TMT/Internet

• SKT’s foreign room jumped from 12% to 20% in two months; if the pace holds, 25% is in play by next review, with ongoing foreign outflows from the SIM leak.
• FOL shifts from foreign room swings have been a classic long-short play in Korea telcos — and the current setup looks similar, with most SIM leak risks already priced in.
• If SKT’s foreign room nears 25%, expect front-running and passive flow imbalances to kick in — a familiar long-short setup that’s historically moved the telco tape early.

• Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
• While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
• While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

• Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.

• Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”

• Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”

• Some of the US Stocks we cover have already reported their earnings: Tesla (TSLA US) and Alphabet (GOOG US) .
• Others will report next week: Amazon.com Inc (AMZN US) ,  Meta (META US) , Apple (AAPL US), while NVIDIA Corp (NVDA US) will report on August 28th.
• We dive into each stock potential for upside or downside at this junction, based on tactical analysis of our quantitative trend forecast models.

• We believe the expected increased need in North America for critical materials, including anode, is a key factor behind the non-dilutive funding the company has been able to obtain from the DOE, Canada Industrial Research Assistance Program and other sources, as NVX moves forward with the construction of a 2nd Tennessee plant.
• Production capacity of its existing Riverside plant has been pre-sold via multiple offtake agreements and NVX plans to construct a 2nd facility in the state, recently obtaining approval and expected tax credits toward this project.
• NVX has secured additional liquidity, recently entering into a funding agreement for up to US$100m convertible debentures with Yorkville Advisors Global.

• Meitu Inc (1357 HK)‘s stock price has more than tripled over the last few months and the significantly higher market cap should lead to global index inclusion in August. 
• Shorts covered a lot in 2024 and that has continued this year as the stock price has moved higher.
• Meitu Inc (1357 HK) has outperformed its peers significantly and there could be a pullback in the stock following index inclusion.

• Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).
• The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.
• This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

• Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.
• SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.
• While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

• 2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. 
• HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year’s demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. 
• But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. 

• McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. 
• This was the second private equity backed deal of the week and second to trade below issue.
• Ultimately, the deal did not have the “strength” and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.

• Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.
• The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.
• As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

• SentinelOne shares surged as much as 18% on Monday, July 21, 2025, amid speculation that cybersecurity heavyweight Palo Alto Networks may be eyeing the smaller player for acquisition.
• Although the stock pared its gains later in the day, the buzz remained strong after Israeli media outlets, including Calcalist and Globes, reported that Palo Alto was in advanced discussions to purchase SentinelOne in a deal potentially valued at around $7 billion.
• Both companies declined to comment on market speculation, but investors took notice — especially as SentinelOne’s market cap hovers near $6 billion, while Palo Alto commands a significantly larger valuation of approximately $131 billion.

• 2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. 
• Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. 
• New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.

Boku expects to report year-on-year revenue growth of 34% for H125, up from the 20% growth reported in FY24, and is guiding to revenue growth of at least 27% for FY25. Both direct carrier billing (DCB including bundling) and other local payment methods (LPMs) showed double-digit revenue growth, with the launch of digital wallet and account-to-account (A2A) scheme connections for new and existing merchants the main driver of the company’s medium-term growth ambitions. We have upgraded our forecasts to reflect the strong performance in H125.

• In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July

• KKR and JIC Capital launched a ¥348B (~$2.3B) MBO for Topcon (7732 JP) at ¥3,300/share, offering an ~88% premium.
• The deal implies ~78x FY25 P/E and ~37x FY26E P/E—pricing in Eye Care’s high-margin growth while Positioning remains a cyclical drag.
• Long term, Eye Care is well-positioned to scale globally as AI diagnostics and SaaS platforms unlock sustained double-digit growth.

• China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.

• Suffering from overcapacity for a while, the company is a beneficiary of the Chinese government policy to consolidate the solar industry. 
• At 0.6x PBR and a share price at HKD 1.3, far from its high at HKD 4, sounds like a bargain. 
• Management has conducted one share buy back this year and share price rallied afterwards. 

• 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).
• Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
• SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.

• ASML Holding recently reported its financial results for the second quarter of 2025, demonstrating strong performance amidst a backdrop of macroeconomic and geopolitical uncertainty.
• The company reported total net sales of EUR 7.7 billion, reaching the upper end of its guidance range.
• This was driven by successful revenue recognition of one High Numerical Aperture (NA) system and additional upgrade business, with net system sales amounting to EUR 5.6 billion.

