TMT/Internet

• 4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
• Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
• MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.

• Global Testing Corp (GTC) is an established Outsourced Semiconductor Assembly and Test (OSAT) provider, specializing in testing services for logic and mixed-signal semiconductors. Headquartered in Taiwan, the company is strategically positioned within the global semiconductor hub.
• The company is poised to benefit from positive long-term industry trends, including the proliferation of AI, IoT, 5G, and automotive electronics, which are driving demand for more complex and rigorous semiconductor testing. The OSAT market is projected to grow at a CAGR of 5-9% over the next several years.
• Despite a challenging recent period marked by declining net income and margins, the company maintains a strong balance sheet with minimal debt. However, its revenue and profit trajectory in the near term will be highly dependent on the cyclical nature of the semiconductor industry and its ability to secure its position with key customers.

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• Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

• 1H FY03/26 results: Sales JPY83.8bn (-6.7% YoY), Operating profit JPY2.3bn (-41.6% YoY), Net income JPY2.0bn (-22.1% YoY).
• Sales in automotive applications fell 9.5% YoY to JPY64.2bn, with segment profit down 59.9% YoY.
• Full-year forecast for FY03/26: Sales JPY186.0bn (+1.6% YoY), Operating profit JPY6.0bn (-24.2% YoY), Net income JPY4.9bn (-4.5% YoY).

• Revenue increased to JPY7.5bn (+10.9% YoY), driven by strong investment demand and growth in key business segments.
• Operating profit rose to JPY1.3bn (+22.8% YoY), with improved margins due to software business growth and reduced outsourcing costs.
• Order backlog in Q1 FY06/26 was JPY5.5bn (+15.7% YoY), despite varying revenue and profit growth across business segments.

• Revenue reached JPY20.4bn (+7.9% YoY), operating profit JPY1.4bn (+34.6% YoY), net income JPY775mn (-23.3% YoY).
• Information processing services revenue rose 9.0% YoY to JPY8.2bn, with gross profit up 15.1% YoY.
• System development services revenue increased 6.3% YoY to JPY11.1bn, gross profit rose 16.7% YoY to JPY2.6bn.

• JNTC is a technology leader in specialized glass processing, transitioning from a volatile mobile component supplier to a high-growth solutions provider for next-generation industries, including foldable displays, automotive, and AI semiconductor packaging.
• The company’s strategic pivot to Ultra-Thin Glass (UTG) for foldables and Through Glass Via (TGV) substrates for AI chips offers a significant runway for growth, with revenue expected to double in the coming years. This expansion into high-margin sectors is a key catalyst for re-rating.
• Despite the promising outlook, investors must consider the high degree of operational and financial risk, evidenced by historically volatile revenue and profitability, significant customer concentration, and weak gross margins in its legacy businesses.

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Key points (machine generated)

• Logizard Co., Ltd. reported a 10.1% increase in net sales to ¥2,177 million and a 17.8% rise in operating profit to ¥408 million for FY6/25, driven by cloud services.
• The company focuses on inventory management systems for retail and logistics, offering subscription-based solutions like Logizard ZERO and Logizard OCE.
• For FY6/26, Logizard expects a 12.1% increase in net sales but a decline in operating profit due to investments, aiming for significant growth by FY6/28.

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• iHeartMedia possesses an unparalleled reach in the U.S. audio market through its extensive portfolio of over 850 broadcast radio stations, complemented by a rapidly growing digital audio segment that includes the iHeartRadio app and a leading podcast network.
• The company is burdened by a highly leveraged balance sheet, with approximately $5.2 billion in total debt, posing significant financial risk and constraining its flexibility, especially with substantial debt maturities looming.
• Management’s strategic focus is on offsetting the secular decline in traditional radio advertising by accelerating growth in the Digital Audio Group, particularly in podcasting, and implementing significant cost-saving measures, including the use of AI, to improve profitability.

