Equity & Credit Research

Duncan Chan

Thematic (Sector/Industry)

<ul>
<li>AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.</li>
<li>Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.</li>
<li>Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.</li>
</ul>


AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.
Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.
Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.


AI Infrastructure: Value Shifts to the Server Board Level

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.

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.</li>
<li>Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.</li>
<li>Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.
Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.
Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.


This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.</li>
<li>Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.</li>
<li>The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Zhipu GLM-5.1 inside Claude Code took the open-source #1 spot on Artificial Analysis's Coding Agent Index.
Ramp's April US enterprise data showed Anthropic at 34.4% versus OpenAI at 32.3%, the first crossover, against the backdrop of Anthropic's reported $30bn raise at $900bn pre-money.
The US cleared 10 Chinese hyperscalers to buy up to 75,000 H200 GPUs each, but Beijing paused orders for Huawei substitution; DeepSeek's round grew to $7.35bn at up to $50bn.


This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.</li>
<li>OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.</li>
<li>China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: Anthropic crossed $30bn ARR above OpenAI for the first time; both labs launched competing enterprise deployment joint ventures.
OpenAI launched GPT-5.5 Instant as ChatGPT's default model and opened its self-serve Ads Manager; ByteDance began Doubao paid subscription testing at up to $69 per month.
China's state fund is in talks to lead DeepSeek's first external round at a $50bn valuation; Cerebras Systems filed an amended S-1 targeting a $26.6bn IPO.


This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.</li>
<li>Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.</li>
<li>DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: China blocked Meta's $2bn Manus deal; Anthropic weighs a $900bn fundraise.
Microsoft, Alphabet, Amazon, and Meta all raised full-year capex guidance in Q1 earnings; OpenAI ended Microsoft exclusivity and launched on Amazon Bedrock.
DeepSeek cut API prices and Huawei Ascend chip orders surged across Chinese tech firms; China opensource trend continues.


This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

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)

AI Infrastructure: Value Shifts to the Server Board Level

Re-sharing as recent AI infrastructure spending and deployment trends continue to reinforce the discussion around where value capture is becoming...

Duncan Chan

This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

This week in AI: OpenAI filed for IPO; Anthropic's first profitable quarter; Nvidia guided without China data-center revenue.

Ke Yan, CFA, FRM

This Week in AI (May 10-16): Chinese LLM Takes Coding SOTA; Anthropic Overtakes OpenAI in Enterprise

This week in AI: Zhipu GLM-5.1 takes open-source coding crown; Ramp shows Anthropic past OpenAI in US enterprise; H200 cleared for China but no...

Ke Yan, CFA, FRM

This Week in AI (May 3-9): Anthropic/OpenAI Deployment Co; China's National Team into DeepSeek

This week in AI: Anthropic hits $30bn ARR; Anthropic and OpenAI each launch enterprise deployment JVs; China's Big Fund leads DeepSeek at $50bn.

Ke Yan, CFA, FRM

This Week in AI (Apr 26-May 2): China Blocks Manus Deal; Anthropic at $900bn

This week in AI: China blocks Meta's $2bn Manus deal; Anthropic weighs $900bn fundraise; Microsoft, Alphabet, Amazon, Meta all raised capex guidance.

Ke Yan, CFA, FRM

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