TMT/Internet Archives | Page 10 of 120 | Smartkarma

• HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
• Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
• Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.

• The September 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 29th August 2025.
• There will be one change for the STAR 50 index and five changes for the STAR 100 index.
• We expect one-way flows of approximately US$2.1bn and US$239mn for the STAR 50 and STAR 100 index rebal events respectively.

• AppFolio offers software for real estate managers to help run their businesses, including leasing, rent collection, accounting, and maintenance requests
• The company reported a 19% growth in both core services and value-added services, with 8.9 million units under management
• AppFolio’s pricing model charges based on a unit basis, incentivizing all members of an organization to use the software and increasing customer retention. Total customers increased by 6% to 21,400.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• China Mobile (941 HK)‘s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date. 
• As I type, 19.03% of shares out have tendered, lifting Mobile’s stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. 
• It is not Mobile’s intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
• The company has reported a 50% increase in FY25 adjusted NPAT to $1.5m, almost 30% ahead of our forecast for the year.
• Adjusted EBITDA for the year was $4.7m, up 21% on the previous corresponding period (pcp) on the previously reported 12% increase in revenue to $32.1m.

• Quest Holdings S.A. along with its subsidiaries engages in the distribution of information technology and telecommunications products mainly in Greece but also on an international level especially in Europe.
• It operates through four segments: (1) Commercial Activities focusing on the distribution of technological and related products, (2) IT Services that provide solutions and products in software-related projects through strategic partnerships with institutions, organizations and companies,
• (3) Courier and Postal Ser- vices whereas (4) the Group is also engaged in the Renewable Energy Sources field.

• Samsung’s potential Intel stake highlights need for packaging know-how, not customers, and provides a hedge if its 2nm yields or production slip.
• TSMC extends lead with stable N3, on-track N2, AI packaging dominance, and customer migrations, while Samsung’s foundry share declines below 8%.
• Implications: Positive for TSMC (2330 TT), negative signal for Samsung (005930 KS), validating for Intel (INTC US) though regulatory and governance constraints remain important.

• Alphabet Inc. Class A is a leading global technology conglomerate headquartered in the United States, best known as the parent company of Google.
• The company maintains a dominant international presence across key sectors such as online search, digital advertising, cloud computing, and artificial intelligence.
• The Company’s shares are listed οn the Nasdaq Composite stock market Ιndex since August 19, 2004 and are included among the companies with the higher market capitalization globally.

• Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
• ART has reported its FY25 result, which was largely flagged in the recent Q4 FY25 cash flow update.
• Further disclosure reveals a monetisation rate of 21.6% for FY25, up from 20% in FY24 and above our forecast.

• The transitioning and rebranded provider of advanced network infrastructure, cybersecurity, and diagnostic technologies reported interims to end June on the 18 August.
• The business is concentrating on three core businesses: BATM Networks, BATM Cyber and BATM Diagnostics.
• Substantial operational changes have been implemented, and non-core activities are being sold with three disposals made in the first half of 2025.

• JFrog reported their financial results for the second quarter of 2025, highlighting continued growth and strategic execution.
• Total revenue for the quarter was $127.2 million, marking a 23% increase year-over-year, with cloud revenue growing by 45% to $57.1 million.
• This growth highlights JFrog’s successful strategy of converting customers with usage above minimum commitments into annual contracts, reinforcing the predictability of revenue streams and strategic focus on cloud services.

• Tencent’s recent investment in Uzum marks the first investment by a Chinese tech giant in a local Central Asian startup, signaling a fundamental strategic pivot in the region.
• Central Asia now presents potential markets for Chinese tech companies, beyond just infrastructure or commodity-focused opportunities, following the execution of the earlier phases of the Belt & Road Initiative.
• Given Uzbekistan’s larger population and more diversified economy, it is generally seen as better fitted for tech companies’ growth, esp. B2C platforms, compared to Kazakhstan (a raw materials giant).

• There is 1 constituent change for the STAR50 INDEX and 5 changes for the STAR100 Index at the next rebalance that will be implemented at the close on 12 September.
• We estimate one-way turnover of 6.1% for the SSE STAR50 (STAR50 INDEX) resulting in a round-trip trade of CNY 23.8bn (US$3.3bn).
• There will be huge capping outflows for Cambricon Technologies Lt (688256 CH) following the massive rally in the stock over the last couple of months.

