Smartkarma Daily Briefs

Aurubis AG, a key player in the multimetal production sector, has reported robust performance for the first half of its fiscal year 2024-25, amidst a challenging global market environment.
The company posted an operating EBT of EUR 229 million, nearly matching the previous year’s figures, and an EBITDA of EUR 341 million.
A slight increase in return on capital employed to 10.2% was observed, despite an increase in capital employed due to their growth projects.

Kinder Morgan’s Hidden AI Catalyst: Why Natural Gas Pipelines Are Powering the Digital Future

As artificial intelligence (AI) continues to reshape the global economy, it’s easy to overlook the physical infrastructure enabling this revolution.
While chipmakers and hyperscalers dominate headlines, Kinder Morgan (NYSE:KMI), one of the largest energy infrastructure companies in North America, is emerging as a key beneficiary of AI’s insatiable energy demands.
The company’s recent earnings call and market positioning highlight how AI and natural gas form a powerful synergy—making KMI not just a traditional energy play, but a hidden enabler of the digital age.

Tenaris: Initiation of Coverage- Why This Energy Supplier May Be the Biggest Offshore Winner in 2025!

Tenaris S.A. delivered its first-quarter financial results for 2025, reflecting both challenges and opportunities.
The company reported a quarterly sales figure of $2.9 billion, which marked a year-on-year decline of 15% but a sequential increase of 3%.
This growth was primarily attributed to higher seasonal volumes in Canada and increased onshore sales in the U.S., despite downward pressure from declining average selling prices.

Wacker Chemie: Initiation of Coverage- Is Its Semiconductor Polysilicon Bet the Ultimate Tech Megatrend Play?

Wacker Chemie AG’s Q1 2025 results reveal a mixed performance across different segments, reflecting the broader challenges in the market.
The company reported sales of EUR 1.48 billion, slightly down from the previous year but higher than the preceding quarter due to seasonality.
Group EBITDA stood at EUR 127 million, down from EUR 172 million year-over-year, mainly attributed to weak demand in solar-grade polysilicon and construction-related polymers, alongside lower utilization rates.

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Jul 06

Daily Brief Japan: Kawasaki Heavy Industries, Nissin Corp, Shibaura Electronics, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Kawasaki Heavy Industries (7012 JP): Sell into Strength
(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL
Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC
Will Management that Incorporates Cost of Capital Be Fully Implemented 7 Years from Now, in 2028?

Kawasaki Heavy Industries (7012 JP): Sell into Strength

KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
Orders from Japan’s Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
The potential impact of U.S. tariffs on Power Sports & Engines is not factored into guidance, offsetting what otherwise seem to be conservative assumptions.

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)‘s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)‘s Hobson’s Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. <¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) – I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this “rescue package” announcement – ~HK$88.2bn – should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.

Will Management that Incorporates Cost of Capital Be Fully Implemented 7 Years from Now, in 2028?

By Aki Matsumoto

Considering that it took seven years to finally begin reducing policy-held shares, it seems reasonable to assume that many companies will begin seriously incorporating capital costs into management in 2028.
TSE states that while Prime Market has most companies whose initiatives are out of step with investors’ perspectives, companies whose initiatives are highly regarded by investors show superior stock performance.
TSE appears to be placing its hopes on efficient market hypothesis. However, investors need to see increase in capital profitability that will convince them of the path to value creation.

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Jul 06

Daily Brief Industrials: Kawasaki Heavy Industries, Nissin Corp, Core & Main and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Kawasaki Heavy Industries (7012 JP): Sell into Strength
(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL
Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

Kawasaki Heavy Industries (7012 JP): Sell into Strength

KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
Orders from Japan’s Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
The potential impact of U.S. tariffs on Power Sports & Engines is not factored into guidance, offsetting what otherwise seem to be conservative assumptions.

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)‘s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)‘s Hobson’s Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).

Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

Core & Main reported strong results for its first fiscal quarter of 2025, with net sales reaching a record $1.9 billion and adjusted EBITDA hitting $224 million.
The company attributed its performance to robust municipal construction activity and funding from government infrastructure initiatives, which continue to create opportunities, particularly in water and wastewater treatment projects.
However, Core & Main did note a softening in the residential market due to economic uncertainties and affordability pressures, impacting future outlooks slightly.

