TMT/Internet

I published a Sep25 Nikkei 225 prediction list last Wednesday. By Friday, we had a new paradigm due to an ad hoc change. That new paradigm informs the September selection.
As it is, I expect one (1) ADD (Shift Inc (3697 JP)) and one (1) DELETE (Tokuyama Corp (4043 JP)) – a prediction which change on a corporate announcement.
My confidence on the ADD is a little lower due to the implications of the choice of Rohm. And the interesting ECM trade for September remains Sony Financial.

Hygon/Sugon Merger: BIG Index Flows on Completion

On 26 May, Hygon Information Technology (688041 CH) and Dawning Information Industry (603019 CH) announced a merger in a sign of consolidation in China’s chipmaking industry.
For each share of Dawning held, shareholders will receive 0.5525 shares of Hygon. With uncertainty on the timeline for merger completion, Dawning is trading at a 10% discount.
On completion of the merger, passive trackers will need to buy over US$1.1bn of Hygon Information Technology C (688041 CH) with nearly of that from local index trackers.

Korea Holdco Rerating Pullback Risk: No Retroactive Treasury Cancellation

Mandatory treasury cancellation isn’t in the current bill, but FSC and MOJ have started internal reviews; enforcement decree could drop as early as Q4.
An internal policy paper suggests mandatory cancellation will apply only to newly acquired treasury shares, with tight limits on existing ones to curb owner control abuse.
Lack of retroactive cancellation weakens the bull case, and while holdco sentiment stays upbeat, momentum may fade, opening the door to a tactical pullback.

Smartpay (SPY NZ/SMP AU) Enters Into Scheme With Shift4

By David Blennerhassett

Eftpos terminal provider Smartpay Holdings (SPY NZ/SMP AU) has now entered into a Scheme Implementation Deed with Shift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, the same price as that under the NBIO announced early last month. It’s a 46.05% premium to the 90-day VWAP, and 14.2x normalised FY25 EBITDA.
The Offer has the unanimous backing of both boards, and also has the backing from Microequities holding 13.3% of shares out. Implementation expected in 4Q25.

TechChain Insights: Himax Threatened by China Auto Chip Push? CPO Tech with TSMC Remains Bright Spot

China’s push for 100% auto chip localization by 2027 poses risk to Himax, which derived 75% of 1Q25 revenue from China. We engaged the company for comments./
Himax may avoid direct targeting due to Taiwanese roots and local production via CN Nexchip, and we believe is less vulnerable than Western firms like NXP, TI, and Wolfspeed.
Copackaged Optics (CPO) industry momentum continues to build as Himax continues role alongside TSMC and FOCI; industry moves from Nvidia, AMD validate long-term optical interconnect opportunity Himax is positioned for.

Apple Intelligence. What’s Another Year?

By William Keating

Apple failed to deliver on the highly anticipated Siri makeover, noting that it didn’t meet their quality standards and effectively pushing it out for another full year
Internal rivalries, divided opinions on the direction AI should take, organizational restructuring, unwillingness to do meaningful acquisitions would all appear to be contributing to Apple’s AI woes
Apple’s peers are advancing their AI ambitions at warp speed, investing heavily, taking bold risks and mostly delivering on their promises. Apple is the polar opposite. What’s another year? Failure.

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Jun 22

Daily Brief TMT/Internet: ROHM Co Ltd, NTT Data Corp, Okta , Asana , Digital Turbine, Nanometrics Inc, Warner Bros Discovery and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)
[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side
Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima
Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!
Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!
Digital Turbine: Expansion of Device Footprint
Onto Innovation: Is The Advanced Packaging & AI Compute Growth Here To Stay?
Warner Bros. Discovery’s Bold Split Could Be a Game-Changer—Streaming

Nikkei 225 Index Rebalance: Rohm (6963) To Replace NTT Data Group (9613)

Following the results of NTT (9432 JP)‘s tender offer for NTT Data Corp (9613 JP), NTT Data will be deleted from the Nikkei 225 (NKY INDEX).
ROHM Co Ltd (6963 JP) will be added to the Nikkei 225 (NKY INDEX) at the close on 3 July. The stock is up a fair bit from its lows.
Nearly all the NTT Data Corp shares not tendered will be held by passives and there will be selling in the stock as index providers move the float lower/delete.

