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

Thematic (Sector/Industry)

<ul>
<li>Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.</li>
<li>One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. </li>
<li>Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..</li>
</ul>


Fresh on the heels of his podcast meltdown, Mr. Altman has had to scramble to walk back his CFO's assertion that a potential federal bailout was on her agenda.
One of Mr. Altman's revenue generating ideas is to lease AI compute directly to others. Of course, that's compute capacity he can't afford to purchase in the first place. 
Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..


OpenAI. Is The Narrative Slowly Disintegrating ?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.</li>
<li>China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.</li>
<li>The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.</li>
</ul>


The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.
China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.
The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.


The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

<ul>
<li>Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.</li>
<li>Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  </li>
<li>We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.</li>
</ul>


Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.
Chinese open-source AI models offer a more secure, efficient, and lower cost alternative to Chat GPT -5 , Claude 4.5 Sonnet, and other U.S. LLMs.  
We believe that there will be a turning point when investors will realize that the Chinese open-source AI models have undercut the premise of U.S. global dominance of AI.


CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.</li>
<li>FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.</li>
<li>Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.</li>
</ul>


In October FIIs bought US$2.36bn of Asian equities, sharply lower than US$8.42bn in September. They sold Taiwan (-US$3.2bn), bought Korea (US$4.2bn) and India (US$1.66bn). ASEAN continued to be sold.
FIIs' dampened sentiment was triggered by Asia's toppish valuations and a decline in probability of a Fed rate cut in December, which in turn led to a stronger US Dollar.
Going forward we expect flows to recover in Taiwan and stay healthy in Korea, as sentiment on AI capex recovers, driven by strong growth and robust capex targets of hyperscalers.


Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.</li><li>Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.</li><li>Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.</li></ul>

The SET Index is expected to trade sideways up today, with the resistance at 1,322/1,332 and the support at 1,313/1,300.Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign investors and attracting fund inflows into Thailand.Externally, the outlook is neutral — global technology stocks are under pressure, which could weigh on Thai electronics stocks, though rising bond yields may provide a positive sentiment boost for the banking sector.

Krungthai XSpring Zoom Eng. October 31, 2025

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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OpenAI. Is The Narrative Slowly Disintegrating ?

Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..

William Keating

The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

OpenAI. Is The Narrative Slowly Disintegrating ?

Mr. Altman wants OpenAI to be all things to all people all at once. That's a strategy that rarely ends well. Let's see..

William Keating

The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

CHINA'S AI COMMODITIZATION: Can Global AI Valuations Survive?

Chinese AI model downloads have surpassed those of the U.S. putting at risk the valuations of the large hyperscalers in the U.S.

David Mudd

Asian Equities: Foreign Flows Wobbled in October; Taiwan Sold, Korea Moderated; India Bounced Back

​FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...

Manishi Raychaudhuri

Krungthai XSpring Zoom Eng. October 31, 2025

Domestic factors are slightly positive, as the baht continues to appreciate against both the USD and JPY, reducing FX loss risks for foreign...

Krungthai XSpring

FIIs cut Asian equity purchases in October due to high valuations & lower Fed rate cut probability driving a stronger USD. Expect flow revival in...