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>We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.</li>
<li>MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.</li>
<li>Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: OpenAI and Anthropic refreshed frontier models while Moonshot started its Hong Kong IPO process.
MiniMax powered HUMAIN's Arabic sovereign model, Alibaba refreshed Qwen, and Artificial Analysis kept new US frontier releases at the top of the ranking.
Nvidia agreed to buy Hugging Face, Anthropic expanded compute financing, and AI infrastructure demand flowed through hyperscalers, hardware vendors, chips and memory.


This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

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.

Equity Bottom-Up

<ul>
<li>Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.</li>
<li>Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.</li>
<li>However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.</li>
</ul>


Since the conflict began on 28/Feb, SLB and Halliburton shares declined as Middle East disruptions forced demobilisation and activity cuts, with SLB expecting a USD 0.06–0.09 Q1 2026 EPS impact.
Elevated oil prices, potential production increases outside the Middle East, and structural supply tightness could boost upstream capex, creating a supportive medium-term demand environment for oilfield services companies.
However, prolonged geopolitical instability could delay upstream project approvals, potentially slowing the pace of recovery in oilfield services demand.


Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares PHLX Semiconductor ETF / Technical Analysis

<ul>
<li>While the SPX remains bullish above 7580-7629 support, we're becoming near-term cautious on the Russell 2000 (IWM) and we remain near-term cautious on the Nasdaq 100 (QQQ) and A.I. areas.</li>
<li>As discussed last week, we believe the Aug4 and Aug12 gap fills suggest more consolidation is likely; not only have the odds increased that A.I. areas test their July lows... </li>
<li>...but the lower highs that have formed could be an early sign that they could break below their July lows in SOXX, CHAT, NCLD, DTCR, and EUV</li>
</ul>


While the SPX remains bullish above 7580-7629 support, we're becoming near-term cautious on the Russell 2000 (IWM) and we remain near-term cautious on the Nasdaq 100 (QQQ) and A.I. areas.
As discussed last week, we believe the Aug4 and Aug12 gap fills suggest more consolidation is likely; not only have the odds increased that A.I. areas test their July lows... 
...but the lower highs that have formed could be an early sign that they could break below their July lows in SOXX, CHAT, NCLD, DTCR, and EUV


Warning Signs; Buying Energy and Health Care; Still Cautious on QQQ and Now Also IWM

<ul>
<li>SLB and Halliburton entered 2026 with solid Q4 momentum and improving international fundamentals, but sharply different market reactions highlighted how expectations and positioning shaped post-earnings performance.</li>
<li>The Venezuela catalyst drove outsized gains in oilfield services as first-cycle beneficiaries. However, estimates suggest the total revenue impact may be smaller than market enthusiasm implies.</li>
<li>Analysts raised targets for both firms, but rating trends diverged: SLB retained universal Buy support, while Halliburton faced growing caution tied to North America exposure.</li>
</ul>


SLB and Halliburton entered 2026 with solid Q4 momentum and improving international fundamentals, but sharply different market reactions highlighted how expectations and positioning shaped post-earnings performance.
The Venezuela catalyst drove outsized gains in oilfield services as first-cycle beneficiaries. However, estimates suggest the total revenue impact may be smaller than market enthusiasm implies.
Analysts raised targets for both firms, but rating trends diverged: SLB retained universal Buy support, while Halliburton faced growing caution tied to North America exposure.


SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

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.

<ul><li>The latest financial results of SLB, formerly known as Schlumberger, provide several insights into the company's current status and future prospects.</li><li>Fourth-quarter performance showed strong operational and financial outcomes, with sequential revenue growth of 9%, partly supported by a stabilized global upstream activity.</li><li>Growth in international revenue was at 7% and North American at 6%, excluding ChampionX, indicating stabilization in global upstream markets.</li></ul>

The latest financial results of SLB, formerly known as Schlumberger, provide several insights into the company's current status and future prospects.Fourth-quarter performance showed strong operational and financial outcomes, with sequential revenue growth of 9%, partly supported by a stabilized global upstream activity.Growth in international revenue was at 7% and North American at 6%, excluding ChampionX, indicating stabilization in global upstream markets.

Schlumberger (SLB) Is Positioned for a Powerful MENA Cycle—Kuwait

United States

Schlumberger Limited is an oil services company. The Company, through its subsidiaries, provides a wide range of services, including technology, project management and information solutions to the international petroleum industry as well as advanced acquisition and data processing surveys.

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Schlumberger Ltd (SLB US)

This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

Mint Finance

Warning Signs; Buying Energy and Health Care; Still Cautious on QQQ and Now Also IWM

Warning Signs $RSP; Remain Overweight and Buy Energy $XLE and Health Care $XLV; Still Cautious on $QQQ and Now Also $IWM; Downgrading Utilities...

Vermilion Research

SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...

Mint Finance

Schlumberger (SLB) Is Positioned for a Powerful MENA Cycle—Kuwait

The latest financial results of SLB, formerly known as Schlumberger, provide several insights into the company's current status and future...

Baptista Research

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This Week in AI (Aug 30-Sep 5): GPT-6 Astra and Fable 5.1 in Same Week; Moonshot Files IPO

This week in AI: GPT-6 Astra and Claude Fable 5.1 arrive together; Nvidia buys Hugging Face for USD 12.93bn; Moonshot files for a Hong Kong IPO.

Ke Yan, CFA, FRM

Oilfield Services in a Time of Conflict: Near-Term Disruptions, Medium-Term Opportunity

​Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

Mint Finance

Warning Signs; Buying Energy and Health Care; Still Cautious on QQQ and Now Also IWM

Warning Signs $RSP; Remain Overweight and Buy Energy $XLE and Health Care $XLV; Still Cautious on $QQQ and Now Also $IWM; Downgrading Utilities...

Vermilion Research

SLB and Halliburton: Robust Earnings and the Limits of Market Expectations

​SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...

Mint Finance

Schlumberger (SLB) Is Positioned for a Powerful MENA Cycle—Kuwait

The latest financial results of SLB, formerly known as Schlumberger, provide several insights into the company's current status and future...

Baptista Research

Middle East conflict impacts SLB and Halliburton shares, with potential for increased oilfield services demand tempered by geopolitical instability.

SLB and Halliburton start 2026 strong, but market reactions differ due to expectations and positioning. Venezuela catalyst boosts oilfield...