Citi’s AI Supercycle Thesis Faces a Logic Check
Citi believes AI has sparked a semiconductor upcycle, but warnings about potential overreach and pricing peaks still exist. Investors should be...
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OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand
OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...
623 Views
Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap
Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...
803 Views
Krungthai XSpring Zoom Eng. October 9, 2025
Although the MPC’s decision to hold rates against market expectations may pressure financial stocks, it should support banks and stocks benefiting...
374 Views
Innoscience Suzhou Tech Placement - Selling Ahead of Lockup Expiry, Relatively Small
InnoScience Suzhou Technology (2577 HK) aims to raise around US$200m in its Hong Kong placement. In this note, we talk about the deal dynamics and...
629 Views