Stocks Down Under

AML3D (ASX:AL3) has seen a bit of momentum in the market this week. It is a company we are following closely in the additive manufacturing space. Last week, we broke down its A$9.9M contract win and estimated that, based on current manufacturing capacity, AML3D can likely build around four to six units per year. With the planned expansion through its US manufacturing investment, that capacity should improve. At the same time, we would still expect contracts like these to take around a year to fulfil, depending on supply chain conditions. The Newport News Shipbuilding story is also becoming more meaningful. The customer will now have six Arcemy systems in total, up from the original two. That step-up in order size is important because it shows the first systems have done enough to justify a much larger follow-on purchase, which is a strong form of validation. stocksdownunder.com/aml3d-5/

We just published a research initiation on @ResourcesTemas (ASX: $TIO): Unique Mineral Processing Technology In our view, Temas is at the stage @Metallium_MTM (ASX: $MTM) was exactly 18 months ago. Read the full report below! pittstreetresearch.com/company/temas-…

@ResourcesTemas (ASX: $TIO) has two critical minerals projects in Quebec and a metals processing technology that could be useful to advance the company’s own projects and those of others. Investors would be aware of the success of @Metallium_MTM (ASX: $MTM) and potentially wondering which company could be the next one. In our view, Temas is at the stage Metallium was exactly 18 months ago 😃 stocksdownunder.com/temas-resource…

The ASX 200 has now officially entered correction territory. What stood out just as much was the move in bonds. The 10-year Treasury yield rose 13 basis points in a single session, which is a large one-day move. That is not a gradual repricing. It suggests the bond market is starting to treat what first looked like a short-term geopolitical flare-up as a more persistent inflation risk. stocksdownunder.com/asx-200-hits-c…

The ASX has fallen 7.6% since hitting a record high on 2 March and is now moving closer to correction territory. JPMorgan became the first major bank to cut its S&P 500 target, warning that investors are still too complacent. Its strategy team pointed out that four out of five oil shocks since the 1970s have ended in recession, which is a sobering signal for markets. There are clear parallels with the 1979 Iranian Revolution, when Iranian oil output fell by 4.8 million barrels per day, around 7% of global supply, and oil prices more than doubled over the following year. The result was stagflation, and the Fed ultimately had to push rates to nearly 19% to bring inflation back under control. stocksdownunder.com/4-out-of-5-oil…

Pitt Street Research in collaboration with NSX is proud to host the 2026 edition of our Semiconductor Conference. Only 6 days to go! 👍 Sign up now: tinyurl.com/33wfsnpz @WeebitNano @BrainChip_inc @archerxau @SemitechSemi @BluGlass_Ltd @nanoveuofficial @dorsavi

@sovereignmetals  has announced a significant resource upgrade, and it comes just six days after revealing that a credible tier-one buyer is interested in the product. The total rutile resource increased 13% to 203Mt, while measured and indicated tonnes rose 32%. That matters because Sovereign is not just saying the titanium feedstock resource is larger than previously expected, it is saying more of that growth now sits in higher-confidence categories. For newer investors, a mineral resource estimate is essentially an independent assessment of how much valuable mineral sits in the ground. Mining companies use outside experts to measure and classify that resource into measured, indicated, and inferred categories, with measured being the highest confidence and inferred the lowest. stocksdownunder.com/sovereign-meta…

NVIDIA’s US$1T Goal Just Raised the Stakes for Inference... Nvidia CEO Jensen Huang has just held the company’s biggest annual conference, GTC, and announced a major new product aimed at the next shift in how AI is being used. If we look at the AI lifecycle, it feels like we are moving from the first phase, which was focused on training and building AI models, into the next phase, where those models are actually being used inside real products. That next phase is inference, which is the computation that happens when AI generates an answer, completes a task, or responds to a user query. In simple terms, training is what teaches the model, while inference is what makes it useful. stocksdownunder.com/nvidia-4/

Sovereign Metals surged 10% today after signing a memorandum of understanding with Mitsui & Co, one of Japan’s largest and most respected global trading companies. Under the MOU, the two parties intend to work toward a supply agreement that would see Sovereign sell up to 70,000 tonnes per year of high-grade natural rutile to Mitsui, primarily for Japan’s titanium industry. stocksdownunder.com/sovereign-meta…

Join us for the 2026 Pitt Street Research Semiconductor Conference on 25 March (in-person in Sydney or virtual). Presenting companies: @WeebitNano, BluGlass @nanoveuofficial @BrainChip_inc @dorsavi @archerxau and Semitech Semiconductor😃 Sign up below! pittstreetresearch.com/semiconductor-…

@iperionx  fell 7% to US$6.50 after releasing its half-year result. The stock has had a volatile year, reaching highs of US$8 before short reports triggered concerns around the growth story. IperionX remains pre-revenue, but the broader story still aligns with the US push to onshore titanium manufacturing and processing. That is why the company has become a serious contender for US funding, including the US$47M it has received from the Department of Defense. The challenge is that this comes with a highly capital-intensive business model, and investors are becoming more cautious as losses continue to rise. Net losses doubled over the year to US$34M. That is a big jump, but it reflects a company deliberately spending to build out infrastructure, manufacturing capability, and government contract execution. stocksdownunder.com/iperionx-asxip…

