Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.</li>
<li>Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.</li>
<li>Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).</li>
</ul>


Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).


Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. </li>
<li>Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. </li>
<li>Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.</li>
</ul>


Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.


Magnificent 7:  Global Fund Positioning Update

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom</li>
<li>Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift </li>
<li>Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good </li>
</ul>


MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
Memory Monitor: SK Hynix Vs. Micron -- Different Speeds &amp; Focus, Same Structural Shift 
Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi &amp; WFE Sales All Looking Good 


Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>Some of the US Stocks we cover have already reported their earnings: <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> and <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> .</li>
<li>Others will report next week: <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> ,  <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta (META US)</a> , <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, while <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> will report on August 28th.</li>
<li>We dive into each stock potential for upside or downside at this junction, based on tactical analysis of our quantitative trend forecast models.</li>
</ul>


Some of the US Stocks we cover have already reported their earnings: Tesla (TSLA US) and Alphabet (GOOG US) .
Others will report next week: Amazon.com Inc (AMZN US) ,  Meta (META US) , Apple (AAPL US), while NVIDIA Corp (NVDA US) will report on August 28th.
We dive into each stock potential for upside or downside at this junction, based on tactical analysis of our quantitative trend forecast models.


US Stocks Earnings Tactical Outlooks: GOOG, AMZN, META, AAPL, TSLA, NVDA

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pine-labs-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33472:1" rel="noopener">Pine Labs</a> is looking to raise up to US$1bn in its upcoming India IPO.</li>
<li>Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
In this note, we talk about the not-so-positive aspects of the deal.


Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...

Nicolas Baratte

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

US Stocks Earnings Tactical Outlooks: GOOG, AMZN, META, AAPL, TSLA, NVDA

An analysis of the current potential for upside or downside for AMZN, META, AAPL, TESLA, GOOG and NVDA based on our tactical quantitative WEEKLY...

Nico Rosti

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

​Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...

Nicolas Baratte

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

Taiwan Tech Weekly: Mediatek Reportedly Bests Broadcom for Meta Custom Chip Win; Semi Key Indicators

​MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...

Vincent Fernando, CFA

US Stocks Earnings Tactical Outlooks: GOOG, AMZN, META, AAPL, TSLA, NVDA

An analysis of the current potential for upside or downside for AMZN, META, AAPL, TESLA, GOOG and NVDA based on our tactical quantitative WEEKLY...

Nico Rosti

Pine Labs Pre-IPO - The Negatives - ...some Segments Slowing, Lots Unexplained

Pine Labs is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...

MediaTek secures order for Meta's 2nm AI chip, SK Hynix and Micron show different speeds and focus in memory market, positive outlook for PC,...