TMT/Internet

• 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.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). It’s popular.
• Inside, we look at the names likely to become ADDs and DELs during the upcoming semiannual review in December 2025. We see up to 6 ADDs and 6 DELs.
• There are 1.5 pairs I like here even though we have weeks left. One is “surer” than the other, but they both work fundamentally.

• TSMC: +24.4% Premium: Remains at Level to Short the ADR Spread
• ASE: 0.0% (Parity); Open Fresh Longs Here or at a Discount
• ChipMOS: -1.9% Discount; Near Level to Go Long the Spread

• 1-Week directional forecast for the Asian indices and stocks we track, based on our proprietary probability model.
• OVERBOUGHT:  Samsung Electronics (005930 KS) , Taiwan Semiconductor (TSMC) (2330 TT) , Softbank Group (9984 JP) , HSI Index , KOSPI 200 INDEX , Nikkei 225 .
• OVERSOLD: BYD Company (1211 HK) , S&P/ASX 200 INDEX .

• Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
• From Taiwan Semiconductor (TSMC) – ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
• Another question remains: who will adopt Intel’s 14A technology in 2027-28?  

• StubHub Holdings, the world’s leading live event marketplace, is expected to price its initial public offering on Tuesday.
• The 20+ times oversubscribed offering may raise up to ~$850M at the high end of the range at $25.00 per share.
• The American online ticketing giant plans to use net proceeds from the offering to repay ~$550M of existing indebtedness outstanding.

• Last week at SEMICON, TSMC unveiled COUPE, moving silicon photonics from lab demos into industrial-scale advanced packaging.
• Himax, ASE, Zhen Ding, GlobalWafers, ACON, and Accton form Taiwan’s listed ecosystem for silicon photonics adoption.
• As NVIDIA Corp (NVDA US)-driven AI clusters proliferate, the power and cost of moving data between chips have become as constraining as compute itself.

• Oracle is on a mission to rival the Big Three cloud providers and its cloud ambitions are part of a theme that will determine GDP growth in the US and globally as a whole.
• They are guiding for a 10x revenue increase in cloud computing in just four years which would transform Oracle Cloud from a nobody with 3% market share to a leading player with a business larger than AWS is today.
• Most importantly, this guidance is based on contracted revenue, i.e. revenue that their customers (most importantly OpenAI) basically only can get out by declaring bankruptcy.

Key points (machine generated)

• CMG specializes in unconventional reservoir simulation software for oil and gas, with a CAD570 million market cap and 65-70% recurring revenue.
• The company is transforming into a commercially-focused entity, influenced by major shareholder Edgepoint Investment Group and Constellation Software’s heritage.
• Recent acquisitions have diversified CMG’s offerings and increased revenue past CAD100 million, but the company faced a 45% stock value drop in FY2025 due to declining oil prices.

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.

• Lee slammed NPS’s logic, questioning its local equity cuts; Friday, the fund responded with ₩186.3bn net KOSPI buys — biggest since his inauguration.
• NPS sat out September’s rally, so Friday’s ₩186bn KOSPI buy looks like a reactive pivot to Lee’s comments, sparking local desks’ chatter and weekend buzz.
• KOSPI mid-caps with big NPS stakes (~5%+) could see short-term buying, as reactive flows follow Presidential Office chatter, with mid-caps below KRW 5tn offering the biggest price impact.

• Context: The CAR Group (CAR AU) vs. Seek (SEK AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long CAR Group and short Seek targets a 7% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Infosys Ltd (INFO IN) made headlines in the market after approving share buyback worth INR 180 bn at INR 1800 per share.
• The buyback is the largest in company’s history and represents 2.4% of the paid up capital. 
• However, from the shareholders lens, the buyback would be tax-inefficient, after the regulatory changes which came in effect from Oct 2024.

• Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.
• Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out). 
• This week, a final judgement, concerning monies owed, was ruled in CJ’s favour. The sum involved is ~30% of CJ’s market cap. 

