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>Google's latest frontier model, Argon, delivers frontier performance and complex workflows across knowledge work, real-world software engineering, and cybersecurity defense.</li>
<li>The Chrome team (3 billion users) has been using Argon to refactor features that span millions of lines of code. Normally, this would take months. They've done it in weeks</li>
<li>Gemini is the agent. The model underneath is a separate choice, and it is yours. From Argon at the frontier to Flash for speed and to the latest Claude models. </li>
</ul>


Google's latest frontier model, Argon, delivers frontier performance and complex workflows across knowledge work, real-world software engineering, and cybersecurity defense.
The Chrome team (3 billion users) has been using Argon to refactor features that span millions of lines of code. Normally, this would take months. They've done it in weeks
Gemini is the agent. The model underneath is a separate choice, and it is yours. From Argon at the frontier to Flash for speed and to the latest Claude models. 


Gemini at Work 2026. Impressive Enterprise AI Strategy Is Revealed. Key Takeaways & Full Transcript

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".</li>
<li>The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.</li>
<li>Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.</li>
</ul>


Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although the numbers are a "black box".
The most significant distortion in both companies' ARR figures is the circular financing loop: the hyperscalers who invest equity capital into Anthropic and OpenAI then route traffic back to them.
Investors should treat ARR with skepticism and not as a reliable basis for valuation. It's a directional indicator of growth momentum from a low revenue base that obfuscates actual performance.


ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

<ul>
<li>Google Cloud has 17 product lines with more than $1 billion in revenues and their customers on average exceeded their commitments by more than 50%. </li>
<li>They have also seen more than 2x QoQ and YoY growth in the number and value of $100 million to $1 billion deals, &gt;300 customers each with $100 million-plus commitments.</li>
<li>The size of our TPU business is more than twice that of the next-largest hyperscaler. Our payback period on AI servers in aggregate is less than two years.</li>
</ul>


Google Cloud has 17 product lines with more than $1 billion in revenues and their customers on average exceeded their commitments by more than 50%. 
They have also seen more than 2x QoQ and YoY growth in the number and value of $100 million to $1 billion deals, &gt;300 customers each with $100 million-plus commitments.
The size of our TPU business is more than twice that of the next-largest hyperscaler. Our payback period on AI servers in aggregate is less than two years.


Google Cloud CEO Thomas Kurian @ Goldman Sachs Technology Conference. Key Takeaways, Full Transcript

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.</li>
<li>SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing.
SKH has confidentially filed for an ADR issuance which could see it potentially launch a raising in July 2026, as per media reports.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alphabet (GOOG US)

Gemini at Work 2026. Impressive Enterprise AI Strategy Is Revealed. Key Takeaways & Full Transcript

Finally, it's not tied to a single model. Gemini is the agent. The model underneath is a separate choice, and it is yours. From Argon at the...

William Keating

ANTHROPIC & OPENAI - ARR: Every Bubble Has a Gimmick

Anthropic's and OpenAI's annualized revenue run rates (ARRs) are being portrayed as a viable metric for investors as their IPOs approach, although...

David Mudd

Google Cloud CEO Thomas Kurian @ Goldman Sachs Technology Conference. Key Takeaways, Full Transcript

The size of our TPU business is more than twice that of the next-largest hyperscaler. Our payback period on AI servers in aggregate is less than...

William Keating

Aequitas: SK Hynix ADR Listing - Part 2 - The Quest for a US$1tn+ Valuation

SK Hynix (000660 KS) (SKH), a leading global memory producer, aims to raise over US$10bn via an ADR listing. In this note, we have a look at the...

Sumeet Singh

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)