Weekly|QCOM and SMTC Presentation, SpaceX S-1, NVDA, Kioxia, CRM, Anthropic
Last couple of weeks, we flagged that the FOMO rally in some AI semis looked like it was running on fumes near-term, and we did see a shakeout before the market resumed bidding up the segments. However, we did witness some leadership changes under the surface, where memory and optics slowed down while CPU and power semis led the pack. We believe this is a healthy price reaction in general, but macro headwinds remain a major overhang that might poke the market at any time. We suggest focusing on identifying alpha opportunities amid market turbulence.
Speaking of finding alpha, our research continued to deliver. We hosted a deep-dive presentation on QCOM and SMTC, two of our most debated recent coverage stories, for our Institutional Subscribers mid-week.
For QCOM, we called out its Asian customer ASIC and US customer CPU opportunities in mid-May, which drew significant pushback from investors. We detailed the potential deal details while addressing investor concerns live during the presentation. We were glad to see some stock momentum after the session.
On the other hand, we initiated coverage of SMTC in early May, highlighting its underappreciated ACC opportunities and strong TIA potential. The stock has performed well since our launch, making it one of the few optics names that reached a new high despite the overall sector pause. We offered a thorough explanation of SMTC’s businesses across multiple fronts during the presentation, which was widely acknowledged by investors. At Funda AI, we host deep-dive presentations on various topics, as well as Weekly Group Calls that address the hottest topics among investors. Please reach out to sales@funda.ai for more information.
Elsewhere, SpaceX S-1 finally gave the market something concrete to chew on — though, as we lay out, we think the most important number in that filing is the one that isn’t there yet. We believe the space sector will quickly emerge as another of the biggest market focuses over the next month, and we will continue to provide investor insights on key topics. Stay tuned.
This Week’s Reports
Deep|SPCX S-1 — read it as a float-black-box and AI-infra IPO, not a clean Starlink listing. We think the most important disclosure is the Anthropic cloud agreement ($1.25bn/month through May 2029 across COLOSSUS and COLOSSUS II); the most important number — share count and float — is still blank, so day-one technicals can’t yet be underwritten.
Review | NVDA FY1Q27 — a clean beat-and-raise with the CPU now injecting real momentum. Revenue of $81.6bn and a ~$91.0bn next-quarter guide both topped the street with no China DC compute assumed; a record $20bn returned, the dividend lifted to $0.25, and a fresh $80bn buyback authorized.
