TMT/Internet Archives | Page 15 of 121 | Smartkarma

• The split’s cancellation caught event-driven traders off guard, squeezing shorts and sparking short-covering flows, likely boosting the stock near term and removing governance overhang for a potential rerate.
• Passive flow shifts as spinco’s planned KOSDAQ 150 inclusion is canceled, reversing early index rebalancing and pre-positioning by passive investors.
• Hana Micron stays in the index, so no major passive outflows—just some trimming. Trade the short-cover pop, watch for passive cleanup dips as potential re-entry points.

• MediaTek Reportedly Wins Meta’s 2nm AI Chip Order Over Broadcom
• Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift 
• Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good 

• 2Q is inline, revenue and margins look like a beat but that’s weaker JPY and higher utilization as the firm is increasing inventory, expecting a better 2H25. 
• 3Q guide is flat QoQ, the YoY recovery continues (2Q -9%, 3Q -4%). For 4Q, management expects a “modest” flattish or slight increase QoQ, which implies at least +13% YoY
• The stock is cheap, but “overall demand for automotive, we still have no clue as to how that will unfold” and short-term, Auto growth depends on China

• 3Q25 Outlook (based on USD/TWD = 28.7): Wafer Shipments: +7–9% QoQ; ASP: +1–3% QoQ; Gross Margin: 25–27%.
• Revenue Mix (Industrial, Auto, 3C): Industrial + Automotive: 40%+ (majority industrial; automotive in teens) ; Communication & Computing: 20%+ each ; Consumer: 10%+.
• 2025 Dividend Policy : Will maintains NT$4.5 per share dividend.

• 2Q25 Results Summary: Reports Broad-Based Growth with Specialty Margin Strength  
• Yageo Inventory Recovery Marks a Demand-Led Inflection for Hardware Components
• Update on Shibaura Acquisition: Still on Track, Strategic Synergy in Focus

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• We will maintain our bullish intermediate-term outlook as long as market dynamics remain healthy and SPX is above 6028-6059 (up from 5700-5785 as it is highly unlikely to be tested).
• Some will point to August seasonality as a reason to be cautious; we simply are not seeing any signs that suggest a meaningful pullback is imminent.

• MSFT is set to report Q4 earnings after the market close on Wednesday, July 30.
• We examine the implied volatility and projected earnings-day move following a near 30% rally since the last report.
• Volatility metrics and historical earnings reactions are analyzed to help frame expectations.

• AAPL has been an underperformer since its last earnings report which stands out against the backdrop of a stock that rarely misses earnings expectations.
• We take a closer look at implied volatility and the earnings-day move priced by the options market.   
• Volatility metrics and historical earnings reactions are analyzed to help frame expectations.  

• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• They are currently a wholly-owned subsidiary of Bit Digital. They intend to sell approximately 22.4% of their issued and outstanding Ordinary Shares to the public as part of this offering.
• They expect preliminary unaudited revenue from cloud services for the three months ended June 30, 2025 will be $16.1 million to $17.8 million, an increase of  28.7% to 42.3%, respectively.

• LG CNS (064400 KS) raised around US$825m in its Korea IPO in February 2025. LG CNS is a South Korean information technology company.
• The shares didn’t do much at listing and have only recently moved higher to trade above its IPO price.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• In December-2024, this deal was mooted and it came out as expected. But the implied growth in management forecasts was higher than expected so the price came in quite light.
• In March when the deal was announced, it seemed like a tough call, but three weeks later Value Act decided they would tender, but would reinvest in the back end.
• The deal is now approved, and launches tomorrow. It gets done, I expect, but it is not a model deal other than being one showing the loopholes available to buyers.

• The A16 chip Samsung fabs is mainly for real-time inference in Tesla’s FSD cars, not data-center training, which remains dominated by Dojo and NVIDIA hardware.
• If Tesla’s deal includes AI chips with HBM, it’s a major catalyst; if just A16, it’s not proof HBM yield issues are solved.
• Tesla’s deal isn’t a sure sign Samsung’s HBM4 passed NVIDIA’s qual tests, but it’s a key reference boosting market hype—time to consider a Samsung long, SK Hynix short setup.

