Daily Briefs

Broadcom shares surged nearly 10% after the semiconductor and software giant announced a landmark deal with OpenAI to build and deploy 10 gigawatts of custom AI accelerators.
Under this multibillion-dollar agreement, OpenAI will design the chips while Broadcom provides connectivity and Ethernet components—a strategic collaboration set to roll out from late 2026 through 2029.
This announcement came just weeks after a broader AI spending spree by OpenAI, including contracts with Oracle, Nvidia, and AMD.

Bloom Energy Just Scored a $5 Billion AI Deal With Brookfield—Here’s Why Wall Street Is Losing Its Mind!

Bloom Energy’s second quarter 2025 results highlighted both robust growth and certain areas of strategic focus.
The call was led by CEO K.R. Sridhar, who shared that this was the most profitable second quarter in the company’s history.
Bloom Energy is seeing increased demand driven by the shift towards AI and data center needs for reliable and rapidly deployable power solutions.

Accenture’s Decho Acquisition: The Silent Power Move In AI Wars!

Accenture is accelerating its push into generative AI and enterprise intelligence platforms with the acquisition of U.K.-based technology consultancy Decho, a strategic partner of Palantir Technologies.
Announced in October 2025, this bolt-on deal brings Accenture over 40 specialist engineers proficient in Palantir’s Foundry and Artificial Intelligence Platform.
While financial terms remain undisclosed, the acquisition underscores Accenture’s growing appetite for AI-driven capabilities and data-centric transformations across public and private sectors.

TeraWulf’s Boldest Bet Yet: $3.2 Billion, Google, and the Future of AI Compute!

TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.
The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.
The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

Navitas Skyrockets With Nvidia—How A $2.6 Billion Market Could Fuel The Surge!

Navitas Semiconductor has become one of Wall Street’s most explosive semiconductor stories of 2025, surging over 60% in just four days after announcing deeper collaboration with Nvidia on next-generation AI power infrastructure.
Following a 21% gain on Monday and another 17% on Tuesday to $11.63, the gallium nitride (GaN) and silicon carbide (SiC) chipmaker has cemented itself as a critical player in the AI hardware supply chain.
The company’s new power devices will enable Nvidia’s planned 800-volt data center architecture—designed to support megawatt-scale AI computing platforms with superior efficiency and scalability.

Wise’s Expansion Blueprint: How Its Platform, Automation, & Pricing Edge Could Change Everything!

Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.
The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.
During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.

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Oct 18

Most Read: Zijin Gold, Contemporary Amperex Technology (CATL), Tsuruha Holdings, Ganfeng Lithium, Lynas Corp Ltd, Elite UK REIT, Soft99 Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
CATL (3750 HK): Cornerstone Lock-Up Expiry, Passive Flows, H/A Premium
[Japan Activism/M&A] – Closing In On the Tsuruha Partial Tender – Likely Needs To Be Higher
Ganfeng Lithium (1772 HK): Global Index Inclusion, Outperformance & The A/H Trade
Friendshoring Aussie Rare Earths
Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields
UK: Unseasonably Resilient In Q3
EA: Inflation Rises Briefly In The Fall
HEW: Cockroaches Startle Pricing
Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?

Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026

By Brian Freitas

Zijin Gold (2259 HK) is looking to raise up to HK$28.7bn (US$3.7bn) in its IPO, valuing the company at HK$191.6bn (US$24.6bn).
Zijin Mining (2899 HK) will hold between 85-86.7% of Zijin Gold and that will limit the free float of the stock. Half the IPO has been allotted to cornerstones.
Zijin Gold could be added to the HSCI via Fast Entry and to Stock Connect in October. Global index inclusion should take place in the first half of 2026.

CATL (3750 HK): Cornerstone Lock-Up Expiry, Passive Flows, H/A Premium

By Brian Freitas

CATL (3750 HK) listed in May by selling 135.579m shares (including the Offer Size Adjustment Option) at HK$263/share. The overallotment option of 20.337m shares was also exercised in full.
Nearly 50% of the IPO shares were allotted to cornerstone investors. The lock-up on those investors ends on 19 November. That increases float and will bring in passive flows.
CATL (3750 HK) is trading at a big premium to CATL (300750 CH) and that could start to move lower as the number of free float shares increases.

[Japan Activism/M&A] – Closing In On the Tsuruha Partial Tender – Likely Needs To Be Higher

By Travis Lundy

The merger between Tsuruha Holdings (3391 JP) and Welcia Holdings (3141 JP) will go through in about 6 weeks. In the interim, there are interesting events.
After, there is a Partial Tender Offer. I expect Aeon Co Ltd (8267 JP) will have to pay up.
Furthermore, the stock is not overly expensive vs Peers AND there are synergies to come from the merger, making it relatively cheaper. It’s not squeezy, but it’s skewed.

