Daily Brief TMT/Internet: NVIDIA Corp, SK Inc, IonQ , Fibocom Wireless , Navan, Infosys Ltd, BE Semiconductor Industries NV, Santec Corp, Neos Corp and more

• Review of the conventional arguments (Bloomberg article): the timing gap between Capex and Revenue is the real issue.
• Review of history of Tech Bubbles (Krugman): not clear if AI is a bubble, it could keep going for years, but if it bursts it will be worse than 1999-2003.
• Best AI comp is Cloud Computing. Both enable new data analytics, new applications. Both are platforms. US Cloud Computing revenues increased 25x in 10 years (2015 to 2024).

• NVIDIA Corp (NVDA US) is setting up an offshore headquarters in Taipei, and is currently in the process of acquiring land.
• Taiwan’s central government is currently ruled by the Democratic Progressive Party (DPP), while Taipei City is governed by a mayor from the Kuomintang (KMT), creating political complications.
• Politics often takes precedence over economics, yet in a democracy, politics is driven by competing parties—inevitably leading to conflicts of interest.

• In yesterday’s hearing, Lotte skipped alternatives and signaled treasury burn, seen as bowing to political pressure, sparking a notable NXT post-market reaction.
• The mandatory treasury burn story hinges on major local holdings and their follow-through. Lotte’s hearing gave a live read, boosting the narrative’s traction in the near-term local market.
• Traders’ takeaway: holding cos with large treasury stakes could outperform, signaling a chance for outright longs, relative weight plays, or NAV discount tightening—time to get more aggressive locally.

Key points (machine generated)

• IonQ, valued at $12 billion, is shifting focus from quantum hardware to software and hybrid solutions amid industry challenges.
• The company reported only $3.1 million in hardware revenue last quarter, indicating a decline, alongside $4.5 million from consulting and cloud services.
• Investor sentiment is cautious, reflected by a short interest of 14.8% and a borrow cost of 0.5%.

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.

• Fibocom Wireless (300638 CH) a wireless communication modules provider, aims to raise up to US$400m in its H-share listing.
• Fibocom was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Navan is offering 36.9mm shares at $24-$26 and will debut on October 31st invoking a 20-day effectiveness rule during the current government shutdown.
• Their revenue grew 33% year-over-year from $402 million in fiscal 2024 to $537 million in fiscal 2025.
• Navan (formerly TripActions) is led by two high-profile co-founders who previously sold had a business acquired in this space.

• Infosys (INFO IN / INFY US) reports Q1 FY26 results on Thursday, 16 October 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
• Expect Volatility: Results have historically driven price swings of up to ±9%. Options imply a ±3.5% swing. Implied volatility is expected to drop significantly post earnings.
• Portfolio Impact: As a Nifty 50 and BSE Sensex heavyweight, earnings-day moves ripple across the benchmark, making results market-relevant beyond the single stock.

• In this edition: • AMG Critcal Materials | sells Graphit Kropfmühl to Asbury Carbons • SBM Offshore | entering AI partnerships with SLB and Cognite • Nexperia | Dutch government has taken control • Dutch politics | has GroenLinks/PvdA peaked too soon?

• Santec is a key enabler of next-generation optical communications and medical imaging, capitalizing on secular growth in data traffic and healthcare diagnostics. Its leadership in tunable lasers and Optical Coherence Tomography (OCT) technology provides a strong foundation for sustained, high-margin growth.
• The company has demonstrated an exceptional growth track record, with revenue and net income CAGRs over the last three years of 39.3% and 45.2%, respectively. This robust performance is underpinned by strong demand from data centers, 5G network deployments, and expanding applications in the medical field.
• While valuation appears moderate relative to its growth profile, potential risks include cyclicality in the telecommunications sector, high dependency on technological innovation, and competitive pressures from larger, more diversified players in the photonics industry.

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

• In 1H FY02/26, TECMIRA recorded JPY4.9bn revenue (-12.2% YoY), JPY153mn operating loss, and JPY207mn net loss.
• IoT & Devices segment saw 0.2% revenue increase, while Life Design and AI & Cloud segments experienced revenue declines.
• SaaS business showed YoY growth in revenue and profit, driven by AI chatbot service enhancements and marketing efforts.