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✓ Company Data and News
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Jul 06

Daily Brief China: Yichang HEC Changjiang Pharma and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma

China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma

By Xinyao (Criss) Wang

For the upcoming 11th national VBP, we think some core and big varieties could be included, involving companies such as Sunshine Lake Pharma, Huadong Medicine, Hansoh Pharmaceutical (3692 HK), etc.
Anjoy’s IPO is fairly priced. Reasonable valuation range is 10-15x P/E.However, unfavorable factors have led us to take a conservative attitude towards the upside potential of stock price after IPO.
For Sunshine Lake Pharma’s privatization of HEC Pharma, Composite Document was despatched. However, if investors truly understand “the essence” of HEC Pharma, they will be calm/rational about this absorption merger.

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Jul 06

Daily Brief ECM: NTT DC REIT IPO: Valuation Insights and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

NTT DC REIT IPO: Valuation Insights

NTT DC REIT IPO: Valuation Insights

By Arun George

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
I previously discussed the listing in NTT DC REIT IPO: The Investment Case.
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers’ multiples and yields.

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Jul 06

Daily Brief Thematic (Sector/Industry): APAC Healthcare Weekly (July 6)- Shionogi and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

By Tina Banerjee

Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.

💡 Before it’s here, it’s on Smartkarma

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Jul 06

Daily Brief Industrials: Kawasaki Heavy Industries, Nissin Corp, Core & Main and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Kawasaki Heavy Industries (7012 JP): Sell into Strength
(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL
Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

Kawasaki Heavy Industries (7012 JP): Sell into Strength

KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
Orders from Japan’s Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
The potential impact of U.S. tariffs on Power Sports & Engines is not factored into guidance, offsetting what otherwise seem to be conservative assumptions.

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)‘s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)‘s Hobson’s Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).

Core & Main: Can It Capitalize On The Growing Municipal & Infrastructure Investments?

Core & Main reported strong results for its first fiscal quarter of 2025, with net sales reaching a record $1.9 billion and adjusted EBITDA hitting $224 million.
The company attributed its performance to robust municipal construction activity and funding from government infrastructure initiatives, which continue to create opportunities, particularly in water and wastewater treatment projects.
However, Core & Main did note a softening in the residential market due to economic uncertainties and affordability pressures, impacting future outlooks slightly.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 06

Daily Brief Event-Driven: Event Driven: Gabriel India Restructuring ~ From Shock Absorbers to a Diverse Mobility Leader and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Event Driven: Gabriel India Restructuring ~ From Shock Absorbers to a Diverse Mobility Leader
Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC
(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

Event Driven: Gabriel India Restructuring ~ From Shock Absorbers to a Diverse Mobility Leader

By Nimish Maheshwari

On July 2nd, Gabriel India (GABR IN) announced its strategic restructuring plan, merging key entities to diversify its business and unlock significant shareholder value.
The merger increases promoter shareholding from 55% to 63.5%, with projected EPS accretion of 41%.
This move positions Gabriel India as a multi-product leader, enhancing global OEM partnerships and boosting market presence in key automotive segments.

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. <¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) – I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this “rescue package” announcement – ~HK$88.2bn – should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.

(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)‘s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)‘s Hobson’s Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 06

Daily Brief Equity Bottom-Up: Kawasaki Heavy Industries (7012 JP): Sell into Strength and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Kawasaki Heavy Industries (7012 JP): Sell into Strength
GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!
Bike O & Co Ltd (3377 JP): 1H FY11/25 flash update
China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma
Carving Out a Niche: The Case for Intel’s Foundry Strategy Beyond the TSMC Benchmark
Chewy: Can The Reimagined Vet Clinics & Chewy+ Become The Future of Pet Care?
Jabil Inc’s AI Ambitions—Is An $8.5 Billion Bet On Data Centers The Ultimate Power Move?
Korea Small Cap Gem #38: Infinitt Healthcare
Aurubis AG: Initiation of Coverage- Hidden Gold in Metal Yield Diversification Powers Future Growth!
Alphabet’s Billion-Dollar Bet on Fusion Energy: What’s Powering Google’s Latest Moonshot?

Kawasaki Heavy Industries (7012 JP): Sell into Strength

KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
Orders from Japan’s Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
The potential impact of U.S. tariffs on Power Sports & Engines is not factored into guidance, offsetting what otherwise seem to be conservative assumptions.

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.
The company’s non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year’s negative margin.
GitLab’s CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

Bike O & Co Ltd (3377 JP): 1H FY11/25 flash update

By Shared Research

In 1H FY11/25, revenue was JPY18.7bn (+13.2% YoY), with operating profit of JPY321mn and net income of JPY186mn.
Wholesale unit sales increased, retail unit sales declined, but higher average unit prices boosted revenue and gross profit.
SG&A expenses decreased by 3.3% YoY, contributing to improved profitability, with a workforce of 1,037 employees.

