US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

Alnylam Pharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a>, <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems (MPWR US)</a> and <a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology Holdings (STX US)</a> are the top 3 addition candidates with ALNY at the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/globalfoundries-inc" target="_blank" data-smartkarma-citation="entities:34513:1" rel="noopener">GLOBALFOUNDRIES (GFS US)</a>, <a href="https://www.smartkarma.com/entities/cdw-corp-de" target="_blank" data-smartkarma-citation="entities:2244:1" rel="noopener">CDW Corp (CDW US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen (BIIB US)</a> are the top 3 deletion candidates with GFS at the bottom.</li>
<li>Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.</li>
</ul>



Alnylam Pharmaceuticals (ALNY US), Monolithic Power Systems (MPWR US) and Seagate Technology Holdings (STX US) are the top 3 addition candidates with ALNY at the top.

GLOBALFOUNDRIES (GFS US), CDW Corp (CDW US) and Biogen (BIIB US) are the top 3 deletion candidates with GFS at the bottom.
Versant (VSNT) and Solstice Advanced Materials (SOLS) are estimated to be deleted following completion of their spinoffs with the earliest one expected on 30 October 2025.


Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">eBay Inc (EBAY US)</a> are the main addition candidates for the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by mid-2025 and the December 2025 review.</li>
</ul>



MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.

Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.

Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.


MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> has secured a place in the index and is no longer a deletion candidate thanks to the recent methodology changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> and <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> are the main candidates for direct addition following their recent stock price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is the favorable candidate for direct deletion in December with an additional but negligible probability of fast-exit in November.</li>
</ul>



ARM Holdings (ARM US) has secured a place in the index and is no longer a deletion candidate thanks to the recent methodology changes.

AppLovin (APP US) and Microstrategy Inc Cl A (MSTR US) are the main candidates for direct addition following their recent stock price surge.

Dollar Tree Inc (DLTR US) is the favorable candidate for direct deletion in December with an additional but negligible probability of fast-exit in November.


Nasdaq100 December 2024 Forecasts (Part 2): APP & MSTR Poised for Entry; DLTR & SMCI Set for Exit

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

Taiwan Tech Focused Senior Analyst

Patrick Liao

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>We expect Vanguard's utilization to improve from around 65% in 2Q24 to over 70% in 3Q24.  </li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> and <a href="https://www.smartkarma.com/entities/monolithic-power-systems-inc" target="_blank" data-smartkarma-citation="entities:2088:1" rel="noopener">Monolithic Power Systems, Inc (MPWR US)</a> are gradually increasing demand volume in 2Q24 and 3Q24.  </li>
<li>Currently, Vanguard is experiencing a correction from above NTD$142 on July 2nd.  </li>
</ul>


We expect Vanguard's utilization to improve from around 65% in 2Q24 to over 70% in 3Q24.  

Qualcomm Inc (QCOM US) and Monolithic Power Systems, Inc (MPWR US) are gradually increasing demand volume in 2Q24 and 3Q24.  
Currently, Vanguard is experiencing a correction from above NTD$142 on July 2nd.  


Vanguard (5347.TT): The Utilization to Improve over 70% in 3Q24.

United States

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

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Monolithic Power Systems, Inc (MPWR US)

Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

Nasdaq100 December 2024 Forecasts (Part 2): APP & MSTR Poised for Entry; DLTR & SMCI Set for Exit

Fast-Exit has been announced and will be implemented for DLTR at the close of 15 November 2024 where the stock will be deleted from Nasdaq100 and...

Dimitris Ioannidis

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Vanguard (5347.TT): The Utilization to Improve over 70% in 3Q24.

Vanguard's utilization expected to improve as demand volume increases for Qualcomm Inc and Monolithic Power Systems, Inc in 2Q24 and 3Q24, despite...

Patrick Liao

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Nasdaq100 Dec2025 Forecast (Part 2): ALNY at the Top; GFS at the Bottom; Spinoffs Pending

SOLS was deleted from the index at the close of 6 Nov following Honeywell’s spinoff. VSNT is still expected to be removed but Comcast’s spinoff has...

Dimitris Ioannidis

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

Nasdaq100 December 2024 Forecasts (Part 2): APP & MSTR Poised for Entry; DLTR & SMCI Set for Exit

Fast-Exit has been announced and will be implemented for DLTR at the close of 15 November 2024 where the stock will be deleted from Nasdaq100 and...

Dimitris Ioannidis

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Vanguard (5347.TT): The Utilization to Improve over 70% in 3Q24.

​Vanguard's utilization expected to improve as demand volume increases for Qualcomm Inc and Monolithic Power Systems, Inc in 2Q24 and 3Q24, despite...

Patrick Liao

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vanguard's utilization expected to improve as demand volume increases for Qualcomm Inc and Monolithic Power Systems, Inc in 2Q24 and 3Q24, despite...