No fees other than the 0.35% annual management fee, applied monthly

quai undertaking maintenance.

Thanks for taking the time to reply Adam << thumbs up thingy>>

Hi Ron Vertex Pharmaceuticals stock took a hit after announcing that its experimental non-opioid painkiller, VX-993, failed to meet the primary endpoint in a Phase 2 trial for acute pain. This sharp decline appears to be an exaggerated market response, given several key factors about Vertex’s broader portfolio and financial standing.Firstly, VX-993 is one of three pain therapies in Vertex’s pipeline, with the company’s lead pain drug, JOURNAVX (suzetrigine), already FDA-approved in January 2025 for acute pain. VX-993, still in early-stage development, was not monetised and thus not factored into the stock’s valuation. Vertex is also pursuing VX-993 for peripheral neuropathic pain (PNP) and developing NaV1.7 inhibitors, maintaining a diversified pain management portfolio. Secondly, Vertex’s financial performance remains robust. Q2 2025 revenue reached USD 2.96 billion, a 12% year-on-year increase, beating analyst expectations of USD 2.91 billion. Adjusted earnings per share were USD 4.52, exceeding forecasts of USD 4.27. The cystic fibrosis (CF) franchise, led by Trikafta, drove this growth, with U.S. sales up 14% and international revenue rising 8%. Vertex reaffirmed its full-year revenue guidance of USD 11.85 billion to USD 12 billion, aligning with consensus estimates of USD 11.93 billion. Emerging therapies, such as Casgevy (USD 30.4 million in Q2 revenue), further bolster Vertex’s growth trajectory.The market’s reaction seems disproportionate, as VX-993’s failure was not a significant valuation driver, per analysts from Bernstein SocGen and BMO Capital, who maintained positive ratings with price targets of USD 471 and USD 530, respectively. The trial’s high placebo effect may have contributed to the statistical miss, and Vertex’s pivot to PNP trials for VX-993 suggests continued potential. Vertex is a world class Pharma with the very best scientists. It's a set back on one trial(of dozens). When pushing the limits of science it's very common and it changes nothing in regards the 'valuation'. In any event we were taking profit in the late $400s and early $500s 2-3 quarters ago. Then a relatively large weight and more recently the second smallest.

It’s probably just anticipating Trump being Trump every few minutes

Yep....me , just landed and invested in time for the usual Friday drop ( Quick edit: as thought complete 720 RAS added 31July wiped out 1 August . Talk about Tariffs and nuclear war sure helps )

Yeah I'm currently not paying anything into my ISA each year, but that's sat at around £110k, with my pension pots amounting to around £225k. Wanted to get a chunk more into my pension until that is on track to grow comfortably with just my workplace contributions, then look to focus a bit more on the ISA to bridge any potential gap and leave some flexibility if I decide to change careers as I begin to wind down.

Hi Mazza LTA allowances are not overly relevant now, it is the "lump sum allowance" (LSA) that is now more applicable. Tax free cash is now capped at either 25% of your pension value or £268,275 which ever is the lower, unless you have some form of pension protection place. Drop me a message at nik.burrows@cobensdirect.co.uk and let me know what you need. Cheers Nik

From JP Morgan: AMZN has grown its Advertising Services revenue from ~$13B in 2019 to ~$56B in 2024, implying a +39% CAGR. The success of Amazon’s Advertising Services business highlights key advantages AMZN & retailers have over GOOGL & META. According to WSJ, AMZN has deployed more than one million robots in facilities, which is the most it has ever had and near the count of human workers at the facilities.

FYI: PNL changes for yesterday: Equity +2% Tech +0.18% Lifestyle +0.67%

Cheers Nik No urgency at all, I have another question, I shall ping off an email to you in the morning again no urgency on it

Colossus-2 expansion to 1 million GPUs gets closer....... xAI is raising $25 billion, comprising $5 billion in debt through Morgan Stanley (a term loan B, fixed-rate term loan, and senior secured notes) to fund the Colossus supercomputer with commitments due by June 17, 2025. Additionally, xAI is seeking $20 billion in equity at a valuation between $120 billion and $200 billion to support its growth.

