Daily Briefs

• Today after the close, GMO Internet Group (9449 JP) subsidiary GMO Payment Gateway (3769 JP) announced its subsidiary GMO Financial Gate (4051 JP) would move to TSE Prime 5 June.
• That means it moves to TOPIX at the close of trading 30 July 2025.
• This growth stock appears to have “de-growthed” somewhat in stock price terms – trading near its IPO price from covid era, so it is worth a look.

• NVIDIA reported Q1FY26 revenues of $44.1 billion, up 69% YoY and up 12% QoQ
• NVIDIA forecasted current quarter revenues of $45.0 billion, marginally up QoQ and weighed down by the loss of around $8 billion in previously anticipated H20 revenues
• Does China really wish to remain reliant on US infrastructure/platforms for its AI build out indefinitely? I think not. Gradually losing China market was inevitable, even without US restrictions.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.
• We see one M&A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.
• Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.

• HP Results Show Commercial PC Growth is Resilient, AI PC Penetration Expanding
• Key Industry Outlook Perspective — HP’s ZGX AI Station with NVIDIA Chips Marks the True Arrival of AI PCs… Locally Run LLMs Signal a Step-Change for PC Capabilities
• Remain Structurally Long PC Makers on AI PC Upgrade Cycle — Emergence of New NVIDIA Blackwell-Powered Workstations Clarifying the Path for AI PCs to Deliver Step-Change Improvements in Value

• Skyworks Solutions reported its second fiscal quarter 2025 results, highlighting both strengths and challenges within its operational landscape.
• The company delivered revenue of $953 million and earnings per share of $1.24, both slightly exceeding the midpoint of their guidance.
• Gross profit was $445 million, with a gross margin of 46.7%, indicating strong execution in cost management and operational efficiency.

• Shift’s share price has been up by more than 35% YTD driven by improved margins which saw a temporary decline due to Shift’s investment on HR and system reinforcement.
• The company’s GPM reached an all-time high in 2QFY08/2025 while OPM has shown significant improvement driven by the company’s changes to recruitment policy that is aligned to utilisation rates.
• Though Shift’s top line growth has slowed down, it’s not something to worry too much about as its new businesses and large-scale project wins should help revive top line growth.

Global Fashion Group (GFG) operates leading fashion and lifestyle platforms that enable brands to reach customers in a mix of developed and developing markets with high growth potential. Management has responded to industry-wide competitive and macroeconomic challenges by focusing its geographic coverage and refining its product offer and customer engagement, which is leading to more encouraging trends in customer numbers and spend per customer. This gives management confidence to guide to a significant increase in profitability in the medium term, to levels comparable with its peers. This is significant given GFG’s low absolute enterprise value, with a market capitalisation broadly similar to its net cash position including leases and low multiples versus its peers.

• The earnings for CDW Corporation’s first quarter of 2025 highlights several key aspects of its performance and outlook.
• With detailed comments from management, the company presents a mixed set of results and expectations amid a dynamic market environment.
• Starting with the positives, CDW reported a robust start to the year with net sales increasing by 8% year-over-year to $5.2 billion.

• IonQ’s latest financial results and strategic developments signal a bold push toward cementing its role as a dominant player in the emerging quantum computing industry.
• The company reported first-quarter revenue of $7.6 million, matching last year’s figure but exceeding analyst expectations.
• Despite the flat top-line performance, IonQ remains aggressive in its vision to become the “Nvidia of quantum computing,” as CEO Niccolo de Masi described.

• Unity Technologies recently reported their earnings, presenting both its positive strides and current challenges in the first quarter of 2025.
• The company’s results exceeded expectations in several areas, notably in revenue and adjusted EBITDA, surpassing high-end guidance by 5% and 29% respectively.
• The company attributed this growth to its unified efforts in the Grow and Create segments, both of which exhibited considerable strength.