Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Bitcoin and cryptocurrency trading has frozen in China</h2><p>Few days after China declared war against bitcoin and other digital currencies by banning cryptocurrency fundraising and shutting down top three cryptocurrency exchanges (OKCoin, BTC China, Huobi) along with over 10 other smaller ones a few days back, SZZC (上海海楓藤) yesterday announced to shut down its cryptocurrency trading business by 30 September. Also, most of the senior managers at these cryptocurrency exchanges are asked not to leave…</p>

Bitcoin and cryptocurrency trading has frozen in ChinaFew days after China declared war against bitcoin and other digital currencies by banning cryptocurrency fundraising and shutting down top three cryptocurrency exchanges (OKCoin, BTC China, Huobi) along with over 10 other smaller ones a few days back, SZZC (上海海楓藤) yesterday announced to shut down its cryptocurrency trading business by 30 September. Also, most of the senior managers at these cryptocurrency exchanges are asked not to leave…

Bitcoin Trading Frozen in China - Negative to Cryptocurrency Mining Related Vendors

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<h2>AI is the next big computing wave. </h2><p>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise.<br>This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.</p><p>And Intel has got the message.</p><p>So how should investors respond?</p>

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

Advanced Micro Devices / Equity Bottom-Up

<h2><em>Summary of finding the beneficiaries</em></h2><p><em>After our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "<a href="https://www.smartkarma.com/insights/fiat-chrysler-is-leaving-waymo-to-join-bmw-intel-autonomous-platform-negative-positive-to" target="_blank" data-smartkarma-citation="insights:12899">Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To?</a> " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using </em>…</p>

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To? " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using …

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

<p><strong>Voice is set to become the next big computing platform</strong><br>Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.</p><p>Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.</p><p>But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.</p>

Voice is set to become the next big computing platform Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.

<h2>Summary</h2><ul>
<li>
<strong>Solid 2H17</strong>: We expect 2Q beat and good 2H17 guidance to drive analysts to revise up their numbers on Intel. However, we remain our cautious view on rising client computing and data center CPU competition from AMD and ARM vendor like <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a>, AI/autonomous drive training/inference competition from <a href="https://www.smartkarma.com/entities/5891" target="_blank" data-smartkarma-citation="entities:5891:1">Nvidia Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a> TPU.</li>
<li>
<strong>Stronger in the cloud but weakness in enterprise data center demand</strong>: Intel comments stronger public cloud growth in 2Q17…</li>
</ul>

Summary

Solid 2H17: We expect 2Q beat and good 2H17 guidance to drive analysts to revise up their numbers on Intel. However, we remain our cautious view on rising client computing and data center CPU competition from AMD and ARM vendor like Qualcomm Inc (QCOM US), AI/autonomous drive training/inference competition from Nvidia Corp (NVDA US) and Alphabet Inc Cl C (GOOG US) TPU.

Stronger in the cloud but weakness in enterprise data center demand: Intel comments stronger public cloud growth in 2Q17…


Intel Sees Solid 2H17; Implications to Cloud/ Memory Demand and Competitions

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Advanced Micro Devices (AMD US)

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and...

Andrew Lu

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research

Intel Sees Solid 2H17; Implications to Cloud/ Memory Demand and Competitions

Summary Solid 2H17: We expect 2Q beat and good 2H17 guidance to drive analysts to revise up their numbers on Intel. However, we remain our...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bitcoin Trading Frozen in China - Negative to Cryptocurrency Mining Related Vendors

Bitcoin and cryptocurrency trading has frozen in ChinaFew days after China declared war against bitcoin and other digital currencies by banning...

Andrew Lu

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and...

Andrew Lu

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research

Intel Sees Solid 2H17; Implications to Cloud/ Memory Demand and Competitions

Summary Solid 2H17: We expect 2Q beat and good 2H17 guidance to drive analysts to revise up their numbers on Intel. However, we remain our...

Andrew Lu