TMT/Internet

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   
• Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).   
• The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. 

• Pref spread looks stretched near 21–22%, likely a pullback soon. Structural re-rate needs a major Samsung narrative shift.
• A surprise Samsung special dividend could pivot the pref discount; H2 FCF, Q3 prelims, and lighter capex are the key swing factors.
• Expect a short-term pullback; but still stay cautious. Watch the memory upcycle and consider a discount-narrowing trade around late September.

• There are multiple signs of overheating in Baidu trading including accelerating stock and option volumes.  
• Skew has been driven higher by strong demand for up-strike Calls.
• We recommend a hedge that tilts the odds in the holder’s favor while establishing the position at a credit.

• Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
• TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
• In this note, we talk about the positive aspects of the deal.

• Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
• Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
• According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

• Cycle turning: Q1 FY25 marked the trough; Q2 guidance implies +30% revenue and +46% OP rebound, with Q3 set to extend the recovery.
• Enterprise SSDs anchor profits: ~70–75% of EBITDA tied to AI/cloud workloads, cushioning volatility in PCs and smartphones.
• Even after a ~50% rally since September, Kioxia trades at ~5–6× EV/EBITDA vs. peers at 9–12×; sponsor selldowns and NAND ASP volatility could test the rally.

• AEM is a key solutions provider in the semiconductor back-end testing process, with a strong historical reliance on its main customer, Intel. The company is currently at a pivotal point, aiming to diversify its customer base and capitalize on the growing demand for advanced semiconductor testing, particularly in the AI and HPC sectors.
• Recent financial performance has been mixed, with a significant revenue and net income decline from a 2022 peak, but showing signs of recovery in the first half of 2025. The company’s ability to successfully ramp up production for new customers and manage its reliance on Intel will be critical for future growth.
• Leadership changes, including the recent appointment of a new CEO, introduce both opportunities for strategic shifts and risks related to management stability. Investor confidence will likely hinge on the new leadership’s ability to execute on the diversification strategy and deliver consistent financial results.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Big Tech is throwing hundreds of billions of dollars at the AI boom and neocloud providers, who are building AI data centers, are central players.
• I wrote a Research piece about Nebius two months ago. Since then, its stock has doubled, thanks in part to a $17.4 billion contract with Microsoft.
• I took a close look at the deal, ran some scenarios, and came across IREN, a promising but lesser-known company that’s trying to follow the same playbook

• Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.
• Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.
• We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.

• Tekscend Photomask is a global leader in the semiconductor photomask market, a critical segment of the semiconductor manufacturing supply chain. The company is poised for growth, driven by the increasing complexity and miniaturization of semiconductors, particularly with the advent of AI, 5G, and IoT technologies.
• The company has a strong market position, well-established relationships with major semiconductor manufacturers, and a clear growth strategy focused on advanced process nodes, including EUV lithography.
• Tekscend is planning an Initial Public Offering (IPO) on the Tokyo Stock Exchange, aiming to raise approximately US$830 million to fund its global expansion and technological advancements.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• MTD screening results with 5 trading days left point to 2 names going out and 2 names coming in: Gemvax and Wonik IPS replace Dongjin Semichem and Jusung Engineering.
• Unlike last April’s tariff-distorted +1.3% rebalance, this time we expect cleaner, more meaningful price action.
• No pre-positioning seen, so I’ll target ETF rebalance day (Oct 10) and maybe take an anticipatory position a day earlier.

• I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An’s Offer for Oneconnect Financial (6638 HK) could feasibly wrap up around now.
• A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair & reasonable. 
• The Scheme Document is now out, with a Court Meeting on the 28th October and expected payment around the 28th November. 

• Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
• If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.
• AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.

• Kingsoft Cloud Holdings (3896 HK) is looking to raise around US$304m in a primary placement.
• The company will use the proceeds to support its AI business, including infrastructure expansion and enhancement of cloud services.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• Oneconnect Financial Technology (6638 HK)’s IFA opines that Ping An Insurance (H) (2318 HK)’s HK$2.068 (US$7.976 per ADS) offer is fair and reasonable. The vote is on 28 October. 
• The offer is below net cash, and the FCF burn is modest. Ping An is privatising OneConnect just as its revenue declines end (due to the discontinued cloud business).
• The high minority participation rate and protest votes at the recent AGM are warning signs that the scheme vote is high risk. This setup is best avoided. 

• Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
• VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Historical Context is Crucial: This report analyzes Xilinx Inc. as a standalone entity prior to its acquisition by Advanced Micro Devices (AMD), which was announced in October 2020 and completed in February 2022. Xilinx ceased trading on the NASDAQ post-acquisition. Therefore, this primer serves as a historical analysis of a foundational semiconductor company.
• Dominant FPGA Market Leader: Xilinx was the inventor of the Field-Programmable Gate Array (FPGA) and the market leader, consistently holding over 50% market share. Its primary competitor was Altera, which was acquired by Intel. The company’s core strength was its highly flexible and adaptive processing platforms that enabled rapid innovation across diverse, high-growth markets like data centers, 5G communications, automotive, and aerospace & defense.
• Strategic Pivot to Platform Company: Under the leadership of CEO Victor Peng, Xilinx successfully transitioned from a chip supplier to a platform-centric company, focusing on high-growth areas like data center acceleration and AI inference. This strategy involved significant R&D investment and acquisitions to bolster its software and IP portfolio, leading to strong revenue growth in its targeted markets prior to the acquisition.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• China Satellite Communications (China Satcom) is a core professional subsidiary of China Aerospace Science and Technology Corporation, holding a national basic telecommunications business license. It is the primary operator of satellite communications in China, with a fleet of geostationary satellites covering China, Southeast Asia, South Asia, the Middle East, Africa, Europe, and the Pacific.
• The company’s revenue streams are primarily derived from satellite resource leasing and value-added services, including broadcasting, telecom, corporate, and government applications. While revenue has seen a slight decline in recent years, the company maintains a strong market position within China.
• The global satellite communication market is projected to experience significant growth, driven by the increasing demand for high-speed internet, particularly in remote areas, and the expansion of applications in the military, aviation, and maritime sectors. This presents both opportunities and challenges for China Satcom as the industry landscape evolves with the rise of LEO constellations and new technologies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
• With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
• If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.

• Leading Polysilicon Producer Facing Severe Cyclical Downturn: Daqo New Energy is a top-5 global producer of high-purity polysilicon, a critical material for the solar PV industry. The company is currently navigating a severe industry downturn characterized by massive overcapacity and plummeting polysilicon prices, which has led to significant revenue declines and negative profitability.
• Low-Cost Position and Strong Balance Sheet Provide Resilience: Despite the challenging market, Daqo maintains a key competitive advantage through its position as one of the world’s lowest-cost producers. This, combined with a strong balance sheet and substantial net cash position, provides a buffer to withstand the current price trough better than higher-cost competitors.
• Valuation Appears Depressed, but High Uncertainty Persists: The company’s stock is trading at a significant discount to its book value and its Shanghai-listed subsidiary, reflecting deep market pessimism. While this presents a potential value opportunity, the timing of a polysilicon price recovery is highly uncertain, and risks related to oversupply, geopolitical tensions, and trade policies remain significant.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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

• Changhong Jiahua Holdings (3991 HK) announced a preconditional privatisation offer from Changhong Group, the controlling shareholder, at HK$1.223, a 32.9% premium to the last close price.
• Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final.
• Two shareholders hold blocking stakes – one has provided an irrevocable, and the other is SOE-linked. The offer is attractive compared to historical trading ranges. Timing is the key risk.     

• The Trump administration’s announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
• Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
• While there may be limited short-term P&L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.

• After Changhong Jiahua (3991 HK) (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed Sichuan Changhong (600839 CH) (60.13%) to make an Offer. And that is what unfolded. 
• Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.
• Pre-Cons include the local SASAC &  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.

• MetaOptics is a vertically integrated, early-stage company specializing in metalens technology, a revolutionary approach to optics with the potential to disrupt various industries by replacing traditional bulky lenses with ultra-thin, lightweight, and efficient alternatives.
• The company recently debuted on the Singapore Exchange (SGX) Catalist board, making it the first pure-play metalens company to go public. The IPO proceeds are intended to fund research and development, business expansion, and strategic partnerships.
• While MetaOptics holds a strong global market position, ranking 5th by revenue among metalens companies, it faces significant risks, including a history of losses, reliance on a limited number of suppliers, and the nascent stage of mass production for its metalens prototypes.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Softbank Group (9984 JP) performed a strong 1-week rally 2 weeks ago, then went marginally higher. The stock is OVERBOUGHT according to our models, but the pattern is bullish. 
• We see two possible scenarios: a) the stock stalls and pulls back this week or b) it keeps rallying towards 20850.
• The current pattern had rallies lasting up to 5 weeks in the past, so Softbank Group (9984 JP) could rally 2 more weeks, and get closer to 20850.

• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

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

• AvePoint is a dominant software provider for data management within the Microsoft ecosystem, capitalizing on the global shift to cloud-based collaboration and increasingly stringent data governance requirements.
• The company has demonstrated a strong growth trajectory, marked by consistent double-digit revenue growth and a significant shift towards a recurring SaaS model, which now constitutes the majority of its revenue.
• After a history of net losses, AvePoint has recently achieved quarterly profitability and is generating robust operating and free cash flow, signaling a pivotal inflection point in its financial performance.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

DUG Technology has received the first purchase order associated with the contract award from Petronas earlier this month, for the first year of the three-year contract. The total net value of the contract is now expected to be $12m higher than originally disclosed, at c $30m. We have updated our forecasts to reflect the higher value, with FY26 EPS upgraded by 3.3% and FY27 by 6.0%.

• 15th September 2025 @HybridanLLP * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.

• Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.
• Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.
• Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.

• Korea’s structural value gap favors low-PBR, improving-ROE small/mid-caps; traders front-run early movers into the Oct 23 MPC, then rotate into these smaller names as the rate cut nears.
• BOK’s key MPC meetings are Oct 23 and Nov 27, with markets pricing in a 25bps cut on Oct 23 to close the policy rate gap with the Fed.
• Locals are screening for low-PBR (<0.8), ROE >8%, mid-small caps (KRW 300B–1T); 28 names fit, primed to ride the early rate-cut rally pre-MPC.

• StubHub Holdings (STUB US) went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.
• StubHub Holdings (STUB US) is expected to be added to US TMI at the December 2025 review.
• The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.

• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.
• Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• I tally 37 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• No new deals were discussed on Smartkarma this week. Although ANE Cayman Inc (9956 HK) and Emeco Holdings (EHL AU) appear to be in the crosshairs. 
• Key updates/news took place on SmartPay Holdings (SMP AU), Humm Group (HUM AU), Jinke Smart Services (9666 HK), Shibaura Electronics (6957 JP), Soft99 (4464 JP), and Ci Medical (3540 JP).

• NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
• Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
• Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future

• UiPath’s second-quarter fiscal 2026 financial performance reflects a mix of positive results and challenges.
• The company exceeded the high end of its guidance across key financial metrics, indicating robust execution.
• With an annual recurring revenue (ARR) increase of 11% to $1.723 billion and revenue growth to $362 million, UiPath illustrates strong market demand and operational efficiency.

• Meta Platforms has taken another bold step in its augmented reality (AR) journey with the announcement of its $800 Ray-Ban smart glasses featuring a built-in display, gesture-based control via a Neural Band wristband, and AI integration.
• Unveiled at its September 2025 Connect conference, these glasses aim to transition the market from novelty wearables to daily-use smart devices.
• With over 2 million units of the prior Ray-Ban model sold since 2023, Meta is pushing hard to capitalize on its dominant 60% market share in smart glasses.

• IonQ has emerged as one of the most ambitious players in the quantum computing space, recently doubling down on both compute and networking strategies.
• Its Q2 2025 earnings call showcased a slew of high-profile announcements, including the strategic acquisition of Capella, formation of a Quantum Networking division, and a landmark $1 billion investment from Susquehanna.
• But even more intriguing are IonQ’s acquisition plans: the company has already announced the planned acquisition of Oxford Ionics and is reportedly in talks with Vector Atomic.

• NVIDIA Corp (NVDA US) surprised the market with its announcement of a $5 billion investment in Intel Corp (INTC US).
• The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.
• We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.

• Broadcom Inc.’s recent financial results reflect significant developments within the technological landscape, with notable growth, strategic advancements, and some areas of slow recovery.
• Positively, Broadcom reported a substantial increase in revenue for its third quarter of fiscal year 2025, achieving a record $16 billion, a 22% rise year-on-year.
• This growth was propelled primarily by the strength of its AI semiconductor business and continuing expansion with VMware.