• Western Digital Corporation reported strong fourth-quarter fiscal 2025 financial results, showcasing increased demand driven chiefly by the data center market, predominantly through hyperscale customers.
• The company generated $2.6 billion in revenue, which constituted a 30% yearly increase, and achieved a non-GAAP gross margin of 41.3%.
• This result was driven by the mix shift toward higher capacity drives and effective cost management.

• Lam Research Corporation’s recent financial performance and strategic direction offer a balanced picture of its current and future potential.
• The company reported impressive results for its June 2025 quarter, with revenues and profitability reaching the upper end of guided ranges.
• Significantly, gross margins exceeded 50% for the first time since the merger with Novellus, and earnings per share hit a new company high.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
• Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) – ADR (TSM US) is the largest impact passive sell. 
• There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.

• Oracle Corporation has catapulted into the center of the artificial intelligence (AI) race with a landmark $300 billion cloud infrastructure deal with OpenAI, positioning itself as the new backbone of AI computing.
• The agreement, which spans five years starting in 2027, is one of the largest cloud contracts in history and has already helped Oracle lock in a record $455 billion in remaining performance obligations (RPO).
• This unprecedented backlog of contracted revenue reflects surging demand from major AI players including Meta, xAI, NVIDIA, and AMD.

• In Q1 FY04/26, the company reported revenue of JPY15.2bn, operating profit of JPY1.7bn, and net income of JPY1.1bn.
• Business support services for MVNOs expanded, resulting in revenue growth of 12.7% YoY and operating profit increase of 53.3% YoY.
• Revenue for 5G Homestyle service increased 11.3% YoY to JPY6.9bn, while operating profit rose 19.3% YoY.

• Tenable Inc.’s earnings for the second quarter of 2025 reflected both strengths and areas for continued focus, showcasing the company’s efforts in expanding its exposure management platform.
• With a reported 12% year-over-year revenue growth reaching $247.3 million, the company’s momentum is attributed to the increased adoption of its exposure management platform, Tenable One.
• Of particular note, Tenable One comprised 40% of new sales for the quarter, emphasizing a growing customer demand to unify risk visibility and management across various cyber domains.

• Via Transportation priced its public offering at $46.00 per share, above the marketed range of $40–$44, but opened at $44.00, down 4.5% from issue.
• Investors quickly stepped in, and within 30 minutes, the stock climbed above the IPO price. The stock closed at $49.51 or 7.6% above issue.
• Looking forward, we see Via as a potential long-term play, given the sticky nature of its contracts and the enormous opportunity to modernize public transportation infrastructure.

• Vimeo Inc., the once high-flying video hosting platform, is set to be acquired by Bending Spoons in an all-cash deal worth approximately $1.38 billion, or $7.85 per share.
• This price implies a hefty 91% premium over Vimeo’s 60-day volume-weighted average share price prior to the announcement, underscoring the significance of the offer.
• The transaction has been unanimously approved by Vimeo’s Board and is expected to close in Q4 2025.

• Indian IT outperformed over 10 years, but recent underperformance and weak R&D spending raise questions on innovation versus high dividend and buyback payouts.
• AI disruption threatens coding demand and outsourcing models, risking productivity shocks, workforce layoffs, and urban consumption downturns if companies don’t adapt with innovation.
• Boards must prioritize bold investments and acquisitions over capital returns, positioning Indian IT as innovation leaders rather than risk-averse cash generators.

• United Microelectron Sp Adr (UMC US) – 2025 Full-Year and 4Q Outlook.   
• The impact of U.S. recent restrictions on United Microelectron Sp Adr (UMC US) appears negligible.
• Customer demand trends are diverging in 2H25, and overall demand is expected to soften in 4Q25.

• SentinelOne’s recent earnings call made headlines with a major milestone: the company’s Annual Recurring Revenue (ARR) surpassed $1 billion, growing 24% year-over-year, while its net new ARR hit record levels.
• This momentum is underpinned by strong customer traction across emerging solutions like Purple AI, Singularity Data, and its cloud-native security stack.
• Riding this wave of innovation and expansion, SentinelOne is now reportedly eyeing Observo AI as a potential acquisition target.

