Daily Brief TMT/Internet: BASE Inc, Bestechnic Shanghai , Intel Corp, CoreWeave, NVIDIA Corp, Micron Technology, Toyota Motor, Kuaishou Technology, Softbank Group, UL Solutions Inc and more

• Melco Holdings (6676 JP) chairman Hiroyuki MAKI bought up a 14% stake in BASE Inc (4477 JP) in just under two weeks. It was done quite transparently. He announced daily.
• He wants to get to 30% in a Tender Offer. The method, approach, lack of transparency, and similarity to previous situations where he invested has the company wary. 
• This looks like a Poison Pill case in the offing. It WAS a cheap stock. It is not expensive now. But it is not clear what the endgame is here.

• STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the June 2025 index rebal event.

• Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.
• His most pressing challenge will be to address the corporate culture of entitlement that’s rife throughout the company, starting with the BoD
• Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel’s problems cannot be the ones to fix them. 

• CoreWeave (CRWV US) officially set terms for an IPO on Thursday morning coming in with a valuation and cash raise that was much lower than previously reported. 
• Furthermore, the underwriters placed a wider-than-normal spread on the range, $47-$55. This insinuates a negotiation process between the buy-side.
• The valuation coming in lower than anticipated will allow investors to put money to work at a more attractive risk-reward profile. 

• Huang throws cold water on a potential TSMC led deal for INTC fab business, saying he ‘wasn’t invited’ to any discussions. 
• Micron guidance beats consensus which should be a positive for related names such as Micronics. 
• CoWoS and advanced packing maker Shibaura Mechtronics raised guidance on Wednesday ahead of street, yet stock still trading around recent lows points to further upside.

• Micron’s strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company’s business.
• This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
• Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures

• Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry.
• Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector.
• SoftBank’s $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.

• A detailed analysis of the earnings implied jump in Kuaishou options compared to historical outcomes.
• Pre- and post-earnings price movements are examined to assess directional tendencies and magnitude.
• We find that returns heading into and after earnings have shown a strong bias.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
• In the US, the FOMC has unanimously voted to maintain the Fed Funds target rate unchanged at 4.25-4.50%, in line with market expectations. In its statement, the FOMC noted that “uncertainty around the economic outlook has increased”, removing previous language that the risks to achieving employment and inflation goals are “roughly in balance”.
• Meanwhile, the Fed dot plot showed that the US central bank’s officials continue to see a median of two 25-bp rate cuts in 2025, two cuts in 2026 and one in 2027, with the long-run Fed funds rate unchanged at 3.0%.

• Offer software and advisory services to B2C customers to improve their product usage
• Conduct various extreme tests in labs to ensure product safety, including testing for AI integration and changing technology
• The US is the most highly regulated market for testing products, with third party testing often required

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