Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity</li>
<li>The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31</li>
<li>TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.</li>
</ul>


Fermi announced that it has signed a credit support agreement with AMD, supporting a lease for phase one of Fermi's Project Matador energy and AI buildout with 222 MW  capacity
The announcement comes as TensorWave, Fermi's only prospective tenant, last month abruptly pushed out the closing date on its tenancy agreement to October 31
TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in that very ramp.


Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling NBIS80 to limit losses at a holding-period return of -9.3%, and selling AMD80 and MRVL80, each with a holding-period return of -0.3%, after they fell out of our scoring rankings.</li><li>Our KTX Tactical DR Port gained an average of 1.00%, supported by a recovery in US technology stocks following Thursday night's sell-off.</li><li>Our KTX Baht Tracker indicates that the THB is becoming excessively strong.</li></ul>

We recommend selling NBIS80 to limit losses at a holding-period return of -9.3%, and selling AMD80 and MRVL80, each with a holding-period return of -0.3%, after they fell out of our scoring rankings.Our KTX Tactical DR Port gained an average of 1.00%, supported by a recovery in US technology stocks following Thursday night's sell-off.Our KTX Baht Tracker indicates that the THB is becoming excessively strong.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".</li>
<li>The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.</li>
<li>Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.</li>
</ul>


Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".
The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.
Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.


ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Advanced Micro Devices is pushing deeper into artificial intelligence after agreeing to acquire World Labs, the AI research company co-founded by Fei-Fei Li, in an $8.2 billion all-stock transaction.</li><li>World Labs develops frontier AI models capable of generating and reasoning about three-dimensional environments, potentially extending AMD’s ambitions beyond supplying processors and accelerators into the model, software, and physical-AI layers of the computing stack.</li><li>The transaction comes as AMD’s AI business is scaling rapidly: second-quarter 2026 revenue rose 50% year over year to a record $11.5 billion, while Data Center revenue more than doubled to $6.7 billion and represented 58% of company sales.</li></ul>

Advanced Micro Devices is pushing deeper into artificial intelligence after agreeing to acquire World Labs, the AI research company co-founded by Fei-Fei Li, in an $8.2 billion all-stock transaction.World Labs develops frontier AI models capable of generating and reasoning about three-dimensional environments, potentially extending AMD’s ambitions beyond supplying processors and accelerators into the model, software, and physical-AI layers of the computing stack.The transaction comes as AMD’s AI business is scaling rapidly: second-quarter 2026 revenue rose 50% year over year to a record $11.5 billion, while Data Center revenue more than doubled to $6.7 billion and represented 58% of company sales.

Inside Advanced Micro Devices’ $8.2 Billion World Labs Acquisition & Its Hidden AI Synergies!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.</li>
<li>OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.</li>
<li>DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.</li>
</ul>


Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.
OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.


This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Fermi Soars As AMD Signs Credit Support Agreement. Now, Why Would They Do That?

TensorWave is a key partner in AMD's Helios deployment and ramp, which began last month. AMD is effectively now bankrolling TensorWave's role in...

William Keating

KTX Tactical DR Picks

We recommend selling NBIS80 to limit losses at a holding-period return of -9.3%, and selling AMD80 and MRVL80, each with a holding-period return...

Krungthai XSpring

ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although...

David Mudd

Inside Advanced Micro Devices’ $8.2 Billion World Labs Acquisition & Its Hidden AI Synergies!

Advanced Micro Devices is pushing deeper into artificial intelligence after agreeing to acquire World Labs, the AI research company co-founded by...

Baptista Research

This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

This week in AI: Anthropic cut prices by up to 90% with Claude Haiku 5.5, OpenAI's annualized revenue reached about USD 50bn, and Moonshot closed...

Ke Yan, CFA, FRM

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