Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Cross Asset Strategy

<ul><li>After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.</li><li>Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.</li><li>Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.</li></ul>

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.

Portfolio Watch: Here Comes the Metals Meltdown...

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.

Equity Bottom-Up

<ul>
<li>Google's ad revenue growth consensus is 11.7% YoY in Q2, with some analysts projecting even higher, reflecting robust global digital ad spend trends.</li>
<li>Google Cloud's revenue reached $9.5 billion in Q1 2024, marking a 35% YoY increase and a 4x growth over the past four years. Q2 expected to see continued growth. </li>
<li>AI investments and innovations showcased at Google I/O aim to boost user experience and market leadership, with potential double-digit growth.</li>
</ul>


Google's ad revenue growth consensus is 11.7% YoY in Q2, with some analysts projecting even higher, reflecting robust global digital ad spend trends.
Google Cloud's revenue reached $9.5 billion in Q1 2024, marking a 35% YoY increase and a 4x growth over the past four years. Q2 expected to see continued growth. 
AI investments and innovations showcased at Google I/O aim to boost user experience and market leadership, with potential double-digit growth.


[Q2 Earnings Preview] Google: Ad Revenue & Cloud Growth Plus AI Advancements in Focus

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

Thematic (Sector/Industry)

<ul><li>Discussion about the potential for Chinese companies to use shell corporations to rent GPUs from American companies</li><li>Mention of a blog post by Sequoia and a report from Goldman Sachs on the challenges of monetizing AI infrastructure</li><li>Skepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like Microsoft and Amazon investing billions in AI projects.</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>

Discussion about the potential for Chinese companies to use shell corporations to rent GPUs from American companiesMention of a blog post by Sequoia and a report from Goldman Sachs on the challenges of monetizing AI infrastructureSkepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like Microsoft and Amazon investing billions in AI projects.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>Never a pioneer, instead a perfectionist in delivering mind bending experience. That’s what Apple has stood for traditionally. Can it repeat the act in the Gen AI era? </li>
<li>Siri to have advanced language comprehension and Writing Tools to deliver useful features to drive convenience and productivity. </li>
<li>Private Cloud Compute ensures user data remains encrypted and secure. Reflects Apple's commitment to privacy amidst growing concerns surrounding data misuse.</li>
</ul>


Never a pioneer, instead a perfectionist in delivering mind bending experience. That’s what Apple has stood for traditionally. Can it repeat the act in the Gen AI era? 
Siri to have advanced language comprehension and Writing Tools to deliver useful features to drive convenience and productivity. 
Private Cloud Compute ensures user data remains encrypted and secure. Reflects Apple's commitment to privacy amidst growing concerns surrounding data misuse.


Will Apple Intelligence Drive IPhone Maker past USD 4 Trillion in Market Cap?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
We have looked at the company’s performance and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Portfolio Watch: Here Comes the Metals Meltdown...

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.

Steno Research

[Q2 Earnings Preview] Google: Ad Revenue & Cloud Growth Plus AI Advancements in Focus

Google's Q2 earnings on 23/Jul will focus on projected 11.7% ad revenue growth, cloud earnings & AI innovations. Key acquisitions highlight...

Mint Finance

Episode 75: The AI Big $$$ Question

Skepticism about the return on investment in AI due to lack of clear revenue sources and consumer use cases, particularly with companies like...

The Circuit

Will Apple Intelligence Drive IPhone Maker past USD 4 Trillion in Market Cap?

Apple has made history yet again as the first firm with a market cap surpassing $3.5 trillion. Apple was late to join the AI game, yet it has...

Mint Finance

Shift Up IPO Trading - Strong Demand for Quality Asset but It Has Slipped Out of the Top Games

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. In this note, we talk about the trading dynamics.

Sumeet Singh

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