Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking better than average-weighted (or equal-weighted), reflecting the S&amp;P 500's outperformance relative to the Russell 2000.  We share comments on a number of sectors and highlight bottoms-up ideas in the semiconductor and software space.

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.</li>
<li>Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Large flows in the Communication Services (XLC) Index are driven by a secondary re-weighting triggered after the March 2026 rebalance that we expect to be corrected in June.
Intra-Review changes are expected to trigger an additional US$2.8bn of one-way flows across the Select Sector indices if implemented before the June 2026 regular rebalance.


Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

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

Shanghai Xizhi Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (LIG HK)</a> is a Chinese optical interconnect company. It has launched an HKEx IPO to raise US$319 million.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/xizhi-technology-lightelligence-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:231796" rel="noopener">Xizhi Technology (Lightelligence) IPO: The Investment Case</a>. 
</li>
<li>Despite my cautious view of the fundamentals, my DCF sensitivity analysis suggests the IPO price range is reasonable. The presence of blue-chip cornerstones will help sentiment.</li>
</ul>



Shanghai Xizhi Technology (Lightelligence) (LIG HK) is a Chinese optical interconnect company. It has launched an HKEx IPO to raise US$319 million.
I previously discussed the IPO in Xizhi Technology (Lightelligence) IPO: The Investment Case. 

Despite my cautious view of the fundamentals, my DCF sensitivity analysis suggests the IPO price range is reasonable. The presence of blue-chip cornerstones will help sentiment.


Xizhi Technology (Lightelligence) (1879 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-xizhi-technology-lightelligence" target="_blank" data-smartkarma-citation="entities:48061:1" rel="noopener">Shanghai Xizhi Technology (Lightelligence) (LIG HK)</a>, a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million.   </li>
<li>Its main product is a scale-up optical interconnect that creates tightly interconnected GPU clusters that can operate as a single unit for LLM (large language model) training and inference.</li>
<li>The investment case is bearish due to the tiny market share, nascent monetisation ill-suited for public markets, an uncertain path to profitability, cash burn, and an elongated cash conversion cycle. </li>
</ul>



Shanghai Xizhi Technology (Lightelligence) (LIG HK), a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million.   
Its main product is a scale-up optical interconnect that creates tightly interconnected GPU clusters that can operate as a single unit for LLM (large language model) training and inference.
The investment case is bearish due to the tiny market share, nascent monetisation ill-suited for public markets, an uncertain path to profitability, cash burn, and an elongated cash conversion cycle. 


Xizhi Technology (Lightelligence) IPO: The Investment Case

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

DZT Research

DZT 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.

Equity Bottom-Up

<ul>
<li>OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.</li>
<li>Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.</li>
<li>Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.</li>
</ul>


OpenAI closed a record private capital raise anchored by major technology and financial backers, as user and revenue metrics continue to scale.
Zhipu AI's cloud API segment posted sharp margin expansion on strong volume growth, a rare profitability signal from China's listed AI sector.
Alibaba's latest closed-source release confirms a monetisation pivot, and Anthropic's concurrent life sciences moves signal a deliberate vertical expansion.


This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

U.S. Equity Sector Rankings

A review of Vermilion's Sector Rankings (RSR) reveals Cap-weighted Groups, as a whole, ranking betterthan average-weighted (or equal-weighted),...

Vermilion Research

Quiddity Leaderboard SP Select Sector Jun26 Rebal: Over US$10bn One-Way Flow Expected

A secondary re-weighting correction is set to drive over US$3.7bn of one-way flows in Communication Services in the June 2026 SP Select Sector...

Anjana Amarasuriya

Xizhi Technology (Lightelligence) (1879 HK) IPO: Valuation Insights

Despite my cautious view of the fundamentals, my DCF sensitivity analysis suggests the IPO price range is reasonable. The presence of blue-chip...

Arun George

Xizhi Technology (Lightelligence) IPO: The Investment Case

Xizhi Technology (Lightelligence), a Chinese optical interconnect company, is pre-marketing an HKEx IPO to raise US$300-400 million. In this note,...

Arun George

This Week in AI (Mar 29 – Apr 4): OpenAI Pre-IPO $122bn Fundraising; Zhipu Results; Google Gemma 4

This week in AI: OpenAI raises $122bn at $852bn valuation ahead of IPO; Zhipu AI posts first results since listing; Google releases Gemma 4 under...

Ke Yan, CFA, FRM

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