Daily Brief TMT/Internet: Apple , Fujitsu Ltd, Money Forward , Black Sesame Technologies, Power Integrations and more

• Apple announced Apple intelligence, integrating AI in a feature-centric way for on-device use
• The approach focused on useful features rather than spotlighting AI technology
• Apple’s implementation of AI on iPhone 15 Pro and newer devices showcases their focus on personal intelligence and user-centric design

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• Fujitsu launches GenAI platform for advanced AI capabilities, enhancing customization options for users.
• CuspAI receives US$30M funding, partners with Geoffrey Hinton to address climate change using advanced materials.
• Global IC fab capacity expected to grow by 6% in 2024 and 7% in 2025, with Taiwan playing a key role in AI innovation.

• Money Forward’s share price has declined by around 16% since reporting Q1 results.
• The company will report Q2 results in early July. We expect continued solid momentum
• We believe the stock price has around 30% upside potential to our target price of ¥6,600

• Black Sesame Technologies (BLACKSES HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
• Black Sesame International Holdings (BSIH) is an automotive-grade computing SoC and SoC-based intelligent vehicle solution provider.
• In our previous note we looked at the company’s past performance. In this note, we discuss Black Sesame’s PHIP updates.

• Power Integrations (POWI) is facing persistently low earnings quality over the past five quarters due to a channel inventory adjustment, which they claim is almost complete
• Revenues have dropped by 37% since 2021, casting doubt on whether the adjustment fully explains the decline
• Financial performance in 2024 could lead to a shift in the investment narrative towards normalized revenues below recent peaks and increased competition from Chinese semiconductor vendors, potentially affecting earnings and forward multiples

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.