TMT/Internet

• 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 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. 

• DRAM — Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
• NAND Flash — Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
• Conclusion — Short-Term Gains vs. Long-Term Growth in Memory Markets

• In this edition: • KPN | more behind the VodafoneZiggo / Delta Fiber access deal than meets the eye?
• • Odido | IPO expected to be postponed until after the summer • Triodos Bank | intends to focus more on the Netherlands

• Government aims to sell 30.6% NXC stake by 2027 for ₩4T tax revenue, offering NXC a buyback or selling with management control to attract bidders.
• The family won’t buy back the 30.6% stake but may allow partial management rights, with Tencent eyeing that stake—not a full $15B Nexon buyout as Bloomberg suggested.
• Tencent’s targeting that stake chunk only, no control shift, so no mandatory tender offer triggered—at least for now.

• The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
• In this insight, we take a look at potential index changes and capping flows for HSIII index rebal event in September 2025.
• Based on the latest data, we see three ADDs and three DELs and one significant float percentage revision.

• Qualcomm’s recently rumoured desire to acquire UK-listed Alphawave finally came to fruition on June 9 with a US$2.4 billion offer
• Just two days earlier, on June 7, Alphawave announced that the company had disposed of its interest in China-based JV, WiseWave Technology
• What is WiseWave Technology, why did Alphawave invest in it and why is it now divesting that interest prior to the Qualcomm acquisition?

• TSMC May Sales at Record High; Rumored A16 Pricing Underscores Strategic Moat in Advanced Nodes
• Review of Client Roadmaps Shows TSMC Positioned as Indispensable Enabler of AI and Advanced Compute Products
• We Maintain Our Structural Long Rating on TSMC; Inexpensive Despite Recent Rally

• In today’s edition: • ABN Amro | restructuring within Corporate Banking • BE Semiconductor Industries | increases long-term financial targets • Heineken | intends to invest USD 2.75bn in Mexico until 2028 • KPN | VodafoneZiggo secures access to part of Delta Fiber’s network • KPN | CEO denounces ‘populistic discussion’ on high broadband tariffs • InPost | court dismisses motion for injunction against Yodel • DHL | CMA to start DHL/EVRi merger inquiry

Team Internet’s 10-year deal to run the .co top-level domain (TLD) enhances the growth prospects for Domains, Identity and Software (DIS), the group’s highest-quality division in terms of revenue diversity and visibility. Growth prospects may strengthen with ICANN’s planned new Generic Top-Level Domains (gTLD) Program, scheduled for 2026. This is welcome news at a time when visibility for Search is low. Our estimates are unchanged, but we see upside potential to our 55p/share sum-of-the-parts (SOTP) valuation for DIS as prospects strengthen, and believe that the current valuation factors in modest prospects for DIS and Comparison and no value for Search.

Datatec reported strong growth in gross profit, adjusted EBITDA, underlying EPS (uEPS) and cash generation in FY25. Restructuring in prior years has improved the operational efficiency of each division and the supply chain has normalised, allowing customer demand to be met on a timely basis. As digital transformation specialists, the group continues to benefit from strong demand for cybersecurity solutions, hybrid infrastructure and cloud-based solutions, and expects the growing adoption of AI to prompt enterprises to upgrade their IT infrastructure. Increasing confidence in the group’s ability to generate cash supports the ongoing share buyback programme and raised dividend payout target. We have upgraded our FY26 and FY27 estimates to reflect better performance, which in turn lifts our valuation.

• Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY).
• Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil.
• FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil.

• Sundae Bar (SBAR.L), a Company creating a marketplace for AI Agents, announced its Admission to AIM.
• The Company raised gross proceeds of £2,000,000 at the price of 8 pence per share.
• The sundae_bar platform is intended to streamline the AI ecosystem by creating a unified marketplace; seamlessly connecting AI agents with businesses and individuals. 

• Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY).
• Consumer Service segment revenue reached JPY16.8bn (+18.2% YoY), with a segment profit of JPY3.9bn (+11.3% YoY).
• Online Advertising segment revenue was JPY1.8bn (-13.3% YoY), segment profit JPY121mn (-61.7% YoY), with promotion costs JPY319mn (-14.7% YoY).

• Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. It’s back again to raise another US$600m via a placement.
• Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
• In this note we talk about the deal dynamics and run the deal through our ECM framework.