[Quiddity Index] Nikkei 225 Boots NTT Data (9613) Early, Rohm (6963) IN 3 July; $3.8bn a Side

Today the results of the NTT Data Corp (9613 JP) Tender Offer came out. NTT has 81.75%. I warned of lack of liquidity at that level yesterday here.
Yesterday I proposed that ROHM Co Ltd (6963 JP) would replace NTT Data in the Nikkei 225 and that the likely timing was the last couple of days of August.
Today, the Nikkei used the June 2020 rule change to announce NTT Data’s near-term deletion. Rohm goes in 3 July. 7.5x ADV to buy. $3.8bn a side to trade.

Last Week in Event SPACE: Shin Kong/Taishin, Santos, NTT Data, ENN Energy, Mitsui Matsushima

By David Blennerhassett

Taishin Financial (2887 TT) is cheap to peers. Shin Kong Financial (2888 TT) is cheap vs Taishin. Long Shin Kong. Long Taishin vs Peers. Long Shin Kong vs Taishin Peers.
Abu Dhabi makes a big, bold bet on Santos Ltd (STO AU). However FIRB will have the last word on whether the deal goes through.
If the results show NTT owns >80% of NTT Data (9613 JP), buy a lot for a potential squeeze. If the results show NTT owns 68-70%, you can probably ignore.

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.
On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.
These financials showcase Okta’s capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.

Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!

Asana’s latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges.
The company has achieved a significant milestone by reaching non-GAAP profitability for the first time, boasting a non-GAAP operating margin of 4%, an improvement from a 9% operating loss margin in the prior year.
This was facilitated by stronger-than-expected revenue of $187.3 million, which represents a 9% yearover-year increase, surpassing initial guidance.

Digital Turbine: Expansion of Device Footprint

Digital Turbine, Inc.’s latest financial results demonstrate a blend of positive developments and ongoing challenges.
For the fiscal fourth quarter ending March 2025, the company returned to year-over-year growth, generating $119.1 million in revenue and $20.5 million in EBITDA, with a non-GAAP earnings per share of $0.10.
This marks a 6% increase in revenue compared to the previous year and a significant 66% rise in year-over-year EBITDA.

Onto Innovation: Is The Advanced Packaging & AI Compute Growth Here To Stay?

Onto Innovation recently announced its financial results for the first quarter of 2025, marking a significant revenue record of $267 million, driven by advancements in AI compute engines and increased investments in cloud and enterprise servers.
However, the company is grappling with tariff impacts due to policies enacted by the U.S. administration.
Nearly all Onto’s products are manufactured in the United States, exposing the company to higher costs from tariffs and potential retaliatory tariffs from other countries.

Warner Bros. Discovery’s Bold Split Could Be a Game-Changer—Streaming

Warner Bros. Discovery (WBD) reported first quarter financial results for 2025, highlighting significant strides in its streaming and content services as well as providing insight into its strategic vision for growth.
The company emphasized its commitment to high-quality storytelling and global reach, which it sees as key drivers in its business growth.
For the period, Warner Bros. Discovery continued its momentum in the streaming domain, adding more than 5 million subscribers, resulting in a total of over 22 million new subscribers over the past year.

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Jun 21

Daily Brief TMT/Internet: Samsung Electronics, Nationz Technologies Inc A, Japan Business Systems , Vanguard Intl Semiconductor, Blackline Inc, CyberArk Software Ltd, Cargurus , Cap-XX, Blackbaud Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Fresh Intel on Samsung’s Foundry Spin-Off Plan
Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum
Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible
Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply
Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.
BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?
CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?
CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?
Friday Take Away: 13 June 2025
Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

Fresh Intel on Samsung’s Foundry Spin-Off Plan

Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.

Samsung Electronics (005930 KS) Outlook as Foundry Spin-Off Gains Momentum

By Nico Rosti

Sanghyun Park has reported in detail about what seems to be going on behind closed doors at Samsung in regard to the foundry spin-off: read his insight – highly recommended.
We maintain our BUY recommendation for Samsung Electronics (005930 KS) and although we have not yet seen a strong rally, we see the stock slowly drifting upward from its bottom.
Our short-term tactical perspective covering the next 2–3 weeks is presented in this insight.

Quiddity Leaderboard CSI All Share Semiconductors Dec25: Early Preview; Multiple Changes Possible

By Janaghan Jeyakumar, CFA

CSI All Share Semiconductors & Semiconductor Equipment Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
We expect up to six ADDs and two DELs for the CSI All Share Semiconductors index during this index review event based on the latest available data.