• On 28 July, it was reported that Samsung Electronics (005930 KS) clinched a huge chip contract worth $16.5 billion from Tesla (TSLA US). 
• This is a major win for Samsung Electronics since it is one of the largest foundry orders for the company from a single customer in the past decade.
• Samsung Electronics is trading at attractive valuations. It is trading at P/E of 12.3x, P/B of 1.0x, and EV/EBITDA of 3.6x in 2026, based on consensus estimates.

• Figma increased its range from $25-$28 to $30-$32 on Monday morning. The company is still offering 36.9mm shares  and is scheduled to debut on July 31st.
• One of our sources stated that the amount of orders in this software IPO exceed 30-times the offering size. 
• The large customer base, excellent margins and revenue growth in combination with management that continues to reinvest in the business gives us strong conviction on this IPO.

• The company is forecasting a slow-down in growth based on moving a large portion of its business away from mainland China. 
• While order flow has come in steady for this IPO, some of our sources are taking a ‘wait-and-see’ approach. 
• The valuation is not aggressive, the smaller cash raise is manageable but there are still many questions about this company as they enter the public markets.

• From Cycles to Systems: Memory’s Pivot to Strategic AI Infrastructure
• SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
• Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories

• Orders increased by 4.4% YoY to JPY7.4bn, with Measuring Equipment orders at JPY2.2bn and Custom Order Test Equipment at JPY5.2bn.
• Sales rose 24.8% YoY to JPY6.3bn, despite project postponements, with a gross profit margin decline of 1.1pp to 43.0%.
• Operating loss narrowed by JPY398mn YoY, while net loss expanded by JPY1.0bn due to absence of extraordinary gains.

• Manhattan Associates delivered a robust performance in the second quarter of 2025, with financial results surpassing expectations.
• The company reported total revenue of $272 million, representing a 3% increase from the previous year.
• A key driver was the impressive 22% growth in cloud revenue, which reached $100 million.

• Pegasystems reported its second-quarter 2025 financial performance, showing several positives and some challenges.
• The company has illustrated a promising trajectory with the implementation of its AI strategy and its effects on both revenue and customer engagement.
• A key highlight is the company’s annual contract value (ACV) growth, which increased by 16% year-over-year as reported and 14% in constant currency.

• ReadCloud Limited (ASX:RCL) services the education sector through the provision of digital learning content, proprietary interactive technology, and support for students and educators.
• The company delivered a solid June quarter, recording a 35% increase in cash receipts over the previous corresponding period (pcp) to $4.6m and maintaining disciplined cost control at the operating level.
• Its VET-in-Schools segment continues to grow strongly with a 27% revenue uplift and high gross margins (>90%) to date in FY25.

• Increased free float should result in passives buying Swiggy (SWIGGY IN) and lower foreign room should lead to passives selling Eternal (ETERNAL IN) at the end of August.
• The increased free float should also result in passive buying for Swiggy (SWIGGY IN) in September.
• Eternal has outperformed Swiggy last week following strong earnings. Swiggy announces earnings later this week and that could be a short-term catalyst for a narrowing of the spread.

• Following a rally in the stock over the last 3 months, GDS Holdings (9698 HK) / GDS Holdings (ADR) (GDS US) could be added to a global index in August.
• Short interest in GDS Holdings (9698 HK) has been increasing. Add the short interest in GDS Holdings (ADR) (GDS US) and the number is pretty big.
• Despite the recent rally, GDS Holdings (9698 HK) trades cheaper than its closest peer and there could be opportunities to enter market neutral trades.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Yichang HEC Changjiang Pharma (1558 HK), ENN Energy (2688 HK), Pacific Industrial (7250 JP), Santos Ltd (STO AU), Smart Share Global (EM US). 
• Lowest spreads: Bright Smart Securities (1428 HK), Hainan Meilan International Airport (357 HK), Humm Group (HUM AU), New World Resources (NWC AU), Nippon Concept (9386 JP).

• TSMC: +26.3% Premium; Opportunity to Go Short the ADR Premium
• UMC: -1.2% Discount; ADR Headroom Falls Yet Again by a Significant Amount
• ASE: +0.7% Premium; Opportunity to Go Long the ADR Premium — ADR Headroom Has First Change in a Long Time

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, we had a look at a number of deals that are in the pipeline.
• On the placements front, it was a relatively quiet week with a few primary raisings.

• Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important June quarter CPI print domestically will set the mood and tone for the ASX200 this week.
• ASX200 futures are pointing to a slightly weaker start, but the overnight, EU-US trade deal may boost sentiment.

• On July 24, chip giant Intel announced that its latest 18A advanced process is progressing smoothly. However, the next-generation 14A process will be developed “based on confirmed customer commitments.”
• Apple (AAPL US) adopt Intel’s 14A process for its future M-series chips, while NVIDIA Corp (NVDA US) is expected to use the same process for its entry-level gaming GPUs.
• U.S. President Trump is imposing tariffs on countries around the world, which is indirectly pressuring some manufacturers to accelerate the establishment of U.S.-based production facilities.

• Capacity utilization at Sumco’s largest customer, TSMC, jumped 10% in Q2, with another core customer, Renesas, showing consecutive improvements.
• Surging AI chip demand and geopolitical shifts favoring non-Chinese suppliers are set to boost demand for high-end silicon wafers.
• The stock trades at 0.7x book and 4.9x EV/EBITDA. These are levels we think the stock can make a meaningful upward advance from if the improvement in customer inventories broadens.

• Intel reported Q225 revenues of $12.9 billion, up $200 million QoQ, flat YoY but $1.1 billion above the guided midpoint. After that revenue beat, things went downhill from there.
• CEO Lip Bu Tan said he will review and approve all future company product designs prior to tape out. Sounds like a vote of no confidence in the design team.
• Intel’s 10 Q now lists the possibility of pausing or abandoning 14A as a risk factor with doomsday details about the implications for the company

• Prosus NV (PRX NA) is elevated vs. Tencent (700 HK) as the accretion trade unfolds.
• As rates go up, investors may opt for direct exposure to Japan Post Bank (7182 JP), as opposed to Japan Post Holdings (6178 JP) indirectly, contributing to short squeezing JPB.
• Expect near-term weakness in CK Hutchison Holdings (1 HK), IF the exclusivity with Blackrock/MSC ends this weekend without resolution.

• CoStar Group’s second quarter of 2025 showcased a mix of significant achievements and potential challenges.
• The company reported a robust revenue of $781 million, marking a 15% increase from the previous year, and achieved a notable adjusted EBITDA of $85 million, representing a 108% increase year-over-year.
• These figures surpassed consensus estimates, indicating strong operational performance and efficient management.

• NXP Semiconductors N.V. has reported its financial performance for the second quarter of 2025, providing insights into both the challenges and opportunities it faces in the semiconductor market.
• NXP’s revenue for the quarter was $2.93 billion, marginally above the midpoint of its prior guidance but down 6% compared to the same period last year.
• The company noted a non-GAAP operating margin of 32%, which, while above the midpoint of their guidance, reflects a decrease compared to the previous year.

• San Francisco-based PagerDuty has become the latest software player to attract serious acquisition interest from both strategic acquirers and private equity firms.
• Following an uptick in inbound approaches, the company has retained Qatalyst Partners to explore potential strategic alternatives — including a sale.
• While the process remains at an early stage, multiple sources indicate that both financial sponsors and technology majors are assessing the opportunity.

• SAP’s Q2 2025 performance highlights both positive progress and certain challenges within the company’s financial landscape.
• The quarter was marked by robust cloud-related growth and operational efficiency, though macroeconomic uncertainties persist, notably in sectors like the U.S. public sector and manufacturing.
• On the positive side, SAP saw a 28% increase in cloud revenue, driven primarily by its Cloud ERP Suite, which remains a pivotal part of SAP’s strategy, showing consistent growth for over 14 quarters at a rate exceeding 30%.

• Waystar’s first quarter results for 2025 indicate a positive trajectory with several key growth areas, though challenges remain.
• The company achieved a 14% increase in revenue, totaling $256 million, and a 16% rise in adjusted EBITDA, which reached $108 million.
• These increases were attributed to expanding client relationships and the implementation of new software innovations that improve revenue cycle management (RCM) for healthcare providers.

