Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul>
<li>Amazon has unified its AGI, silicon, and quantum projects under Peter DeSantis to enhance innovation.</li>
<li>Taiwan's PCB industry is thriving, with an expected 11% growth in 2025 due to AI server demand.</li>
<li>Google's TorchTPU project aims to improve TPUs' compatibility with PyTorch, boosting AI development.</li>
</ul>


Amazon has unified its AGI, silicon, and quantum projects under Peter DeSantis to enhance innovation.
Taiwan's PCB industry is thriving, with an expected 11% growth in 2025 due to AI server demand.
Google's TorchTPU project aims to improve TPUs' compatibility with PyTorch, boosting AI development.


Tech Supply Chain Tracker (19-Dec-2025): Amazon Unifies AGI, Silicon, and Quantum Projects

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul><li>We attended TCS’s Analyst Day, which underscored the company’s aspiration to become the world’s largest AI-led technology services company</li><li>The transformation is anchored in a five-pillar strategy focused on embedding AI across internal operations, redefining service offerings through a "Human + AI" model, future-proofing talent, delivering tangible client value, and building a robust AI ecosystem via partnerships and targeted M&amp;A</li><li>This ambition is driven by its Infrastructure-to-Intelligence approach</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended TCS’s Analyst Day, which underscored the company’s aspiration to become the world’s largest AI-led technology services companyThe transformation is anchored in a five-pillar strategy focused on embedding AI across internal operations, redefining service offerings through a "Human + AI" model, future-proofing talent, delivering tangible client value, and building a robust AI ecosystem via partnerships and targeted M&amp;AThis ambition is driven by its Infrastructure-to-Intelligence approachContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Consultancy Services: AI-Led Growth Strategy. Maintain ADD

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.</li><li>We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.</li><li>We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI applications in niche segments should see continued momentum.We are optimistic about the further monetization potential driven by improved AI agent capabilities, as well as increased paid user penetration and monetization from advanced image editing and video generation LLMs.We currently do not anticipate overinvestment risks among cloud service providers, and expect 2026 earnings growth of US-listed leaders to support their valuations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>TCS’s management hosted an investor and analyst day where the CEO &amp; Managing Director, Mr K Krithivasan, and his management team presented business progress and medium to long-term priorities.</li><li>The company highlighted its aim to become the world's largest AI-led Technology Services company.</li><li>The management views the transition from a digital to an AI enterprise as a huge opportunity for growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TCS’s management hosted an investor and analyst day where the CEO &amp; Managing Director, Mr K Krithivasan, and his management team presented business progress and medium to long-term priorities.The company highlighted its aim to become the world's largest AI-led Technology Services company.The management views the transition from a digital to an AI enterprise as a huge opportunity for growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update: Tata Consultancy Services Ltd - 18th December, 2025

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Restar Holdings Corporation / Equity Bottom-Up

Restar Holdings Corporation is a holding company which manages operations for its subsidiaries.  Group companies wholesale semiconductors, electronic components and equipment.  UKC Holdings also designs semiconductors and software through its subsidiaries.

<ul><li>After conducting a business reorganization and accelerating M&amp;A activity, Restar has embarked on a high-impact medium-term management plan.</li><li>This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities</li><li>2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. </li></ul>

After conducting a business reorganization and accelerating M&amp;A activity, Restar has embarked on a high-impact medium-term management plan.This broadly involves 1) around half of ¥90bn capital allocation directed toward growth investments, with the remainder for working capital requirements in existing operations and post-merger integration (PMI) activities2) establishing a new high-value-added Engineering business unit, with these efforts reflecting a clear focus on improving overall profitability. 

Restar (3156 JP) - Accelerating Growth Through M&A and High-Value-Added Services

Insights in the Information Technology Space

Information Technology
Insights in the Information Technology Space

Tech Supply Chain Tracker (19-Dec-2025): Amazon Unifies AGI, Silicon, and Quantum Projects

Amazon has unified its AGI and quantum efforts under Peter DeSantis, while Taiwan's PCB industry thrives on AI demand....

Tech Supply Chain Tracker

Tata Consultancy Services: AI-Led Growth Strategy. Maintain ADD

We attended TCS’s Analyst Day, which underscored the company’s aspiration to become the world’s largest AI-led technology services company

HDFC Securities

US Internet & Software - 2026 outlook: AI applications to ramp up; eyes on AI investment return

Looking ahead to 2026, we believe competition in the large language model (LLM) industry will further intensify, while monetization of AI...

CMB International

Company Update: Tata Consultancy Services Ltd - 18th December, 2025

TCS’s management hosted an investor and analyst day where the CEO & Managing Director, Mr K Krithivasan, and his management team presented business...

Axis Direct

Restar (3156 JP) - Accelerating Growth Through M&A and High-Value-Added Services

After conducting a business reorganization and accelerating M&A activity, Restar has embarked on a high-impact medium-term management plan.

Astris Advisory Japan