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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

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Jun 08

Daily Brief TMT/Internet: Unimicron Technology, Intel Corp, Snowflake , Arista Networks, DiDi Global and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Taiwan Top 50 ETF Rebalance: Elite Materials Added (But Bigger Sell Flows Elsewhere)
Intel (INTC.US): Exploring a Tough Journey. (V)
Snowflake’s $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!
Arista Networks’ $1.5B AI Jackpot: How a “Has-Been” Became Wall Street’s Newest Favorite!
Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

Taiwan Top 50 ETF Rebalance: Elite Materials Added (But Bigger Sell Flows Elsewhere)

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 (INTC.US): Exploring a Tough Journey. (V)

By Patrick Liao

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’s $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!

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.

Arista Networks’ $1.5B AI Jackpot: How a “Has-Been” Became Wall Street’s Newest Favorite!

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 Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

By Daniel Hellberg

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

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Jun 07

Daily Brief TMT/Internet: Broadcom , Guidewire Software, Crowdstrike Holdings , UiPath Inc, FS.COM, Hewlett Packard Enterprise , Innovatiview India Ltd, Synopsys Inc, Hewlett Packard Co, United Microelectron Sp Adr and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive
Guidewire’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!
CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?
UiPath Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!
FS.COM Limited Pre-IPO Tearsheet
Hewlett Packard Enterprise (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?
Innovatiview India Ltd Pre-IPO – Growth Amid Cash Flow Pressures
How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?
HP Inc.: Expansion of Personal Systems With AI PCs Is The CLEAR WAY FORWARD!
UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

AVGO Results Good. 55-60% AI Growth in 2025, Same in 26. Consensus Is ~10% Too Low, Stock Expensive

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’s Cloud Takeover: How It’s Winning Big With Insurers & Crushing Legacy Systems!

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 Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

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 Inc.: Expansion in Vertical & Public Sector Markets to Diversify Revenue Streams!

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 Pre-IPO Tearsheet

By Troy Wong

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 (HPE) Cuts Jobs—Why Is The Management Focused On Building A Leaner Tech Giant?

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 Pre-IPO – Growth Amid Cash Flow Pressures

By Rosita Fernandes

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.

How Is Synopsys Thriving Globally While China Sales Decline—What’s the Real Strategy?

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.

HP Inc.: Expansion of Personal Systems With AI PCs Is The CLEAR WAY FORWARD!

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.

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

By Patrick Liao

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.

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Jun 06

Daily Brief TMT/Internet: Wistron Corp, Taiwan Semiconductor (TSMC) – ADR, NVIDIA Corp, Gamma Communications, Circle Internet Group, Taiwan Semiconductor (TSMC), Advanced Micro Devices, Tencent, Zscaler , Check Point Software Tech and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals
TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.
US – China: Restrictions on Semiconductors Are Getting Worse
Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises
Circle Internet Group (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%
TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings
AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!
Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost
Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!
Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?

Wistron GDR Offering – Well Flagged US$922m Offering, Discount Slightly Wider than Recent Deals

By Akshat Shah

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.

TSMC (2330.TT; TSM.US): Holds Shareholders’ Meeting on June 3rd.

By Patrick Liao

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.

US – China: Restrictions on Semiconductors Are Getting Worse

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.

Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

By Janaghan Jeyakumar, CFA

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 (CRCL): Wall Street Pounces on Stable Coin Powerhouse, IPO Pops 235%

By IPO Boutique

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.

TSMC (2330.TT) Outlook: Bullish After Shareholders Meetings

By Nico Rosti

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.

AMD Just Made a Big Move in AI and Co-Packaged Optics: Here’s What Investors Need to Know!

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.

Asian Equity: Performance of Our Quant Baskets: Indian MidCaps, Asian Dividend Yields Rule the Roost

By Manishi Raychaudhuri

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’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

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.

Check Point Makes A Bold Bet with Veriti: Can Preemptive Security Reinvent Cyber Risk Management?

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.

