Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.</li><li>China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.</li><li>VCI Global's plan to establish India's first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba's Tongyi Qianwen aiming to revolutionize China's AI.</li></ul>

Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.VCI Global's plan to establish India's first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba's Tongyi Qianwen aiming to revolutionize China's AI.

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Trading activity for daily leveraged certificates (DLCs) reached a 20-month high in February with a turnover of $447M.</li><li>Alibaba DLCs' trading turnover increased 457% month-on-month to $70M, driven by Chinese government support for AI industries.</li><li>Nvidia DLCs became the top traded US stock DLC in February, overtaking Tesla, with S$1.4M traded.</li></ul>

Trading activity for daily leveraged certificates (DLCs) reached a 20-month high in February with a turnover of $447M.Alibaba DLCs' trading turnover increased 457% month-on-month to $70M, driven by Chinese government support for AI industries.Nvidia DLCs became the top traded US stock DLC in February, overtaking Tesla, with S$1.4M traded.

DLCs Trading Activity Hit 20-Month High Amid Stock Market Rotation

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>Policy clarity and domestic GPU shift remove key overhangs; China’s AI build-out proceeding under self-reliance base case.</li>
<li>AI token usage doubling every 3–6 months makes hyperscaler capex upgrades inevitable over the coming quarters - a key catalyst driving order wins.</li>
<li>VNET’s 400 MW annual additions and REIT monetisation support 25–30% EBITDA CAGR per consensus; re-rating to 13-15x EV/ EBITDA from current 11x EV/EBITDA implies potential of 90% upside.</li>
</ul>


Policy clarity and domestic GPU shift remove key overhangs; China’s AI build-out proceeding under self-reliance base case.
AI token usage doubling every 3–6 months makes hyperscaler capex upgrades inevitable over the coming quarters - a key catalyst driving order wins.
VNET’s 400 MW annual additions and REIT monetisation support 25–30% EBITDA CAGR per consensus; re-rating to 13-15x EV/ EBITDA from current 11x EV/EBITDA implies potential of 90% upside.


VNET Group (VNET US) - Re-Rating On: Clarity on Chips, Geopolitics, and Hyperscaler Capex

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alibaba Group Holding has made a significant move in the AI space with the release of its latest artificial intelligence model, QwQ-32B, as it seeks to establish itself as China’s leading AI developer, challenging DeepSeek.</li><li>The model, which excels in mathematical reasoning, coding, and problem-solving, demonstrates capabilities comparable to both DeepSeek’s R1 and OpenAI’s latest technology.</li><li>However, a key differentiator is its size, as QwQ-32B operates with only 32 billion parameters compared to DeepSeek R1’s 671 billion.</li></ul>

Alibaba Group Holding has made a significant move in the AI space with the release of its latest artificial intelligence model, QwQ-32B, as it seeks to establish itself as China’s leading AI developer, challenging DeepSeek.The model, which excels in mathematical reasoning, coding, and problem-solving, demonstrates capabilities comparable to both DeepSeek’s R1 and OpenAI’s latest technology.However, a key differentiator is its size, as QwQ-32B operates with only 32 billion parameters compared to DeepSeek R1’s 671 billion.

Alibaba Group’s AI Power Move—Can It Outpace DeepSeek and OpenAI?

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>While <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> rallied, lower in-the-money calls were closed, realizing gains, while higher out-of-the-money strikes gained popularity.</li>
<li>The median strike price lagged the sharp increase in stock price. The median strike currently stands at 107.50.</li>
<li>With 81% of March calls currently in-the-money and higher strikes trading at premium implied volatility, active trading is expected in the 150-170 strike range.</li>
</ul>


While Alibaba Group Holding (9988 HK) rallied, lower in-the-money calls were closed, realizing gains, while higher out-of-the-money strikes gained popularity.
The median strike price lagged the sharp increase in stock price. The median strike currently stands at 107.50.
With 81% of March calls currently in-the-money and higher strikes trading at premium implied volatility, active trading is expected in the 150-170 strike range.


Alibaba (9988 HK): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

Weekly news roundup: Tesla strengthens ties with Baidu amid US-Sino tech tensions, China makes EUV breakthrough in semiconductors, lawmakers...

Tech Supply Chain Tracker

DLCs Trading Activity Hit 20-Month High Amid Stock Market Rotation

Trading activity for daily leveraged certificates (DLCs) reached a 20-month high in February with a turnover of $447M. Alibaba DLCs' trading...

Singapore Exchange Ltd (SGX)

VNET Group (VNET US) - Re-Rating On: Clarity on Chips, Geopolitics, and Hyperscaler Capex

Please check the recent upgrade note we published on VNET (link below). The thesis has only become stronger post the 3Q (execution, leverage, no...

Raj S, CA, CFA

Alibaba Group’s AI Power Move—Can It Outpace DeepSeek and OpenAI?

Alibaba Group Holding has made a significant move in the AI space with the release of its latest artificial intelligence model, QwQ-32B, as it...

Baptista Research

Alibaba (9988 HK): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

Alibaba stock rally prompts closure of lower in-the-money calls, while higher out-of-the-money strikes gain popularity. Active trading expected in...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.

Weekly news roundup: Tesla strengthens ties with Baidu amid US-Sino tech tensions, China makes EUV breakthrough in semiconductors, lawmakers...

Tech Supply Chain Tracker

DLCs Trading Activity Hit 20-Month High Amid Stock Market Rotation

Trading activity for daily leveraged certificates (DLCs) reached a 20-month high in February with a turnover of $447M. Alibaba DLCs' trading...

Singapore Exchange Ltd (SGX)

VNET Group (VNET US) - Re-Rating On: Clarity on Chips, Geopolitics, and Hyperscaler Capex

Please check the recent upgrade note we published on VNET (link below). The thesis has only become stronger post the 3Q (execution, leverage, no...

Raj S, CA, CFA

Alibaba Group’s AI Power Move—Can It Outpace DeepSeek and OpenAI?

Alibaba Group Holding has made a significant move in the AI space with the release of its latest artificial intelligence model, QwQ-32B, as it...

Baptista Research

Alibaba (9988 HK): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts

​Alibaba stock rally prompts closure of lower in-the-money calls, while higher out-of-the-money strikes gain popularity. Active trading expected in...

Gaudenz Schneider

Alibaba stock rally prompts closure of lower in-the-money calls, while higher out-of-the-money strikes gain popularity. Active trading expected in...