External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.</li><li>The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.</li><li>These companies are committed to ramping up spending to remain competitive at the AI front line</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &amp; Meta”) all announced QoQ increases in their 3Q capex.The aggregate number topped US$37bn, representing the fourth highest quarterly spending in history.These companies are committed to ramping up spending to remain competitive at the AI front lineContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Technology (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese data center firms are ramping up their overseas expansion to ride the artificial intelligence (AI) wave, especially in Southeast Asia, said a senior executive at GDS Holdings Ltd., one of the country’s largest data center operators.</li><li>While traditional computing requires proximity to the end-use market, AI computing power is more oriented towards natural resources, and Southeast Asia has both resources and cost advantages, said Jimmy Yu, senior vice president of international business at GDS in an interview with Caixin on July 27.</li><li>“Developing AI computing power requires a resource-rich region to carry out training and inference in large models. Southeast Asia has rich land and power resources, and the costs are much lower than in the Middle East, Americas, or Europe,” Yu said.</li></ul>

Chinese data center firms are ramping up their overseas expansion to ride the artificial intelligence (AI) wave, especially in Southeast Asia, said a senior executive at GDS Holdings Ltd., one of the country’s largest data center operators.While traditional computing requires proximity to the end-use market, AI computing power is more oriented towards natural resources, and Southeast Asia has both resources and cost advantages, said Jimmy Yu, senior vice president of international business at GDS in an interview with Caixin on July 27.“Developing AI computing power requires a resource-rich region to carry out training and inference in large models. Southeast Asia has rich land and power resources, and the costs are much lower than in the Middle East, Americas, or Europe,” Yu said.

Southeast Asia Is Looking Mighty Fine to China’s Data Center Firms

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now on steroids, plus all the excitement of the race among the top 5 techs to invest enough in order to dominate the field .</li><li>The 2000 Dot.com boom involved hundreds of IPOs of start-ups, all with the word “internet” in their names, except now the AI boom involves mostly buying up existing startups by the big Techs.</li><li>The re emergence of AI will undoubtedly change a lot of the ways in which data are used and monetized, it will make Google search far more client-friendly and it will step up the capacity of software to program themselves. </li></ul>

The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now on steroids, plus all the excitement of the race among the top 5 techs to invest enough in order to dominate the field .The 2000 Dot.com boom involved hundreds of IPOs of start-ups, all with the word “internet” in their names, except now the AI boom involves mostly buying up existing startups by the big Techs.The re emergence of AI will undoubtedly change a lot of the ways in which data are used and monetized, it will make Google search far more client-friendly and it will step up the capacity of software to program themselves. 

The “ AI Revolution” : A Cautionary Tale and Its Investment Consequences

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

Equity Bottom-Up

<ul><li>Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every component of Google Services.</li><li>Despite cost optimization efforts by customers, Google Cloud maintained its momentum with ~28% YoY growth (same as it was in 1Q’23).</li><li>So, on an apple-to-apple basis, Google Services margin would be slightly lower this quarter than reported (say, ~$500 Mn opex for Google Brain).</li></ul>

Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every component of Google Services.Despite cost optimization efforts by customers, Google Cloud maintained its momentum with ~28% YoY growth (same as it was in 1Q’23).So, on an apple-to-apple basis, Google Services margin would be slightly lower this quarter than reported (say, ~$500 Mn opex for Google Brain).

Independent Investment Research & Investor, Maverick Equity Research

Maverick Equity Research

Independent Investment Research & Investor

Independent Investment Research & Investor: value, dividend and growth stocks. Risk management & hedging for an all weather portfolio.

<ul><li>1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!</li><li>The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023</li><li>To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year</li></ul>

1st chart shows us the 2023 % returns &amp; the holdings weightings while the 2nd table is a return attribution analysis which tells us exactly that 10.25% (1025 b.p basis points) are due to just 7 stocks, the M7 (Magnificent Seven) tech stocks: Apple, Microsoft, Nvidia, Amazon, Tesla, Meta/Facebook &amp; Google/Alphabet. Let that sink in!The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023To continues smoothly here, the S&amp;P 500 with the stocks above their 52-week lows &amp; below their 52-week highs: tech, AI, semiconductors and consumer discretionary are leading and hot, while energy, cruises &amp; travel cooled off in the last year

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alphabet (GOOGL US)

Technology (Hardware/Semi): CSP3 & Meta Ramp up Spending to Stay at the AI Front Line

Post 3Q earnings, investors have regained confidence in AI capital spending for the next few quarters. Amazon/Microsoft/Alphabet/Meta (“CSP3 &...

CMB International

Southeast Asia Is Looking Mighty Fine to China’s Data Center Firms

Chinese data center firms are ramping up their overseas expansion to ride the artificial intelligence (AI) wave, especially in Southeast Asia,...

Caixin Global

The “ AI Revolution” : A Cautionary Tale and Its Investment Consequences

The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now...

VRS (Valuation & Research Specialists)

Alphabet 2Q'23 Earnings Update

Topline grew +9% FXN. While Google Services revenue growth was flat in 1Q’23, it was 5.5% YoY in 2Q’23, with growth re-accelerating in every...

MBI Deep Dives

The S&P 500 Report: Performance, Profitability, Valuation & Key Metrics - Ed #2

The laggard are the following top 7 stocks: their weight is small in the index, but note the individual returns which are materially negative in 2023

Maverick Equity Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)