• DB Hitek announced a detailed plan for its 4.16 million treasury shares utilization (9.4% of outstanding shares), including shares cancellation, issuance of exchangeable bonds, and equity compensation for its employees. 
• There will be 2.22 million treasury shares that will be used in the issuance of EBs. This represents 54% of the total treasury shares and 5% of outstanding shares.
• The company also plans to cancel 1.486 million treasury shares (representing 35.7% of treasury shares and 3.3% of outstanding shares). 

• TI is experiencing 50%+ YoY growth in data center, showing no signs of AI server demand slowdown.
• KLA calls 2nm a “compelling” node, projecting it could be the industry’s largest over first three years.
• Taiwan Tech positioned to benefit via TSMC N2 ramp, CoWoS packaging, and ABF substrate expansion.

• We initiated on ITSL SP on Friday. The stock is up 2%.
• The initial feedback from clients was one of cautious optimism. There were concerns raised about concentration risk, competition and cybersecurity issues.
• We identified the mitigants and reiterate BUY.

• In a bold strategic pivot, Dutch semiconductor equipment giant ASML has invested €1.3 billion (~$1.5 billion) to lead a €1.7 billion Series C funding round for Mistral AI, a French startup rapidly rising as Europe’s answer to OpenAI.
• This move makes ASML the largest shareholder in Mistral and grants it a board seat—signaling far more than a passive financial stake.
• The deal catapults Mistral to a €10 billion (~$11.7 billion) valuation, the highest for any AI firm in Europe, further solidifying its position as a sovereign AI champion.

• The biopharmaceutical company focused on drug development and delivery in diabetes and other cardiometabolic diseases, announces that it has concluded a positive Type C meeting with the US Food and Drug Administration (FDA) for AT278 in people with both type 1 and type 2 diabetes with high daily insulin needs.
• The purpose of the meeting was to discuss the design of a proposed Phase 2 clinical study for AT278 delivered by continuous infusion via an Automated Insulin Delivery (AID) system, ahead of a planned Investigational New Drug (IND) submission.
• Arecor reports they are on track to commence Phase 2 study in mid-2026, subject to further funding.

• In FY07/25, the company reported revenue of JPY21.5bn (+14.9% YoY) and operating profit of JPY4.1bn (+16.5% YoY).
• The Consumer Service segment’s FY07/25 revenue was JPY19.1bn (+19.5% YoY), with a segment profit of JPY4.0bn (+16.7% YoY).
• For FY07/26, the company projects revenue of JPY22.0bn (+2.2% YoY) and operating profit of JPY4.5bn (+8.9% YoY).

• On September 8, 2025, EchoStar made headlines by announcing a landmark $17 billion agreement to sell its AWS-4 and H-block wireless spectrum licenses to Elon Musk’s SpaceX.
• The deal, split evenly between cash and stock, marks SpaceX’s largest financial outlay to date and signals a dramatic push into the cellular connectivity space.
• In addition to the spectrum acquisition, the agreement includes a long-term commercial arrangement between the two companies, enabling EchoStar’s Boost Mobile users to access Starlink’s Direct-to-Cell satellite services.

• There are 3 constituent changes for the S&P 500 INDEX (SPX INDEX) in September. There are capping changes for the Select Sector indices and the Equal Weight Index too.
• The round-trip trade is US$19.6bn with a big chunk from the Equal Weight Index, Technology Select Sector SPDR (XLK US) and Communication Services Select Sector SPDR Fund (XLC US). 
• The largest flows are expected in AppLovin (APP), Robinhood Markets (HOOD), Trade Desk (TTD), NVIDIA (NVDA), Apple (AAPL), Alphabet (GOOGL), Microsoft (MSFT US), Exxon Mobil (XOM) and Chevron (CVX).