• 2Q25 results beat Consensus by 5%. 3Q guidance is close to Consensus, so you can’t call that a disappointment.
• Very different tone. 1Q management was confident of a cyclical recovery and accelerating growth in 2H25. Now, we have lower growth in 3Q, more disclaimers, 2Q was “too hot” .
• The stock was trading at 38x 2025 EPS and 32x 2026 before earnings, a bit of disappointment does crash the stock -13%. This can take weeks to settle down.

• Local news reported that <Project: Three Kingdom Ncard>, a derivative card game of its <Three Kingdom MDTX> IP, might be released in C4Q25. 
• <Ncard> fills the air pocket in BILI’s game pipeline. We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.
• We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.

• In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).
• Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.
• GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

• A cloud computing and connectivity provider for financial markets announced the signing of approximately $10m of Proximity Cloud contracts in June and provided an update on trading for the year ended 30 June 2025 (FY25).
• Results for FY25 are expected to once more demonstrate significant double-digit growth on the prior year, driven by a strong performance across Beeks’ Private, Proximity and Exchange Cloud offerings.
• Revenue for FY25 is expected to have increased by approximately 25% to £35.5m (30 June 2024: £28.5m), with underlying EBITDA growth of 29% to £13.8m (30 June 2024: £10.7m) and underlying profit before tax growth of 41% to £5.5m (30 June 2024: £3.9m). 

• Makus Inc (093520 KS) is a textbook case study in Korea of how improving shareholder value leads to surging share price. Its example is simple and beautiful.
• Makus announced that it will cancel a total of 6 million treasury shares (37% of outstanding shares) in the next three years  until 2027 to increase shareholder value. 
• Applying a 15x P/E on EPS of 2,788 won (2027E) results in implied target price of 41,820 won per share, which would be a 67% further upside from current levels.

• There could be 2 constituent change for the STAR Chip Index at the September rebalance. There will also be a few capping changes.
• Estimated one-way turnover is 1.4% resulting in a round-trip trade of CNY 983m (US$137m). Passives need to trade between 0.4-1.9x ADV in the potential changes.
• Both forecast inclusions are newly eligible for index inclusion and the passive buying could provide some support following the drop in the stock price post listing.

• TSMC’s Most Advanced Node — 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
• OpenAI’s Sam Altman ‘Jokes’ About Owning US$3 Trillion Worth of GPUs One Day…
• AI PC Delay — Nvidia-MediaTek Push AI PC Chip Launch to 2026

• Bold statement by Management: early stage of cyclical recovery, new upcycle beginning. 2Q result and 3Q guidance show a smaller pace of YoY decline, converging slowly to 0. 
• Other than an increasing order book, Management not forthcoming on details. In Automotive NXP has outperformed its peers during this latest downcycle with a smaller pace of decline.
• Stock valuations at 20x 2025 EPS, 16.8x 2026 EPS, which are almost +1 standard deviation above average PEx. No room for error here.

• WiseTech Global Limited, a developer of cloud-based software solutions for the international and domestic logistics industries, recently released its first half of 2025 financial results.
• The company reported revenue of $381 million, marking a 17% increase compared to the same period in 2024, with an organic revenue growth rate of 15%.
• CargoWise, their flagship logistics platform, exhibited strong performance with organic revenue growth of 20% and recurring revenue contributing 99% of total CargoWise revenue.

• McGraw Hill (MH US) , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.
• McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.
• McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.

• Shift Inc (3697 JP) reported 3QFY08/2025 results last week, with solid top-line and earnings growth. 3Q revenue fell below consensus while OP beat consensus by a huge margin.
• The margin drop in 3Q was only due to seasonality and not due to operational inefficiencies. Shift also raised its full-year OP guidance which seems too conservative.
• The market overreacted to Shift’s 3Q earnings with a 10% drop; however, the share price has begun to move up as there is no reason to panic.

• Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
• Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
• In this note, we talk about the not-so-positive aspects of the deal.

• Nearing the end of the review period, we forecast 1 change for the SSE STAR50 (STAR50 INDEX) and 5 changes for the STAR100 Index in September.
• We estimate turnover of 1% for the SSE STAR50 (STAR50 INDEX) and 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).
• Near term performance for the SSE STAR50 (STAR50 INDEX) changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.

• In the fast-moving world of artificial intelligence, Meta has doubled down on voice-driven innovation by snapping up PlayAI, a nimble startup renowned for its natural-sounding speech synthesis and user-friendly voice-creation platform.
• With more than 3.4 billion daily users across its apps and nearly one billion monthly users of its Meta AI service, the company is eager to integrate PlayAI’s specialized talent directly into Meta Superintelligence Labs.
• This move arrives just after Meta rolled out Llama 4 models and launched its stand-alone Meta AI app, signaling an all-in push toward multimodal, conversational AI.

