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>Arm reported record Q426 revenues of $1.49 billion, their highest quarterly revenue ever and above the midpoint of guidance</li>
<li>Licensing revenue grew 29% year-over-year to $819 million, driven by strong demand for the Arm platform. Royalty revenue grew 11% to $671 million</li>
<li>Shares initially surged&gt;13%, but disappointing guidance reversed sentiment and the stock dropped more than 6% in after hours trading.</li>
</ul>


Arm reported record Q426 revenues of $1.49 billion, their highest quarterly revenue ever and above the midpoint of guidance
Licensing revenue grew 29% year-over-year to $819 million, driven by strong demand for the Arm platform. Royalty revenue grew 11% to $671 million
Shares initially surged&gt;13%, but disappointing guidance reversed sentiment and the stock dropped more than 6% in after hours trading.


Arm Q4 FY2026: Record Quarter, $2 Billion AGI CPU Pipeline But Soft Guidance Stings After Hours

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>
Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.</li>
<li>
Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.</li>
<li>
Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.</li>
</ul>



Last independent RISC-V IP vendor standing. With MIPS, Codasip, and Nuclei exiting and ARM competing with its own licensees, Andes is the primary "flight-to-stability" beneficiary, anchored by ACE customer lock-in.

Operating breakeven is an explicit 2026 objective. Management is targeting a 10% OPEX cut to NT$1.7B and a 20% revenue ramp from the FY2025 base of NT$1.478B.

Cuzco announcement within a month is the next catalyst. Business arrangements and development schedule for the Neoverse-class core will be officially disclosed separately, alongside ramping AX46MPV and automotive design wins.


TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

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 is increasingly being discussed as a company that licenses chip designs and collects royalties, but that framing now misses the bigger shift underway.</li><li>The more important story is that Arm is moving closer to the center of AI infrastructure just as the market’s attention remains fixed on Nvidia’s GPUs. Recent reporting showed Arm unveiling its first in-house data-center CPU, the Arm AGI CPU, with Meta and OpenAI among early customers, marking a significant expansion beyond its traditional IP model.</li><li>At the same time, Arm’s latest earnings call showed that the company’s data-center royalty revenue more than doubled year over year, that Neoverse has surpassed 1 billion deployed cores, and that Arm expects its data-center business to become larger than mobile over time.</li></ul>

Arm Holdings is increasingly being discussed as a company that licenses chip designs and collects royalties, but that framing now misses the bigger shift underway.The more important story is that Arm is moving closer to the center of AI infrastructure just as the market’s attention remains fixed on Nvidia’s GPUs. Recent reporting showed Arm unveiling its first in-house data-center CPU, the Arm AGI CPU, with Meta and OpenAI among early customers, marking a significant expansion beyond its traditional IP model.At the same time, Arm’s latest earnings call showed that the company’s data-center royalty revenue more than doubled year over year, that Neoverse has surpassed 1 billion deployed cores, and that Arm expects its data-center business to become larger than mobile over time.

Arm Holdings May Be The Real Brain Behind AI—Not Nvidia!

<ul>
<li>Arm has formally entered the chip-making business with the Arm AGI CPU, for agentic AI infrastructure, delivering more than 2x performance per rack compared with x86 platforms</li>
<li>Developed with lead partner Meta, with other customers and leading ODMs committed for production, the Arm AGI CPU is backed by strong support from the global ecosystem</li>
<li>Arm was up over 16% in overnight trading. There's officially a new CPU kid on the block. </li>
</ul>


Arm has formally entered the chip-making business with the Arm AGI CPU, for agentic AI infrastructure, delivering more than 2x performance per rack compared with x86 platforms
Developed with lead partner Meta, with other customers and leading ODMs committed for production, the Arm AGI CPU is backed by strong support from the global ecosystem
Arm was up over 16% in overnight trading. There's officially a new CPU kid on the block. 


Arm Just Blew Up Its Business Model & Wall Street Loved It.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be 2 ADDs and 2 DELs for the March 2026 rebal event. We expect a one-way flow of US$2.64bn and a turnover of around 6% for March 2026.</li>
<li>There are few big impacts. None over a day's worth of volume. But there are several at US$300-900mm to trade at the close.</li>
</ul>


The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be 2 ADDs and 2 DELs for the March 2026 rebal event. We expect a one-way flow of US$2.64bn and a turnover of around 6% for March 2026.
There are few big impacts. None over a day's worth of volume. But there are several at US$300-900mm to trade at the close.


[Quiddity Index] MV US Semiconductor25 Mar26 Results: Two Index Changes; US$2.6bn One-Way

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

Arm Q4 FY2026: Record Quarter, $2 Billion AGI CPU Pipeline But Soft Guidance Stings After Hours

Arm shares initially surged>13%, but disappointing guidance reversed sentiment and the stock dropped more than 6% in after hours trading.

William Keating

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

Arm Holdings May Be The Real Brain Behind AI—Not Nvidia!

Arm Holdings is increasingly being discussed as a company that licenses chip designs and collects royalties, but that framing now misses the...

Baptista Research

Arm Just Blew Up Its Business Model & Wall Street Loved It.

Arm launches the AGI CPU, for agentic AI infrastructure. Stock was up over 16% in overnight trading. There's officially a new CPU kid on the block.

William Keating

[Quiddity Index] MV US Semiconductor25 Mar26 Results: Two Index Changes; US$2.6bn One-Way

There is US$2.6bn one-way to trade on the Market Vector US Semis 25 Index. There are several trades of several hundred million USD but nothing over...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Arm Q4 FY2026: Record Quarter, $2 Billion AGI CPU Pipeline But Soft Guidance Stings After Hours

Arm shares initially surged>13%, but disappointing guidance reversed sentiment and the stock dropped more than 6% in after hours trading.

William Keating

TechChain Insights Q&A: ARM's Only Listed Rival - Powering Meta and Taiwan's AI Cycle - Andes (6533 TT)

​Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...

Vincent Fernando, CFA

Arm Holdings May Be The Real Brain Behind AI—Not Nvidia!

Arm Holdings is increasingly being discussed as a company that licenses chip designs and collects royalties, but that framing now misses the...

Baptista Research

Arm Just Blew Up Its Business Model & Wall Street Loved It.

Arm launches the AGI CPU, for agentic AI infrastructure. Stock was up over 16% in overnight trading. There's officially a new CPU kid on the block.

William Keating

[Quiddity Index] MV US Semiconductor25 Mar26 Results: Two Index Changes; US$2.6bn One-Way

There is US$2.6bn one-way to trade on the Market Vector US Semis 25 Index. There are several trades of several hundred million USD but nothing over...

Travis Lundy

Andes emerges as the last independent RISC-V IP vendor, aiming for breakeven by 2026 with a focus on cost-cutting and revenue growth, with a new...