External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Nvidia: Maybe a Few Short-Term Concerns but Blackwell Looks like a Step Function Upwards

Thematic (Sector/Industry)

United states It / Thematic (Sector/Industry)

<ul><li>On 10 October 2024, AMD (AMD US, NR) launched its latest AI accelerator, the Instinct MI325X, aimed at competing directly with H200 from Nvidia (NVDA US, NR) that will ship by 4Q24.</li><li>AMD also introduced MI350 that targets Nvidia’s Blackwell series during the event, but MI350 will not enter mass production until 2H25. Lisa Su, the CEO of AMD, projected the data center AI accelerator TAM to grow at 60%+ CAGR, reaching US$500bn by 2028, a significant increase from prior estimates (US$400bn by 2027E in early-2024).</li><li>The event did not offer too much surprise to investors. Some details we noticed include: 1) Meta Llama 405B model now runs exclusively on MI300X for all live traffic. This implies AMD gains better traction at Meta. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

On 10 October 2024, AMD (AMD US, NR) launched its latest AI accelerator, the Instinct MI325X, aimed at competing directly with H200 from Nvidia (NVDA US, NR) that will ship by 4Q24.AMD also introduced MI350 that targets Nvidia’s Blackwell series during the event, but MI350 will not enter mass production until 2H25. Lisa Su, the CEO of AMD, projected the data center AI accelerator TAM to grow at 60%+ CAGR, reaching US$500bn by 2028, a significant increase from prior estimates (US$400bn by 2027E in early-2024).The event did not offer too much surprise to investors. Some details we noticed include: 1) Meta Llama 405B model now runs exclusively on MI300X for all live traffic. This implies AMD gains better traction at Meta. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - AMD “Advancing AI” event