Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.</li>
<li>DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.</li>
<li>YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Ox Alpha appeared on OpenRouter and Stripe agreed to buy OpenRouter.
DeepSeek added vision to V4 Flash, OpenAI paused Astra RL work, and Alibaba and Baidu reported faster AI-linked growth.
YMTC moved toward a Shanghai IPO, Nvidia backed OpenAI capacity, and Anthropic added IPO banks and credit capacity.


This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

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.

Equity Bottom-Up

<ul><li>OpenAI is no longer building “just” an AI assistant.</li><li>Over the past year, ChatGPT has been reshaped into something far more ambitious: a fully monetized AI operating system.</li><li>Subscriptions now anchor the model, with Plus, Pro, and the newly expanded Go tier widening access globally.</li></ul>

OpenAI is no longer building “just” an AI assistant.Over the past year, ChatGPT has been reshaped into something far more ambitious: a fully monetized AI operating system.Subscriptions now anchor the model, with Plus, Pro, and the newly expanded Go tier widening access globally.

Google Just Got Outplayed—Can Gemini Survive ChatGPT’s AI OS Takeover?

<ul><li>OpenAI just made the next big move in the AI race.</li><li>OpenAI introduces ChatGPT ads this year, starting with tests in the U.S. in the coming weeks.</li><li>These ads will show up for free-tier users.</li></ul>

OpenAI just made the next big move in the AI race.OpenAI introduces ChatGPT ads this year, starting with tests in the U.S. in the coming weeks.These ads will show up for free-tier users.

Alphabet Might Have To Monetize Gemini Faster After OpenAI Introduces ChatGPT Ads!

<ul><li>Alphabet just closed above a $4 trillion market cap for the first time, a symbolic and financial milestone that cements its place alongside Apple, Microsoft, and Nvidia at the summit of global tech.</li><li>The stock rose 66% in 2025, powered by a wave of optimism around its Gemini AI models and an unexpected alliance with Apple—where Gemini now underpins Apple’s next-gen “Apple Intelligence” system.</li><li>Yet, as Alphabet joins the $4 trillion club, a new AI frontier is opening in healthcare.</li></ul>

Alphabet just closed above a $4 trillion market cap for the first time, a symbolic and financial milestone that cements its place alongside Apple, Microsoft, and Nvidia at the summit of global tech.The stock rose 66% in 2025, powered by a wave of optimism around its Gemini AI models and an unexpected alliance with Apple—where Gemini now underpins Apple’s next-gen “Apple Intelligence” system.Yet, as Alphabet joins the $4 trillion club, a new AI frontier is opening in healthcare.

Alphabet Crosses $4 Trillion, But OpenAI And Microsoft Are Coming For Healthcare!

<ul><li>Google is doubling down on the future of shopping—and it involves bots doing the buying.</li><li>Last week, the company launched "Gemini Enterprise for Customer Experience," a suite of AI agent tools designed specifically for retailers.</li><li>These AI agents can help shoppers discover products, offer customer support, and even place orders—all through natural language interactions.</li></ul>

Google is doubling down on the future of shopping—and it involves bots doing the buying.Last week, the company launched "Gemini Enterprise for Customer Experience," a suite of AI agent tools designed specifically for retailers.These AI agents can help shoppers discover products, offer customer support, and even place orders—all through natural language interactions.

Alphabet Just Launched AI Shopping Agents—Retail Will Never Be the Same!

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 (GOOGL US)

This Week in AI (Aug 16-22): Mysterious Ox Alpha Model; Stripe Buys OpenRouter; YMTC's IPO

This week in AI: Ox Alpha appears on OpenRouter; Stripe buys OpenRouter for over USD 7bn; OpenAI pauses Astra RL; YMTC files Shanghai IPO.

Ke Yan, CFA, FRM

Google Just Got Outplayed—Can Gemini Survive ChatGPT’s AI OS Takeover?

OpenAI is no longer building “just” an AI assistant. Over the past year, ChatGPT has been reshaped into something far more ambitious: a fully...

Baptista Research

Alphabet Might Have To Monetize Gemini Faster After OpenAI Introduces ChatGPT Ads!

OpenAI just made the next big move in the AI race. OpenAI introduces ChatGPT ads this year, starting with tests in the U.S. in the coming...

Baptista Research

Alphabet Crosses $4 Trillion, But OpenAI And Microsoft Are Coming For Healthcare!

Alphabet just closed above a $4 trillion market cap for the first time, a symbolic and financial milestone that cements its place alongside Apple,...

Baptista Research

Alphabet Just Launched AI Shopping Agents—Retail Will Never Be the Same!

Google is doubling down on the future of shopping—and it involves bots doing the buying. Last week, the company launched "Gemini Enterprise for...

Baptista Research

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