Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.</li>
<li>China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.</li>
<li>The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.</li>
</ul>


The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.
China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.
The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.


The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

Thematic (Sector/Industry)

<ul><li>US markets experienced declines, particularly in high growth sectors, amid fears of a potential AI bubble</li><li>Constellation Software's stock drawdown may be attributed to investor fears of increased competition from AI, but the company's strong customer relationships and focus on solving customer problems suggest they may not be as vulnerable as perceived</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

US markets experienced declines, particularly in high growth sectors, amid fears of a potential AI bubbleConstellation Software's stock drawdown may be attributed to investor fears of increased competition from AI, but the company's strong customer relationships and focus on solving customer problems suggest they may not be as vulnerable as perceivedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Briefing. Constellation Software's Largest Ever Drawdown, Amazon's AI Agent Risk, Copart & Floor ...

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth</li>
<li>SHEIN faces familiar issues in France, where the company has just opened a physical store</li>
<li>The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO </li>
</ul>


Reportedly, SHEN recently shared FY25 targets of US$2 bn Net, "mid-teens" sales growth
SHEIN faces familiar issues in France, where the company has just opened a physical store
The release of new FY25 financial targets suggest SHEIN is progressing towards an IPO 


SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

<ul>
<li>Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.</li>
<li>Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  </li>
<li>We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.</li>
</ul>


Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.
Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  
We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.


CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>NVIDIA's has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.</li>
<li>We highlight NVIDIA's technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.</li>
<li>We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.</li>
</ul>


NVIDIA's has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.
We highlight NVIDIA's technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.
We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.


NVIDIA: An Options Strategy for Riding the AI Data Center Waves

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

Briefing. Constellation Software's Largest Ever Drawdown, Amazon's AI Agent Risk, Copart & Floor ...

Research reports at speedwellresearch.com provide comprehensive and evergreen information on businesses, US markets saw declines in tech stocks,...

The Synopsis

SHEIN Update: US$2 Bn Net, "Mid-Teens" Revenue Growth Targets Shared | New Challenges in France?

Last week, SHEIN reportedly shared FY25 revenue and net income targets with potential investors, which suggests progress towards an IPO. News out...

Tracking Traffic

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

NVIDIA: An Options Strategy for Riding the AI Data Center Waves

NVIDIA 3Q26 results November 19, 2025 (CFO commentary to be posted at ~1:20 p.m. PT, followed by a limited Q&A). What to watch on earnings that...

Jay Cameron

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