Daily Brief TMT/Internet: Shinko Electric Industries, Baidu , Gigabyte Technology, NVIDIA Corp, Mitsubishi Motors, Micron Technology, Rambus, Microstrategy Inc Cl A, Kyndryl Holdings , Etoro Group and more

• The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over – perhaps even more than 100%, was passive-owned.
• More than 100%? How does that work? It works because of how the logistics goes. 
• And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.

• Janaghan Jeyakumar, CFA put out June rebal predictions on HSCEI, HSTECH, and Hang Seng Internet & Infotech on 17-Mar-25 (and 7 mainland indices 19-21 March) and…
• …the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.
• They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.

• Gigabyte Technology (2376 TT) is looking to raise up to US$395m in its upcoming global depository receipts (GDRs) offering.
• On 14th Mar 2025, Gigabyte announced that it received its board’s approval to sell upto 50m common shares via a GDR offering. The proceeds will be used for business development.
• Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• 25,000 people attended Nvidia sessions, making it one of the busiest single company shows
• Initial disappointment at keynote, followed by renewed enthusiasm after investor Q&A and show attendance
• Disillusionment with lack of new AI advancements and repeated demos at Nvidia booth, feeling like a cult atmosphere

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• Foxconn is exploring a potential partnership with Mitsubishi Motors to expand into markets in ASEAN and Oceania regions.
• Experts from Taiwan and the US are discussing cutting-edge advancements in AI at the AI Expo 2025.
• Foxconn is revolutionizing traditional manufacturing methods with their innovative approach, as highlighted in a SEMI Country excerpt.

• Micron Technology’s recent performance has sparked mixed reactions across Wall Street, as investors try to reconcile strong product innovation with weak near-term financial guidance.
• The company’s fiscal first-quarter results beat Wall Street expectations, with adjusted earnings of $1.79 per share, slightly above the consensus of $1.76.
• Revenue stood at $8.7 billion, in line with projections.

• Rambus has delivered a strong performance for the fiscal year 2024, achieving impressive results in both its financials and execution of strategic initiatives.
• The company reported revenue of $161.1 million for the fourth quarter, surpassing the high end of its forecasts, and a record product revenue of $247 million for the year.
• The company’s memory interface chip segment has been a significant contributor to this success, with revenue of $73 million for Q4, marking an 11% sequential increase and a 37% year-over-year increase.

• In our 2/25/25 Compass, we discussed our expectation for near-term downside. Also said one or two 8-10% pullbacks in a given year on the SPX is common
• And said to not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
• The SPX had a -10.3% peak-to-trough decline, with support showing up at 5500; close enough to our 10% pullback and 5600 level. This has been a stellar buy area

• Kyndryl Holdings Inc. delivered strong financial results for the third quarter of fiscal 2025, reflecting robust execution of its strategic initiatives and growth in key areas.
• The company reported a significant 31% increase in contract signings over the past year, amounting to $16.3 billion.
• This represents the fifth consecutive quarter of year-over-year growth in signings, indicative of sustained demand for Kyndryl’s modernization, cloud, security, and AI services.

• As of December 31, 2024, they had approximately 3.5 million Funded Accounts across their global footprint of 75 countries.
• As of December 31, 2024, the Company had $113 million of cryptoassets presented as current assets, and $5,775 million cryptoassets held on behalf of its users in custody.
• In 2024, eToro generated $12.6bn of revenue, of which $12.1bn was attributable to crypto assets and the remainder from equities, commodities and currencies.