Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.</li>
<li>China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.</li>
<li>The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.</li>
</ul>


The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the Busan meeting.
China is formulating its US-style Validated End User (VEU) system for Rare Earth Element (REE) exports, which will restrict shipments for US military use.
The real conflict between the US and China over technology and rare earths is likely to involve many volatile periods in the coming year as both attempt to achieve self-sufficiency.


The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).</li>
<li>It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.</li>
<li>Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). </li>
</ul>


The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4 trillion won ($1 billion).
It is estimated that about 80% of Oracle Korea's sales are classified as sales costs such as software usage fees that are paid to Oracle's Irish affiliated companies.
Many investors are having increasing doubts about the sustainability of Oracle's mammoth investments in AI and its highly leveraged balance sheet (consolidated basis). 


Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

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.

Thematic (Sector/Industry)

<ul><li>The SET Index is expected to trade sideways today, with the support at 1,300/1,287 and the resistance at 1,310/1,322.</li><li>The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios: (I) Bt4.58/unit and (II) Bt3.94/unit (unchanged).</li><li>The Cabinet approved new guidelines for managing feed corn imports in 2026, increasing the import quota to 1mn tons per year at a 0% tariff (from 54,700 tons at 20% previously) as part of ongoing trade negotiations with the US.</li></ul>

The SET Index is expected to trade sideways today, with the support at 1,300/1,287 and the resistance at 1,310/1,322.The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios: (I) Bt4.58/unit and (II) Bt3.94/unit (unchanged).The Cabinet approved new guidelines for managing feed corn imports in 2026, increasing the import quota to 1mn tons per year at a 0% tariff (from 54,700 tons at 20% previously) as part of ongoing trade negotiations with the US.

Krungthai XSpring Zoom Eng. November 12, 2025.

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> is swinging wildly. On Nov 11, the stock sank -13% after it said it had sold its entire stake in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a>  for $5.83 billion.</li>
<li>The stock also posted record Q2 earnings on Nov 12, but closed the day down -3.46% (after a strong rally from the 21k bottom). Most gains come from OpenAI investment.</li>
<li>For sure it's not easy to hold this stock at the moment, this insight will analyze the next 2-3 weeks' outlook, support and resistance, according to our quantitative model.</li>
</ul>



Softbank Group (9984 JP) is swinging wildly. On Nov 11, the stock sank -13% after it said it had sold its entire stake in NVIDIA (NVDA US)  for $5.83 billion.
The stock also posted record Q2 earnings on Nov 12, but closed the day down -3.46% (after a strong rally from the 21k bottom). Most gains come from OpenAI investment.
For sure it's not easy to hold this stock at the moment, this insight will analyze the next 2-3 weeks' outlook, support and resistance, according to our quantitative model.


SoftBank (9984 JP) Tactical Outlook: What's Next After NVDA Exit, Wild Swings, and Strong Earnings?

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

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.

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.</li>
<li>Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.</li>
<li>Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.</li>
</ul>


AMD achieved unprecedented revenue of $9.2 billion in Q3 2025, a 36% YoY growth driven despite margin contraction in the data centre segment.
Despite record data centre revenue of $4.3 billion, the uplift was carried by fifth-gen EPYC server CPUs rather than Instinct GPUs.
Multi-Year GPU commitments (from OpenAI to Oracle) strengthen the AI narrative without near-term numbers; Q4 guidance implies just 4% sequential growth, underscoring a digestion phase before the MI400 ramp.


AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

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 Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

Krungthai XSpring Zoom Eng. November 12, 2025.

The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios:...

Krungthai XSpring

SoftBank (9984 JP) Tactical Outlook: What's Next After NVDA Exit, Wild Swings, and Strong Earnings?

Softbank is experiencing extreme volatility as of lately, plus it shocked investors with news of NVDA exit one day and record Q2 earnings the next...

Nico Rosti

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

The Art of the Trade War: COVERT OPERATIONS AND PROPAGANDA

The trade war detente between the US and China is over. US legislation to further restrict China's access to chips was initiated the day after the...

David Mudd

Oracle Korea - Uncertainty Regarding 1.4 Trillion Won Tax Dispute + Excessive Leverage

The Korean tax authorities have been objecting to Oracle Korea's tax policies since 2017 and argue Oracle Korea needs to pay is about a cool 1.4...

Douglas Kim

Krungthai XSpring Zoom Eng. November 12, 2025.

The Energy Regulatory Commission (ERC) agreed to open a public hearing on electricity tariffs (Ft) for the Jan–Apr 2026 period under two scenarios:...

Krungthai XSpring

SoftBank (9984 JP) Tactical Outlook: What's Next After NVDA Exit, Wild Swings, and Strong Earnings?

​Softbank is experiencing extreme volatility as of lately, plus it shocked investors with news of NVDA exit one day and record Q2 earnings the next...

Nico Rosti

AMD in Q3 2025: Conviction in Bold Moves but a Rocky Road to Success

​AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...

Mint Finance

Softbank is experiencing extreme volatility as of lately, plus it shocked investors with news of NVDA exit one day and record Q2 earnings the next...

AMD's Q3 2025 revenue hits $9.2 billion with 36% YoY growth, driven by EPYC CPUs over Instinct GPUs; Q4 guidance suggests 4% sequential growth as...