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Jun 05

Daily Brief TMT/Internet: Intel Corp, AViC , Xiaomi Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Intel @ BofA Securities 2025 Global Technology Conference
AVIC (9554 JP) – System in Place for Rapid In-House Launch of Live Commerce Business
Lucror Analytics – Morning Views Asia

Intel @ BofA Securities 2025 Global Technology Conference

By William Keating

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.

AVIC (9554 JP) – System in Place for Rapid In-House Launch of Live Commerce Business

By Sessa Investment Research

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.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

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.

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Jun 04

Daily Brief TMT/Internet: Nexchip Semiconductor , Mediatek Inc, Xiaomi Corp, Taiwan Semiconductor (TSMC), Circle Internet Group, Lens Technology , Plover Bay Technologies, VEON and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

CNI Semiconductor Chips Index Rebalance: One Change with Big Impact
TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected
Xiaomi (1810 HK): 1Q25, Home Appliance Up by 59% and Capacities Under Construction
TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand
Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)
Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.
[Xiaomi Inc. (1810 HK, BUY, TP HK$55) TP Change]: Trade-In Subsidy Is Still the Main Driver
Lens Technology H-Share Listing: First Look
Plover Bay (1523 HK): Preview On Earnings For H1 2025
VEON US: Pakistan Towers Sale Frees Capital for Digital Growth in Core Market Ahead of Ukraine IPO

CNI Semiconductor Chips Index Rebalance: One Change with Big Impact

There is 1 change for the CNI Semiconductor Chips Index that will be implemented at the close on 13 June.
Passive trackers are estimated to buy 2.7x ADV in Nexchip Semiconductor (688249 CH) and sell 1.5x ADV in Amlogic Shanghai (688099 CH).
The delete has outperformed the inclusion this year. With 8 days left to implementation of the changes and decent impact, there could be a short-term reversal.

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.
The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.
The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.

Xiaomi (1810 HK): 1Q25, Home Appliance Up by 59% and Capacities Under Construction

By Ming Lu

In 1Q25, total revenue grew by 47% YoY with home appliance up by 59% YoY.
Both home appliance and electric vehicle will expand their capacities.
The stock has an upside of 29% and a price target of HK$66 for the next twelve months.

TSMC Wafer Price Increase ~30-40% at Each Node (N2-A16-A14), that Will Eventually Limit Demand

A N3 wafer costs US$20k. Taiwan news mention N2 price at $30k, 16A at $45k. That’s a bit inflated but price increase at each node will be a hefty ~30-40%.
It will become difficult for PC, Smartphone to absorb a US$40k wafer cpst, or to use the chip’s performance in these devices. The addressable market will shrink: AI, Networking, Server.
TSMC’s growth will come more from wafer price increase than from volume growth. It’s already the case! Could be a problem for Semi Production Equipment vendors: scale will be smaller.

Circle IPO Analysis (Second Largest Issuer of Stablecoins Globally)

By Douglas Kim

Circle raised both the IPO shares to be issued and IPO price range. New IPO price range is $27 to $28 per share (from $24 to $26 per share previously).
We have a Positive View of the Circle due to its status as the second largest issuer of stablecoins globally, rapidly increasing user base and sales, and improving profit margins.
Major risk factors of this IPO include CBDCs, centralization, cyberattacks, and potential government crackdown.

Smartphone 2025 Shipments Revised Down, PC Revised Up (IDC). Mediatek a Tad Expensive, TSMC Cheaper.

By Shifara Samsudeen, FCMA, CGMA

IDC has revised down 2025 Smartphone unit growth from 2.3% to 0.6%; increased PC from 3.7% to 4.5% but expects a decline in 2026.
The positive for Mediatek is AI in Mobile chips, but it’s a secondary driver compared to AI ASIC design. Mediatek stock is more expensive than TSMC despite lower visibility.
I don’t see any stock for which PC is a positive. The risk remain over-estimating replacement demand ahead of Windows 10 end-of-support in Oct-25.

