Podcast dissecting business, technology & media, Analyse Asia

Analyse Asia with Bernard Leong

Podcast dissecting business, technology & media

Analyse Asia

The premiere weekly podcast dissecting the pulse of business, technology & media in Asia. Hear our host interviewing leading journalists, senior executives, respectable authors & thinkers, entrepreneurs & thought leaders to discuss the most important issues that move and shake the business landscape in the Asia Pacific. The show is originally created and hosted by Bernard Leong.

Equity Bottom-Up

<ul><li>Expansion of Microsoft Research to Singapore as a regional research and development frontier</li><li>Focus on AI research in Singapore, including foundational AI, embodied AI, and AI in health</li><li>Importance of tapping into local talent and culture for AI development</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Expansion of Microsoft Research to Singapore as a regional research and development frontierFocus on AI research in Singapore, including foundational AI, embodied AI, and AI in healthImportance of tapping into local talent and culture for AI developmentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

How Microsoft Research Balances Exploration and Impact Globally with Doug Burger

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.</li><li>Net profit was up 23.6% YoY to US$27.2bn, 9%/8% better than our forecast and consensus, fuelled by better-than-expected operating efficiency gains across business segments.</li><li>For FY25, total revenue/net profit lifted by 14.9/15.5% YoY. Driven by accelerated growth in core infrastructure business primarily from the largest customers, Azure and other cloud services revenue growth came in at 39% YoY in 4Q, ahead of previous guidance of 34-35%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our forecast/Bloomberg consensus estimates, driven by an all-round beat in all three business segments.Net profit was up 23.6% YoY to US$27.2bn, 9%/8% better than our forecast and consensus, fuelled by better-than-expected operating efficiency gains across business segments.For FY25, total revenue/net profit lifted by 14.9/15.5% YoY. Driven by accelerated growth in core infrastructure business primarily from the largest customers, Azure and other cloud services revenue growth came in at 39% YoY in 4Q, ahead of previous guidance of 34-35%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Microsoft (MSFT US) - Results a Solid Beat...

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>Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.</li>
<li>Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.</li>
<li>Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!</li>
</ul>


Q425 revenues of $76.4 billion, up 5.5% QoQ, 18% YoY and handily beating guidance of $73.8 billion.
Azure surpassed $75 billion in revenue in FY25, up 34% YoY, driven by growth across all workloads.
Contracted backlog grew by $53 billion QoQ to reach $368 billion. Wow!


Microsoft FYQ425. Who Says Elephants Can't Dance?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.</li>
<li>Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.</li>
<li>Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).</li>
</ul>


Google: increased 2025 Capex ($75bn -&gt; 85bn). Capex will increase in 2026. Higher capex is justified by “strong demand for Cloud products and services“.
Meta: last quarter increased 2025 Capex ($62.5bn -&gt; 68bn). This quarter, more modest $1bn increase to $69bn. Meta expects “another year of similarly significant capital expenditures dollar growth in 2026”.
Microsoft: FY26 Capex growth will moderate compared to FY25 (FY25 Capex increased 58% YoY).


Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. </li>
<li>Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. </li>
<li>Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.</li>
</ul>


Magnificent 7 positioning remains elevated across global funds, but momentum has clearly stalled, with recent activity pointing to consolidation rather than renewed conviction buying. 
Growth and GARP funds are near fully allocated, while Value and Yield managers remain structurally underweight— potentially limiting the potential for broad-based participation from here. 
Microsoft leads with cross-style appeal; Tesla lags with minimal support. Apple is the conviction underweight, while NVIDIA’s benchmark surge has left it at a record active underweight.


Magnificent 7:  Global Fund Positioning Update

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)

How Microsoft Research Balances Exploration and Impact Globally with Doug Burger

Doug Berger, Microsoft Research Technical Fellow, discusses empowering people, establishing a strong AI research focus in Singapore, and the...

Analyse Asia with Bernard Leong

Microsoft (MSFT US) - Results a Solid Beat...

Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our...

CMB International

Microsoft FYQ425. Who Says Elephants Can't Dance?

Contracted backlog grew by $53 billion QoQ to reach $368 billion. Demand continues to outstrip supply and will likely continue to do so through...

William Keating

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...

Nicolas Baratte

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

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How Microsoft Research Balances Exploration and Impact Globally with Doug Burger

Doug Berger, Microsoft Research Technical Fellow, discusses empowering people, establishing a strong AI research focus in Singapore, and the...

Analyse Asia with Bernard Leong

Microsoft (MSFT US) - Results a Solid Beat...

Microsoft reported (31 Jul HKT) 4QFY25 (June year-end) results: revenue was US$76.4bn, up 18.1% YoY (3QFY25: +13% YoY), 3.6/3.5% better than our...

CMB International

Microsoft FYQ425. Who Says Elephants Can't Dance?

Contracted backlog grew by $53 billion QoQ to reach $368 billion. Demand continues to outstrip supply and will likely continue to do so through...

William Keating

Hyperscalers 2Q25: Revenue Growth Accelerates, Cloud Revenues Accelerate, Capex Higher

​Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...

Nicolas Baratte

Magnificent 7: Global Fund Positioning Update

Positioning in the Magnificent 7 remains near record highs, but momentum is fading as growth funds top out and value remains sidelined.

Steven Holden

Google, Meta and Microsoft will increase in 2026. Don’t look for complications, some firms have 70-100% market share: Nvidia, TSMC, SK Hynix and...