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.

Thematic (Sector/Industry)

<ul><li>The current market expectation of 800G transceivers shipment to reach 12mn in 2024 seems too optimistic.</li><li>Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%/200.2% YTD.</li><li>Admittedly, the surging demand for Nvidia (Not Rated) GPU will bring increasing orders for 800G transceivers in 2023/24. </li></ul><p><em>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.</em></p>

The current market expectation of 800G transceivers shipment to reach 12mn in 2024 seems too optimistic.Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%/200.2% YTD.Admittedly, the surging demand for Nvidia (Not Rated) GPU will bring increasing orders for 800G transceivers in 2023/24. 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.

Hardware – Investors Expect Spectacular Results in the AI Infrastructure Arms Race

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.</li><li>Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.</li><li>However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”</li></ul>

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now on steroids, plus all the excitement of the race among the top 5 techs to invest enough in order to dominate the field .</li><li>The 2000 Dot.com boom involved hundreds of IPOs of start-ups, all with the word “internet” in their names, except now the AI boom involves mostly buying up existing startups by the big Techs.</li><li>The re emergence of AI will undoubtedly change a lot of the ways in which data are used and monetized, it will make Google search far more client-friendly and it will step up the capacity of software to program themselves. </li></ul>

The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now on steroids, plus all the excitement of the race among the top 5 techs to invest enough in order to dominate the field .The 2000 Dot.com boom involved hundreds of IPOs of start-ups, all with the word “internet” in their names, except now the AI boom involves mostly buying up existing startups by the big Techs.The re emergence of AI will undoubtedly change a lot of the ways in which data are used and monetized, it will make Google search far more client-friendly and it will step up the capacity of software to program themselves. 

The “ AI Revolution” : A Cautionary Tale and Its Investment Consequences

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Equity Bottom-Up

<ul><li>As most AI heavyweight stocks (e.g. Nvidia, Microsoft) have already soared, some investors may be left feeling that they have missed the AI bandwagon.</li><li>We believe there's a delayed “AI winner” which the market is still sleeping on: EPAM Systems.</li><li>With the stock back at ~$230, the risk-reward here is highly attractive in our view.</li></ul>

As most AI heavyweight stocks (e.g. Nvidia, Microsoft) have already soared, some investors may be left feeling that they have missed the AI bandwagon.We believe there's a delayed “AI winner” which the market is still sleeping on: EPAM Systems.With the stock back at ~$230, the risk-reward here is highly attractive in our view.

<ul><li>So far in 2023, mega-cap growth names such as Meta, Nvidia, Microsoft, and Netflix have continued to provide market leadership resulting in a 41% YTD gain in the QQQ ETF.</li><li>However, last week saw notable rotation away from technology (XLK) to the healthcare, energy, and financial sectors.</li><li>This came off the backs of notable technology heavyweights Tesla and Netflix earnings reports and investors selling off these names after their earnings prints this week.</li></ul>

So far in 2023, mega-cap growth names such as Meta, Nvidia, Microsoft, and Netflix have continued to provide market leadership resulting in a 41% YTD gain in the QQQ ETF.However, last week saw notable rotation away from technology (XLK) to the healthcare, energy, and financial sectors.This came off the backs of notable technology heavyweights Tesla and Netflix earnings reports and investors selling off these names after their earnings prints this week.

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)

Hardware – Investors Expect Spectacular Results in the AI Infrastructure Arms Race

Optical transceiver manufacturers are in the spotlight this year. As key beneficiaries of Generative AI enthusiasm, Innolight/Eoptolink grew 354.6%...

CMB International

Weekly Stock Bullfinder - Week of 8/14

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.

Weekly Stock Bull Finder

The “ AI Revolution” : A Cautionary Tale and Its Investment Consequences

The re-emergence of AI as a topic of hype, caution and investment contains, in equal parts, the re-discovery of a pre-existing technology, but now...

VRS (Valuation & Research Specialists)

Pounding the Table on EPAM

As most AI heavyweight stocks (e.g. Nvidia, Microsoft) have already soared, some investors may be left feeling that they have missed the AI bandwagon.

Value Punks

Weekly Stock Bullfinder - Week of 7/24

So far in 2023, mega-cap growth names such as Meta, Nvidia, Microsoft, and Netflix have continued to provide market leadership resulting in a 41%...

Weekly Stock Bull Finder

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