[Xiaomi Inc. (1810 HK, BUY, TP HK$55) TP Change]: Trade-In Subsidy Is Still the Main Driver

By Eric Wen

Xiaomi reported C1Q25 top line, non-IFRS operating income and IFRS net profit 2.0%, 41% and 57% vs. our estimate.
While there are a few product positives supporting outperformance, the main driver is still trade-in subsidy (TIS), which will start to end in C3Q25;
We continue to view Xiaomi as having an enviable market position as a “Huawei without the sanctions”, its valuation has also become very rich.

Lens Technology H-Share Listing: First Look

Shenzhen-Listed iPhone glass supplier Lens Technology (300433 CH) has filed for a listing on HKEx and plans to raise proceeds of around US$1-1.5bn.
The company is heavily reliant on smartphones (mainly iPhones) however has diversified into other verticals. While this has helped grow revenues, margins have continued to decline.
Though some exemptions have been given, the potential for further US reciprocal tariffs could increase costs and disrupt supply chains impacting Lens.

Plover Bay (1523 HK): Preview On Earnings For H1 2025

By Sameer Taneja

We expect the Trump tariffs announced on Taiwan (base for suppliers/production of Plover Bay) to slightly affect growth rates for H1 FY25 and estimate a 15%/13% YoY revenue/profit growth number.
A 32% tariff was imposed on Taiwan suppliers; however, electronic items, including routers, were subsequently excluded. Nonetheless, overall business sentiment had already been negatively impacted before these adjustments.
Trading at 19.4x FY25e earnings (assuming a reversion to 15% growth), the stock is somewhat fairly valued, although we love this name’s execution and long-term track record.

VEON US: Pakistan Towers Sale Frees Capital for Digital Growth in Core Market Ahead of Ukraine IPO

VEON last week announced it has secured regulatory approvals for its tower asset partnership with Engro Corp in Pakistan, unlocking US$563 million in value.
Cash portion of funds will be paid in tranches and received in Pakistan, with flexibility to upstream capital or reinvest locally.
Transaction supports VEON’s ongoing transformation at the Group level and digital growth strategy in Pakistan while offering a roadmap for similar value creation in Ukraine.

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Jun 03

Daily Brief TMT/Internet: Taiwan Semiconductor (TSMC) – ADR, Danggeun Market, Silicon Laboratories, Qorvo Inc, Wix.Com Ltd, Plexus Corp, Uchi Technologies, Amphenol Corp Cl A and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo
Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)
Silicon Labs: Strong Market Momentum in Key Segments & Other Factors Driving Our Optimism!
Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?
Wix.com Expands Its Empire With Bold Moves in AI
Plexus Corp.: An Insight Into its Recent Healthcare and Life Sciences Sector Growth & Other Major Drivers!
Uchi Technologies Q1 FY25: Guidance Scrapped In The Wake Of Global Uncertainty
Amphenol Corporation: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Taiwan Tech Weekly: Mediatek’s New Chip Could Outperform Apple’s; Samsung Beats TSMC, Wins Nintendo

Rumors That Mediatek’s Upcoming Chips Could Outperform Apple’s Chips Used in the iPhone 17
Samsung Beats TSMC to Win Key Nintendo Switch 2 Contract
PC Monitor: Commercial PC Demand Resilient; AI PC Momentum Builds W/ NVDA Blackwell-Powered Launches

Initial Thoughts on the Karrot (Danggeun) IPO (Largest Used Goods E-Commerce Platform in Korea)

By Douglas Kim

Danggeun (Karrot) is the largest used goods e-commerce marketplace in Korea. There have been some local reports that the company could complete its IPO as early as 2025.
In the private market, some shares of Karrot were put up for sale recently, and the valuation of the company ranged 2.5 trillion won 2.7 trillion won.
The company has tremendously scaled up its business in the past couple of years, in terms of sales and profits.

Silicon Labs: Strong Market Momentum in Key Segments & Other Factors Driving Our Optimism!