Japan Business System (5036 JP) – Cloud Integration Profitability Recovering Sharply

By Sessa Investment Research

In Q2 FY24/9 financial results reported exactly one year ago, profit attributable to owners of parent declined -74.1% due to recording an impairment loss of JPY 1,720mn in the 2Q as an extraordinary loss for the entire unamortized balance of goodwill associated with the acquisition of consolidated subsidiary NEXTSCAPE Inc.
In SIR’s follow-up report, we wrote “management promptly recognizing the impairment and withdrawing the FY25/9 OP MTP target effectively minimizes future down-side risk.
In the meantime, core business performance continues to grow at double-digits. ”

Vanguard (5347.TT): The 3Q25 Outlook Is Expected to Improve by Around 5% QoQ.

By Patrick Liao

Vanguard Intl Semiconductor (5347 TT)’s 3Q25 outlook shows slight improvement over 2Q25, potentially around +5%.
Vanguard Intl Semiconductor (5347 TT) overall utilization expected to reach around 75–80% in 3Q25, with 0.18µm loading is nearly full.
Progress on Vanguard’s Singapore 12” fab is still in early stages, with the main constraint being the equipment move-in schedule.

BlackLine Inc.: Can Its New Platform Pricing Model & Its AI Agents Become Key Growth Catalysts?

BlackLine, a leader in financial automation solutions, recently announced its Q1 2025 earnings results, highlighting both opportunities and challenges as the company navigates its ongoing journey towards growth and market expansion.
The company reported a total revenue increase of 6% year-over-year, reaching $167 million, with strong subscription and services revenue performance.
However, the financial results are a mix of positives and certain areas that might require attention.

CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.
The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.
An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.

CarGurus Triples Dealer Conversions—Is This the Future of Auto Sales?

CarGurus, Inc. demonstrated solid performance in the first quarter of 2025, characterized by significant growth in its Marketplace revenue and strategic advancements across its product offerings.
The company focused on three key value creation drivers: expanding data-driven solutions for dealers, refining consumer experiences, and enhancing online transaction capabilities.
Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Friday Take Away: 13 June 2025

By Hybridan

CapXX’s high-power density and high energy storage capacity superconductors are used in portable and smallscale electronic devices, as well as in larger applications such as automotive and renewable energy.
This is a $1bn market and forecast to grow at 18% per annum between 2023 and 2030. The recent Trading Update reported on the restructuring progress over the last five months to May 2o25.
CapXX’s cash remained robust at AUD$4.2m (£2m) compared to AUD$5m as a result of cost-saving initiatives, an ongoing emphasis on efficient operational performance and a slowing rate of cash use.

Blackbaud Transforms Revenue Model with Game-Changing 3-Year Contracts; What’s The Revenue Impact?

Blackbaud, Inc. recently reported its first-quarter 2025 financial results, demonstrating a measured performance.
Revenue for the quarter was $271 million, marking 5.8% organic growth.
The company achieved a non-GAAP adjusted EBITDA margin of 34.3% and non-GAAP diluted earnings per share of $0.96.

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Jun 20

Daily Brief TMT/Internet: NTT Data Corp, LG CNS, KPIT Technologies, Allegro MicroSystems , ARM Holdings, Taiwan Semiconductor (TSMC), Intapp , Rubrik , Vishay Intertechnology, Western Union Co and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging
KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning
Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!
ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?
Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?
Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers
Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud
Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?
Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?

[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful.
That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months.
And there are some very interesting dynamics to consider in the meantime.

Aug 5 LG CNS Lockup Comes Off: Street Heating Up on Macquarie Exit Odds Surging

Macquarie might fast-track its 21.5% LG CNS stake sale, shifting from patience to action — weighing staggered sell-down vs. OTC block to limit price impact.
Macquarie’s well in the money — even with a deal discount, they can offload the stake, cover remaining debt, and still lock in solid upside.
LG CNS is flying on AI hype, but Macquarie’s post-August 5 exit risk could flip the tape fast — overhang setup worth watching vs. other local AI plays.