• Q225 saw solid growth & improving margins, driven by strength in China business
• Lawsuit settlement hit net result in Q225, but investors shrugged off the news
• We still think Didi could pursue a new listing later in 2025, probably in HK

• SoundHound exhibited a noteworthy performance in the second quarter of 2025, recording its strongest ever quarterly revenue of $42.7 million, a significant surge of 217% compared to the previous year.
• This growth was primarily driven by substantial advancements in their diverse business verticals: automotive, AI customer service for enterprises, and AI solutions for the restaurant industry.
• The company highlighted its strategic acquisition initiatives, which have effectively enhanced growth trajectories and solidified its position as a key player in the conversational AI sector.

• TSMC: +21.8% Premium; Wait for Higher Premium Before Fresh Short of the Spread
• UMC: -0.6% Discount; Wait for More Extreme ADR Spread Level
• ASE: +0.4% Premium; Good Level to Go Long the ADR Spread

• Ondas Holdings, Inc. reported significant revenue growth in the second quarter of 2025, demonstrating both progress and operational success across its business segments.
• The company recorded a 500% increase in quarterly revenue, reaching $6.3 million, driven largely by advancements in its Ondas Autonomous Systems (OAS) division.
• This growth was attributed to successful execution of existing programs and new customer acquisitions in global markets, particularly in defense and homeland security sectors.

• Maximus reported strong results for its fiscal year 2025 third quarter.
• The company’s performance was marked by a significant increase in adjusted diluted earnings per share, which rose 24% year-over-year to $2.16, and a 15% growth in adjusted EBITDA.
• Revenue for the quarter amounted to $1.35 billion, reflecting a 4.3% organic growth compared to the same period last year.

• Coherent Inc.’s fourth quarter and full fiscal year 2025 results reflect both strong performance and some areas of challenges.
• The company experienced a robust fiscal year with revenue hitting a record $5.81 billion, marking a 23% year-over-year increase.
• This growth was propelled significantly by the company’s data center and communications business, with data center revenue alone increasing by 61% from the previous year.

• Lumentum Holdings recently shared its fourth-quarter and full fiscal year 2025 results, showcasing both strengths and a few areas to monitor.
• The company, which operates at the forefront of the cloud and AI sector through its advanced photonics solutions, reported a strong performance driven by increased demand for optical components and cloud modules.
• Significant positives include a noteworthy revenue increase, particularly from the Cloud & Networking segment, which saw a year-over-year growth of 67%.

• KKR’s £41.75/share cash-and-dividend offer for Spectris has secured overwhelming shareholder approval, with scheme completion likely in Q1 2026 pending court sanction and regulatory clearances under the UK Takeover Code.
• The deal implies a 105% premium to the undisturbed price and 15.6x EV/EBITDA multiple, with KKR already beginning to take control of governance and management direction at Spectris.
• At 4,040p close, the spread looks attractive; outcome is binary, but timing is the critical swing factor for returns as settlement drifts between January and March 2026.

• Nvidia beat revenue expectations by 1.5% with $46.7 billion in revenue; data centre growth underwhelmed, with compute slipping sequentially.
• Blackwell is ramping at full speed, while Rubin’s six chips have already taped out at TSMC, keeping Nvidia’s annual launch cadence intact.
• Inventory jumped to $15B, and China licenses remain uncertain, leaving little margin for error.

• Brian Kim’s 15-year sentence request looks set to hit Kakao and affiliates — founder risk has always sparked volatility on Kakao, so the sharp market reaction is no surprise.
• But locals see odds of lighter or suspended time — if Kakao dumps on headline risk, it could be more entry window than pure downside.
• Event-Driven setup: short Kakao vs long Naver for relative value, but into sentencing, odds of lighter time suggest fading any overdone Kakao dump could be the cleaner trade.

