Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.</li>
<li>According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.</li>
<li>The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer</li>
</ul>


Mike Krieger, Instagram co-founder &amp; now Anthropic's Chief Product Officer, "building at Anthropic Labs", resigned from the Board of Figma on 4/14/26.
According to an open letter from activist Findell, on 4/17/26, Anthropic released Claude Design, a product which directly competes with Figma. This pattern of events raises serious corporate governance concerns.
The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent of the competitive threat became clearer


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

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In this insight, I analyze the top 200 Youtube channels in Korea and provide the top 7 investment ideas from this data. For the top 200 most popular Youtube channels, I used the ranking from <a href="https://socialblade.com/youtube/top/country/kr" target="_blank" rel="noopener">Socialblade website</a>. 
Youtube has become one of the most watched contents in Korea, taking away significant market share from other contents including terrestrial TV, cable TV, cinema movies, and other Internet contents. By better understanding what Koreans are watching on Youtube, investors are likely to better understand the fast changing dynamics of the Korean media and OTT industries. 
To prepare for this insight, I have taken look at all 200 of these Youtube channels and their videos. It took many hours to go through them all (even glancing at some of these videos quickly) but I hope you enjoy the insight!
</div>


In this insight, I analyze the top 200 Youtube channels in Korea and provide the top 7 investment ideas from this data. For the top 200 most popular Youtube channels, I used the ranking from Socialblade website. 
Youtube has become one of the most watched contents in Korea, taking away significant market share from other contents including terrestrial TV, cable TV, cinema movies, and other Internet contents. By better understanding what Koreans are watching on Youtube, investors are likely to better understand the fast changing dynamics of the Korean media and OTT industries. 
To prepare for this insight, I have taken look at all 200 of these Youtube channels and their videos. It took many hours to go through them all (even glancing at some of these videos quickly) but I hope you enjoy the insight!


Top 7 Investment Ideas from Top 200 Youtube Channels in Korea (Mukbang Included)

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

The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.

The S&amp;P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern. Sending the generals into battle often ends up with no more leaders. Our view of the markets is to deploy a barbell approach of growth and safety. While growth continues to outperform, it does so without the small-caps. Meanwhile utilities and staples continue to march just behind the growth areas of the market, and have been unable to reach new RS highs since the December decline. In this report we detail our investment thesis and outlook for U.S. equities, highlighting our favorite sectors and bottoms up ideas.

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.</li>
<li>Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.</li>
<li>With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.</li>
</ul>


Figma reported a solid 1Q’FY26, reflecting the highest net dollar retention rate of 139% in over 2 years, and strong overall (+55% YoY) and large customer (+48% YoY) growth.
Management has noted the early traction from AI credit monetization, which started on March 18. Revenue grew 46% YoY to ~$333M, accelerating from 40% in the prior quarter.
With shares down ~32% in 2026, Figma has underperformed the IGV (-4.98%). I view valuation as attractive, but the competition fears might weigh on the stock in the near term.


Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

The S&amp;P 500 has paused just below logical resistance at the downtrend, and we believe the equity market is in wait-and-see mode for incremental information on a variety of issues including trade talks, Fed action and earnings.  Meanwhile, We are upgrading equal-weighted Technology to overweight. Our equal-weighted Tech Sector has surged to the top of our RSR ranks due to broad-based strength in semiconductors last week. Solar stocks are another Group that is emerging as leadership. In today’s report we highlight attractive small-cap Technology stocks, as well as selection of key stocks (MSFT, AMZN, GOOGL, V, NFLX, and ADBE) and subsectors (semis, biotech, and homebuilders) which are all up against logical price resistance.

The S&amp;P 500 has paused just below logical resistance at the downtrend, and we believe the equity market is in wait-and-see mode for incremental information on a variety of issues including trade talks, Fed action and earnings.  Meanwhile, We are upgrading equal-weighted Technology to overweight. Our equal-weighted Tech Sector has surged to the top of our RSR ranks due to broad-based strength in semiconductors last week. Solar stocks are another Group that is emerging as leadership. In today’s report we highlight attractive small-cap Technology stocks, as well as selection of key stocks (MSFT, AMZN, GOOGL, V, NFLX, and ADBE) and subsectors (semis, biotech, and homebuilders) which are all up against logical price resistance.

U.S. Equity Strategy: Market in Wait-And-See Mode; Upgrading Tech

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Is Anthropic Eating Figma's Lunch?

The Information claims that Figma was originally partnering with Anthropic on Claude Design, but pulled the plug at the last minute as the extent...

William Keating

Top 7 Investment Ideas from Top 200 Youtube Channels in Korea (Mukbang Included)

In this insight, I analyze the top 200 Youtube channels in Korea and provide the top 7 investment ideas from this data. For the top 200 most...

Douglas Kim

U.S. Equity Strategy: Growth And Safety Are The Plays To Stay With

The S&P 500 continues its march higher, however the troops have been unable to keep up with the generals and with this is an ounce of concern....

Vermilion Research

Findell Turns Bullish on Figma. Attractive Valuation, But Range Bound Till Competition Fears Ease

Figma stock trades below IPO offer price of $33.00 per share. I view current valuation as attractive. However, the competition fears may continue...

Andrei Zakharov

U.S. Equity Strategy: Market in Wait-And-See Mode; Upgrading Tech

The S&P 500 has paused just below logical resistance at the downtrend, and we believe the equity market is in wait-and-see mode for incremental...

Vermilion Research

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