• A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 – July 25.
• OVERSOLD: Meta (META US) , HDFC Bank (HDFCB IN) , NIFTY Index (NIFTY INDEX) 
• OVERBOUGHT: Alphabet (GOOG US) , Amazon.com Inc (AMZN US) , NVIDIA Corp (NVDA US) , Taiwan Semiconductor (2330 TT) , CSI 300 Index (SHSZ300 INDEX) ,  KOSPI 200 (KOSPI2 INDEX) 

• Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
• They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.

• Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
• The company is currently undergoing a “shift” from a customer base that relies heavily on mainland China to other parts of the world.
• The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.

• Figma (FIG US) targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.
• Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.
• Figma (FIG US) is expected to be added to US TMI at the September 2025 review.

• Infosys (INFO IN / INFY US) reports Q1 FY26 results on Wednesday, 23 July 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
• Highlight: Analyzing historical post-earnings price movements, along with forward-looking options-implied volatility, provides valuable insights for event-driven strategies.
• Why Read: Access the data and insights to take advantage of anticipated price moves and volatility crush. Potential option strategies explained.

• McGraw Hill (MH US) , is  offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
• We were pleasantly “surprised” to hear that the deal’s channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.
• Bringing the IPO at a valuation that is a down-round is a “positive”, however the sector in which this company operates in “may” prove to be a difficult sell.

• Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
• The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
• I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.

• Japan System Techniques (hereafter, the Company) announced its full-year FY2025/3 results: Key consolidated figures included net sales of JPY 29,324 mn (+12.0% YoY), operating profit of JPY 3,188 mn (+14.2% YoY), ordinary profit of JPY 3,264 mn (+14.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 2,443 mn (+17.1% YoY).
• The Company achieved a record high increase in net sales for the 14th consecutive year and operating profit for the 10th consecutive year, with ROE reaching 17.8%.
• The dividend per share for FY2025/3 was JPY 27.0, an increase of JPY 4.5 compared to JPY 22.5 in FY2024/3, an increase for the 4th consecutive year.

• When the SK Hynix ETF drops, expect meaningful physical buying shaking up supply-demand. Arb desks and alpha shops could pile in early, pushing the stock higher on flow.
• Going long Hynix near listing could pay off if demand mirrors Samsung’s—ETF flows, NAV arb, and delta hedging drove a 4% jump with a noticeable increase in program buying.
• Get in around the listing, watch flows, and take profits quickly. This is a short 2–3 day tactical play, with sharper front-running expected based on the Samsung ETF template.

• 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, filings and listings have cooled off going into the general summer lull.
• On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.

• Bit Digital’s division of high performance computing (HPCs) is going public with B. Riley and Needham leading the IPO. 
• They had revenue of $8.17 million and $16.77 million and net income of $826.5 thousand and $1.43 million in the first quarter or 2024 and 2025, respectively.
• A comp to this IPO, CoreWeave (CRWV US), saw its company highly scrutinized in the pre-IPO process only to see the stock outperform once going public.

• Founder Kim reportedly looking to offload his 21.5% stake, with EQT eyeing a ~30% control block including Shinhan’s. No succession plans, deal said to be under serious review.
• Kim’s control premium ask could trigger Korea’s first test case of expanded fiduciary duty, with minority holders potentially suing if tender terms aren’t seen as fair under new rules.
• Buyer likely prepping a Q3 tender offer; key watch is how minority premium stacks vs control block — could be Korea’s first de facto test case of mandatory tender mechanics.

• TSMC reported Q225 revenues of $30.1 billion, up 44% YoY, up 17.8% QoQ and handily beating the high end of the $29.2 billion guidance.
• Full year 2025 guidance raised to 30% YoY growth, and that may still not be enough
• Resumption of H20 sales to China not yet baked into forecast, an army of ex Intel employees coming on the job market & potential Fx reversal are all possible tailwinds

• Vivendi trades at a 37.7% discount to NAV, with a mandated buyout by Bolloré offering a realistic upside of 22–37% within six months pending French Supreme Court review.
• The AMF has ruled that Bolloré must launch a tender offer. Vivendi’s simplified structure, anchored by UMG, enables clear valuation through a detailed SOTP showing €5.26/share NAV.
• With liquidity exceeding €3bn, Bolloré can finance a buyout of minority shareholders. Even conservative pricing scenarios imply strong returns for arbitrage investors seeking event-driven upside.

