Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

<ul><li>ARM’s stock is up 110% YTD. We wrote about ARM a few months ago and reckoned that intrinsic value for ARM is a bit lower than the IPO price.</li><li>In hindsight, it was perhaps a limitation of our imagination than anything else.</li><li>We should have added the following in our analysis but did not: “Masa son understands capital markets.</li></ul>

ARM’s stock is up 110% YTD. We wrote about ARM a few months ago and reckoned that intrinsic value for ARM is a bit lower than the IPO price.In hindsight, it was perhaps a limitation of our imagination than anything else.We should have added the following in our analysis but did not: “Masa son understands capital markets.

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>So the terms are out for Softbank’s attempt to list Arm. </li>
<li>In typical sparkling form, Masayoshi Son has clocked a ~19% drawdown within weeks. </li>
<li>Good thing all the bankers will easily get their $8bn loan paid back in full and aren’t subject to conflicting interests...?</li>
</ul>


So the terms are out for Softbank’s attempt to list Arm. 
In typical sparkling form, Masayoshi Son has clocked a ~19% drawdown within weeks. 
Good thing all the bankers will easily get their $8bn loan paid back in full and aren’t subject to conflicting interests...?


Arm IPO – Don’t Worry, It’ll Be Fine

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025, ending December 31, 2024.</li><li>The company achieved record revenue and a significant increase in royalty revenues, driven primarily by robust demand for AI technologies and the adoption of its latest Armv9 architecture and Compute Subsystem Solutions (CSS).</li><li>On the financial front, Arm's total revenue reached an all-time high of $983 million, marking a year-on-year increase of 19% and surpassing the high end of company guidance.</li></ul>

Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025, ending December 31, 2024.The company achieved record revenue and a significant increase in royalty revenues, driven primarily by robust demand for AI technologies and the adoption of its latest Armv9 architecture and Compute Subsystem Solutions (CSS).On the financial front, Arm's total revenue reached an all-time high of $983 million, marking a year-on-year increase of 19% and surpassing the high end of company guidance.

ARM Holdings Plc.: Will Its Agentic AI Adoption & Transition To Chiplet-Based Architectures Make It A Formidable Player In Its Domain?

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>ARM licenses its intellectual property to companies that design chips, fitting into the broader semiconductor ecosystem</li><li>ARM's business model involves upfront license payments and royalties for chips shipped by licensees</li><li>ARM's CPU is a general-purpose chip, while GPUs are designed for specific tasks like graphics, illustrating the importance and interplay between the two architectures</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

ARM licenses its intellectual property to companies that design chips, fitting into the broader semiconductor ecosystemARM's business model involves upfront license payments and royalties for chips shipped by licenseesARM's CPU is a general-purpose chip, while GPUs are designed for specific tasks like graphics, illustrating the importance and interplay between the two architecturesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

ARM: Short Squeeze

ARM’s stock is up 110% YTD. We wrote about ARM a few months ago and reckoned that intrinsic value for ARM is a bit lower than the IPO price.

Value Punks

Arm IPO – Don’t Worry, It’ll Be Fine

We remain rather sceptical about the prospects for Arm's IPO given Softbank's track record and valuations already being revised down.

Mio Kato

ARM Holdings Plc.: Will Its Agentic AI Adoption & Transition To Chiplet-Based Architectures Make It A Formidable Player In Its Domain?

Arm Holdings, a prominent player in the semiconductor industry, reported an optimistic set of results for the third quarter of fiscal year 2025,...

Baptista Research

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

ARM is a leading licensing giant in the chip design market, enabling companies to differentiate themselves by utilizing their intellectual...

Business Breakdowns

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