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

Thematic (Sector/Industry)

<ul>
<li>According to ChatGPT, there was a significant uptick in the scale and scope of humanoid robots on display at CES 2026</li>
<li>While AMD &amp; NVIDIA humanoid robot keynote segments were terrible, Boston Dynamics impressed and Unitree should really have had a keynote not just an exhibition booth </li>
<li>Unitree remains on track to IPO later this year at at a $7 billion valuation. When it comes to China's future role in humanoid robots, think EV, robotaxi, solar power!</li>
</ul>


According to ChatGPT, there was a significant uptick in the scale and scope of humanoid robots on display at CES 2026
While AMD &amp; NVIDIA humanoid robot keynote segments were terrible, Boston Dynamics impressed and Unitree should really have had a keynote not just an exhibition booth 
Unitree remains on track to IPO later this year at at a $7 billion valuation. When it comes to China's future role in humanoid robots, think EV, robotaxi, solar power!


CES 2026: Humanoid Robots Are Here & Getting Better. One Day, They May Even Be Useful For Something.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>The WTR AI Flow Newsletter highlights recent developments in AI and, in the future, will spotlight individual companies and their AI initiatives.</li><li>AI Flood Watch. December’s AI landscape was defined by surging infrastructure bets colliding with mounting financial scrutiny.</li><li>At CES 2026, Nvidia unveiled its Vera Rubin platform, promising 5x training gains and dramatically cheaper token generation, while AMD showcased competitive alternatives as the compute arms race shows no signs of cooling. </li></ul></div>

The WTR AI Flow Newsletter highlights recent developments in AI and, in the future, will spotlight individual companies and their AI initiatives.AI Flood Watch. December’s AI landscape was defined by surging infrastructure bets colliding with mounting financial scrutiny.At CES 2026, Nvidia unveiled its Vera Rubin platform, promising 5x training gains and dramatically cheaper token generation, while AMD showcased competitive alternatives as the compute arms race shows no signs of cooling. 

AI Flow Newsletter : Monitoring The "Currents" Of AI - 9 January 2026

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The U.S. market will experience increased turbulence in 2026 as the Federal Reserve continues to ease monetary policy and inflationary pressures intensify.  Speculative market sectors are already under pressure.</li>
<li>There is a disconnect between the Administration's claims about lowering prices and consumers' concerns about affordability.  The disconnect is driven by inaccurate BLS inflation numbers that are greatly understated.</li>
<li>The FOMC shows a historic split in the course of Fed actions through 2026, which will continue to unsettle markets regardless of who the next Fed Chairman is.</li>
</ul>


The U.S. market will experience increased turbulence in 2026 as the Federal Reserve continues to ease monetary policy and inflationary pressures intensify.  Speculative market sectors are already under pressure.
There is a disconnect between the Administration's claims about lowering prices and consumers' concerns about affordability.  The disconnect is driven by inaccurate BLS inflation numbers that are greatly understated.
The FOMC shows a historic split in the course of Fed actions through 2026, which will continue to unsettle markets regardless of who the next Fed Chairman is.


US: Economic Policy Goes on the Naughty List in 2025

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

Moore Threads Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moore-threads-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40221:1" rel="noopener">Moore Threads Technology (688795 CH)</a> (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.</li>
<li>MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.</li>
<li>We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.</li>
</ul>



Moore Threads Technology (688795 CH) (MTT), a domestic GPU producer, aims to raise over &gt;US$1bn in its H-share listing.
MTT mainly engages in the research, design, and sales of GPUs and related products. It listed its A-shares just last year.
We looked at its past performance in our earlier note. In this note, undertake a peer comparison and talk about valuations.


Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

<ul><li>This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. </li><li>Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.</li><li>Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. </li></ul>

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

AI Flow Newsletter : Monitoring The "Currents" Of AI

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

CES 2026: Humanoid Robots Are Here & Getting Better. One Day, They May Even Be Useful For Something.

Unitree remains on track to IPO later this year at at a $7 billion valuation. When it comes to China's future role in humanoid robots, think EVs,...

William Keating

US: Economic Policy Goes on the Naughty List in 2025

US market will have increased turbulence in 2026 as the Federal Reserve continues to ease monetary policy & inflationary pressures intensify....

David Mudd

Aequitas: Moore Threads Technology A/H Listing - Peer Comparison and Thoughts on Valuations

Moore Threads Technology (688795 CH), a domestic GPU producer, aims to raise over >US$1bn in its H-share listing. In this note, we undertake a peer...

Sumeet Singh

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