Daily Brief Equity Bottom-Up: Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location and more

• NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  
• Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  
• Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  

• Nvidia will provide IP blocks to other semiconductor designers (hyperscalers Amazon, Google, their design partners Alchip, Mediatek) so that they can integrate their own CPU or ASIC into Nvidia’s systems.    
• A small size RTX-Pro-Server for Enterprise to run their own AI models, AI agents. That’s “on-premise” AI. AI Data Platform, a tool to structure and train AI data and models.  
• Mediatek is promoted to the title of “great partner”. Lots of mentions of Hon Hai / Foxconn, TSMC. No mention of Broadcom.

• TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
• ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
• ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread

• COMPUTEX 2025 Kicks Off — Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.
• Nvidia Opens Up Ecosystem with new “NVLink Fusion” — A strategic move to cement long-term platform dominance.
• PC Monitor — Asus Results Warn of Coming Slowdown; PCs’ Next Edge AI Shift 

• There’s been an avalanche of biased or disingenuous comments along the lines of “Samsung, TSMC won’t use High N.A. EUV” or “too expensive, too difficult”. 
• Samsung will use High NA in 4F² DRAM by 2028; TSMC in some but not all A14 processes by 2028. 
• We should really think about High NA as optionality value for ASML (share price), rather than a catalyst.

• Unveiled a Rs1.3 lakh crore capex program is planned over FY26–FY30 to reach 30 GW total capacity and 40 GWh energy storage by FY30.
• Reported a 16% year-on-year increase in Q4 FY25 net profit to ₹408 crore, with revenue rising 16% to ₹3,189 crore.
•   Trades at ~46x P/E—above Adani Power (~17x) and Tata Power (~33x).

• Aarti Industries (ARTO IN) posted a solid 9% QoQ revenue growth, driven by higher volumes in the energy sector.
• The company is navigating external volatility, including US tariffs and geopolitical uncertainty, while maintaining growth through volume recovery and diversification.
• The solid volume uptick in key sectors positions Aarti for continued growth in FY26, despite margin pressures.

Georgia Capital (GCAP) delivered a solid NAV total return of 11.2% in Q125 in local currency terms (9.8% in GBP), continuing its strong 15.1% growth per annum since end-2018. Q125 NAV growth was driven primarily by Lion Finance Group’s stock performance (BGEO, formerly Bank of Georgia), which contributed 6.9pp to NAV performance. The strength of GCAP’s private portfolio continues to be reflected in robust earnings growth and sustained dividend flows. The group has reiterated its guidance to receive GEL180m in recurring dividends in 2025 (flat vs 2023 and 2024, which was sufficient to cover 169% of GCAP’s share buybacks over the last two years). Given the persistent wide discount to NAV (currently 37% to end-March NAV), GCAP remains focused on accretive share repurchases, reinforcing its commitment to disciplined capital allocation.

• In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating possible sale of transmission towers • InPost | poor delivery quality in to-door segment damaging to e-commerce growth • Just Eat TakeAway.com (“JET”) | Prosus launches recommended cash offer • Corporate agenda | week 21 – 24

• On May 14, 2025, Edesa Biotech, Inc. (EDSA) announced financial results for the second quarter of fiscal year 2025 that ended March 31, 2025 and provided a business update.
• The company has initiated outreach to potential investigators along with manufacturing-related activities to support U.S. regulatory approval for a Phase 2 study of EB06 in the treatment of vitiligo.
• Manufacturing of EB06 is likely to be finished in the second half of 2025 such that the company can submit the manufacturing data to the FDA as part of the Investigational New Drug (IND) application.