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

DZT Research

DZT 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: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.</li>
<li>Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.</li>
<li>SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.
Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.
SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.


This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.</li>
<li>Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.</li>
<li>Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.
Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.
Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.


This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  </li>
<li>At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.</li>
<li>The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.</li>
</ul>


Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  
At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.
The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.


AI: The End Of "Tokenmaxxing" And What It Means for Semis

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.</li>
<li>India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.</li>
<li>A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.</li>
</ul>


India’s data centre theme has entered a new phase, with Reliance-Meta’s 168 MW Jamnagar deal, Adani’s 5 GW ambition, and Airtel Nxtra’s USD 1 billion fundraise.
India’s operational data centre capacity is now estimated around 1.5-1.7 GW, with AI, cloud, data localisation and hyperscaler demand driving large investment commitments.
A complete value-chain view covering land, power, cooling, backup systems, fibre, AI compute, EPC and colocation- and where listed Indian companies fit.


India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

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 (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

This week in AI: GPT-5.6 undercuts Fable 5; MiniMax and Zhipu raise US$6bn after lockups; SK Hynix completes a US$26.5bn Nasdaq IPO.

Ke Yan, CFA, FRM

This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

This week in AI: Fable 5 returned after GPT-5.6 preview; Meta may sell excess compute; Anthropic led OpenRouter revenue at 58.4%.

Ke Yan, CFA, FRM

AI: The End Of "Tokenmaxxing" And What It Means for Semis

Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.

David Mudd

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

This week in AI: GPT-5.6 undercuts Fable 5; MiniMax and Zhipu raise US$6bn after lockups; SK Hynix completes a US$26.5bn Nasdaq IPO.

Ke Yan, CFA, FRM

This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

This week in AI: Fable 5 returned after GPT-5.6 preview; Meta may sell excess compute; Anthropic led OpenRouter revenue at 58.4%.

Ke Yan, CFA, FRM

AI: The End Of "Tokenmaxxing" And What It Means for Semis

Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.

David Mudd

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

India’s Data Center Build-Out: AI, Power and the Road from 350 MW to 7 GW

​India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.

Sudarshan Bhandari

India's data centre industry is booming with major deals and investments, driven by demand for AI, cloud, data localisation, and hyperscalers.