Interesting update which is a big positive for companies like Oracle. 'You can have our tech if we manage it' -seems to be a link to Stagate/open AI for countries. Quoted from a news wire below New AI Diffusion Rule is COMING SOON and New Version Will Let Allies Buy US Chips With Conditions The Commerce Department is drafting a replacement for its recently repealed AI diffusion rule to ensure the new controls don’t impede U.S. exports to allies, Commerce Secretary Howard Lutnick said June 4. “Our view is we are going to allow our allies to buy AI chips provided they’re run by an approved American data center operator and the cloud that touches that data center is an approved American operator, so we control it while it’s over there,” Lutnick testified before the Senate Appropriations Subcommittee on Commerce, Justice and Science. The rule that was rescinded last month (see 2505130018) was “very confusing,” Lutnick said. “For example, the prime minister of Poland hunted me down and said, ‘What did I ever do to you that you have me as a Tier 3’ country, the most stringent of three tiers? ‘I’m part of Europe -- what are you doing?’ It was illogical. It was hastily rushed through at the very end of the Biden administration.” He expects Commerce will release the new AI diffusion rule soon. “I can’t say with more specificity but pretty soon,” he said.

The previously posted tables containing predicted min Blackwell (packaged) chips has proven very accurate in fact we also said TSMC would likely find additional capacity(and apparently they have). And from that we forecast the revenue growth, knowing what they sell these chips for. The start of Blackwell was clunky due to the transition from Hopper because Hopper was packaged on the 'S' line and Blackwell on the 'L' line and there were some heating issues which is no surprise because it was all very new. We predicted about $10 billion Q o Q growth vs $4-5B during Hoppers reign. We are now at this point today. Blackwell is bug free and at ramping as fast as CoWoS will allow. This is the old schedule by quarter in 000's: [image: 1748798151117-screenshot-2025-06-01-at-18.14.59.png] . TSMC have indicated circa 500k chips per month and growing from June. They are all sold(5-10X). Losing China completely, and it wont be but let's just ignore it all together. All that has happened is we take the hit and next quarter they achieve $47B and the next $57, $67, $77 and so on. The only caveat is that when Rubin arrives at year end, Dec/Jan they will add further revenue to each quarter simply due to the ASP of Rubin being higher-so id expect $12-$13B q o q increases. Next year automotive will be meaningful as all car makers equip their cars with ADAS and robotics/omniverse will start adding revenues-the q o q rhythm will grow again. But this is exactly how I see their revenue grow over time. A very long time and yes I expect 100B+ per quarter some time at the end of next year or Q1 the following. And to anyone who thinks they will have transition issues again, well, Rubin and Rubin Ultra are all packaged on the same line so the transition will be seamless . It is not until 2027 that packaging will move to a new process called Sow-X which is when the real party starts. We are looking at racks 40X more powerful than today's. Racks containing 500 chips and consuming 1 megawatt each and could cost $20M or more. This is the roadmap from 2027 to 29. The experts have been predicting a plateau in revenue for over a year now-remember Cathy Wood and the 'Dean of Valuation'. They were all wrong and continue to be so. Cisco-look at Cisco. A very scientific analogy. Exciting times ahead imo.

The stock doesn’t fit out criteria and moving 100% in a day doesn’t make it attractive. Odds are it will fade over the coming weeks. It’s very small, no track record, loses money and will be extremely volatile. And to add something you have to make a call on what to sell. That’s not to say it can’t go higher.

Morning, Air time is driven by: Weight or our position vs the market position. We were contrarians with SMCI (still are). SMCI drives a lot of opinion! The significance of the company vs the sector Companies driving change/innovation (driving news) My personal interests-and what I think others find interesting-esoteric sectors Cobens has 20k clients and we managed 3X more assets than IM before the rescue I appreciate that we talk about Tech a lot and a couple of holdings in particular. The fact is Nvidia drives/is a barometer of the wider sector(and the market) and what is good/bad for Nvidia impacts other big names.

Done! Thanks Nik.