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

Thematic (Sector/Industry)

<ul>
<li>Microsoft dominated the technology news cycle recently on the back of a report by a TD Cowen analyst that the company is cancelling data centre leases in the US</li>
<li>Dwarkesh Patel's podcast with Microsoft CEO Satya Nadella last week provided a fascinating insight into his thinking when it comes to AI compute build out, AI winners &amp; losers etc.</li>
<li>Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. Now we better understand why.</li>
</ul>


Microsoft dominated the technology news cycle recently on the back of a report by a TD Cowen analyst that the company is cancelling data centre leases in the US
Dwarkesh Patel's podcast with Microsoft CEO Satya Nadella last week provided a fascinating insight into his thinking when it comes to AI compute build out, AI winners &amp; losers etc.
Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. Now we better understand why.


Microsoft CEO On AI CapEx: Show Me The Money!

<ul>
<li>DeepSeek's R1 is a game changer that's taken the world by storm. It's a fantastic accomplishment by a Chinese team and a huge endorsement of the open source approach</li>
<li>US competitors have egg on their faces now, but they will adapt. Competition is always a good thing &amp; the future of AI just got a whole lot brighter</li>
<li>Last night’s selloff was overdone in our view. Happy CNY to all!</li>
</ul>


DeepSeek's R1 is a game changer that's taken the world by storm. It's a fantastic accomplishment by a Chinese team and a huge endorsement of the open source approach
US competitors have egg on their faces now, but they will adapt. Competition is always a good thing &amp; the future of AI just got a whole lot brighter
Last night’s selloff was overdone in our view. Happy CNY to all!


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, raised around US$1,050m 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 trading dynamics.</li>
</ul>



Shenzhen Longsys Electronics (301308 CH) (SLE), a branded independent semiconductor memory product enterprise, raised around US$1,050m 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 trading dynamics.


Aequitas: Shenzhen Longsys Electronics A/H Trading - One of the Lowest Insti Demand

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 Fyxer AI hit $35M in annualized revenue in February 2026, up from $30M at the end of 2025.</li><li>Fyxer AI Limited raised $10 million in a Series A round in March 2025, valuing the company at approximately $60 million post-money.</li><li>The upcoming Memory module launching in H2 2025 transforms Fyxer from a point solution into a comprehensive knowledge platform by creating searchable organizational graphs from every email and meeting interaction.</li></ul>

Sacra estimates that Fyxer AI hit $35M in annualized revenue in February 2026, up from $30M at the end of 2025.Fyxer AI Limited raised $10 million in a Series A round in March 2025, valuing the company at approximately $60 million post-money.The upcoming Memory module launching in H2 2025 transforms Fyxer from a point solution into a comprehensive knowledge platform by creating searchable organizational graphs from every email and meeting interaction.

<ul><li>Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.</li><li>Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.</li><li>Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.</li></ul>

Sacra estimates that Hebbia hit $48M in annual recurring revenue (ARR) in August 2026, up from an estimated $30M at the end of 2025.Hebbia was valued at $700 million during its Series B funding round in July 2024, led by Andreessen Horowitz.Hebbia reported 373% year-over-year EMEA revenue growth from FY25 to FY26, coinciding with a tripling of its EMEA team.

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 CEO On AI CapEx: Show Me The Money!

Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. After last...

William Keating

DeepSeek R1. Ahem, This Is Awkward..

DeepSeek's R1 is a game changer that's taken the world by storm. It's a fantastic win by a Chinese team and a huge endorsement of the open source...

William Keating

Aequitas: Shenzhen Longsys Electronics A/H Trading - One of the Lowest Insti Demand

Shenzhen Longsys Electronics (301308 CH), an independent semiconductor memory product enterprise, raised around US$1,050m in its H-share listing....

Sumeet Singh

Primer: Fyxer AI - 07 Sep 2026

AI-powered executive assistant that organizes inboxes, drafts emails, and generates meeting notes

Sacra

Primer: Hebbia - 04 Sep 2026

AI-powered tool for querying and analyzing unstructured documents like filings and PDFs

Sacra

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