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• Yesterday after the close, Sumitomo Corp (8053 JP) announced it would buy out minorities in Scsk Corp (9719 JP) at ¥5,700/share.   
• As a “parent takes out subsidiary” deal, this was not unexpected at some point in time. The register looks like there may be a number of people who expected that.
• This gets done pretty easily. It is not a bad price. 

• Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
• This represents 0.9 days of the stock’s three month ADV, and  0.3% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Today after the close, Fujitsu Ltd (6702 JP), with 110,000 employees, announced a buyout of a small “labour-intensive” AI/ML sysdev business with 200+ data scientists.
• Brainpad Inc (3655 JP) is being bought out from its co-founders and others at a near-100% premium. Not an all-time high, but not a low price.
• Somewhat heavily shorted, this will trade tight, but I expect nobody will come over the top. 

• Brainpad Inc (3655 JP) has recommended a tender offer from Fujitsu Ltd (6702 JP) at JPY2,706, a 100.0% premium to the undisturbed price.
• The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
• The huge takeover premium resulted from an auction. The tender offer runs from 31 October to 15 December (30 business days). This is a done deal.  

• It was announced today that Samsung’s Lee family members are selling about 1.8 trillion won worth of Samsung Electronics (005930 KS) through an after-hours block trade. 
• The purpose of the block trade is for the Lee family members to pay for inheritance taxes and repay stock-backed loans.
• The block trade selling level is between 102,200 won and 104,100 won, representing a discount of 0% to 1.8% compared to the closing price of the day.

• Advantest saw a 34% upside after earnings, aligning with previous buy recommendations and its inclusion in the Value Seeker Japan basket for long-term growth.
• A small inclusion into TPXC30 occurs today at the close, with Advantest’s fundamental outlook remaining in line with our recent insights.
• Murata seeing some flows as well today in at the close, and moves to the TPX 70 Large.

• Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
• 2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
• Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.

• First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
• MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
• Altogether it looks like a ~50% Capex increase in 2026.

• Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
• The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
• Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

• Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
• The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
• On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.

• In response to the Nikkei report, Scsk Corp (9719 JP) has recommended a tender offer from Sumitomo Corp (8053 JP) at JPY5,700, a 31.5% premium to the last close.
• The offer is attractive compared to precedent transactions, is above the midpoint of the IFA DCF valuation range and represents an all-time high. 
• An attractive offer facilitates deal completion. The tender runs from 30 October to 12 December, with payment commencing from 19 December.

• Today, the Nikkei reported that Sumitomo Corp (8053 JP) plans to privatise Scsk Corp (9719 JP) through a tender offer. Both shares were placed on a trading halt.
• The Nikkei states that the total acquisition cost would be around JPY800 billion, based on an arbitrary assumption that the offer will be around 20% above the undisturbed price.
• The privatisation is strategically sensible. The rumoured offer price of JPY5,109.60 is attractive compared to peer multiples and would represent an all-time high. 

• A massive rally in Chroma Ate Inc (2360 TT) should see the stock added to a global index in November and then to another country ETF in December.
• With one exception, Chroma Ate Inc (2360 TT) has outperformed its peers over the last 6 months. With large buying to come, that could continue in the short-term.
• There is positioning in Chroma Ate Inc (2360 TT) and its peers. With continued momentum in the stock, the path of least resistance is higher.

• Groww (1573648D IN) is looking to list on the exchanges by selling 663.23m shares via a primary and secondary offering to raise US$752m at a valuation of US$7bn.
• The price band has been set at INR 95-100/share, and the issue is likely to price at the top end of the range.
• The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.

• Pony.ai is getting ready to complete its IPO in Hong Kong in the coming weeks. Pony.ai is one of the leading autonomous driving companies in China. 
• Pony.ai plans to sell 41.96 million Class A shares under its global offering in Hong Kong, including 4.2 million shares for Hong Kong retail investors.
• The maximum offer price of the Hong Kong IPO is HK$180 (US$23) per share, which could value the company at more than US$10 billion.

• Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
• If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
• Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.