• Samsung Electronics (005930 KS) has been range-bound since October 2024, its chart pattern echoing a flat EKG with brief spikes… we suggested to BUY on May 20th, now up +7%….
• Still, maybe something is changing, the stock is about to reach a reversal point, it will pullback soon, but it may be a brief, buy-the-dip opportunity, possibly before a rally.
• Our price and time models currently indicate there is considerable resistance to rally higher: this week may be the last one up before the pullback.

• Kumamoto 2nd Fab delayed because of bad traffic? Sure, bad traffic, but legacy Fab utilization is 70%, who needs additional capacity now and in 2026? Legacy demand remains weak. 
• Arizona construction is accelerating, highlighting the dichotomy that I’ve been mentioning : demand for AI / Data Center is booming, demand for Legacy (specially auto & industrial) remains weak. 
• 2nm yield reached 90%. True, but that’s the yield of SRAM test cell. This is not a production yield. SRAM is a very small cell used to qualify volume ramp. 

• Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY).
• Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil.
• FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil.

• There is speculation that the cost of Taiwan Semiconductor (TSMC) – ADR (TSM US) 1.4nm wafers is more than 30% higher than that of 2nm wafers.  
• In semiconductor node migration, newly introduced solutions are generally more advanced and therefore more valuable—which naturally means higher costs.
• Apple (AAPL US)’s iPhone consistently adopts TSMC’s most advanced technology, ensuring its products maintain industry-leading operational efficiency.

• Product authentication and legitimacy are paramount for The RealReal (NASDAQ: REAL), which sells used luxury items.
• But our research indicates that REAL’s authentication lets through many counterfeits, and that has enraged both buyers and sellers, undermining the sense of trust.
• REAL has applied AI to the authentication problem to speed things up, but we see no evidence of effectiveness.

• The offer provides a 2.7% gross spread with a 7.7% annualized return, supported by board approval, firm structure, and high market-implied probability of success near 92%.
• Downside risk is significant if the deal breaks, but the structured offer, regulatory clarity, and low interloper risk support a small-to-moderate position in diversified event-driven portfolios.
• Further upside depends on unexpected bid competition, ticking fees, or faster-than-expected settlement; otherwise, the return is modest but acceptable in stable arbitrage environments.

• Cumulative Q3 FY07/25 revenue was JPY18.7bn (+14.2% YoY), operating profit JPY4.0bn (+6.5% YoY), net income JPY2.9bn (+11.5% YoY).
• Consumer Service segment revenue reached JPY16.8bn (+18.2% YoY), with a segment profit of JPY3.9bn (+11.3% YoY).
• Online Advertising segment revenue was JPY1.8bn (-13.3% YoY), segment profit JPY121mn (-61.7% YoY), with promotion costs JPY319mn (-14.7% YoY).

Frontier Developments’ shares reacted strongly to the May update announcing that FY25 revenues would be slightly ahead of consensus expectations of £85–89m. Today’s FY25 update builds on this, adding a growing cash position and confidence in ‘further annual growth in FY26’. All eyes will be on the 21 October launch of Jurassic World Evolution 3, with the franchise’s very modest 4% y-o-y revenue decline in FY25 illustrating the strength of the title.

• In today’s edition: • KPN | ODF scales back fiber ambitions • InPost / Allegro | antitrust office starts investigation regarding Allegro’s delivery methods • DHL | Evri plans to increase its number of couriers by 5,000

• Qualcomm acquired Alphawave, a UK firm that specializes in chip design IP, especially silicon photonics and chiplets. 
• AMD acquired 3 firms. Untether AI, an AI edge / inference chip designer. Brium, an AI software and compiler firm. Enosemi, a silicon photonics and co-packaged optics firm. 
• 4 acquisitions in 2 weeks. AMD and Qualcomm are putting their money where their mouth is: the future is AI. This also illustrates how far ahead Nvidia is.

• TSMC is on its way to beat its 2Q revenue guidance, Apr + May represent 72% of 2Q guide. YTD revenue growth 43% YoY, Consensus at 26% (NT$). Upgrade coming? 
• UMC is on its way to miss its 2Q revenue guidance, Apr + May represent 63% of 2Q guide. YTD revenue growth 4% YoY . No recovery in legacy semiconductor. 
• This confirms, again, that AI is the only growing segment in semiconductors. The rest is lackluster (computers, smartphone, automotive, industrial, you name it).

