Hawkmont Research | Public Briefing July 9, 2026 There is a specific setup in equity research that shows up more often than most investors realize: a company sitting at the center of the fastest-growing hardware category in the market, posting triple-digit revenue growth, and trading at a fraction of the multiple assigned to its closest peers. On the surface, that combination looks like a mispricing. Look closer, and the discount usually has a name attached to it. This repor

Hawkmont Research | Equity Research | AI Infrastructure July 8, 2026 | INITIATING COVERAGE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of July 8, 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. The Company That Outran Its Own Business Model TeraWulf (Nasdaq: WULF) was built to mine bitcoin. It is now,

One of the largest private AI labs in the world confidentially filed for an IPO in mid-2026. That single fact has triggered a wave of retail interest in "how to play" the filing, most of it aimed at a company that isn't tradable yet and won't be for months, possibly longer. The more useful question, and the one this report is built around, is different: who is already being paid, today, in disclosed contracts, to build the infrastructure this company runs on. That distinction

Hawkmont Research | Sector Brief July 1, 2026 There is a metal in nearly every car, pipeline, and jet engine in the country, and the United States does not produce a single gram of it domestically. Niobium gets added in small quantities to steel to make it stronger and lighter, which is why it shows up in automotive frames, structural steel, oil and gas pipelines, and aerospace superalloys. Global supply is dominated by one country, Brazil, and largely by one company within i

Hawkmont Research | Equity Research | Cloud Infrastructure & AI Compute July 1, 2026 | QUICK TAKE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of July 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. No Rating | Current Price: ~$234 | 1-Day Move: -15% Metric Value Price Move -15% to ~$234 Volume Well ab

Hawkmont Research | Equity Research | Satellite Connectivity & Space-Based Telecom June 30, 2026 | INITIATING COVERAGE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of June 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. No Rating | Current Price: ~$86 | Market Cap: ~$33.5 billion Metric Value Market C

Hawkmont Research | Equity Research | Advanced Materials & Defense Supply Chain June 25, 2026 | INITIATING COVERAGE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of June 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. Materion Corporation (NYSE: MTRN) | No Rating | Current Price: ~$220 | Market Cap: ~$4

Hawkmont Research | Equity Research | Digital Payments & Fintech April 22, 2026 | INITIATING COVERAGE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of April 22, 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. PayPal Holdings, Inc. (NASDAQ: PYPL) | Rating: SELL | Price Target: $35.00 | Current Price: $48

Hawkmont Research | Equity Research | Space Economy April 13, 2026 | INITIATING COVERAGE This report is produced independently by Hawkmont Research. No compensation was received from any company mentioned herein. All prices and market data as of April 13, 2026 unless otherwise noted. This is not investment advice. Please read full disclosures at the end of this report. The SpaceX Launch Complex at launch pad 39-A at the Kennedy Space Center in Cape Canaveral, Florida, US., Ap

Hawkmont Research | Biotechnology | Cell Therapy | Clinical-Stage Equities April 13, 2026 EXECUTIVE SUMMARY Allogene Therapeutics (Nasdaq: ALLO) is the last independent, publicly traded pure-play allogeneic CAR T company of scale. This morning, on April 13, 2026, the company released interim futility analysis data from its pivotal Phase 2 ALPHA3 trial in first-line large B-cell lymphoma. Cema-cel achieved 58.3% MRD negativity at Day 45 versus 16.7% in the observation arm, a 4

Macro Strategy | Geopolitical Finance Classification: Institutional Distribution Only | April 2026 Research Coverage: Global Macro / Geopolitical Finance / Reserve Currency Strategy Distribution: Macro Portfolio Managers, EM Specialists, Fixed Income Strategy, Commodities Desks This report reflects analysis as of April 2026. Data is sourced from IMF COFER, SWIFT RMB Tracker, World Gold Council, PBOC, BIS, New Development Bank disclosures, and publicly available BRICS summit d

HAWKMONT RESEARCH | Currency Markets & Global Macro Strategy Publication Date: April 2, 2026 | Report Code: HMR-FX-2026-Q2-CHF For Institutional and Professional Clients Only Executive Summary Thesis: The Swiss franc has not merely reclaimed its safe-haven mantle. It has strengthened its claim as the world's premier flight-to-safety currency. As of April 2, 2026, the CHF has appreciated 3.5% against the U.S. dollar year-to-date, building on a 12.7% gain in 2025, which include

Initiating Coverage | Hawkmont Research | April 2026 HAWKMONT RESEARCH | EQUITY RESEARCH | NATIONAL SECURITY SPACE The most important satellite manufacturing program in U.S. defense history has one company that has won every tranche. That company just went public at $34 and trades at $22. Rating: Neutral (Hold) | Price Target: $28 | Current Price: ~$22 | Ticker: NYSE: YSS Investment Thesis York Space Systems is the dominant prime contractor for the Space Development Agency's

The Most Significant Supply Disruption Since 1973. Here Is What It Means for Your Portfolio. Hawkmont Research | Energy Geopolitics | Macro | Commodities EXECUTIVE SUMMARY Iran's Islamic Revolutionary Guard Corps has imposed a de facto naval blockade on the Strait of Hormuz since March 3, 2026, reducing commercial transits from a normal daily average of 130 to 150 vessels to just 7 as of March 29. That single fact has already sent Brent crude from $86 to $138.40, a 61% spike

