Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.</li>
<li>In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting <a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> IPO, and unpack cooling iron ore prices.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma. We're back after a brief one-issue hiatus.
In this cut, we revisit memory's grip on the record-breaking KOSPI, count down to the record-setting SpaceX (SPCX US) IPO, and unpack cooling iron ore prices.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Cross currents define this week’s setup, with Tech rallying and fading, Financials selling off and U.S. technology stocks declining sharply.</li>
<li>Heavy activity in a handful of large-cap names drove option volumes higher while underlying market conditions remained fragile.</li>
<li>Implied vols were little changed against an uneven and increasingly fragile backdrop.</li>
</ul>


Cross currents define this week’s setup, with Tech rallying and fading, Financials selling off and U.S. technology stocks declining sharply.
Heavy activity in a handful of large-cap names drove option volumes higher while underlying market conditions remained fragile.
Implied vols were little changed against an uneven and increasingly fragile backdrop.


HK Single Stock Options Weekly June 01–05: Tencent Call Trading Surges as U.S. Sell-Off Clouds Setup

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>Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.</li>
<li>Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar</li>
<li>Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?</li>
</ul>


Millions of HAMR drives shipped. Mosaic 3 is qualified at all planned CSPs. Mosaic 4 (4 TB/platter) is qualified at two large CSPs. High confidence to reach 5 TB/platter.
Painful multi-year initial Mosaic 3 qualification was one-time learning-curve event. Mosaic 4 ran through two large CSPs at traditional qualification timelines. Expectation set: Mosaic 5 and 6 should look similar
Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding new factories. We all know that that means, right?


Intel @JPM 54th Annual TMT. Full Transcript Attached.

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.</li>
<li>We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
One active M&amp;A deal could trigger an intra-review ADD. Shareholders have already approved the deal.
We expect three changes and around US$5bn one-way flow for Nasdaq 100 in the June index rebal event and another $2bn in one-way flows on the intra-review change.


Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

United States

SanDisk Corporation designs, develops, and manufactures data storage solutions in a variety of form factors using our flash memory, proprietary controller and firmware technologies. The Company's solutions include removable cards, embedded products, universal serial bus, or USB, drives, digital media players, wafers and components.

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Sandisk Corp (SNDK US)

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

HK Single Stock Options Weekly June 01–05: Tencent Call Trading Surges as U.S. Sell-Off Clouds Setup

Tencent Call trading surged as U.S. market weakness added pressure to an already fragile Hong Kong backdrop marked by cross currents across sectors...

John Ley

Intel @JPM 54th Annual TMT. Full Transcript Attached.

Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding...

William Keating

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Three expected changes in the June 2026 Nasdaq 100 rebalance, an active M&A deal in play, and a SpaceX inclusion expected by late July.

Anjana Amarasuriya

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: Memory's Hold on the KOSPI, Counting Down to SpaceX & Iron Ore's Cold Snap

​Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Pranav Rao

HK Single Stock Options Weekly June 01–05: Tencent Call Trading Surges as U.S. Sell-Off Clouds Setup

Tencent Call trading surged as U.S. market weakness added pressure to an already fragile Hong Kong backdrop marked by cross currents across sectors...

John Ley

Intel @JPM 54th Annual TMT. Full Transcript Attached.

Capacity expansion is happening through technology, not floor space. Seagate is targeting mid-20s percent exabyte growth and explicitly not adding...

William Keating

Quiddity Leaderboard Nasdaq100 Jun26 Rebal: Three Regular ADDs/DELs; US$7bn in One-Way Flows

Three expected changes in the June 2026 Nasdaq 100 rebalance, an active M&A deal in play, and a SpaceX inclusion expected by late July.

Anjana Amarasuriya

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

Discover standout themes from Smartkarma's insights on KOSPI, SpaceX IPO, and iron ore prices in the latest Curator's Cut. Comment to suggest...

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...