Bruce Main (@Brucekmain) header
Bruce Main (@Brucekmain) profile picture

CEO, Ivy Asset Management, portfolio manager of IVYAI on the JSE. AI, energy, biotech. Authorised FSP 660, FSCA-regulated. Views mine, not advice.

Johannesburg, South Africa
Joined April 2011
Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)Photo by Bruce Main (@Brucekmain)
Why we built IVYAI: AI runs on chips, data, software, security and power, and leaders change. One JSE share spans the chain. Q3 brochure: cdn.prod.website-files.com/6… Ivy Asset Management, authorised FSP 660, regulated by the FSCA. Aggressive, high risk; capital at risk. Not advice.
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GOOGLE $GOOGL IS BACK IN THE MUNICIPAL BOND MARKET WITH A $1.5B ENERGY DEAL It's Google's second time this year, per Bloomberg. Goldman Sachs is arranging the deal. In these "prepaid energy" deals, Google gets the bond money upfront. In return, it makes payments over time that help a California utility buy discounted electricity. Google is the first tech company to publicly take this role, which has mostly been filled by banks.
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Palantir $PLTR has now accelerated its revenue growth for the 7th quarter in a row
ALEX KARP OPENED PALANTIR'S $PLTR Q3 SHAREHOLDER LETTER BY SAYING FEW COMPANIES IN POSTWAR AMERICA HAVE EVER GROWN THIS FAST "There has seldom been another enterprise in postwar America that has grown at the scale and speed of our own." Palantir did $2.31B in revenue last quarter, up +96% from $1.18B a year ago. Karp said the company has "essentially doubled our entire business since the same quarter last year." Revenue growth has sped up for 7 straight quarters: Q4 2024: +36% Q1 2025: +39% Q2 2025: +48% Q3 2025: +63% Q4 2025: +70% Q1 2026: +85% Q2 2026: +93% Q3 2026: +96% Palantir is now on pace for more than $9B in annual revenue.
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TODAY'S MARKET BRIEF JSE 🇿🇦 JSE All Share: -0.23% JSE Top 40: -0.24% Industrial 25: -0.15% Financial 15: -0.04% Resource 10: -0.56% Mid Cap: -0.24% Small Caps: -0.26% USDZAR: R16.59 Biggest Winners (Large Caps): - Clicks Group +2.36% - Naspers +1.32% - Impala Platinum +1.30% - Bidvest +1.17% - Northam Platinum +1.10% Biggest Losers (Large Caps): - Sasol -2.83% - Woolworths -2.02% - BHP Group -1.88% - Pepkor -1.67% - Bid Corporation -1.51% USA 🇺🇸 Dow Jones -0.27% S&P500 +0.58% Nasdaq +1.09% (Note markets are still open) Rest of the world Dax 🇩🇪 -0.08% CAC 40 🇫🇷 +0.03% AEX 🇳🇱 -0.63% Euro Stoxx 50 🇪🇺 -0.10% Nikkei 225 🇯🇵 -0.33% Hang Seng 🇭🇰 +0.57% KOSPI 🇰🇷 -3.59% Commodities Gold -0.56% Silver -1.88% Platinum -1.29% Palladium -3.30% Copper -2.24% Brent Crude -1.49% Crude Oil WTI -0.65% Natural Gas +0.60% Crypto Bitcoin +1.03% Ethereum +1.90% XRP +2.27% BNB +0.12%
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JUST IN: Nvidia officially surpasses Apple to become the world's most valuable company by market cap again. $NVDA : $5.0 trillion $AAPL : $4.85 trillion
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3.6 billion people use a Meta, $META, app every day, per $META. That’s about 44% of everyone on Earth using Facebook, Instagram, WhatsApp or Messenger daily.
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BIG TECH HAS LINED UP MORE THAN $60B OF NEW BONDS IN ABOUT A WEEK - Microsoft $MSFT: $25B - Meta $META: at least $20B, including about $15B in US dollars - Oracle $ORCL: $10B - Google $GOOGL: $6.73B in euro bonds
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I think the AGOA debate is in danger of missing the larger story. The loss of AGOA is economically irritating but the rapid deterioration in the strategic relationship with the world's largest and most influential economy is of far greater consequence. It won't end here.
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JSE Midday Brief 🇿🇦 JSE All Share: -0.82% JSE Top 40: -0.91% Industrial 25: -0.37% Financial 15: -0.14% Resource 10: -2.23% Mid Cap: -0.41% Small Caps: -0.41% Biggest Winners (Large Caps): - Clicks Group +1.33% - MTN Group +0.38% - Bidvest +0.38% - Richemont +0.35% - Reinet +0.28% Biggest Losers (Large Caps): - Anglogold Ashanti -3.31% - Northam Platinum -3.19% - Impala Platinum -2.86% - Sibanye-Stillwater -2.81% - Valterra Platinum -2.36% USDZAR: R16.64 Gold -1.39% Silver -3.83% Platinum -2.10% Palladium -3.46% Copper -2.98% Brent Crude +0.76% Crude Oil WTI +1.02%
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JSE Morning Brief 🇿🇦 JSE All Share: -1.16% JSE Top 40: -1.27% Industrial 25: -0.48% Financial 15: -0.42% Resource 10: -2.95% Mid Cap: -0.68% Small Caps: -0.62% Biggest Winners (Large Caps): - Clicks Group +0.89% - Anheuser-Busch InBev +0.51% - British American Tobacco +0.11% - Sasol -0.01% - NEPI Rockcastle -0.07% Biggest Losers (Large Caps): - Anglogold Ashanti -4.16% - Sibanye-Stillwater -4.00% - Impala Platinum -3.66% - Pan African Resources -3.27% - Harmony Gold -3.20% USDZAR: R16.64 Gold -1.20% Silver -3.43% Platinum -1.76% Palladium -3.25% Copper -3.05% Brent Crude +1.45% Crude Oil WTI +1.25%
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Nvidia $NVDA posted this today: “More than a thousand MGX racks ship per week.”
