European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.</li>
<li>Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.</li>
<li>Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.</li>
</ul>


The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.
Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.
Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.


Qualcomm's Offer for Alphawave IP Group Plc

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>Today’s post will be an interview with Tony Pialis, founder and CEO of Alphawave.</li><li>Alphawave recently got the all-clear from their KPMG auditor, and shares have been unsuspended.</li><li>This interview is lightly edited for readability. I have some thoughts at the end as well.<div></div></li></ul>

Today’s post will be an interview with Tony Pialis, founder and CEO of Alphawave.Alphawave recently got the all-clear from their KPMG auditor, and shares have been unsuspended.This interview is lightly edited for readability. I have some thoughts at the end as well.

An Interview with Tony Pialis, CEO and Founder of Alphawave

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

<ul><li>It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.</li><li>TSM revenue is above guidance, gross margins are a bit ahead of the midpoint, and operating margins are at the high end of guidance.</li><li>First, while this is a good result, semiconductors are due for a correction. I wrote about this in March, and SOXX has quietly crept downwards since then.</li></ul>

It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.TSM revenue is above guidance, gross margins are a bit ahead of the midpoint, and operating margins are at the high end of guidance.First, while this is a good result, semiconductors are due for a correction. I wrote about this in March, and SOXX has quietly crept downwards since then.

TSMC, ASML, VAT Group, and Alphawave Earnings

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.</li>
<li>
TSMC had a revenue, operating income, and gross margin beat and guided above the street.
</li>
<li>
Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.
</li>
</ul>


TSMC started this season’s earnings with a strong result. Shares rallied immensely on this print, and it’s justified. In almost every metric, TSMC came out ahead.

TSMC had a revenue, operating income, and gross margin beat and guided above the street.


Now let’s break out revenue by node and platform for a further look into the results of the world’s largest foundry.



TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Thematic (Sector/Industry)

<ul><li>The year 2023 began with a significant downturn in the semiconductor market.</li><li>Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.</li><li>Supply outpaced demand, and the market turned into a period of oversupply.</li></ul>

The year 2023 began with a significant downturn in the semiconductor market.Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.Supply outpaced demand, and the market turned into a period of oversupply.

Semiconductor Outlook 2024: AI's Adolescence

United Kingdom

Alphawave IP Group plc provides next generation wired connectivity technology, enabling data to travel faster, more reliably and using less power. The Company serves customers in digital infrastructure markets worldwide.

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Alphawave IP Group (AWE LN)

Qualcomm's Offer for Alphawave IP Group Plc

Qualcomm’s Alphawave offer implies a 2.7% spread, 7.7% IRR. Strategic fit, board support, and low risk make it attractive for arbitrageurs—modest...

Jesus Rodriguez Aguilar

An Interview with Tony Pialis, CEO and Founder of Alphawave

Alphawave's ambitions, and what's next for Tony and his team. Today’s post will be an interview with Tony Pialis, founder and CEO of Alphawave.

Fabricated Knowledge

TSMC, ASML, VAT Group, and Alphawave Earnings

It’s time for the main event: earnings are upon us. As is customary, let’s start with TSMC, move to ASML and Alphawave, and then discuss VAT Group.

Fabricated Knowledge

TSMC, SMCI, Texas Instruments, AWE, ASML, and LRCX

Its the first week of earnings, and it's already a busy one. TSMC started this season’s earnings with a strong result. Shares rallied immensely on...

Fabricated Knowledge

Semiconductor Outlook 2024: AI's Adolescence

Its time to jog your memory. We've gone through the downturn, what does an upturn look like? The year 2023 began with a significant downturn in the...

Fabricated Knowledge

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