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>Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.</li>
<li>Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.</li>
<li>Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.</li>
</ul>


Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.
Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.
Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.


The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

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>Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.</li><li>The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.</li><li>Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. </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) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/ guidance by 3%/6%.The US$10bn sequential revenue increase significantly outpaced the typical historical quarterly run-rate of US$4-5bn.Non-GAAP gross margin stood at 73.6%, slightly below consensus but above guidance. 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 - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.</li><li>External factors are assessed as positive overall after Nvidia reported better-than-expected earnings, improving sentiment for global technology stocks and Thai electronics stocks.</li><li>The Board of Investment (BOI) reported that investment promotion applications in 9M25 totaled 2,622 projects (+23% YoY), representing Bt1.37trn in investment value (+94% YoY).</li></ul>

The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.External factors are assessed as positive overall after Nvidia reported better-than-expected earnings, improving sentiment for global technology stocks and Thai electronics stocks.The Board of Investment (BOI) reported that investment promotion applications in 9M25 totaled 2,622 projects (+23% YoY), representing Bt1.37trn in investment value (+94% YoY).

Krungthai XSpring Zoom Eng. November 20, 2025

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

Equity Bottom-Up

<ul>
<li>Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy</li>
<li>Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth</li>
<li>Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.</li>
</ul>


Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off "fungible" compute strategy
Mr. Nadella thinks AGI as more hype than substance, "jagged" intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth
Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.


Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.</li>
<li>Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



WT Microelectronics (3036 TT) (WT Micro) is looking to raise up to US$393m, selling 90m shares(18m GDRs)via a GDR offering. It is also selling a two-year zero-coupon CB to raiseUS$350m.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

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)

The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

Semiconductors - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/...

CMB International

Krungthai XSpring Zoom Eng. November 20, 2025

The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.

Krungthai XSpring

Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

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The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

​Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

Semiconductors - Nvidia: Solid 3Q Results; 4Q Guidance Should Alleviate AI Bubble Concerns

Nvidia (NVDA US, NR) delivered another beat-and-raise quarter, with revenue surging to US$57bn, up 62%/22% YoY/QoQ, exceeding Bloomberg consensus/...

CMB International

Krungthai XSpring Zoom Eng. November 20, 2025

The SET Index is expected to move higher or/sideways-up today, with the support at 1,263/1,250 points and the resistance at 1,276/1,289 points.

Krungthai XSpring

Microsoft. Acting Like There's An AI Bubble Without Saying There's An AI Bubble

It could just be me, but I think Mr. Nadella is trying to tell us something about the state of AI. We should probably listen. Let’s see.

William Keating

WT Micro GDR Offering - Slightly Larger Deal to Digest, Discount Mostly in Line With Recent Deals

WT Microelectronics (WT Micro) is looking to raise up to US$393m, selling 90m shares (18m GDRs) via a GDR offering. It is also selling a two-year...

Akshat Shah

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...