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.

Equity Bottom-Up

<ul><li>Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).</li><li>Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.</li><li>Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). </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>

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).Revenue beat guidance (US$28.0bn) by 7.3% and Bloomberg consensus (US$28.9bn) by 4.1%.Non-GAAP GPM was 75.7% in 2QFY25 (down 3.2% QoQ), slightly above guidance (75.5%) and BBG estimates (75.5%). 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.

Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>NVIDIA's Q2 revenue soared 122% to $30.04 billion, exceeding estimates, driven by unprecedented demand for AI-driven data center chips. </li>
<li>The data center segment grew 154% YoY, generating $26.3 billion, reflecting NVIDIA's strong position in AI hardware with major contributions from cloud providers. </li>
<li>Despite approving a $50 billion stock buyback, NVIDIA's shares fell 8% after-hours due to concerns over future chip supply and broader market trends, though the stock is up 150% YTD.</li>
</ul>


NVIDIA's Q2 revenue soared 122% to $30.04 billion, exceeding estimates, driven by unprecedented demand for AI-driven data center chips. 
The data center segment grew 154% YoY, generating $26.3 billion, reflecting NVIDIA's strong position in AI hardware with major contributions from cloud providers. 
Despite approving a $50 billion stock buyback, NVIDIA's shares fell 8% after-hours due to concerns over future chip supply and broader market trends, though the stock is up 150% YTD.


NVIDIA Delivers Stunning Q2 Results & Declares $50B Buyback; Yet Shares Plunge 8% Post Results

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.</li>
<li>We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.</li>
<li>After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels </li>
</ul>


The SPX is back near YTD highs and testing resistance in the 5670-5783 range, and we view this as an ideal time to reduce risk and shift to defensives.
We continue to believe that the SPX and Nasdaq 100 (QQQ) are going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern.
After laying out expectations in our 8/13/24 Compass report for a bounce and test of YTD highs, we now expect SPX to roll over near current levels 


Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


<ul>
<li>NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.</li>
<li>NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.</li>
<li>47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.</li>
</ul>


NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.
NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.
47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.


[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

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)

Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).

CMB International

NVIDIA Delivers Stunning Q2 Results & Declares $50B Buyback; Yet Shares Plunge 8% Post Results

NVIDIA's Q2 earnings crushed expectations with $30.04B revenue (+122%) & 68¢ EPS, driven by data center chips. Shares plunge 8% post-results as...

Mint Finance

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

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Semiconductors - A Strong Beat-And-Raise Quarter; Eyes on Blackwell Shipment and Margin

Nvidia (NVDA US, NR) announced 2QFY25 results. Quarterly revenue was US$30.0bn, up 122.4% YoY and 15.3% QoQ (vs. 17.8%/22.0% QoQ in 1QFY25/4QFY24).

CMB International

NVIDIA Delivers Stunning Q2 Results & Declares $50B Buyback; Yet Shares Plunge 8% Post Results

NVIDIA's Q2 earnings crushed expectations with $30.04B revenue (+122%) & 68¢ EPS, driven by data center chips. Shares plunge 8% post-results as...

Mint Finance

Upgrading Utilities to Overweight; Expecting $SPX to Roll Over; NVDA and SMH Topping?

Upgrading Utilities $XLU to Overweight; Many Indexes Testing Resistance $SPX $DJI $IJH $IWM $XRT $EEM; Expecting SPX to Roll Over; $NVDA and $SMH...

Vermilion Research

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...