Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>Google, Microsoft, and Facebook reported earnings.</li><li>Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.</li><li>I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.</li></ul>

Google, Microsoft, and Facebook reported earnings.Let’s discuss their capex plans and what that means for our new data center champion, Nvidia.I think it’s pretty straightforward that Nvidia has revenue beats for the foreseeable future.

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.</li>
<li>The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.</li>
<li>Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.</li>
</ul>


Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.
The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.
Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.


Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

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

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)

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

The company sees US$1 trillion of data center upgrades ahead. Our AI Leaders Basket constituents TSMC and ASML are rising as well.

Vincent Fernando, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Google, Microsoft, Facebook and Nvidia: AI Spending Implications at the Hyperscalers

Google, Microsoft, and Facebook reported earnings. Let’s discuss their capex plans and what that means for our new data center champion, Nvidia. I...

Fabricated Knowledge

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

The company sees US$1 trillion of data center upgrades ahead. Our AI Leaders Basket constituents TSMC and ASML are rising as well.

Vincent Fernando, CFA

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

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