Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.</li>
<li>Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.</li>
<li>Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.</li>
</ul>


More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.
Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.
Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.


Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

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.

Equity Capital Markets

<ul><li>NVIDIA delivered a positive result and managed an all-around beat in the last quarter.</li><li>Generative AI is driving an exponential increase in computing demand and a rapid shift to NVIDIA accelerated computing, the most adaptable, energy-efficient, and low-cost way to train and deploy AI.</li><li>Furthermore, NVIDIA unveiled its latest offering, the NVIDIA Spectrum-X, to enhance the efficiency and performance of Ethernet-based AI clouds.</li></ul>

NVIDIA delivered a positive result and managed an all-around beat in the last quarter.Generative AI is driving an exponential increase in computing demand and a rapid shift to NVIDIA accelerated computing, the most adaptable, energy-efficient, and low-cost way to train and deploy AI.Furthermore, NVIDIA unveiled its latest offering, the NVIDIA Spectrum-X, to enhance the efficiency and performance of Ethernet-based AI clouds.

NVIDIA Corporation: Is It Really A Bubble Or Is The Valuation Well Deserved? – Key Drivers

<ul>
<li>Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.</li>
<li>PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.</li>
<li>TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.</li>
</ul>


Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.
PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.
TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.


Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Mobvoi is getting ready to complete its IPO in Hong Kong in the coming weeks. Mobvoi is aiming to raise US$200 million to US$300 million in this IPO.</li>
<li>Given the exceptional interest in AI  related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi to complete its IPO. </li>
<li>Furthermore, Mobvoi has achieved a strong growth in sales and operating profits in 2022 which is also likely to drive higher interest in this IPO.</li>
</ul>


Mobvoi is getting ready to complete its IPO in Hong Kong in the coming weeks. Mobvoi is aiming to raise US$200 million to US$300 million in this IPO.
Given the exceptional interest in AI  related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi to complete its IPO. 
Furthermore, Mobvoi has achieved a strong growth in sales and operating profits in 2022 which is also likely to drive higher interest in this IPO.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.</li>
<li>Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.</li>
<li>Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.</li>
</ul>


Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.
Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.
Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.


Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

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 Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and...

Vincent Fernando, CFA

NVIDIA Corporation: Is It Really A Bubble Or Is The Valuation Well Deserved? – Key Drivers

NVIDIA delivered a positive result and managed an all-around beat in the last quarter. Generative AI is driving an exponential increase in...

Baptista Research

Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.

Vincent Fernando, CFA

Mobvoi IPO Preview

Given the exceptional interest in AI related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi...

Douglas Kim

Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self. Their IPU design was far too ambitious from the outset...

William Keating

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