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>Microsoft dominated the technology news cycle recently on the back of a report by a TD Cowen analyst that the company is cancelling data centre leases in the US</li>
<li>Dwarkesh Patel's podcast with Microsoft CEO Satya Nadella last week provided a fascinating insight into his thinking when it comes to AI compute build out, AI winners &amp; losers etc.</li>
<li>Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. Now we better understand why.</li>
</ul>


Microsoft dominated the technology news cycle recently on the back of a report by a TD Cowen analyst that the company is cancelling data centre leases in the US
Dwarkesh Patel's podcast with Microsoft CEO Satya Nadella last week provided a fascinating insight into his thinking when it comes to AI compute build out, AI winners &amp; losers etc.
Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. Now we better understand why.


Microsoft CEO On AI CapEx: Show Me The Money!

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.</li>
<li>DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.</li>
<li>Companies like <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> , <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> , <a href="https://www.smartkarma.com/entities/chinasoft-international-ltd" target="_blank" data-smartkarma-citation="entities:407:1" rel="noopener">Chinasoft International (354 HK)</a> , <a href="https://www.smartkarma.com/entities/vobile-group" target="_blank" data-smartkarma-citation="entities:29711:1" rel="noopener">Vobile Group (3738 HK)</a> , and <a href="https://www.smartkarma.com/entities/inspur-international-ltd" target="_blank" data-smartkarma-citation="entities:7523:1" rel="noopener">Inspur International (596 HK)</a> will benefit.</li>
</ul>


China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.
DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.
Companies like Kingsoft Corp (3888 HK) , Kingdee International Software (268 HK) , Chinasoft International (354 HK) , Vobile Group (3738 HK) , and Inspur International (596 HK) will benefit.


DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

<ul>
<li>Despite <a href="https://www.smartkarma.com/entities/deepseek" target="_blank" data-smartkarma-citation="entities:44297:1" rel="noopener">DeepSeek (DPSK12 CH)</a>’s breakthrough with minimal chips, hyperscalers remain undeterred, planning $315 billion in FY25 capex to expand AI and cloud infrastructure.</li>
<li>This sustained high capex underlines tech giants' confidence in long-term AI growth, ensuring a competitive edge and reinforcing their market leadership.</li>
<li>Investors should see this aggressive capex commitment as a signal of robust future revenue potential, even amid disruptive cost-saving innovations.</li>
</ul>


Despite DeepSeek (DPSK12 CH)’s breakthrough with minimal chips, hyperscalers remain undeterred, planning $315 billion in FY25 capex to expand AI and cloud infrastructure.
This sustained high capex underlines tech giants' confidence in long-term AI growth, ensuring a competitive edge and reinforcing their market leadership.
Investors should see this aggressive capex commitment as a signal of robust future revenue potential, even amid disruptive cost-saving innovations.


Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

Cross Asset Strategy

<ul>
<li>Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> broke out to new high after it announced its DAU for WPS exceeded 100mm.  <a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> is benefiting from the AI rally.</li>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> broke out to an all-time high after announcing it would offer its ADA service for free. The move caused <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> shares to fall.
</li>
</ul>


Hong Kong's secular bull market gained after DeepSeek's announcement ignited shares in the tech sector.

Kingsoft Corp (3888 HK) broke out to new high after it announced its DAU for WPS exceeded 100mm.  Kingsoft Cloud Holdings (3896 HK) is benefiting from the AI rally.

BYD (1211 HK) broke out to an all-time high after announcing it would offer its ADA service for free. The move caused Tesla (TSLA US) shares to fall.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

Macroeconomics

<ul>
<li>Trump imposed smaller than anticipated tariffs on China and Xi reacted with a smaller than anticipated retaliation.  China is in a better negotiating position than Canada and Mexico.</li>
<li>DeepSeek's announcement of its powerful and less expensive A.I. model which performed at a similar level to ChatGPT changes the dynamic of US tech domination in the A.I. field.</li>
<li>Xi has taken aim at the Magnificent 7 companies as a strategy to weaken Trump's hand in negotiations and pressuring the US stock market. </li>
</ul>


Trump imposed smaller than anticipated tariffs on China and Xi reacted with a smaller than anticipated retaliation.  China is in a better negotiating position than Canada and Mexico.
DeepSeek's announcement of its powerful and less expensive A.I. model which performed at a similar level to ChatGPT changes the dynamic of US tech domination in the A.I. field.
Xi has taken aim at the Magnificent 7 companies as a strategy to weaken Trump's hand in negotiations and pressuring the US stock market. 


The Art of the Trade War: US/CHINA Opening Moves

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)

Microsoft CEO On AI CapEx: Show Me The Money!

Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. After last...

William Keating

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.

Nimish Maheshwari

Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

HK stocks gained momentum after the DeepSeek announcement. Kingsoft shares broke out to new highs after announcing that WPS had DAUs of 100mm. BYD...

David Mudd

The Art of the Trade War: US/CHINA Opening Moves

Trump's tariff actions against China have resulted in a muted response from Xi in retaliatory tariffs. Instead Xi has targeted the US tech sector...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Microsoft CEO On AI CapEx: Show Me The Money!

Mr Nadella's approach to AI compute build out has always been a pragmatic "show me the money and I'll build some more compute" approach. After last...

William Keating

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

​Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.

Nimish Maheshwari

Technically Speaking, Breakouts and Breakdowns: HONG KONG (February 11)

HK stocks gained momentum after the DeepSeek announcement. Kingsoft shares broke out to new highs after announcing that WPS had DAUs of 100mm. BYD...

David Mudd

The Art of the Trade War: US/CHINA Opening Moves

Trump's tariff actions against China have resulted in a muted response from Xi in retaliatory tariffs. Instead Xi has targeted the US tech sector...

David Mudd

Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.