Silicon Laboratories, a prominent player in the semiconductor industry, rounded off the first quarter of fiscal year 2025 with robust performance metrics that underscore their strategic positioning and forward momentum.
The company reported a revenue of $178 million, marking a sequential growth of 7% and a 67% year-over-year increase, aligning with the projections provided in their guidance.
A substantial portion of the growth can be attributed to their Home & Life and Industrial & Commercial business units, which demonstrated impressive resilience and expansion trajectory.

Qorvo’s Proprietary Chip Tech Might Just Help Lock In Billion-Dollar Smartphone Wins; What’s The Expected Revenue Impact?

Qorvo Inc.’s latest earnings report presents a multifaceted picture of the company’s current position and strategic outlook.
The report outlines several key areas where the company is making notable progress, as well as some areas of concern.
On the positive side, Qorvo revealed robust performance in its Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity and Sensors Group (CSG).

Wix.com Expands Its Empire With Bold Moves in AI

Wix.com Ltd. recently reported its financial results for the first quarter of 2025, showing signs of positive momentum and robust demand for its platform.
The company’s performance in Q1 demonstrates both the strength of its offering and the challenges and opportunities it faces in a changing macroeconomic environment.
Positively, Wix’s total bookings were up 12% year-over-year to $511 million, while total revenue increased by 13% to $474 million, surpassing the high end of their guidance.

Plexus Corp.: An Insight Into its Recent Healthcare and Life Sciences Sector Growth & Other Major Drivers!

Plexus Corp. (PLXS) recently reported its second-quarter fiscal 2025 financial performance, showcasing both advancement and challenges.
The revenue aligned with projections at $980 million, driven by several strategic wins.
The company delivered $16.5 million in free cash flow, surpassing previous expectations, and achieved a non-GAAP EPS of $1.66, which exceeded guidance primarily due to robust operating performance and favorable tax implications.

Uchi Technologies Q1 FY25: Guidance Scrapped In The Wake Of Global Uncertainty

By Sameer Taneja

Uchi Technologies (UCHI MK) reported a weak quarter with revenues/profits down 28%/33%. Given the global economic uncertainty, they scrapped their guidance for FY25 (Vs a low-teens revenue decline earlier).
Profit margins were 47.5% (down 400 bps YoY) for Q1 FY25, although we expect a decline in future quarters due to a strong MYR (the company has USD-denominated revenue).
Low-Teens guidance had built in a recovery in the later quarters of 2025. With that out of the window, the stock trades at 17.7x FY25 PE (6% dividend yield).

Amphenol Corporation: The 6 Most Significant Forces Steering Its Performance into 2025 & Beyond!

Amphenol Corporation recently reported exceptional financial results for the first quarter of 2025, driven by broad based demand across its diverse market segments.
The company achieved record sales of $4.811 billion, representing a 48% increase in U.S. dollars from the previous year.
This growth was supported by significant organic expansion, with sales up 33%, as well as contributions from acquisitions, notably the newly acquired Andrew business.

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Jun 02

Daily Brief TMT/Internet: Montage Technology , NTT Data Corp, Bestechnic Shanghai , Contemporary Amperex Technology (CATL), Workday Inc Class A, NVIDIA Corp, Autodesk Inc, Zoom Video Communications Inc, Applied Materials, Intuit Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

SSE50/SSE180 Index Rebalance: Some Surprises Among the Adds; Deletes as Expected
(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin
STAR50/STAR100 Index Rebalance: 10 Changes and US$1.4bn Trade
ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis
Workday Inc.: Will Its WorkdayGO Initiatives Help to Quickly Modernize & Streamline The Enterprise Functions?
Nvidia’s $3.4 Trillion AI Empire Is Just Getting Started—You Won’t Believe What’s Next!
Autodesk Inc.: Transition to New Transaction Model to Maintain A Strong Foothold Amidst Macroeconomic Challenges!
Zoom Video Communications Unleashes AI Power With a 97% Self-Service Rate & Next-Gen Virtual Agent; What’s Next On The Innovation Front?
Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?
Intuit Inc.: Its Expansion into QuickBooks Advanced and Intuit Enterprise Suite & Other Major Drivers!

