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>In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.</li>
<li>The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. </li>
<li>Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently</li>
</ul>


In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. 
Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently


Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In November 2025, Hippocratic AI raised a $126 million Series C led by Avenir Growth at a $3.5 billion valuation.</li><li>Hippocratic AI is a platform that creates AI-powered virtual nurses and care coordinators for health systems to handle routine, non-diagnostic patient interactions.</li><li>The company recently launched an AI Agent App Store where third-party developers and health systems can publish and monetize their own specialized agents, expanding beyond Hippocratic's internally-developed offerings.</li></ul>

In November 2025, Hippocratic AI raised a $126 million Series C led by Avenir Growth at a $3.5 billion valuation.Hippocratic AI is a platform that creates AI-powered virtual nurses and care coordinators for health systems to handle routine, non-diagnostic patient interactions.The company recently launched an AI Agent App Store where third-party developers and health systems can publish and monetize their own specialized agents, expanding beyond Hippocratic's internally-developed offerings.

<ul><li>As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.</li><li>Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.</li><li>As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.</li></ul>

As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with incumbent platforms like Canva, Vimeo &amp; Wistia around the vision of an all-in-one AI video workflow platform.Starting with COVID circa 2020-2022, two trends put every person in front of the camera and drove mass acceptance of low-fi video.As AI video avatar startups like Synthesia ($146M ARR in September 2025) and HeyGen ($95M ARR in September 2025) exploded in 2023, B2B video went from scarce to incredibly abundant with AI platforms monetizing high-velocity video creation.

<ul><li>Oboe raised $4 million in seed funding in October 2024, led by Eniac Ventures.</li><li>Oboe is an AI-native learning platform designed to deliver personalized educational experiences across various subjects.</li><li>The initial go-to-market strategy focuses on individual learners, with future expansion targeting corporate training and higher education partnerships.</li></ul>

Oboe raised $4 million in seed funding in October 2024, led by Eniac Ventures.Oboe is an AI-native learning platform designed to deliver personalized educational experiences across various subjects.The initial go-to-market strategy focuses on individual learners, with future expansion targeting corporate training and higher education partnerships.

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.

<ul><li>Infratil (IFT) has announced it is acquiring TECT's 4.9% stake in Contact Energy (CEN) for NZ$438m.</li><li>We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.</li><li>CDC indicated it is in 'constant dialogue' with OpenAI.</li></ul>

Infratil (IFT) has announced it is acquiring TECT's 4.9% stake in Contact Energy (CEN) for NZ$438m.We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.CDC indicated it is in 'constant dialogue' with OpenAI.

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)

Microsoft's OpenAI Conundrum

Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a...

William Keating

Primer: Hippocratic AI - 05 Nov 2025

AI agents for healthcare providers to perform non-diagnostic, patient-facing clinical tasks

Sacra

Video Scarcity To Video Abundance

TL;DR: As AI commoditizes video creation features like AI avatars, transcription, and dubbing, AI-native startups like Synthesia are colliding with...

Sacra

Primer: Oboe - 28 Oct 2025

AI-powered educational platform offering personalized learning resources

Sacra

Infratil - Contacting OpenAI

We expect this deal to contribute positively to parent-level free cashflow over the medium term (~+NZ$5m by FY30) as CEN's dividend grows.

Forsyth Barr

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