Chi — Week of June 27, 2026

(1) Core long argument: NVIDIA is the clear picks-and-shovels provider for the global AI buildout. Demand for its chips far exceeds supply through 2027; analysts project 50%+ CAGR in data center revenue. Valuation, while elevated, is supported by 70-100% forward EPS growth. This is a multi-year secular winner with 1-3 month momentum intact as enterprises and hyperscalers accelerate capex. (2) Near-term catalyst schedule (next 10-15 trading sessions): No material events (earnings likely early August; no product launches, regulatory decisions, or ex-div dates scheduled). Neutral to thesis. (3) Stock has not moved >10% in past 5 trading days; current levels represent healthy consolidation after May earnings pop and remain an attractive entry before next leg higher on Blackwell updates.

(1) Core long argument: Eli Lilly is the undisputed leader in the transformative GLP-1 weight-loss market with superior clinical data and first-mover manufacturing investments. Demand continues to outstrip supply; new indications and oral formulations expand TAM significantly. Consensus forecasts call for sustained 30%+ EPS growth, justifying further multiple expansion over next 1-3 months. (2) Near-term catalyst schedule (next 10-15 trading sessions): No scheduled events — earnings on Aug 5 (outside window), ex-dividend Aug 14. Pipeline updates or regulatory feedback possible but not confirmed; overall neutral-to-supportive as street anticipates strong 2Q results. (3) Stock has moved approximately +9.8% over the past 5 trading days on positive sector momentum and analyst upgrades. Current price remains a sound entry: the move reflects genuine demand tailwinds rather than speculation, forward growth (new capacity coming online + label expansions) keeps risk/reward attractive, and pullbacks have been repeatedly bought throughout 2025-2026.

(1) Core short argument: HIMS trades at a premium valuation unsupported by a clear path to consistent profitability; business faces intensifying competition (including from traditional pharma and other telehealth players) and potential regulatory scrutiny on compounded drugs, which could slow growth and compress margins. Recent earnings miss and lowered guidance in parts of the business reinforce overvaluation. (2) Short interest stands at 32% of float (elevated and increasing); this creates meaningful squeeze risk on any positive surprise or short covering rally, but ongoing fundamental pressure should outweigh this in a 1-3 month horizon. (3) Near-term catalyst schedule (next 10-15 trading sessions): No major events; Q2 earnings expected around August 3 (outside window) – this is neutral-to-bearish for the short as consensus EPS is negative and further misses/revisions are likely. No product launches, regulatory decisions, or ex-div dates scheduled. (4) Stock has shown recent momentum (including double-digit percentage moves in short periods and an 8%+ daily gain), which represents a potential headwind for initiating a short; however, continuation lower is more likely than sustained bounce because the move appears driven by short-term sentiment rather than fundamental improvement, with the stock still down substantially over six months and facing resistance from high short interest and impending earnings scrutiny.