KPIT Tech: Strong Deal Wins Despite Tough Environment Attests Strong Competitive Positioning

By Ankit Agrawal, CFA

KPIT Technologies (“KPIT”) reported $280mm worth of deal wins in Q4Y25, well beyond the typical run-rate of $150mm+, despite the tough demand environment, which demonstrates KPIT’s strong competitive positioning.
KPIT’s Q4FY25 PAT excluding one-time income grew 18%+ YoY in INR and 15% YoY in constant currency (CC) terms. Revenue growth was 15% YoY and 3% QoQ in CC terms.
Margins continued to be strong with Q4FY25 EBITDA margin at 21.1%. With this, the full-year FY25 EBITDA margin ended at 21%, in line with the upgraded guidance.

Allegro MicroSystems: China-for-China Strategy to Harness Growth In One Of The World’s Largest Semiconductor Markets!

Allegro MicroSystems has reported its financial results for the fourth quarter and the full fiscal year 2025.
The company is focused on strengthening its market position through innovation and operational efficiencies.
President and CEO Mike Doogue, who ascended from being the company’s first Chief Technology Officer, emphasized a strategic focus on expanding product capabilities and extending Allegro’s footprint in lucrative markets such as automotive, industrial, and emerging sectors like medical and robotics.

ARM Ignites Growth with Armv9 CPUs, AI Partnerships, & Data Center Infiltration; What Lies Ahead?

The latest financial results for Arm Holdings reflect a strong finish for their fiscal year ended March 31, 2025, marked by record-breaking revenue milestones.
Arm’s performance was driven by growing demand for power efficient compute solutions, particularly in artificial intelligence (AI) from cloud to edge.
The company achieved quarterly revenue exceeding $1 billion for the first time, with fiscal year revenue surpassing $4 billion.

Taiwan Semiconductor (TSMC) Sees AI Demand Exploding While Margins Slip — Can It Deliver Both Growth and Returns?

Taiwan Semiconductor Manufacturing Company Limited’s earnings presentation for the first quarter of 2025 outlines both opportunities and challenges faced by the company.
The semiconductor giant reported a sequential decrease of 5.1% in revenue in U.S. dollars, attributed to weaker smartphone demand despite strong growth in sectors like AI.
Operational disruptions from an earthquake in January and overseas operations’ initial costs slightly impacted profit margins; gross margin decreased by 0.2% sequentially to 58.8%, and operating margin fell by 0.5% to 48.5%.

Intapp Inc.: An Insight into Its Strategic Client Upsell & Cross-Sell Initiatives & Other Major Drivers

Intapp delivered a strong financial performance in its fiscal third quarter of 2025, driven mainly by its cloud and AI capabilities, alongside strategic business expansions.
The company’s Cloud Annual Recurring Revenue (ARR) reached $352 million, representing a year-over-year increase of 28%.
This growth underscored the importance of cloud solutions, which now account for 77% of Intapp’s total ARR of $455 million.

Rubrik Inc.: Increasing Adoption of Rubrik’s Security Cloud

Rubrik recently reported strong financial performance in its first-quarter fiscal year 2026, showcasing robust growth and an enhanced market position within the cyber resilience space.
The company’s subscription ARR reached approximately $1.2 billion, marking a 38% year-over-year increase.
Net new subscription ARR also saw significant growth at $89 million for the quarter.

Vishay Intertechnology Expands Smart Grid & AI Footprint: Is It the Next Big Semiconductor Player?

Vishay Intertechnology, a company specializing in semiconductors and passive electronic components, recently reported its first-quarter financial results for 2025.
Here’s a detailed assessment of the quarter’s outcomes and the investment considerations that arise from them.
Revenue for the first quarter stood at $715 million, slightly above the midpoint of their guidance.

Western Union Accelerates Digital Surge with 14% Growth & Loyalty-Driven Engagement; What’s Next?

By VRS (Valuation & Research Specialists)

Western Union’s first quarter 2025 results reflect a company in transition, grappling with a challenging macroeconomic environment while pursuing its Evolve 2025 strategy to reinvigorate growth.
The company reported revenue of $984 million, marking a 2% decline when adjusted for geopolitical impacts in countries like Iraq, Russia, and Belarus.
Despite these challenges, transaction growth continued at 3%, a positive indicator in the broader context of the financial services market.

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Jun 19

Daily Brief TMT/Internet: Qi An Xin Technology Group , Kakao Mobility, NVIDIA Corp, Advanced Micro Devices, Marvell Technology , SK Hynix, BlackBerry Ltd, nCino, Integral Ad Science Holding , FS.COM and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas
Tencent to Acquire Kakao Mobility?
NVIDIA CORPORATION Common Stock – June 4, 2025
AMD Advancing AI 2025: Key Takeaways
Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas

By Janaghan Jeyakumar, CFA

STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.

