Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US market is undergoing a rapid and significant shift from "de-equitization" to "re-equitization".   Firms are quickly foregoing buybacks and instead increasing debt issuance, convertible issuance, and secondary equity offerings.</li>
<li>AI capex is driving the change and potentially crowding out capital with technology sector mega-IPOs and secondary offerings projected to offload trillions of dollars of equity in the coming years.</li>
<li>The rush to issue equity comes at a time when retail investor buying has resurfaced as a significant source of market support, accounting for 20% of overall volume.</li>
</ul>


The US market is undergoing a rapid and significant shift from "de-equitization" to "re-equitization".   Firms are quickly foregoing buybacks and instead increasing debt issuance, convertible issuance, and secondary equity offerings.
AI capex is driving the change and potentially crowding out capital with technology sector mega-IPOs and secondary offerings projected to offload trillions of dollars of equity in the coming years.
The rush to issue equity comes at a time when retail investor buying has resurfaced as a significant source of market support, accounting for 20% of overall volume.


US EQUITY OVERSUPPLY: When the Public Buyers Become the Greater Fools

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>DayOne, a hyperscale data center developer and operator, has filed its registration statement with the SEC for a Nasdaq listing. MS, JPM, BOA, Citi and BNP Paribas are the underwriters.</li>
<li>We look at the company's core Singapore/Malaysia/Indonesia markets of Singapore, Johor and Batam, and its newer markets in Asia and Europe.</li>
<li>We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.</li>
</ul>


DayOne, a hyperscale data center developer and operator, has filed its registration statement with the SEC for a Nasdaq listing. MS, JPM, BOA, Citi and BNP Paribas are the underwriters.
We look at the company's core Singapore/Malaysia/Indonesia markets of Singapore, Johor and Batam, and its newer markets in Asia and Europe.
We then look at the company's financial profile, loss-making status, pre-IPO valuation and investor backing.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The doves have started sounding like hawks as the can gets kicked down the road</li>
<li>The Iran conflict is forcing countries to take sides in the new Cold War</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The doves have started sounding like hawks as the can gets kicked down the road
The Iran conflict is forcing countries to take sides in the new Cold War


Overview #58 - Central Bankers Are Revolting*

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

Thematic (Sector/Industry)

<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

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

US EQUITY OVERSUPPLY: When the Public Buyers Become the Greater Fools

The US market is undergoing a rapid and significant shift from "de-equitization" to "re-equitization". Firms are foregoing buybacks and instead...

David Mudd

DayOne Pre-IPO: Tearsheet

DayOne has filed its registration statement with the SEC for a Nasdaq listing. In this tearsheet, we look at its business and operating profile,...

Ke Yan, CFA, FRM

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

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)

US EQUITY OVERSUPPLY: When the Public Buyers Become the Greater Fools

The US market is undergoing a rapid and significant shift from "de-equitization" to "re-equitization". Firms are foregoing buybacks and instead...

David Mudd

DayOne Pre-IPO: Tearsheet

DayOne has filed its registration statement with the SEC for a Nasdaq listing. In this tearsheet, we look at its business and operating profile,...

Ke Yan, CFA, FRM

Overview #58 - Central Bankers Are Revolting*

A review of recent events/data impacting our investment themes and outlook. We look at the Central Bank meetings and further implications of the...

Rikki Malik

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

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...