• Oracle Corporation recently announced its Q1 fiscal year 2026 results, revealing significant accomplishments and some financial challenges that investors should consider.
• The company reported total revenues of $14.9 billion, representing an 11% increase from the previous year, showcasing continued demand for its cloud business and infrastructure services.
• Oracle’s cloud revenue, including both applications and infrastructure, reached $7.2 billion, marking a significant 27% year-over-year growth.

• Adobe Systems Incorporated has reported strong financial results for the third quarter of fiscal year 2025, showcasing continued double-digit growth in both revenue and profitability, driven largely by its strategic emphasis on artificial intelligence (AI).
• The company saw record revenue of $5.99 billion, marking a 10% increase year-over-year, while GAAP earnings per share reached $4.18 and non-GAAP earnings per share was $5.31, reflecting an impressive 14% growth.
• The incorporation of AI into Adobe’s product suite has been a significant focus, as exemplified by the deployment of AI innovations across its flagship Creative Cloud applications like Photoshop, Illustrator, and Premiere Pro.

• The commerce landscape is about to undergo a structural transformation as PayPal and Alphabet’s Google join forces in a multi-pronged AI-driven payments partnership launching in Q4 2025.
• Announced in September, the alliance will embed PayPal’s checkout experience directly into Google’s ecosystem—across Google Cloud, Google Ads, Google Play, and select consumer-facing properties.
• At the same time, the two companies are co-developing AI frameworks to power agent-led transactions, where autonomous digital agents make purchases on a user’s behalf using PayPal data.

• The company offering a mobile internet payment platform announced a new partnership with DISH TV, a significant player in the US telco landscape, and its streaming TV brand, Sling TV.
• DISH and Sling are using Bango’s subscription platform Digital Vending Machine to launch and scale new subscription offerings and bundles for their customers.
• Launching with a popular football streaming service in time for the new season, DISH customers will be able to easily add this service, with the cost charged to their monthly DISH bill. 

• Kokusai Electric (6525 JP) was IPOed too cheap in 2023 after a couple of years in the wilderness and an aborted private sale effort, blocked on antitrust grounds. 
• It nearly tripled, there was an offering announced at ¥5,000+ priced ¥4,500+. Shares fell back to IPO price, then bounced, and we got a July follow-on offering at ¥3,000+.
• I suggested here the back end could be squeezy. It was for a hot minute, then it wasn’t. Now the stock is up 50% in 2 weeks. Watch out!

• CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• Currently, we see 11 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.

• China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
• Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
• If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.

• Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed withShift4 Payments (FOUR US).
• Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.
• The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says “fair & reasonable“.

• Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
• The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
• Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.

• The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. 
• Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
• The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  

• It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).
• A 31.4% stake of Douzone is now worth  0.91 trillion won (with no premium or discount). 
• Douzone’s chairman Kim has demanded up to twice the market cap of the company for the management rights premium. 

• The geopolitical tech battle between the U.S. and China has taken a sharp turn—and Nvidia is now squarely in the crosshairs.
• In a significant escalation, China’s State Administration for Market Regulation has launched an antitrust probe against Nvidia, claiming the chipmaker violated monopoly laws during its $7 billion acquisition of Israeli firm Mellanox Technologies.
• The regulator’s preliminary findings come at a delicate moment as U.S. and Chinese officials wrap up high-stakes trade talks in Madrid.

• The race toward quantum advantage is entering its most critical phase, and IBM has quietly positioned itself as the frontrunner in a highly competitive field dominated by tech giants like Google, Microsoft, and Amazon.
• In its Q2 2025 earnings call, IBM confirmed a major milestone: the deployment of IBM Quantum System Two in Japan, the first such system outside the United States.
• This isn’t just a milestone in hardware—it signals IBM’s intent to establish global leadership in quantum computing infrastructure.

• Apple shares are on the rise again, powered by stronger-than-expected demand for the newly launched iPhone 17.
• After stumbling below $230 in the wake of a lukewarm launch event, Apple stock rebounded to $236.57, up 1.1% on the day, outpacing the S&P 500’s 0.5% gain.
• While initial reactions to the iPhone 17 were muted, investors are now reassessing their expectations in light of robust preorder volumes and significantly extended delivery times — both of which suggest consumer enthusiasm is running high, particularly in key markets like the U.S., China, and the U.K. This dynamic mirrors — and in some metrics, surpasses — what was seen during last year’s iPhone 16 cycle.