Tencent to Acquire Kakao Mobility?

By Douglas Kim

Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).

NVIDIA CORPORATION Common Stock – June 4, 2025

NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.

AMD Advancing AI 2025: Key Takeaways

By William Keating

AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product
Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.

Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%).
CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.
The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.

Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now

By Manishi Raychaudhuri

From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.

BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!

BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.

nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?

In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
Total revenues reached $144.1 million, marking a 13% year-over-year increase.
This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.

Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?

Integral Ad Science (IAS) presented a mixed but notably strong performance in their Q1 2025 financial results.
The company displayed an impressive 17% growth in revenue to $134.1 million, surpassing their prior guidance.
Growth was largely driven by a 24% increase in their optimization segment, buoyed by the financial services and retail verticals.

FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking

By Troy Wong

FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
FS presents a compelling growth story rooted in structural demand for enterprise-grade networking and a differentiated DTC model that delivers both scale and customer proximity.
Its dominant SKU breadth, global Fortune 500 penetration, and aggressive shift toward high-performance solutions support sustained revenue expansion.

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Jun 18

Daily Brief TMT/Internet: Makemytrip Ltd, Xiaomi Corp, Taiwan Semiconductor (TSMC) – ADR, Warner Bros Discovery , BE Semiconductor Industries NV, Geechs Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

MakeMyTrip Placement – Basically a Selldown by Trip.com
Xiaomi (1810 HK): Strategic Insights and Top Option Trades
Taiwan Tech Weekly: TSMC’s 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging
Weekly Update (WBD, STRZ, MODG)
What’s New(s) in Amsterdam – 17 June (ASM Int’l | ASML Holding | Besi I | PostNL)
Q4 Follow-Up – Geechs (7060 JP) – New Initiatives Aimed at Achieving Operating Profit…
Semiconductors and Technology Leading the Way; IWM Holding Above $209; Still Firmly Bullish

MakeMyTrip Placement – Basically a Selldown by Trip.com

By Akshat Shah

Makemytrip Ltd (MMYT US) is looking to raise upto US$2.66bn via an equity combo of a 14m share selldown, which could raise around US$1.41bn and US$1.25bn five-year put-three convertible bonds.
The company plans to use the proceeds to buy back Class B shares from Trip.com to lower Trip.com’s voting power in MakeMyTrip to 19.99%.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Xiaomi (1810 HK): Strategic Insights and Top Option Trades

By Gaudenz Schneider

Over the past five trading days, Xiaomi Corp (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Popular Strategies: Diagonal Spreads account for 27%of all strategies. This versatile strategy allows for many different profiles in terms of upfront premium (positive or negative), and time horizon.
This Insight of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.

Taiwan Tech Weekly: TSMC’s 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind
TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging
MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Weekly Update (WBD, STRZ, MODG)

By Richard Howe

Warner Bros. Discovery (WBD) announced on June 9, 2025, its plan to split into two independent, publicly traded companies by mid-2026.
Global Networks will be the entity that is spun-off. It will consist of legacy cable TV and digital networks, such as: CNN, TBS, TNT (including TNT Sports)…
CFO Gunnar Wiedenfels will become CEO of this spun‑off entity.

What’s New(s) in Amsterdam – 17 June (ASM Int’l | ASML Holding | Besi I | PostNL)

By The IDEA!

In this edition: • ASM International – ASML Holding – BE Semiconductor Industries | US wants further export restrictions of high-end semiconductor technology to China • PostNL | opens up its APM network for FedEx for drop-offs and returns

Q4 Follow-Up – Geechs (7060 JP) – New Initiatives Aimed at Achieving Operating Profit…

By Sessa Investment Research

On May 14, 2025, Geechs Inc. (hereafter, “the Company”) announced its full-year FY2025/3 earnings results.
Net sales rose 6% YoY to JPY 25,162 mn, EBITDA rose 73% YoY to JPY 625 mn, and operating profit rose 445% YoY to JPY 495 mn.
The IT Human Resources Matching Business, Overseas (hereafter, “Overseas IT HRM Biz”) continued to face challenges owing to local market conditions, but the core IT Human Resources Matching Business, Japan (hereafter, “Japan IT HRM Biz”) expanded steadily and profitability continued to improve in the Seed Tech business.