Ganfeng Lithium (1772 HK): Global Index Inclusion, Outperformance & The A/H Trade

By Brian Freitas

Ganfeng Lithium (1772 HK)‘s stock price has surged over the last 6 months, and the higher free float market cap should result in global index inclusion in November.
Ganfeng Lithium (1772 HK) has outperformed its peers and is trading at higher valuations on most metrics. Tianqi Lithium (9696 HK) is trading a lot cheaper.
The Jiangxi Ganfeng Lithium (002460 CH) / Ganfeng Lithium (1772 HK) premium has drifted lower and there could be a move higher as we near index inclusion.

Friendshoring Aussie Rare Earths

By David Blennerhassett

As discussed in my April note Know Your Rare Earth Elements As China Restricts Exports, China escalated restrictions on the export of rare earths – to all countries.
Last week, China ramped up export controls on five additional rare earths; in tandem with related technologies.
The US recently struck a deal MP Materials (MP US) on light rare earths. The possibility of the US taking equity stakes in Australian processing projects could become a reality.

Smartkarma Corporate Webinar | Elite UK REIT: Counter Cyclical Portfolio, Attractive Yields

By Smartkarma Research

The Corporate Webinar will be hosted on Tuesday, 11 November 2025, 18:00 SGT.

Register for the Webinar Here

About Elite UK REIT

For more information on Elite UK REIT, please visit https://www.eliteukreit.com/

UK: Unseasonably Resilient In Q3

Slight growth in August sustains an above trend level of activity and is tracking to a 0.2% q-o-q pace for Q3, matching our forecast and the consensus, but disappointing the BoE.
The ongoing slowdown in service sector activity repeats residual seasonality that would leave a trough in two months, but there is slightly more resilience this year.
Policymakers shouldn’t react to statistical noise, and are unlikely to amid ongoing excesses in underlying inflation that a stabilising labour market wouldn’t break.

EA: Inflation Rises Briefly In The Fall

Inflation’s rise to a high 2.3% in September was confirmed in the final print, although some payback remains likely in October. We doubt it goes fully back to the target then.
Underlying inflation metrics were broadly stable again at about 2.5%, with little progress in most statistical measures for over a year.
There is little cause for alarm at this stage, so the ECB can keep waiting in a good place, but we still see a greater risk of hikes than cuts in 2026.

HEW: Cockroaches Startle Pricing

Losses on bad and fraudulent US loans raise the risk that more cockroaches will emerge, nourished by monetary policy stimulating asset prices outside of recessionary regimes.
Market rates fell on this, while macro data didn’t offer direction as UK Q3 GDP kept tracking 0.2%, EA inflation was confirmed, and UK labour market data were mixed.
Next week’s UK inflation data should reveal a rise, with the CPI reaching 4%. Delayed US CPI data will provide a rare signal more relevant to the Fed’s likely decision to cut.

Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?

By Arun George

The Soft99 Corp (4464 JP) MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer.
Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x).
The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.

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Oct 18

Daily Brief Japan: Soft99 Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?

Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?

By Arun George

The Soft99 Corp (4464 JP) MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer.
Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x).
The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.

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Oct 18

Daily Brief Macro: Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 17 October 2025 and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 17 October 2025
HEW: Cockroaches Startle Pricing
EA: Inflation Rises Briefly In The Fall
CX Daily: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio
EIA, OPEC, and IEA Differ on Crude Oil Demand Outlook but Align on Asia-Led Demand Growth
Oil futures: Crude down after Trump says India to halt Russian imports
Shield or Strategy? EU’s Steel Tariffs Double as a Bargaining Chip with Beijing
Iron Ore Faces Renewed Downside Amid Weak Margins and Rising Supply Concerns

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 17 October 2025

By Dr. Jim Walker

China: Monetary & Trade Indicators Strengthen: September data show broad-based monetary growth
Korea: Early Signs of Trade Softness: The first 10 days of October show exports down 15% YoY, imports down 22.8%.
India: Inflation Trends Favor Rate Cuts: Wholesale prices up just 0.1% YoY in September — a stark contrast to >10% in 2022 and flat in 2023.

HEW: Cockroaches Startle Pricing

Losses on bad and fraudulent US loans raise the risk that more cockroaches will emerge, nourished by monetary policy stimulating asset prices outside of recessionary regimes.
Market rates fell on this, while macro data didn’t offer direction as UK Q3 GDP kept tracking 0.2%, EA inflation was confirmed, and UK labour market data were mixed.
Next week’s UK inflation data should reveal a rise, with the CPI reaching 4%. Delayed US CPI data will provide a rare signal more relevant to the Fed’s likely decision to cut.

EA: Inflation Rises Briefly In The Fall

By Quantum Commodity Intelligence

Inflation’s rise to a high 2.3% in September was confirmed in the final print, although some payback remains likely in October. We doubt it goes fully back to the target then.
Underlying inflation metrics were broadly stable again at about 2.5%, with little progress in most statistical measures for over a year.
There is little cause for alarm at this stage, so the ECB can keep waiting in a good place, but we still see a greater risk of hikes than cuts in 2026.