Key points (machine generated)

• Fiserv is a leading global technology provider in financial services, serving over 1,000 institutions and excelling in multiple sectors.
• The company has achieved nearly 40 years of double-digit adjusted EPS growth and is well-positioned for continued expansion.
• Investor focus on Clover’s GPV growth has overshadowed other business strengths, causing market reactions that reflect a disconnect in perception.

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• SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record
• Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.
• DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability

• SK Hynix is exceptionally well-positioned to capitalize on the artificial intelligence supercycle, driven by its market-leading position in High Bandwidth Memory (HBM), a critical component for AI accelerators.
• The company is experiencing a period of record financial performance, with surging revenue and profitability fueled by insatiable HBM demand and a broader recovery in the DRAM and NAND markets.
• While facing intensified competition from rivals Samsung and Micron, SK Hynix is aggressively investing in next-generation technologies (HBM4, AI-NAND) and expanding production capacity to solidify its competitive advantages and meet future demand.

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• Mobileye’s earnings call for the third quarter of 2025 presents a nuanced picture of the company’s current state and future prospects.
• The company reported $504 million in revenue, showing a 4% year-over-year increase driven by an 8% growth in EyeQ volumes, despite only a modest 1% growth in overall vehicle production among its top customers.
• Operating cash flow for the quarter was robust at $167 million and has reached nearly $500 million year-to-date, reflecting a notable 150% year-over-year increase.

• TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
• ASE: +0.3% Premium; Good Level to Long the ADR Spread
• ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted

• Chey Tae‑won’s Korea–Japan integration push is fresh tape—unpriced and unconsumed—unlike the exhausted dividend tax story, making it the real policy‑momentum trade to watch.
• Korea’s export model is fading, but a $6T Korea–Japan bloc plus CPTPP buzz offers a fresh policy‑momentum catalyst, with AI/data angles luring incremental global flows.
• Korea–Japan cooperation isn’t a real bloc yet, but it trades like a policy theme—Chey’s 3PRO push makes it a headline‑driven short‑term play ripe for desks.

• Pony AI (PONY US)  plans to raise around US$825m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note.
• In this note, we talk about the deal structure and updates since then.

• With a third of the review period yet to go, we forecast 2 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in December.
• Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
• The forecast adds have moved higher and outperformed the index while the forecast deletes have drifted lower over the last 6 months.

• Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
• Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
• China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory

• Robinhood’s acquisition of WonderFi Technologies at C$0.36/share has a current spread of 14%, with closing expected soon.
• Ambase is litigating against developers over a $150m Equity Put Right, with court opposition due by 11/18/25.
• Plymouth Industrial REIT announced a $22/share acquisition by Makakora Management, with a 30-day go-shop period included.

• Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
• Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
• Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

• Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
• Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
• In this note, we talk about the company’s historical performance.

• Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.

• In June, Nidec Corp (6594 JP) announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
• In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.
• This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by Ibiden Co Ltd (4062 JP) (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. 

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

Key points (machine generated)

• Tencent has 1.4 billion users on Weixin/WeChat, establishing it as a leading digital platform.
• The company is positioned to enhance monetization through AI integration across its services.
• Despite its strengths, Tencent’s core business is undervalued, trading at 14 times the consensus 2026 earnings per share.

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• Dassault Systèmes reported its financial performance for the third quarter of 2025, revealing nuanced outcomes with both positive and negative aspects.
• The overarching theme of the report was the company’s focus on driving top-line growth and margin expansion, enabled by the 3DEXPERIENCE platform.
• This platform is pivotal in the company’s transition towards subscription-based and recurring revenue models, which are currently experiencing a notable 16% growth in subscriptions this quarter.

• Mininglamp Technology (1912140D HK) is looking to raise US$131m in its Hong Kong IPO.
• Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making through large model driven analytics.
• In this note, we will talk about the company’s past performances and valuations.

• Cig Shanghai (603083 CH) , telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
• CIG was founded in 2005, and is a provider of critical infrastructure components for the development of AI.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).

