Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<ul>
<li>Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.</li>
<li>TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.</li>
<li>We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.</li>
</ul>


Post 35% price gain in a quarter, many good news we expected and other analysts expected already factored into the share price. We believe the risk/reward not attractive here.
TSMC guides stronger 1Q24 and 2024, helped by Nvidia and copy cat AI GPU/ASIC orders. We see greater opportunities for alternative copy cat solutions like AMD and Alchip.
We attribute Nvidia customers' sales discrepancy to AI server is cannibalizing non-AI server and Nvidia is allocating more GPUs to premium price paying customers in 1H24 and reverse in 2H24.


From Nvidia Results to See Supply Chain Stories?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>NVIDIA recently reported stellar financial achievements for its second quarter of fiscal 2025 with total revenue reaching $30 billion, marking a significant 122% increase year-over-year.</li><li>This surge was primarily driven by unprecedented growth in the Data Center segment, which reported revenues of $26.3 billion, reflecting a 154% increase from the previous year.</li><li>The strong demand for NVIDIA's latest Hopper GPUs, coupled with the advancing deployment of Blackwell platforms, has significantly contributed to this uptrend.</li></ul>

NVIDIA recently reported stellar financial achievements for its second quarter of fiscal 2025 with total revenue reaching $30 billion, marking a significant 122% increase year-over-year.This surge was primarily driven by unprecedented growth in the Data Center segment, which reported revenues of $26.3 billion, reflecting a 154% increase from the previous year.The strong demand for NVIDIA's latest Hopper GPUs, coupled with the advancing deployment of Blackwell platforms, has significantly contributed to this uptrend.

Is NVIDIA's Unstoppable AI Growth About to Hit a Wall?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and weight changes as a result of the market consultation proposals being adopted will result in a round-trip trade of US$31.5bn.</li>
<li>The largest one-way turnover is expected in the <a href="https://www.smartkarma.com/entities/consumer-staples-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27536:1" rel="noopener">Consumer Staples Select Sector SPDR Fund</a>, <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR</a>, <a href="https://www.smartkarma.com/entities/materials-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27541:1" rel="noopener">Materials Select Sector SPDR</a> and <a href="https://www.smartkarma.com/entities/communication-services-select-sector-spdr-fund" target="_blank" data-smartkarma-citation="entities:27534:1" rel="noopener">Communication Services Select Sector SPDR Fund</a>.</li>
<li>The inflows to <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> and <a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> will add to the buying from the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and weight changes as a result of the market consultation proposals being adopted will result in a round-trip trade of US$31.5bn.
The largest one-way turnover is expected in the Consumer Staples Select Sector SPDR Fund, Technology Select Sector SPDR, Materials Select Sector SPDR and Communication Services Select Sector SPDR Fund.
The inflows to Apple (AAPL US), Palantir Technologies (PLTR US) and Dell Technologies (DELL US) will add to the buying from the S&amp;P 500 INDEX (SPX INDEX) trackers.


Select Sector Indices: Inflows to Apple, Palantir, Dell Will Add to SPX Buying

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Mispronunciations of Nvidia can be a red flag for some investors</li><li>The volatility in Nvidia stock after earnings was not surprising due to high trading volume and options activity</li><li>Buy side expectations and unofficial whisper numbers can impact stock performance in high profile companies like Nvidia</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Mispronunciations of Nvidia can be a red flag for some investorsThe volatility in Nvidia stock after earnings was not surprising due to high trading volume and options activityBuy side expectations and unofficial whisper numbers can impact stock performance in high profile companies like NvidiaThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 83: The Earnings Heard Round the World (NVDA)

AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>NVIDIA's Q2 revenue soared 122% to $30.04 billion, exceeding estimates, driven by unprecedented demand for AI-driven data center chips. </li>
<li>The data center segment grew 154% YoY, generating $26.3 billion, reflecting NVIDIA's strong position in AI hardware with major contributions from cloud providers. </li>
<li>Despite approving a $50 billion stock buyback, NVIDIA's shares fell 8% after-hours due to concerns over future chip supply and broader market trends, though the stock is up 150% YTD.</li>
</ul>


NVIDIA's Q2 revenue soared 122% to $30.04 billion, exceeding estimates, driven by unprecedented demand for AI-driven data center chips. 
The data center segment grew 154% YoY, generating $26.3 billion, reflecting NVIDIA's strong position in AI hardware with major contributions from cloud providers. 
Despite approving a $50 billion stock buyback, NVIDIA's shares fell 8% after-hours due to concerns over future chip supply and broader market trends, though the stock is up 150% YTD.


NVIDIA Delivers Stunning Q2 Results & Declares $50B Buyback; Yet Shares Plunge 8% Post Results

United States

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.

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NVIDIA Corp (NVDA US)

From Nvidia Results to See Supply Chain Stories?

From Nvidia Results to See Supply Chain Stories? Post 35% price gain in a quarter, many good news already factored into the share price. We...

Andrew Lu

Is NVIDIA's Unstoppable AI Growth About to Hit a Wall?

NVIDIA recently reported stellar financial achievements for its second quarter of fiscal 2025 with total revenue reaching $30 billion, marking a...

Baptista Research

Select Sector Indices: Inflows to Apple, Palantir, Dell Will Add to SPX Buying

Constituent changes to the SPX and the market consultation proposals being adopted result in a round-trip trade of US$31.5bn. Apple and...

Brian Freitas

Episode 83: The Earnings Heard Round the World (NVDA)

The article discusses how the pronunciation of Nvidia has become a credibility test, the volatility in its stock after earnings reports, high...

The Circuit

NVIDIA Delivers Stunning Q2 Results & Declares $50B Buyback; Yet Shares Plunge 8% Post Results

NVIDIA's Q2 earnings crushed expectations with $30.04B revenue (+122%) & 68¢ EPS, driven by data center chips. Shares plunge 8% post-results as...

Mint Finance

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