• GOOGL is set to release Q2 earnings on Wednesday, July 23 after the close, having rallied 15.39% since Q1 results.
• Q2 has historically delivered strong average returns and the largest average absolute 1-day move.
• We explore how volatility and past earnings reactions frame expectations for the upcoming release.

• As reported by Patrick Liao and William Keating , Taiwan Semiconductor (2330 TT) is currently in very good shape, for multiple reasons, I invite you to read their insights. 
• The problem is: the stock closed at 1155 on Friday, blowing past through the roof of what our model has identified as a very extremely overbought “Tails” move.
• We said BUY in June, and know market euphoria can defy models when sentiment takes over, but our tools consistently flag overstretched conditions — a clear caution to late-stage buyers!

• IDC and Counterpoint released their 2Q25 smartphone estimates. Smartphone units increased 1-2% YoY. Best performer: Samsung +8% YoY, but this didn’t help 2Q operating profits. Vivo +5%, Apple +2%.
• The smartphone market is desperately flat – or in slow decline. Smartphone is 76% of revenues for Qualcomm, 57% for Mediatek, 50% Apple and Xiaomi, 35% Samsung, 31% TSMC. Problem?
• For Semiconductor firms (QCOM, MTK, TSM), chips ASP increases 10-15% at each generation, between node migration (N3, N2) and increasing AI functionalities. For hardware vendors (Apple, Samsung, Xiaomi), it’s worse.

• NT$ appreciation large impact on revenue / margins but TSMC beats consensus in 2Q, 3Q guidance is in-line. FX impact is partially neutralize by other factors (utilization, cost control) .
• This will be controversial: management increase 2025 US$-revenue growth from mid-20 to 30%. Yet, this implies that 4Q25 US$-revenue growth will collapse to 9% YoY and NT$-growth will be negative.
• At same time, mngt gives a long list of very positive messages on AI demand, N2 ramp, full utilization of EUV nodes.  This could lead to short-term stock price weakness.

• TSMC Beats, Raises, and Confirms AI Ramp Is Real, Despite FX Drag
• Conclusion — Maintain Structural Long View, 2026 Growth Likely Underappreciated
• TSMC ADR Premium Rebounds to 23.6% — US Investor Positioning Skewed Toward TSMC’s Unique AI Exposure

• 3Q25 Guidance: Revenue: US$31.8–33.0 billion (approx. 8% QoQ growth); Gross Margin: 55.5–57.5%; Operating Margin: 45.5–47.5%.
• Despite FX headwinds, TSMC aims to maintain gross margin ≥ 53%  
• Driven by strong demand in AI (including sovereign AI) and HPC; Full-year USD revenue growth outlook raised to ~30% YoY.

• The acquisition of Ansys Inc (ANSS US) by Synopsys Inc (SNPS US) has been completed today, 17 July and Ansys is expected to be deleted from Nasdaq100.
• CoreWeave (CRWV US) is forecasted to be added to Nasdaq100 as the replacement because it is the highest ranked eligible non-constituent following its recent listing on 28 March 2025.
• Top addition candidate for the December 2025 annual review is now Kimberly Clark (KMB US) following its listing transfer from NYSE to Nasdaq on 30 May 2025.

• Square Enix holds globally recognized IP with monetization upside across platforms, and recent pipeline discipline signals a shift toward higher-margin, high-quality titles that can stabilize earnings and restore growth.
• Activist involvement is intensifying, creating strong pressure for capital returns, governance reform, and strategic clarity – unlocking shareholder value in a business that remains structurally underleveraged and undervalued vs peers.
• With operating margins improving, digital sales accelerating, and cost structures being realigned, Square Enix is positioned to re-rate meaningfully as investor confidence rebuilds and management delivers on core turnaround objectives.

• 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 the final rankings of potential ADDs and potential DELs for the September 2025 index rebal event.
• We see three ADDs/DELs and one float percentage revision which could collectively trigger roughly US$364mn in one-way index flows in September 2025.

• Update on changes to and revisions of analysts’ Best Ideas and Conviction Calls, as well as Model Portfolio compositions

• Computershare presented a robust performance in its first-half FY ’25 results.
• The company reported Management Earnings Per Share (EPS) of $0.653, an 18.7% increase over the previous period, driven by strong business momentum despite challenging macroeconomic conditions, including interest rate changes.
• The company’s management aims to build a simplified, high-quality, and capital-light business model, as evidenced by their recent divestment of the U.S. Mortgage Services business.