Telix Pharmaceuticals Limited - TLX591-Tx Hits Safety Goals, US Enrollment Now in Sight... Telix is developing a new type of cancer treatment for advanced prostate cancer called TLX591-Tx. Rather than relying on traditional chemotherapy or standard radiation, this therapy is designed to deliver a radioactive payload directly to prostate cancer cells using an antibody that targets PSMA, a protein that is highly overexpressed in prostate cancer. The easiest way to think about it is as a guided missile for cancer cells. That is why today’s announcement mattered so much. The update helped drive a 9% spike in the share price and confirmed that Phase 3 Part 1 of the study successfully met all primary objectives. stocksdownunder.com/telix-asxtlx-g…

We spoke with Ian Lusted, Managing Director of @Australis & Gas Ltd (ASX: ATS), about the company’s recent partnership with a US-listed independent oil and gas company to advance drilling and development across its undeveloped position in a formation called the ‘Tuscaloosa Marine Shale’ (TMS). That partner will deploy up to US$46m under a Carry Program, funding ATS for a 20% working interest to earn an 80% interest in undeveloped operated acreage and part of the company’s non-operated holding. Here is the full interview: stocksdownunder.com/video/australi…

ASX Slides 4% for the Week as Oil Jumps and Sentiment Breaks... The ASX 200 fell 1.2% to 8,829, taking losses for the week to around 4%. That marks the worst weekly performance since May 2022, when the RBA shocked markets with an unexpected rate rise. What makes this move stand out is how quickly sentiment has turned. Earlier in the week, the market was pushing record highs. Now we are seeing a clear shift from confidence to capitulation. We can also see that change in positioning. Gold has broken above A$5,000 an ounce as investors move toward safety amid rising energy prices and inflation fears. There is also a key paradox energy investors are now grappling with. stocksdownunder.com/asx-has-its-wo…

Big AI Revenue, Bigger Cash Generation Broadcom had a very strong start to Q1 FY26, with total revenue reaching $19.3 billion, up 29% from $14.0 billion a year ago. What this tells us is that AI and semiconductor demand is still running hard. We have already seen that with Nvidia, and now Broadcom is showing many of the same characteristics. What stands out even more is that profitability is expanding faster than revenue. That is a very strong signal. It shows clear operating leverage and suggests the business is scaling efficiently as demand rises. stocksdownunder.com/broadcom-2/

We are thrilled to be hosting the Pitt Street Research Semiconductor Conference 2026 on 25 March in partnership with NSX. @WeebitNano @BrainChip_inc @nanoveuofficial @dorsavi @archerxau @BluGlass_Ltd @SemitechSemi Sign up through the link below! pittstreetresearch.com/semiconductor-…

The Undersea Arms Race Is Heating Up... Senior U.S. naval officials are starting to sound the alarm over China’s rapidly advancing submarine fleet, and we think this is becoming far more serious than many people realise. This is no longer just about China projecting power across the region. The bigger issue is that these submarines could pose a direct threat to the U.S. mainland, while still allowing China to operate closer to home in safer, more protected waters. What makes this even more concerning is the reported use of YJ-19 hypersonic missiles on these submarines. It is like putting a Ferrari engine in a Toyota. You are taking an already dangerous platform and turning it into something far more lethal. stocksdownunder.com/chinas-new-sub…

Revenue Up 32%, Profit Up Faster, The Market Missed It... Life360 has been one of the names caught up in the broader SaaS multiple compression, with the stock falling 55% from its highs. But when you step back and look at the full-year result, the business itself delivered an exceptional 2025. This is a company we have been covering closely for a while, and it is exactly why we have remained bullish. While the market has pulled the multiple down, the underlying operating performance has continued to strengthen, and that disconnect is what stands out to me. Life360 now has 95.8 million monthly active users, which is a powerful reminder of the scale the platform has reached. That kind of user base gives the company a very strong foundation, not just in terms of engagement, but in terms of long-term monetisation potential as well. stocksdownunder.com/life360-4/

We spoke to Jayne Shaw, Executive Chair of @bcal_dx (ASX: $BDX) about the competitive advantage of the company’s blood test for breast cancer and its new tests for pancreatic and ovarian cancer. BCAL’s blood test helps detect cancers where mammography is unclear due to high breast density. The clinical data is good and the company is going after further reimbursement. stocksdownunder.com/video/bcal-dia…

Strait of Hormuz Risk Is the Real Oil Story Right Now... As many people saw on Saturday morning, the bombing had already begun. The US and Israel said they believed Iran had become an immediate strategic threat, particularly because of its nuclear program and what they described as an imminent security risk. This came after weeks of military buildup and rising threats from Trump, especially after earlier diplomatic efforts had failed. Among the names mentioned was Ali Shamkhani, the powerful former secretary of Iran’s Supreme National Security Council and a senior adviser. There were also claims surrounding Ayatollah Ali Khamenei, Iran’s Supreme Leader, being among those killed, which, if true, would mark an extraordinary escalation and a major turning point in the conflict. Here is our analysis: stocksdownunder.com/iran-war-break…