Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<h2>Headline Developments</h2><p>Another bad week for Didi (DIDI) , with the stock plummeting a further 21% after Bloomberg reported that Chinese regulators were weighing up “serious, perhaps unprecedented penalties” which may include a hefty fine (&gt;$2.8b), enforcing a state-owned investment or delisting the company from the NYSE.</p>

Headline DevelopmentsAnother bad week for Didi (DIDI) , with the stock plummeting a further 21% after Bloomberg reported that Chinese regulators were weighing up “serious, perhaps unprecedented penalties” which may include a hefty fine (&gt;$2.8b), enforcing a state-owned investment or delisting the company from the NYSE.

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p>Intel held a technology roadmap update yesterday...the key changes were literally in name only. We'll believe Intel jumping 5 nodes in 4 years when we see it.</p><p></p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Intel held a technology roadmap update yesterday...the key changes were literally in name only. We'll believe Intel jumping 5 nodes in 4 years when we see it.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Intel: Changing Names Doesn’t Accelerate a Roadmap

<p>We remain short Intel. The growth and margin picture is still deteriorating. We don’t think Pat Gelsinger is capable of turning this ship around…and we think the proposed acquisition of Global Foundries may accelerate Intel’s demise.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

We remain short Intel. The growth and margin picture is still deteriorating. We don’t think Pat Gelsinger is capable of turning this ship around…and we think the proposed acquisition of Global Foundries may accelerate Intel’s demise.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

<h2><strong>Headline Developments</strong></h2><p>Steam, the video game distribution platform owned by Valve (private) , has released the long-rumoured handheld gaming device the Steam Deck; available from December (although big delays are expected with the premium $649 512GB version not available until 3Q22!).</p>

Headline DevelopmentsSteam, the video game distribution platform owned by Valve (private) , has released the long-rumoured handheld gaming device the Steam Deck; available from December (although big delays are expected with the premium $649 512GB version not available until 3Q22!).

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<p>Intel's rumored bid to acquire GOLBALFOUNDRIES is a good move to achieve the company's current goals, but as this analyst has discussed in <a href="https://www.smartkarma.com/insights/intel-reveals-plan-to-restore-process-leadership" target="_blank" rel="noopener">a prior Insight</a>, those goals are very difficult to rationalize.</p>

Intel's rumored bid to acquire GOLBALFOUNDRIES is a good move to achieve the company's current goals, but as this analyst has discussed in a prior Insight, those goals are very difficult to rationalize.

Figuring Out the Intel/GLOBALFOUNDRIES Deal

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Weekly Innovation Review (WIRE) #42

Headline Developments: Another bad week for Didi (DIDI) , with the stock plummeting a further 21% after Bloomberg reported that Chinese regulators...

Granite Bay Capital

Intel: Changing Names Doesn’t Accelerate a Roadmap

Intel held a technology roadmap update yesterday...the key changes were literally in name only. We'll believe Intel jumping 5 nodes in 4 years when...

Aaron Gabin

Intel 2Q21: Where Do Margins Go?

Intel's growth and margin picture is still deteriorating. We think the proposed acquisition of Global Foundries may accelerate Intel’s demise.

Aaron Gabin

Weekly Innovation Review (WIRE) #41

Headline Developments: Steam , the video game distribution platform owned by Valve (private), has released the long-rumoured handheld gaming device...

Granite Bay Capital

Figuring Out the Intel/GLOBALFOUNDRIES Deal

Should Intel acquire GLOBALFOUNDRIES as has been rumored? While this would help Intel to achieve its stated goals more rapidly, those goals seem...

Jim Handy

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