To The Moon

🧩 NVIDIA's Deep V Reversal—Is there cracks in this AI Monolith?

🔍 $FTAI AVIATION LTD(FTAI)$ / $Ondas Holdings Inc.(ONDS)$ / $Wheels Up Experience Inc.(UP)$ : Small-cap aviation stocks soar, as trading pattern shifts.

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Riding High

🧠 In the previous issue, we flagged the downside risks for NVDA ahead of its earnings release and suggested focusing on better value alternatives like $CoreWeave, Inc.(CRWV)$ / $Marvell Technology(MRVL)$ / $Astera Labs, Inc.(ALAB)$ .

On Wednesday and Thursday, all three companies saw two consecutive days of stock price gains.

| Meet Alef's Model A, a $300K flying car

The world’s first fully electric flying car, Model A, is taking off. Recently, Alef Aeronautics, backed by Elon Musk, announced that its Model A, the world’s first fully electric flying car, has begun test operations at Half Moon Bay and Hollister airports in California. Not only does it share its name with Ford’s first-ever car, the Model A, but Alef's Model A also retains traditional car aesthetics: four wheels, all painted black, with no exposed propellers.

Priced at $300,000, the flying car has already received 3,300 pre-orders and is expected to deliver to customers next year. In terms of range, the Model A can fly horizontally for up to 177 kilometers on a full charge and drive up to 322 kilometers on the ground.

With a solid foundation in the general aviation industry, the U.S. leads the global eVTOL (electric vertical takeoff and landing) sector. Beyond that, the U.S. is actively expanding eVTOL applications in defense, advanced air mobility, and Middle Eastern markets, achieving significant progress.

Strong-performing stocks in the eVTOL space include 🔍 $FTAI AVIATION LTD(FTAI)$ / $Ondas Holdings Inc.(ONDS)$ / $Wheels Up Experience Inc.(UP)$ , which are showing consistent upward momentum.

| Market recap

Before the market opened on Thursday, two major economic data points were released: U.S. Q2 real GDP annualized growth was revised upward to 3.3%, and initial jobless claims for the previous week fell slightly to 229,000. U.S. markets opened higher and continued their rally, with major indices closing in green. $NASDAQ(.IXIC)$ rose 0.53%, while $S&P 500(.SPX)$ gained 0.32%.

Big techs were largely up, with $Alphabet(GOOG)$ leading the Mag 7 with a gain of over 2%. Among large-cap stocks, $Snowflake(SNOW)$ surged by more than 20%, boosting SaaS stock.

Megacaps - Diverging fortunes

$NVIDIA(NVDA)$ Q2 Earnings: What exactly does the market expect?

To be fair, NVIDIA’s Q2 earnings exceeded expectations on both revenue and profit, delivering an almost perfect performance. However, its stock experienced a dramatic deep V-shaped reversal over two consecutive days, with marginal gains. On Thursday morning, major Wall Street banks scrambled to defend the stock, hastily raising price targets and issuing buy signals. Yet, the stock still faced intense selling pressure at the open, briefly falling by 2%.

Currently, NVIDIA has become a benchmark for confidence in the tech sector—and even the broader U.S. stock market—where any minor crack is scrutinized with a magnifying glass by investors anxious not to miss potential sell signals. Bearish views have pointed out that Q2 saw a consecutive quarter-over-quarter slowdown in data center revenue growth, uncertain prospects for China, and lackluster guidance. As a result, some large funds have rotated into SaaS stocks that were previously overlooked (see below).

Nano Banana: Setting new standards

$Alphabet(GOOG)$ closed up 2.01%, hitting a new all-time high.

The tech giant's fresh Nano Banana, developed by Google DeepMind, took the top spot on image editing rankings upon release, earning widespread acclaim for both popularity and quality. Nano Banana’s key feature lies in preserving the consistency of image subjects. Whether users change the background, perspective, or tone, the people and objects in the image remain stable and distortion-free.

Additionally, compared to GPT-Image, the tool offers more precise editing capabilities, thanks to its comprehensive language model understanding. Users have reported successful experiments in generating 3D figurines from 2D illustrations with a single click. The buzz surrounding Nano Banana recalls earlier trends such as Ghibli-style AI-generated visuals.

Nano Banana also stands out for its speed—it generates images in just 1-2 seconds at a cost of only 5 cents per image. With broad applications in e-commerce, AI-powered video production, and scientific illustration, Nano Banana demonstrates Alphabet’s leadership in multi-modal AI capabilities.

Asian markets

Autonomous driving technology is reshaping the global automotive industry landscape.

On Thursday, Hong Kong-listed $HORIZONROBOT-W(09660)$ rose 5.4%, bringing its year-to-date gains to an impressive 120.6%. The company reported significant revenue growth from its product and solutions businesses, with its founder noting that Robotaxi technology is accelerating toward full-scale unmanned operations within the next 5-10 years. The company plans to provide technical infrastructure to multiple Robotaxi operators in the second half of this year.

