New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<ul><li>The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.</li><li>If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.</li><li>We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.</li></ul>

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.

Tech Sector: The Software Endgame Who Owns The Workflow

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.</li>
<li>India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.</li>
<li>The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.</li>
</ul>


Annual OPEX of an AI data centre consumes 25–35% of its initial CAPEX, with GPU depreciation and electricity together accounting for the vast majority of recurring costs.
India's data centre capacity is projected to triple by 2031; understanding the true cost structure is essential for investors evaluating return on capital for players like Adani, Sify, Nxtra etc.
The GPU replacement cycle, not electricity, is the dominant economic risk for AI-focused facilities, and the financing structure chosen (own vs. lease) may determine which operators survive each hardware generation.


True Cost of Running an AI Data Centre: A Unit Economics Breakdown

<ul>
<li>Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.</li>
<li>Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.</li>
<li>AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.</li>
</ul>


Oracle eliminated up to 30,000 jobs globally on March 31, 2026, its largest-ever layoff, affecting roughly 18% of its workforce.
Oracle frees $8–10B in cash flow for AI infrastructure; broader IT sector faces a structural shift from headcount to compute capital.
AI is permanently reshaping IT employment economics, companies converting wages into GPU clusters will likely dominate the next technology cycle.


Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

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.

<ul>
<li>Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.</li>
<li>Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.</li>
<li>Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.</li>
</ul>


Chinese suppliers are gaining share as shortages force OEMs to qualify alternative vendors, creating structural leakage that is hard to reverse even after supply normalises.
Demand elasticity is emerging in lower-end devices, where elevated memory prices are starting to compress volumes and trigger renegotiation pressure in commodity segments.
Hyperscaler spending is becoming more staggered, with phased deployments and higher utilisation of existing capacity making memory demand lumpier rather than structurally weaker.


TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

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OpenAI (2193707D US)

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

True Cost of Running an AI Data Centre: A Unit Economics Breakdown

​AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Nimish Maheshwari

Oracle's 30,000-Person Layoff: AI's Is Reshaping the IT Sector?

​Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Nimish Maheshwari

TurboQuant Was an Excuse; The Memory Cycle Was Already Splitting.

​Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...

Mint Finance

AI data centres in India face high annual operating expenses, with GPU depreciation and electricity costs being major factors.

Oracle's massive layoff of up to 30,000 employees on March 31, 2026, signals a shift in the IT sector towards AI infrastructure and compute...

Shortages are leading OEMs to qualify new vendors; Memory price hikes are affecting lower-end devices, while hyperscalers' spending patterns are...