Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> in June but there are capping changes for the Select Sector indices and the Equal Weight Index.</li>
<li>The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund (XLC US)</a> and <a href="https://www.smartkarma.com/entities/energy-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27537:1" rel="noopener">Energy Select Sector SPDR Fund (XLE US)</a>. </li>
<li>The largest flows are expected in <a href="https://www.smartkarma.com/entities/exxon-mobil-corp" target="_blank" data-smartkarma-citation="entities:811:1" rel="noopener">Exxon Mobil</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet</a>, <a href="https://www.smartkarma.com/entities/chevron-corp" target="_blank" data-smartkarma-citation="entities:11091:1" rel="noopener">Chevron Corp</a>, <a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa</a>, <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone</a>, <a href="https://www.smartkarma.com/entities/live-nation-entertainment-inc" target="_blank" data-smartkarma-citation="entities:6893:1" rel="noopener">Live Nation Entertainment</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</a>, <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/tko-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:40463:1" rel="noopener">TKO Group Holdings</a>, <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies</a> and <a href="https://www.smartkarma.com/entities/omnicom-group" target="_blank" data-smartkarma-citation="entities:15775:1" rel="noopener">Omnicom Group</a>.</li>
</ul>


There are no constituent changes for the S&amp;P 500 INDEX (SPX INDEX) in June but there are capping changes for the Select Sector indices and the Equal Weight Index.
The round-trip trade is US$17.4bn with a big chunk from the Equal Weight Index, Communication Services Select Sector SPDR Fund (XLC US) and Energy Select Sector SPDR Fund (XLE US). 
The largest flows are expected in Exxon Mobil, Alphabet, Chevron Corp, Visa, Blackstone, Live Nation Entertainment, Meta, Broadcom, TKO Group Holdings, Dell Technologies and Omnicom Group.


Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

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>Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17</li>
<li>Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract</li>
<li>PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches </li>
</ul>


Rumors That Mediatek's Upcoming Chips Could Outperform Apple's Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches 


Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Nvidia will provide IP blocks to other semiconductor designers (hyperscalers Amazon, Google, their design partners Alchip, Mediatek) so that they can integrate their own CPU or ASIC into Nvidia’s systems.    </li>
<li>A small size RTX-Pro-Server for Enterprise to run their own AI models, AI agents. That’s “on-premise” AI. AI Data Platform, a tool to structure and train AI data and models.  </li>
<li>Mediatek is promoted to the title of “great partner”. Lots of mentions of Hon Hai / Foxconn, TSMC. No mention of Broadcom.</li>
</ul>


Nvidia will provide IP blocks to other semiconductor designers (hyperscalers Amazon, Google, their design partners Alchip, Mediatek) so that they can integrate their own CPU or ASIC into Nvidia’s systems.    
A small size RTX-Pro-Server for Enterprise to run their own AI models, AI agents. That’s “on-premise” AI. AI Data Platform, a tool to structure and train AI data and models.  
Mediatek is promoted to the title of “great partner”. Lots of mentions of Hon Hai / Foxconn, TSMC. No mention of Broadcom.


Nvidia’s Jensen at Computex: 3 Big Announcements, and Smaller Ones

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.</li>
<li>We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.</li>
<li>Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500</li>
</ul>


As discussed for two weeks, we see more and more signs leading us to believe SPX made a major bottom at 4800-4820, which was expected support from our 4/8/25 Compass.
We have been short-term bullish since our 4/22/25 Compass -- when the SPX was testing 5100-5120 support -- but now we are upgrading our intermediate-term outlook to bullish as well.
Our short- and intermediate-term outlook will remain bullish as long as the SPX is above 5500


Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>After the new CEO, Mr. Lip-Pu Tan, took office at the chip giant <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>, he initiated a large-scale restructuring of the executive team and organization.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> to sell 51% share of Altera to Silver Lake, a global leader in technology investing. This deal is further to deal with non-performing assets.</li>
<li>Now, the critical question is, who are the clients of Intel Corp (INTC US) IFS (Intel Foundry Service)?  </li>
</ul>


After the new CEO, Mr. Lip-Pu Tan, took office at the chip giant Intel Corp (INTC US), he initiated a large-scale restructuring of the executive team and organization.

Intel Corp (INTC US) to sell 51% share of Altera to Silver Lake, a global leader in technology investing. This deal is further to deal with non-performing assets.
Now, the critical question is, who are the clients of Intel Corp (INTC US) IFS (Intel Foundry Service)?  


Intel (INTC.US): Exploring a Tough Journey. (IV)

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Nvidia’s Jensen at Computex: 3 Big Announcements, and Smaller Ones

Nvidia 3 major announcements at Computex: IP to support ASCI CPU designers integrate with Nvidia, Enterprise on-premise AI, data platform....

Nicolas Baratte

Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Lockout Rally Continues; Still Short-Term Bullish on $SPX, Now Also Upgrading Intermediate-Term Outlook to Bullish; Upgrading Technology $XLK $SMH...

Vermilion Research

Intel (INTC.US): Exploring a Tough Journey. (IV)

New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Select Sector Indices and S&P Equal Weight Rebalance Preview: US$17bn Round-Trip Trade

Capping changes for the Select Sector indices and Equal Weight Index will result in a round-trip trade of US$17.4bn. There are some stocks with...

Brian Freitas

Taiwan Tech Weekly: Mediatek's New Chip Could Outperform Apple's; Samsung Beats TSMC, Wins Nintendo

​Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Vincent Fernando, CFA

Nvidia’s Jensen at Computex: 3 Big Announcements, and Smaller Ones

​Nvidia 3 major announcements at Computex: IP to support ASCI CPU designers integrate with Nvidia, Enterprise on-premise AI, data platform....

Nicolas Baratte

Lockout Rally Continues; Still Short-Term Bullish on SPX, Now Upgrading I.T. Outlook to Bullish Also

Lockout Rally Continues; Still Short-Term Bullish on $SPX, Now Also Upgrading Intermediate-Term Outlook to Bullish; Upgrading Technology $XLK $SMH...

Vermilion Research

Intel (INTC.US): Exploring a Tough Journey. (IV)

​New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.

Patrick Liao

Mediatek rumored to outperform Apple's chips, Samsung wins Nintendo Switch 2 contract, commercial PC demand resilient with AI momentum.

Nvidia 3 major announcements at Computex: IP to support ASCI CPU designers integrate with Nvidia, Enterprise on-premise AI, data platform....

New Intel CEO initiates restructuring, sells 51% of Altera to Silver Lake, raising questions about Intel Corp IFS clients.