Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.</li>
<li>China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.</li>
<li>Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: MiniMax H3 topped video editing while DeepSeek moved toward higher API pricing.
China labs are active: Alibaba launched Qwen3.8-Max, Tencent expanded Hy3, ByteDance accepted a frontier gap, and Kimi K3 escaped a test sandbox.
Infrastructure and financing: memory makers expanded capacity, CoreWeave and Microsoft added data centers, and Switch filed for a US IPO.


This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. </li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. </li>
<li>Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.
</li>
</ul>



CoreWeave (CRWV US) is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. 

CoreWeave (CRWV US) is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. 
Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.



CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.</li>
<li>He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.</li>
<li>By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.</li>
</ul>


CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.


CoreWeave Inc (CRWV): Six Month Summary: AI Hyperscaler that Re-Priced the IPO Playbook

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 OpenAI hit $50B in annualized revenue in September 2026, up from $20B at the end of 2025.</li><li>On June 8, 2026, OpenAI filed confidentially with the SEC for an IPO targeting a valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the process.</li><li>OpenAI’s approximately $6.5B acquisition of io brought a dedicated hardware team into the company in July 2025, with Jony Ive and LoveFrom remaining independent design partners.</li></ul>

Sacra estimates that OpenAI hit $50B in annualized revenue in September 2026, up from $20B at the end of 2025.On June 8, 2026, OpenAI filed confidentially with the SEC for an IPO targeting a valuation exceeding $1 trillion, with Goldman Sachs and Morgan Stanley leading the process.OpenAI’s approximately $6.5B acquisition of io brought a dedicated hardware team into the company in July 2025, with Jony Ive and LoveFrom remaining independent design partners.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  </li>
<li>At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.</li>
<li>The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.</li>
</ul>


Notable shifts are occurring in the AI space as customers begin to end a practice known as tokenmaxxing and migrating toward token cost efficiency.  
At the same time, the large US players are trying to gain revenue as token prices decline by introducing Pay-As-You-Go models, as phone companies did with data 20 years ago.
The decline in the "Token Expenditure Index" is a warning sign that customers may be migrating to older-generation chips to run models, undercutting capex assumptions and AI revenue projections.


AI: The End Of "Tokenmaxxing" And What It Means for Semis

United States

CoreWeave, Inc. is a specialized cloud infrastructure company that provides high-performance computing resources optimized for workloads such as artificial intelligence, machine learning, visual effects, and batch processing. The company's CoreWeave Cloud Platform consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Its platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications. CoreWeave operates a GPU-first architecture, optimized for training and inference of generative AI models, and also targets scientific and financial computing, as well as real-time 3D rendering needs. The company was founded in 2017 and is headquartered in Livingston, New Jersey.

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CoreWeave (CRWV US)

This Week in AI (Aug 2-8): MiniMax H3 Led Video AI; DeepSeek Raises Price and Resumes Funding

This week in AI: MiniMax H3 tops video editing; DeepSeek seeks close to USD 8bn and hikes API prices; Switch files for a USD 10bn IPO.

Ke Yan, CFA, FRM