Semiconductors and Technology Leading the Way; IWM Holding Above $209; Still Firmly Bullish

By Joe Jasper

We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the S&P 500 (SPX) is above 5700-5785 (up from 5500).
We continue to be buyers in the 5700-5785 range, and we would also be buyers at 5804-5854 gap support. We are expecting all-time highs soon on SPX.

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Jun 17

Daily Brief TMT/Internet: Telcoware, Delta Electronics Thailand , Ascentech KK, Carta Holdings, Inc., Ciena Corp, Intel Corp, Keysight Technologies In, Readcloud Ltd, Samsara and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices
SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too
Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer
[Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal
Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal
Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
Readcloud Ltd – Delivering profitable growth
Samsara Inc Is Attempting To Revolutionize Efficiency with Cutting-Edge AI & Predictive Analytics Innovations; What Lies Ahead In 2025?

Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices

By Douglas Kim

Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.

SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too

In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.

Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer

By Arun George

Ascentech KK (3565 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY1,680, a 14.6% premium to the last close price.
Despite the lack of an auction, the offer is reasonable compared to historical trading ranges and aligns with the midpoint of the IFA DCF valuation range.
Minimum tendering is set at a 66.67% ownership ratio, with irrevocables representing a 27.81% ownership ratio. Management’s significant stakes aid in deal completion.

[Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
It’s an OK price, not a great price. But while they are not calculated by advisors, at least the Target Board talks about the value of synergies to minorities.
The price is light, but the combined irrevocables and large individual shareholders not brought over the wall get this over the line.

Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal

By Arun George

Carta Holdings, Inc. (3688 JP) has recommended a preconditional tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY2,100, a 37.2% premium to the last close price.
The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.
Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal.

Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?

Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.

Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength

Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee.
Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).
Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.

Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?

By Research as a Service (RaaS)

Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).

Readcloud Ltd – Delivering profitable growth

ReadCloud Limited (ASX:RCL) services the education sector through the provision of digital learning content, proprietary interactive technology, and support for students and educators.
The company has released its H1 FY25 interim result (September year-end), illustrating a continuation of strong momentum in the core schools-focussed businesses.
Group sales and fee revenue grew 13% to $9.2m, underlying EBITDA strengthened 73% to $1.8m, with strong cash conversion delivering operating cash flow of $1.9m for the half, leaving the company with $3.5m cash and no debt at period end.

Samsara Inc Is Attempting To Revolutionize Efficiency with Cutting-Edge AI & Predictive Analytics Innovations; What Lies Ahead In 2025?

Samsara Inc. reported its financial results for the first quarter of fiscal year 2026, showing notable performance in various aspects of its business.
The company achieved a strong start to the fiscal year, surpassing $1.5 billion in Annual Recurring Revenue (ARR), reaching $1.54 billion by the end of the quarter.
This represented a 31% year-over-year growth, adjusting for constant currency.

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Jun 16

Daily Brief TMT/Internet: Samsung Electronics, Taiwan Semiconductor (TSMC) – ADR, Kioxia Holdings , BILL Holdings , Mediatek Inc, SK Hynix, Warner Music Group and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao
Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher
ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi
2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions
MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.
SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia
TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.
Warner Music Group Is Fighting AI With the NO FAKES Act—Why It Could Change the Industry Forever!

Near-Term Value-Up Plays in the Pipeline: Samsung Electronics & Kakao

Local chatter’s building that Samsung Electronics and Kakao might drop value-up disclosures by end-June to mid-July, as both cozy up to the new administration and move into its inner circle.
Jay Lee’s surprise solo meeting with President Lee marked a turning point, signaling Samsung’s intent to step out of SK’s shadow and take the lead under the new regime.
Value-Up details aren’t final, but Samsung’s likely to reaffirm >35% payout, while Kakao’s set to focus on ROE improvement and multiple expansion.

Taiwan Dual-Listings Monitor: TSMC Spread Remains at Historically Extreme Level; UMC Breaks Higher

TSMC: +21.5% Premium; Consider Shorting ADR Spread at Current Level
UMC: +2.3% Premium; Can Consider Shorting ADR Premium at Current Level
ASE: +3.8% Premium; Wait for More Extreme Premium Before Going Long or Short the Spread

ECM Weekly (16 June 2025) – Haitian, Sanhua, Kitazato, Primo, Kioxia, Xtalpi, Horizon, Keymed, Wuxi

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Foshan Haitian Flavouring & Food (603288 CH) launched its IPO, while Zhejiang Sanhua Intellignt Controls Co., Ltd. (002050 CH) has been pre-marketing.
On the placements front, there were a number of large deals acros the region, along with some large lockup expiries.

