Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

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>OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.</li>
<li>Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.</li>
<li>Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.</li>
</ul>


OpenAI, Anthropic and Google released frontier models, while OpenAI cancelled GPT-6.1 Astra after safety tests and the FTC opened a probe into AI-agent safety.
Anthropic's IPO prospectus showed Q2 revenue of USD 11.5bn, OpenAI sought at least USD 30bn at a USD 1.4tn valuation, and Meta launched an enterprise AI platform.
Amazon explored moving USD 8bn of Nvidia chips into a leaseback vehicle, AMD agreed to buy World Labs for USD 8.2bn, and Firmus priced its ASX IPO.


This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

<ul><li>Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.</li><li>Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.</li><li>The distinction matters because several different figures are used to describe Citadel’s size. </li></ul>

Ken Griffin’s Citadel reported $875.01 billion in U.S. securities on its latest 13F, a figure that makes the hedge fund’s portfolio appear far larger than its actual equity holdings.Roughly four-fifths of the filing consists of options, leaving $171.76 billion in disclosed equity positions.The distinction matters because several different figures are used to describe Citadel’s size. 

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.</li>
<li>Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.</li>
<li>At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.</li>
</ul>


Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.
Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.
At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.


Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

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)

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

This Week in AI (Sep 27-Oct 3): OpenAI Drops Astra for Sol; Sonnet 5.5 Nears Opus at 1/2 the Price

This week in AI: OpenAI scrapped GPT-6.1 Astra and shipped Sol, Anthropic released Sonnet 5.5 at half Opus's price, and Google launched Gemini 4...

Ke Yan, CFA, FRM

Ken Griffin Portfolio: Citadel Top Holdings (Q2 2026)

Citadel reports $76 billion in investment capital, while its regulatory filing lists $570.62 billion in assets under management. Neither figure...

Hedge Fund Alpha

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Earnings more than tripled in dollars after our 2021 Top Pick, yet the stock barely moved. At 7.4x earnings, the next five years can look very...

Urbem Capital

This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

This week in AI: Anthropic and OpenAI cut frontier-model costs, Grok 4.7 entered major coding channels, and financing stress hit infrastructure.

Ke Yan, CFA, FRM

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