GB Group’s CEO Dev Dhiman’s first full year has seen initiatives addressing the company’s foundations rather than its short-term growth. This is a necessary step if management are to optimise longer-term shareholder value. Accordingly, any share price disappointment regarding H225 and H126 growth rates needs to be set against the group’s increasing optionality around capital allocation and the reassurance of an unchanged FY26 financial outlook.

• With only a partial contribution from recently acquired mortgage brokerage company, GTG Financial, and before peak homebuying season had begun, 1Q25 revenue reached $925.6k vs $20.4k in 1Q24.
• As competition intensifies during the peak homebuying spring-summer season, we expect the company to record further revenue ramp as homebuying activity climbs.
• We also believe the GTG acquisition underscores AIRE’s focus on offering mortgage brokerage, title and home insurance services, which are also expected to lead to recurring revenue opportunities & potentially help smooth out the seasonality of homebuying trends.

• Long-term readers will know I have held Telefonica Brasil (Vivo) for four years and been loudly bullish on the company at times.
• But the thesis hasn’t played out as hoped and the time has come to make way for better opportunities.
• It’s the good type of mistake, where you scrape away with a modest gain (20% + some nice dividends), but an analytical error all the same.

• According to the WSJ, Ukraine’s drone strike on June 1 damaged as many as 40 aircraft deep inside Russia as strategic bombers sat outside in the open on military bases.
• Ukraine was able to secretly place numerous cheap drones near Russian military installations all over the massive country.
• The order was then given, and the drones were flown out of trucks and remotely piloted directly into exposed expensive bombers.

• Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
• Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• Revenue increased by 6.7% YoY to JPY12.8bn, with all business segments posting profit growth despite some challenges.
• The company posted an operating loss of JPY22mn, significantly better than the forecasted JPY236mn loss for 1H.
• Recurring profit was JPY481mn, with a foreign exchange loss of JPY434mn due to yen appreciation against the USD.

• Holding companies have been the best performing asset class in the Korean stock market in the past month.
• In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
• The NAVs of these five holdcos are about 18% higher than their current prices on average. 

• AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
• AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
• Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?

• Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions. 
• In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong’s Communication Authority,  and that the commitments are sufficient to effectively address the CA’s concerns. 
• The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared’s proposal. 

• Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review. 
• Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
• A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.

• Zegona Communications (ZEG LN) owns 100% of Vodafone Spain and is a pure-play turnaround and M&A optionality vehicle in a consolidating European telecom market.
• Telefónica and MasOrange are reportedly considering a bid, with potential upside of 25–83% depending on deal terms and valuation multiples.
• Even without a sale, fibre JV monetization and cost-cutting support a standalone re-rating over the next 12–18 months.

• MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
• This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
• The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.

• XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
• QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI. 
• The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.   
• Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!

• Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty
• National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst… AI Still in Its Early Phase
• Semiconductor Memory Q125 Review — Tariff & Tech Transition Impacts, HBM Outlook

• Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.  
• I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.
• Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.  

• TSMC: +23.4% Premium; Consider Shorting ADR Spread at Current Level
• UMC: 1.5% Premium; Wait for More Extreme Premium Before Going Short the Spread
• ASE: +4.4% Premium; Wait for Higher Premium Before Going Short

• Elite Material (2383 TT) will be added to the Yuanta/P-Shares Taiwan Top 50 ETF in June and will replace Unimicron Technology (3037 TT). 
• ETF AUM has now crossed US$20bn and passive trackers will need to buy 1x ADV in Elite Material (2383 TT) and sell 1.2x ADV in Unimicron Technology (3037 TT).
• Importantly, Elite Material (2383 TT)‘s stock price rally results in a lower dividend yield and the stock will be deleted from another ETF where the passive selling is much larger. 

• Intel Corp (INTC US) CEO Lip-Bu Tan was setting two guideline that “build the best products” and “satisfy customers.”
• Going forward, no new product development project will be approved—nor will engineering resources be allocated—unless it can demonstrate a projected gross margin of at least 50%.
• In the coming months, an internal tug-of-war is expected to unfold within the company—between engineers and senior executives

• Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company, for approximately $250 million.
• Coming shortly after Databricks’ $1 billion acquisition of Neon, this move signals an intensifying war for enterprise customers who want to build AI agents using their own data.
• Crunchy Data’s roughly 100 employees are set to join Snowflake as the company integrates Crunchy into a new product offering called Snowflake Postgres.