China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma

By Xinyao (Criss) Wang

For the upcoming 11th national VBP, we think some core and big varieties could be included, involving companies such as Sunshine Lake Pharma, Huadong Medicine, Hansoh Pharmaceutical (3692 HK), etc.
Anjoy’s IPO is fairly priced. Reasonable valuation range is 10-15x P/E.However, unfavorable factors have led us to take a conservative attitude towards the upside potential of stock price after IPO.
For Sunshine Lake Pharma’s privatization of HEC Pharma, Composite Document was despatched. However, if investors truly understand “the essence” of HEC Pharma, they will be calm/rational about this absorption merger.

Carving Out a Niche: The Case for Intel’s Foundry Strategy Beyond the TSMC Benchmark

By Raghav Vashisht

Tan’s continuation of IDM 2.0 marks a pragmatic recalibration. By focusing on margin recapture and tailored customer models, Intel’s ambitions are not just about competing with TSMC at scale.
Intel’s 18A node was never intended as a mass-market foundry product; it was a strategic, internal milestone to reestablish process credibility, with commercial foundry ambitions anchored in 18A-P and 14A.
Intel’s future hinges less on market share and more on executing a credible, margin-accretive foundry model. It could well emerge as a second-source alternative in a geopolitically fragmented supply chain.

Chewy: Can The Reimagined Vet Clinics & Chewy+ Become The Future of Pet Care?

Chewy Inc., a prominent player in the pet e-commerce space, presented an overall positive first-quarter performance for fiscal year 2025, emphasizing growth initiatives and financial health.
Chewy reported an 8.3% year-over-year increase in net sales, reaching $3.12 billion, surpassing their guidance estimates.
This growth was largely driven by robust demand across consumables and health and wellness product categories, with a notable year-over-year hardgoods sales increase of 12.3%.

Jabil Inc’s AI Ambitions—Is An $8.5 Billion Bet On Data Centers The Ultimate Power Move?

Jabil Inc. presented a strong performance in its third quarter of fiscal year 2025, surpassing expectations in multiple financial metrics.
The company reported net revenue of $7.8 billion, marking a 16% increase year-over-year and exceeding earlier guidance by $800 million.
This boost was primarily attributed to the Intelligent Infrastructure sector, particularly in AI-related revenue, supporting robust demand in cloud and data center infrastructure markets.

Korea Small Cap Gem #38: Infinitt Healthcare

By Douglas Kim

Infinitt Healthcare is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea.
Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations.
The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.

Aurubis AG: Initiation of Coverage- Hidden Gold in Metal Yield Diversification Powers Future Growth!

Aurubis AG, a key player in the multimetal production sector, has reported robust performance for the first half of its fiscal year 2024-25, amidst a challenging global market environment.
The company posted an operating EBT of EUR 229 million, nearly matching the previous year’s figures, and an EBITDA of EUR 341 million.
A slight increase in return on capital employed to 10.2% was observed, despite an increase in capital employed due to their growth projects.

Alphabet’s Billion-Dollar Bet on Fusion Energy: What’s Powering Google’s Latest Moonshot?

Alphabet is making headlines once again—this time for a groundbreaking deal that could reshape the future of clean energy.
In one of the largest commercial commitments yet to nuclear fusion, Google has signed an agreement with Commonwealth Fusion Systems (CFS) to purchase 200 megawatts of electricity from the company’s first commercial fusion power plant, ARC, currently under development in Chesterfield County, Virginia.
This deal marks a major endorsement of fusion power as a viable long-term solution to the surging energy needs of hyperscale technology companies.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 06

Daily Brief TMT/Internet: Gitlab , Intel Corp, Jabil Circuit, Oracle Corp, Alphabet , Shibaura Electronics, Taiwan Semiconductor (TSMC), Clear Secure, Power Integrations, Accenture Plc Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!
Carving Out a Niche: The Case for Intel’s Foundry Strategy Beyond the TSMC Benchmark
Jabil Inc’s AI Ambitions—Is An $8.5 Billion Bet On Data Centers The Ultimate Power Move?
Oracle Corporation: Is The Demand for Oracle Databases Across Cloud Platforms Enough To Warrant Any Optimism?
Alphabet’s Billion-Dollar Bet on Fusion Energy: What’s Powering Google’s Latest Moonshot?
Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC
Taiwan Semiconductor (TSMC)’s $165 Billion Gamble: Will Its U.S. Expansion Undermine Its Global Edge?
Clear Secure: ePassport Expansion & TSA PreCheck Growth Are Critical Growth Levers!
Power Integrations: Geographic and Supply Chain Shifts Are Playing A Key Role In Its Growth Strategy!
Accenture plc: A Billion-Dollar Acquisition Blitz For A Much-Needed Push In Tech Services!

