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>Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane</li>
<li>Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.</li>
<li>DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let's see...</li>
</ul>


Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane
Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.
DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let's see...


Alphabet. More Of The AI, Less Of The Drama

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.</li>
<li>MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.</li>
<li>Altogether it looks like a ~50% Capex increase in 2026.</li>
</ul>


First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
Altogether it looks like a ~50% Capex increase in 2026.


Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

<ul>
<li>Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.</li>
<li>Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.</li>
<li>Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.</li>
</ul>


Google was the laggard, threatened by ChatGPT. A lot of ink was wasted predicting doomsday. Evidence of great management, Google stayed quiet and accelerated AI rollout.
Stellar 3Q25. Revenue up 16%, Operating Profit up 22%. 2025 Capex forecast was $75bn at the beginning of the year, now $92bn.
Consensus: not high. OP growth in 2026 15%, in 2027 13%. GOOG is trading at 25x 2026 EPS and 22x 2027. Not expensive.


Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

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/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

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

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.

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Alphabet (GOOG US)

Alphabet. More Of The AI, Less Of The Drama

DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to...

William Keating

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...

Nicolas Baratte

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

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alphabet. More Of The AI, Less Of The Drama

DeepMind is Alphabet's dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to...

William Keating

Hyperscalers’ Capex Update. Remember Jensen’s $500bn Yesterday ?

​GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Nicolas Baratte

Google: Ad and Cloud Re-Accelerating. Large Impact of AI Tools. Stock Is Not Expensive.

​Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...

Nicolas Baratte

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

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

GOOG and META plan significant Capex increase in 2026, while MSFT saw a 58% YoY increase in FY25 and expects more in FY26. Overall, a ~50% Capex...

Google stellar 3Q25 results with revenue up 16% YoY and Operating profit up 22%. Consensus predicts steady growth, with GOOG trading at reasonable...