US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.</li>
<li>
<a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/ebay-inc" target="_blank" data-smartkarma-citation="entities:1291:1" rel="noopener">eBay Inc (EBAY US)</a> are the main addition candidates for the acquisition of <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> by mid-2025 and the December 2025 review.</li>
</ul>



MongoDB (MDB US) is forecasted to be deleted from Nasdaq100 on 16 May due to an index weighting of lower than 0.1% on the last day of March and April.

Shopify (SHOP US) is the forecasted replacement. The company became eligible following its listing transfer from NYSE to Nasdaq on 31 March.

Alnylam Pharmaceuticals (ALNY US) and eBay Inc (EBAY US) are the main addition candidates for the acquisition of Ansys Inc (ANSS US) by mid-2025 and the December 2025 review.


MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin.  </li>
</ul>



Softbank Group (9984 JP)’s 180-day lock-up period on its 89.75% ARM Holdings (ARM US) shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.
SoftBank will likely monetise its ARM stake using the Alibaba (ADR) (BABA US) playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. 
ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to NVIDIA Corp (NVDA US), despite forecasted lower growth and margin.  


ARM Holdings (ARM US): Lock up Expiry on 12 March

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>Synopsys Inc. reported a solid second quarter for fiscal year 2026, surpassing its guidance on revenue, non-GAAP operating margin, and non-GAAP earnings per share.</li><li>The performance was primarily driven by robust execution and sustained strength in AI-related demand, underscoring the company's positioning as a significant engineering solutions provider across electronic design automation (EDA), intellectual property (IP), and multiphysics simulation domains.</li><li>AI’s scaling of semiconductor complexity and architectural diversity is contributing to heightened demand across Synopsys’ portfolio, including increased design activity, system-level requirements, and complex chip architectures.</li></ul>

Synopsys Inc. reported a solid second quarter for fiscal year 2026, surpassing its guidance on revenue, non-GAAP operating margin, and non-GAAP earnings per share.The performance was primarily driven by robust execution and sustained strength in AI-related demand, underscoring the company's positioning as a significant engineering solutions provider across electronic design automation (EDA), intellectual property (IP), and multiphysics simulation domains.AI’s scaling of semiconductor complexity and architectural diversity is contributing to heightened demand across Synopsys’ portfolio, including increased design activity, system-level requirements, and complex chip architectures.

Synopsys’ 3DIC Push: Can Advanced Chip Complexity Fuel The Next Leg?

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

<ul>
<li>SNPS reported Q2FY26 revenues of $2.276 billion, above prior guidance; quarterly GAAP earnings per diluted share (EPS) of $0.09, and non-GAAP EPS of $3.35</li>
<li>SNPS raised expectations for FY26 revenue to $9.665 billion, driven by strong performance across the business. Share price crashed ~9% the following day.</li>
<li>On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott,  including the appointment of Jesse Cohn to its board as an independent director. Yikes!</li>
</ul>


SNPS reported Q2FY26 revenues of $2.276 billion, above prior guidance; quarterly GAAP earnings per diluted share (EPS) of $0.09, and non-GAAP EPS of $3.35
SNPS raised expectations for FY26 revenue to $9.665 billion, driven by strong performance across the business. Share price crashed ~9% the following day.
On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott,  including the appointment of Jesse Cohn to its board as an independent director. Yikes!


Synopsys Q2 FY26. Beat, Raise, Crash & Hello There Elliott

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>The March market correction on Iran War was short lived and the rebound was furious – and illustrates the belief that both parties (US, Iran) desperately need a settlement . </li>
<li>There are interesting disconnects between Semi (up a lot) and Software (down a lot). Intrinsically it does not make sense: the business model of AI entire ecosystem is Application Software. </li>
<li>SOXX is expensive. Hyperscalers have recovered by 20-25% in April. Software remains depressed. Some firms will be hit by AI competitors but have a look at Cadence, Synopsis, Service Now. </li>
</ul>


The March market correction on Iran War was short lived and the rebound was furious – and illustrates the belief that both parties (US, Iran) desperately need a settlement . 
There are interesting disconnects between Semi (up a lot) and Software (down a lot). Intrinsically it does not make sense: the business model of AI entire ecosystem is Application Software. 
SOXX is expensive. Hyperscalers have recovered by 20-25% in April. Software remains depressed. Some firms will be hit by AI competitors but have a look at Cadence, Synopsis, Service Now. 


Now that S&P and Nasdaq Are Back to Positive Territory, What to Do (In Tech)?

United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

MongoDB (MDB US): Fast-Exit from Nasdaq100 in May 2025

MDB is set to be removed from Nasdaq100 on 16 May due to its low index weighting, with SHOP expected to replace it. ALNY and EBAY are potential...

Dimitris Ioannidis

ARM Holdings (ARM US): Lock up Expiry on 12 March

SoftBank will likely monetise its ARM stake using the Alibaba playbook. This playbook uses prepaid forward contracts to raise capital with eventual...

Arun George

Synopsys’ 3DIC Push: Can Advanced Chip Complexity Fuel The Next Leg?

Synopsys Inc. reported a solid second quarter for fiscal year 2026, surpassing its guidance on revenue, non-GAAP operating margin, and non-GAAP...

Baptista Research

Synopsys Q2 FY26. Beat, Raise, Crash & Hello There Elliott

On the same day as the earnings call, SNPS entered into a cooperation agreement with Elliott, including the appointment of Jesse Cohn to its board...

William Keating

Now that S&P and Nasdaq Are Back to Positive Territory, What to Do (In Tech)?

Disconnect between Semi and Software sectors, despite AI ecosystem reliance on Application Software. SOXX expensive, some firms like Cadence,...

Nicolas Baratte

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