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>The valuation of Global and US Tech stocks is at extreme levels and are, by some metrics, more expansive than during the height of the Dot Com Bubble.</li>
<li>Earnings and sales growth are remarkably comparable to 1998 - April 2000, and investors are extrapolating these growth numbers too far.</li>
<li>On the other hand, the price performance of technology stocks does not resemble the rapid ascent witnessed during the Dot Com period at all. Yet, the downside risks are substantial.</li>
</ul>


The valuation of Global and US Tech stocks is at extreme levels and are, by some metrics, more expansive than during the height of the Dot Com Bubble.
Earnings and sales growth are remarkably comparable to 1998 - April 2000, and investors are extrapolating these growth numbers too far.
On the other hand, the price performance of technology stocks does not resemble the rapid ascent witnessed during the Dot Com period at all. Yet, the downside risks are substantial.


Is This a Valuation Bubble? Comparing the Dot-Com Boom to the AI Hype

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


<ul>
<li>One reason the Global Fund Manager Survey is interesting is that it often contains contradictions concerning investor positioning.</li>
<li>Global Fund Managers are joining the AI boom, are heavily overweight tech stocks, but only 54% of them expect AI to boost company profits.</li>
<li>We believe global fund managers are long tech stocks because of strong momentum and the market extrapolation of artificial intelligence impacting earnings and sales growth, not because of superior fundamentals. </li>
</ul>


One reason the Global Fund Manager Survey is interesting is that it often contains contradictions concerning investor positioning.
Global Fund Managers are joining the AI boom, are heavily overweight tech stocks, but only 54% of them expect AI to boost company profits.
We believe global fund managers are long tech stocks because of strong momentum and the market extrapolation of artificial intelligence impacting earnings and sales growth, not because of superior fundamentals. 


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.</li>
<li>Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.</li>
<li>Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.</li>
</ul>


More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.
Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.
Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.


Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

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.

Equity Capital Markets

<ul><li>NVIDIA delivered a positive result and managed an all-around beat in the last quarter.</li><li>Generative AI is driving an exponential increase in computing demand and a rapid shift to NVIDIA accelerated computing, the most adaptable, energy-efficient, and low-cost way to train and deploy AI.</li><li>Furthermore, NVIDIA unveiled its latest offering, the NVIDIA Spectrum-X, to enhance the efficiency and performance of Ethernet-based AI clouds.</li></ul>

NVIDIA delivered a positive result and managed an all-around beat in the last quarter.Generative AI is driving an exponential increase in computing demand and a rapid shift to NVIDIA accelerated computing, the most adaptable, energy-efficient, and low-cost way to train and deploy AI.Furthermore, NVIDIA unveiled its latest offering, the NVIDIA Spectrum-X, to enhance the efficiency and performance of Ethernet-based AI clouds.

NVIDIA Corporation: Is It Really A Bubble Or Is The Valuation Well Deserved? – Key Drivers

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)

Is This a Valuation Bubble? Comparing the Dot-Com Boom to the AI Hype

Current market valuation is not as extreme as during the Dot Com Bubble. Yet, many metrics reveal that Technology stocks are once again very...

Jeroen Blokland

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

Artificial Inconsistencies

Artificial Intelligence brings the Beatles back together, and Global Fund Managers are joining the AI boom. But NOT because of superior fundamentals.

Jeroen Blokland

Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and...

Vincent Fernando, CFA

NVIDIA Corporation: Is It Really A Bubble Or Is The Valuation Well Deserved? – Key Drivers

NVIDIA delivered a positive result and managed an all-around beat in the last quarter. Generative AI is driving an exponential increase in...

Baptista Research

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