• SKT’s foreign room jumped from 12% to 20% in two months; if the pace holds, 25% is in play by next review, with ongoing foreign outflows from the SIM leak.
• FOL shifts from foreign room swings have been a classic long-short play in Korea telcos — and the current setup looks similar, with most SIM leak risks already priced in.
• If SKT’s foreign room nears 25%, expect front-running and passive flow imbalances to kick in — a familiar long-short setup that’s historically moved the telco tape early.

• Infosys Ltd (INFO IN) reported a stable Q1FY26 with constant currency (CC) revenue growth of 2.6% QoQ and 3.8% YoY, despite persistent macro headwinds in key geographies.
• While the company increased its lower end of guidance from 0 to 3% to 1%-3% CC, the sector still faces challenges from macro uncertainty.
• While there are no fireworks in the results, it is much getter than Tata Consultancy Svcs (TCS IN) . We present analysis on the same.

• Days before the 2025 World Artificial Intelligence Conference is to begin in Shanghai, Amazon’s Shanghai-based AI research institute — once a centerpiece of the event’s inaugural launch — is facing its imminent closure, marking the end of Amazon Web Services Inc.’s last overseas AI lab.

• Wang Minjie, an applied scientist at AWS AI Shanghai Lablet, shared on Chinese social media platform WeChat on Tuesday that the lab will be dissolved due to “strategic adjustments between China and the United States.”

• Amazon did not deny the closure. In a statement to Caixin, the company said, “Following a comprehensive evaluation of our organizational structure, growth priorities and future strategic direction, we have made the difficult decision to streamline certain teams within AWS China. We are committed to supporting affected employees through this transition.”

• Some of the US Stocks we cover have already reported their earnings: Tesla (TSLA US) and Alphabet (GOOG US) .
• Others will report next week: Amazon.com Inc (AMZN US) ,  Meta (META US) , Apple (AAPL US), while NVIDIA Corp (NVDA US) will report on August 28th.
• We dive into each stock potential for upside or downside at this junction, based on tactical analysis of our quantitative trend forecast models.

• We believe the expected increased need in North America for critical materials, including anode, is a key factor behind the non-dilutive funding the company has been able to obtain from the DOE, Canada Industrial Research Assistance Program and other sources, as NVX moves forward with the construction of a 2nd Tennessee plant.
• Production capacity of its existing Riverside plant has been pre-sold via multiple offtake agreements and NVX plans to construct a 2nd facility in the state, recently obtaining approval and expected tax credits toward this project.
• NVX has secured additional liquidity, recently entering into a funding agreement for up to US$100m convertible debentures with Yorkville Advisors Global.

• Meitu Inc (1357 HK)‘s stock price has more than tripled over the last few months and the significantly higher market cap should lead to global index inclusion in August. 
• Shorts covered a lot in 2024 and that has continued this year as the stock price has moved higher.
• Meitu Inc (1357 HK) has outperformed its peers significantly and there could be a pullback in the stock following index inclusion.

• Corpay has made headlines with its definitive agreement to acquire Alpha Group International in an all-cash deal valued at approximately $2.2 billion (£1.6 billion).
• The transaction, offering Alpha shareholders £42.50 per share—a 55% premium over its undisturbed price as of May 1, 2025—is expected to close in Q4 2025, pending shareholder and regulatory approvals.
• This acquisition comes on the heels of a busy strategic year for Corpay, including a $300 million cross-border partnership with Mastercard and a minority investment in AvidXchange.

• Rumors are swirling around a potential acquisition that could significantly reshape the cybersecurity landscape.
• SentinelOne, a company known for its autonomous endpoint protection platform, saw its shares surge after reports emerged suggesting that industry giant Palo Alto Networks (NASDAQ: PANW) might be in advanced talks to acquire it.
• While neither company has confirmed the speculation, multiple Israeli media outlets have cited industry sources suggesting a potential deal value of around $7 billion.

• 2Q25 beats consensus by 5% with a number of unexpected moves: NAND and Commodity DRAM shipments a lot higher than expected, hence weaker ASP (more commodity), margins decline QoQ. 
• HBM positive messages: HBM sales double in 2025, we now have secured visibility on next year’s demand”, leading to higher capex in 2025, HBM will continue to enjoy strong growth. 
• But a lack of concrete numbers (HBM, eSSD % of revenue), 2025-26 Capex, capacity increase, etc means that the market will not find grounds to have a more positive view. 