• Apple Secures Over Half of TSMC’s Cutting-Edge 2nm Capacity; How TSMC Anchors Apple’s Product Leadership Strategy
• NVIDIA Results Key Take-Away: Long-Reasoning AI Models Driving Massive Compute Demand
• Intel (INTC.US): Intel–U.S. Government Equity Deal: Implications and Industry Perspective 

• We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China Chow Tai Fook Jewellery (1929 HK) and Midea Group (300 HK)
• Post our insight Dongfeng Motor(489HK)-Abandoned Restructuring,Cash > MCap : Can It Be A Dark Horse In Coming Future? , Dongfeng Motor (489 HK) is up 150% driven by delisting offer.
• Our top picks in Japan areDenso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India,it is Mahindra & Mahindra (MM IN),Ashok Leyland (AL IN) and TVS Motor (TVSL IN) 

• Warner Music Group (WMG) recently reported its fiscal third-quarter results, highlighting a return to revenue growth alongside strategic initiatives aimed at maintaining momentum and capturing further market share.
• The results showed a 7% increase in total revenue, with particular strength in its Recorded Music and Music Publishing segments.
• Notably, the company achieved an 8.5% growth in Recorded Music subscription streaming revenue, adjusted for notable items.

• GoDaddy’s second quarter results for 2025 present a distinct mixture of outcomes reflective of the company’s focused execution and challenges within the broader business landscape.
• Notably, the company’s adoption and integration of AI, specifically their Agentic AI, have been highlighted as significant growth levers.
• Nevertheless, as with all financial assessments, understanding both the positives and potential headwinds is crucial for painting a comprehensive picture.

• 3Q25: Revenue flat to slightly up QoQ; GM stable at 52–54%. FY25: Prior 20%+ growth target unlikely to be achieved; weaker demand due to trade war & customer conservatism.
• No evidence of significant market share loss; instead, delayed demand.  
• Automotive Ssegment continues to trend upward with new EV-related products. Competition in China is intense, especially EVs, but pricing remains rational.

• Twilio reported a robust second quarter for 2025, achieving significant milestones in both revenue and operational efficiency.
• The company generated $1.228 billion in revenue, marking a 13% year-over-year increase on both reported and organic bases.
• This performance underscores Twilio’s capacity for double-digit growth and signals a continued upward trajectory following several quarters of acceleration.

• LG plans to cancel its remaining 3.02M treasury shares by next year, effectively wiping out all treasury stock—a clear preemptive move ahead of mandatory cancellation rules.
• Local pension funds are betting SK Inc will do a partial treasury burn before Q4, front-running the 3rd Commercial Act and sending a pro-policy signal.
• The SK treasury burn story offers multiple plays: holdco rerate, SK Inc momentum, and subsidiary rollover as NAV discounts tighten—definitely a multi-layered setup worth active monitoring.

• On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
• Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. 
• The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.

• AI is becoming more integrated into daily life, including potential use for planning holidays and making payments
• Visa is focusing on innovation to redefine the future of payments, with a history of adapting to new technologies and consumer expectations
• Visa’s chief Product officer discusses the company’s vision for the future of consumer payments and the opportunities they see in the market

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Palo Alto Networks (PANW US) is acquiring CyberArk Software Ltd (CYBR US) in a $25B stock-and-cash deal, with shareholders receiving $45 plus 2.2005 PANW shares per CYBR share.
• The transaction is expected to close in the second half of Palo Alto’s fiscal 2026 (February–July 2026), subject to customary regulatory approvals and CyberArk shareholder consent.
• Upon completion, the deal will trigger significant passive flows, with an upweight of Palo Alto Networks (PANW US) and the removal of CyberArk Software Ltd (CYBR US) from relevant indices.

• Shares of Chinese AI chipmaker Cambricon Technologies Corp. Ltd. (688256.SH +3.24%) surged Monday, bringing the company to the brink of unseating Kweichow Moutai Co. Ltd. (600519.SH -2.27%) as the most expensive stock on China’s A-share market.
• Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan.
• The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

• LY is finally moving to integrate LINE and Yahoo more effectively. It has taken too long.
• LINE has 100 million users in Japan and yet until now, there has not been a decent shopping tab within the LINE app to encourage cross-use.
• This is finally happening next month and, along with some AI-based UI and search improvements should help LY maintain parity with Rakuten if not surpass on growth rates.

