In today’s briefing:
- NVIDIA CORPORATION Common Stock – June 4, 2025
- Nippon Steel (5401) – $14.2B U.S. Steel Bet Targets Growth, Faces U.S. Market Maturity Risks
- AMD Advancing AI 2025: Key Takeaways
- Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
- Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?
- Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
- Bajaj Finance: Decent FY25, All Set for a Strong FY26
- nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
- Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
NVIDIA CORPORATION Common Stock – June 4, 2025
- NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
- The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
- Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.
Nippon Steel (5401) – $14.2B U.S. Steel Bet Targets Growth, Faces U.S. Market Maturity Risks
- Nippon Steel has acquired U.S. Steel for $14.2 billion in cash, adding 23 Mt of crude steel capacity and a full U.S. and EU footprint.
- The acquisition marks a bold step toward NS’s “100 MT Vision,” diversifying earnings beyond Japan and strengthening presence in a geopolitically stable market.
- U.S. Steel remains heavily BF–based and tied to a structurally flat demand market; long-term steel consumption in the U.S. has declined, making returns dependent on aggressive modernization & macro tailwinds.
AMD Advancing AI 2025: Key Takeaways
- AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product
- Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
- Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.
Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
- Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%).
- CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.
- The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.
Under Armour Working On A Bold Restructuring Move; Will It Result In A Retail Rebound?
- Under Armour’s fourth-quarter fiscal 2025 earnings report reveals a complex narrative, reflecting both strides in strategic realignment and significant challenges in market execution and financial performance.
- On the positive side, Under Armour demonstrated notable progress in several areas, including gross margin improvement, strategic streamlining, and brand repositioning efforts.
- The company increased its gross margin by 170 basis points to 46.7%, driven by reductions in product and freight costs, a decrease in promotional activities, and strategic pricing benefits.
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
- Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
- Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.
BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
- BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
- The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
- Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.
Bajaj Finance: Decent FY25, All Set for a Strong FY26
- Bajaj Finance Ltd (“BAF”) reported a healthy Q4FY25, thus closing the full-year FY25 on a strong note. AUM ended FY25 at INR 416,661cr, a growth of 26% YoY.
- Customer franchise had crossed 100mm and is now close to 102mm. Notably, Bajaj Finserv App now has 70mm+ customers. FinAI transformation is also progressing well.
- While FY25 had some challenges due to higher credit cost and NIM compression, BAF is all set to post a strong FY26 led by stable asset quality and NIM.
nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
- In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
- Total revenues reached $144.1 million, marking a 13% year-over-year increase.
- This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.
Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
- Integral Ad Science (IAS) presented a mixed but notably strong performance in their Q1 2025 financial results.
- The company displayed an impressive 17% growth in revenue to $134.1 million, surpassing their prior guidance.
- Growth was largely driven by a 24% increase in their optimization segment, buoyed by the financial services and retail verticals.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