• Once considered vulnerable to competitive pressures and margin erosion, Arista Networks (NYSE: ANET) has staged a remarkable comeback that has turned heads on Wall Street.
• After seeing its stock plunge nearly 50% earlier this year due to fears around tariffs and intensified white-box competition, Arista has bounced back with vengeance.
• Now trading near $95, the stock has rallied on the back of a robust Q1 2025 print, confident full-year guidance, and its growing role in powering AI infrastructure for tech giants like Microsoft, Meta, and Oracle.

• Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
• Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
• We believe Didi should move to re-list shares while earnings & conditions are supportive

• 2025 AI revenue ~US$19bn, up 55-60% YoY. Similar growth in 2026 or $~30bn. Mngt declined to update 2027 addressable market (SAM), previously stated at $60-90bn. That looks too high.
• Risk of disappointment for 2027? No, Consensus is too low. Our estimate for 2026 revenue is $79bn versus consensus at $73bn, $95bn in ’27 vs Consensus $83.
• Consensus for AI stocks is too low. But AVGO is expensive at 33x FY26 Consensus, most likely ~30x and ~25x 2027 if I’m correct. That’s more expensive than NVDA.

• Guidewire Software, Inc.’s latest financial results for the third quarter of fiscal year 2025 demonstrate a mix of robust performance and strategic progress.
• The company reported a record-breaking quarter in terms of sales activities, showcasing strong demand for its cloud offerings, with Annual Recurring Revenue (ARR) reaching $960 million.
• Notably, Guidewire expects to surpass the $1 billion ARR milestone by the end of the fiscal year, indicating significant traction and growth in their subscription model.

• CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both strengths and challenges.
• The company’s headline achievement was its double-digit million-dollar addition to net new ARR, significantly surpassing expectations and reaching an ending ARR of $4.4 billion.
• This milestone reinforces its stature as a dominant player in pure-play cybersecurity software at scale.

• UiPath, a leader in robotic process automation (RPA), recently reported its first-quarter results for fiscal 2026, highlighting both progress and challenges amidst a variable macroeconomic environment.
• The company announced revenue of $357 million, a modest year-over-year increase of 6%, and an annual recurring revenue (ARR) of $1.693 billion, reflecting a 12% increase.
• While these figures exceeded expectations, it’s important to dive deeper into the dynamics driving these results.

• FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Sec, and CMS.
• FS is the world’s second largest online DTC networking solution provider in terms of revenue in 2024, as per Frost & Sullivan (F&S).
• It focuses on providing general networking solutions and high-performance networking solutions mainly to the US and Europe, serving more than 450,000 customers and covering approx. 60% of Fortune 500 companies.

• Hewlett Packard Enterprise’s fiscal 2025 second quarter performance presents a mixed bag of outcomes, reflecting both areas of improvement and ongoing challenges.
• Revenue reached $7.6 billion, showing a 7% year-over-year increase, which exceeded the upper bound of the company’s guidance.
• This growth was driven by strong revenue performance across all product segments, notably in AI systems and Intelligent Edge.

• Innovatiview India Ltd (INNOVATIVIEWINDIA IN)  (IIL) is planning to raise about US$230m in its upcoming India IPO. 
• IIL is a technology-driven provider of automated ancillary security and surveillance solutions for examinations, elections, and large-scale events across India.
• As of Sep 24, IIL was the largest player in examination integrated security solutions in India, according to F&S Report.

• Synopsys Inc. reported a robust second quarter for fiscal year 2025, showcasing substantial strength in revenue growth and operational execution.
• The company achieved a 10% year-over-year revenue increase, reaching $1.6 billion, surpassing the midpoint of its forecast.
• Non-GAAP earnings per share (EPS) also exceeded expectations, underlining the efficacy of Synopsys’ business model amid challenging market conditions.

• The earnings report for HP Inc.’s second quarter of fiscal year 2025 presents a mixed picture, reflecting both growth and challenges.
• On the positive side, HP has shown remarkable progress in revenue growth, with an increase of 5% year-over-year in constant currency.
• This marks the fourth consecutive quarter of revenue growth, largely driven by strong performance in the Personal Systems segment, especially in the commercial sector.

• United Microelectron Sp Adr (UMC US) is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.
• Qualcomm Inc (QCOM US) and NVIDIA Corp (NVDA US) are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  
• Samsung Electronics (005930 KS), for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  

• Wistron Corp (3231 TT) is looking to raise up to US$922m in its global depository receipts (GDRs) offering.
• Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• There’s nothing TSMC can do about U.S. tariffs but keep working hard and ensure TSMC’s technology remains the best in the world.
• Recently, the NT dollar has strengthened by 8%, and our operating margin has dropped by over 3% due to exchange rate fluctuations.
• If our technology could be stolen so easily, TSMC wouldn’t be where it is today.