Key points (machine generated)

• ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.
• The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.
• ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.

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• CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
• He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
• By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.

• Portrait Research offers qualitative attributes to help identify businesses
• Portrait customizes research report generation to assist with framing conversations
• Portrait provides intelligent thesis monitoring by assessing thousands of data points each day for valuable insights

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• Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.
• Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.
• This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

• Pegasystems’ third-quarter financial results from 2025 highlight both strengths and challenges for the company.
• The reported results underline Pegasystems’ ability to execute its cloud strategy and leverage artificial intelligence innovations, which have been key growth drivers.
• The company’s focus on AI-driven process automation and orchestration platforms remains a cornerstone of its strategy, which is increasingly appealing to financial services and other regulated industries due to its approach of ensuring predictable workflows.

• Robot Payment is a high-growth fintech company capitalizing on Japan’s digital transformation, specializing in B2B payment automation and subscription management.
• The company exhibits a robust and stable business model, with approximately 98% of its revenue being recurring, driven by its suite of SaaS-based solutions.
• Financial performance is strong, marked by consistent double-digit revenue growth, expanding margins, and a significant turn to positive profitability and operating cash flow in recent years.

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• Kinatico Ltd (ASX:KYP) is a ‘Know Your People” regtech company providing workforce compliance monitoring and management technology and services.
• KYP announced at its 24 October AGM that its Q1 FY26 revenue had increased 14% on the previous corresponding period (pcp) to a record $9.1m, with Subscription-as-a-Service (SaaS) revenue for the quarter increasing 58% on the previous corresponding period (pcp) to $4.8m or 53% of total revenue.
• EBITDA for the quarter increased 21% to $1.4m.

• Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.
• With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.
• Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.

• Badger Meter reported a robust third quarter in 2025, displaying continued growth and a solid financial footing.
• The company achieved a 13% year-over-year increase in total sales, reaching $236 million.
• This growth was mainly driven by the utility water product line, which saw a 14% increase, driven by higher ultrasonic meter volumes, BEACON Software sales, and water quality product sales.

• Privatization by Vista Equity Partners: In a significant strategic shift, EngageSmart was acquired by Vista Equity Partners for approximately $4.0 billion and taken private on January 26, 2024. This transaction fundamentally alters the investment landscape, as the company’s stock is no longer publicly traded. The partnership with a top-tier software investor like Vista is expected to accelerate growth and innovation.
• Strong Position in Vertical SaaS: EngageSmart is a leading provider of vertically-tailored customer engagement software and integrated payment solutions. The company operates through two main segments, SMB Solutions and Enterprise Solutions, serving specific verticals like Health & Wellness, Government, Utilities, and Financial Services. This focused approach allows for deep industry integration and high customer retention.
• Consistent Financial Outperformance: The company has demonstrated a robust track record of revenue growth and expanding profitability. For the third quarter of 2023, EngageSmart reported a 24% year-over-year increase in revenue to $97.7 million. This financial strength is driven by strong demand for its SaaS solutions, high digital adoption rates, and successful customer acquisition and expansion within its niche markets.

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• Strategic Repositioning Towards Observability: SolarWinds is actively transitioning its business model to focus on subscription-based, integrated observability platforms. This strategic shift is aimed at capturing a larger share of the growing market for hybrid IT and cloud management, moving beyond its traditional on-premise monitoring tools.
• Financial Recovery and Margin Improvement: The company has demonstrated a significant financial turnaround, swinging from a substantial net loss in 2022 to profitability in 2024. This recovery is underpinned by steady revenue growth, improving margins, and robust cash flow generation, indicating operational stabilization post-restructuring efforts.
• Overhang from SUNBURST Cyberattack: Despite operational improvements, SolarWinds continues to navigate the long-term reputational and legal ramifications of the 2020 SUNBURST cyberattack. A recent settlement with the SEC resolves a key uncertainty, but the event underscores the persistent risks associated with cybersecurity in the software supply chain and potential impact on customer trust.