SSE50/SSE180 Index Rebalance: Some Surprises Among the Adds; Deletes as Expected

There are 4 changes for the SSE50 Index (SSE50 INDEX) and 18 changes for the SSE180 Index that will be implemented at the close on 13 June.
The SSE50 Index (SSE50 INDEX) deletes were in line with forecasts, and the index committee has used some discretion while picking the index inclusions.
The SSE50 Index adds have outperformed the deletes over the last few months and there could be a further move higher in the ‘surprise’ adds to the index.

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

By David Blennerhassett

For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn.
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

STAR50/STAR100 Index Rebalance: 10 Changes and US$1.4bn Trade

There is 1 constituent change for the STAR50 INDEX and 4 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 13 June.
We estimate turnover of 2.35% for the SSE STAR50 (STAR50 INDEX) and 4.9% for the STAR100 Index. The estimated round-trip trade is CNY 9.8bn (US$1.35bn).
There are multiple stocks that are adds or deletes for other indices and the passive flows will be a lot larger than just for the STAR50/STAR100 indices.

ECM Weekly (2 June 2025) -Indigo, ITC, EBOS, Isuzu, Foshan Haitian, Lens Tech, Seres, Schloss, Aegis

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) might launch its A/H listing this week.
On the placements front, there were a number of large deals across the region, with notable ones in ITC Ltd (ITC IN) and InterGlobe Aviation Ltd (INDIGO IN).

Workday Inc.: Will Its WorkdayGO Initiatives Help to Quickly Modernize & Streamline The Enterprise Functions?

Workday Inc. reported a robust first quarter of fiscal year 2026, demonstrating solid growth in key financial metrics and notable advancements in its strategic initiatives.
The company reported a 13% increase in subscription revenue, reaching $2.059 billion, and achieved a non-GAAP operating margin of 30.2%.
This performance was driven by strong customer adoption across various industries, solid contributions from their partner ecosystem, and a continued focus on AI innovation.

Nvidia’s $3.4 Trillion AI Empire Is Just Getting Started—You Won’t Believe What’s Next!

Nvidia’s first-quarter results for fiscal 2026 showcased an extraordinary ability to maintain momentum in the face of geopolitical disruption, marking a defining moment in its trajectory as a dominant AI chipmaker.
The company reported a 69% year-over-year revenue surge to $44.1 billion, outperforming expectations despite the mid-April U.S. government ban on H20 GPU sales to China.
The data center segment remained the primary growth engine, rising 73% to $39.1 billion, driven by rising AI infrastructure demand and the adoption of its cutting-edge Blackwell architecture.

Autodesk Inc.: Transition to New Transaction Model to Maintain A Strong Foothold Amidst Macroeconomic Challenges!

Autodesk delivered solid results in the first quarter of fiscal 2026, surpassing the upper limits of its guidance range for both revenue and non-GAAP earnings per share.
The company reported a revenue growth of 15% as reported and 16% in constant currency, with a significant contribution of $78 million from the new transaction model.
Billings also saw a substantial increase of 29% as reported and 30% in constant currency, reflecting a strategic shift towards annual billings for most multi-year contracts.

Zoom Video Communications Unleashes AI Power With a 97% Self-Service Rate & Next-Gen Virtual Agent; What’s Next On The Innovation Front?

Zoom Video Communications reported a solid performance in the first quarter of fiscal year 2026, showcasing growth in several key areas despite macroeconomic challenges.
The company generated $1.175 billion in revenue, reflecting a 3% year-over-year increase, and reported stronger-than-expected earnings with non-GAAP diluted net income per share reaching $1.43, surpassing guidance by $0.12.
The company attributed this performance largely to robust growth in its enterprise segment, which now constitutes 60% of total revenue.

Applied Materials (AMAT) Is Revolutionizing Chip Design With Breakthrough Packaging Technology; What Lies Ahead?

