Founder, Market Thinker

Mark Tinker

Founder

Market Thinker

Mark Tinker has over 35 years experience as an investor, market strategist and economist. Having spent more than 20 years as a sell side strategist and being top rated on numerous occasions and surveys he moved to investment management in 2006 to run global equity portfolios in London and subsequently moved to Hong Kong in 2013 to help establish an Investment Management business for a top 20 international asset manager. He first started writing investment weeklies for his employers in 1989, developing a style characterised under the title Market Thinking and has been a regular commentator and presenter on CNBC, Bloomberg and other business channels, where his approach of rationalising market behaviour rather than making short term predictions on high frequency market data provides a welcome balance to his client audience.

Making Sense of the Narrative

Macroeconomics

<ul><li>The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.</li><li>Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.</li><li>Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.</li></ul>

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.Hundreds of billions of dollars tracking style or factor benchmarks like ‘Value’ were actually long Micron, Sandisk and Google and then flipped them out at end June, replacing them with what were previously called growth stocks like Microsoft and Apple.Meanwhile, growth benchmarks that were long Microsoft and Apple, now have Micron and Google.

Were style lags part of the July washout?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Micron reported US$32bn of customer commitments, mostly cash deposits, with 75% of fiscal 2027 output committed and most 2027 HBM contracted above 2026 prices.</li>
<li>Broadcom will lend Anthropic up to US$42bn as Anthropic's IPO filing lists US$518bn of compute obligations against about US$4.6bn of 2025 revenue.</li>
<li>Amazon bought a NT$1.59bn Gold Circuit stake, Samsung Electro-Mechanics is expanding substrates on reported NVIDIA prepayments, and phone makers cut memory demand 30% to 40%.</li>
</ul>


Micron reported US$32bn of customer commitments, mostly cash deposits, with 75% of fiscal 2027 output committed and most 2027 HBM contracted above 2026 prices.
Broadcom will lend Anthropic up to US$42bn as Anthropic's IPO filing lists US$518bn of compute obligations against about US$4.6bn of 2025 revenue.
Amazon bought a NT$1.59bn Gold Circuit stake, Samsung Electro-Mechanics is expanding substrates on reported NVIDIA prepayments, and phone makers cut memory demand 30% to 40%.


The Blade Weekly: Micron Customers Post US$32bn of Deposits, Broadcom Lends Anthropic up to US$42bn

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.</li>
<li>Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.</li>
<li>Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.</li>
</ul>


SEMICON India 2026 launched the rollout of Semicon 2.0, a Rs 1,27,500 crore program, alongside roughly Rs 1 lakh crore of stated commitments and more than 40 agreements.
Incentives have shifted from fabs toward equipment, materials, gases and chemicals, precisely the layers where India still imports almost everything it consumes.
Three plants ship chips today and the first fab lands in 2028. Listed-market capture is far narrower than the headline numbers imply.


SEMICON India 2026 Review: Key Announcements

Macronix International / Equity Bottom-Up

<ul>
<li>While DRAM has led the memory cycle, Macronix has budgeted NT$15.8bn for advanced capacity, roughly 8x its last four quarters of capex combined, on NOR and NAND strength.</li>
<li>Second quarter revenue grew 181% with gross margin at 64.4%, earned off a written down fab that is now full. NAND supplied close to 60% of the increase.</li>
<li>New capacity could carry real depreciation into a cost base that has almost none, and most tools are ds after this shortage.</li>
</ul>


While DRAM has led the memory cycle, Macronix has budgeted NT$15.8bn for advanced capacity, roughly 8x its last four quarters of capex combined, on NOR and NAND strength.
Second quarter revenue grew 181% with gross margin at 64.4%, earned off a written down fab that is now full. NAND supplied close to 60% of the increase.
New capacity could carry real depreciation into a cost base that has almost none, and most tools are ds after this shortage.


TechChain Insights Q&A: Memory Maker Macronix Will Increase Capex by 8x on Non-DRAM Strength

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Q1 FY27 revenue rose 8.3% YoY to Rs.382 crore against an internal target of Rs.410-415 crore, while order inflow hit a record Rs.532 crore, taking the book to Rs.1,686 crore.</li>
<li>The shortfall stems from freight and shipping delays, not demand weakness, and the company entered semiconductor infrastructure and deepened its aerospace pipeline in the same quarter.</li>
<li>With Savli ramping, an export order book above Rs.1,140 crore, and 18-20% FY27 growth guidance reaffirmed, the near-term execution gap is worth scrutinizing before the growth thesis is dismissed.</li>
</ul>


Q1 FY27 revenue rose 8.3% YoY to Rs.382 crore against an internal target of Rs.410-415 crore, while order inflow hit a record Rs.532 crore, taking the book to Rs.1,686 crore.
The shortfall stems from freight and shipping delays, not demand weakness, and the company entered semiconductor infrastructure and deepened its aerospace pipeline in the same quarter.
With Savli ramping, an export order book above Rs.1,140 crore, and 18-20% FY27 growth guidance reaffirmed, the near-term execution gap is worth scrutinizing before the growth thesis is dismissed.


Inox India Ltd: Backbone For Industrial Gases And Clean Energy

United States

Micron Technology, Inc. is an American multinational semiconductor company that designs, manufactures, and sells memory and storage products worldwide. Its product portfolio includes dynamic random-access memory (DRAM), NAND flash memory, and solid-state drives (SSDs) used in computing, mobile devices, data centers, and automotive applications. Micron Technology was founded in 1978 and is headquartered in Boise, Idaho, U.S..

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Micron Technology (MICRON03 TB)

Were style lags part of the July washout?

The Software/ hardware trade in H1 was effectively a growth/value trade, but not in the traditional sense of active investor style bias.

Mark Tinker

The Blade Weekly: Micron Customers Post US$32bn of Deposits, Broadcom Lends Anthropic up to US$42bn

When buyers prepay their suppliers and suppliers finance their buyers in the same week, everything is feeling a bit too 'circular'.

Vincent Fernando, CFA

SEMICON India 2026 Review: Key Announcements

Semicon 2.0 represents a shift from creating individual semiconductor manufacturing facilities towards building an integrated ecosystem.

Nimish Maheshwari

TechChain Insights Q&A: Memory Maker Macronix Will Increase Capex by 8x on Non-DRAM Strength

While DRAM has led the memory cycle, Macronix has budgeted NT$15.8bn for advanced capacity, roughly 8x its last four quarters of capex combined, on...

Vincent Fernando, CFA

Inox India Ltd: Backbone For Industrial Gases And Clean Energy

Inox India has emerged as a key player in the specialised cryogenic equipment industry, catering to sectors such as industrial gases, LNG,...

Sudarshan Bhandari

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