• McGraw Hill (MH US) priced a full-size offering of 24.4mm shares at $17.00 and saw a flat opening print. 
• This was the second private equity backed deal of the week and second to trade below issue.
• Ultimately, the deal did not have the “strength” and was forced to give-way to the buy-side with a $2 discount below the low-end of the range.

• Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.
• The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.
• As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

• SentinelOne shares surged as much as 18% on Monday, July 21, 2025, amid speculation that cybersecurity heavyweight Palo Alto Networks may be eyeing the smaller player for acquisition.
• Although the stock pared its gains later in the day, the buzz remained strong after Israeli media outlets, including Calcalist and Globes, reported that Palo Alto was in advanced discussions to purchase SentinelOne in a deal potentially valued at around $7 billion.
• Both companies declined to comment on market speculation, but investors took notice — especially as SentinelOne’s market cap hovers near $6 billion, while Palo Alto commands a significantly larger valuation of approximately $131 billion.

• 2Q25 huge miss, even excluding restructuring costs. 3Q guidance is “back to normal” but how to put any trust in guidance after the 2Q miss? Better wait for 3Q earnings. 
• Consensus will revised down sharply. 2025 definitely too high. 2027 expectations of a sharp margins improvement require a perfect alignment of the stars. 
• New CEO who is cleaning up the organization and refocusing Intel on what is required: fixing manufacturing, regaining x86 market share. It’s a good start, but can take 2-3 years.

Boku expects to report year-on-year revenue growth of 34% for H125, up from the 20% growth reported in FY24, and is guiding to revenue growth of at least 27% for FY25. Both direct carrier billing (DCB including bundling) and other local payment methods (LPMs) showed double-digit revenue growth, with the launch of digital wallet and account-to-account (A2A) scheme connections for new and existing merchants the main driver of the company’s medium-term growth ambitions. We have upgraded our forecasts to reflect the strong performance in H125.

• In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July

• KKR and JIC Capital launched a ¥348B (~$2.3B) MBO for Topcon (7732 JP) at ¥3,300/share, offering an ~88% premium.
• The deal implies ~78x FY25 P/E and ~37x FY26E P/E—pricing in Eye Care’s high-margin growth while Positioning remains a cyclical drag.
• Long term, Eye Care is well-positioned to scale globally as AI diagnostics and SaaS platforms unlock sustained double-digit growth.

• China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.

• Suffering from overcapacity for a while, the company is a beneficiary of the Chinese government policy to consolidate the solar industry. 
• At 0.6x PBR and a share price at HKD 1.3, far from its high at HKD 4, sounds like a bargain. 
• Management has conducted one share buy back this year and share price rallied afterwards. 

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
• Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
• SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.

• ASML Holding recently reported its financial results for the second quarter of 2025, demonstrating strong performance amidst a backdrop of macroeconomic and geopolitical uncertainty.
• The company reported total net sales of EUR 7.7 billion, reaching the upper end of its guidance range.
• This was driven by successful revenue recognition of one High Numerical Aperture (NA) system and additional upgrade business, with net system sales amounting to EUR 5.6 billion.

• 2Q25 results beat Consensus by 5%. 3Q guidance is close to Consensus, so you can’t call that a disappointment.
• Very different tone. 1Q management was confident of a cyclical recovery and accelerating growth in 2H25. Now, we have lower growth in 3Q, more disclaimers, 2Q was “too hot” .
• The stock was trading at 38x 2025 EPS and 32x 2026 before earnings, a bit of disappointment does crash the stock -13%. This can take weeks to settle down.

• Local news reported that <Project: Three Kingdom Ncard>, a derivative card game of its <Three Kingdom MDTX> IP, might be released in C4Q25. 
• <Ncard> fills the air pocket in BILI’s game pipeline. We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.
• We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.

