India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.</li>
<li>Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.</li>
<li>India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.</li>
</ul>


Alphabet raised USD 80 billion in fresh equity and plans USD 185 billion capex in 2026, as AI demand outpaces available chips and power.
Hyperscaler capex could cross USD 1 trillion in 2027, creating supply-chain opportunities in power, packaging, and data centre infrastructure for India-listed firms.
India’s gap is structural. Realistic opportunities are in power, EPC, and advanced packaging not in competing with Google at the AI frontier.


The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

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.

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.</li>
<li>MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.</li>
<li>OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A: Anthropic paired its Series H with Opus 4.8, while MiniMax pushed A-share plans.
MiniMax disclosed USD 300m ARR, previewed M3, and started CITIC Securities counselling. Xiaomi cut API pricing to match DeepSeek.
OpenRouter data showed Anthropic revenue dominance even as DeepSeek and Tencent topped token usage, while Cognition and Fireworks extended private-market comps.


This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

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>Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.</li>
<li>Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.</li>
<li>Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.</li>
</ul>


Eighteen S&amp;P 500 giants earned 20%-plus ROE through the 1990s; fourteen then trailed the index into 2026, the median by about 2.7 points a year.
Rich starting multiples, maturing runways, eroding moats and costly deals did the damage, while leverage and buybacks had flattered some of the returns on capital.
Microsoft renewed its runway and Altria started cheap; today's high-return screens should ask whether returns are still rising and whether the price still allows low-teens returns.


After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

Equity & Credit Research

Duncan Chan

Macroeconomics

<ul>
<li>Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.</li>
<li>Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.</li>
<li>Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.</li>
</ul>


Potential de-escalation may compress risk premiums, but Treasury yields around 4.5–5.0% still compete with equities, suggesting broader participation may remain selective near term.
Aluminium increasingly stands out as inventories declined approximately 7–8% and physical conditions tightened, while copper remains broadly consistent with surplus expectations.
Evidence remains more supportive for energy security and infrastructure themes, including uranium, AI infrastructure and offshore rigs, while coal and lithium still require clearer signs of tightening.


US-Iran De-Escalation: Looking Beyond Risk Premiums

<ul>
<li>AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.</li>
<li>Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.</li>
<li>Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.</li>
</ul>


AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.
Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.
Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.


AI Infrastructure: Value Shifts to the Server Board Level

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)

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

This week in AI: Anthropic raised $65bn and launched Opus 4.8; MiniMax seeks A-share listing and previews M3; Huawei shows Tau roadmap.

Ke Yan, CFA, FRM

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

AI Infrastructure: Value Shifts to the Server Board Level

Re-sharing as recent AI infrastructure spending and deployment trends continue to reinforce the discussion around where value capture is becoming...

Duncan Chan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The $1 Trillion Signal: Why Alphabet’s $80B Raise Is India’s Wake-Up Call, Not Its Blueprint?

​Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...

Sudarshan Bhandari

This Week in AI (May 24-30): Anthropic Raises $65bn and Launches Opus 4.8; MiniMax's H+A and M3

This week in AI: Anthropic raised $65bn and launched Opus 4.8; MiniMax seeks A-share listing and previews M3; Huawei shows Tau roadmap.

Ke Yan, CFA, FRM

After They Were Giants: Why 2000's High-Return Stocks Mostly Lagged for 25 Years

In 2000, America's highest-return giants looked like the safest quality stocks. Most then lagged the market for 25 years. Several warning signs...

Urbem Capital

US-Iran De-Escalation: Looking Beyond Risk Premiums

Re-sharing as recent market developments continue to raise the question of whether fading geopolitical risk premiums alone are enough to support...

Duncan Chan

AI Infrastructure: Value Shifts to the Server Board Level

Re-sharing as recent AI infrastructure spending and deployment trends continue to reinforce the discussion around where value capture is becoming...

Duncan Chan

Alphabet's massive equity raise and capex plans signal growing demand for AI chips, creating supply-chain opportunities for Indian firms in power,...