Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board</li>
<li>SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries</li>
<li>Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.</li>
</ul>


Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.


Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.</li>
<li>There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a>, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> and <a href="https://www.smartkarma.com/entities/electronic-arts-inc" target="_blank" data-smartkarma-citation="entities:1179:1" rel="noopener">Electronic Arts</a>. Largest outflows are from <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms</a>, <a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde</a>, <a href="https://www.smartkarma.com/entities/mcdonald-s-corp" target="_blank" data-smartkarma-citation="entities:1425:1" rel="noopener">Mcdonald's Corp</a> and <a href="https://www.smartkarma.com/entities/take-two-interactive-software-inc" target="_blank" data-smartkarma-citation="entities:14948:1" rel="noopener">Take Two Interactive</a>.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.
There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.
The largest inflows will be in Amazon.com, Tesla, Microsoft, NVIDIA, Alphabet (GOOGL US) and Electronic Arts. Largest outflows are from Broadcom, Meta Platforms, Linde, Mcdonald's Corp and Take Two Interactive.


Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the IPO pricing.


JX Advance Metals IPO - Digestable, but Not Really Attractive

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Despite the chip market's 19% overall 2024 Y/Y increase, the only real growth was in semiconductors for AI applications.  A turn in the AI business could cause a collapse.</li>
<li>Outside of AI, growth was significantly more modest at 4.8%, which is good compared to the industry's historical growth rate of 3.9%, but is nowhere near the 19% overall number.</li>
<li>The US' trade sanctions appear to be having some impact on chip shipments to China vs. the Americas, but this may be an illusion.</li>
</ul>


Despite the chip market's 19% overall 2024 Y/Y increase, the only real growth was in semiconductors for AI applications.  A turn in the AI business could cause a collapse.
Outside of AI, growth was significantly more modest at 4.8%, which is good compared to the industry's historical growth rate of 3.9%, but is nowhere near the 19% overall number.
The US' trade sanctions appear to be having some impact on chip shipments to China vs. the Americas, but this may be an illusion.


What Do Detailed 2024 Semi Stats Tell Us?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent,  <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent,  ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We looked at the company’s past performance and undertook a peer comparison in our previous note. In this note, we talk about valuations.


JX Advance Metals Pre-IPO - Thoughts on Valuation

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)

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Capping changes for the Select Sector indices will result in a round-trip trade of US$13bn. Constituent changes will be announced after market...

Brian Freitas

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

What Do Detailed 2024 Semi Stats Tell Us?

The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...

Jim Handy

JX Advance Metals Pre-IPO - Thoughts on Valuation

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn in its Japan IPO. In this note, we talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech News This Week. Apple AI, TSMC, Korea's Giga-Fund, Stargate

​Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

Nicolas Baratte

Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Capping changes for the Select Sector indices will result in a round-trip trade of US$13bn. Constituent changes will be announced after market...

Brian Freitas

JX Advance Metals IPO - Digestable, but Not Really Attractive

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.5bn via selling more than half of its stake in...

Sumeet Singh

What Do Detailed 2024 Semi Stats Tell Us?

​The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...

Jim Handy

JX Advance Metals Pre-IPO - Thoughts on Valuation

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn in its Japan IPO. In this note, we talk about...

Sumeet Singh

Apple AI adopting Google Gemini. TSMC ex-Chairman joins Micron board. SK Hynix exits image sensors, Korean Govt launches $100bn fund. Stargate...

The chip market saw 19% 2024 growth driven by AI semiconductors, but growth outside AI is modest. This is cause for concern. Meanwhile US trade...