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• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
• Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

• GA Technologies is a high-growth PropTech leader in Japan, driving the digital transformation of the traditionally analog real estate industry through its comprehensive online platform, RENOSY.
• The company has demonstrated an exceptional revenue growth trajectory, underpinned by its core RENOSY marketplace and the expansion of its B2B SaaS offerings through its subsidiary, ITANDI. Recent M&A activity signals a strategic push into data-driven services and international markets, including the US.
• While profitability is improving, margins remain thin, and the business is exposed to the cyclical nature of the real estate market and rising competition. Future success hinges on scaling its platform, achieving operating leverage, and successfully integrating acquisitions.

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• Amesite has strategically pivoted from a broad e-learning platform to a specialized AI-driven solutions provider for the healthcare sector, with its flagship product, NurseMagic™, at the forefront. This application is designed to significantly reduce the time healthcare professionals spend on documentation.
• The company is in its early growth stage, characterized by recent revenue increases driven by the adoption of NurseMagic™. However, Amesite is not yet profitable and has a history of operating losses, relying on capital raises to fund its operations.
• The successful scaling of NurseMagic™ and the ability to achieve profitability are the key determinants of Amesite‘s future success. The company’s performance is closely tied to its ability to penetrate the healthcare market and compete with both established and emerging players in the AI-powered healthcare solutions space.

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• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

• Samsung Electronics (005930 KS) has been in a furious rally for 8 weeks recently, trashing completely our previous forecast (we said the stock had limited upside, short-term forecast).
• Stock is up 95% since its Feb 2025 low, we have been Samsung Electronics bulls at least since January 2025, but surely we did not expect this monster rally.
• The stock inevitably will pullback, and a 1.7 Trillion KRW block deal sale by the owners is in motion. We identify short-term support zones to buy during the incoming pullback.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 17th October 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• The high cash balances in these two companies are starting to produce stronger earnings growth GATC Cyber Recruit OMG Physical Digital

• Shift4 Payments recently reported its financial results for the second quarter of 2025, reflecting both positive developments and some potential challenges.
• The company’s strategic initiatives, international expansion, and recent acquisitions underscore its growth trajectory while simultaneously posing integration and execution risks.
• In terms of financial performance, Shift4 Payments achieved 25% year-over-year growth in payment volumes, surpassing $50 billion for the first time.

VEON’s Kazakh subsidiary, Beeline Kazakhstan, has agreed to acquire 100% of OLX Kazakhstan (OLX KZ) from OLX Group for a total consideration of $75m. OLX KZ is a leading online classifieds business in Kazakhstan, with c 10 million monthly active users and 3.6m listings as of June 2025. This acquisition is in keeping with VEON’s other recent adjacent acquisitions, which have focused on diversifying the group into adjacent digital services including platforms, digital ecosystems and other asset-light businesses. At its Q225 results, VEON reported that its digital revenues had grown to represent 16.5% of total group revenues (up from 11% at end-Q224), a 57% increase year-on-year, and this reflected a combination of strong organic growth (particularly from JazzCash) and acquisitions.

• Third straight week in which HSI recorded a weekly absolute price change greater than 3%.
• Breadth improved sharply, though single stock option volumes remained subdued. Strong North American market son Friday point to higher open for stocks on Monday. 
• A heavy slate of earnings reporters awaits in the week ahead.

• Munters is a global leader in energy-efficient climate solutions, strategically positioned to benefit from secular megatrends such as digitalization (data center growth), electrification (battery manufacturing), and the need for sustainable food production.
• The company is experiencing robust growth, particularly in its Data Center Technologies (DCT) segment, driven by the explosive demand for data processing and AI. This segment now represents a significant and high-margin portion of the business.
• While the company shows strong top-line growth and margin expansion, its valuation is elevated, reflecting high market expectations. Key risks include cyclicality in end-markets like battery manufacturing, customer concentration, and the successful integration of acquisitions.