Applied Materials reported strong results in the second quarter of fiscal year 2025, marked by record earnings per share and robust financial performance.
The company achieved total net revenue of approximately $7.1 billion, reflecting a 7% increase year-over-year, with growth across all its business segments.
Non-GAAP earnings per share rose by 14% year-over-year to a record $2.39, supported by revenue growth, improved profitability, and share repurchases.

Intuit Inc.: Its Expansion into QuickBooks Advanced and Intuit Enterprise Suite & Other Major Drivers!

The third-quarter results for Intuit’s fiscal year 2025 illustrate a strong performance across multiple segments, driven primarily by its robust AI capabilities and strategic innovations.
Intuit reported a 15% increase in revenue, with significant contributions from both its Consumer Group and Global Business Solutions Group.
This quarter, the company raised its financial targets, attributing its success to its AI-driven platform which enhances customer interaction and streamlines processes for consumers, businesses, and accountants.

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Jun 01

Daily Brief TMT/Internet: China Mobile, Flat Glass, Bestechnic Shanghai , Marathon Digital Holdings, NetEase , Cisco Systems, JFrog, Tower Semiconductor , BILL Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside
A/H Premium Tracker (To 30 May 2025): Narrow Premia Hs Worst Performers, BYD Relents
STAR Chip/ CES Chips/ All Share Semi Index Rebalance: Multiple Index Flows for Some Stocks
MARA Holdings: Will Its Off-grid Expansion & Energy Partnerships For Sustainable Bitcoin Mining Operations Work Out?
NetEase: Will Its eSports Integration & Expansion Help Establish NetEase As A Prominent Player In The Global Esports Arena?
Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?
Quiddity STAR 50/100 Jun25 Results: 10 Changes; 9 Correctly Predicted; One Surprise
JFrog: Expanding ML & AI Opportunities in the Platform To Shape the Future!
Tower Semiconductor Is Pouring Millions Into SiPho & SiGe—Is a $2.7 Billion Revenue Target in Sight?
Can BILL Holdings’ Smart Pricing Strategy Skyrocket Its Revenue Next Year?

China Mobile (941 HK) Poised for Pullback: A Tactical Low-Cost Options Play With High Upside

By Gaudenz Schneider

With a 5-week rally China Mobile (941 HK) is in overbought territory and quantitative models flag potential for a pullback.
Options may be underpricing the downside risk, creating an attractive opportunity to buy cheap options with high payoff potential.
This Insight outlines an option strategy combining quantitative signals with volatility analysis.

A/H Premium Tracker (To 30 May 2025): Narrow Premia Hs Worst Performers, BYD Relents

By Travis Lundy

AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) back down nearly 3%. CATL 10% through still.
Sharp skew on H-vs-A performance this week. Those trading AH Premium <20% saw H underperform sharply. Those in the 40-100% AH Premium range saw H outperform. Quiddity Portfolio alpha strong.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

STAR Chip/ CES Chips/ All Share Semi Index Rebalance: Multiple Index Flows for Some Stocks

There are 4 changes for the STAR Chip Index, 8 changes for the CES China Semiconductor Chips Index and 11 changes for the CSI All-Share Semiconductors & Semiconductor Equipment Index.
There are multiple stocks that will have flows from passive trackers across the three indices. Multiple stocks will have passive flows from other index trackers across the China universe.
Bestechnic Shanghai (688608 CH) will have passive inflows from STAR50 INDEX, CSI 500 Index and CSI A500 Index trackers and outflows from the STAR100 Index and CSI1000 Index trackers.

MARA Holdings: Will Its Off-grid Expansion & Energy Partnerships For Sustainable Bitcoin Mining Operations Work Out?

MARA Holdings recently held its first quarter 2025 earnings call, offering insights into both its current operations and future strategies.
The company faces a mixed landscape shaped by Bitcoin’s fluctuating value, which significantly impacts shareholder sentiment and the company’s stock performance.
Notably, MARA aligns with the view of Bitcoin as a macro hedge, comparable to gold, which is particularly relevant amid volatile market conditions.

NetEase: Will Its eSports Integration & Expansion Help Establish NetEase As A Prominent Player In The Global Esports Arena?