• Surecore offers a one-stop shop for SoC and IP design, from architecture to test, chip evaluation, and more
• Surecore’s team of highly experienced memory and mixed signal designers differentiate them from other design services providers
• Surecore’s expertise in low power design helps customers overcome challenges in advanced nodes, such as leakage and thermal management, ensuring sustainable next generation silicon solutions

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• BE Semiconductor Industries N.V. (Besi) recently reported its first quarter 2025 results, underlining a mixed performance amidst a challenging market environment.
• The company achieved revenues of €144.1 million, marking a slight decline of 1.5% compared to the same quarter last year.
• This reduction reflects continued weaknesses in the mobile and automotive markets, although there was some compensation from a surge in demand related to hybrid bonding and AI-related computing applications.

• Nvidia and AMD are set to resume scaled-down AI chip exports to China, marking a partial reversal of earlier U.S. export bans.
• China retains a near-monopoly on REE refining, controlling roughly 90% of global capacity, and its March 2025 export halt highlighted the leverage it holds over high-tech and defence supply chains.
• While markets rallied on the chip announcements, IV data suggests diverging risk expectations across Nvidia, AMD, and MP Materials, reflecting broader uncertainty around the durability and scope of this reopening.

• Adobe Inc.’s second quarter financial results for fiscal year 2025 demonstrate a strong performance, marked by significant revenue growth and strategic advancements in its core business segments.
• The company’s total revenue reached $5.87 billion, an 11% increase year-over-year, with a noteworthy contribution from its Digital Media sector, which achieved $4.35 billion in revenue.
• This sector’s annual recurring revenue (ARR) grew to $18.09 billion, reflecting a 12.1% increase.

• As Kinatico transitions to a new compliance SaaS solution, the legacy business provides funding for the new service development and a pool of potential customers

• Stock is down -10%. The 2026 revenue comment (“while we still prepare for growth in 2026, we cannot confirm it at this stage“), confusion on EUV growth should explain it.
• Number of EUV machines sold is flat but ASP is up 30% as machine’s throughput is up 30%. EUV revenue growth is in the mix, not units.
• China: I don’t know what they tried to say. Healthy demand in China, not falling off a cliff. But wait, China 1H25 revenue have declined -28% YoY.

• ASML today reported second quarter revenues of €7.7 billion, bang at the top of the guided range, flat QoQ and up 23% YoY
• Guided 2025 at 15% growth (~€35 billion), a big step up in confidence from the €30-€35 billion range given last quarter
• Comments regarding uncertainty about 2026 outlook and tariff impacts likely led to the >7% sell off currently happening in pre-market trading.

• Broad-based Weakness:Tata Consultancy Svcs (TCS IN) ‘s revenue declined 3.1% YoY in CC; domestic business fell sharply due to BSNL, while international demand remained soft across key verticals.
• GenAI Pivot Amid Margin Pressure: TCS is shifting from GenAI pilots to scaled deployments, investing heavily in AI skilling, while margins face pressure from underutilization and delayed deal ramps.
• Outlook Cautious Despite TCV Growth: TCV rose 13.2% YoY to $9.4 Bn, but mega deals are missing; execution delays and macro concerns cloud near-term visibility.

• ASML has released 2Q25 financials but the conf call is at 3pm. 2Q25 beat by 10% at Operating and Net Income level. 2Q25 bookings are low at €5.5bn. 
• 3Q25 weak revenue guidance, -9% below Consensus. But ASML maintains its 2025 guidance (+15% YoY or € 32.5bn, inline). Key problem: 1H25 revenue growth 34% YoY, 2H25 growth 2% YoY. 
• Growth should re-accelerate in 2H26 as the impacts of China lower spending, Mature node lower spending, multiple delays or cuts (Intel, Samsung) are fading away. 

• In this edition: • ASML Holding | expects 15% FY25 net sales increase with a 52% gross margin • Fugro | awarded a 7-year framework agreement with EirGrid

• Shareholders recently rejected Zee’s promoter-led capital infusion, limiting the founding family’s stake increase and influence.
• The failed fundraise underscores persistent questions about financial transparency and management’s past conduct. This decision further impacts market perception and investor confidence.
• This insight covers the whole story from the beginning of the allegations to the current status of the allegations and fundraising. 

• The company describes itself as a pioneer and leading provider of ultra-low power semiconductor solutions designed to address the significant power consumption challenges of general purpose and AI compute.
• For the three months ended March 31, 2025 and 2024, they generated net sales of $15.7 million and $15.2 million, respectively.
• The sector in which this company operates is one that is in favor. Powering the AI trade is one that investors are highly engaged in at the moment.