President

Thomas Coughlin

Coughlin Associates

Thematic (Sector/Industry)

NVIDIA leads in market share of GPUs with its data center GPU business now almost as big as its gaming PC business.  The company is introducing its BlueField-2 Data Processing Units (DPUs), based upon technology from its Mellanox acquisition, in combination with open source management software, to create demand for another important data center domain specific processor that could generate revenue matching or exceeding that from NVIDIA's GPUs.

NVIDIA leads in market share of GPUs with its data center GPU business now almost as big as its gaming PC business.  The company is introducing its BlueField-2 Data Processing Units (DPUs), based upon technology from its Mellanox acquisition, in combination with open source management software, to create demand for another important data center domain specific processor that could generate revenue matching or exceeding that from NVIDIA's GPUs.

NVIDIA to Increase Its Data Center Business with DPUs

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

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get hit, not the indiscriminate “sell-button.” But even with waning breadth, the weight-of-the-evidence still supports further upside. We believe this dip in breadth is a favorable sign for stock-pickers, creating an environment where selectivity can aid in outperformance. This week we provide an update to our investment thesis and highlight attractive opportunities within the gaming stocks, and a wide range of other cyclical companies.

Asia and Global Semiconductor and Tech Research

Andrew Lu

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

<ul>
<li>The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.</li>
<li>The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.</li>
<li>Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…</li>
</ul>


The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has outperformed wider tech indices.
The explosion in video steaming, cloud computing and the shift toward semi-autonomous vehicles as well as the huge computational intensity of AI software are all key drivers through end decade.
Global semiconductor industry sales saw accelerating growth from mid-2016, with Q4 sales of $93bn 12.3% higher y/y - semiconductors are…


Structural and Cyclical Drivers Underpin Semiconductor Outperformance

United States

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

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VMware Inc Class A (VMW US)

NVIDIA to Increase Its Data Center Business with DPUs

NVIDIA leads in mar

Thomas Coughlin

U.S. Equity Strategy Weekly

Breadth is waning – there’s no question about that. Yet selling appears to be discriminate, so far, as if there’s a reason behind which stocks get...

Vermilion Research

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI...

Andrew Lu

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

Structural and Cyclical Drivers Underpin Semiconductor Outperformance

The secular overweight since 2012 to semiconductor growth themes including sensor, parallel processing and communication chip stocks has...

Sean Maher

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