Daily BriefsTMT/Internet

Daily Brief TMT/Internet: Qi An Xin Technology Group , Kakao Mobility, NVIDIA Corp, Advanced Micro Devices, Marvell Technology , SK Hynix, BlackBerry Ltd, nCino, Integral Ad Science Holding , FS.COM and more

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

By Janaghan Jeyakumar, CFA

  • 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?

By Douglas Kim

  • 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

By VRS (Valuation & Research Specialists)

  • 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

By William Keating

  • 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

By Nicolas Baratte

  • 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

By Manishi Raychaudhuri

  • 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!

By Baptista Research

  • 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?

By Baptista Research

  • 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?

By Baptista Research

  • 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

By Troy Wong

  • 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.

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