Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.</li>
<li>FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.</li>
<li>Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.</li>
</ul>


In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.
FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.
Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.


Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.</li><li>Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.</li><li>Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Companies in the public cloud are refreshing their server infrastructure every four to five years, but may accelerate this cycle due to the performance benefits of new CPUs and GPUs.Despite advances in technology, older GPUs are still being used and making money for data centers, leading to questions about the economic lifespan of GPU systems.Hyperscalers have adjusted their accounting policies to depreciate server hardware over longer periods, potentially impacting depreciation expenses.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 138: Talking GPU Depreciation, OCP Takeaways

<ul><li>Discussion on NEO clouds and AI infrastructure landlords</li><li>Differentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloads</li><li>Consideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo clouds</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Discussion on NEO clouds and AI infrastructure landlordsDifferentiation between hyperscalers and Neo clouds in terms of business models and focus on AI workloadsConsideration of critical software in DevOps and AI API software as a factor in defining a hyperscaler's offerings and differentiation from Neo cloudsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.</li>
<li>Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.</li>
<li>Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.</li>
</ul>



SK hynix (000660 KS) gained 11.2% in September MTD and its 2x Leveraged Index rose 20.9%, but combined AUM increased only 10% as redemptions offset performance.
Units outstanding fell across all seven long leveraged ETFs. In contrast, units in the inverse product more than doubled and its market capitalisation rose 56%, despite negative performance.
Annualised 21-day volatility more than halved from its late-July peak of 179% to 55%. The decline coincided with the collapse in ETF trading activity and fund flows following regulatory changes.


SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.</li>
<li>This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.</li>
<li>The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.</li>
</ul>


A U.S. executive order, "Project Firewall" has imposed a substantial one-time fee of USD100,000 on new H-1B visa applications, directly impacting the primary talent pipeline for Indian IT services firms.
This policy change represents a catalyst that will accelerate Indian IT companies towards higher offshore delivery and greater local hiring in the United States, thereby reshaping their global operating models.
The initial panic has eased, the fee is now seen as manageable, with its real impact unfolding through profitability pressures and evolving talent strategies amid tighter regulations.


Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

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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Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

EP 138: Talking GPU Depreciation, OCP Takeaways

Public cloud infrastructure refreshes involve periodically replacing servers with new CPUs, but the longer economic lifespan of older GPUs like...

The Circuit

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Despite positive performance, some long-leveraged ETFs lost AUM, while the inverse product attracted significant assets. Collapsing investor...

Gaudenz Schneider

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

​FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

EP 138: Talking GPU Depreciation, OCP Takeaways

Public cloud infrastructure refreshes involve periodically replacing servers with new CPUs, but the longer economic lifespan of older GPUs like...

The Circuit

EP 136: WE DON'T HAVE THE POWER!

Overall, hyperscalers like Amazon, Google, Meta, Microsoft, and Oracle provide a wide range of infrastructure and software services for various...

The Circuit

SK Hynix (000660 KS): Volatility Falls to 55% as Leveraged ETF Activity Fades

Despite positive performance, some long-leveraged ETFs lost AUM, while the inverse product attracted significant assets. Collapsing investor...

Gaudenz Schneider

Thematic Report on H-1B Visa Impact: Can Brain Drain in US Become Brain Gain for India?

​US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...

Nimish Maheshwari

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

US executive order imposes $100,000 fee on new H-1B visas, pushing Indian IT firms towards offshore delivery and local hiring in the US, reshaping...