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

Equity Bottom-Up

<ul><li>NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.</li><li>The Company's shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.</li><li>Additionally, Nvidia’s shares are included in several national indices, such as S&amp;P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.</li></ul>

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.The Company's shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.Additionally, Nvidia’s shares are included in several national indices, such as S&amp;P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.

NVIDIA CORPORATION Common Stock - June 4, 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the June 2025 rebalance event.</li>
<li>We expect a one-way flow of US$700mn for June 2025.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the June 2025 rebalance event.
We expect a one-way flow of US$700mn for June 2025.


[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits</li>
<li>Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. </li>
<li>Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.</li>
</ul>


Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.


US – China: Restrictions on Semiconductors Are Getting Worse

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption, marking a defining moment in its trajectory as a dominant AI chipmaker.</li><li>The company reported a 69% year-over-year revenue surge to $44.1 billion, outperforming expectations despite the mid-April U.S. government ban on H20 GPU sales to China.</li><li>The data center segment remained the primary growth engine, rising 73% to $39.1 billion, driven by rising AI infrastructure demand and the adoption of its cutting-edge Blackwell architecture.</li></ul>

Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption, marking a defining moment in its trajectory as a dominant AI chipmaker.The company reported a 69% year-over-year revenue surge to $44.1 billion, outperforming expectations despite the mid-April U.S. government ban on H20 GPU sales to China.The data center segment remained the primary growth engine, rising 73% to $39.1 billion, driven by rising AI infrastructure demand and the adoption of its cutting-edge Blackwell architecture.

Nvidia’s $3.4 Trillion AI Empire Is Just Getting Started—You Won’t Believe What’s Next!

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs</li>
<li>This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services</li>
<li>We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  </li>
</ul>


This reports addresses the alarmist wrong conclusions over DeepSeek, especially over GPU usage and costs
This said, DeepSeek shows that Foundational models are commoditizing. Applications will be more resilient and profitable, ie customized with attached services
We are just at the beginning of the AI revolution with language models. Physical models are next and massive Application deployment.  


DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

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)

NVIDIA CORPORATION Common Stock - June 4, 2025

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States,...

VRS (Valuation & Research Specialists)

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

No index changes to the MVIS US Semiconductor 25 Index but $700mm of capping flows makes for a bit of interest. There will be other semiconductor...

Travis Lundy

US – China: Restrictions on Semiconductors Are Getting Worse

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

Nvidia’s $3.4 Trillion AI Empire Is Just Getting Started—You Won’t Believe What’s Next!

Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption,...

Baptista Research

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

NVIDIA CORPORATION Common Stock - June 4, 2025

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States,...

VRS (Valuation & Research Specialists)

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

No index changes to the MVIS US Semiconductor 25 Index but $700mm of capping flows makes for a bit of interest. There will be other semiconductor...

Travis Lundy

US – China: Restrictions on Semiconductors Are Getting Worse

​Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Nicolas Baratte

Nvidia’s $3.4 Trillion AI Empire Is Just Getting Started—You Won’t Believe What’s Next!

Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption,...

Baptista Research

DeepSeek and Market Over-Reaction. Nvidia, Broadcom, Marvell, TSMC, SK Hynix

​Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...

Nicolas Baratte

Nvidia might not have a workaround for a new China-specific chip. EDA software ban also for consumer electronics Xiaomi, Lenovo. Hanmi Semi halted...

Article debunks alarmist claims about DeepSeek, especially GPU usage and cost. The AI revolution is just beginning, with physical models and...