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.
The company’s non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year’s negative margin.
GitLab’s CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

Carving Out a Niche: The Case for Intel’s Foundry Strategy Beyond the TSMC Benchmark

By Raghav Vashisht

Tan’s continuation of IDM 2.0 marks a pragmatic recalibration. By focusing on margin recapture and tailored customer models, Intel’s ambitions are not just about competing with TSMC at scale.
Intel’s 18A node was never intended as a mass-market foundry product; it was a strategic, internal milestone to reestablish process credibility, with commercial foundry ambitions anchored in 18A-P and 14A.
Intel’s future hinges less on market share and more on executing a credible, margin-accretive foundry model. It could well emerge as a second-source alternative in a geopolitically fragmented supply chain.

Jabil Inc’s AI Ambitions—Is An $8.5 Billion Bet On Data Centers The Ultimate Power Move?

Jabil Inc. presented a strong performance in its third quarter of fiscal year 2025, surpassing expectations in multiple financial metrics.
The company reported net revenue of $7.8 billion, marking a 16% increase year-over-year and exceeding earlier guidance by $800 million.
This boost was primarily attributed to the Intelligent Infrastructure sector, particularly in AI-related revenue, supporting robust demand in cloud and data center infrastructure markets.

Oracle Corporation: Is The Demand for Oracle Databases Across Cloud Platforms Enough To Warrant Any Optimism?

Oracle Corporation has reported a strong performance for its fourth quarter and fiscal year 2025, surpassing expectations in terms of both revenue and earnings per share (EPS).
The company’s results reflect significant momentum in its cloud transition, which has been a strategic focus for several years.
On the positive side, Oracle has demonstrated robust growth across its cloud offerings.

Alphabet’s Billion-Dollar Bet on Fusion Energy: What’s Powering Google’s Latest Moonshot?

Alphabet is making headlines once again—this time for a groundbreaking deal that could reshape the future of clean energy.
In one of the largest commercial commitments yet to nuclear fusion, Google has signed an agreement with Commonwealth Fusion Systems (CFS) to purchase 200 megawatts of electricity from the company’s first commercial fusion power plant, ARC, currently under development in Chesterfield County, Virginia.
This deal marks a major endorsement of fusion power as a viable long-term solution to the surging energy needs of hyperscale technology companies.

Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. <¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) – I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this “rescue package” announcement – ~HK$88.2bn – should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.

Taiwan Semiconductor (TSMC)’s $165 Billion Gamble: Will Its U.S. Expansion Undermine Its Global Edge?

Taiwan Semiconductor Manufacturing Company (TSMC), the world’s most advanced chipmaker and a linchpin in the global semiconductor supply chain, is making a historic push into the United States.
With a combined $165 billion committed to building six fabs, two advanced packaging facilities, and an R&D center in Arizona, TSMC aims to address strong customer demand from U.S.-based tech giants like Apple, NVIDIA, AMD, Qualcomm, and Broadcom.
The first fab, using 4nm technology, has entered high-volume production, and construction on the second and third fabs is underway.

Clear Secure: ePassport Expansion & TSA PreCheck Growth Are Critical Growth Levers!

CLEAR has reported its fiscal first quarter results for 2025, showing a mixed performance that reflects both growth opportunities and some challenges.
The company, known for its secure identity platform, emphasized continued progress in expanding its products and services, especially in the travel sector, while also navigating broader macroeconomic uncertainties.
Starting with the positives, CLEAR reported strong membership growth, with total members on its network reaching 31.2 million, a 42.3% increase year-over-year.

Power Integrations: Geographic and Supply Chain Shifts Are Playing A Key Role In Its Growth Strategy!

Power Integrations, Inc. reported Q1 revenues of $106 million, reflecting a 15% year-over-year increase, aligning with the mid-point of its guidance range.
The company achieved a non-GAAP EPS of $0.31 and realized a strong cash flow, which supported its strategic decision to repurchase shares amidst market volatility.
Each of the four primary end markets—consumer, computer, communications, and industrial—witnessed growth.

Accenture plc: A Billion-Dollar Acquisition Blitz For A Much-Needed Push In Tech Services!