Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.</li>
<li>
<a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet (GOOG US)</a>'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  </li>
<li>Among pure-plays <a href="https://www.smartkarma.com/entities/ionq-inc" target="_blank" data-smartkarma-citation="entities:36838:1" rel="noopener">IonQ (IONQ US)</a> , <a href="https://www.smartkarma.com/entities/d-wave-quantum-inc" target="_blank" data-smartkarma-citation="entities:37745:1" rel="noopener">D-Wave Quantum (QBTS US)</a> , <a href="https://www.smartkarma.com/entities/rigetti-computing-inc" target="_blank" data-smartkarma-citation="entities:37755:1" rel="noopener">Rigetti Computing (RGTI US)</a> stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.</li>
</ul>


Quantum computing's outlook is like Schrödinger’s cat: a varying mix of potential and challenges, with each breakthrough or setback collapsing possibilities and probabilities into a new, uncertain reality.

Alphabet (GOOG US)'s  "quantum supremacy" milestone shows quantum computing's transformative potential, but unresolved challenges despite decades of effort risks confining it to niche applications, limiting its broader impact.  
Among pure-plays IonQ (IONQ US) , D-Wave Quantum (QBTS US) , Rigetti Computing (RGTI US) stand out. IonQ's focus on high-fidelity, cloud and practical applications positions it particularly well.


Quantum Computing – The Future That’s Loading… and Not Loading

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

Event-Driven

<ul>
<li>The merger between <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group (OMC US)</a> and <a href="https://www.smartkarma.com/entities/interpublic-group-of-companies-inc" target="_blank" data-smartkarma-citation="entities:8544:1" rel="noopener">Interpublic Group Of Companies (IPG US)</a> aims to create a marketing powerhouse with $25.6 billion in revenue and $750 million in annual synergies.</li>
<li>Deal spread narrowed due to Omnicom's price drop, signalling market caution over post-merger performance.</li>
<li>The merger’s close, expected in 2025, will impact major US indices on an intra-quarter basis.</li>
</ul>


The merger between Omnicom Group (OMC US) and Interpublic Group Of Companies (IPG US) aims to create a marketing powerhouse with $25.6 billion in revenue and $750 million in annual synergies.
Deal spread narrowed due to Omnicom's price drop, signalling market caution over post-merger performance.
The merger’s close, expected in 2025, will impact major US indices on an intra-quarter basis.


Omnicom and IPG Merger of $25.6B Combined Revenue: Market Reaction and Major US Index Implications

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>UMC Results This Week; Insight Into Supply/Demand Environment for More Mature Semiconductor Segments</li>
<li>Nvidia and TSMC Announce Partnership in Silicon Photonics Technology -- Will Enable More Energy-Efficient AI</li>
<li>TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth </li>
</ul>


UMC Results This Week; Insight Into Supply/Demand Environment for More Mature Semiconductor Segments
Nvidia and TSMC Announce Partnership in Silicon Photonics Technology -- Will Enable More Energy-Efficient AI
TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth 


Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology

Taiwan Tech Focused Senior Analyst

Patrick Liao

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>In 1Q25, there was a further improvement to -5% QoQ for UMC, and its gross margin is at around 26-28%.</li>
<li>The extra improvement is from Novatek Microelectronics Corp (3034 TT), which has also received an additional order from Vivo.   </li>
<li>The outlook remains unclear as Samsung Electronics (005930 KS) is facing uncertainties in 2025.</li>
</ul>


In 1Q25, there was a further improvement to -5% QoQ for UMC, and its gross margin is at around 26-28%.
The extra improvement is from Novatek Microelectronics Corp (3034 TT), which has also received an additional order from Vivo.   
The outlook remains unclear as Samsung Electronics (005930 KS) is facing uncertainties in 2025.


UMC (2303.TT; UMC.US): A Slightly Further Improvement 1Q25 Outlook

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.</li>
<li>The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.</li>
<li>Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.</li>
</ul>


Geek+, a Beijing-based autonomous mobile robots (AMRs) unicorn with focus on smart logistics, filed to go public in Hong Kong.
The AI &amp; robotics company was backed by Warburg Pincus, GGV Capital, D1 Capital Partners, Intel Capital, Vertex Ventures, and Gaorong Capital, among others.
Beijing Geekplus IPO comes after another robotics unicorn, a leading manufacturer of collaborative robots Shenzhen Dobot, raised ~HK$681M in its HK IPO in December.


Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

NVIDIA Corp (NVDA US)

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

Omnicom and IPG Merger of $25.6B Combined Revenue: Market Reaction and Major US Index Implications

Omnicom Group Inc. (NYSE: OMC) and The Interpublic Group of Companies, Inc. (NYSE: IPG) to merge in H2 2025 for a $25.6B Combined Revenue - intra...

Harry Kalfas

Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology

UMC will report results this week. Nvidia and TSMC partnership in silicon photonics to tackle AI's high energy problem.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): A Slightly Further Improvement 1Q25 Outlook

UMC sees further improvement in 1Q25 with -5% QoQ, boosted by Novatek Microelectronics Corp and Vivo order, while Samsung Electronics faces...

Patrick Liao

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quantum Computing – The Future That’s Loading… and Not Loading

Quantum computing is like Schrödinger’s cat: a varying mix of potential and challenges. Each breakthrough or setback takes possibilities and...

Pyari Menon

Omnicom and IPG Merger of $25.6B Combined Revenue: Market Reaction and Major US Index Implications

Omnicom Group Inc. (NYSE: OMC) and The Interpublic Group of Companies, Inc. (NYSE: IPG) to merge in H2 2025 for a $25.6B Combined Revenue - intra...

Harry Kalfas

Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology

​UMC will report results this week. Nvidia and TSMC partnership in silicon photonics to tackle AI's high energy problem.

Vincent Fernando, CFA

UMC (2303.TT; UMC.US): A Slightly Further Improvement 1Q25 Outlook

​UMC sees further improvement in 1Q25 with -5% QoQ, boosted by Novatek Microelectronics Corp and Vivo order, while Samsung Electronics faces...

Patrick Liao

Geek+ IPO Preview: Extending Leadership in Warehouse Automation Sector, New Robotic IPO in Hong Kong

Beijing-based Geek+, a leader in the global AMR market, applying advanced robotics and AI technologies to warehouse and factory operations, will go...

Andrei Zakharov

UMC will report results this week. Nvidia and TSMC partnership in silicon photonics to tackle AI's high energy problem.

UMC sees further improvement in 1Q25 with -5% QoQ, boosted by Novatek Microelectronics Corp and Vivo order, while Samsung Electronics faces...