Daily Brief TMT/Internet: Advanced Micro Devices, Intel Corp, Samsung Electronics Pref Shares, DocuSign , OMG plc, Shift4 Payments, VEON, Hang Seng Index, Munters, Okinawa Cellular Telephone and more

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

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

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

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

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

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

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

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

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

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

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