In today’s briefing:
- 2026 IPOs Pipeline (USA and Europe)
- MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$5.5bn Trade
- [Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations
- Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities
- Shift4 Payments: Can This Powerful Global Blue Expansion Unlock a New Wave of Growth?
- Amdocs: Looking To Reinvent Telecom Software With Agentic AI—Here’s Why It Matters!
- Vodafone: An Insight Into Its Operational Synergies
- Nebius: Inside the Massive AI Data-Center Expansion Powering Its Next Growth Phase!
- Oracle Stock Crashes As AI Spending Spirals Out Of Control!
- Pinterest + tvScientific = Ad Game Changer? The Synergies You Need to Know!
2026 IPOs Pipeline (USA and Europe)
- In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
- Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
- Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.
MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$5.5bn Trade
- There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
- Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.
- The largest flows will be in NVIDIA, Micron Technology, Applied Materials, Lam Research, Intel Corp, Texas Instruments and TSMC (Taiwan Semiconductor Manufacturing) – ADR.
[Quiddity Index] MV US Semiconductor25 Dec25 Rebalance Results: Flow Expectations
- The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
- There will be no index changes for the December 2025 rebal event.
- We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS & CHT Opportunities
- TSMC: +23% Premium; Has Broken Down from Historically High Level
- ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
- CHT: -1.1% Discount; Good Level to Go Long the ADR Spread
Shift4 Payments: Can This Powerful Global Blue Expansion Unlock a New Wave of Growth?
- Shift4 Payments reported solid third-quarter 2025 financial results, showcasing notable growth in several key performance indicators, though there are areas that require caution.
- The company posted gross revenue less network fees of $589 million, marking a 61% increase year-over-year.
- Adjusted EBITDA came in at $292 million, up by 56% from the previous year, with the organic growth excluding recent mergers and acquisitions at 18%.
Amdocs: Looking To Reinvent Telecom Software With Agentic AI—Here’s Why It Matters!
- Amdocs reported its financial performance for the fourth quarter and full fiscal year of 2025, signaling key trends within the company and its strategic direction.
- On a pro forma constant currency basis—accounting for the phaseout of certain low-margin noncore business activities—Amdocs achieved revenue growth of 3.1% for the fiscal year.
- In the fourth quarter, revenue reached $1.15 billion, showing a 2.8% increase compared to the previous year in pro forma constant currency terms.
Vodafone: An Insight Into Its Operational Synergies
- Vodafone Group Plc’s recent earnings call highlighted both positive and negative aspects of its performance, offering insights into the company’s strategic direction and current financial standing.
- On the positive side, Vodafone has reported progress in its operational transformation and financial performance.
- The company has reshaped its operations, completing significant mergers and acquisitions, such as the merger of Vodafone and Three in the UK and the acquisition of Telekom Romania’s assets.
Nebius: Inside the Massive AI Data-Center Expansion Powering Its Next Growth Phase!
- Nebius Group’s third-quarter 2025 financial performance demonstrated significant revenue growth and demand strength, albeit accompanied by some constraints and strategic challenges.
- Arkady Volozh, the Founder and CEO, highlighted robust demand, particularly from high-profile customers such as Meta and Microsoft.
- The company reported a major deal with Meta valued at approximately $3 billion over five years and a previous deal with Microsoft ranging from $17.4 billion to $19.4 billion.
Oracle Stock Crashes As AI Spending Spirals Out Of Control!
- Oracle rarely surprises Wall Street.
- This time, it did.
- After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by more than 10% in a single session, a rarity for a low-beta company.
Pinterest + tvScientific = Ad Game Changer? The Synergies You Need to Know!
- Pinterest is doubling down on performance advertising with a strategic move that could reshape its ad tech stack.
- On December 11, 2025, the visual discovery platform announced its intent to acquire tvScientific, a connected TV (CTV) performance advertising platform, with the deal expected to close in the first half of 2026.
- While financial terms were undisclosed, the strategic implications are significant.
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