2025 outlook for datacenter AI, BEVs slow, Hybrids accelerate, AMD GPU...

China And Hong Kong Property: A comparison between H-REITs and C-REIT...

CSRC announced on 19 April that China and Hong Kong REITs will be included in Stock Connect. In the short term, we believe investors will find H-REITs attractive, considering the quality of underlying assets and liquidity of the stocks. Please find an updated list of C-REITs and H-REITs in this report. Maintain MARKET WEIGHT on Hong Kong’s and China’s property sectors. Maintain BUY on LINK REIT, which is trading at an 2025 yield of 8%.

PSA Consumer Electronics: Update on Global Smartphone and PC Shipment ...

Pelham Smithers highlights some interesting trends in the global smartphone and PC markets.

NSR Policy: Congressional Signals on ACP and Tax Bill

In this Weekend Update, we focus on the signs that Congress provided this past week on two issues that directly affect the finances of ISPs: the future of ACP and taxes. As to the ACP, we discuss how extension proponents apparently failed in efforts to include an ACP extension appropriation in the recently adopted short-term budget compromise. That should surprise no one but it indicates that an extension remains an uphill struggle. Still, that possibility remains on the table but there will be ...

PSA Macro: The Importance of Japan’s Belated Export Boom

Despite the yen steadily weakening against both the dollar and euro over past three years, Japan’s exports haven’t really taken off. However, the latest trade data suggests that this is finally happening. Pelham Smithers discusses the importance of Japan’s belated export boom.

PSA Market Strategy: How Japan Transformed from a Bear Market to a Bul...

In our 2010 Japan Perspective, written close to the nadir of the bear market, we discussed what was wrong with Japan, but also what it was starting to do right. Fourteen years on, the Nikkei 225 - though not yet Topix - has hit a new all-time high. This report looks at how Japan built on those things that were going right, while also starting to address what else needed to be done, and looks at whether more is needed to be done if the market rally is to continue from here.

NSR Policy: Weekend Update on Tech and Social Media Policy

In this note focused on social media, we review the heavily covered Senate hearing involving CEOs of major social media companies. As we explain, though there was bipartisan agreement that social media is causing harm to young people in the United States and that the companies who operate social media platforms could do a much better job of protecting young people from such harm, there was not the same bipartisan agreement about how to proceed legislatively to address the concerns. For example...

NSR Policy: House Hearing and Deal Speculation Raise Questions About Q...

In this media focused note, we focus on two events that occurred last week; a House hearing on sports programming rights and speculation that media mogul Byron Allen would make a bid for Paramount Global. We think both events are occurring in an environment in which linear television, the primary transmission path for sports programming and the primary assets of Paramount are in secular decline. Yet curiously, in both the hearing and the deal speculation, there was little attention paid to the...

NSR policy: Weekend Update on Telecom Policy: Prospects for Senate Tax...

In this telecom focused note we address the prospects for the Senate passing the recent House tax bill, which would provide significant financial benefits to carriers. While there is a high level of uncertainty and the dynamics are fluid, we are more optimistic about passage than we perceive the conventional wisdom to be, for reasons we discuss, including that for the business community, this provides “bird in hand” tax relief, while waiting for 2025 may prove foolhardy. But there are numerous...

NSR Policy: 2024 in Preview

Welcome back. In this special weekend update, we preview the upcoming year in TMT policy. In a typical Presidential election year, the only policy event that matters happens in November. 2024 will be different, for a host of reasons covered in this note.