• Nvidia H20 sales to China were barred last month. Nvidia first mentioned designing a new China-specific chip. Maybe not: it looks very difficult to work around the updated US limits
• Semiconductor design software was barred last week. Synopsys suspended its guidance. My industry checks suggests that the ban applies to Xiaomi (ie the new smartphone chip) and to Lenovo. 
• Hanmi Semi stopped shipping TC Bonder to Chinese clients. This is critical to make HBM memory that goes into AI processors.

• The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
• There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.
• Separately, Urban Logistics REIT (SHED LN) is set to be deleted from the F250 index in June 2025 due to the completion of an M&A event.

• Circle Internet Group, Inc.  priced 34.0mm shares at $31.00 ($3 Above the Upwardly-Revised $27-$28 range) and opened at $69.00 for a gain of 123% at first trade. 
• The IPO traded violently higher with a top-tick of $103.75 for a gain of 235%. The stock closed at $83.23 or 168.5% above issue on day one. 
• Circle is a “one-of-a-kind” industry and one that does not have other public companies to compare to. This could mean that more “fireworks” are in store for the short term.   

• As reported by Patrick Liao ,Taiwan Semiconductor (TSMC) (2330 TT) held its shareholders meetings on June 3rd, read the insight for the details.
• The bottom lines emerging from the meeting are: no fear of tariffs, no fear of appreciation of the NT dollar, no fear of having their tech stolen in foreogn-based factories.
• The stock rallied from June 3rd, closing at 998 on Thursday. Our model say the stock is not yet overbought, could rally higher. 

• In a strategic move underscoring its ambitions in AI infrastructure and next-gen interconnects, AMD recently acquired Silicon Valley-based Enosemi, a startup specializing in photonic integrated circuits.
• The acquisition is part of AMD’s broader effort to catch up with competitors like Nvidia, Intel, and Broadcom in the co-packaged optics (CPO) space, a technology increasingly viewed as essential for building high-bandwidth, energy-efficient AI systems.
• Enosemi, founded in 2023 by semiconductor engineers Ari Novack and Matthew Streshinsky, had previously collaborated with AMD on photonics development and brings with it a small but elite team of PhD-level engineers.

• Of our seven quantitative stock baskets, four have operated for more than three months. We measure the performances of these four – Consistent Compounders, SMID Compounders, Dividend Yielders, Indian Mid-Caps.
• Consistent Compounders, though up since inception, has underperformed MXASJ mildly. SMID Compounders has underperformed sharply. Asian Dividend Yielders has outperformed handsomely and Indian Mid-Caps, by a stupendous margin.
• We think the Indian mid-cap basket could take a short-term breather. The Dividend Yield basket could outperform, as investors’ preference for yields in uncertain times could continue for now.

• Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.
• The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.
• Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.

• In a strategic move that signals a shift toward automated, prevention-first cybersecurity, Check Point Software Technologies has announced its acquisition of Veriti Cybersecurity, a pioneering Israeli startup specializing in preemptive threat exposure management.
• The transaction, valued at over $100 million, is expected to close by the end of Q2 2025 and marks the first major acquisition under new CEO Nadav Zafrir.
• The deal comes at a time when Check Point is pushing hard on its hybrid mesh architecture vision and doubling down on its Infinity Platform to unify security across endpoints, cloud, and networks.

• Intel Products CEO Michelle Johnston Holthaus reveals that the company is now also including Samsung as a second foundry option
• The practice of Intel offering OEM incentives appears to be coming to the end of its unnatural life as LBT sets the tone. Great news for AMD I would think.
• Further investment in A14 capacity will now be contingent on having customers committing to taking up that capacity. No more build it and they will come a la Mr. Gelsinger. 

• Over the past six months, AViC’s share price has undergone a major re-rate.
• Its closing price on May 16, 2025, the day after Q2 FY2025/9 results announcement, stood at JPY 1,825, up 67.6% from the closing price of JPY 1,089 on November 14, 2024, when it announced FY2024/9 results.
• Based on the projected EPS of JPY 73.59 for FY2025/9, the Company’s share looks to be trading at a premium with a forward P/E ratio of 24.8x. 

• US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
• The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
• Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.