this is included in Trinity's overall valuation of $5.98b

Looking at US volumes, yesterday it was under 4k on a good day it might be 40k so how do they manage to buy over 5m without the price moving?

I wondered the same thing amones, perhaps they are better informed of Chinese markets being on the ground so to speak..

I looked at the fund data sheet which has a fair number of smaller Chinese funds invested, and/or trading.

Jupiter Merian Glb Eq AbsRet I USD purchased 5,115,000 in Dec with no selling according to data sheets, maybe it is just the short brigade keeping a lid on things ?

https://www.morningstar.com/stocks/xlon/hcm/ownership

But you need calories to to burn for energy, but yep, take your point it might be on the high side for fat content.

Ploughman lunch was always popular, big 'ol slab of cheese keeps you going for hours..

Excellent article on new whey processing coming to market, well worth bookmarking..

Whey protein suppliers race to expand capacity amid tight markets

https://www.dairyreporter.com/Article/2026/01/16/whey-protein-shortage-drives-major-global-investments/