Smartkarma Daily Briefs

• Rohm’s relative share price is trading above the 200-day moving average for the first time since August 2023.
• Inventory de-stocking for SiC-based semiconductor suppliers is nearing its end, paving the way for order replenishment 
• Analysts expect Rohm’s margins to lag those of rivals in the recovery, but Rohm has done more to cut inventories than any other. 

• Kospi200 posted a strong weekly gain, advancing every day and extending a powerful rally off the April lows.
• The percentage of positive trading days since early April reflects strong momentum.
• A divergence is emerging, with implied volatility no longer reacting to spot moves as before.

• Huawei is a major player in the AI chip industry, challenging Nvidia’s dominance
• The company’s European-style headquarters and aggressive sales tactics raise questions about its true nature
• Ren Zhengfei’s rare interview with People’s Daily highlights Huawei’s central role in China’s tech industry and diplomatic relations

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• Undergoing a multi-year transformation:After a very challenging FY2024, ROHM Co Ltd (6963 JP) is reassessing its capital strategy, production footprint, and depreciation methodologies, forming the core of the structural reforms.
• ROHM targets a return to operating profitability in FY26, supported by cost optimization, analog IC growth, and a disciplined capital expenditure strategy.
• It is available at significantly cheaper valuation versus peers of just 0.8x price to book. Also, it has been added to the Nikkei 225 Index recently

• Unisound AI Technology (9678 HK) is set to debut on the HKEX on 30 June 2025, at a market cap of ~$1.9bn, raising just ~$40m.
• Current shareholders and cornerstone investors are locked for twelve months keeping the free float below the minimum threshold of Global Indices until 30 June 2026.
• The security is forecasted to be added to Global indices at the August and September 2026 reviews following the 12-month lock-up expiry.

• Nvidia, AMD launch a new GPU every 2 years. At each generation, higher performance manufacturing (TSMC) and HBM (higher density, higher speed, thinner layers). Hence, cost increase at each generation. 
• Price and volumes are negotiated 1 year ahead. TSMC, SK Hynix expect AI / HBM revenues to double in 2025. Expect another 50-60% in 2026. 
• Why HBM attracts less interest than Foundry (TSMC) or Design (AMD, AVGO, Nvidia)? Mostly, investor still think this is a cyclical business – HBM isn’t.

• Softbank Group (9984 JP) is seeing solid short-term momentum, bolstered by asset sales and AI-led strategic narratives. Key triggers to monitor: deleveraging moves, AI investment updates, and broader macro sentiment.
• The stock is very overbought according to our WEEKLY model, there could be a pullback soon.
• Another perspective: what if this is just a bold rebound rally—and the next move takes SoftBank back down toward the 5,000 level? Just an hypothesis worth considering.

• Unisound AI Technology, a Beijing-based AI solution provider with focus on conversational AI products, healthcare and daily life related application scenarios, is expected to IPO next week.
• The offering is expected to be between HK$165.00 and HK$205.00, implying a market cap of ~HK$13B or ~$1.7B at the midpoint of price range.  
• Unisound AI Technology IPO valuation implies a premium relative to SenseTime, iFlytek and 4Paradigm. I would consider becoming more constructive on the name if its valuation came down.

• With our strong endorsement of BILI’s traffic and advertising story, we are constantly watching the development of its game pipeline, which is a near term drag. 
• The popularity of extraction shooter game <Escape from Duckov> on STEAM is unlikely to generate meaningful tractions. 
• The acceleration of game code approval still leaves the question of what kind of game BILI will be launching;  We maintain BUY on BILI at TP of US$22.

• The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) continue to hold above short-term support at their respective 20-day MAs (currently 5966 on SPX, $526.50 on QQQ, $208.75 on IWM)
• As long as 20-day MA supports hold, our near-term bullish outlook that we have had since our 4/22/25 Compass remains intact.
• We will need to see breakdowns below 20-day MA supports in order to expect any meaningful near-term downside.