Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> recently reported record Q1 2026 revenues and has rallied for five consecutive weeks, reaching price levels clearly exceeding the MAX historical boundary of our quantitative model.
</li>
<li>
Cerebras Systems IPO, expected to price on May 13, introduces a narrative risk for Samsung's HBM business. We wonder if this could serve as a catalyst for a price pullback?
</li>
<li>Should a pullback materialize this week, it would represent a BUY opportunity. This insight outlines our model's support distribution, to be re-updated following this week's close.</li>
</ul>



Samsung Electronics (005930 KS) recently reported record Q1 2026 revenues and has rallied for five consecutive weeks, reaching price levels clearly exceeding the MAX historical boundary of our quantitative model.


Cerebras Systems IPO, expected to price on May 13, introduces a narrative risk for Samsung's HBM business. We wonder if this could serve as a catalyst for a price pullback?

Should a pullback materialize this week, it would represent a BUY opportunity. This insight outlines our model's support distribution, to be re-updated following this week's close.


Samsung Electronics (005930 KS) Tactical Outlook Ahead of Cerebras IPO

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.

Equity Bottom-Up

<ul>
<li>Nvidia's growth is increasingly bottlenecked by full-stack integration issues, slipping platform roadmaps, and the brutal physical reality of powering and cooling next-generation 600-kilowatt server racks.</li>
<li>Frontier Labs are actively signing massive multi-gigawatt deals with alternative compute providers to maintain strategic optionality, while the sheer debt required to fund new data centres is causing deployment delays.</li>
<li>The route from demand to recognised revenue is getting crowded with friction. Between highly levered customers and maxed-out grids, the market can no longer afford to price in perfect execution.</li>
</ul>


Nvidia's growth is increasingly bottlenecked by full-stack integration issues, slipping platform roadmaps, and the brutal physical reality of powering and cooling next-generation 600-kilowatt server racks.
Frontier Labs are actively signing massive multi-gigawatt deals with alternative compute providers to maintain strategic optionality, while the sheer debt required to fund new data centres is causing deployment delays.
The route from demand to recognised revenue is getting crowded with friction. Between highly levered customers and maxed-out grids, the market can no longer afford to price in perfect execution.


Forget the Chips, Nvidia’s Real Problem Is the Plumbing

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 SiFive generated $38.2 million in revenue in 2023.</li><li>SiFive was valued at $2.5 billion in its most recent funding round, a $175 million Series F completed in March 2022.</li><li>Revenue is split roughly 60% IP licensing, 30% custom design services, and 10% development boards and tools.</li></ul>

Sacra estimates that SiFive generated $38.2 million in revenue in 2023.SiFive was valued at $2.5 billion in its most recent funding round, a $175 million Series F completed in March 2022.Revenue is split roughly 60% IP licensing, 30% custom design services, and 10% development boards and tools.

<ul><li>Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.</li><li>In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.</li><li>Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.</li></ul>

Substrate closed a $100 million Series A funding round in October 2025 at a valuation exceeding $1 billion, making it a unicorn company before generating any revenue.In October 2025, Substrate outlined a shift to building and operating U.S. fabs and offering foundry services rather than selling its X‑ray lithography tools.Revenue will come primarily from equipment sales, with systems priced significantly below ASML's $400 million High-NA EUV scanners while targeting comparable or superior patterning capabilities.

<ul><li>Sacra estimates that OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.</li><li>Launched in 2023, OpenRouter built a universal API endpoint for LLMs, hooking up to 400+ different models through a single integration.</li><li>The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.</li></ul>

Sacra estimates that OpenRouter hit $5M in annualized revenue in May 2025, on $100M in GMV, up from $1M in annualized revenue at the end of 2024.Launched in 2023, OpenRouter built a universal API endpoint for LLMs, hooking up to 400+ different models through a single integration.The explosion of AI models across 60+ providers and 400+ model variants is making OpenRouter core infrastructure for connecting AI apps to models.

United States

Cerebras Systems Inc. is an artificial intelligence infrastructure company. The Company designs and manufactures an AI compute platform comprised of proprietary systems and software that is delivered in standard racks for deployment in data centers up to supercomputer scale. Cerebras Systems serves customers in the United States.

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

Cerebras Systems (CBRS US)

Samsung Electronics (005930 KS) Tactical Outlook Ahead of Cerebras IPO

Samsung Electronics reported record revenues, but has exceeded our model MAX historical profit target boundaries. Cerebras Systems IPO introduces...

Nico Rosti

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...

Mint Finance

Primer: SiFive - 15 Dec 2025

Processor core IP for custom RISC-V chip design across consumer, automotive, and datacenter markets

Sacra

Primer: Substrate - 07 Dec 2025

Startup developing a novel chipmaking tool using X-ray light for high-resolution printing on silicon wafers to rival ASML's lithography equipment

Sacra

$100M/year Plaid Of AI

TL;DR: As developers move from wrapping single LLMs to stitching together multiple models, OpenRouter has emerged as the universal LLM...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Electronics (005930 KS) Tactical Outlook Ahead of Cerebras IPO

​Samsung Electronics reported record revenues, but has exceeded our model MAX historical profit target boundaries. Cerebras Systems IPO introduces...

Nico Rosti

Forget the Chips, Nvidia’s Real Problem Is the Plumbing

​Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...

Mint Finance

Primer: SiFive - 15 Dec 2025

Processor core IP for custom RISC-V chip design across consumer, automotive, and datacenter markets

Sacra

Primer: Substrate - 07 Dec 2025

Startup developing a novel chipmaking tool using X-ray light for high-resolution printing on silicon wafers to rival ASML's lithography equipment

Sacra

$100M/year Plaid Of AI

TL;DR: As developers move from wrapping single LLMs to stitching together multiple models, OpenRouter has emerged as the universal LLM...

Sacra

Samsung Electronics reported record revenues, but has exceeded our model MAX historical profit target boundaries. Cerebras Systems IPO introduces...

Nvidia's monopoly seems to be bleeding slowly as it faces integration challenges and power constraints, while facing deployment delays and...