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Luke Kawa7/22/25

Coca-Cola falls on dip in volumes sold, but promises cane sugar Coke in US

Coca-Cola is modestly lower after reporting second-quarter adjusted operating revenues and comparable earnings per share ahead of Wall Street’s estimates. Shares, which were trading 1% to the upside ahead of this release, are now 1% lower in the premarket.

The company’s price/mix — which measures what’s sold where and the price it’s sold at — was up 6%, but concentrate volumes sold were down 1% year on year in the second quarter.

The iconic American beverage company also raised the floor for its full-year comparable EPS growth to 3%, after previously expecting growth in a range of 2% to 3%. That’s driven by favorable changes in foreign exchange, where the firm no longer sees as stiff of a headwind. Management maintained guidance for organic revenue growth between 5% to 6%, slightly lower than analysts’ expectations.

Perhaps more importantly... move over pumpkin spice szn, fall is now cane sugar szn:

“As part of its ongoing innovation agenda, this fall in the United States, the company plans to launch an offering made with US cane sugar to expand its Trademark Coca-Cola product range,” per the press release. “This addition is designed to complement the company’s strong core portfolio and offer more choices across occasions and preferences.”

This announcement comes after President Donald Trump said on Truth Social that he had convinced Coca-Cola to do this, remarks that sent high-fructose corn syrup maker Archer-Daniels-Midland lower. Again, we’d emphasize that this cane sugar offering is an expansion of its product portfolio, not a replacement of the second most important ingredient in its flagship US beverage (high-fructose corn syrup).

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Nvidia CEO Jensen Huang announces new partnerships with Palantir, CrowdStrike, Uber

Shares of CrowdStrike and Uberjumped while Palantir pared losses after Nvidia CEO Jensen Huang announced new partnerships with the companies at the chip designer’s GTC in Washington DC.

“AI will also supercharge cyber security challenges, the bad AIs, and so we need an incredible defender. I can’t imagine a better defender than Crowdstrike,” said Huang. “We are partnering with CrowdStrike to make cybersecurity speed of light, to create a system that has cybersecurity AI agents in the cloud but also incredibly good AI agents on prem.”

He then went on to discuss Palantir Ontology, which he called the single fastest enterprise company in the world and probably the single most important enterprise stack in the world today.

“We work with Palantir to accelerate everything Palantir does so that we can do data processing at a much much larger scale and more speed, whether it’s structured data of the past, human-recorded data, unstructured data, and process that data for our government, for national security, and for enterprises around the world, process that data at speed of light and find insight from it.”

Huang also discussed Drive Hyperion, an architecture for companies to create vehicles that are robotaxi-ready. In a press release, the chip designer said it’s partnering with Uber to support the company in “scaling its global autonomous fleet to 100,000 vehicles over time, starting in 2027.”

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Nvidia jumps to high of day after CEO Jensen Huang touts more than $500 billion in flagship chip orders through 2026

Shares of Nvidia leapt to session highs after CEO Jensen Huang touted the “exceptionally” strong demand for its flagship products, noting that orders for Blackwell and early Rubin chips were above $500 billion through 2026.

That’s a lot more money in a lot less time than its Hopper GPUs generated to date.

Revenue estimates for Nvidia’s fiscal 2026 and 2027 (which loosely map to calendar years 2025 and 2026) currently sit at a combined $486 billion.

Nvidia chip orders — Source: Nvidia

Two Faces with Starry Eyes

The average American family is worth more than a million bucks

Elon Musk and I also have an average net worth of $233 billion.

Claire Yubin Oh2h

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Trump Media rises on plans to make event contracts available on Truth Social in partnership with Crypto.com

Shares of Trump Media & Technology Group are up after the company announced that it will be making prediction markets available on its Truth Social platform through its partnership with Crypto.com.

Users “will be able to trade prediction contracts related to major events and milestones, such as political elections, interest and inflation rate changes, commodity prices on gold and crude oil, events across all major sports leagues, and more,” per the press release. Beta testing is to begin “in the near future,” followed by a full US launch with designs on a global rollout.

Speech is free and talk is cheap — until you put your money where your mouth is. Prediction markets are a booming business, with Piper Sandler estimating that volumes at Kalshi and Polymarket are poised to be up 91% month on month in October, driven in part by interest into contracts tied to the outcomes of sporting events.

The ascension of prediction markets has been viewed as negative for the “traditional” domains for online sports betting, with the likes of DraftKings and Flutter Entertainment suffering as prediction market activity linked to sports picks up steam. Both these firms, which are looking to increase their footprints in the event contracts space, are selling off as this new entrant also threatens to eat away at market share and, more importantly, a large rival plans a reentrance, with Bloomberg reporting that Polymarket is “preparing to return to the US in the coming weeks with a focus on sports betting,” citing people familiar.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. Event contracts trading is offered by Robinhood Derivatives, LLC, a registered futures commission merchant with the CFTC.)

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Cameco soars on partnership with US government and Brookfield to deploy new nuclear reactors stateside

Shares of Cameco Corp are surging in premarket trading after the Canada-based uranium company announced that it and Brookfield Asset Management have signed a binding term sheet with the US government to build nuclear reactors in the US via their jointly owned Westinghouse Electric business.

(Brookfield and Cameco acquired 51% and 49% of Westinghouse Electric, respectively, in a 2023 deal.)

As a uranium provider to nuclear power plants, Cameco has the opportunity to benefit not just through its Westinghouse exposure, but also by having a bigger market to supply.

Shares of no-revenue nuclear company Oklo as well as Nuscale both popped on this news, but since pared gains.

The aggregate investment value of these new projects is “at least” $80 billion, per the press release. The US government will take care of arranging financing, permitting, and approvals, and Westinghouse will construct nuclear facilities which “are expected to generate reliable and secure power for the American grid, including powering significant data center and compute capacity to drive growth in artificial intelligence in the United States.”

The agreement will see the US government get a 20% share of any cash distributions tied to this project in excess of $17.5 billion. If that milestone has been hit on or prior to January 2029 and the valuation of Westinghouse is expected to be $30 billion or higher, the US government can demand an IPO of this division and the ability to accumulate a 20% stake in this entity.

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