• In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).
• Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.
• GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

• A cloud computing and connectivity provider for financial markets announced the signing of approximately $10m of Proximity Cloud contracts in June and provided an update on trading for the year ended 30 June 2025 (FY25).
• Results for FY25 are expected to once more demonstrate significant double-digit growth on the prior year, driven by a strong performance across Beeks’ Private, Proximity and Exchange Cloud offerings.
• Revenue for FY25 is expected to have increased by approximately 25% to £35.5m (30 June 2024: £28.5m), with underlying EBITDA growth of 29% to £13.8m (30 June 2024: £10.7m) and underlying profit before tax growth of 41% to £5.5m (30 June 2024: £3.9m). 

• Makus Inc (093520 KS) is a textbook case study in Korea of how improving shareholder value leads to surging share price. Its example is simple and beautiful.
• Makus announced that it will cancel a total of 6 million treasury shares (37% of outstanding shares) in the next three years  until 2027 to increase shareholder value. 
• Applying a 15x P/E on EPS of 2,788 won (2027E) results in implied target price of 41,820 won per share, which would be a 67% further upside from current levels.

• There could be 2 constituent change for the STAR Chip Index at the September rebalance. There will also be a few capping changes.
• Estimated one-way turnover is 1.4% resulting in a round-trip trade of CNY 983m (US$137m). Passives need to trade between 0.4-1.9x ADV in the potential changes.
• Both forecast inclusions are newly eligible for index inclusion and the passive buying could provide some support following the drop in the stock price post listing.

• TSMC’s Most Advanced Node — 5x Growth to 200K Wafers a Month? Upcoming 2nm Node Capacity Ramp Could Be Much Bigger Than Many Think
• OpenAI’s Sam Altman ‘Jokes’ About Owning US$3 Trillion Worth of GPUs One Day…
• AI PC Delay — Nvidia-MediaTek Push AI PC Chip Launch to 2026

• Bold statement by Management: early stage of cyclical recovery, new upcycle beginning. 2Q result and 3Q guidance show a smaller pace of YoY decline, converging slowly to 0. 
• Other than an increasing order book, Management not forthcoming on details. In Automotive NXP has outperformed its peers during this latest downcycle with a smaller pace of decline.
• Stock valuations at 20x 2025 EPS, 16.8x 2026 EPS, which are almost +1 standard deviation above average PEx. No room for error here.

• WiseTech Global Limited, a developer of cloud-based software solutions for the international and domestic logistics industries, recently released its first half of 2025 financial results.
• The company reported revenue of $381 million, marking a 17% increase compared to the same period in 2024, with an organic revenue growth rate of 15%.
• CargoWise, their flagship logistics platform, exhibited strong performance with organic revenue growth of 20% and recurring revenue contributing 99% of total CargoWise revenue.

• McGraw Hill (MH US) , a leading name in educational publishing, is offering 24.39 mn shares to raise up to USD537 mn targeting an equity valuation of USD4.2 billion.
• McGraw Hill is a global provider of educational content and digital learning solutions, serving the K-12, higher education, and professional learning markets. Digital segment accounted for 65% of its revenues.
• McGraw Hill’s transition from print to predominantly digital positions the company to benefit from several structural shifts in the education sector.

• Shift Inc (3697 JP) reported 3QFY08/2025 results last week, with solid top-line and earnings growth. 3Q revenue fell below consensus while OP beat consensus by a huge margin.
• The margin drop in 3Q was only due to seasonality and not due to operational inefficiencies. Shift also raised its full-year OP guidance which seems too conservative.
• The market overreacted to Shift’s 3Q earnings with a 10% drop; however, the share price has begun to move up as there is no reason to panic.

• Pine Labs is looking to raise up to US$1bn in its upcoming India IPO.
• Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions.
• In this note, we talk about the not-so-positive aspects of the deal.

• Nearing the end of the review period, we forecast 1 change for the SSE STAR50 (STAR50 INDEX) and 5 changes for the STAR100 Index in September.
• We estimate turnover of 1% for the SSE STAR50 (STAR50 INDEX) and 3.6% for the STAR100 Index. The estimated round-trip trade is CNY 5bn (US$700m).
• Near term performance for the SSE STAR50 (STAR50 INDEX) changes has been great, while the performance of the outright STAR100 Index changes has been far from satisfactory.

