In today’s briefing:
- US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday
- GEMWeekly (1 Dec 2023): China, South Korea, India Macro; ByteDance, NIO, Geely, Alibaba
- What to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025?
- Auctus on Friday – 24/11/2023
US Consumers Remain Resilient While Setting Record Sales During Black Friday and Cyber Monday
- Black Friday is the busiest shopping day of the year. Cyber Monday comes second. This year BFCM set a record of USD 38 billion across 200+ million shoppers.
- Buy Now, Pay Later drove USD 940m in online spending on Cyber Monday, up a staggering 42.5% YoY. Online Sales via smartphone set a fresh record of 59%.
- In a year, where good news for the main street is unwelcome news for the wall street, record shattering holiday shopping numbers comes amid a buoyant stock market.
GEMWeekly (1 Dec 2023): China, South Korea, India Macro; ByteDance, NIO, Geely, Alibaba
- The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
- Macro data points:China PMI data, South Korean interest rates and economic activity data, India GDP growth.
- Companies mentioned:ByteDance (1439927D CH), NIO (9866 HK), Geely Auto (175 HK), Alibaba Group Holding (9988 HK)
What to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025?
- After our global server market model update, we see 3Q23 server market decline and data center vendors’ capex cut not consistent with Nvidia’s robust y/y sales growth of over 200%;
- Discrepancy: 1. Nvidia gaining value on AI server, losing zero on non AI; 2. AI servers grow at the expenses of non AI; 3. most vendors not only in server;
- Different from consensus view, we expect general (non AI) server market to decline 16% y/y in 2024 and 29% in 2025 and suggest to avoid general server supply chain vendors.
Auctus on Friday – 24/11/2023
- ADX Energy (ADX AU)C ; target price of A$0.80 per share: Equity raise to fund increased WI in Anshof – ADX is raising A$4.2 mm of new equity plus up to A$1 mm through an offer to shareholders at a price of A$0.10 per share.
- Subscribers will also receive half a warrant with an exercise price of A$0.16 per share.
- The capital injection will provide funding for ADX’s increased interest in Anshof (from 50-60%) following the decision of Xstate Resources not to participate in the upcoming programme as well as funding for the Welchau-1 gas well (50% funded by MCF Energy) which ADX expects to spud in January 2024 after an anticipated environmental clearance.
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