reports
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
TSEM TOWER SEMICONDUCTOR LTD
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
PSA ERP Software / IT Services: Money Forward (3994 JT) and Freee’s (4...
Money Forward (3994 JT) and Freee's (4478 JT) market caps have been converging as the latter starts a recovery from all-time lows. Freee's earlier shift to operating profitability has attracted investor attention, as MF guides for a deceleration in sales growth for its FY25. However, over the long-term, MF is looking more attractive.
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q2
In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
AMAT APPLIED MATERIALS INC.
6146 DISCO CORPORATION
5108 BRIDGESTONE CORPORATION
7751 CANON INC.
9697 CAPCOM CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4755 RAKUTEN INC.
9684 SQUARE ENIX HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
6869 SYSMEX CORPORATION
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
6301 KOMATSU LTD.
6503 MITSUBISHI ELECTRIC CORP.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6594 NIDEC CORPORATION
7731 NIKON CORP.
8604 NOMURA HOLDINGS INC.
7733 OLYMPUS CORP.
4666 PARK24 CO. LTD.
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
1803 SHIMIZU CORPORATION
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
7269 SUZUKI MOTOR CORP.
1801 TAISEI CORP
6857 ADVANTEST CORP.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7203 TOYOTA MOTOR CORP.
2413 M3 INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
6098 RECRUIT HOLDINGS CO. LTD.
3769 GMO PAYMENT
6460 JP SEGA SAMMY
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
9434 SOFTBANK CORP.
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
6532 JT BAYCURRENT CONSULTING (6532 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
6526 SOCIONEXT INC
5032 JT ANYCOLOR INC
5838 RAKUTEN BANK LTD.
5253 JT COVER CORPORATION (5253 JT)
9616 JT KYORITSU MAINTENANCE (9616 JT)
- Lindsay Whipp
PSA: Enterprise Software: SMID-Cap IT Services Valuations-Growth Gap
PSA: Enterprise Software: SMID-Cap IT Services Valuations-Growth Gap Looking for opportunities in SMID-cap IT services and SaaS companies with significant gaps between valuations and growth among those well positioned for growth in a changing world.
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
MRVL MARVELL TECHNOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
DBD DIEBOLD NIXDORF INCORPORATED
NCR-US NCR CORP.
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
QCOM QUALCOMM INC
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
HPE HEWLETT PACKARD ENTERPRISE CO.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
AVGO BROADCOM INC.
DELL DELL TECHNOLOGIES INC CLASS C
MRVL MARVELL TECHNOLOGY INC
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
DBD DIEBOLD NIXDORF INCORPORATED
NCR-US NCR CORP.
- Chris Hoare
- Pierre FerraguÊ
DeepSeek and you thought they don’t need to scale compute? Look again
Last week, DeepSeek’s highly efficient models called into question the need for further compute infrastructure investments. However, our latest analysis demonstrates that growing compute by orders of magnitude is next on the start-up’s agenda, if they want to stay in the game. Click on the link below for more details – on a single slide
Moody's Ratings assigns Baa2 ratings to Oracle's proposed notes
Moody's Ratings (Moody's) assigned Baa2 ratings to Oracle Corporation's (Oracle) proposed senior unsecured note offering. The company's existing ratings including the Baa2 senior unsecured and Prime-2 Commercial Paper ratings and stable outlook remain unchanged. Oracle has indicated that it will us...
- Pierre FerraguÊ
- Pierre FerraguÊ
Stargate: The cornelian dilemma of frontier AI economics in a single s...
Our analysis of Stargate ambitions and the economics OpenAI aims for over time reveal a stark dilemma, which explains a lot the move, and puts into question the ability of the joint venture to sustainably deploy that much datacenter capacity and, more broadly, the ability of the industry to absorb the datacenter capacity deployed for the training of frontier models.
- Pierre FerraguÊ
Stargate: Big thinking on the future of AI Infrastructure.
The Stargate announcement – The $500bn datacenter, was the opportunity for us to bring together a number of analyses we have carried out in recent weeks, to understand how the economics of AI Infrastructure will shape up over time. We bring together, in the piece we publish today, an initial perspective, which might be groundbreaking. This work will help us understand how the AI landscape will shape up in the next 2-3 years, expect more from us on that topic in coming weeks and months.
- Antoine Legault
- Matthew Bryson
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
ORCL ORACLE CORPORATION
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
- Lindsay Whipp
PSA Information Technology / IT Services: NTT Data (9613 JT) – The Dat...
Tags: NTT Corp (9432 JT), Equinix (EQIX US), Iron Mountain (IRM US), Amazon (AMZN US), Microsoft (MSFT US), Google (GOOG US), Digital Realty Trust (DLR US), QTS (owned by Blackstone (BX US)), CyrusOne (owned by KKR (KKR US) and Global Infrastructure Partners (pvt), Cyxtera (owned by Brookfield Infrastructure Partners (BIP US)), Cologix (pvt), Meta (META US), Apple (AAPL US), Oracle (ORCL US), Netflix (NFLX US), Money Forward (3994 JT), Digital Realty Trust (DLR US), DataBridge Group (DBRG US), N...
- Chris Hoare
Japanese Telcos & Internet What to expect in 2025: Mixed
After 3 good years, 2024 was not great for the Japanese incumbents; with KDDI and SoftBank rising modestly and NTT falling, but all underperforming the Nikkei. In our view, risk is rising in Mobile, although we continue to see the sector as fundamentally undervalued. Rakuten performed well in 2024, but this was really to do with balance sheet risk easing on the back of cost cutting/refinancing rather than better traction in Mobile.
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