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?

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

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><em>In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.</em></p>

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

<h2>What's new?</h2><p>Economic Daily reports today that <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969">Qualcomm Inc (QCOM US)</a> is lowering its upcoming mid-end version smartphone SoC Snapdragon 450 price by 30% to US$10.0-10.5 before <a href="https://www.smartkarma.com/entities/772" target="_blank" data-smartkarma-citation="entities:772">Mediatek Inc (2454 TT)</a> introduction of P23 and P30 in 4Q17. To match the price cut from Qualcomm, MediaTek needs to cut its P23 price by 33-39% to US$8 from earlier planned US$12-13. Also, according to the news, <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a> is priced at US$7,000 per wafer on 16nm for P23 vs. <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191">Samsung</a>…</p>

What's new?Economic Daily reports today that Qualcomm Inc (QCOM US) is lowering its upcoming mid-end version smartphone SoC Snapdragon 450 price by 30% to US$10.0-10.5 before Mediatek Inc (2454 TT) introduction of P23 and P30 in 4Q17. To match the price cut from Qualcomm, MediaTek needs to cut its P23 price by 33-39% to US$8 from earlier planned US$12-13. Also, according to the news, Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT) is priced at US$7,000 per wafer on 16nm for P23 vs. Samsung…

Can MediaTek Keep Its Margin Promise if Qualcomm Is Cutting the Price by 30%? Cost Cut Coming

<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.

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)

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

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI...

Andrew Lu

Can MediaTek Keep Its Margin Promise if Qualcomm Is Cutting the Price by 30%? Cost Cut Coming

What's new?Economic Daily reports today that Qualcomm Inc (QCOM US) is lowering its upcoming mid-end version smartphone SoC Snapdragon 450 price by...

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

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