Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Thematic (Sector/Industry)

<ul><li>Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to 1.4 trillion in the next year.</li><li>Tech companies are significantly increasing R&amp;D and CapEx spending, with estimates suggesting they could reach spending levels comparable to global military spending in the next few years.</li><li>Tech companies are using operating cash flow and borrowing money to fund this growth, with a significant portion of investment grade issuance tied to AI and AI-related sectors.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to 1.4 trillion in the next year.Tech companies are significantly increasing R&amp;D and CapEx spending, with estimates suggesting they could reach spending levels comparable to global military spending in the next few years.Tech companies are using operating cash flow and borrowing money to fund this growth, with a significant portion of investment grade issuance tied to AI and AI-related sectors.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

In Focus: Equity & Credit Update on AI CapEx

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Confusion over TSMC's lower PE in the past due to lack of knowledge on margins and industry trends</li><li>TSMC reported better than expected numbers across the board, including higher margins, revenue, and Capex expansion</li><li>TSMC's focus on AI driving decisions on N3 expansion and Capex, with questions on valuation and market dynamics remaining prevalent</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Confusion over TSMC's lower PE in the past due to lack of knowledge on margins and industry trendsTSMC reported better than expected numbers across the board, including higher margins, revenue, and Capex expansionTSMC's focus on AI driving decisions on N3 expansion and Capex, with questions on valuation and market dynamics remaining prevalentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.</li>
<li>Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.</li>
<li>Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.</li>
</ul>


Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.
Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.
Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.


TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Shenzhen Transsion Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-transsion-holdings-co" target="_blank" data-smartkarma-citation="entities:30323:1" rel="noopener">Shenzhen Transsion Holdings (688036 CH)</a>, Africa’s largest smartphone seller, plans to start bookbuilding as early as Wednesday for a US$400–500 million HKEx listing.</li>
<li>It sells smartphones and feature phones under the TECNO, Infinix and itel brands, mainly in emerging markets, and is expanding into mobile Internet services and IoT products.</li>
<li>The investment case is bearish: Transsion has weak pricing power, memory-exposed margins, and fragile growth outside Africa, while memory stockpiling has turned 1H26 free cash flow sharply negative.</li>
</ul>



Shenzhen Transsion Holdings (688036 CH), Africa’s largest smartphone seller, plans to start bookbuilding as early as Wednesday for a US$400–500 million HKEx listing.
It sells smartphones and feature phones under the TECNO, Infinix and itel brands, mainly in emerging markets, and is expanding into mobile Internet services and IoT products.
The investment case is bearish: Transsion has weak pricing power, memory-exposed margins, and fragile growth outside Africa, while memory stockpiling has turned 1H26 free cash flow sharply negative.


Transsion Holdings H Share Listing: The Investment Case

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The petrodollar equation mandated pricing oil exclusively in US dollars, which exporters recycled into US Treasuries, structurally cementing the dollar's global dominance</li>
<li>This system recently fractured because the 1974 agreement expired, and nations are aggressively diversifying their reserves to insulate against Western financial sanctions</li>
<li>Middle East still controls crucial oil chokepoints, surplus capital now flows into global petroleum equities rather than traditional US government debt</li>
</ul>


The petrodollar equation mandated pricing oil exclusively in US dollars, which exporters recycled into US Treasuries, structurally cementing the dollar's global dominance
This system recently fractured because the 1974 agreement expired, and nations are aggressively diversifying their reserves to insulate against Western financial sanctions
Middle East still controls crucial oil chokepoints, surplus capital now flows into global petroleum equities rather than traditional US government debt


The Great Petrodollar Pivot: Tracing the Trillions Flowing Away From US Debt

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

In Focus: Equity & Credit Update on AI CapEx

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to...

At Any Rate

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

Discussion on TSMC's PE valuation, margin business, revenue growth, and Capex raise, highlighting concerns about market dynamics and potential...

The Circuit

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

The Great Petrodollar Pivot: Tracing the Trillions Flowing Away From US Debt

The petrodollar system is unraveling as nations diversify reserves away from US Treasuries due to expired agreements and geopolitical shifts...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

In Focus: Equity & Credit Update on AI CapEx

Companies, especially hyperscalers, are expected to increase their CapEx spending by 60 to 70% this year, with estimated growth to reach 1.3 to...

At Any Rate

EP 161: TSMC Earnings, Cerebras S1, Custom Semi Rumors, Apple CEO Change

Discussion on TSMC's PE valuation, margin business, revenue growth, and Capex raise, highlighting concerns about market dynamics and potential...

The Circuit

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

​Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

Transsion Holdings H Share Listing: The Investment Case

Transsion, Africa’s largest smartphone seller, plans to start bookbuilding as early as Wednesday for a US$400–500 million HKEx listing. In this...

Arun George

The Great Petrodollar Pivot: Tracing the Trillions Flowing Away From US Debt

​The petrodollar system is unraveling as nations diversify reserves away from US Treasuries due to expired agreements and geopolitical shifts...

Sudarshan Bhandari

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

The petrodollar system is unraveling as nations diversify reserves away from US Treasuries due to expired agreements and geopolitical shifts...