2024 High Conviction Update: BILL Holdings, Attractive Valuation Levels To Unwind Bearish Positions

By Andrei Zakharov

BILL Holdings shares have materially underperformed year-to-date and fell ~51%. Shares saw selling pressure post 2QFY25 earnings as results indicated weak outlook.
I see limited room for downside given current valuation of ~3x 2025E EV/Revenue (with ~13% growth) and recent acquisition of AvidXchange at a higher multiple.
I believe BILL’s current attractive valuation levels can be viewed as opportunity to unwind bearish positions and valuation looks more reasonable vs. peers, especially AvidXchange.

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

By Patrick Liao

We anticipate that 2H26 may not be strong for Mediatek Inc (2454 TT), and a typical peak season demand is unlikely.
Chinese National Development and Reform Commission (NDRC) and the Ministry of Finance issued an urgent response: the current unified deadline for the 2025 national subsidy policy remains December 31, 2025.
Mediatek Inc (2454 TT) recently underperforms among large-cap stocks due to delay in Google’s Tensor Processing Unit (TPU) project, affecting next year’s revenue and profit.

SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

2025 GPU (Blackwell for Nvidia, MI350 for AMD) use HBM3e 12Hi. SK Hynix and Micron supply Nvidia, Samsung has failed qualification again. Micron and Samsung supply AMD.
2026 GPU (Rubin, MI400) use HBM4 12Hi. SK Hynix, Micron are qualified by Nvidia – that’s done. Micron is closing the gap with Hynix. Samsung still nowhere to be seen.
Samsung got its consolation prize: AMD is using its HBM3e 12Hi in MI350. It looks like Broadcom will use Samsung’s HBM3e 8Hi in 2 projects (speculatively Apple and OpenAI).

TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

By Patrick Liao

Taiwan Semiconductor (TSMC) – ADR (TSM US)’s Plan to Build a Plant in Germany Faces Delays.
TSMC’s Fab 21 Project in Phoenix, Arizona: Progress, Challenges, and Future Plans.
There remains uncertainty about whether political factors — such as U.S. President Trump’s tariff threats targeting the semiconductor industry— might impact or even reverse TSMC’s investment decision.

Warner Music Group Is Fighting AI With the NO FAKES Act—Why It Could Change the Industry Forever!

Warner Music Group (WMG) reported its fiscal second-quarter results for the period ended March 31, 2025.
The company’s financial performance during this period was relatively stable, although it faced a variety of challenges impacting growth.
Total revenue increased by a modest 1%, with Recorded Music revenue also growing by 1% and Music Publishing revenue by 3%.

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Jun 15

Daily Brief TMT/Internet: Lam Research, Baidu, iQIYI Inc, NVIDIA Corp, Palantir Technologies , Nanometrics Inc, Netapp Inc, Qualys Inc, C3.ai Inc, Dell Technologies and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade
Baidu Inc.: Dealing With The Uncertain Commercial Viability of Autonomous Driving
iQIYI Inc.: Growing Its Content Ecosystem & Executing Overseas Market Expansion to Help Alter The Playing Field?
[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations
Palantir’s Parabolic Surge: Meme Stock Mania Or AI Megatrend in Motion?
Onto Innovation Just Doubled Its Node Revenue—What’s Driving This Metrology Surge?
NetApp Inc.: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!
Qualys Inc.: Strengthening Partnership Ecosystem to Play A Significant Role In Its Growth Trajectory!
C3.ai Strikes Gold with Powerhouse Partnerships—Is Big Tech Its Secret Weapon?
Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

MV US Listed Semiconductor 25 Index Rebalance: US$1.2bn Round-Trip Trade

There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in June but there are a lot of float and capping changes.
Estimated one-way turnover is 2.5% resulting in a round-trip trade of US$1.2bn. Impact on the stocks is small given they are highly liquid.
There will be more flows in a lot of these stocks from trackers of the Technology Select Sector SPDR (XLK US). Broadcom (AVGO US) will have largest outflows.

