In today’s briefing:
- Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas
- Tencent to Acquire Kakao Mobility?
- NVIDIA CORPORATION Common Stock – June 4, 2025
- AMD Advancing AI 2025: Key Takeaways
- Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
- Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
- nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
- Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
- FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking

Quiddity Leaderboard STAR 50/100 Sep25: Some High-Impact Names; New Sector-Neutral Pair Trade Ideas
- STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
- STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
- In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the September 2025 index rebal event.
Tencent to Acquire Kakao Mobility?
- Tencent (700 HK) has emerged as a major contender to acquire about 40% stake in Kakao Mobility which operates Korea’ leading ride hailing app Kakao T.
- Tencent’s investment stakes in the nine major Korean companies are worth 6.9 trillion won ($5.0 billion). Most of the investments are in the games and entertainment/K-Pop related sectors.
- The VIG consortium has reportedly valued Kakao Mobility at about 6 trillion won ($4.4 billion).
NVIDIA CORPORATION Common Stock – June 4, 2025
- NVIDIA Corporation is a computing infrastructure company that provides graphics, computing, and networking solutions across the United States, Singapore, Taiwan, China, Hong Kong, and other in- ternational markets.
- The Company’s shares have been listed in the Nasdaq Composite stock market index since January 22, 1999, and are included among the companies with the highest market capitalization globally.
- Additionally, Nvidia’s shares are included in several national indices, such as S&P 500, Dow Jones, NASDAQ-100, and DJ Semiconductors. In May 2024, Nvidia Corporation announced a ten-for-one stock split.
AMD Advancing AI 2025: Key Takeaways
- AMD snagged Sam Altman as a guest speaker and advocate for the company’s next generation MI450 accelerator product
- Oracle announced their intention to create a zetascale AI cluster based on AMD’s MI355X GPUs
- Marvell announced its custom Ultra Accelerator Link (UALink) scale-up offering. Astera Labs will be next in line.
Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk
- Marvell AI event yesterday, good efforts to explain its Data Center / Accelerators roadmap, growth opportunity: ~50% Cagr to 2028, a bit higher than TSMC (45%), lower than AMD (60%).
- CEO suggests that data center revenues can increase 4.4x to 2028, total revenue to ~triple to CY28. That’s possible but Marvell’s fragility is margins and lower scalability than AMD, Nvidia.
- The nature of custom-designed ASICs is a lot of R&D for a single customer. Marvell GAAP margins are thin and therefore a binary bet on operating leverage.
Asia Strategy: Our Model Portfolio Outperformed. Focus Themes Intact; No Changes for Now
- From 15th may to 17th June our Asia-ex-Japan Model Portfolio returned 3.37% vs MSCI Asia-ex-Japan’s 2.62%. Overweight on Korea and stock selection in HK/China, Taiwan and Philippines helped.
- Top 5 performers were Digiplus (+31.9%), SK Hynix (+27.1%), Hana Financials (+23.8%), Netease (+21%), CCB (+9.8%). The worst 5: Alibaba (-11.4%), BYD (-8.5%), Trip.Com (-7.4%), Titan (-7.2%), M&M (-5.1%).
- Our themes – tech investment momentum, Chinese consumption revival, cyclical recovery in India and dividend yield across the region – are working fine. We make no changes to our portfolio.
BlackBerry: QNX’s Growing Role & Backlog In Automotive & Beyond to Up Their Game!
- BlackBerry’s fourth quarter and full fiscal year 2025 results demonstrate a combination of positive achievements and areas of uncertainty.
- The company posted total revenue of $141.7 million for the quarter, surpassing the upper limit of its guidance range.
- Specifically, revenues from the QNX and Secure Communications divisions also exceeded their respective expectations at $65.8 million and $67.3 million.
nCino Inc.: Is The Robust Consumer Lending Momentum Here To Stay?
- In the first quarter of fiscal year 2026, nCino, Inc. reported financial results that provide insights into both its strengths and areas for improvement.
- Total revenues reached $144.1 million, marking a 13% year-over-year increase.
- This growth was primarily driven by robust subscription revenues, which grew by 14% to $125.6 million.
Integral Ad Science (IAS) Is Doubling Down on Innovation: Will Publica & AI Tools Fuel the Next Revenue Surge?
- Integral Ad Science (IAS) presented a mixed but notably strong performance in their Q1 2025 financial results.
- The company displayed an impressive 17% growth in revenue to $134.1 million, surpassing their prior guidance.
- Growth was largely driven by a 24% increase in their optimization segment, buoyed by the financial services and retail verticals.
FS.COM Limited Pre-IPO – Positioned to Capture Structural Demand in Networking
- FS.COM Limited (FS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- FS presents a compelling growth story rooted in structural demand for enterprise-grade networking and a differentiated DTC model that delivers both scale and customer proximity.
- Its dominant SKU breadth, global Fortune 500 penetration, and aggressive shift toward high-performance solutions support sustained revenue expansion.