Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>Globalwafers (6488 TT) held its shareholders’ meeting yesterday (May 26th).  </li>
<li>Regarding the U.S. market, <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> noted that the U.S. government will impose tariffs on imported products, although the specific rates are still unknown.  </li>
<li>Regarding the overall market conditions, the 12-inch silicon wafer market is currently performing significantly better than the 8-inch market, with higher utilization rates.  </li>
</ul>


Globalwafers (6488 TT) held its shareholders’ meeting yesterday (May 26th).  
Regarding the U.S. market, Globalwafers (6488 TT) noted that the U.S. government will impose tariffs on imported products, although the specific rates are still unknown.  
Regarding the overall market conditions, the 12-inch silicon wafer market is currently performing significantly better than the 8-inch market, with higher utilization rates.  


GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Over past year the price of Silicon Carbide wafers has declined by 50-60%, leading to the bankruptcy of Wolfspeed. The Western media tends to blame Chinese over-capacity and price cuts. </li>
<li>But all SiC firms have massively increased capacity: Infineon, Onsemi, STMicro. The vertical integration of the majors is also to blame: over-investments in a small market (rapidly growing, but small). </li>
<li>Who benefits? Nominally the big integrated vendors Infineon, Onsemi, Rohm, STMicro – but Power SiC is a small fraction of their revenues.</li>
</ul>


Over past year the price of Silicon Carbide wafers has declined by 50-60%, leading to the bankruptcy of Wolfspeed. The Western media tends to blame Chinese over-capacity and price cuts. 
But all SiC firms have massively increased capacity: Infineon, Onsemi, STMicro. The vertical integration of the majors is also to blame: over-investments in a small market (rapidly growing, but small). 
Who benefits? Nominally the big integrated vendors Infineon, Onsemi, Rohm, STMicro – but Power SiC is a small fraction of their revenues.


Automotive Power SiC: The Bankruptcy of Wolfspeed

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. BUT... there are multiple live spin-off and M&amp;A events likely to trigger intra-review index changes. Three are likely!


[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

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>Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments amidst a challenging macroeconomic environment.</li><li>The company is emphasizing the transition to a 200-millimeter silicon carbide (SiC) platform, which is seen as critical to its operational efficiency and market leadership.</li><li>Wolfspeed aims to optimize its manufacturing processes to lower costs and accelerate profitability—key components of its broader strategy to tap into the growing demand for SiC in electric vehicles (EVs) and other industrial applications.</li></ul>

Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments amidst a challenging macroeconomic environment.The company is emphasizing the transition to a 200-millimeter silicon carbide (SiC) platform, which is seen as critical to its operational efficiency and market leadership.Wolfspeed aims to optimize its manufacturing processes to lower costs and accelerate profitability—key components of its broader strategy to tap into the growing demand for SiC in electric vehicles (EVs) and other industrial applications.

Wolfspeed Inc.: Are Its Financial Restructuring & Capital Structure Changes Expected To Improve Margins? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

United States

Wolfspeed, Inc. develops and manufactures semiconductor products. The Company offers silicon carbide and GaN solutions for both high power and RF applications. Wolfspeed serves customers worldwide.

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Wolfspeed (WOLF US)

GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead.

Globalwafers (6488 TT) shareholders' meeting notes U.S. tariffs uncertainty, 12-inch silicon wafer market outperforming 8-inch market.

Patrick Liao

Automotive Power SiC: The Bankruptcy of Wolfspeed

The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...

Nicolas Baratte

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

Wolfspeed Inc.: Are Its Financial Restructuring & Capital Structure Changes Expected To Improve Margins? - Major Drivers

Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

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52-week Range

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GlobalWafers (6488.TT): Shareholders’ Meeting Held; US Tariff Effects Pending; SiC Chances Ahead.

​Globalwafers (6488 TT) shareholders' meeting notes U.S. tariffs uncertainty, 12-inch silicon wafer market outperforming 8-inch market.

Patrick Liao

Automotive Power SiC: The Bankruptcy of Wolfspeed

​The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...

Nicolas Baratte

[Quiddity Index Apr25] S&P500/600 Jun25 Rebal: Lots of Intraview Changes Possible

The S&P 500 June 2025 rebal will have fun at both ends of the spectrum. A bunch of intra-review changes at the top are likely, and a few S&P...

Travis Lundy

Wolfspeed Inc.: Are Its Financial Restructuring & Capital Structure Changes Expected To Improve Margins? - Major Drivers

Wolfspeed Inc. has reported its results for the first quarter of fiscal year 2025, indicating a period of strategic transitions and adjustments...

Baptista Research

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

Globalwafers (6488 TT) shareholders' meeting notes U.S. tariffs uncertainty, 12-inch silicon wafer market outperforming 8-inch market.

The decline in Silicon Carbide wafer price led to bankruptcy of Wolfspeed. Blame placed on Chinese over-capacity but the vertical integration of...