NetEase, during its 2025 first quarter financial results presentation, outlined its performance and future strategies across various segments.
The company reported an increase in total net revenue by 7.4% year-over-year, reaching RMB 28.8 billion, driven primarily by its gaming division, which witnessed a 12% increase in revenue.
Net revenue from online games was notably high, with a growth of 14% quarter-over-quarter and 15% year-over year, emphasizing the success of titles like “Where Winds Meet” and “Marvel Rivals.” 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.

Cisco Systems Just Smashed AI Order Expectations—Is Silicon One the Future of Cloud Infrastructure?

Cisco Systems, Inc. exhibited robust performance in its third quarter of fiscal year 2025, surpassing revenue, margins, and earnings expectations.
The company reported total revenue of $14.1 billion, marking a substantial 11% year-over-year increase.
This growth was driven by significant expansion in product revenue, especially in areas such as networking, which saw an 8% increase, and security, which surged by 54%, primarily due to contributions from Splunk and SASE offerings.

Quiddity STAR 50/100 Jun25 Results: 10 Changes; 9 Correctly Predicted; One Surprise

By Janaghan Jeyakumar, CFA

The June 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 30th May 2025.
There will be one change for the STAR 50 index and four changes for the STAR 100 index.
We expect one-way flows of approximately US$848mn and US$192mn for the STAR 50 and STAR 100 index rebal events, respectively.

JFrog: Expanding ML & AI Opportunities in the Platform To Shape the Future!

JFrog’s Q1 2025 financial results reflect both accomplishments and ongoing challenges.
The company reported total revenue of $122.4 million, up 22% year-over-year, driven significantly by strong cloud revenue which rose by 42% to $52.6 million.
This growth underscores JFrog’s strategic focus on cloud solutions and enterprise migrations toward its SaaS offering.

Tower Semiconductor Is Pouring Millions Into SiPho & SiGe—Is a $2.7 Billion Revenue Target in Sight?

Tower Semiconductor began 2025 with a first-quarter revenue of $358 million and a net profit of $40 million.
The company forecasts second-quarter revenue to hit a midpoint of $372 million and anticipates sequential revenue increases through the year, underscored by stronger acceleration in the second half as capacity investments are completed.
The overall semiconductor market has been marred by uncertainties, such as tariffs and policy changes, but Tower’s global manufacturing capabilities provide a strategic advantage, allowing flexibility in meeting customer demands.

Can BILL Holdings’ Smart Pricing Strategy Skyrocket Its Revenue Next Year?

BILL Holdings, Inc., a platform that automates financial operations for small and medium-sized businesses (SMBs), reported its third quarter fiscal 2025 results, demonstrating a blend of strengths and challenges.
The company experienced a robust 14% year-over-year growth in core revenue, achieving a notable non-GAAP operating income margin of 15%, which exceeded prior expectations due to improved business efficiency.
Additionally, free cash flow increased 44% year-over-year, reflecting strong cash-generating capabilities.

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May 31

Daily Brief TMT/Internet: CosmoAM&T , Taiwan Semiconductor (TSMC) – ADR, SK Hynix, Circle Internet Group, Cloudflare, Hubspot Inc, Microchip Technology, Warner Bros Discovery , Contemporary Amperex Technology (CATL), Dropbox Inc and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

An Off-Radar One-Day Passive Flow Trading Play from the KOSPI 200 Sector Indices
Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount
Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)
Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO
Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!
HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?
Microchip Technology Slashes $100M in Costs with Bold Restructuring Plan But Is It Enough To Sustain Margins?
Warner Bros. Discovery: Optimized Content Production & Strategic Licensing to Strengthen Brand Presence Across Different Viewership Landscapes!
CATL (3750.HK): Rich Vols, Strong Start, and a Tactical Hedge
Dropbox Is Supercharging The Dash Ecosystem—Is This the Future of Cloud Collaboration?

