Daily Brief TMT/Internet: Grindr , Microsoft Corp, NVIDIA Corp, TSMC (Taiwan Semiconductor Manufacturing) – ADR, Northsand, Arista Networks, Qorvo Inc, Fabrinet, Kgmobilians and more

• Back on the 24th October, Ray Zage (director) and James Lu (chairman), collectively holding ~60% in Grindr (GRND US), proposed to take the company private in a US$3.5bn deal.
• The non-binding cash Offer of $18/share, is a 51% premium to undisturbed. A condition to a firm Offer may incorporate a majority of minority vote.
• While the Special Committee considers the proposal, James Lu has unusually opted to step down. Currently trading at a ~30% gross spread to indicative terms. 

• Microsoft has significantly course corrected on their compute capacity build out, demurred on their right of first refusal for OpenAI compute demand and adopted a risk off “fungible” compute strategy
• Mr. Nadella thinks AGI as more hype than substance, “jagged” intelligence will remain problematic for a longer, and the true measure of AI success will be measured by GDP growth
• Microsoft stopped reporting AI-driven ARR when the number hit $13 billion six months ago, but why? Broadly deploying AI into productivity tools is a marathon not a sprint.

• The market waited with bated breath as NVIDIA released their quarterly earnings yesterday on 19th November, 2025. To almost no one’s surprise, they beat the estimates again.
• The company is a juggernaut to say the least and has added $1.9 Trillion in market cap in the last 8 months!
• That is more than Tesla or Meta’s market cap themselves. The statistics are almost unbelievable.

• NVIDIA’s AI Factory Buildout Signals Multi-Year Demand for Taiwan’s Supply Chain
• TSMC’s Growth Outlook De-Risked by NVIDIA’s Smooth Transition to GB300
• NVIDIA’s Networking Segment Surge Expands System-Level Product Integration Opportunity for Taiwan Ecosystem

• NVIDIA Results: Taiwan Take-Aways — Demand Visibility Implies Strength for Key Suppliers 
• NVDA Strong Quarter, Strong Guidance, Consensus ~20% Too Low, Stock Is Not Expensive 
• Silicon Valley’s Substrate — ASML, TSMC Slayer Or Ideological Pipe Dream? 

• Northsand (446A JP) has raised US$140m in its Japan IPO.
• Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• Arista Networks reported strong financial results for the third quarter of 2025, achieving a record revenue of $2.31 billion, a year-over-year increase of 27.5%.
• This growth was supported by the increasing demand for their networking solutions, particularly in the AI and cloud segments.
• Notably, Arista’s software and services accounted for approximately 18.7% of the quarter’s revenue, reflecting the company’s strategic emphasis on diversifying its revenue streams beyond hardware.

• Qorvo, Inc.’s fiscal second-quarter results for 2026 showed solid performance, although there are mixed signals in terms of the outlook and strategic focus.
• Revenue for the quarter came in at $1.059 billion, with non-GAAP gross margins at 49.7% and earnings per share at $2.22, all surpassing the company’s guidance.
• However, the company faces challenges due to its restructuring efforts and a strategic pivot away from the lower-margin Android segment.

• Fabrinet has reported strong financial performance for the first quarter of fiscal year 2026, showcasing a record revenue of $978 million, marking a 22% increase year-over-year and an 8% rise from the previous quarter.
• Non-GAAP earnings per share peaked at $2.92, reflecting the company’s robust operational efficiency and growth momentum.
• The company’s positive results are fueled by diverse growth drivers across its business segments, suggesting a promising outlook for the continuation of growth into the second quarter.

• Kgmobilians is an established player in the South Korean electronic payment gateway market, offering a range of services including mobile, credit card, and bank transfer payment processing. However, the company faces significant challenges related to its deteriorating financial performance.
• The company’s growth track record is concerning, with multi-year negative compound annual growth rates in key metrics such as market capitalization, net income, and earnings per share. This suggests a prolonged period of underperformance and value destruction for shareholders.
• Despite the weak growth profile, the company is trading at a low price-to-book ratio and offers a relatively high dividend yield, which may attract value and income-focused investors. The high Smartkarma value and dividend scores reflect this characteristic.

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