Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

<ul>
<li>NVIDIA this week reported Q3FY25 revenues of $35.082 billion, up 17% QoQ, up 94% YoY and a full $2.5 billion above the guided midpoint.</li>
<li>Looking ahead, NVIDIA is forecasting revenues of $37.5 billion, up ~7% sequentially. Gross margins to decline slightly to 73%.</li>
<li>Contrary to Jensen Huang's vision, the existing $1 trillion worth of data centers do not need to be "modernized" into AI factories. This is pure fantasy. </li>
</ul>


NVIDIA this week reported Q3FY25 revenues of $35.082 billion, up 17% QoQ, up 94% YoY and a full $2.5 billion above the guided midpoint.
Looking ahead, NVIDIA is forecasting revenues of $37.5 billion, up ~7% sequentially. Gross margins to decline slightly to 73%.
Contrary to Jensen Huang's vision, the existing $1 trillion worth of data centers do not need to be "modernized" into AI factories. This is pure fantasy. 


NVIDIA Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

Research from e27, e27

Research from e27

e27 is Asia's largest Tech media platform. We cover the latest news on emerging and disruptive businesses across the region.

Private Capital Markets

Portcast is a logistics technology company that offers services for tracking containers and enhancing customer communication.

<ul><li>Singapore-based Portcast, a provider of real-time transportation visibility and predictive analytics, has secured US$6.5 million in Series A funding.</li><li>The round was led by Susquehanna Asia VC, with participation from new investors Hearst Ventures and Signal Ventures, alongside existing investors Wavemaker Partners, TMV, and Innoport.</li><li>The new funding will be strategically allocated to accelerate product innovation, particularly leveraging generative AI to enhance risk management, transport planning, and invoice auditing capabilities.</li></ul>

Singapore-based Portcast, a provider of real-time transportation visibility and predictive analytics, has secured US$6.5 million in Series A funding.The round was led by Susquehanna Asia VC, with participation from new investors Hearst Ventures and Signal Ventures, alongside existing investors Wavemaker Partners, TMV, and Innoport.The new funding will be strategically allocated to accelerate product innovation, particularly leveraging generative AI to enhance risk management, transport planning, and invoice auditing capabilities.

Portcast secures US$6.5M in Series A to enhance AI-powered supply chain visibility | e27

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

<ul><li>IC design firms remain positive about 2025 outlook despite uncertainties for 1Q25, showing resilience in the industry.</li><li>Taiwan evaluates consequences of Trump's potential revocation of China's trade status, highlighting potential geopolitical impacts.</li><li>JSR's construction of new EUV photoresist plant in S. Korea demonstrates commitment to meeting semiconductor demand in the region and globally.</li></ul>

IC design firms remain positive about 2025 outlook despite uncertainties for 1Q25, showing resilience in the industry.Taiwan evaluates consequences of Trump's potential revocation of China's trade status, highlighting potential geopolitical impacts.JSR's construction of new EUV photoresist plant in S. Korea demonstrates commitment to meeting semiconductor demand in the region and globally.

Tech Supply Chain Tracker (23-Nov-2024): IC design firms optimistic for 2025, cautious about 1Q25.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Tuya Inc., doing business as Tuya Smart, provides IoT cloud platform. The Company offers solutions which enables brands, retailers, OEMs, and manufacturers to develop, launch, manage, and monetize software-enabled devices and services. Tuya Smart serves customers worldwide.

<ul>
<li>65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.</li>
<li>Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.</li>
<li>With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.</li>
</ul>


65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.
Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.
With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.


TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

Roblox Corporation provides entertainment products and services. The Company designs and develops a wide range of online games such as internet three-dimensional and tutorial games for kids, teens, and adults. Roblox serves customers worldwide.

<ul>
<li>The evolution of the metaverse gives rise to new business models that present new challenges for corporate reporting and accounting.</li>
<li>Transparently' s AI system has picked up some concerning signals about Roblox’s accounting quality.</li>
<li>However, some of these can be explained by the uniqueness of its metaverse-driven revenue model. </li>
</ul>


The evolution of the metaverse gives rise to new business models that present new challenges for corporate reporting and accounting.
Transparently' s AI system has picked up some concerning signals about Roblox’s accounting quality.
However, some of these can be explained by the uniqueness of its metaverse-driven revenue model. 


Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

Technology, Media & Telecom (TMT)
Digital Highway

NVIDIA Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

NVIDIA's growth story remains intact, albeit it's slowing down. Jensen's claim that the existing $1 trillion general purpose data center stock will...

William Keating

Portcast secures US$6.5M in Series A to enhance AI-powered supply chain visibility | e27

Singapore-based Portcast, a provider of real-time transportation visibility and predictive analytics, has secured US$6.5 million in Series A...

e27

Tech Supply Chain Tracker (23-Nov-2024): IC design firms optimistic for 2025, cautious about 1Q25.

IC design firms optimistic for 2025, Taiwan monitors trade impact, JSR builds EUV plant, Japan cuts APB funding, MediaTek aims at Indian market,...

Tech Supply Chain Tracker

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...

Mark Jolley

NVIDIA Q3FY25 Growth Story Still On Track But Heed The Flaws In Jensen's GenAI Vision

NVIDIA's growth story remains intact, albeit it's slowing down. Jensen's claim that the existing $1 trillion general purpose data center stock will...

William Keating

Portcast secures US$6.5M in Series A to enhance AI-powered supply chain visibility | e27

Singapore-based Portcast, a provider of real-time transportation visibility and predictive analytics, has secured US$6.5 million in Series A...

e27

Tech Supply Chain Tracker (23-Nov-2024): IC design firms optimistic for 2025, cautious about 1Q25.

IC design firms optimistic for 2025, Taiwan monitors trade impact, JSR builds EUV plant, Japan cuts APB funding, MediaTek aims at Indian market,...

Tech Supply Chain Tracker

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

​The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...

Mark Jolley

The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...