• In the fast-moving world of artificial intelligence, Meta has doubled down on voice-driven innovation by snapping up PlayAI, a nimble startup renowned for its natural-sounding speech synthesis and user-friendly voice-creation platform.
• With more than 3.4 billion daily users across its apps and nearly one billion monthly users of its Meta AI service, the company is eager to integrate PlayAI’s specialized talent directly into Meta Superintelligence Labs.
• This move arrives just after Meta rolled out Llama 4 models and launched its stand-alone Meta AI app, signaling an all-in push toward multimodal, conversational AI.

• A quick synoptic look at the tactical models for the key indices, stocks, commodities and bonds we cover, for the week July 21 – July 25.
• OVERSOLD: Meta (META US) , HDFC Bank (HDFCB IN) , NIFTY Index (NIFTY INDEX) 
• OVERBOUGHT: Alphabet (GOOG US) , Amazon.com Inc (AMZN US) , NVIDIA Corp (NVDA US) , Taiwan Semiconductor (2330 TT) , CSI 300 Index (SHSZ300 INDEX) ,  KOSPI 200 (KOSPI2 INDEX) 

• Figma is offering 36.9mm shares at $25.00-$28.00 equating to a market cap of $12.2bn-$13.65b and is scheduled to debut on July 31st.
• They estimate their total revenue to increase by 39% to 41% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024.
• This company is highly regarded in the software sector and we believe that there will be ample interest in this IPO.

• Ambiq Micro is offering 3.4mm shares at $22.00-$25.00 equating to a market cap of $375m-$426m and is scheduled to debut on July 30th.
• The company is currently undergoing a “shift” from a customer base that relies heavily on mainland China to other parts of the world.
• The updated prospectus further outlines the ownership percentages and lists Kleiner Perkins and EDB Investments Ptd Ltd as owners of 14.8% and 6.0% prior to this offering.

• Figma (FIG US) targets a valuation of $13.7bn, aiming to raise $1.2bn given it reaches the top of its pricing range.
• Inclusion in US and Global indices is delayed until 2026 due to failing free float and public voting rights eligibility before lock-up expiries.
• Figma (FIG US) is expected to be added to US TMI at the September 2025 review.

• Infosys (INFO IN / INFY US) reports Q1 FY26 results on Wednesday, 23 July 2025 at 15:45 IST; earnings days historically triggered outsized price moves.
• Highlight: Analyzing historical post-earnings price movements, along with forward-looking options-implied volatility, provides valuable insights for event-driven strategies.
• Why Read: Access the data and insights to take advantage of anticipated price moves and volatility crush. Potential option strategies explained.

• McGraw Hill (MH US) , is  offering 24.39mm shares at $19.00-$22.00 equating to a market cap of $3.6b-$4.2b and is scheduled to debut on July 24th.
• We were pleasantly “surprised” to hear that the deal’s channel checks came in strong. According to guidance, the deal is multiple-times oversubscribed with continued long-only conversions.
• Bringing the IPO at a valuation that is a down-round is a “positive”, however the sector in which this company operates in “may” prove to be a difficult sell.

• Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
• The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
• I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.

• Japan System Techniques (hereafter, the Company) announced its full-year FY2025/3 results: Key consolidated figures included net sales of JPY 29,324 mn (+12.0% YoY), operating profit of JPY 3,188 mn (+14.2% YoY), ordinary profit of JPY 3,264 mn (+14.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 2,443 mn (+17.1% YoY).
• The Company achieved a record high increase in net sales for the 14th consecutive year and operating profit for the 10th consecutive year, with ROE reaching 17.8%.
• The dividend per share for FY2025/3 was JPY 27.0, an increase of JPY 4.5 compared to JPY 22.5 in FY2024/3, an increase for the 4th consecutive year.

• When the SK Hynix ETF drops, expect meaningful physical buying shaking up supply-demand. Arb desks and alpha shops could pile in early, pushing the stock higher on flow.
• Going long Hynix near listing could pay off if demand mirrors Samsung’s—ETF flows, NAV arb, and delta hedging drove a 4% jump with a noticeable increase in program buying.
• Get in around the listing, watch flows, and take profits quickly. This is a short 2–3 day tactical play, with sharper front-running expected based on the Samsung ETF template.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, filings and listings have cooled off going into the general summer lull.
• On the placements front, State Bank Of India (SBIN IN) pulled the trigger on its long touted QIP.