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Palantir, $PLTR, earnings: - EPS: $0.44, est: $0.41 - Revenue: $2.31 billion, est: $2.18 billion
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Apple $AAPL just reported Q4 earnings: - Revenue: $114.48 billion vs. $113.46 billion expected - EPS: $2.10 vs. $2.00 expected - iPhone: $57.58 billion vs. $56.48 billion expected - Services: $31.57 billion vs. $31.58 billion expected
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Sepsis induced immunoparalysis. A disease that costs the lives of millions and the largest cost to our hospital system. We can address this and we will. Trials with our IL-15 to begin soon. Unstoppable. Lymphopenia is a disease frontiersin.org/journals/imm…
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The S&P 500's equal-weighted stocks outperformed the market-cap-weighted S&P 500's in October by the widest margin since April 2009 - SeekingAlpha
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Writing this in my personal capacity, but I have been flying these types of aircraft for more than 20 years, with over 8,000 hours, and have reasonable familiarity with how the charter world operates. I feel compelled to post after seeing commentary about the Lear 60 crash, from missile strikes to DEI to critiquing this poor woman’s final radio calls. That last part is what I find most troubling. She was the second-in-command (SIC), and while she was empowered to point out mistakes as part of good crew resource management, she was doing her job, communicating with ATC right to the end in a terrifying situation. She likely knew before many of those calls that she was going to die. I have heard final calls from friends, from military pilots with thousands of hours in fighter aircraft, and they are just as heartbreaking because they know the end is approaching. I understand the public interest given the footage and audio. But you do not know the aircraft’s maintenance history, whether there was a structural failure, if any failure was induced by turbulence, overspeed, or overcontrol, or everything happening in that cockpit. I am sure weather will be part of the investigation, but beyond that, it is speculation. The charter industry routinely hires commercial pilots very early in their careers to gain experience alongside an ATP-qualified captain before they move up to the airlines. She would still have the appropriate training, qualifications, and checkouts by an FAA examiner or designee. Let people investigate, learn, and share the facts. Be respectful to those who perished and the families who carry their memories. God bless them and their loved ones.
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TODAY'S MARKET BRIEF JSE 🇿🇦 JSE All Share: +1.77% JSE Top 40: +2.04% Industrial 25: +2.23% Financial 15: +0.68% Resource 10: +3.11% Mid Cap: +0.41% Small Caps: -0.31% USDZAR: R16.58 Biggest Winners (Large Caps): - MTN Group +7.41% - Gold Fields +5.87% - Impala Platinum +4.47% - Harmony Gold +4.10% - Anglogold Ashanti +3.86% Biggest Losers (Large Caps): - Sasol -5.61% - Discovery -0.86% - Investec PLC -0.54% - Investec Ltd -0.46% - Shoprite -0.44% USA 🇺🇸 Dow Jones +0.98% S&P500 +0.73% Nasdaq +0.95% (Note markets are still open) Rest of the world Dax 🇩🇪 +0.64% CAC 40 🇫🇷 +0.99% AEX 🇳🇱 -0.02% Euro Stoxx 50 🇪🇺 +0.78% Nikkei 225 🇯🇵 -0.33% Hang Seng 🇭🇰 +0.42% KOSPI 🇰🇷 +2.24% Commodities Gold +1.83% Silver +3.57% Platinum +1.54% Palladium -1.49% Copper +1.43% Brent Crude -6.40% Crude Oil WTI -6.43% Natural Gas +0.38% Crypto Bitcoin -0.94% Ethereum -0.01% XRP -0.13% BNB -1.46%
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OPENAI JUST SIGNED A WAVE OF AI DEALS IN THE UAE 🇦🇪 CEO Sam Altman met with Abu Dhabi's crown prince as OpenAI raises a new funding round co-led by UAE investors, per CNBC. - ADNOC and G42: deploying OpenAI's most advanced models - Mubadala and Inception42: using AI for investment analysis - Abu Dhabi's government: turning its policies and regulations into a format AI can read - Inception42: a 5-year deal to bring OpenAI's AI to government, business, and education
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Anthropic has $895.4BN of committed spend (per latest S-1). That’s up from about $105bn at the end of 2025, and the only hyperscaler with more is GOOGL ($1,059bn). META is at $866BN.
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*ANTHROPIC 3Q REV. $16.96 BILLION VS. $1.38 BILLION Y/Y *ANTHROPIC 3Q TOTAL OPERATING EXPENSES $17.5B VS. $4.47B Y/Y *ANTHROPIC HAD $95.6B OF CASH AS OF SEPT.30 *ANTHROPIC HAD $36.3B OF SHORT-TERM INVESTMENTS AS OF SEPT. 30
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