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.

Thematic (Sector/Industry)

<ul>
<li>Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.</li>
<li>OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.</li>
<li>DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.</li>
</ul>


Anthropic launched Claude Haiku 5.5 at up to 90% lower prices, Reflection AI unveiled its Beam open-weight model, and OpenAI's annualized revenue was below recent estimates.
OpenAI rolled GPT-6 out across ChatGPT, AWS added Zhipu's GLM-5.3 to Bedrock, TSMC's third-quarter revenue rose 50.9% YoY and Samsung guided record operating profit.
DeepSeek neared USD 12bn of new funding, Moonshot closed at about USD 50bn, Firmus withdrew its ASX IPO and SpaceX sought about USD 40bn of debt for Nvidia chips.


This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Qualcomm is pushing deeper into physical AI with its planned acquisition of robotics software specialist PickNik, extending a diversification strategy that increasingly reaches beyond smartphones into data centers, automotive, industrial computing, and robotics.</li><li>Announced on September 23, the transaction would bring PickNik and its stewardship of MoveIt, a widely used open-source robotics manipulation framework, into Qualcomm’s expanding robotics ecosystem.</li><li>Financial terms were not disclosed, and the transaction remains subject to customary closing conditions.</li></ul>

Qualcomm is pushing deeper into physical AI with its planned acquisition of robotics software specialist PickNik, extending a diversification strategy that increasingly reaches beyond smartphones into data centers, automotive, industrial computing, and robotics.Announced on September 23, the transaction would bring PickNik and its stewardship of MoveIt, a widely used open-source robotics manipulation framework, into Qualcomm’s expanding robotics ecosystem.Financial terms were not disclosed, and the transaction remains subject to customary closing conditions.

Qualcomm Acquisition Of PickNik Could Unlock A Massive Robotics Opportunity!

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned -0.2% vs. MSCI World (-1.3%) – outperformed the benchmark by 1.2%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned -0.2% vs. MSCI World (-1.3%) – outperformed the benchmark by 1.2%.

Global Competitive Barrier (Shariah) Portfolio (14-Sep-2026)

Asia and Global Semiconductor and Tech Research

Andrew Lu

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.</li>
<li>
<strong>No more Moore's Law</strong>: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.</li>
<li>Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.</li>
</ul>


TSMC reiterates 2024 sales y/y growth of 20-25% but revises down 2024 global semiconductor y/y sales from over 10% to 10% and global foundry sales growth from 20% to 15-19%.

No more Moore's Law: After 3 years ramp up gap between N5-N3, TSMC confirms 10-11 quarters of ramp up gap between N3 and N2 due to longer production cycle.
Driven by stronger digital consumer (33% q/q), HPC (3% q/q), IoT (5% q/q) sales but weaker smartphone IC (-16% q/q), TSMC reports 1Q24 sales decline of only 5% q/q.


What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

<ul>
<li>We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.</li>
<li>We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.</li>
<li>We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.</li>
</ul>


We see early signs of recovery in PC and smartphone markets, stable server market (strengths in AI server, stable in non-AI server market), but weaknesses in automotive and industrial.
We expect the PC semi market recovery of more than 10% y/y in 2024/2025, driven by inventory rebuild and silicon contents increase by adding AI into PC.
We expect the smartphone semi market recovery of 7-8% y/y in 2024/2025, driven by inventory rebuild and adopting 3nE foundry node. But, Huawei/HiSilicon will take some of the growth.


First Run of Global Semis' Guidances to Tell Early Signs of Recovery

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

This Week in AI (Oct 4-10): Haiku 5.5's Throat-Cutting Prices; OpenAI Revenue Trails Expectation

This week in AI: Anthropic cut prices by up to 90% with Claude Haiku 5.5, OpenAI's annualized revenue reached about USD 50bn, and Moonshot closed...

Ke Yan, CFA, FRM

Qualcomm Acquisition Of PickNik Could Unlock A Massive Robotics Opportunity!

Qualcomm is pushing deeper into physical AI with its planned acquisition of robotics software specialist PickNik, extending a diversification...

Baptista Research

Global Competitive Barrier (Shariah) Portfolio (14-Sep-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant. By adopting a portfolio of...

Crea8

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference?

What Is TSMC Telling Us About Semi Supply Chain Stories at Its Investor Conference? TSMC revises down 2024 global semi y/y sales from over 10% to...

Andrew Lu

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

After the first Run of global semis' guidance, it tells early signs of recovery in PC and smartphone but weaknesses in automotive and industrial,...

Andrew Lu

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