IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin.  </li>
</ul>



Softbank Group (9984 JP)’s 180-day lock-up period on its 89.75% ARM Holdings (ARM US) shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.
SoftBank will likely monetise its ARM stake using the Alibaba (ADR) (BABA US) playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. 
ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to NVIDIA Corp (NVDA US), despite forecasted lower growth and margin.  


ARM Holdings (ARM US): Lock up Expiry on 12 March

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>For "Factory 2" engagements, Synopsys collects upfront priority/customization fees and secures volume-based royalties once chips enter production. Royalties carry 100% gross margin and will begin ramping in FY28/FY29</li>
<li>Outcome-Based Revenue Sharing (Lane 3): OpenAI hosts the model/compute, and Synopsys splits revenue on a service basis derived from the Power, Performance, and Area (PPA) improvements achieved by the model</li>
<li>AI models cannot validate physics; they require Synopsys’ core software (and Ansys sign-off tools) for fidelity checkpoints, placement, routing, and GDSII sign-off. Consequently, AI increases rather than decreases EDA usage.</li>
</ul>


For "Factory 2" engagements, Synopsys collects upfront priority/customization fees and secures volume-based royalties once chips enter production. Royalties carry 100% gross margin and will begin ramping in FY28/FY29
Outcome-Based Revenue Sharing (Lane 3): OpenAI hosts the model/compute, and Synopsys splits revenue on a service basis derived from the Power, Performance, and Area (PPA) improvements achieved by the model
AI models cannot validate physics; they require Synopsys’ core software (and Ansys sign-off tools) for fidelity checkpoints, placement, routing, and GDSII sign-off. Consequently, AI increases rather than decreases EDA usage.


Synopsys Investor Day Q&A Session. Key Takeaways & Full Transcript

<ul>
<li>Generative AI TAM Expansion: AI is a massive net positive, creating a new Total Addressable Market through agent products like ChipStack while exponentially driving up usage of Cadence's base tools</li>
<li>Massive Core IP Rebound: After underinvesting to focus on core EDA, Cadence built a world-class R&amp;D team and is capturing market share by focusing on five advanced-node "star" IPs.</li>
<li>Strong Internal AI Productivity: By applying internal agentic solutions and tools like Claude and Codex, Cadence expects 2x productivity improvement in its IP group and is achieving 60% incremental margin.</li>
</ul>


Generative AI TAM Expansion: AI is a massive net positive, creating a new Total Addressable Market through agent products like ChipStack while exponentially driving up usage of Cadence's base tools
Massive Core IP Rebound: After underinvesting to focus on core EDA, Cadence built a world-class R&amp;D team and is capturing market share by focusing on five advanced-node "star" IPs.
Strong Internal AI Productivity: By applying internal agentic solutions and tools like Claude and Codex, Cadence expects 2x productivity improvement in its IP group and is achieving 60% incremental margin.


Cadence @ BofA Global Technology Conference 2026. Key Takeaways & Full Transcript

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>Cadence Design Systems delivered a strong start to 2026 driven by accelerating AI-related demand, expanding adoption of its agentic AI offerings, and continued momentum across EDA, IP, hardware, and system analysis products.</li><li>Revenue increased 19% year-over-year in the first quarter, supported by broad-based customer spending, while bookings exceeded expectations and backlog reached a record $8 billion.</li><li>Management raised full-year revenue growth guidance to approximately 17%, citing stronger-than-expected customer engagement and increasing demand for AI-enabled chip and system design solutions.</li></ul>

Cadence Design Systems delivered a strong start to 2026 driven by accelerating AI-related demand, expanding adoption of its agentic AI offerings, and continued momentum across EDA, IP, hardware, and system analysis products.Revenue increased 19% year-over-year in the first quarter, supported by broad-based customer spending, while bookings exceeded expectations and backlog reached a record $8 billion.Management raised full-year revenue growth guidance to approximately 17%, citing stronger-than-expected customer engagement and increasing demand for AI-enabled chip and system design solutions.

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.</li>
<li>EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.</li>
<li>Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.</li>
</ul>


ChipAgents is moving agentic EDA into production, with Andes Tech reporting major cycle-time reductions and ChipAgents reaching 120+ semiconductor customers after roughly 6x ARR growth in H12026.
EDA-Maxxing depends on agents creating more paid design activity through additional projects and deeper exploration than they eliminate through fewer expensive tool runs.
Cadence and Synopsys have early monetisation advantages, but investors still need evidence that higher agent-driven tool usage translates into larger EDA budgets and incremental revenue.


[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

United States

Cadence Design Systems, Inc. provides software technology, design and consulting services and technology.  The Company licenses its electronic design automation software technology and provides a variety of professional services.  Cadence's design realization solutions are used to design and develop complex chips and electronic systems, including semiconductors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cadence Design Sys (CDNS US)

ARM Holdings (ARM US): Lock up Expiry on 12 March

SoftBank will likely monetise its ARM stake using the Alibaba playbook. This playbook uses prepaid forward contracts to raise capital with eventual...

Arun George

Synopsys Investor Day Q&A Session. Key Takeaways & Full Transcript

With "Factory 2", Synopsys collects upfront priority/customization fees & secures volume-based royalties post chip production. Royalties carry...

William Keating

Cadence @ BofA Global Technology Conference 2026. Key Takeaways & Full Transcript

Strong Internal AI Productivity: By applying internal agentic solutions & tools like Claude, Codex, Cadence expects 2x productivity improvement in...

William Keating

Cadence Design Systems: Scaling Hardware

Cadence Design Systems delivered a strong start to 2026 driven by accelerating AI-related demand, expanding adoption of its agentic AI offerings,...

Baptista Research

[EDA-Maxxing] AI Agents Are Designing Faster; Will EDA Spending Follow?

AI agents are making chip design faster, but will they make EDA more valuable? We examine whether agentic workflows expand paid demand for Cadence...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)