Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

<p>Blockchain is quite the buzzword nowadays. Aided by the mystique of the technology underlying Bitcoin and a unique proposition of eliminating the 'middleman', blockchain has grown from an esoteric concept to one that threatens to become mainstream in a few years. As with any new technology, there are potentially millions of applications of the technology which can alleviate legacy issues across thousands of industries. As time unravels, this seldom holds true for most technologies but blockchain may finally be an exception. This article explores the use of blockchain in the financial service industry, the in-flight projects and some investment ideas for investors to jump onto the bandwagon.</p>

Blockchain is quite the buzzword nowadays. Aided by the mystique of the technology underlying Bitcoin and a unique proposition of eliminating the 'middleman', blockchain has grown from an esoteric concept to one that threatens to become mainstream in a few years. As with any new technology, there are potentially millions of applications of the technology which can alleviate legacy issues across thousands of industries. As time unravels, this seldom holds true for most technologies but blockchain may finally be an exception. This article explores the use of blockchain in the financial service industry, the in-flight projects and some investment ideas for investors to jump onto the bandwagon.

Blockchain in the Financial Services Industry

<p>A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.</p>

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. </li>
<li>Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. </li>
<li>Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. </li>
</ul>


Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. 
Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. 
Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. 


Demand Destruction – when Massive Memory Price Hikes Kill Demand

<ul>
<li>Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. </li>
<li>AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).</li>
<li>On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. </li>
</ul>


Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. 
AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).
On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. 


Memory Revenue Growth: Where Is the Peak?

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

United States

HP Inc. provides imaging and printing systems, computing systems, mobile devices, solutions, and services for business and home. The Company offers products which includes laser and inkjet printers, scanners, copiers and faxes, personal computers, workstations, storage solutions, and other computing and printing systems. HP sells its products worldwide.

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Hewlett Packard Co (HPQ US)

Blockchain in the Financial Services Industry

Blockchain is quite the buzzword nowadays. Aided by the mystique of the technology underlying Bitcoin and a unique proposition of eliminating the...

Ishita Jain

Internet of Things in Agriculture

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad...

Ishita Jain

Demand Destruction – when Massive Memory Price Hikes Kill Demand

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

Memory Revenue Growth: Where Is the Peak?

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Blockchain in the Financial Services Industry

Blockchain is quite the buzzword nowadays. Aided by the mystique of the technology underlying Bitcoin and a unique proposition of eliminating the...

Ishita Jain

Internet of Things in Agriculture

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad...

Ishita Jain

Demand Destruction – when Massive Memory Price Hikes Kill Demand

​Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

Memory Revenue Growth: Where Is the Peak?

​Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...