To The Moon

💰 NEW ALPHA|Hold on to US Strategic Resources: AN/NGD/NG

🧩 Economic data strengthens rate-cut expectations; Nasdaq rises for two consecutive days. Is this round of adjustment over?

🔍 $AutoNation(AN)$ / $New Gold(NGD)$ / $Novagold Resources(NG)$ : Tremendous opportunities can be secured by companies holding core resources.

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America on Wheels

|US tariffs fact check

Where does this year’s trade war stand? Bessent has marked a critical milestone. On Wednesday, via his official X account, Treasury Secretary Scott Bessent stated: “Now that August is in the books, tariff revenues topped over $31 billion for the month: a new record high. As collection continues to grow, the Trump Administration is fixing the financial shambles it inherited.”

Investors are now counting on hundreds of billions of dollars raised by the remaining tariffs to offset Trump’s tax cuts and keep a lid on U.S. borrowing. The Congressional Budget Office estimates that tariff policies may reduce the budget deficit by approximately $4 trillion over the next decade. Trump even boldly envisions tariffs eventually replacing income taxes entirely.

Fact Check: Tariffs have indeed brought tangible financial benefits to the U.S. Treasury. The latest Treasury data shows that as of August 29, U.S. tariff revenues for August reached $31.37 billion, with the year-to-date total hitting $183.56 billion. Earlier, Bessent projected U.S. annual tariff revenue might exceed $500 billion, far surpassing the previous estimate of $300 billion.

Under tariff pressure and amid rate-cut expectations, gold and base metal prices have soared. These geopolitical factors benefit American domestic enterprises and companies with strategic resources deserving close attention:

🔍 $AutoNation(AN)$ / $New Gold(NGD)$ / $Novagold Resources(NG)$.

| Market recap

U.S. markets steadily climbed, with $NASDAQ(.IXIC)$ closing up 0.98% and $S&P 500(.SPX)$ gaining 0.83%. Data indicates a cooling labor market in the U.S., bolstering Fed rate cut expectations and driving stock prices higher.

Most big techs rallied:

$Amazon.com(AMZN)$ surged 4.3%, marking its best single-day performance since late April;

$Broadcom(AVGO)$ soared after earnings, with reports of plans to collaborate on launching a dedicated OpenAI chip.

Although ADP private employment data posted weak results, reinforcing rate-cut expectations, the market remains cautious, awaiting Friday’s release of August non-farm payrolls. Before rate cuts materialize, adjustments may still occur. Staying patient and buying during market dips could provide a higher margin of safety.

Megacaps - Stay on the table

On Thursday evening, following the completion of renovations in the Rose Garden, Trump will host a dinner for tech leaders and Wall Street executives. Guests include Tim Cook, Bill Gates, Mark Zuckerberg, Sundar Pichai, Satya Nadella, and Sam Altman. Notably absent is Elon Musk, whose response was “unfortunately could not attend.”

Custom-designed chips are currently a collective focus among Silicon Valley giants. $Alphabet(GOOG)$ , Amazon, and $Meta Platforms, Inc.(META)$ have all developed dedicated chips to handle AI workloads, driven by both commercial considerations and strategic positioning to reduce dependence on giants like NVIDIA.

OpenAI has also joined this wave, co-designing chips with Broadcom that will debut next year. According to a source close to the project, OpenAI plans to use these chips exclusively for its internal needs, not offering them to external customers. This marks a crucial step for OpenAI in meeting its massive computational power demands.

On Thursday evening, $Broadcom(AVGO)$ revealed better-than-expected fiscal Q3 earnings, reporting $5.2 billion in AI chip semiconductor revenue, surpassing market expectations. The CEO mentioned that a mysterious new client has pledged $10 billion worth of new orders. Given this information, the mysterious client is highly likely to be OpenAI.

Mega deal - AI Takes ALL

$Amazon.com(AMZN)$ surged 4.3% in a single day, marking its best performance since late April. The market remains optimistic about growth momentum in its core cloud business, primarily due to AWS’s partnership with an AI startup.

That AI startup is Anthropic. Today, Anthropic announced the completion of $13 billion in Series F funding, bringing its valuation to $183 billion. Following this record-breaking fundraising round, Anthropic has become one of the world’s most valuable startups. Compared to earlier this year, the company's valuation has grown by 300%.

