Investment Rating - The report indicates a tactical positioning that is most long GBP in G10 currencies [10]. Core Insights - Options pricing data shows that investors have reduced short USD (DXY) positions and increased long NOK (versus EUR) positions, while decreasing long NZD and SEK (versus EUR) positions [10][11]. - In the futures market, there is a reduction in short USD (DXY) and CAD positions, with an increase in short CHF and a decrease in long EUR positions [10][11]. - Overall, tactical investors are currently long GBP and AUD, while being short JPY and USD (DXY) [10][13]. - Positioning in the futures market indicates long positions in EUR and JPY, and short positions in CHF and NZD [10][13]. - Speculative USD (DXY) futures positioning remains slightly short at -7.63% of open interest, with sentiment on GBP deteriorating the most among G10 currencies [23]. Summary by Sections - **Options Data**: Investors have shifted to long GBP and AUD, while being short JPY and USD (DXY) as of May 9 [10][13]. - **Futures Market**: The positioning shows long EUR and JPY, and short CHF and NZD as of May 6 [10][13]. - **Sentiment Analysis**: The sentiment index indicates that JPY saw the largest improvement, while GBP sentiment deteriorated the most [23].

Investment Rating - The report assigns NVIDIA Corp. a stock rating of Overweight and identifies it as a Top Pick in the semiconductors sector [8][25]. Core Insights - The report highlights that recent data from Taiwan indicates a significant increase in rack shipments, with approximately 1500 racks shipped in April 2025, which aligns with the firm's estimates and alleviates investor concerns [1][17]. - There is a noted shift towards ARM processors and liquid cooling in the ecosystem, driven by the adoption of NVIDIA's GB200 technology, which is expected to enhance revenue growth estimates for 2025 by 50-100% [3][11]. - The report emphasizes that the current supply chain challenges are manageable, and improvements in rack shipments should positively impact NVIDIA's stock performance [22][24]. Summary by Sections Shipment Data - The Taiwan ODM team reported close to 1500 racks shipped in April 2025, an increase from 1000 in the first quarter, suggesting a positive trend in production [1][17]. - The report anticipates that if the current monthly shipment rate continues, NVIDIA could reach approximately 15,000 racks by the end of the year, which is a significant improvement [18][20]. Financial Projections - The report projects NVIDIA's revenue to grow significantly, with GAAP revenue estimates of $130.5 billion for 2025 and $190.8 billion for 2026, reflecting strong demand in the data center business [38]. - Earnings per share (EPS) are expected to rise from $2.99 in fiscal year 2025 to $4.09 in 2026, indicating robust growth potential [8][38]. Market Position - NVIDIA's competitive position is expected to strengthen with broader availability of Blackwell products later in 2025, driven by increased demand for AI/ML hardware solutions [30][34]. - The report notes that NVIDIA's data center business is likely to be a key growth driver over the next five years, fueled by enthusiasm for generative AI [30][34].

Investment Rating - The report maintains an "Overweight" (OW) rating for several companies including Structure Therapeutics Inc (GPCR), Gilead (GILD), Neurocrine Biosciences (NBIX), and Halozyme Therapeutics (HALO) [1][2][10][30]. Core Insights - The biotechnology industry in North America is viewed as attractive, with several companies showing strong growth potential and upcoming catalysts [10]. - Structure Therapeutics is focusing on oral medications for obesity, with their Aleniglipron (oral GLP-1) positioned as a key product in development [40][42]. - Gilead is confident in its long-acting treatment strategy for HIV prevention, with multiple potential approvals expected by 2033 [19][23]. - Neurocrine Biosciences is experiencing momentum with Ingrezza and Crenessity, both of which are expected to drive significant revenue growth [2][27]. - Amgen's Maritide is highlighted for its competitive profile in diabesity, with upcoming data presentations expected to reinforce its efficacy [11][12]. Summary by Company Structure Therapeutics Inc (GPCR) - Price target increased from $118.00 to $120.00, reflecting confidence in their oral GLP-1 candidate Aleniglipron [1]. - The company aims to have a partner for Aleniglipron prior to commercialization, emphasizing the need for a best-in-class profile [42]. Gilead (GILD) - Management expressed confidence in LEN for HIV prevention with a PDUFA date set for June 19, 2025, and a long-acting treatment strategy that includes both oral and injectable options [19][23]. - Seven potential approvals are anticipated by 2033, indicating a robust pipeline [23]. Neurocrine Biosciences (NBIX) - Management is optimistic about Ingrezza's patient starts and the potential of Crenessity, which is believed to have blockbuster potential [2][27]. - The company reiterated its revenue guidance for Ingrezza at $2.5-2.6 billion for 2025 [27]. Amgen (AMGN) - Maritide's competitive profile for diabesity was discussed, with management highlighting key efficacy metrics and upcoming data presentations [11][12]. - The company is confident in managing potential discontinuations in clinical trials based on prior experience [11]. Halozyme Therapeutics (HALO) - Management noted that three blockbuster products are driving current growth, with 11 near-term catalysts expected [2][30]. - The company is focused on maintaining a disciplined approach to M&A opportunities while evaluating organic growth [32]. Acadia Pharmaceuticals (ACAD) - Management highlighted an inflection point for Daybue, with significant growth in sales and a reduction in discontinuations [37][38]. - The company expects to accelerate growth through better patient engagement and community outreach [38]. Ionis Pharmaceuticals (IONS) - Management emphasized the transition to a fully integrated company with favorable early launch trends for its products [8][34]. - The company is preparing for a potential launch of donidalorsen in HAE later this year [34]. Cytokinetics (CYTK) - Management reiterated expectations for a differentiated label for aficamten in obstructive hypertrophic cardiomyopathy, with a PDUFA date extended to December 26, 2025 [9][31].

