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 funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.</li>
<li>China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.</li>
<li>Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.</li>
</ul>


We tracked AI models, infrastructure, and funding this week: DeepSeek raised V4 pricing, while Anthropic showed profit before listing.
China labs pushed pricing, agents, and device subscriptions; US labs added OpenAI Ultrafast, Gemini Flash, Meta Glimmer, and Grok releases.
Nvidia lined up financing platforms, Anthropic signed compute capacity, DayOne filed for a US IPO, and OpenRouter revenue shifted toward Anthropic.


This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. </li>
<li>Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.</li>
<li>Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. </li>
</ul>


Huge beat in Nov-25 and Feb-26. The impact of price hikes (Commodity Memory), mix change (more HBM and server) driven by AI growth and low capacity increase. 
Management is cautious on bit growth but very positive on 2026-28 outlook. HBM sold out for ‘26. Shortages continue in ’26-27. HBM market to increase ~3x by ‘28.
Consensus should revise up FY26 by ~60%, FY27 by ~80%. This implies that the stock trades at 7.5x FY26 EPS and 5.4x FY27. 


Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

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

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).</li>
<li>With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
Additionally, we continue to believe the bottom is in for SPX, IWM, QQQ, and Technology areas (XLK, IGV, SOXX, CHAT).
With that said, some mixed price action in A.I. themes -- notably semiconductors (SOXX), generative A.I. (CHAT), memory (DRAM), and neoclouds (WGMI) -- are giving us some reason for pause.


Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

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>SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.</li>
<li>Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.</li>
<li>
<strong>Big-Three:</strong> Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.</li>
</ul>


SK Hynix’s 118% net margin is optical noise. The core 76% operating margin reflects true pricing power, but deferred high-value shipments push the execution burden entirely into H2.
Samsung’s 52.2% operating margin is flattered by deferred costs, creating an H2 headwind. However, exploding cash flows are aggressively funding capex, successfully closing the HBM4 qualification gap.

Big-Three: Micron’s print confirms broad pricing strength, but SK Hynix captures the super-normal HBM profits. Despite record operating leverage, the entire sector remains compressed at single-digit forward P/E multiples.


[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Mixed Signals in A.I. Names ($SOXX $CHAT $DRAM $WGMI); Bullish Outlook Intact $SPX $QQQ $IWM. $CHAT breaking above the 50-day MA likely signaling...

Vermilion Research

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

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This Week in AI (Aug 9-15): DeepSeek Hikes V4 Prices; Anthropic Shows Profit Before Listing

This week in AI: DeepSeek raised V4 pricing; Anthropic showed profit before listing; Nvidia financed data centers, and DayOne filed.

Ke Yan, CFA, FRM

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

​Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus

strong performance in Nov-25 and Feb-26 due to price hikes and AI growth. Management optimistic for 2026-28 despite bit growth concerns. Stock...

Nicolas Baratte

Mixed Signals in A.I. Names (SOXX, CHAT, DRAM, WGMI); Bullish Outlook Intact

Mixed Signals in A.I. Names ($SOXX $CHAT $DRAM $WGMI); Bullish Outlook Intact $SPX $QQQ $IWM. $CHAT breaking above the 50-day MA likely signaling...

Vermilion Research

[Memory Q2: Part 1] Stripping the Noise from SK Hynix and Samsung’s Q2 Prints

​SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...

Mint Finance

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

SK Hynix and Samsung show strong operating margins; deferred costs and high-value shipments pose challenges in H2. Micron demonstrates pricing...