Daily Brief TMT/Internet: Intel Corp, DeFi Development, F5 Networks Inc, StubHub Holdings, Reddit , Pattern Group, Netskope, Concurrent Technologies, MFE-MediaForEurope and more

• 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.