Investment Rating - The report assigns an "Overweight" rating to Apple, Inc. with a price target of $235.00, indicating a potential upside from the current price of $198.53 [5]. Core Insights - The report discusses the dual nature of concerns regarding Apple's Services business, highlighting both vulnerabilities and potential overreactions from the market. Legal challenges and changing search habits pose risks to Apple's digital advertising revenue, which exceeds $20 billion, putting over 50% of its highest-margin Services at risk. However, investor sentiment has turned negative despite historical outperformance during this period [3][8]. - The report emphasizes the importance of upcoming catalysts, including potential improvements in US/China trade relations and the upcoming WWDC event, which could influence investor sentiment and performance [3][8]. Summary by Sections Financial Metrics - Apple's current market capitalization is approximately $2,978 billion, with a 52-week price range of $260.10 to $169.21. The projected EPS for FY26 is $7.69, with a P/E ratio decreasing from 34.5 in FY24 to 23.0 in FY27 [5][36]. Services Business Analysis - The Services segment has historically compounded at a 16% annual growth rate over the past five years, with gross margins expanding from 60.8% in FY18 to 75.4% in the first half of FY25. However, recent legal developments and regulatory pressures could jeopardize this growth, particularly concerning the App Store and Google TAC, which together account for a significant portion of Services revenue [20][22]. - The report outlines a "Bull Case" where Apple maintains its role as a key search gatekeeper, leveraging its large user base for monetization, while the "Bear Case" suggests that disruptions in traditional search could lead to significant revenue losses [8][12][16]. Future Outlook - The report anticipates that Apple's stock may remain range-bound in the short term due to various market forces, including geopolitical tensions and Services risks. The tactical floor for the stock is estimated at $170, with a ceiling around $230 [23]. - Long-term growth opportunities in AI, AR/VR, and other emerging markets are highlighted as potential drivers of future revenue, which the market may currently be undervaluing [12][20].

Shenzhen Longsys Electronics Co Ltd | Asia Pacific China BEST Conference 2025 Feedback Key Takeaways Conclusion: We remain OW and continue to like Longsys for its self-help story on enterprise business growth and overseas expansion. It has demonstrated highly efficient synergies across its newly acquired assets. The company is trading at 4.4x 12M Fwd P/B, -1s.d. compared to its historical average, indicating market concerns on the overall NAND cycle amid macro uncertainties. We believe major suppliers' util ...

J P M O R G A N Asia Pacific Equity Research 12 May 2025 China Healthcare Quick thoughts on the potential impact of Trump's US drug pricing change proposal on the China drug industry According to news articles, President Trump is expected to sign an executive order to reduce US drug prices by 30-80%, following a "most favored nation" pricing model. As this was reported a few days ago, please refer to our US pharma analysts Chris Schott's and Lisa Gill's previous notes on drug pricing for more context. We've ...

May 12, 2025 03:47 AM GMT Semiconductors | North America Weekly: Earnings Week 4 (SLAB, AEVA, AMAT) AMAT will be the focus this week; we expect a mixed qtr that may fail to dispel the overhangs on the stock. AEVA's breakout share performance is driven by its passenger OEM win - more color there will be key. SLAB (EW, reporting before the market open on Tuesday, May 13): Continued recovery, but cautious on long term impacts from macro uncertainty. Last quarter SLAB saw positive progress on their recovery, bu ...

May 15, 2025 10:40 AM GMT Alibaba Group Holding | Asia Pacific BABA 4QF25 CMR beat, but Cloud in line Reaction to earnings Strengthens our thesis In-line Modest revision higher Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Key Takeaways Exhibit 1: 4QFY25 results review | Alibaba Group | Mar-24 | Dec-24 | Mar-25 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | YE Mar | 4Q24 | 3Q25 | 4Q25e | 4Q25 | ...

May 14, 2025 09:24 AM GMT Tencent Holdings Ltd. | Asia Pacific 1Q25: All round beat Reaction to earnings Exhibit 1: 1Q results review | (Rmb mn) | | | Actual | 1Q25 | | | | --- | --- | --- | --- | --- | --- | --- | | Income Statement | 1Q24 | 4Q24 | 1Q25 | YoY | Consensus | vs. Cons (%) | | VAS | 78,629 | 79,022 | 92,133 | 17.2% | 87,441 | 5.4% | | - Online games | 48,100 | 49,200 | 59,500 | 23.7% | 55,315 | 7.6% | | Domestic games | 34,500 | 33,200 | 42,900 | 24.3% | 39,804 | 7.8% | | International games | ...

M BluePaper May 13, 2025 09:00 PM GMT Global Technology China – AI: The Sleeping Giant Awakens China is focused on how AI can drive industrial transformation at scale and turn constraints into opportunities. A top-down approach, aligning strategy, ecosystem, standards and industry-specific innovation to an already robust infrastructure, is helping unlock AI's potential in China. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be a ...