• The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
• In this insight, we take a look at the potential index changes and the resultant capping flows for HSTECH index rebal event in December 2025.
• We expect one index change for the HSTECH index in December 2025 based on the latest available data.

• With rising affluence, India’s home services’ is fast evolving with a focus on enhancing the convenience and quality of life for households. Online home services to grow at 16–22% CAGR.
• Urban Company is the largest player (62% market share) with a recognised brand, ~50+k active professionals offering services across 17+ at-home service categories to 6+mn active customers
• IPO looks reasonably priced at 7-8x FY27 revenues, considering Indian tech peers trade between 6-10x. We estimate FY25-27 revenue CAGR at 22-25% vs 27% during FY22-25

• KRW 5T fund—the public-participation slice of the KRW 35T joint vehicle—is the main conduit for flows into local equities.
• The KRW 150T policy fund launches December, but pre-emptive flows could hit early, led by the KRW 5T ETF-heavy, retail-accessible Public Participation Fund.
• The KRW 5T Public Participation Fund, ETF-heavy and thematic in AI, semis, Mobility, and Biotech, could drive concentrated, short-term rallies; position early ahead of year-end flows.

• Hong Kong’s Secular Bull Market continues with the index breaking  above its long term resistance levels.  Market breadth is expanding with 87% of stocks trading above their 200  (DMA).
• Hong Kong market valuations are well below all other Asian markets.  This year, the materials and healthcare sectors have been the best performers.
• Robosense Technology (2498 HK)  reported solid earnings in its LIDAR business with robotics posting surprising growth.  Deutsche Bank and China Renaissance both rate the company a BUY and raise targets.

• As you all know China Mobile (941 HK) has strategically ramped up its ownership in HKBN Ltd (1310 HK)  aiming at full control/takeover, while navigating regulatory approvals and competitive bids.
• The stock suffered a pretty big drop in the last 2 weeks, especially last week, when it reached 85.1. This week the stock started a small recovery rally.
• Our model finds China Mobile oversold (short-term) but we cannot rule out a further drop to/below 83.2 (Q3 support), the current pattern is bearish: brief rally then down again.

• AT&T paid $22.7 billion for Spectrum from SATS, a third of their portfolio
• Yummy Century Stocks discusses the significance of the Spectrum sale and the value trapped in SATS and DISH
• Yummy Century Stocks estimated the value of the Spectrum to be around $8 billion, slightly higher than what AT&T paid

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

• TSMC August Revenue +34% YoY: AI Demand Remains the Key Driver
• ARM Pushes Edge AI Forward with New “Lumex” Chip Designs — 2026 Could Be a Major Growth Year for Edge AI
• From AI Packaging to AI Edge: Listed Names to Watch at SEMICON Taiwan 2025 Starting Today

• Automatic Data Processing, Inc. (ADP) reported strong financial results for the fourth quarter of fiscal 2025, characterized by a solid revenue increase and expansions in both margin and earnings per share (EPS).
• Revenue growth for the fourth quarter was reported at 8%, with an adjusted EBIT margin expansion of 40 basis points, while adjusted EPS increased by 8%.
• For the entire fiscal year, the company achieved 7% revenue growth, a 50 basis point rise in EBIT margin, and a 9% increase in adjusted EPS.

• Token costs no longer drop meaningfully with scale, and inference remains a fixed, expensive burden.
• Rather than delivering major performance gains, GPT-5 appears to be a cost-routing shell, underperforming in several benchmarks.
• With $115B in projected losses and hardly any visible scale-based leverage, OpenAI’s only path forward is monetisation.

• Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
• Our long-term TOPIX Inclusion pre-event candidate Core Concept Technologies Inc (4371 JP) has experienced a sharp price decline and has moved further away from the required thresholds for Section Transfers.
• Separately, Japan Business Systems (5036 JP) has announced a potential move to the Prime market which could result in a TOPIX inclusion in late-October 2025.

