The Research Note

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Business

Strategy, competition, and corporate performance.

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Aug 17, 2026
On Holding runs on dollars and reports in francs
On Holding missed second quarter expectations by roughly CHF 28 million and fell 20 percent. Currency translation had already removed about CHF 61 million from the same line, and the company now operates in a currency it does not report in.
MarketsThe Research Note5 min read
Aug 4, 2026
Nvidia's customer financing is disclosed. Its effect on revenue is not.
Nvidia has committed tens of billions to companies across its own customer base: equity in CoreWeave and Nebius, and $3.5bn of facility lease guarantees. But the filings that disclose the capital never name a financed customer in the revenue-concentration note. This is what can and cannot be concluded.
MarketsThe Research Note7 min read

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