Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>What did hyperscalers say on Capex in March conf calls? Amazon: nothing. Google: maintained. Meta: increase. Microsoft: maintained. No Capex cuts or postponement. </li>
<li>At the opposite, Amazon and Google mention capacity constraints, revenues could be higher with more capacity. All firms mention that AI is a critical building block of future growth. </li>
<li>Financial statements show 1) improving operating margins, 2) higher capex but still higher free cash flow. Positive for <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a> .  </li>
</ul>


What did hyperscalers say on Capex in March conf calls? Amazon: nothing. Google: maintained. Meta: increase. Microsoft: maintained. No Capex cuts or postponement. 
At the opposite, Amazon and Google mention capacity constraints, revenues could be higher with more capacity. All firms mention that AI is a critical building block of future growth. 
Financial statements show 1) improving operating margins, 2) higher capex but still higher free cash flow. Positive for NVIDIA Corp (NVDA US) and Taiwan Semiconductor (TSMC) (2330 TT) .  


Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Amazon is positioned to outbid DoorDash with a 200–222p/share offer, implying a valuation based on 12.8–14.0x EV/NTM EBITDA, aligning with trade buyer precedent multiples.</li>
<li>While Amazon’s strategic fit is stronger, regulatory scrutiny from the UK CMA presents material timing and execution risks, likely pushing deal closure into Q1–Q2 2026.</li>
<li>Deliveroo shareholders face a trade-off: faster liquidity at 180p via DoorDash, or 10–23% upside with Amazon at the cost of longer timelines and political uncertainty. <strong>Long ROO LN</strong>.</li>
</ul>


Amazon is positioned to outbid DoorDash with a 200–222p/share offer, implying a valuation based on 12.8–14.0x EV/NTM EBITDA, aligning with trade buyer precedent multiples.
While Amazon’s strategic fit is stronger, regulatory scrutiny from the UK CMA presents material timing and execution risks, likely pushing deal closure into Q1–Q2 2026.
Deliveroo shareholders face a trade-off: faster liquidity at 180p via DoorDash, or 10–23% upside with Amazon at the cost of longer timelines and political uncertainty. Long ROO LN.


Prime Delivery: Amazon’s Route to Outbid DoorDash for Deliveroo

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.

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<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 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.

<ul><li><a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493" rel="noopener">Entegris Inc (ENTG US)</a> - Memory spending is happening next year, but MSI remains weak.</li><li><a href="https://www.smartkarma.com/entities/astera-labs-inc" target="_blank" data-smartkarma-citation="entities:40921" rel="noopener">Astera Labs (ALAB US)</a> - This is now the second way to play a levered Trainium ramp, as they have extensive content with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409" rel="noopener">Amazon.com Inc (AMZN US)</a>.</li><li><a href="https://www.smartkarma.com/entities/lattice-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7855" rel="noopener">Lattice Semiconductor (LSCC US)</a> - Standard kitchen sink; I like the stock long-term.</li></ul>

Entegris Inc (ENTG US) - Memory spending is happening next year, but MSI remains weak.Astera Labs (ALAB US) - This is now the second way to play a levered Trainium ramp, as they have extensive content with Amazon.com Inc (AMZN US).Lattice Semiconductor (LSCC US) - Standard kitchen sink; I like the stock long-term.

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

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)

Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG

Hyperscalers maintain or increase Capex, mention capacity constraints. Financial statements show improving margins, higher capex and higher free...

Nicolas Baratte

Prime Delivery: Amazon’s Route to Outbid DoorDash for Deliveroo

Amazon could counter DoorDash’s bid for Deliveroo with a 200–222p offer. Strategic upside is clear, but CMA scrutiny means higher regulatory risk...

Jesus Rodriguez Aguilar

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

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

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52-week Range

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Hyperscale Capex Is Maintained or Increased No Cuts or Postponement Capacity Constrain at AMZN GOOG

​Hyperscalers maintain or increase Capex, mention capacity constraints. Financial statements show improving margins, higher capex and higher free...

Nicolas Baratte

Prime Delivery: Amazon’s Route to Outbid DoorDash for Deliveroo

Amazon could counter DoorDash’s bid for Deliveroo with a 200–222p offer. Strategic upside is clear, but CMA scrutiny means higher regulatory risk...

Jesus Rodriguez Aguilar

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

Earnings: ENTG, ALAB, LSCC, SITM, QCOM, MCHP, WOLF, ARM, ACLS, AAOI, ANET, LITE, COHR

What a week (I’m a bit late on this)! I wanted to give a quick overview of all the companies that reported last week. Lattice Semiconductor -...

Fabricated Knowledge

Hyperscalers maintain or increase Capex, mention capacity constraints. Financial statements show improving margins, higher capex and higher free...

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