• The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
• In this insight, we take a look at the impact of the new selection methodology for the December 2025 and March 2026 rebal/review events.
• We have also presented our index change expectations for the next semiannual index review which will take place in March 2026 (regular ADDs/DELs only take place in March and September).

• Ciena Corporation delivered strong results in its fiscal third quarter of 2025, showcasing significant top-line growth and improved profitability metrics.
• The company reported revenues of $1.22 billion, outpacing the high end of its guidance and representing a 30% increase year-over-year.
• The gains were driven by broad-based demand, particularly from cloud providers and service providers, with reported strong orders setting a new quarterly record for Ciena.

• The company priced a full-size offering of 34.04 million shares at $23.50, the midpoint of the $22–$25 range, raising more than $750 million.
• Shares opened at $25.35, a 7.8% premium to the issue price, but that initial pop quickly evaporated. The stock closed its opening session at $22.00.
• Over the next 30 days, we expect investors to remain cautious, with many likely trimming exposure until upcoming quarterly results offer greater clarity.

• Rubrik’s recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.
• Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.
• The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

• Samsara Inc. has demonstrated considerable growth in the second quarter of fiscal 2026, with key financial metrics reflecting the company’s strong market position and strategic direction.
• The company reported an Annual Recurring Revenue (ARR) of $1.6 billion, representing a 30% year-over-year increase.
• Notably, customers contributing over $100,000 in ARR accounted for nearly $1 billion, growing by 35% from the previous year.

• Yusys Technologies (300674 CH) is looking to raise around US$350m in its upcoming H-share listing.
• Yusys Technologies is a PRC leading fintech solution provider operating in the domestic and overseas market, providing full-stack product-oriented technology solutions to a wide spectrum of financial institutions.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• GitLab’s second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.
• The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.
• Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

• 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.

• Sprinklr, a company specializing in customer experience management software, reported $212 million in total revenue for the second quarter of fiscal year 2026, marking an 8% year-over-year growth.
• Subscription revenue accounted for $188.5 million, reflecting a 6% increase.
• The company achieved a record $38.2 million in nonGAAP operating income, resulting in an 18% operating margin, indicating improved cost management.

• Guidewire Software Inc. reported its fourth-quarter and fiscal year 2025 results, showcasing notable achievements in cloud transformation while addressing key challenges in the insurance software sector.
• Guidewire’s transition to a cloud-based model continues to drive growth, with Annual Recurring Revenue (ARR) increasing by 19% and fully ramped ARR advancing by 22% on a constant currency basis.
• Surpassing the $1 billion ARR milestone is a significant achievement, underlining Guidewire’s strong market position.

• SKT’s foreign stake drop sparked early divergence vs KT—long SKT/short KT paying off, though KT’s hacking risk muddies how much is pure event-driven.
• This isn’t an add/delete, just a weight bump—flows lag until announcement. Aug ’20 SKT doubling factor is the cleanest comp for today’s setup.
• SKT vs KT spread widened post-screening; SKT outperformed 12%. Weight bumps lag vs ins/outs, so expect similar flow—timing long-short entry matters to avoid bleeding carry.

• AvePoint (AVPT US)  is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
• This deal represents 9.5 days of ADV and ~6% of shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Indegene is shifting from transactional work to large-scale, transformative “Tectonic” deals, securing over US$1 million from two paid pilots in Q1 FY26.
• This pivot moves the company up the value chain, creating a durable competitive moat and positioning it as a strategic partner, not just a vendor.
• Indegene’s strong balance sheet and focused M&A strategy will likely accelerate this high-value growth, cementing its role as a key player in pharma’s digital future.

• While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
• +35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  
• Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.

• Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom
• Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design
• Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs

• Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.
• Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.
• Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.

• Starlink Engaged with Chipmakers to Bring  Satellite Connectivity Direct to Smartphones — Mediatek Well Placed to Benefit
• Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”
• TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain 

• Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
• UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• FY01/26 revenue reached 91.3% of forecast, with losses at all profit levels due to Media Contents withdrawal.
• Revised FY01/26 forecast predicts JPY49.7bn revenue, JPY1.1bn operating profit, and JPY316mn net income.
• Domestic Solutions revenue rose 5.0% YoY; Overseas Solutions increased 8.0% YoY; Media Contents declined 31.9% YoY.

