Sep 2, 2026

What Changed This Run No ideas crossed the 8/10 bar, and no high-conviction idea was closed or killed. The substantive updates were confirmations. CCJ stayed at 8/10 after Cameco's August 31 uranium table showed spot uranium at $89.68/lb and long-term uranium at $96.50/lb, still above the $75/lb invalidation floor, and its July 31 Q2 release kept 2026 uranium production guidance at 19.5-21.5 million pounds while Westinghouse Q2 adjusted EBITDA was $163 million. Sources: uranium table, Q2 release. BBIO stayed at 8/10 after BridgeBio's August 31 U.S. government access agreement said Attruby remains available through Medicare Part D without future pricing mandates, while the August 10 Q2 release showed $222.4 million of U.S. Attruby net product revenue and a November 27, 2026 BBP-418 PDUFA date with Priority Review. Sources: access agreement, Q2 release.

High-Conviction Theses Reviewed MU remained the strongest high-conviction thesis at 9/10: fiscal Q3 revenue was $41.46 billion, gross margin was 84.6%, and Q4 guidance called for roughly $50.0 billion of revenue and about 86% gross margin; the next proof point is the fiscal Q4 call on September 30, 2026. Sources: Q3 results, Q4 date. AVGO stayed at 8/10 after the run left the AI semiconductor thesis concentrated on the fiscal Q3/Q4 validation window; Broadcom's September 2 release later reported Q3 revenue of $29.6 billion, Q3 AI semiconductor revenue of $16.7 billion, and Q4 revenue guidance of about $34.8 billion. Source: AVGO Q3 release. INSW stayed at 8/10 with the tanker-rate thesis intact: Q2 net income was $295 million, adjusted EBITDA was $345 million, free cash flow was $261 million, and the September dividend was declared at $5.05 per share. Source: INSW Q2 release. NOW stayed at 8/10 after Q2 subscription revenue of $3.877 billion grew 24.5% year over year and ServiceNow AI crossed $1 billion in annual contract value. Source: NOW Q2 release. META stayed at 8/10 with Q2 revenue up 28% to $60.80 billion, but the thesis still depends on AI capex discipline after 2026 capex guidance was narrowed to $130-145 billion. Source: META Q2 release. RARE stayed at 8/10 with Q2 total revenue of $214 million, 2026 revenue guidance of $730-$760 million, and the 2027 profitability path intact, while FDA's August 19 accelerated approval of Genglycos added launch execution and confirmatory-benefit risk. Sources: RARE Q2 release, FDA approval. TLN stayed at 8/10 after raising 2026 adjusted free cash flow guidance to $1.200-$1.350 billion and reporting about $1.9 billion of liquidity. Source: TLN Q2 release. NXT stayed at 8/10 after Q1 FY2027 revenue of $935 million, adjusted EBITDA of $233 million, backlog above $5.5 billion, and FY2027 adjusted EBITDA guidance of $870-$930 million. Source: NXT Q1 release. MLYS stayed at 8/10 with the lorundrostat PDUFA date fixed at December 22, 2026, cash and investments at $661.4 million as of June 30, 2026, and funding expected into 2028 including launch. Source: MLYS Q2 release.

What To Watch Next Near-term dated checks are AVGO Q4 AI semiconductor revenue framing, INSW's September 10 record date and September 24 dividend payment, RARE's September 19 UX111 PDUFA action date, MU's September 30 fiscal Q4 call, MLYS's October 29 ICER meeting and December 22 PDUFA date, NOW and META Q3 earnings on October 28, NXT Q2 FY2027 earnings on October 22, CCJ Q3 earnings in early November, TLN's expected mid-November Q3 update, and BBIO's November 27 BBP-418 FDA decision.