In today’s briefing:
- Ohayo Japan | S&P 500 Notches Record Amid Mixed Tech Earnings
- Monday Delight: 21/07/25
- [Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls
- Japan Morning Connection: Trump Announces 15% Tariffs on Japan but Details Remain Scarce
- What Happens to China Healthcare? – The Soaring Shares, the Turning Point, and the Top Picks
- What’s New(s) in Amsterdam
- WTR Healthcare Spotlight Recap – July 21, 2025
- WTR Symposium Series Podcast Recap – July 21, 2025
Ohayo Japan | S&P 500 Notches Record Amid Mixed Tech Earnings
- The Nasdaq fell 0.4%, its first decline in seven sessions, dragged down by chipmakers after reports of delays in SoftBank and OpenAI’s $500 billion AI initiative
- Treasury Secretary Scott Bessent indicated a likely extension of the China deal deadline, while Trump announced a tariff agreement with the Philippines
- Prime Minister Shigeru Ishiba’s Cabinet approval rating fell to a record-low 23% following the Liberal Democratic Party’s significant losses in the House of Councillors election
Monday Delight: 21/07/25
- Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.
- Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.
- If you have something fascinating to share that could benefit me and the wider community, don’t hesitate to send it my way—I’d love to hear from you!
[Wafer Watch] Top Chipmakers Drive the Index, Broader Market Stalls
- SOXX rose 1.3% as AMD, Nvidia, and Broadcom rallied on China access and upgrades, while Micron and ASML lagged on memory and High-NA concerns.
- ASML warned on 2026 as TSMC and Samsung delay High-NA EUV; newer designs instead boost demand for etch players over lithography.
- $136M ETF outflows and a 25% drop in options activity show gains remain narrow, with investors waiting on tariffs and real tech catalysts.
Japan Morning Connection: Trump Announces 15% Tariffs on Japan but Details Remain Scarce
- Stargate delays hitting semi-caps, while Texas Instruments cautious tone hitting power-semi’s after hours.
- Medical tech solution names IQVIA and Medpace surge may aid M3.
- DR Hortons’s numbers beat sparking enormous short squeeze for Home Builders – Sumitomo Forestry to follow.
What Happens to China Healthcare? – The Soaring Shares, the Turning Point, and the Top Picks
- China biotech has become the biggest valuation driver for the entire healthcare sector based on strong expectations on licensing cooperations. Other subsectors may still underperform due to lack of logic.
- The primary market still lacks confidence in long-term outlook. Some founders/shareholders have already reduced holdings and cash out. Valuation bubble may burst when turning point occurs.We analyzed the possible scenarios.
- At this stage, stock picking logic may need to focus on three directions. The next stage of the rise may come more from A-share market. We shared our top picks.
What’s New(s) in Amsterdam
- Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).
- Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.
- Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate.
WTR Healthcare Spotlight Recap – July 21, 2025
- Introducing Dr. David Mazzo and Dr. Kristen Buck.
- Both of our guests carry impressive résumés. Dr. Mazzo, a PhD-trained chemist, is a 40-year veteran of the pharmaceutical industry, of which a significant portion has been spent in R&D executive roles in big and emerging pharma companies that develop products across all therapeutic areas and development stages.
- Dr. Mazzo joined Lisata as its CEO in 2015. Dr. Buck, a physician by training, spent several years as an FDA medical officer before filling various senior and leadership roles in clinical R&D in the pharma industry across multiple therapeutic indications. She joined Lisata in her current role in 2021.
WTR Symposium Series Podcast Recap – July 21, 2025
- Unusual Machines’ CEO Allan Evans highlighted a significant market shift in the drone industry, driven by geopolitical restrictions on Chinese manufacturers, creating a “market vacuum” for non-Chinese, Made-in-the-USA drone components.
- Unusual Machines aims to be a crucial Tier 1 supplier for backpack-sized, specialty, and FPV drones by leveraging a consumer channel to achieve competitive pricing and quality for US-made parts.
- Evans anticipates rapid growth and consolidation in the US drone market, fueled by upcoming defense budgets and existing legislation, with the primary challenge being the ability to match the price performance expectations set by Chinese companies.
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