• Urban Company (UCL IN) reported profits in FY25 after years of losses, but the improvement is largely due to temporary cost compression and one-off accounting adjustments.
• Revenue growth remains robust (INR11,445m in FY25 vs INR 6,366m in FY23), but profitability sustainability is questionable given competition and structural risks.
• Deferred tax credits (INR 2112m in FY25) inflated net profit to INR 2,398m despite thin operating profit (Adj. EBITDA only ₹121m, 1.06% margin).

• Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.
• Expansion plans: ¥700 bn capex and ¥1.5 tn R&D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.
• Valuation & growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.

• Samsung Electronics (005930 KS) has been in a downtrend for 4 weeks, but it was only mildly oversold (60% prob. of reversal last Friday, at the Close).
• After 4 weeks down, this week the stock re-started its rally, touching 71200 on Tuesday at the Close. 
• This insight will try to define the short-term profit targets for this rally (spoiler: they are not far, at least from the TIME MODEL perspective…).

• China’s service sector is growing faster than manufacturing and construction, especially the business-to-business services, like IT Services, cloud services leasing and other business services.
• Among merchandize retail sectors, household and communication appliances, sports and recreational goods and gold and silver jewelry are growing the fastest. Some segments of food are enjoying healthy growth too.
• From a universe of 35 stocks in these sectors, we screen our favored 10, based on valuations more than justified by forecast earnings growth, high ROE and consensus Buy rating. 

• The Taiwan Semiconductor Manufacturing Company, commonly referred to as TSMC, provided an earnings overview for the second quarter of 2025, demonstrating significant financial and operational insights.
• The revenue for the quarter showcased an 11.3% sequential increase in New Taiwan dollars, driven by strong demand for TSMC’s advanced 3-nanometer and 5-nanometer technologies.
• However, the positive revenue growth was somewhat countered by unfavorable exchange rate impacts.

• Defining themes: Packaging, edge AI, and silicon photonics dominate SEMICON Taiwan 2025
• Global heavyweights Applied Materials, Lam, and TEL anchor this year’s industry sponsorship
• Taiwan’s next tier — Zhen Ding, ASE, Advantech, ASPEED, Egis — showcase critical AI enablers beyond TSMC

• Spotify’s decade-long battle with Apple over App Store fees has escalated into a defining global fight over mobile market power, and it’s showing signs of denting Apple’s dominance.
• The most recent development came from Spotify’s Q2 2025 earnings call, where CEO Daniel Ek directly credited the U.S. legal win against Apple in the Epic v. Apple case for improving Spotify’s subscription conversion rates.
• For years, Apple restricted developers from directing users to alternative payment options.

• Verizon’s second quarter 2025 financial results showcased a blend of robust performance and strategic initiatives that signal both positive momentum and areas requiring attention.
• In terms of financial outcomes, Verizon reported wireless service revenue growth of 2.2% year-over-year, reaching $20.9 billion, and achieved an adjusted EBITDA of $12.8 billion, illustrating strong profitability with a quarterly free cash flow figure of $5.2 billion.
• This substantial cash flow facilitated a revised upward guidance for the full year’s adjusted EBITDA, adjusted EPS, and free cash flow projections.

• Hybridan Monthly, 2 September 2025 Market Comment View from the Broker’s Desk Ardent readers of our almost daily “Small Cap Feast” will be familiar with our coverage of those companies looking to IPO on the LSE or AQSE.
• As it stands today, we have just two contenders who have thrown their cap in the ring: B HODL, the bitcoin operator, announced plans to IPO onto AQSE; and Vulcan Two Group, the acquirer of companies in the ePharmacy market, announced plans to IPO onto AIM;.
• There is lots of talk in the market around what is the catalyst needed to change the drought we are currently experiencing in UK IPOs. 

• Shift Inc (3697 JP) will replace Citizen Watch (7762 JP) in the Nikkei 225 (NKY INDEX) after the close of trading on 30 September.
• BayCurrent Consulting‘s PAF will double from 0.5 to 1 and Sony Financial Holdings (8729 JP) will be deleted from the NKY INDEX following the spin-off from Sony Corp (6758 JP). 
• The index committee has decided not to add Kokusai Electric to the index despite the stock ranking within the top 75. The deletion of Citizen Watch points to sector balance.