CX Daily: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio

By Caixin Global

Lawsuit /In Depth: Why Singapore Sovereign Fund Sues Chinese EV-Maker Nio
Food safety /In Depth: Stinky Shrimp Sets Off Storm About School Lunches
PPI /Analysis: China Tries to Lift Factory Prices, but Demand Is Still Missing

EIA, OPEC, and IEA Differ on Crude Oil Demand Outlook but Align on Asia-Led Demand Growth

By Suhas Reddy

Global oil demand growth remains Asia-led. However, surging non-OPEC supply and swelling inventories threaten price stability, even as China’s stockpiling and resilient consumption cushion downside pressure.
EIA, OPEC, and IEA see diverging oil market paths, with non-OECD demand strong but excess supply, high inventories, and soft gas prices signalling a market leaning toward surplus.
While Asia powers demand growth, mounting supply from the U.S. and OPEC+, and elevated inventories weigh on prices, keeping crude markets stable yet tilted bearish into 2026.

Oil futures: Crude down after Trump says India to halt Russian imports

Crude oil futures were lower Thursday as a sharp retreat in US crude runs unwound earlier gains stemming from US President Donald Trump’s claims he had persuaded India’s Prime Minister to halt purchases of Russian crude.
Front-month Dec25 ICE Brent futures were trading at $61.18/b (2013 BST) versus Wednesday’s settle of $61.91/b, while Nov25 NYMEX WTI was at $57.60/b against a previous close of $58.27/b.
Trump said late Wednesday that Indian PM Narendra Modi had pledged to stop buying oil from Russia, while the President said he would seek a similar commitment from China.

Shield or Strategy? EU’s Steel Tariffs Double as a Bargaining Chip with Beijing

The EU plans to impose 25–50% duties on Chinese steel to protect domestic producers from cheap imports and high decarbonisation costs.
Analysts expect China’s steel exports to reach 120 million tons, intensifying global overcapacity, pressuring margins, and prompting protectionist responses worldwide.
EU tariffs on Chinese steel are unlikely to materially impact overall exports but function as strategic leverage, potentially reshaping flows and future negotiations.

Iron Ore Faces Renewed Downside Amid Weak Margins and Rising Supply Concerns

Iron ore futures recorded a weekly loss as renewed trade tensions and weak mill margins overshadowed a brief post-holiday demand recovery.
Managed money participants increased their net long positions, reflecting continued confidence in the bullish outlook.
Demand for higher-grade ore remains subdued as weak mill margins persist, keeping the 65%-62% spread under sustained downward pressure in the near term.

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Oct 18

Daily Brief China: Deepexi Technology, Shanghai Shenzhen CSI 300 Index, Iron Ore, China Jinmao Holdings and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable
CSI 300 (SHSZ300) Tactical Outlook: Severe Downside Tail Risk
Shield or Strategy? EU’s Steel Tariffs Double as a Bargaining Chip with Beijing
Lucror Analytics – Morning Views Asia
Iron Ore Faces Renewed Downside Amid Weak Margins and Rising Supply Concerns

Deepexi Technology Pre-IPO: Decent Topline Growth But Still Unprofitable

By Hong Jie Seow

Deepexi Technology is looking to raise US$100m in its upcoming Hong Kong IPO.
Deepexi Tech has demonstrated strong topline growth, with declines in average order value being offset by growth in customers. Despite growth in the topline, the company still remains deeply unprofitable.
In this note, we look at the company’s past performance.

CSI 300 (SHSZ300) Tactical Outlook: Severe Downside Tail Risk

By Nico Rosti

The CSI 300 Index (SHSZ300) has began a small correction. Our model has identified the current trend pattern as bearish. The pullback could reach the 4.3k/4.1k support zone.
These corrections can last up to 4 weeks, but usually they resolve after 2-3 weeks (the index has already closed 1 week down, so there could be 1-2 more weeks).
According to our model, the key support area is 4300: if the index breaks that support, it can fall quickly to 4100 or 4000. Read detailed tactical analysis in the insight.

Shield or Strategy? EU’s Steel Tariffs Double as a Bargaining Chip with Beijing

The EU plans to impose 25–50% duties on Chinese steel to protect domestic producers from cheap imports and high decarbonisation costs.
Analysts expect China’s steel exports to reach 120 million tons, intensifying global overcapacity, pressuring margins, and prompting protectionist responses worldwide.
EU tariffs on Chinese steel are unlikely to materially impact overall exports but function as strategic leverage, potentially reshaping flows and future negotiations.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad
The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.
Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.

Iron Ore Faces Renewed Downside Amid Weak Margins and Rising Supply Concerns