Initiating Coverage | Hawkmont Research | March 2026 Investment Thesis ZenaTech (ZENA) presents a rare structure in the small-cap defense universe: a self-funding DaaS rollup that generates real and growing revenue today, while simultaneously incubating a portfolio of autonomous drone and counter-UAS platforms that address one of the most urgent capability gaps in modern defense. We initiate coverage with a Speculative Buy rating and a 12-to-18 month price target of $7.00, re

March 26, 2026 HAWKMONT RESEARCH | EQUITY RESEARCH | SUPPLIER ECOSYSTEM DEEP DIVE Mapping the Publicly Investable Supply Chain Behind the Defense Autonomous Platform Hawkmont Research | Defense Technology | Autonomous Systems | Supply Chain Intelligence EXECUTIVE SUMMARY Ondas Inc. (NASDAQ: ONDS) has transformed itself from a subscale drone startup into a multi-domain defense prime contractor through six acquisitions totaling over $550 million in transaction value executed in

HAWKMONT RESEARCH | EQUITY RESEARCH | DEEP DIVE March 26, 2026 From Drone Startup to Multi-Domain Defense Prime. A Structural Repricing Opportunity Hawkmont Research | Defense Technology | Autonomous Systems | Small-Mid Cap EXECUTIVE SUMMARY Ondas Inc. (NASDAQ: ONDS) is no longer a drone startup. In the span of 90 days, the company has executed six acquisitions totaling over $550 million in transaction value, secured a Palantir partnership, established a European jo

March 23, 2026 Capital Allocation in a Headline-Driven Market Hawkmont Research | Equity Markets | Geopolitics & Capital Flows EXECUTIVE SUMMARY On March 23, 2026, President Trump signaled a temporary diplomatic pause in the U.S.-Iran conflict, triggering a $1.7 trillion single-session equity rally before Iran denied any negotiations and erased half the gains. This is the defining dynamic of markets today: hypersensitive to a five-day diplomatic window, structurally repri

Oil prices have exploded higher in March 2026. Brent crude has traded above $100 per barrel, with WTI frequently topping $90 amid the U.S.-Iran conflict and the near-shutdown of commercial traffic through the Strait of Hormuz. That chokepoint carries roughly one-fifth of global seaborne oil. Forecasts that once called for Brent to average $60 this year have been shredded. Analysts now pencil in $80-plus averages, with sustained upside risk if disruptions linger. This matters

The Iran war has transformed from a regional flashpoint into a global market catalyst. It began on February 28, 2026, when U.S. and Israeli forces launched coordinated strikes that eliminated Supreme Leader Ali Khamenei and key regime figures. Iran responded with missile barrages targeting Israel and Gulf states, plus aggressive disruption of the Strait of Hormuz. Tanker traffic has plummeted, Iranian missile inventories have been depleted by repeated salvos, and energy infra

Hawkmont Research has uncovered a critical shift that most investors continue to overlook. While headlines fixate on semiconductor giants and hyperscaler spending, the true constraint on artificial intelligence growth is not chips. It is reliable, always available electricity. Data centers already consume enormous amounts of power. Recent industry forecasts show global electricity demand from data centers rising sharply. Projections indicate consumption could reach approximat

Introduction: What is a commodity supercycle A commodity supercycle is a prolonged, multi-year period typically lasting 10 to 30 years during which real commodity prices rise significantly above their long-term trend, driven by structural shifts in global demand that outpace the slow response of supply. Unlike short-term cyclical booms caused by temporary disruptions, supercycles reflect deep, secular changes in the world economy: rapid industrialization, urbanization, techno

Introduction: The Scale of Global Debt Global debt has reached an unprecedented scale, marking a defining feature of the contemporary macroeconomic landscape. According to the Institute of International Finance’s latest Global Debt Monitor, total global debt stood at a record $348 trillion at the end of 2025, an increase of nearly $29 trillion during the year alone, the fastest annual build-up since the pandemic surge. As a share of global GDP, this equates to roughly 308%, a

1. Introduction In the evolving landscape of global finance, the term "de-dollarization" broadly defined as the strategic reduction in dependence on the US dollar for international trade settlements, foreign exchange reserves, and cross-border financial transactions has transitioned from a fringe concept to a central theme in macroeconomic discourse. As of March 14, 2026, this discussion has been amplified by a confluence of factors: escalating geopolitical tensions, includin

Navigating the Fog of War: Why This Conflict Matters for Your Portfolio 1. Executive Summary The US-Israel-Iran conflict, which escalated with airstrikes on Iranian targets beginning February 28, 2026, has induced a risk-off environment across global equity markets, exacerbated by energy supply disruptions and elevated inflation expectations. Brent crude has risen 51% over the past month to $103.86 per barrel as of March 13, 2026, contributing to inflationary pressures projec

1. Executive Summary Geopolitical conflicts, such as the ongoing US-Israel-Iran war that began on February 28, 2026, typically drive safe-haven demand for precious metals, leading to price rallies amid heightened uncertainty. Gold prices have surged above $5,100–$5,300 per ounce in recent volatility, reflecting investor flight to safety, while silver has climbed to around $84 per ounce, balancing safe-haven appeal with industrial pressures. The relationship between war, infla

1. Executive Summary The US-Israel-Iran conflict, which escalated on February 28, 2026, has led to a near-complete shutdown of the Strait of Hormuz through Iranian naval actions, including mining and vessel attacks, severely restricting commercial transit. This critical choke point handles approximately 20-21 million barrels per day (b/d) of oil, equating to about 20% of global petroleum liquids consumption and over 20% of liquefied natural gas (LNG) trade, primarily from Qat