• Today, in the latest announcement in 17 years, the Nikkei Index Committee announced there would be only one change to the Nikkei 225 at the 30 Sep close. 
• Shift Inc (3697 JP) is IN. Citizen Watch (7762 JP) is OUT. BayCurrent Consulting (6532 JP) is uplifted. Sony Financial Spin is out 29 Sep. Kokusai Electric (6525 JP)? MIA. 
• In dollar terms it is smallish. In ADV terms there are some big changes. And this puts Kokusai Electric back possibly years. 

• Q1 FY25 revenue fell 20% YoY, but enterprise SSD strength kept EBITDA positive and margins above trough levels.
• Management guides for a strong sequential rebound in Q2–Q3 on AI-driven enterprise demand and normalized PC/smartphone inventories.
• Kioxia trades at ~3–4× EV/EBITDA vs peers on 9–12×, despite higher NAND margins, with the gap driven by cyclicality, tech lag, and shareholder overhang.

• Urban Company (UCL IN) is looking to raise about US$220m in its upcoming 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 IPO pricing.

• The ADDs/DELs for the ASX index family for the September 2025 index rebal event were announced after market close on Friday 5th September 2025. We got 44/47 predictions correct.
• There are 25 ADDs and 30 DELs collectively for ASX 50, ASX 100, ASX 200, and ASX 300.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes.

• Urban Company is India’s largest organized online home-services platform, with ~60% of revenues from Beauty & Wellness and dominant market share across categories.
• IPO proceeds (~₹4,720 mn fresh issue) will be used to strengthen technology, expand professional training, enhance branding, and fund working capital.
• The platform connects customers with vetted professionals for beauty, cleaning, repairs, and home improvement, differentiated by its supply-controlled model (training, kits, quality standards).

• Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
• The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
• IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.

Key points (machine generated)

• PINS is undervalued and transforming under new management for growth in the global advertising market.
• AI integration is enhancing the platform’s visual catalog and user relevance for advertisers.
• Management is focusing on advertiser tools and financial discipline to improve return on ad spend (ROAS).

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.

• StubHub will offer 34.042 million shares at a $22-25 range and will debut on Wednesday, 9/17.
• The company is currently not profitable and revenues had only grown 3% in the 1H of 2025 and has a large amount of indebtedness.
• This deal has been highly-telegraphed with the original filing happening in March but the IPO was put on pause after market volatility in April.

• Netskope will offer 47.8 million shares at $15-$17 equating to a market cap of $5.7b-$6.5b.
• Their revenue was $251.3 million and $328.5 million and their net loss was $206.7 million and $169.5 million in the first half of fiscal 2024 and 2025, respectively. 
• The company’s financials are strong with 31% revenue growth in the 1H 2025 and is cash-flow positive in a sector that IPO investors typically embrace — cybersecurity. 

• There is 1 change for the S&P/ASX50 Index, 3 changes for the S&P/ASX100 Index, 9 changes for the S&P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&P/ASX300 Index.
• Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
• The adds have outperformed the deletes across all indices and performance has been especially strong for the S&P/ASX100 Index and S&P/ASX300 Index changes.

• Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.
• Highlights: Major stocks, including Tencent (700 HK), Xiaomi (1810 HK), and Meituan (3690 HK), trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
• I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
• I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.

• Taiwan Semiconductor (TSMC) – ADR (TSM US) has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.   
• Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.
• Taiwan Semiconductor (TSMC) – ADR (TSM US) is expected to be ready for iPhone 17 production.

• TaskUs is being privatized by Blackstone and founders at $16.50/share, opposed by activists and ISS, expecting improved offer.
• TaskUs projects $75-$120 million free cash flow in 2025, potentially funding the buyout with minimal additional investment.
• TaskUs specializes in premium BPO services, showing strong growth in Trust & Safety and AI Services segments, less vulnerable to automation.

