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.

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.</li>
<li>Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.</li>
<li>SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: GPT-5.6 launched below Fable 5's price, and Chinese labs completed major post-lockup placements.
Tencent open-sourced Hy3, OpenAI launched ChatGPT Work and GPT-Live, Anthropic moved Cowork to the cloud, and SpaceXAI released Grok 4.5.
SK Hynix completed its Nasdaq IPO, Tencent-led investors pursued Manus, and Nvidia backed Firmus. SambaNova and Prime Intellect raised fresh capital.


This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.</li>
<li>Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.</li>
<li>Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week as Fable 5 returned while GPT-5.6 remained a restricted preview.
Meta's reported compute-sale plan hit memory stocks, and Microsoft launched an internal enterprise AI deployment unit.
Kuaishou raised for Kling AI, Baidu's Kunlunxin targeted an HK IPO, and OpenRouter revenue stayed Anthropic-led.


This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Volatility continues in the AI and AI-adjacent trade  with large daily swings</li>
<li>Some clues as to future direction from risk-off days and incoming data</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Volatility continues in the AI and AI-adjacent trade  with large daily swings
Some clues as to future direction from risk-off days and incoming data


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.</li>
<li>The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period</li>
<li>The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.</li>
</ul>


In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin.  Hyperscalers' unprecedented capex is fueling revenue growth across the AI enabler ecosystem.
The semiconductor chip sector has gone parabolic with an unsustainable rise in share prices.  The SOX momentum and % increase far exceed its rise during the Dotcom bubble period
The AI Memory subsector is the only segment that has significantly outperformed hyperscalers in both returns and fundamentals, primarily due to a structural high-bandwidth memory (HBM) supercycle.


THE AI GOLD RUSH: Hyperscalers and Enablers

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>So if you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.</li>
<li>It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like converting PDFs into PowerPoint slides</li>
<li>Microsoft Has reportedly begun canceling most of its direct Claude Code licenses, according to The Verge, instead moving engineers toward using GitHub Copilot CLI.</li>
</ul>


So if you’re not actually able to draw a direct line to how much useful features and functionality you’re shipping to your users, that trade becomes harder to justify.
It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like converting PDFs into PowerPoint slides
Microsoft Has reportedly begun canceling most of its direct Claude Code licenses, according to The Verge, instead moving engineers toward using GitHub Copilot CLI.


From Token Maxxing To Token Rationing In Just Three Months. What's Going On?

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

This Week in AI (Jul 5-11): GPT-5.6 Undercuts Fable 5; MiniMax and Zhipu Placement; SK Hynix IPO

This week in AI: GPT-5.6 undercuts Fable 5; MiniMax and Zhipu raise US$6bn after lockups; SK Hynix completes a US$26.5bn Nasdaq IPO.

Ke Yan, CFA, FRM

This Week in AI (Jun 29-Jul 5): Fable 5 Returns After GPT-5.6 Preview; Meta Sells Compute

This week in AI: Fable 5 returned after GPT-5.6 preview; Meta may sell excess compute; Anthropic led OpenRouter revenue at 58.4%.

Ke Yan, CFA, FRM

Overview #67 - Thin Air

A review of recent events/data impacting our investment themes and outlook. We look at the recent market action in the US as well as clues as to...

Rikki Malik

THE AI GOLD RUSH: Hyperscalers and Enablers

In the AI takeover of global markets, enablers are beating hyperscalers by an ever-widening margin. Hyperscalers' unprecedented capex is fueling...

David Mudd

From Token Maxxing To Token Rationing In Just Three Months. What's Going On?

It’s actually not our engineers that are driving the token consumption. It’s a lot of the non-engineers that are doing some of those behaviors like...

William Keating

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