reports
- Anish Jog
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
WDC WESTERN DIGITAL CORPORATION
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
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.
PTGX PROTAGONIST THERAPEUTICS
ANAB ANAPTYSBIO INC.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
STTK SHATTUCK LABS
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
SYRE SPYRE THERAPEUTICS INC.
DBD DIEBOLD NIXDORF INCORPORATED
- Antoine Legault
- Matthew Bryson
Insight Focus on Product Advancements or Fundamentals?
Higher Memory CostsNTAP historically has been somewhat less adept than its peers during periods when memory costs fluctuate.We would not expect any impact on current quarter dynamics or even potentially FQ3 economics given our belief that NTAP pulled some storage purchases forward into CQ2.However,
WDC WESTERN DIGITAL CORPORATION
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
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.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
STX SEAGATE TECHNOLOGY HLDGS PLC
GFS GLOBALFOUNDRIES INC
DBD DIEBOLD NIXDORF INCORPORATED
- Antoine Legault
- Matthew Bryson
Daily Views on Tech Headlines
Samsung, NVDA: Jensen Huang reportedly confirms Samsung’s HBM3e qualView: Per News1 Korea, Jensen has personally informed Samsung that its HBM3e has passed NVIDIA’s quality qualification tests and that NVDA intends to place orders. The two companies, in turn, are now reportedly fine-tuning details
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Pierre FerraguÊ
Oracle AI cloud margins: Much ado about nothing
The Information reported yesterday that Oracle’s AI cloud margins are in the high teens. Accounting for typical start-up costs, this aligns well with our analysis of the $300bn OpenAI contract. Please see the link for our analysis of Oracle's AI cloud economics over the next 10 years and the implications for overall gross margins.
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
TSLA TESLA INC
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
NFLX NETFLIX INC.
WVE WAVE LIFE SCIENCES
PTGX PROTAGONIST THERAPEUTICS
ANAB ANAPTYSBIO INC.
ROKU ROKU INC. CLASS A
MDB MONGODB INC. CLASS A
AMZN AMAZON.COM INC.
MSFT MICROSOFT CORPORATION
ACET ADICET BIO INC
STTK SHATTUCK LABS
BEAM BEAM THERAPEUTICS
PLTR PALANTIR TECHNOLOGIES
SNOW SNOWFLAKE INC. CLASS A
TTD THE TRADE DESK
PRME INC.
SYRE PRIME MEDICINE INC
JBIO SPYRE THERAPEUTICS INC.
JADE BIOSCIENCES INC
- Anish Jog
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Anish Jog
- Daniel Ives
- Matthew Weiss
- Sam Brandeis
- Scott Devitt
- Steven Wahrhaftig
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Antoine Legault
- Matthew Bryson
Daily Views on Tech Headlines
As such, 1) we see a continued opportunity for NVDA (and other US vendors) to again sell parts into China (even assuming capabilities remain limited vs. Western product) and 2) we believe that US vendors should have a significant advantage competing in other geographies (vs. Chinese offerings) assu
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Antoine Legault
- Matthew Bryson
Daily Views on Tech Headlines
WDC, HDDs: Irving Tan says company will invest $1B in Japan over the next 5 yearsView: WDC said it would invest $1B in Japan over the next five years to help the company drive the next generation of HDD innovation.We believe WDC has a meaningful R&D presence in Japan dating back to its acquisit
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Antoine Legault
- Matthew Bryson
Daily Views on Tech Headlines
Having said this, the report also notes that while glass substrates are meant to replace silicon interposers, there is not yet a pressing “must-use” need. Net, we continue to believe glass substrates will eventually become the norm (with initial penetration starting at the high end of the market),
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
KURA KURA ONCOLOGY INC.