• DISCO is the global leader in wafer dicing and grinding, holding ~70–80% market share in critical back-end semiconductor tools.
• Anagement is expanding capacity via the Gohara Plant (FY2028) and upgrading innovation at the Haneda R&D Center (FY2025–27) to secure its edge in hybrid bonding, PLP, and stealth dicing.
• Revenues are projected to grow ~11% CAGR to FY2028, with EPS potentially reaching ¥1,500, but the stock trades at a premium ~33x FY26E P/E.

• Intel Corp (INTC US) has not given up on Intel Foundry Service (IFS), even though it currently lacks any sizable clients.
• We are puzzled as to why Intel former CEO Pat Gelsinger insisted on entering the foundry market, which has so far weakened Intel’s financials without generating meaningful returns.
• Qualcomm Inc (QCOM US) CEO has publicly stated that Intel’s manufacturing technology is still not competitive.

• TSMC: 26.2% Premium; Historically Extreme Level to Open Fresh Short of the Spread
• UMC: +1.0% Premium: Wait for More Extreme Level Before Going Long or Short
• ASE: +2.7% Premium; Open Fresh Longs of ADR Spread Closer to Parity

• Newgen Software Technologies (NEWGEN IN) is the leading provider of a unified digital transformation platform with native process automation, content services, and communication management capabilities.
• The company continues to exhibit aggressive accounting practice in FY25, where growth driven by overseas subsidiaries was majorly tied up in credit period. Higher provision on debtors is further concerning. 
• High remuneration to promoters and independent directors, insider trading complaints, are few governance concerns

• I tally 45 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP). 
• Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).

• Ambarella’s latest financial results provide a detailed overview of the company’s performance and strategic direction as of the second quarter of fiscal year 2026.
• The company reported a revenue of $95.5 million, representing a sequential increase of 11% and a year-over-year growth of approximately 50%.
• This was above the high end of their prior guidance, indicating strong momentum in their operations.

• Texas Instruments Incorporated (TI) reported its second-quarter financial results with revenues amounting to $4.4 billion, marking a 9% sequential increase and a 16% rise year-over-year.
• The distinct growth across major divisions, Analog, and Embedded Processing, was notable, achieving 18% and 10% year-on-year growth, respectively.
• The company’s other segments recorded a 14% increase from the prior year.

• Cadence Design Systems has turned heads with a definitive agreement to acquire Hexagon AB’s Design & Engineering unit—including the storied MSC Software—for €2.7 billion, paid 70% in cash and 30% in CDNS stock, with closing targeted for Q1’26.
• The incoming business generated ~$280 million of 2024 revenue, brings ~1,100 employees, and serves blue-chip aerospace and auto names such as Volkswagen Group, BMW, Toyota, Lockheed Martin, BAE, and Boeing.
• Strategically, the deal extends Cadence’s “Intelligent System Design” vision beyond chips and boards into the full palette of multiphysics—structures, motion, fluids, and electromagnetics—precisely where AI-era systems are converging.

• Plexus Corp. presented its latest quarterly results, showing a mixed performance across various metrics while maintaining a strategic focus on long-term growth and operational efficiency.
• The company reported revenue of $1.018 billion, aligning with its guidance, and demonstrated consistent performance with a non-GAAP operating margin of 6%, meeting its stated goal.
• Key sectoral drivers included improved order activity from industrial and European defense customers, although the pace of program ramp-ups and tariff-related uncertainties posed challenges.

• SentinelOne’s latest earnings for Q2 of fiscal year 2026 highlighted its significant achievements and growth drivers while outlining areas for potential challenges and opportunities.
• The company reported a total Annual Recurring Revenue (ARR) growth of 24%, surpassing the $1 billion mark, indicating robust performance in both new business generation and expansion of existing accounts.
• This milestone reflects SentinelOne’s growing market share and competitive strength, driven by its AI-powered cybersecurity solutions.