• Doximity, a professional network for physicians, recently reported its fiscal 2026 first-quarter results.
• The company posted a revenue of $146 million, marking a 15% year-over-year increase, exceeding its guidance by 4%.
• The adjusted EBITDA was $80 million, translating to a 55% margin, which was above the guidance range, reflecting a 21% year-on-year growth.

• EPAM Systems, Inc. reported robust results for the second quarter of 2025, delivering significant growth across multiple dimensions.
• Key highlights of the report include a solid year-over-year revenue increase of 18% to $1.353 billion, with organic constant currency growth of 5.3%.
• This marks the third consecutive quarter of positive organic growth amidst a challenging macroeconomic environment.

• Despite tariffs and geopolitics reshaping global supply chains, the cyclical recovery in the semiconductor market is continuing, while customer inventories remain at low levels.
• This coincides with a full-fledged recovery in PC demand driven by the October Windows 10 end-of-service PC replacement, and rapid diffusion of AI PCs (equipped with dedicated AI accelerators designed to optimize and accelerate AI tasks, providing improved performance and efficiency in handling GenAI workloads without relying on external servers or cloud services).
• Q1 2025 Gartner worldwide PC shipments increased +4.8% YoY, with Q2 +4.4% (the US slowed to flat after frontloading ahead of tariffs), for 1H 2025 +4.7%, entering a full-fledged recovery. 

• Genpact Limited’s financial performance in the second quarter of 2025 presented a mix of strengths and potential challenges for investors to consider.
• The company reported a revenue of $1.25 billion, marking a 7% year-over-year increase, showing robust growth across its business segments.
• Profitability also improved, with gross margin expanding by 50 basis points and adjusted operating income margin increasing by 40 basis points over the previous year.

• Last weekend then post-close Monday, Yageo Corporation (2327 TT) raised its TOB Price for Shibaura Electronics (6957 JP) to ¥7,130 – a full 15% through Minebea’s proposed ¥6,200/share terms.
• Minebea was playing chicken with the result, closing its tender on 28 August, before Japan’s Foreign Direct Investment approval (FEFTA approval) was cleared, expected 1 Sep or later.
• Today post-close, YAGEO announced it had concluded discussions with METI, would make all required regulatory submissions today, and expects to obtain approval “no later than 10 September”

• A day before the close of Minebea Mitsumi (6479 JP)’s offer, Yageo Corporation (2327 TT) has strategically stated that it expects to receive FEFTA approval by 10 September. 
• Minebea had tried to convince shareholders that its lower offer provides an opportunity to monetise their shares quickly and with certainty. This line of reasoning is no longer credible. 
• As Minebea will not increase its offer or extend the closing date, Shibaura Electronics (6957 JP)‘s Board will have to recommend Yageo’s offer.  

• Shibaura Electronics (6590 JP) is at the center of a takeover battle between MinebeaMitsumi and Taiwan’s YAGEO.
• Minebea has bid ¥6,200/share with 23% locked in and management support, while YAGEO counters at ¥7,130/share, pending FEFTA clearance.
• Financial investors may wait for FEFTA clarity and lean YAGEO for price, while risk‑averse or aligned holders favor Minebea’s certainty.

• Xiaomi (1810 HK) reported 2Q25 results on 19 Aug, beating expectations. This Insight analyzes price reactions in Hong Kong and two overseas markets.
• Highlights: Implied volatility dropped sharply post-earnings, both across the term structure and skew.
• Why it matters: With Xiaomi’s implied volatility now at historically cheap levels, investors may find opportunities in long-volatility strategies ahead of the next earnings in November.

• 2Q26 (Jul-25) revenue growth 56% YoY, despite a sharp decline in China revenue (-24% YoY). No H20 revenues from China. H20 charges normalize, margins improve, Net Income 5% above Consensus. 
• 3Q26 revenue growth stable at 54% YoY, not including any H20 revenues from China. Upside from H20 at $2-5bn, max revenue growth 68% YoY. 3Q guidance ~3% above Consensus.   
• The stock is not expensive. Trading at its average 47x trailing PEx, 33x forward. Very little risk to Consensus expectations over FY26-28. 