Baidu Inc.: Dealing With The Uncertain Commercial Viability of Autonomous Driving

Baidu, Inc. delivered a solid performance in the first quarter of 2025, with its Baidu Core division reporting a 7% year-over-year revenue increase, reaching RMB 25.5 billion.
This growth was primarily driven by a substantial surge in its AI cloud business, which saw a 42% increase year-over-year, contributing significantly to Baidu Core’s overall revenue.
A notable development within this business unit is the expansion of the AI cloud’s role in Baidu’s operations, now accounting for 26% of Baidu Core’s revenue, up from 20% in the previous year.

iQIYI Inc.: Growing Its Content Ecosystem & Executing Overseas Market Expansion to Help Alter The Playing Field?

iQIYI’s first-quarter 2025 results exhibited growth across several key business segments, though certain challenges remain.
The company experienced sequential growth in total revenues, largely attributed to their emphasis on premium content production and strong performance in long-form and micro-dramas.
This focus has effectively positioned iQIYI as a leading platform for both long-form and short-form entertainment content, contributing positively to user engagement and content consumption.

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the June 2025 rebalance event.
We expect a one-way flow of US$700mn for June 2025.

Palantir’s Parabolic Surge: Meme Stock Mania Or AI Megatrend in Motion?

Palantir Technologies has become one of Wall Street’s most polarizing success stories in 2025.
Riding a 76% year-to-date gain and clocking in at more than 460% over the past 12 months, the company’s stock has reached new highs, closing at a record for three consecutive sessions earlier this month.
The surge puts it in league with speculative darlings like CoreWeave and even evokes comparisons to meme stock veterans such as GameStop.

Onto Innovation Just Doubled Its Node Revenue—What’s Driving This Metrology Surge?

Onto Innovation’s latest financial results for the first quarter of 2025 present a mixed picture of record revenue growth alongside operational challenges stemming from external factors like tariffs and evolving market demands.
The company reported $267 million in revenue, marking a record quarter driven primarily by expansions in advanced nodes and advanced packaging sectors.
This growth reflects robust market demand, particularly associated with AI compute engines and cloud infrastructure investments.

NetApp Inc.: 6 Critical Factors That Will Define Its Success in 2025 & Beyond!

NetApp reported record revenue for the fourth quarter and fiscal year 2025, showcasing strong growth in the all flash storage market and first-party and marketplace storage services.
The company achieved all-time highs in gross profit, operating profit, operating margin, and earnings per share (EPS), which indicates a robust financial performance and a potential strong position in the evolving enterprise AI market.
A critical component of NetApp’s growth strategy is focusing on AI-powered infrastructure, with all-flash systems and public cloud services contributing to over two-thirds of the total revenue.

Qualys Inc.: Strengthening Partnership Ecosystem to Play A Significant Role In Its Growth Trajectory!

Qualys, a leading provider of cybersecurity solutions, presented a mixed financial performance for the first quarter of 2025, highlighted by certain growth indicators alongside pronounced macroeconomic challenges.
Total revenue for the quarter increased by 10% year-over-year to $159.9 million, surpassing initial expectations.
This growth was notably fueled by robust performance of the channel sales, which accounted for 49% of total revenues, reflecting a 19% increase in channel-related revenue compared to a 2% growth in direct revenue.

C3.ai Strikes Gold with Powerhouse Partnerships—Is Big Tech Its Secret Weapon?

C3.ai has demonstrated dynamic progress and significant strides in its fiscal year ending April 30, 2025, highlighted by impressive growth metrics and strategic advancements.
The company reported a 25% year-over year revenue increase, reaching $389.1 million, marking three consecutive years of accelerating revenue growth.
This upward trajectory underscores the company’s effective strategies in the expansive Enterprise AI market.

Dell Technologies: AI Server Integration & Backlog Growth As A Pivotal Growth Lever!

Dell Technologies Inc.’s fiscal year 2026 first quarter financial results provide a mixed but generally positive view of the company’s current performance and future prospects.
The company reported revenue of $23.4 billion, a growth of 5% year-over-year.
This increase was driven by robust performance across its core markets, particularly in Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), each growing by 8%.

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Jun 14

Daily Brief TMT/Internet: Advanced Micro Devices, Nexon, Nanya Technology, Koninklijke KPN and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?
Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.

Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal?

By Douglas Kim

Tencent has been interested in acquiring Nexon for more than six years. However, the timing and price were not right for such a deal to take place in the past.
The higher probability scenario is for Kim’s family members to sell when the timing and price is right. This time around, a $15 billion could be the right price.
Late founder Kim’s family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim’s wife and daughters own a 67.6% stake in NXC Corp.

Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear