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Morning Wolf, the first one looks like a pitch his own firm (with 5 employees) lightly disguised as a Linkin post, no one writes a post with headers and that degree of formatting.

In terms of the content I think its been covered here before broadly defined into two camps, namely:

a) Ai will take over everything leaving no one with any money to buy the thing Ai is creating...waaayyyyddaminute..that wasn't in the original script ..lol

b) Great tool to increase productivity across many sectors.

Current architecture which all servers and PC's run is over 80 years old, there is no way you can tweak a system which uses '0' and '1' to emulate human intelligence, its just not possible..

Ditto longefell, well said..

I'll wait for the broker notes, maybe I have misread the forecasts or could be a simple typo.

Without accurate company guidance its difficult to be upbeat..

Is this a typo ?

'HUTCHMED updates full year 2025 guidance for Oncology/Immunology consolidated revenue to $270 million - $350 million due to the phasing of milestone income from partners to 2026 and onwards, as well as the estimated delay of sovleplenib China NDA review completion to after 2025. HUTCHMED will leverage its strong cash resources to accelerate ATTC global development and explore investment opportunities.'

They have already announced $277 for H1 ?

'Other Oncology/Immunology revenue, consisting of upfront or milestones, R&D services and licensing to our partners increased 9% to $44.4 million. Revenue from Other Ventures, comprising prescription drug distribution, remained flat, leading to total consolidated revenue of $277.7 million, down 9%.'

I find it hard to break down Hutchmeds results, on what's expected v what's actually delivered, forecasts are typically very wide ranging.

The headlines look great with $1.36b in cash but there is also some lack of momentum most notably with ELUNATE® and SULANDA®, that said we are still hoovering around mid 2's so maybe this was anticipated, also comment that thing have started to improve.

· Net income attributable to HUTCHMED of $455.0 million was achieved in the first half of 2025 (H1-24: $25.8m), with a cash balance of $1.36 billion as of June 30, 2025, significantly boosted by a $416.3 million divestment gain, net of tax from the disposal of a partial equity stake in a non-core joint venture and divestment proceeds.

Just looking at various holdings, Brighter Foods ..

https://www.thg.com/news/acquisition-of-brighter-foods-limited

Didn't someone mentioned David Berryman the other day ?

Can't remember what context it was in, but that was the other acquisition made around the same time as Claremont.

Linux is often thought of as 'techie' and it still is but things have moved on a pace, you can download the latest version of Mint (Cinnamon is the one we use) to a USB and boot from there without full install.

https://linuxmint.com/

Apologies for the off topic, but it really is good ..

Its an interesting landscape for sure, co-pilot was the main reason for shifting across to Linux early last year, absolute gem of a platform not a single hitch since.

Linux has grown so popular now Microsoft is incorporating parts of it into their flagship Azure platform, that's raised a few eye brows ..

Agree, some of the Adobe stuff is mind blowing especially around teaching which is always a high bar for video editing software, SaaS on these type of platforms would be a seamless fit as already established, just bolt on and go.

Quite a few videos popping up defining in real world terms what it can and can't do, Ai fatigue setting in perhaps..

BoE up today I think, hopefully this tariff thing is starting to settle down.

The best CEO an investor could ask for, one that stands up for the right things in life setting aside his own financial interest which will likely suffer as a result.

Many will view this the same way, giving into bulling is no way to behave ..well done Matt !

Explains why no director share buys, maybe this will change now ..

Recycling businesses, 2/3 of them which had a lot of money invested, one completely overhauled from memory.

https://www.threecountiesreclamation.com/

Again, sale of these business would likely have little impact on EBITA number but could reduce leverage substantially.

That puts into perspective just how daft THG's Group valuation is, just sold a tiny part of the business with limited impact on EBITA for £103m or, to put it another way roughly 25% of the current market cap.

Nice reduction on leverage, should play well for the analyst community, Fitch..

At least this removes the uncertainty (and hopefully the bush funds, which dropped by 5m last chk)

'Tariffs on pharmaceuticals and semiconductors are now zero, but if and when they rise as a result of the US 232 investigations, the tariff will be no higher than 15% as well'

https://www.rte.ie/news/europe/2025/0805/1526946-eu-us-tariffs/

This is obviously EU related but its not clear to me exactly where HCM's production is located, might help sentiment overall too.

It was announced in April

'· New partnership agreement established in South Korea with SG Safety Corporation, a subsidiary of leading Korean conglomerate CJ Group, as part of a broader, multi-faceted deal. The partnership enables category coverage across both offline and new online channels and will extend Myprotein into fast moving categories such as convenience, RTD, and meal replacements.'

Science & Technology

Sunday 3 August 2025

A new dotcom bubble? AI hype has yet to translate into profits

https://observer.co.uk/news/science-technology/article/a-new-dotcom-bubble-ai-hype-has-yet-to-translate-into-profits

This is the kind of progress I was hoping for, as its difficult to get any info from outside of the industry

(only get one view before it heads behind a paywall)

Hilmar, Danone and Chobani invest in the future of dairy

https://www.dairyfoods.com/articles/98384-hilmar-danone-and-chobani-invest-in-the-future-of-dairy

I can see top-line growth with both divisions no problem, plenty of new partnerships especially with nutrition experiencing a boom in anything protein related, the other-side of the coin of course is elevated whey prices as everyone piles into this sector..

Maybe a modest increase in margins but nothing significant, H2 and H1 26 is where both Glanbia and THG have suggested improvements with whey plant processing coming online.

FCF should be much improved which is another metric the market generally favours.

Although priced in US dollar, that link covers the EU market which is a different ball game.

'this page contains the wholesale prices for Sweet Whey Powder (non-hygroscopic) produced in Europe and recorded by the USDA'

In theory if the US market drops EU market should rise to fill the gaps, its not quite as correlated as that though.

The impact on the Yen is another factor to consider, up until now its been at the lower end of the range and still very weak but unexpected tariffs may change this, worth monitoring as final tariffs play out this wk.

https://www.xe.com/currencycharts/?from=JPY&to=GBP&view=1M

Still elevated from 2024 levels but down over 12% in one week, tariffs really starting to bite now that final levies are being implemented.

https://www.clal.it/en/index.php?section=sieroproteine

Glanbia update mid Aug should provide further insight..

Few quotes from the following story, this is my view plays into the hands of companies which are both regulated and responsible..

The risk factor (see fines, never mind reputation are huge) is now so high, it might even outweigh most/all of the benefits of Ai.

New AI rules come into force in EU

Updated / Sunday, 3 Aug 2025 07:00

'The new AI rules mean it must be made clear to consumers if a realistic voice they are engaging with is in fact an AI chatbot.'

"As a consequence of the AI Act, organisations, brands and providers of services, particularly in a digital context, have to declare what is real and what is not," Mr Mitchell said.

'The Act bans artificial intelligence systems considered a clear threat to the safety, livelihoods and rights of people.'

https://www.rte.ie/news/business/2025/0803/1526576-eu-ai-act/