Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>A few quick takes before SEMICON. I'll have an ARM IPO piece coming.</li><li>The funniest meme on the internet is the incredulous “Nvidia is a fraud” meme. Given the recent rise in Nvidia’s stock, some brains are breaking on the internet.</li><li>The thread/train of thought seems to be spreading, and I’m here to try to stop it.</li></ul>

A few quick takes before SEMICON. I'll have an ARM IPO piece coming.The funniest meme on the internet is the incredulous “Nvidia is a fraud” meme. Given the recent rise in Nvidia’s stock, some brains are breaking on the internet.The thread/train of thought seems to be spreading, and I’m here to try to stop it.

Taiwan AI Conference Slides, Nvidia Fraud Hoax, Huawei, ARM IPO, and Intel

Energy Transition | AI | Shifting World Order, Mint Finance

Srinidhi Raghavendra

Energy Transition | AI | Shifting World Order

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>Super Seven are chiefly responsible for the rally in the S&amp;P 500. &gt;80% of the index gains this year were due in large part to the Super Seven.</li>
<li>Amazon, Apple, Google, Meta, Microsoft, Nvidia, &amp; Tesla are referred to as Super Seven. S&amp;P is market-cap weighted. Little wonder that Super Seven have an outsized impact on it.</li>
<li>Having strongly priced in expectations, investors wait for the Super Seven to deliver. Falling short can result in sharp price pullback. What next for the Super Seven?</li>
</ul>


Super Seven are chiefly responsible for the rally in the S&amp;P 500. &gt;80% of the index gains this year were due in large part to the Super Seven.
Amazon, Apple, Google, Meta, Microsoft, Nvidia, &amp; Tesla are referred to as Super Seven. S&amp;P is market-cap weighted. Little wonder that Super Seven have an outsized impact on it.
Having strongly priced in expectations, investors wait for the Super Seven to deliver. Falling short can result in sharp price pullback. What next for the Super Seven?


When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam

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>Jensen Huang showcased Nvidia's dominance in the data center during his keynote address</li><li>Nvidia's new Blackwell architecture involves stitching together two monolithic cores, not using chiplets, to create a single functioning chip</li><li>The innovation behind Blackwell and its impact on Nvidia's technological advancements were not fully appreciated during the event, highlighting the complexity and ingenuity of the design.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Jensen Huang showcased Nvidia's dominance in the data center during his keynote addressNvidia's new Blackwell architecture involves stitching together two monolithic cores, not using chiplets, to create a single functioning chipThe innovation behind Blackwell and its impact on Nvidia's technological advancements were not fully appreciated during the event, highlighting the complexity and ingenuity of the design.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 60: Takeaways, observations, and insights from Nvidia GTC

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.</li><li>The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.</li><li>The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing, along with the introduction of the most powerful GPU architecture named Blackwell, featuring 208bn transistors and using a 4nm process from TSMC.The Blackwell GPU consists of two reticle-sized chips, each with 104bn transistors, connected by NVLink 5.0 interconnects that join them seamlessly.The first Blackwell chip is called GB200 and is planned for shipment later in 2024. When comparing to its predecessor, H100, as well as competing products from AMD, Intel, and others, the new Blackwell GPU accelerators are poised to offer a huge upgrade for AI companies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in March but there are a lot of float and capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> is the largest buy while capping results in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> being the largest sell by far.</li>
<li>Estimated one-way turnover is 8.3% resulting in a round-trip trade of nearly US$3bn. There are a few stocks with more than 0.2x ADV to trade.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in March but there are a lot of float and capping changes.

Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest buy while capping results in NVIDIA Corp (NVDA US) being the largest sell by far.
Estimated one-way turnover is 8.3% resulting in a round-trip trade of nearly US$3bn. There are a few stocks with more than 0.2x ADV to trade.


MV US Listed Semiconductor 25 Index Rebalance: Over US$1bn to Sell in NVIDIA

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)

Taiwan AI Conference Slides, Nvidia Fraud Hoax, Huawei, ARM IPO, and Intel

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Fabricated Knowledge

When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam

Super Seven drove >80% of the S&P 500's gains this year. Can the Super Seven continue to outperform the broader market? Lately, the Super Seven...

Mint Finance

Episode 60: Takeaways, observations, and insights from Nvidia GTC

Jensen presented Nvidia's new Blackwell architecture at an AI semiconductor conference, showcasing the company's dominance in the data center space...

The Circuit

Semi - Nvidia GTC 2024: A Quick Take

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing

CMB International

MV US Listed Semiconductor 25 Index Rebalance: Over US$1bn to Sell in NVIDIA

TSMC is the largest buy and NVIDIA is the largest sell at the SMH rebalance in March. Estimated one-way turnover is 8.3% resulting in a round-trip...

Brian Freitas

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52-week Range

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Taiwan AI Conference Slides, Nvidia Fraud Hoax, Huawei, ARM IPO, and Intel

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut vitae lectus quis felis volutpat volutpat Lorem ipsum dolor sit amet, consectetur...

Fabricated Knowledge

When Giants Run Out of Gas; Some Among Super Seven Are Losing Steam

​Super Seven drove >80% of the S&P 500's gains this year. Can the Super Seven continue to outperform the broader market? Lately, the Super Seven...

Mint Finance

Episode 60: Takeaways, observations, and insights from Nvidia GTC

Jensen presented Nvidia's new Blackwell architecture at an AI semiconductor conference, showcasing the company's dominance in the data center space...

The Circuit

Semi - Nvidia GTC 2024: A Quick Take

Nvidia hosted GTC 2024 this morning, showcasing its latest developments in various sectors, including healthcare, auto, and quantum computing

CMB International

MV US Listed Semiconductor 25 Index Rebalance: Over US$1bn to Sell in NVIDIA

TSMC is the largest buy and NVIDIA is the largest sell at the SMH rebalance in March. Estimated one-way turnover is 8.3% resulting in a round-trip...

Brian Freitas

Super Seven drove >80% of the S&P 500's gains this year. Can the Super Seven continue to outperform the broader market? Lately, the Super Seven...