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

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).</li>
<li>We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.</li>
<li>Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass).
We also upgraded our near-term outlook to bullish on MSCI ACWI in our April 23, 2026 Int’l Compass.
Remain overweight Technology, our primary focus every single week since April 16. It's getting hard to find names near buy points. Elsewhere, we highlight opportunities within Discretionary, Industrials, and Transportation


Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. </li>
<li>AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.</li>
<li>With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  </li>
</ul>


Hong Kong is on track to complete $40 billion in IPOs this year, with demand coming from unicorn tech companies and A-share firms seeking dual listings. 
AI, new energy technology, and healthcare will be the leading IPO sectors.  There are 450 companies that have filed for IPOs in Hong Kong in 2026.
With IPO oversubscriptions extremely high, investors are buying peer companies in the same industry, benefiting from spillover or halo effects.  


HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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.

Equity Bottom-Up

Knowledge Atlas Technology / Equity Bottom-Up

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A this week: Anthropic withheld Claude Mythos from public release and launched a 12-partner cybersecurity consortium.</li>
<li>Zhipu's GLM-5V-Turbo achieved SWE-Bench Pro SOTA on Huawei Ascend chips; DeepSeek targets late-April V4 launch on domestic silicon.</li>
<li>Broadcom secured a $21bn/$42bn custom TPU deal with Google and Anthropic; Cerebras targets $22-25bn Nasdaq IPO.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A this week: Anthropic withheld Claude Mythos from public release and launched a 12-partner cybersecurity consortium.
Zhipu's GLM-5V-Turbo achieved SWE-Bench Pro SOTA on Huawei Ascend chips; DeepSeek targets late-April V4 launch on domestic silicon.
Broadcom secured a $21bn/$42bn custom TPU deal with Google and Anthropic; Cerebras targets $22-25bn Nasdaq IPO.


This Week in AI (Apr 5-11): Anthropic's Mythos Is Too Dangerous; Zhipu Tops Bench on Huawei Chips

Thematic (Sector/Industry)

<ul>
<li>We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.</li>
<li>Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.</li>
<li>Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.</li>
</ul>


We tracked AI models, infrastructure, and M&amp;A; this week: OpenAI filed for IPO, Anthropic projected first profit, and Nvidia reported earnings.
Google launched Gemini 3.5 Flash, Alibaba launched Qwen3.7-Max, and Zhipu disclosed ZCube with GLM-5.1-highspeed.
Anthropic lined up funding and compute, Google hired Contextual AI researchers, and Moonshot prepared a Hong Kong IPO structure.


This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The correction in momentum is done as index moves mask the price action underneath</li>
<li>Will the Bank of Japan finally hike rates again ?</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The correction in momentum is done as index moves mask the price action underneath
Will the Bank of Japan finally hike rates again ?


China

Knowledge Atlas Technology provides customized large model-related services, specializing in artificial intelligence (AI) and big data solutions, including AI model development and industry-specific intelligent applications. The company offers on-premise and cloud-based deployment services, along with products like z.ai, AutoGLM, ChatGLM, and the GLM family of large language models. Knowledge Atlas Technology was founded in 2019 and is headquartered in Beijing, China.

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Knowledge Atlas Technology (2513 HK)

Lockout Rally Continues; Yet Another Bullish Gap on ACWI-US; Crude Oil Top in Place

Lockout Rally Continues; Yet Another Bullish Gap on $ACWI; Crude Oil $USO Top in Place; Actionable Themes: Technology, Discretionary, Industrials,...

Vermilion Research

HONG KONG IPO WATCH: Follow the Leader Strategy (April 2026)

KB Laminates (1888 HK) has gained 90% since our April report on the following-the-leader strategy. Kingboard Holdings (148 HK) holds a 70% stake...

David Mudd

This Week in AI (Apr 5-11): Anthropic's Mythos Is Too Dangerous; Zhipu Tops Bench on Huawei Chips

This week in AI: Anthropic withholds frontier model after sandbox escape; Zhipu tops SWE-Bench on Huawei chips; Broadcom lands $21bn custom TPU deal.

Ke Yan, CFA, FRM

This Week in AI (May 17-23): OpenAI Files for IPO; Anthropic Posts First Profit; Nvidia Reports Q1

This week in AI: OpenAI filed for IPO; Anthropic's first profitable quarter; Nvidia guided without China data-center revenue.

Ke Yan, CFA, FRM

Overview #61- Back to the Races

A review of recent events/data impacting our investment themes and outlook. We look at the momentum correction and expectations for what happens next

Rikki Malik

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