Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.</li>
<li>Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.</li>
<li>One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.</li>
</ul>


The three companies Nvidia, TSMC, and ASML are all key global leaders in the AI industry chain.
Nvidia's latest results indicate that the company could be returning to a period of multi-year growth and an inflection point for AI demand.
One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand.


AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Alphabet is going through a tough period.</li><li>The company’s stock is losing value given the expected impact of the popularity of ChatGPT on its Search revenues.</li><li>We downgrade the stock of Alphabet and give it a ‘Hold’ rating with a revised target price.</li></ul>

Alphabet is going through a tough period.The company’s stock is losing value given the expected impact of the popularity of ChatGPT on its Search revenues.We downgrade the stock of Alphabet and give it a ‘Hold’ rating with a revised target price.

Alphabet Inc.: The ChatGPT Effect & Impact On Ad Revenues

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>AWS revenue grew 20% YoY to $21.3B, about $400M or ~2% below consensus…and a 700bp deceleration.</li>
<li>AWS margins of 24% were down 200bps QoQ / 600bps YoY as continued optimization of customer contracts continues to weigh on margins.</li>
<li>Amazon advertising continues to dramatically outpace all other online platforms, highlighting the moat of first party data at the point of purchase, unimpacted by Apple.</li>
</ul>


AWS revenue grew 20% YoY to $21.3B, about $400M or ~2% below consensus…and a 700bp deceleration.
AWS margins of 24% were down 200bps QoQ / 600bps YoY as continued optimization of customer contracts continues to weigh on margins.
Amazon advertising continues to dramatically outpace all other online platforms, highlighting the moat of first party data at the point of purchase, unimpacted by Apple.


<ul>
<li>Meta lowered 2023 expense guide by $5B (or 5%)  to $89bn-$95bn and capex guide by $4B (or 11%) to $30bn-$33bn</li>
<li>Metaverse spending continues, META lost $4.3B on $700M in revenue this quarter and losses are expected to accelerate in 2023. </li>
<li>Zuck said the word efficiency 18x and AI 15x...Evidently, these are his priorities!</li>
</ul>


Meta lowered 2023 expense guide by $5B (or 5%)  to $89bn-$95bn and capex guide by $4B (or 11%) to $30bn-$33bn
Metaverse spending continues, META lost $4.3B on $700M in revenue this quarter and losses are expected to accelerate in 2023. 
Zuck said the word efficiency 18x and AI 15x...Evidently, these are his priorities!


Meta Platforms 4Q22: Zuckerberg Got Religion?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. </li>
<li>Konan Technology's share price is up more than 4x this year. We would not chase the stock at current levels. We provide a framework of valuing Konan Technology. </li>
<li>Four large Korean companies that could be long-term winners in AI space in Korea include Naver, Kakao Corp, SK Telecom, and KT Corp. SK Telecom owns 20.8% of Konan Technology. </li>
</ul>


Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. 
Konan Technology's share price is up more than 4x this year. We would not chase the stock at current levels. We provide a framework of valuing Konan Technology. 
Four large Korean companies that could be long-term winners in AI space in Korea include Naver, Kakao Corp, SK Telecom, and KT Corp. SK Telecom owns 20.8% of Konan Technology. 


Konan Technology: Surging Share Price Due to Global Interest in Chat GPT AI

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 Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

Alphabet Inc.: The ChatGPT Effect & Impact On Ad Revenues

Alphabet is going through a tough period. The company’s stock is losing value given the expected impact of the popularity of ChatGPT on its Search...

Baptista Research

Amazon 4Q22: When Does AWS Trough?

Amazon continues to be a frustrating long...just when retail margins show promise, AWS decelerates and margins drop. We think the latter is...

Aaron Gabin

Meta Platforms 4Q22: Zuckerberg Got Religion?

Meta is getting credited today with a "phase change" in operating cadence, with a newfound emphasis on efficiency and profitability. Great! But we...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AI Leaders Monitor: Nvidia, TSMC, ASML Trading Monitor - Nvidia Results Key Take-Aways

One can consider going Long a basket of Nvidia, ASML, and TSMC based on a structural growth thesis for AI demand. All three names hold important...

Vincent Fernando, CFA

Alphabet Inc.: The ChatGPT Effect & Impact On Ad Revenues

Alphabet is going through a tough period. The company’s stock is losing value given the expected impact of the popularity of ChatGPT on its Search...

Baptista Research

Amazon 4Q22: When Does AWS Trough?

Amazon continues to be a frustrating long...just when retail margins show promise, AWS decelerates and margins drop. We think the latter is...

Aaron Gabin

Meta Platforms 4Q22: Zuckerberg Got Religion?

Meta is getting credited today with a "phase change" in operating cadence, with a newfound emphasis on efficiency and profitability. Great! But we...

Aaron Gabin

Konan Technology: Surging Share Price Due to Global Interest in Chat GPT AI

Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. We provide a framework of valuing Konan Technology. We would not chase...

Douglas Kim