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• In 1H FY03/26, operating revenue was JPY42.1bn (+2.2% YoY), with a net income of JPY6.5bn (+6.9% YoY).
• Mobile service revenue increased to JPY22.6bn (+3.3% YoY), with total contracts rising to 692,300 (+1.4% YoY).
• Operating revenue progress was 49.5% of the FY03/26 forecast, with operating profit at 51.4% of the target.

• The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
• In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.
• We expect at least six index changes for the TDIV index. On top of that, there will be capping flows too.

• China announced game approval for the October 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.
• Of the companies that we are monitoring, none got approval.

• LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
• LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
• Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

• Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
• The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
• Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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• Synspective is a Japanese space-tech company specializing in the development and operation of a constellation of Synthetic Aperture Radar (SAR) satellites, known as StriX. The company provides SAR data and value-added analytical solutions to government and commercial clients for applications such as disaster monitoring, infrastructure management, and urban planning.
• The company is in a high-growth phase, aiming to expand its satellite constellation to 30 satellites by the latter half of the 2020s to enable near real-time global observation. This expansion is capital-intensive, reflected in the company’s current unprofitability and negative cash flows.
• The satellite-based Earth observation market is experiencing robust growth, driven by increasing demand for geospatial data and advancements in satellite technology. Synspective is well-positioned to capture a share of this expanding market, particularly in the Asia-Pacific region, but faces intense competition from established and emerging players.

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• DreamArts is a high-growth Japanese SaaS provider capitalizing on the domestic digital transformation trend with its flagship no-code platform, ‘SmartDB®’, which targets non-IT personnel in large enterprises.
• The company has demonstrated a strong financial track record, with significant revenue growth, margin expansion, and robust cash flow generation over the past three years.
• Management has set an ambitious medium-term target to exceed JPY 10 billion in sales by 2028, driven by the continued adoption of ‘SmartDB®’ and a strategic focus on empowering ‘citizen developers’.

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• Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the ‘TIGO’ name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.
• A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company’s focus is now on deleveraging its balance sheet.
• Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.

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• LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.
• LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.
• The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

Freelancer reported essentially flat revenues in Q325 on a lower gross marketplace volume (GMV). Higher take rates in Escrow.com more than compensated for lower volumes, essentially offsetting a small decline in the Freelancer division’s revenue. The company saw good progress in the Loadshift division and has multiple initiatives ongoing to drive growth in the enterprise business. AI-related projects are making an increasing contribution to core marketplace volumes and the company continues to make use of AI tools to improve internal efficiency and platform quality. We maintain our forecasts.

• Insight Enterprises is making bold moves to shore up its position in the fast-evolving cybersecurity and digital transformation space.
• On October 20, 2025, the company announced a definitive agreement—via its Australian subsidiary—to acquire Sekuro, a global cybersecurity and digital resiliency services firm.
• With over 200 professionals and more than 450 certifications across top platforms like Microsoft, AWS, CrowdStrike, Zscaler, and Okta, Sekuro provides 24/7 managed security services, governance, and risk compliance solutions.

• Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
• It is a provider of critical infrastructure components for the development of AI.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.     
• It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
• The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full. 

• AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
• A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
• So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.

• Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
• From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
• Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.

• MediaTek Joins Forces with NVIDIA on the GB10 Superchip — Locally-Run AI Models Are Coming to Your Desktop
• TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
• Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 

• Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
• Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
• Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

• The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q. 
• 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
• Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

• We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
• Those sales exist, but in much smaller number than we reported.
• We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

• Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
• 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 will talk about the lockup dynamics and possible placement.

• Singular Health Group Limited (ASX:SHG) is an Australian medtech company focused on improving medical data interoperability.
• Its flagship software, 3DICOMTM, enables the seamless sharing of medical images across incompatible systems – reducing inefficiencies and unnecessary costs.
• The platform is FDA-cleared in the US and SHG recently secured its first major US commercial deal with Provider Network Solutions (PNS), a Managed Service Organisation (MSO) that works with health plans (health insurers), primary care providers and specialists.