In today’s briefing:
- First AMD, Now Broadcom. How OpenAI Is Ruining NVIDIA’s Party
- Final Samsung Electronics Stake Sale: Overhang Risk, Control Optics, & Clean Pref Reversion Trade
- Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens
- IBM Goes All-In On SAP—What The Cognitus Deal Really Means!
First AMD, Now Broadcom. How OpenAI Is Ruining NVIDIA’s Party
- OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
- OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
- In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!
Final Samsung Electronics Stake Sale: Overhang Risk, Control Optics, & Clean Pref Reversion Trade
- Near‑term flow looks muted: Shinhan likely drips ~0.3% SO stake into liquid tape, not a block. With ₩2tn daily turnover, market easily absorbs without price shock.
- Top‑holder stake dips 20.14→19.84% post‑sale, but ₩10tn buyback cancels ~1.5ppt float, restoring 20.14%. The 0.3% selldown’s pre‑calculated; no real trading juice, flow impact minimal.
- Inheritance‑tax overhang done, buyback cycle fading. Gov’t pressure plus family’s last selldown point to dividend ramp. Prefs at 23% discount vs 10% target set up clean reversion trade.
Hong Kong Single Stock Options Weekly (Oct 13 – 17): Option Stress Builds, Breadth Weakens
- Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.
- Breadth was weak across single names, with only 3 of 11 sectors trading higher.
- We provide a table of earnings events for the week ahead.
IBM Goes All-In On SAP—What The Cognitus Deal Really Means!
- In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.
- The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.
- With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.
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