Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  </li>
<li>Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.</li>
<li>Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.</li>
</ul>


China will roll out its 2026 - 2030 five-year plan this month, which outline the economic and social roadmap until the end of the decade.  
Historically the five-year plans have been a roadmap for investors to look for tailwinds for economic sector performance.  We believe the high-tech industries will remain the main focus for investment.
Exporters of high-end equipment and machinery will continue to benefit with the consumption sector being a focus for international investors.


EMERGING THEMES: China's Next 5 Year Plan

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>AMD &amp; NVIDIA both pocket deals to equip 500MW data centers in Saudi Arabia over the next 5 years. </li>
<li>UAE announced plans to build 5GW of data centre capacity with local champion G42 leading the charge. Microsoft and Cerebras were notable by their absence last week. </li>
<li>The Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue. </li>
</ul>


AMD &amp; NVIDIA both pocket deals to equip 500MW data centers in Saudi Arabia over the next 5 years. 
UAE announced plans to build 5GW of data centre capacity with local champion G42 leading the charge. Microsoft and Cerebras were notable by their absence last week. 
The Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue. 


US Middle East AI Splurge. A Bold Move But Also A Curious Affair

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The narrative change around US tech spending on AI has potentially positive implications for Chinese technology shares</li>
<li>India sets the stage for interest rate cuts and the budget cuts taxes for the middle classes to boost consumption </li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The narrative change around US tech spending on AI has potentially positive implications for Chinese technology shares
India sets the stage for interest rate cuts and the budget cuts taxes for the middle classes to boost consumption 


Overview #14 - The Emperor Has No Clothes Moment

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>NVIDIA is entering the "Agentic AI" supercycle with the Vera Rubin platform featuring its new Vera CPU, poised to capture untapped market.</li>
<li>Record Q1 revenue and a 25x dividend increase signal cash flow maturity, supporting a premium valuation.</li>
<li>Our analysis suggest certain options strategies have done well in the recent past, and that future product announcements could propel significant price action.</li>
</ul>


NVIDIA is entering the "Agentic AI" supercycle with the Vera Rubin platform featuring its new Vera CPU, poised to capture untapped market.
Record Q1 revenue and a 25x dividend increase signal cash flow maturity, supporting a premium valuation.
Our analysis suggest certain options strategies have done well in the recent past, and that future product announcements could propel significant price action.


NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

Last week's Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue.

William Keating

IS AI Spending Poised to Fall?

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

Overview #14 - The Emperor Has No Clothes Moment

A review of recent events/data impacting our investment themes and outlook. We look at the potential implications of Deepseek on Chinese tech...

Rikki Malik

NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

Some positive catalysts bringing us over the $200 mark for NVIDIA this week in addition to the Ai semiconductor sector upside buoyed by the SK...

Jay Cameron

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

EMERGING THEMES: China's Next 5 Year Plan

China will roll out its 2026 - 2030 five-year plan this month, outlining the economic and social roadmap until the end of the decade.Historically...

David Mudd

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

Last week's Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue.

William Keating

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

Overview #14 - The Emperor Has No Clothes Moment

A review of recent events/data impacting our investment themes and outlook. We look at the potential implications of Deepseek on Chinese tech...

Rikki Malik

NVIDIA (NVDA): Capitalizing on Agentic AI with a Long Volatility Strategy

Some positive catalysts bringing us over the $200 mark for NVIDIA this week in addition to the Ai semiconductor sector upside buoyed by the SK...

Jay Cameron

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...