IMAX IMAX CORPORATION
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ISR ISORAY
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
APLS APELLIS PHARMACEUTICALS
ZG ZILLOW GROUP INC. CLASS A
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
STRO SUTRO BIOPHARMA
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
BEAM BEAM THERAPEUTICS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
VRDN VIRIDIAN THERAPEUTICS INC
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
APP APPLOVIN CORP
ATXS ASTRIA THERAPEUTICS INC
GMTX GEMINI THERAPEUTICS INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
APGE APOGEE THERAPEUTICS INC
EMBRAC B EMBRACER GROUP AB
DNTH DIANTHUS THERAPEUTICS INC
LAC. LITHIUM AMERICAS CORP NEW
ORKA ORUKA THERAPEUTICS INC
ZBIO ZENAS BIOPHARMA INC.
TLX TELIX PHARMACEUTICALS LIMITED
MAZE MAZE THERAPEUTICS INC
- Wedbush Research
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
IMAX IMAX CORPORATION
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
ARGX ARGENX ADS
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
RBLX ROBLOX
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly for 2025 Q4
For almost three years the Nikkei 225 has been tracking its performance from the 2003~5 bull market, albeit at levels some 3.3x higher In this report, Pelham Smithers discusses the similarities and asks three key questions: (1) Can we continue to track 2005 through the rest of the year; (2) Whatever happens in Q4, should we fear or be hopeful for 2026? And (3) Who are the upcoming winners and losers.
4689 Z HOLDINGS CORPORATION
7751 CANON INC.
6952 CASIO COMPUTER CO. LTD.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
7762 CITIZEN WATCH CO LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
5803 FUJIKURA LTD
4902 KONICA MINOLTA INC.
6752 PANASONIC CORPORATION
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
5423 TOKYO STEEL MANUFACTURING CO. LTD.
8729 SONY FINANCIAL HOLDINGS INC.
7267 HONDA MOTOR CO. LTD.
7202 ISUZU MOTORS LIMITED
9616 KYORITSU MAINTENANCE CO. LTD.
6981 MURATA MANUFACTURING CO. LTD.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6701 NEC CORP.
6594 NIDEC CORPORATION
7731 NIKON CORP.
2371 KAKAKU.COM INC.
6963 ROHM CO. LTD.
6753 SHARP CORPORATION
6762 TDK CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
6976 TAIYO YUDEN CO. LTD.
4186 TOKYO OHKA KOGYO CO. LTD.
8035 TOKYO ELECTRON LTD.
7261 MAZDA MOTOR CORP.
3774 INTERNET INITIATIVE JAPAN
3697 SHIFT
6857 JP ADVANEST
6460 JP SEGA SAMMY
4385 MERCARI INC.
36350 KOEI TECMO
45870 PEPTIDREAM INC
3491 JT GA TECHNOLOGIES
3630 JT DENSAN SYSTEM CO LTD (3630 JT)
4194 VISIONAL
4483 JMDC
WOLF WOLFSPEED INC
TSE: 2980 SRE HOLDINGS CORP
AST VISIONAL INC
5032 JT ASTREE CIE ASSURANCE & REASSURANCE
5253 JT ANYCOLOR INC
9616 JT COVER CORPORATION (5253 JT)
8473 JT KYORITSU MAINTENANCE (9616 JT)
215A SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
285A JT TIMEE INC
KIOXIA CORPORATION (285A JT)
- Antoine Legault
- Matthew Bryson
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NTAP NETAPP INC.
MU MICRON TECHNOLOGY INC.
INTC INTEL CORPORATION
GOOGL ALPHABET INC. CLASS A
FB FACEBOOK INC. CLASS A
AXTI AXT INC.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
SMCI SUPER MICRO COMPUTER
STX INC.
GFS SEAGATE TECHNOLOGY HLDGS PLC
GLOBALFOUNDRIES INC
- Pierre FerraguÊ
OpenAI should account for 17% of expectations for Nvidia 2027 datacent...
Total capex required to meet OpenAI’s needs could reach ~$130bn by 2027, roughly equal to what consensus forecasts, on average, for each of the top four hyperscalers over the same horizon. In this note, we estimate how much of Nvidia’s datacenter revenue expectations this represents.
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