Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>The WTR AI Flow Newsletter highlights recent developments in AI and, in the future, will spotlight individual companies and their AI initiatives.</li><li>AI Flood Watch. December’s AI landscape was defined by surging infrastructure bets colliding with mounting financial scrutiny.</li><li>At CES 2026, Nvidia unveiled its Vera Rubin platform, promising 5x training gains and dramatically cheaper token generation, while AMD showcased competitive alternatives as the compute arms race shows no signs of cooling. </li></ul></div>

The WTR AI Flow Newsletter highlights recent developments in AI and, in the future, will spotlight individual companies and their AI initiatives.AI Flood Watch. December’s AI landscape was defined by surging infrastructure bets colliding with mounting financial scrutiny.At CES 2026, Nvidia unveiled its Vera Rubin platform, promising 5x training gains and dramatically cheaper token generation, while AMD showcased competitive alternatives as the compute arms race shows no signs of cooling. 

AI Flow Newsletter : Monitoring The "Currents" Of AI - 9 January 2026

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Microsoft's 17× under Satya Nadella was a double play: EPS rose about 6.6× while the P/E more than doubled from a value-trap 13.8×.</li>
<li>It was a relay: the Ballmer era built the enterprise channel and incubated Azure; Nadella removed the anchors and redirected capital toward cloud and AI.</li>
<li>The next setup pairs a re-founder with an inherited distribution channel and an unpriced option; IBM had a franchise and an insider CEO but lacked the option and the reallocation.</li>
</ul>


Microsoft's 17× under Satya Nadella was a double play: EPS rose about 6.6× while the P/E more than doubled from a value-trap 13.8×.
It was a relay: the Ballmer era built the enterprise channel and incubated Azure; Nadella removed the anchors and redirected capital toward cloud and AI.
The next setup pairs a re-founder with an inherited distribution channel and an unpriced option; IBM had a franchise and an insider CEO but lacked the option and the reallocation.


The Relay Behind Microsoft's 17-Bagger: How to Find the Next Nadella

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.

<ul>
<li>Citi’s claim that AI has triggered the first true semiconductor upcycle in 25 years is partially convincing but also shows signs of overreach.</li>
<li>While ASPs have soared and logic chip margins are inflated, signs of margin compression, overordering, and inventory noise suggest the <em>pricing</em> boom may be peaking.</li>
<li>Investors may need to distinguish between capital-efficient AI bets and overleveraged plays, especially as credit markets begin to price in growing execution and demand risks.</li>
</ul>


Citi’s claim that AI has triggered the first true semiconductor upcycle in 25 years is partially convincing but also shows signs of overreach.
While ASPs have soared and logic chip margins are inflated, signs of margin compression, overordering, and inventory noise suggest the pricing boom may be peaking.
Investors may need to distinguish between capital-efficient AI bets and overleveraged plays, especially as credit markets begin to price in growing execution and demand risks.


Citi’s AI Supercycle Thesis Faces a Logic Check

Weekly podcast series by SemiWiki.com, SemiWiki.com

SemiWiki.com

Weekly podcast series by SemiWiki.com

Semiconductor Insiders: A weekly podcast series by SemiWiki.com, the open forum for semiconductor professionals.

<ul><li>The adoption of post-quantum cryptography (PQC) standards in the semiconductor industry has been positive but cautious, with factors such as regional differences and supply chain challenges slowing down the process.</li><li>The industry is aligning around a proposed 2035 migration timeline for PQC, with vendors in different verticals positioning themselves differently based on their planning cycles and customer demand.</li><li>Early movers in the semiconductor space are making progress in adopting PQC in their next-generation chips, setting the benchmark for the rest of the ecosystem to follow suit.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The adoption of post-quantum cryptography (PQC) standards in the semiconductor industry has been positive but cautious, with factors such as regional differences and supply chain challenges slowing down the process.The industry is aligning around a proposed 2035 migration timeline for PQC, with vendors in different verticals positioning themselves differently based on their planning cycles and customer demand.Early movers in the semiconductor space are making progress in adopting PQC in their next-generation chips, setting the benchmark for the rest of the ecosystem to follow suit.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Podcast EP304: PQC Standards One Year On: The Semiconductor Industry’s Next Move

United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

The Relay Behind Microsoft's 17-Bagger: How to Find the Next Nadella

Microsoft's 17-bagger under a hired CEO was a relay: the Ballmer era built the enterprise engine and incubated Azure; Nadella changed its direction...

Urbem Capital

Citi’s AI Supercycle Thesis Faces a Logic Check

Citi believes AI has sparked a semiconductor upcycle, but warnings about potential overreach and pricing peaks still exist. Investors should be...

Mint Finance

Podcast EP304: PQC Standards One Year On: The Semiconductor Industry’s Next Move

Investors joined a semiconductor business spun out of Oxford University, working with founder Ali and a consultant to navigate challenges in...

SemiWiki.com

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52-week Range

Market Cap (USDm)

P/E

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AI Flow Newsletter : Monitoring The "Currents" Of AI - 9 January 2026

The WTR AI Flow Newsletter highlights recent developments in AI and, in the future, will spotlight individual companies and their AI initiatives.

Water Tower Research

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

Total deposits now USD18.5 trillion at 26 November. This is up ~USD663 billion during this year alone. There remains plenty of liquidity in low...

Daniel Tabbush

The Relay Behind Microsoft's 17-Bagger: How to Find the Next Nadella

Microsoft's 17-bagger under a hired CEO was a relay: the Ballmer era built the enterprise engine and incubated Azure; Nadella changed its direction...

Urbem Capital

Citi’s AI Supercycle Thesis Faces a Logic Check

​Citi believes AI has sparked a semiconductor upcycle, but warnings about potential overreach and pricing peaks still exist. Investors should be...

Mint Finance

Podcast EP304: PQC Standards One Year On: The Semiconductor Industry’s Next Move

Investors joined a semiconductor business spun out of Oxford University, working with founder Ali and a consultant to navigate challenges in...

SemiWiki.com

Citi believes AI has sparked a semiconductor upcycle, but warnings about potential overreach and pricing peaks still exist. Investors should be...