• The company built a unified, cloud-native platform to solve the challenge of securing and accelerating the digital interactions of enterprises filed for its IPO on August 22nd. 
• . As of July 31, 2025, they had 4,317 customers, a 21% year-over-year increase from 3,571 customers as of July 31, 2024.
• The company’s revenue jumped 30.7% from the 1H of 2025 versus 1H of 2024. 

DUG Technology’s FY25 results confirmed that order intake stepped up in H225, with intake of $45.7m 131% higher half-on-half, resulting in a record order book of $52m at the end of the year. While revenue came in marginally below our forecasts, EBITDA was stronger, with the margin down only 0.7pp y-o-y despite investment in international expansion during FY25. We have revised our forecasts to reflect the better-than-expected order intake, lifting revenue by 1.2% in FY26 and FY27 and EBITDA by 11.9% and 10.8% respectively.

• Netskope Inc., a high growth provider of enterprise network security platform called Netskope One platform, is expected to IPO in September.
• The amount the cybersecurity company is planning to raise is not yet disclosed, but it’s likely to exceed $800M.  
• Netskope’s growth profile at scale looks strong coupled with leadership position, large TAM and the company’s FCF-breakeven. Thus, a premium multiple is deserved.  

• Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.
• The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.
• Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys. 

• Tuya reported another solid quarter in a challenging environment, with revenue of $80.1 million, up 9% Y/Y. Gross margin increased Y/Y by 40 bps to 48.4%, while PaaS revenue increased 7% Y/Y to $58.1 million.
• Cash and equivalents decreased to $1,006 million due to a cash dividend and the company has no debt.
• Management had noted that the rollercoaster of 1Q25 could continue, and it seems to have done just that.

• SKT foreign room rising ahead of PIPC sanction decision today; fine confirmation could trigger ESG fund exits.
• Large ESG money still in SKT; post-sanction exits could push foreign room past 25% sooner than expected — a key factor for trading setup.
• Nov review momentum could hit early; post-fine, a foreign room surge toward 25% signals our entry, with the pullback setting up the SKT Nov inclusion trade.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
• There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.
• Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.

• Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
• MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
• The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
• The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.

• China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
• The number of game approval in August marked the record high level since the resumption post tightening.
• Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.

• Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
• Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
• Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.

• Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
• After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
• Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.

• Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
• The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
• Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.

• As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
• The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
• To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.

• Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
• Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
• We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026. 

• Last evening, Hang Seng announced a methodology change for the Hang Seng Internet & Information Technology Index (HSIII Index) with implementation in two phases.
• The capping methodology will be updated at the September rebalance and the turnover and sector requirements will be updated at the December rebalance.
• The updated capping scheme increases turnover and flow in September, while there could be one constituent change for the index at the December rebalance.

• Dems likely to push 3rd package in Q4; near-term flows chasing treasury stock cancellation theme, with locals screening >₩1tn mkt cap, >10% treasury shares of float.
• Little pushback on mandatory treasury cancellations; debate focused on timeline — grace period vs. immediate rollout — highlighting how much leeway government may grant differing governance structures.
• Too early for governance plays; near-term momentum flows likely in names with highest treasury stock relative to float, where cancellation is expected to hit flows hardest.

• Samsung has scaled back its Texas fab plans from 44 billion to 37 billion, but the summit may bring a top-up with Intel and Amkor partnerships.
• Intel is shifting glass substrate patents to an Arm-like royalty model backed by SoftBank’s 2 billion stake and a 10 percent US government holding.
• Samsung’s partnership would show alignment with US semiconductor policy at a time when subsidies and political backing matter as much as technology.

• Semi-Cap names outperforming an otherwise dreary tape after TSMC announces no Chinese equipment in its 2nm lines for fear of US reprisals 
• Yields rose on concerns it’s going to be a ‘one and done’ situation after September cuts 
• Trend Micro looking interesting after rebounding off the lows yesterday – with OTC prints possibly pointing to a seller getting cleaned up after 2-months of woeful price action 

• Newborn is a rare HK listed name entirely focused on overseas, monetising social networking apps across MENA and Southeast Asia, giving investors concentrated exposure to the China-to-overseas growth theme.
• Stock trades at low-teens PE while revenues and profits grow above twenty-five percent CAGR, leaving a big valuation disconnect and plenty of room for re-rating compared to global peers.
• The product matrix strategy means older apps provide cash, newer apps drive rapid scale, while a pipeline of apps ensures continuous replacement growth and resilience across user segments and geographies.

• Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
• The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
• With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.

• We are initiating coverage of BTCS, Inc. (NASDAQ: BTCS), a pioneer in the blockchain technology sector since 2014. BTCS stands for Blockchain Technology Consensus Solutions, which is what it does for Ethereum, not Bitcoin (BTC).
• BTCS is a US-based blockchain technology company focused on blockchain infrastructure, with its primary operations currently focused on the Ethereum network.
• Its core focus is on driving scalable growth through a diverse range of blockchain-focused technological solutions, emphasizing Ethereum infrastructure, including block building and validator node operations.

• DALN announced a merger with Hearst Communications at $15/share, a 275% premium to the pre-announcement price.
• Alden Global Capital, owning 10% of DALN, made a competing bid of $18.50/share, which was ignored.
• DALN’s financial struggles include declining print circulation and advertising revenues, despite cost-saving measures and asset sales.

• On 14-Aug, Minebea Mitsumi (6479 JP) upped their TOB on Shibaura Electronics (6957 JP) from ¥5,500 to ¥6,200, but set the close before rival bidder YAGEO’s likely FEFTA approval date.
• On 21-Aug, YAGEO responded by upping the bid 7% to ¥6,635. Minebea responded by saying no raise, no extension. Minebea was playing chicken. Shares fell Friday.
• Very early Saturday, the Nikkei reported YAGEO would raise to the “¥7,100 range.” Reuters later reported YAGEO had raised to ¥7,130. Exactly 15% above Minebea. On YAGEO’s website.

• On 21 August, Yageo Corporation (2327 TT) increased its Shibaura Electronics (6957 JP) offer by 7.0% to JPY6,635. On 23 August, Yageo further increased its offer by 7.5% to JPY7,130.  
• The offer is partially in reaction to Minebea’s recent comments around Yageo securing FEFTA approval. Crucially, Yageo finally provided an update suggesting that only a few issues remained.
• Yageo’s JPY7,130 offer is not over-the-top, as Minebea’s 10x EV/EBIT pricing guideline outlined on 18 August potentially justified a JPY7,300 offer. The likelihood of Minebea walking has increased.

• Context: The Tencent (700 HK) vs. Hang Seng Index (HSI INDEX) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: After Tencent’s recent outperformance, going long the HSI and short Tencent targets an 8% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• China Telecom (H) (728 HK), JD Logistics (2618 HK) and Pop Mart (9992 HK) will be added to the Hang Seng Index (HSI INDEX) at the close on 5 September.
• Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$11.25bn (US$1.44bn). The official capping will be done based on closing prices from 2 September.
• At 88 constituents, we near the 100-index member target. The target is likely to be reached by early-2027 – maybe 2026 given mainland companies listing of H-shares on the HKEX.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Technology Index for the September 2025 rebalance.
• Team Quiddity had one low conviction ADD/DEL pair “predicted” but there were no name changes announced. 
• Horizon Robotics (9660 HK) is a big FAF upweight, as expected. There are other small changes and big capping/re-capping moves. We see US$3.9bn to trade.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
• There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. 
• The funding flows and FAF re-weight flows are bigger than the ADD/DEL flows but there should be ~US$850mm to trade.

• TSMC: +25.6% Premium: Latest Spike is Opportunity to Short the ADR Spread
• UMC: +2.0% Premium; Near Level to Go Short the ADR Spread
• ASE: +5.1% Premium; Good Level to Take Profits on Previous Long Since Parity

• Intel has reached an agreement with the U.S. government, under which Washington will invest $8.9bn for a 9.9% equity stake in the company.  
• Intel benefits from the optics of government backing, which could help sentiment and prevent downside pressure on the stock in the short term, i.e. near-term optics positive, fundamentals unchanged. 
• TSMC’s Japan and Germany fabs were structured through co-investments and partnerships, with equity involvement only when tied to technology access (e.g., Sony CMOS JV). 

