Daily Brief TMT/Internet: Sea Ltd, Amphenol Corp Cl A, Samsung Electronics, Broadcom , Deepexi Technology, TeraWulf, Accenture Plc Cl A, Wise PLC, Navitas Semiconductor Corp, Intel Corp and more

• Company started 16 years ago in Southeast Asia market
• Operates three businesses: Garena, Shopee, Money
• Transitioned from video game distributor to $100 billion market cap company through mobile Internet revolution and focus on local market sector

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• Amphenol is an industrial giant in the business of making connectors, sensors, and interconnect systems for various electronic applications

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• It was reported that Hong Ra-hee, Lee Boo-jin, and Lee Seo-hyun will be selling a combined 1.7 trillion won worth of Samsung Electronics to pay for inheritance taxes.
• This stake sale by the Lee family will represent 0.3% of Samsung Electronics outstanding shares. 
• Samsung Electronics still trade at low multiples and its valuations remain attractive. Its recent strategic partnership with OpenAI regarding the Stargate project also remain a major positive catalyst. 

• Broadcom shares surged nearly 10% after the semiconductor and software giant announced a landmark deal with OpenAI to build and deploy 10 gigawatts of custom AI accelerators.
• Under this multibillion-dollar agreement, OpenAI will design the chips while Broadcom provides connectivity and Ethernet components—a strategic collaboration set to roll out from late 2026 through 2029.
• This announcement came just weeks after a broader AI spending spree by OpenAI, including contracts with Oracle, Nvidia, and AMD.

• Deepexi Technology is looking to raise US$100m in its upcoming Hong Kong IPO.
• Deepexi Tech has demonstrated strong topline growth, with declines in average order value being offset by growth in customers. Despite growth in the topline, the company still remains deeply unprofitable. 
• In this note, we look at the company’s past performance.

• TeraWulf has captured Wall Street’s attention with a high-stakes move to raise $3.2 billion via senior secured notes due in 2030—marking one of the largest bond deals relative to market capitalization in 2025.
• The capital will finance the rapid buildout of its Lake Mariner data center in upstate New York, which is now tied to a landmark hyperscale hosting deal with Fluidstack, underpinned by Alphabet’s Google.
• The bond offering, representing more than half of TeraWulf’s $5.7 billion market cap, comes on the heels of transformative transactions that position the company at the center of next-gen AI infrastructure.

• Accenture is accelerating its push into generative AI and enterprise intelligence platforms with the acquisition of U.K.-based technology consultancy Decho, a strategic partner of Palantir Technologies.
• Announced in October 2025, this bolt-on deal brings Accenture over 40 specialist engineers proficient in Palantir’s Foundry and Artificial Intelligence Platform.
• While financial terms remain undisclosed, the acquisition underscores Accenture’s growing appetite for AI-driven capabilities and data-centric transformations across public and private sectors.

• Wise plc, the company covered in this call, delivered a financial year marked with both growth and strategic moves, contributing to its mission of transparent, low-cost international money transfers.
• The company continues to gain momentum, driven by its unique infrastructure and a strong market presence, even as it aims to lower costs and improve service speed.
• During the fiscal year, Wise experienced a 21% increase in active customers, indicating a healthy customer acquisition rate primarily through word of mouth, which accounted for over 70% of new clients.

• Navitas Semiconductor has become one of Wall Street’s most explosive semiconductor stories of 2025, surging over 60% in just four days after announcing deeper collaboration with Nvidia on next-generation AI power infrastructure.
• Following a 21% gain on Monday and another 17% on Tuesday to $11.63, the gallium nitride (GaN) and silicon carbide (SiC) chipmaker has cemented itself as a critical player in the AI hardware supply chain.
• The company’s new power devices will enable Nvidia’s planned 800-volt data center architecture—designed to support megawatt-scale AI computing platforms with superior efficiency and scalability.

• Intel Corp (INTC US) will hold its earnings call on October 23. The recent upside in Intel’s share price is encouraging, but whether this trend can continue remains to be seen.
• U.S. President Trump’s investment in Intel Corp (INTC US) has so far generated about a 48.5% return, which raises the question — what’s next?
• That said, we continue to believe that Intel Corp (INTC US) must demonstrate real performance improvements before claiming a full turnaround.