Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.</li>
<li>Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  </li>
<li>U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.</li>
</ul>


As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered permanent magnets.
Chinese official policy holds that applying export controls to rare earths is consistent with international practice because they can be used for both civilian and military purposes.  
U.S. is 80% import-dependent on REEs, with China supplying 80% of those imports. It is a 100% net importer of REEs produced via China's magnet rare earth concentrate (mREC) process.


Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Independent Fund Manager, Swaen Capital

Swaen Capital

Independent Fund Manager

Swaen Capital is a Singapore based licensed independent fund manager with an open architecture, a non bias financial platform creating access to the best custodians and investment managers. Our focus lies within the wealth management business, covering client relationships, financial planning, advisory, as well as discretionary portfolio management. We have developed strategic alliances with other leading independent firms to complement and extend our offerings to clients (global hedge fund research capability, alternative investment offerings, corporate finance, fund structuring & administration, etc). Our know-how, extensive global network and long standing presence in Asia allows us to provide a global footprint and at the same time enables us to capitalize on regional opportunities.

Thematic (Sector/Industry)

<ul>
<li>The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).</li>
<li>Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.</li>
<li>Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.</li>
</ul>


The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and signal-integrity penalties. The industry's answer is to move the optics off the faceplate and onto the chip package itself — Co Packaged Optics (CPO).
Adoption is switch-first. NVIDIA and Broadcom are shipping CPO switches in 2026 on external-laser designs; the XPU side and an in-package laser are deferred by packaging and reliability limits, not yet solved.
Money moves with the architecture. As the optical engine moves into the package, value migrates away from module assemblers toward the layers that fabricate the optical engine itself.


Co-Packaged Optics 101: The Future of High-Density AI Interconnects

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>On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. </li>
<li>Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”</li>
<li>If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... </li>
</ul>


On April 2, 2026, a bipartisan group of US lawmakers introduced H.R. 8170, the Multilateral Alignment of Technology Controls on Hardware Act, or the MATCH Act. 
Three weeks later, on April 22, the House Foreign Affairs Committee advanced it in what lawmakers called ”the largest significant export control mark-up in the history of Congress.”
If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate Chinese efforts to develop their own... 


US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

<ul>
<li>China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including rare earths.</li>
<li>China launched an anti-dumping probe into Dichlorosilane, a material primarily used in thin films for producing logic, memory, analog, and other types of chips.</li>
<li>The trade measures affect a broad range of Japan's industries, including automotive, chemicals, electronics, semiconductor equipment, chip-making materials, and robotics.  The U.S. response to tensions between China and Japan remains limited.</li>
</ul>


China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including rare earths.
China launched an anti-dumping probe into Dichlorosilane, a material primarily used in thin films for producing logic, memory, analog, and other types of chips.
The trade measures affect a broad range of Japan's industries, including automotive, chemicals, electronics, semiconductor equipment, chip-making materials, and robotics.  The U.S. response to tensions between China and Japan remains limited.


Japan Trade: CHINA SAYS, "YOU MADE YOUR FUTON, NOW LIE IN IT!"

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

Rare Earth Elements: U.S. SMUGGLING ILLICITS CHINA CRACKDOWN !!

As with US efforts to thwart Chinese smuggling of chips to meet its AI demand, China cannot fully stop US smuggling of REEs and high-powered...

David Mudd

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

Co-Packaged Optics 101: The Future of High-Density AI Interconnects

The copper wall is here. Above ~200Gbps per lane, copper can no longer carry signals more than a few metres without prohibitive power and...

Swaen Capital

US Semiconductor China Export Restrictions. Game, Set & Now Let's Try MATCH!

If enacted, the immersion DUV ban will deal a serious blow to China's semiconductor ambitions in the medium term. It will also greatly accelerate...

William Keating

Japan Trade: CHINA SAYS, "YOU MADE YOUR FUTON, NOW LIE IN IT!"

China has responded to Japan's military rhetoric and actions by announcing a ban on all exports deemed dual-use for Japan's military, including...

David Mudd

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