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>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . </li>
<li>Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.</li>
<li>According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.</li>
</ul>


One of the most anticipated IPOs of 2025 has officially filed its S-1 -- CoreWeave (CRWV US) . 
Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.


CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. </li>
<li>Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. </li>
<li>Markets have some momentum and in some cases mean reversion to the price move on the day after the election. </li>
</ul>


The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. 
Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. 
Markets have some momentum and in some cases mean reversion to the price move on the day after the election. 


EQD | US Election -  Hedge Considerations

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

<ul>
<li>Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a><a href="https://www.smartkarma.com/entities/hewlett-packard-enterprise-co" target="_blank" data-smartkarma-citation="entities:26511:1" rel="noopener">Hewlett Packard Enterprise (HPE US)</a>  <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> </li>
<li>U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 <a href="https://www.smartkarma.com/entities/asml-holding-nv" target="_blank" data-smartkarma-citation="entities:21097:1" rel="noopener">ASML Holding NV (ASML NA)</a><a href="https://www.smartkarma.com/entities/tokyo-electron-device-ltd" target="_blank" data-smartkarma-citation="entities:10301:1" rel="noopener">Tokyo Electron Device (2760 JP)</a> </li>
<li>Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift</li>
</ul>


Generative AI seen through the lens of corporate earnings shows a lack of ROI or growth drivers in applications Broadcom (AVGO US)Hewlett Packard Enterprise (HPE US)  Alphabet (GOOGL US) 
U.S. semi equipment restrictions to China could negatively impact Tokyo Electron, ASML results in 2025 ASML Holding NV (ASML NA)Tokyo Electron Device (2760 JP) 
Flagship global Tech conference in NYC suggests interest has picked up in global software above hardware in a notable shift


Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

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)

IS AI Spending Poised to Fall?

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

EQD | US Election - Hedge Considerations

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

CoreWeave Inc. IPO (CRWV): Peeking at the Prospectus of Cloud Platform Managing AI Infrastructure

​CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

IPO Boutique

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

EQD | US Election - Hedge Considerations

​The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...

John Ley

Global Tech Weekly - Focus on AI, Semis, China V U.S., Software V Hardware. AI Party Ending?

AI related earnings exhibit a lack of ROI or uplift. Is the AI euphoria coming to an end? More U.S. sanctions could hurt Japan & European...

Neil Campling

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

CoreWeave (CRWV US) files for IPO with impressive revenue growth and a debut expected in March. This article outlines key takeaways from the...

The US election brings uncertainty, but market impact should be limited due to enduring Trump and Biden/Harris policies. Asian equities face high...