Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>Two viral blog posts by Satya Nadella over the summer suggest a tops-down change in Microsoft's AI deployment strategy</li>
<li>Microsoft is investing $2.5 billion &amp; deploying 6,000 engineers into a new division, Microsoft Frontier Company, to help manage its AI deployments to enterprise clients globally</li>
<li>There are going to be areas where we are very complementary and partner very, very closely with AI frontier labs. Then, there might be areas of overlap competitively.</li>
</ul>


Two viral blog posts by Satya Nadella over the summer suggest a tops-down change in Microsoft's AI deployment strategy
Microsoft is investing $2.5 billion &amp; deploying 6,000 engineers into a new division, Microsoft Frontier Company, to help manage its AI deployments to enterprise clients globally
There are going to be areas where we are very complementary and partner very, very closely with AI frontier labs. Then, there might be areas of overlap competitively.


Microsoft @ Deutsche Bank Technology Conference. Key Takeaways & Full Transcript

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Hugging Face hit $150M in annual recurring revenue (ARR) in August 2026, up from an estimated $81M at the end of 2025.</li><li>Nvidia agreed to acquire Hugging Face for approximately $13B in September 2026.</li><li>The platform now serves 13M users across 500,000 organizations, with 30%+ of the Fortune 500 maintaining verified accounts.</li></ul>

Sacra estimates that Hugging Face hit $150M in annual recurring revenue (ARR) in August 2026, up from an estimated $81M at the end of 2025.Nvidia agreed to acquire Hugging Face for approximately $13B in September 2026.The platform now serves 13M users across 500,000 organizations, with 30%+ of the Fortune 500 maintaining verified accounts.

<ul>
<li>Salesforce reported Q2 FY 2027 revenue of $11.345 billion, up 11% YoY in constant currency, at the high end of the previously guided range. </li>
<li>Cloudforce, a partnership between Anthropic &amp; Salesforce, integrates Claude into Salesforce and vice versa. Basically, Claude becomes the new user interface for Salesforce, as long as you upgrade to premium</li>
<li>Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data <em><strong>and</strong></em> that they will pay handsomely for this privilege. Let's see... </li>
</ul>


Salesforce reported Q2 FY 2027 revenue of $11.345 billion, up 11% YoY in constant currency, at the high end of the previously guided range. 
Cloudforce, a partnership between Anthropic &amp; Salesforce, integrates Claude into Salesforce and vice versa. Basically, Claude becomes the new user interface for Salesforce, as long as you upgrade to premium
Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data and that they will pay handsomely for this privilege. Let's see... 


Salesforce Opens The AI Floodgates With Cloudforce. But Why?

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.

Equity Capital Markets

Shenzhen Longsys Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:45480:1" rel="noopener">Shenzhen Longsys Electronics (301308 CH)</a> (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m in its H-share listing.</li>
<li>SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m in its H-share listing.
SLE designs, develops, manufactures and sells a comprehensive portfolio of memory products for edge AI and traditional consumer, enterprise and industrial applications.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Shenzhen Longsys Electronics A/H Listing - It’s Cheap but Might Not Be Cheap Enough

Data-driven Insight on Companies & Consumer Trends, TickerTrends

TickerTrends

Data-driven Insight on Companies & Consumer Trends

<ul><li>OpenAI’s Codex is separating from Anthropic’s Claude Code in B2B adoption.</li><li>TickerTrends’ weighted trailing 12-month adoption data shows Codex reaching approximately 550% year-over-year growth in August, up from roughly 365% in May .</li><li>That represents a 183-point increase in its year-over-year adoption rate over the past three months.</li></ul>

OpenAI’s Codex is separating from Anthropic’s Claude Code in B2B adoption.TickerTrends’ weighted trailing 12-month adoption data shows Codex reaching approximately 550% year-over-year growth in August, up from roughly 365% in May .That represents a 183-point increase in its year-over-year adoption rate over the past three months.

Codex Pulls Ahead as B2B Adoption Accelerates

United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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Anthropic (1892140D US)

Microsoft @ Deutsche Bank Technology Conference. Key Takeaways & Full Transcript

"There are going to be areas where we are very complementary and partner very, very closely with AI frontier labs. Then, there might be areas of...

William Keating

Primer: Hugging Face - 03 Sep 2026

Model hub and collaboration tools for developers building with open-source AI models

Sacra

Salesforce Opens The AI Floodgates With Cloudforce. But Why?

Benioff is betting big on Cloudforce unlocking previously unheard of value from customers's underlying Salesforce data and that they will pay...

William Keating

Aequitas: Shenzhen Longsys Electronics A/H Listing - It’s Cheap but Might Not Be Cheap Enough

Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, is looking to raise around US$800m...

Sumeet Singh

Codex Pulls Ahead as B2B Adoption Accelerates

TickerTrends’ weighted trailing 12-month adoption data shows Codex reaching approximately 550% year-over-year growth in August, up from roughly...

TickerTrends

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