An Off-Radar One-Day Passive Flow Trading Play from the KOSPI 200 Sector Indices

By Sanghyun Park

June’s rebalance brings rare moves in key sector indices: HD Hyundai Marine Solution (443060 KS) joins Heavy Industry, while Cosmo AM&T (005070 KS) exits IT.
TIGER flows on June 12 may hit KRW 6B (HD Marine) and KRW 4B (Cosmo), implying 0.3–0.6x DTV impact — notable given both names’ low liquidity.
KOSPI 200 flows may fade early, but TIGER sector flows remain stealthy, raising odds of flow-driven price action on June 12 — a potential long-short day trade setup.

Taiwan Dual-Listings Monitor: TSMC Premium Rises Further, to Short Level; UMC Discount

TSMC: +22% Premium; Consider Shorting ADR Spread at Current Level
UMC: -1.4% Discount; Wait for More Extreme Discount Before Going Long the Spread
CHT: +0.9% Premium; Can Consider Shorting the Premium at This Level or Higher

Samsung Still in the Woods, SK Hynix Still Ahead. China Semi News (Huawei)

Samsung 3nm yields improving (50-60%) but still far behind TSMC (85-90%)
SK Hynix is finalizing HBM4 agreements with Nvidia, Samsung is still not qualified for HBM3e.
Huawei into semiconductor chemicals? The vulnerability is photo-resist, but that’s very hard to do

Circle Internet Group (CRCL): Ark, BlackRock to Anchor Oversubscribed Stablecoin IPO

By IPO Boutique

Circle Internet locked down a pair of anchor orders ahead of next week’s IPO which is already oversubscribed.
Circle posted $122m of adjusted Ebitda in Q12025 while growing revenue by 58% to $579m.
The combination of anchor orders, an attractive valuation, growing metrics and a tailwind from the Trump administration all tilt the risk-reward profile in a positive direction.

Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!

Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant attention.
The company achieved a revenue of $479.1 million, marking a 27% increase year-over-year.
This growth was primarily driven by the addition of large customers, with 3,527 clients contributing over $100,000 annually—a 23% year-over-year rise.

HubSpot Inc.: How Is The Management Executing Mid-Market Expansion to Make Its Business More Resilient To Economic Fluctuations?

HubSpot reported strong financial results for the first quarter of 2025, reflecting continued growth and strategic momentum.
Revenue increased by 18% year-over-year in constant currency, driven by several key trends.
The company added over 10,000 net new customers, bringing its total customer base to 258,000, with customer growth driven by platform consolidation, upmarket expansion, and robust downmarket acquisition.

Microchip Technology Slashes $100M in Costs with Bold Restructuring Plan But Is It Enough To Sustain Margins?

Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics impacting the company’s performance.
CEO Steve Sanghi detailed a nine-point recovery plan initiated to restore the company to its former performance levels.
Key actions under this plan involved resizing the manufacturing footprint, reducing inventory, refining business focus areas, strengthening customer relations, and conducting organizational restructuring efforts.

Warner Bros. Discovery: Optimized Content Production & Strategic Licensing to Strengthen Brand Presence Across Different Viewership Landscapes!

Warner Bros. Discovery’s (WBD) Q1 2025 earnings call highlighted the company’s strategic focus on quality content and global expansion across its varied media platforms, consisting of streaming, studios, and traditional networks.
The performance reflected notable aspects of growth but also certain challenges inherent in the media industry.
On the positive side, Warner Bros. Discovery made significant gains with its streaming service, advancing its subscriber base by over 5 million in the first quarter alone, bringing the yearly total to more than 22 million new subscribers.

CATL (3750.HK): Rich Vols, Strong Start, and a Tactical Hedge

By John Ley

CATL’s options debut in Hong Kong has been active, with strong Call interest and rising open interest suggesting early investor enthusiasm.
Implied vols are holding firm post-listing and appear rich —potentially justifiable given the trading dynamics and catalysts.
We recommend a tactical hedge structure that skews return favourably, targeting recent highs and protecting against downside drift.

Dropbox Is Supercharging The Dash Ecosystem—Is This the Future of Cloud Collaboration?