Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD reported Q2’23 revenues of $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY, largely attributable to weakness in their client segment revenues.</li>
<li>Q3'23 revenue of $5.7 billion at the midpoint,  a modest 5.5% increase sequentially and ~2.5% YoY.</li>
<li>AMD has a lot riding on its MI300 launch but can it really take a bite from NVIDIA's lunch?</li>
</ul>


AMD reported Q2’23 revenues of $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY, largely attributable to weakness in their client segment revenues.
Q3'23 revenue of $5.7 billion at the midpoint,  a modest 5.5% increase sequentially and ~2.5% YoY.
AMD has a lot riding on its MI300 launch but can it really take a bite from NVIDIA's lunch?


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.</li>
<li>Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.</li>
<li>The IPO offering amount is expected to be between $8 billion and $10 billion.</li>
</ul>


On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.
Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.
The IPO offering amount is expected to be between $8 billion and $10 billion.


SoftBank Plans to Complete IPO of Arm in September on NASDAQ

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>XPEV/NVIDIA: Xpeng ADAS head to join Nvidia ( - /+)</li>
<li>Real Estate Industry Update: Zhengzhou announced 15 supportive policies on real estate industry, including suspending the home selling restrictions, and others. Minor positive: KE Holdings (BEKE US, BUY, TP US$22）</li>
<li>ATAT: Popularity of summer vacation continued in July, and the supply shortage resulted in the surge of hotel ADR（+）</li>
</ul>


XPEV/NVIDIA: Xpeng ADAS head to join Nvidia ( - /+)
Real Estate Industry Update: Zhengzhou announced 15 supportive policies on real estate industry, including suspending the home selling restrictions, and others. Minor positive: KE Holdings (BEKE US, BUY, TP US$22）
ATAT: Popularity of summer vacation continued in July, and the supply shortage resulted in the surge of hotel ADR（+）


China TMT Update-XPEV/NVIDIA/BEKE/ATAT-Xpeng ADAS Head to Join Nvidia/Surge of Hotel ADR

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>Unlike many suggest, the downgrade of the US credit rating by Fitch, resulting in the US losing its Triple-A status, will have significant impact on markets.</li>
<li>The disappointing ISM Manufacturing Index comes with massive downside for Equities in all regions.</li>
<li>While the Big Tech earnings dream get to live another day, the risks of a further and more significant slowdown in company earnings remain abundant.</li>
</ul>


Unlike many suggest, the downgrade of the US credit rating by Fitch, resulting in the US losing its Triple-A status, will have significant impact on markets.
The disappointing ISM Manufacturing Index comes with massive downside for Equities in all regions.
While the Big Tech earnings dream get to live another day, the risks of a further and more significant slowdown in company earnings remain abundant.


The Weekly Market Monitor (31) – Bye, Bye, Triple-A

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Apple will report its earnings on August 3rd, 14:00 PDT. We highlight two potential trades into the Apple earnings event.</li>
<li>Quanta Computer has massively outperformed Apple due to investors latching on to its AI-server growth story. One can consider to Long Apple / Short Quanta into the Apple earnings event.</li>
<li>Hon Hai, Flexium, and Zhen Ding have all lagged Apple's shares yet generate significant revenue from Apple. One can Long a basket of the three into Apple's earnings.</li>
</ul>


Apple will report its earnings on August 3rd, 14:00 PDT. We highlight two potential trades into the Apple earnings event.
Quanta Computer has massively outperformed Apple due to investors latching on to its AI-server growth story. One can consider to Long Apple / Short Quanta into the Apple earnings event.
Hon Hai, Flexium, and Zhen Ding have all lagged Apple's shares yet generate significant revenue from Apple. One can Long a basket of the three into Apple's earnings.


Taiwan Apple Ecosystem Monitor: Two Potential Event Trades into Apple Earnings

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

AMD. Doubling Down On AI Acceleration

AMD Q2’23 revenues $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY. There's a lot riding on MI300 launch...

William Keating

SoftBank Plans to Complete IPO of Arm in September on NASDAQ

On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.

Douglas Kim

China TMT Update-XPEV/NVIDIA/BEKE/ATAT-Xpeng ADAS Head to Join Nvidia/Surge of Hotel ADR

XPEV/NVIDIA: Xpeng ADAS head to join Nvidia ( - /+);Zhengzhou announced 15 supportive policies on real estate industry; the supply shortage...

Blue Lotus Research Institute

The Weekly Market Monitor (31) – Bye, Bye, Triple-A

The US has lost the Triple A-rating, which, unlike many suggest, will have major implications. If not in the short run, then definitely in the long...

Jeroen Blokland

Taiwan Apple Ecosystem Monitor: Two Potential Event Trades into Apple Earnings

Apple will report its earnings on August 3rd. We highlight one Long / Short and one Long-Only Basket trade into the event.

Vincent Fernando, CFA

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