Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.</li>
<li>Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  </li>
<li>We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.</li>
</ul>


Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.
Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  
We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.


CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>NVIDIA's has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.</li>
<li>We highlight NVIDIA's technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.</li>
<li>We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.</li>
</ul>


NVIDIA's has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.
We highlight NVIDIA's technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.
We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.


NVIDIA: An Options Strategy for Riding the AI Data Center Waves

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.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.</li><li>The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.</li><li>Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,313/1,322 and the support at 1,300/1,280.The M7 group rose 1.18%, led by Amazon (+4%) after announcing a USD38bn cloud service deal with OpenAI.Thailand's S&amp;P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by continued recovery in new orders and production.

Krungthai XSpring Zoom Eng. November 4, 2025

<ul><li>The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and 1,280.</li><li>The US: US equities rebounded overnight (S&amp;P500 +0.26%, NASDAQ +0.61%), supported by improved sentiment after Amazon surged 9.6% following its strong 3Q25 earnings, driven by 20% growth in its cloud business, Amazon Web Services (AWS) — the fastest pace since 2022.</li><li>Thailand: The Bank of Thailand (BoT) reported Thailand’s economic conditions for September and 3Q25, showing that overall growth in 3Q25 slowed from 2Q25 due to weaker industrial production and a decline in tourism revenue from foreign visitors.</li></ul>

The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and 1,280.The US: US equities rebounded overnight (S&amp;P500 +0.26%, NASDAQ +0.61%), supported by improved sentiment after Amazon surged 9.6% following its strong 3Q25 earnings, driven by 20% growth in its cloud business, Amazon Web Services (AWS) — the fastest pace since 2022.Thailand: The Bank of Thailand (BoT) reported Thailand’s economic conditions for September and 3Q25, showing that overall growth in 3Q25 slowed from 2Q25 due to weaker industrial production and a decline in tourism revenue from foreign visitors.

Krungthai XSpring Zoom Eng. November 3, 2025

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.</li>
<li>FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.</li>
<li>Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.</li>
</ul>


In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.
FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.
Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.


Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

NVIDIA: An Options Strategy for Riding the AI Data Center Waves

NVIDIA 3Q26 results November 19, 2025 (CFO commentary to be posted at ~1:20 p.m. PT, followed by a limited Q&A). What to watch on earnings that...

Jay Cameron

Krungthai XSpring Zoom Eng. November 4, 2025

Thailand's S&P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 3, 2025

The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and...

Krungthai XSpring

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

NVIDIA: An Options Strategy for Riding the AI Data Center Waves

NVIDIA 3Q26 results November 19, 2025 (CFO commentary to be posted at ~1:20 p.m. PT, followed by a limited Q&A). What to watch on earnings that...

Jay Cameron

Krungthai XSpring Zoom Eng. November 4, 2025

Thailand's S&P Global Manufacturing PMI for October rose to 56.6, the highest level in 29 months and above expectations of 54.1, supported by...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 3, 2025

The SET Index is expected to move in a mildly sideways-up pattern today, with resistance levels at 1,314 and 1,322, and support levels at 1,300 and...

Krungthai XSpring

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

​FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...