In today’s briefing:
- JFrog’s Artifactory Vision: Could It Become the World’s AI Model Registry?
- Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?
- STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade
- Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
- SoundHound: Initiation of Coverage- Why Are They Dominating QSR & Could Their 14
- Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity
- Ondas Grabs 51% Of SPO—What It Means For Defense & Drones!
- Maximus: Will Innovation in Veteran Services Deliver Game-Changing Results?
- Coherent’s Data Center Breakthrough: The 1.6-Terabyte Revolution Is Here!
- Lumentum Holdings: Can Its Transition to 4-Inch Wafers Supercharge Growth?
JFrog’s Artifactory Vision: Could It Become the World’s AI Model Registry?
- JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
- Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
- This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.
Tencent’s Uzbekistan Bet: The Beginning Of “Digital Silk Road”?
- Tencent’s recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
- Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt & Road Initiative.
- Given Uzbekistan’s larger population and more diversified economy, it is generally seen as better fitted for tech companies’ growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).
STAR50/STAR100 Index Rebalance: Changes & Capping Lead to US$3.3bn Trade
- There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
- We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
- There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.
Didi Global Q225 Results | Domestic Business Strong | Why a 2025 Listing Still Makes Sense
- Q225 saw solid growth & improving margins, driven by strength in China business
- Lawsuit settlement hit net result in Q225, but investors shrugged off the news
- We still think Didi could pursue a new listing later in 2025, probably in HK
SoundHound: Initiation of Coverage- Why Are They Dominating QSR & Could Their 14
- SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
- This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
- The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.
Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Drops Down to Near Parity
- TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
- UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
- ASE: +0.4% Premium; Good Level to Go Long the ADR Spread
Ondas Grabs 51% Of SPO—What It Means For Defense & Drones!
- Ondas Holdings, Inc. reported significant revenue growth in the second quarter of 2025, demonstrating both progress and operational success across its business segments.
- The company recorded a 500% increase in quarterly revenue, reaching $6.3 million, driven largely by advancements in its Ondas Autonomous Systems (OAS) division.
- This growth was attributed to successful execution of existing programs and new customer acquisitions in global markets, particularly in defense and homeland security sectors.
Maximus: Will Innovation in Veteran Services Deliver Game-Changing Results?
- Maximus reported strong results for its fiscal year 2025 third quarter.
- The company’s performance was marked by a significant increase in adjusted diluted earnings per share, which rose 24% year-over-year to $2.16, and a 15% growth in adjusted EBITDA.
- Revenue for the quarter amounted to $1.35 billion, reflecting a 4.3% organic growth compared to the same period last year.
Coherent’s Data Center Breakthrough: The 1.6-Terabyte Revolution Is Here!
- Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
- The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
- This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.
Lumentum Holdings: Can Its Transition to 4-Inch Wafers Supercharge Growth?
- Lumentum Holdings recently shared its fourth-quarter and full fiscal year 2025 results, showcasing both strengths and a few areas to monitor.
- The company, which operates at the forefront of the cloud and AI sector through its advanced photonics solutions, reported a strong performance driven by increased demand for optical components and cloud modules.
- Significant positives include a noteworthy revenue increase, particularly from the Cloud & Networking segment, which saw a year-over-year growth of 67%.
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