• In a high-stakes move to stay competitive in the rapidly evolving AI landscape, Meta Platforms is radically restructuring its artificial intelligence organization.
• The company is dismantling its existing Meta Superintelligence Labs (MSL) and splitting it into four specialized groups—focused on research, product, infrastructure, and superintelligence.
• This development follows months of internal tension and strategic uncertainty, culminating in a significant leadership pivot with the appointment of Scale AI’s founder Alexandr Wang as Meta’s new Chief AI Officer.

• Amdocs recently announced its financial performance for the third quarter of fiscal year 2025, which showcased mixed results and highlighted the company’s strategic focus areas and operational achievements.
• The company recorded a revenue of $1.14 billion, marking a 3.5% increase in pro forma constant currency compared to the previous year.
• This was aided by significant contributions from various regions, most notably a record quarter in Europe.

• There are 13 changes a side for the NIFTY Midcap 150 Index at the September rebalance. There are many stocks with flows from passive trackers of other indices.
• Estimated one-way turnover is 7.8% resulting in a round-trip trade of INR 18.23bn (US$209m). With over US$43bn tracking the index actively, the impact on the stocks will be much larger.
• The adds to the index have outperformed the deletes over the last 5 months and there has been noticeable outperformance in the last couple of weeks.

• There will be 3 changes for the Hang Seng Internet & Information Technology Index (HSIII Index) at the September rebalance. 
• Estimated one-way turnover at the rebalance is 10.3% resulting in a round-trip trade of HK$6.4bn (US$818m). There are a bunch of stocks with over 0.5x ADV to trade.
• There is a huge FAF increase for Horizon Robotics and that will bring passive buying from the HSTECH trackers too. The stock is being added to a global index on Tuesday.

• Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.
• Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Intel has agreed to convert US CHIPs Act funding (past & future) & Secure Enclave contracts into a 10% equity stake for the US Administration.
• The equity stake will comprise 433.3 million primary shares of Intel common stock at a price of $20.47 per share, a roughly 16% discount to their market value yesterday
• In his commentary on the deal, President Trump referred to Intel CEO Lip-Bu Tan as a victim, stating he came to the White House to save his job. Wow!

• Fortinet’s second quarter of 2025 financial results reflect a strong and balanced performance, driven by its strategic focus on unified cybersecurity solutions and robust customer growth.
• Fortinet saw a 15% increase in billings to $1.78 billion, with revenue growing 14% to $1.63 billion, primarily fueled by its expanding market presence in unified Secure Access Service Edge (SASE) and AI-driven security operations.
• The company maintained a solid non-GAAP operating margin of 33%, indicating operational efficiency despite increased investment activities.

• Global Payments Inc. has reported its second quarter 2025 earnings, showcasing progress across several business segments and initiatives.
• The company’s earnings for the quarter slightly surpassed expectations, with adjusted net revenue reaching $2.36 billion, marking a 5% constant currency growth when excluding dispositions.
• The adjusted operating margin improved by 130 basis points to 44.6%, with adjusted EPS increasing by 11%.

• As of August 2025, the smartphone war has shifted—hardware takes a backseat, and AI drives the battle.
• Google’s Pixel 10 has emerged as the AI leader, showcasing real-time voice translation, proactive features like Magic Cue, and intelligent photo tools.
• These aren’t experimental; they’re already in users’ hands.

• Zillow Group’s recent quarterly performance highlights several strategic advancements and operational successes alongside some challenges that offer a comprehensive view of its current and future growth trajectory.
• Zillow Group reported a 15% year-over-year increase in total revenue, reaching $655 million for the second quarter, surpassing their predicted outlook.
• This growth is an encouraging sign, especially when paired with the attainment of a positive net income for the second consecutive quarter.

• CDW Corporation’s second quarter financial results for 2025 showcased a balance of solid performance alongside the challenges posed by a dynamic market landscape.
• The company reported consolidated net sales of $6 billion, marking a 10% increase over the same period last year.
• Gross profit rose by 5% to $1.2 billion, and non-GAAP net income per share increased 4% to $2.60.

• Novanta Inc. reported its second-quarter 2025 earnings, reflecting solid operational performance amidst a challenging macroeconomic and trade environment.
• The company achieved revenue of $241 million, marking 2% reported growth but indicating a slight 2% decline in organic revenue.
• Notably, sales from newly launched products surged by over 50%, and customer orders saw a significant uptick sequentially, highlighting a strengthening market outlook.