Similarly, $CHENQI TECH(09680)$ reported a 61.7% year-over-year revenue increase to RMB 1.68 billion in the first half of 2025, with Robotaxi orders surging over 470% and monthly active user growth exceeding 70%. Meanwhile, Robotaxi revenue for companies like $Pony AI Inc(PONY)$ and $WeRide Inc.(WRD)$ grew 157.8% and 836.7%, respectively, in Q2 year-over-year.

These financial results signal an acceleration in the commercialization of the Robotaxi sector. As a key application of AI in transportation, Elon Musk describes Robotaxi as a “trillion-dollar opportunity.” Morgan Stanley forecasts that by 2030, the global autonomous vehicle market will reach $200 billion, accounting for 28% of total vehicle sales.

Top movers

• On Thursday, $Snowflake(SNOW)$ skyrocketed 20%, driving gains across the SaaS sector. Snowflake surged following better-than-expected revenue and EPS, as well as an upward revision to its full-year guidance. Snowflake’s robust net revenue retention (NRR) and strong free cash flow showcased the powerful role of AI in expanding its customer base.

• After a 38% surge on Wednesday, document database leader $MongoDB Inc.(MDB)$ continued climbing, gaining 7.6% on Thursday. MongoDB added more than 2,800 customers in the first half of the year, bringing its total to nearly 60,000—a record-breaking pace in new customer acquisitions, according to management.

• Quantum computing stocks also showed solid gains, with $Quantum Computing Inc.(QUBT)$ up 8.7%, $Rigetti Computing(RGTI)$ up 7.7%, and $D-Wave Quantum Inc.(QBTS)$ up 4.5%.

One More Special

Taylor Swift and Travis Kelce’s engagement caused a social media sensation, and inspired investors to take actions -- some of the stocks gave back some gains on Thursday after a Wednesday surge.

• $Signet Jewelers(SIG)$ : Boosted by investor enthusiasm surrounding the romantic news, for being the only jewelry stock available.

• $American Eagle Outfitters(AEO)$ : The fashion retailer announced a partnership with Travis Kelce following the engagement news, reigniting interest after its viral Sydney Sweeney jeans campaign.

| Ready. Set. Fly.

In the coming years, the eVTOL race will primarily unfold between the U.S. and China. Key areas of focus include breakthroughs in propulsion systems, regulatory progress for industry-friendly frameworks, and global market expansion. Leading companies in this space include 🔍 $FTAI AVIATION LTD(FTAI)$ / $Ondas Holdings Inc.(ONDS)$ / $Wheels Up Experience Inc.(UP)$ .

FTAI

$FTAI AVIATION LTD(FTAI)$ , formerly known as Fortress Transportation and Infrastructure Investors LLC, offers full-service aftermarket support and power solutions for widely used commercial jet engines.

Since bottoming in April, FTAI Aviation has risen by over 50%, recovering from a short-selling attack earlier this year. In January, Muddy Waters issued a short report accusing the company of inflating Maintenance, Repair, and Overhaul (MRO) revenue to mislead investors. FTAI promptly launched an independent investigation to address these allegations, clearing doubts and driving a 22% stock price rally.

The stock continued to climb and demonstrated solid momentum. On July 30, FTAI Aviation surged 26.6% after a bullish rating and strong Q2 results. The company reported revenue of $676 million, a year-over-year increase of 52.45%, while EPS jumped by an astonishing 169.47% to $1.57—both significantly exceeding analyst expectations.

ONDS

$Ondas Holdings Inc.(ONDS)$ provides private wireless, drone, and automated data solutions, operating through its Ondas Networks and Ondas Autonomous Systems segments.

The company has gained attention for its rapid growth, with its stock up more than 210% in 2024. Over the past 12 months, revenue grew 75% year-over-year, and the momentum continues: in Q2, Ondas delivered an impressive 555% revenue increase, beating market expectations and prompting multiple institutions to raise their price targets.

Management has also raised order forecasts, guiding over $23 million in orders for the second half of the year. Key contracts include city emergency response systems (DFR) in Tel Aviv and Dubai, border/military base defense, and 24/7 inspections for semiconductor and heavy manufacturing plants. Ondas Networks primarily earns revenue from ongoing system sales for U.S. Class I railroads and Amtrak projects.

UP

$Wheels Up Experience Inc.(UP)$ , a leading on-demand private aviation company, operates one of the largest fleets in the industry. Wheels Up offers global aviation solutions, including charter and membership programs, in partnership with Delta Air Lines. Its services extend to cargo, safety, managed services, and more, serving individuals, corporations, and government entities.

Year-to-date, the stock has risen 76%, though it remains near historical lows.

Wheels Up has focused on streamlining operations and improving profitability. Last Wednesday, the company sold three non-core service lines to an unrelated third party for approximately $20 million, allowing it to focus on core business areas. Investors welcomed the move, which is expected to improve the company’s gross margins.

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