• As can be seen from the exhibit below, as of May 31, 2025, TOREX had 1 unmet criterion out of the criteria required to maintain listing on the TSE prime market.
• Market capitalization of tradable shares of JPY 8.12bn was below the requirement of JPY 10.0bn or more. The number of tradable shares subtracts: 1) the number of shares held by major shareholders who individually own 10% or more of the number of listed shares (however the number of shares held by investment trusts or pension trusts are included), 2) the number of shares held by officers, etc., 3) the number of treasury shares, and 4) the number of shares held by common banks, insurance companies and business corporations in Japan.
• The tradable shares ratio is the number of tradable shares ÷ the number of listed shares. Tradable market capitalization is the tradable shares ratio × market capitalization.

• We will be putting products on TSMC you know, forever, really. TSMC is a great partner for us. Obviously everyone understands that their support and technology are great. 
• 18A is actually a good node for us. We want to milk that node  We won’t get peak volume on 18A until the 2030 timeframe.
• Kevork Kechichian joined Intel as head of the Data Center Group. He will lead Intel’s data center business across cloud and enterprise, including the Intel Xeon processor family

Key points (machine generated)

• DFDV is a closed-end digital asset fund providing liquid exposure to Solana and select DeFi protocols, currently valued at 5x its net asset value.
• The fund holds 609,000 shares of Solana, totaling approximately $85 million, with a per-share value of around $4.00 compared to a market price of $28.
• DFDV lacks a recurring revenue model, depending on asset appreciation and market sentiment, with a complex ownership structure affecting its market dynamics.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.
• The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.
• CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

• The company that describes itself as an operator of the largest global secondary ticketing marketplace will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
• According to guidance the deal is considered “multiple-times oversubscribed” with continued 1-on-1 conversions. The underwriters state that there is currently no price sensitivity in the book.
• With growth mixed and debt burdens high, we view this IPO as one to approach with caution.

Key points (machine generated)

• The author has a positive outlook on Reddit (RDDT US) as a strong multi-year investment post its public debut.
• Reddit is modernizing its platform and exploring new revenue streams, while currently generating $1.4 billion in annual revenue with significant growth potential.
• Despite some analyst concerns, the author believes risks are overstated and projects a diluted free cash flow of over $12 per share by 2030, indicating a compelling investment opportunity.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Pattern Group will will offer 21.4 million shares at $13–$15, set to debut Friday, September 19.
• According to our sources, the deal is classified as well-oversubscribed with early 1-on-1 conversions. 
• At the $14.00 midpoint, Pattern is targeting an enterprise value of around $2.5bn, valuing it at a mid-teens multiple of expected Ebitda for 2026.

• Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b and will debut on Thursday, 9/18.
• According to our sources, the deal is multiple-times oversubscribed with long-only and 1-on-1 conversions. There is currently no price sensitivity in the offering. 
• While the company operates with steep losses, it is our opinion that the business continues to be innovative and grow in a sticky cybersecurity sector.

• Last week, Synopsys reported Q325 results and guidance both well below expectations causing the share price to collapse over 34% in the immediate aftermath.
• The company revised down full year revenue targets, noting that “challenges at a major foundry customer are also having a sizeable impact on the year”
• That “major foundry customer” is likely Intel. Who’s next in line to face similar revenue impact from Intel’s challenges? 

Concurrent’s interims showed encouraging momentum despite headwinds, underlined by management’s confidence that FY25 financial performance will be ahead of consensus. We believe that management is establishing a platform for sustaining long-term growth, supported by growth of the Systems business, new products, deepening relationships with tier one prime contractors and capacity expansion. With the Systems business now clicking into gear, further acquisitions could accelerate this growth. While the shares have a growth rating, we believe this is a business with a platform, plan and ambition to scale up a number of times over.

• Across Europe’s dual-class names, spreads mostly tightened: Atlas Copco B-to-A 10.8%, BMW prefs 7.2%, Volvo at par; notable wideners include Carlsberg B at 19.5% discount and SSAB B at 2.6%.
• Drivers include index inclusion, liquidity and control: Volkswagen prefs gain from flows and €0.06 dividend uplift; Telecom Italia savings widen on arrears prospects; Handelsbanken and Fuchs maintain puzzling elevated premiums.
• Actionables: long MFE A versus B as ProSieben settlement lifts liquidity; Grifols B versus A on deleveraging; Henkel ords versus prefs; Volkswagen prefs versus ords; monitor Ericsson, Investor, Industrivärden parity.