China New Economy Equity Analyst, Blue Lotus Research Institute

Robert McKay

China New Economy Equity Analyst

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>US semiconductor restrictions are limiting China's access to advanced AI accelerators, causing a widening gap in AI compute. The US will expand its lead over China to ~7x by 2025.</li>
<li>Although China has domestic alternatives, bottlenecks due to separate US restrictions on semiconductor equipment are hindering yields and capacity expansions, effectively limiting China’s capacity to train state-of-the-art AI models.</li>
<li>To maximize AI compute, Huawei will likely curtail smartphone semiconductors in favor of AI accelerators. We expect manufacturers offering mid-end Android devices like <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> to benefit first.</li>
</ul>


US semiconductor restrictions are limiting China's access to advanced AI accelerators, causing a widening gap in AI compute. The US will expand its lead over China to ~7x by 2025.
Although China has domestic alternatives, bottlenecks due to separate US restrictions on semiconductor equipment are hindering yields and capacity expansions, effectively limiting China’s capacity to train state-of-the-art AI models.
To maximize AI compute, Huawei will likely curtail smartphone semiconductors in favor of AI accelerators. We expect manufacturers offering mid-end Android devices like Xiaomi Corp (1810 HK) to benefit first.


Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

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

<ul>
<li>Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector</li>
<li>Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies</li>
<li>We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up </li>
</ul>


Taiwan Stocks Fall On Potential New U.S. Tech Restrictions for China &amp; Potential Policy Shift from a Trump White House... Strong TSMC &amp; ASML Results Fail to Rally the Sector
Even Tighter Technology Restrictions for China?  -- US Could Use Special Rule to Restrict Selling of Products Made by Foreign Companies
We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up 


Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a> as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. 
We also look at Vinfast as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

Top 10 Mega Caps | Artificial Intelligence, Mint Finance

Uttkarsh Kohli

Top 10 Mega Caps | Artificial Intelligence

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>SMCI has surged 214% YTD and will form part of NASDAQ-100 from 22/Jul topping $50 billion in valuation. Strategic partnerships with Nvidia &amp; AMD boosted its AI server market presence. </li>
<li>Walgreens has declined 56% YTD with its market cap falling below $10 billion. Failing to maintain at least 0.1% of NASDAQ 100’s market value has led to its exclusion. </li>
<li>Historically, stocks added to indices outperformed briefly post-announcement. Although recent trend shows minimal outperformance, SMCI and WBA have shown strong trends due to idiosyncratic drivers.</li>
</ul>


SMCI has surged 214% YTD and will form part of NASDAQ-100 from 22/Jul topping $50 billion in valuation. Strategic partnerships with Nvidia &amp; AMD boosted its AI server market presence. 
Walgreens has declined 56% YTD with its market cap falling below $10 billion. Failing to maintain at least 0.1% of NASDAQ 100’s market value has led to its exclusion. 
Historically, stocks added to indices outperformed briefly post-announcement. Although recent trend shows minimal outperformance, SMCI and WBA have shown strong trends due to idiosyncratic drivers.


Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

<ul>
<li>First, we offer a recent history of Didi going back to its June 2021 IPO </li>
<li>Next, we review the company's annual results from 2020-23 plus Q124</li>
<li>Finally, we try to answer the question, "Does Didi need to raise cash soon?"</li>
</ul>


First, we offer a recent history of Didi going back to its June 2021 IPO 
Next, we review the company's annual results from 2020-23 plus Q124
Finally, we try to answer the question, "Does Didi need to raise cash soon?"


Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...

Blue Lotus Research Institute

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the...

Angus Mackintosh

Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

NASDAQ index will rebalance admitting SMCI replacing WBA. SMCI has surged 214% YTD while WBA has crumbled 56% YTD. Index effect posits for SMCI to...

Mint Finance

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

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Demand for AI Chips Might Cut Huawei's Smartphone Semiconductor Short

​US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...

Blue Lotus Research Institute

Taiwan Tech Weekly: Strong TSMC & ASML Data Fails to Rally the Semiconductor Sector

​Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...

Vincent Fernando, CFA

CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the...

Angus Mackintosh

Super Micro Ascends, Walgreens Exits Nasdaq-100 on 22/Jul. How Will Index Rebalancing Pan Out?

NASDAQ index will rebalance admitting SMCI replacing WBA. SMCI has surged 214% YTD while WBA has crumbled 56% YTD. Index effect posits for SMCI to...

Mint Finance

Remember DiDi Global? We Check in on China's Dominant Rideshare Company and Review Recent Results

In this insight we review Didi Global's recent history dating back to its US IPO, analyze financial results from FY20 through Q124, and try to...

Tracking Traffic

US AI accelerator and wafer equipment restrictions are widening the US/China AI compute gap. Expect Huawei to curtail smartphone IC in favor of AI...

Taiwan stocks dropped last week as potential new US tech restrictions for China loom, despite strong TSMC and ASML results. Apple ramping up...