Here’s a fun fact: Of all publicly traded U.S. companies, fewer than 60 currently have a market capitalization exceeding $200 billion. As AI disrupts various industries, Anthropic’s valuation is already surpassing some traditional industry giants, such as mutual fund manager $BlackRock(BLK)$ ($170 billion) and aircraft manufacturer $Boeing(BA)$ ($175 billion).

Founded in 2021 by siblings Dario Amodei and Daniela Amodei, Anthropic’s core team comprises early developers of the GPT series of products.

IPO watch

$Klarna Group plc(KLAR)$

• Buy-now-pay-later company Klarna plans to raise up to $1.27 billion through a New York listing later this month, just six months after postponing its IPO. The listing could value Klarna at up to $14 billion—a sharp drop from its 2021 peak valuation of $46.6 billion—but more than double the $6.7 billion valuation it received in 2022.

$Gemini Space Station, Inc.(GEMI)$ (not Google’s LLM)

• The Winklevoss brothers’ crypto exchange is seeking a $2.2 billion IPO. Gemini plans to list on the Nasdaq, with an offering price of $17–$19 per share. Gemini will become the third cryptocurrency exchange to achieve publicly traded status.

$Legence Corp.(LGN)$

• $Blackstone Group LP(BX)$ -backed AIDC contributor Legence has filed for an IPO, aiming to raise up to $754 million. The offering could value Legence at nearly $3 billion. The HVAC installation and engineering company, which is benefiting from booming demand for data centers and life sciences facilities, plans to sell 26 million shares at a price range of $25–$29 per share.

| America on wheels

On September 4, Trump announced that the U.S. government will impose tariffs on semiconductor companies that have not shifted production back to the United States. He emphasized that companies investing or planning to build facilities domestically would be exempt from these tariffs. Beneficiaries of trade disputes and soaring gold prices include top-performing companies 🔍 $AutoNation(AN)$ / $New Gold(NGD)$ / $Novagold Resources(NG)$.

AN

AutoNation (AN) focuses on vehicle sales in the U.S. and is one of America’s Fortune 500 companies. The company is the largest automotive dealership group in the U.S. Under current market conditions, AutoNation has achieved strong results by using new vehicle sales to drive other business lines like used cars, services, parts, financing, and insurance.

In its most recent quarter, AutoNation performed exceptionally well. The company reported impressive Q2 2025 earnings, surpassing analyst expectations. AutoNation delivered EPS of $5.46 and revenue of $7 billion, both exceeding forecasts.

Its stock price hit a record high, up 30% year-to-date. Despite trading near its peak, the stock remains attractive with a P/E ratio of just 13. AutoNation’s recent expansion of ABS financing capacity for AN Finance has enabled larger-scale share buybacks, and the company is projected to generate $20.66 in free cash flow per share by the end of 2026.

NGD

New Gold (NGD) is a mid-tier gold mining company based in Canada, with assets including the Rainy River mine and New Afton mine in Canada, as well as the Cerro San Pedro mine in Mexico. The company boasts abundant resources.

Since late July, New Gold’s stock has risen consistently. On July 28, NGD reported its Q2 2025 earnings, where EPS exceeded expectations, but revenue fell short, causing a temporary dip in its stock price. However, the stock has since rebounded strongly, repeatedly setting new highs.

Although revenue missed targets, NGD achieved record free cash flow of $63 million and maintained its 2025 production guidance, emphasizing organic growth. Over the next three years, management plans to prioritize strategic growth over scaling up operations, aiming to generate $1.86 billion in free cash flow. The company is also considering dividend distributions or share buybacks, reflecting strong confidence in its operations.

NG

NovaGold (NG) is a precious metals company focusing on developing its 50% stake in the Donlin Gold project in Alaska.

Located in the Kuskokwim region of southwestern Alaska, the Donlin Gold mine is regarded as “one of the world’s most attractive undeveloped gold projects.” Citi analysts have noted that it has the potential to become the second-largest gold mine in the U.S., with an annual production capacity of approximately 1.5 million ounces.

On September 2, NovaGold’s stock reached a new high. Recently, NovaGold reported a net loss of $54.3 million for Q2 2025, with losses widening year-over-year. Despite the increased losses, the company emphasized its strategic initiatives, including significant financial injections and ongoing exploration, highlighting its focus on long-term growth.

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