29 June 2025 ab Global Research Equities Americas Semiconductors Timothy Arcuri US Semiconductors and Semi Equipment Section 232 and Export Controls - Takeaways from Call With Former BIS Head Summary Thoughts Following our call with the former Assistant Secretary of Commerce, we believe tariff headlines in the next 4-6 weeks are a bit of a blind spot for many investors. Our expert believes tariffs resulting from Section 232 will come as early as late July or early August with a baseline framework mirroring ...

我此前曾在2022年3月、2022年9月和2023年3月三次与Huang进行访谈。那些访谈的显著之处在于 Huang极力让世界理解GPU computing的潜力；而如今这一潜力正在实现的过程中，Huang和Nvidia正 面临一整套全新的问题，尽管他们仍在不断推进computing的发展。 Ben：大家好，本周的Stratechery访谈提前发布，因为我有机会在Jensen Huang结束他今早在中国台湾 举办的Computex 2025主题演讲后与他当面交流。我计划本周稍后继续探讨这次访谈中的一些话题， 因此本着与各位分享对话的初衷——这也是本访谈系列的核心——我希望尽快将其发布。 Ben：Jensen Huang，欢迎再次做客Stratechery。 Jensen Huang：很高兴见到你，Ben。 Ben：这次能与你线下面谈真的太好了，我们之前的对话都是通过Zoom进行的，而你现在人在台湾。 你刚刚宣布了一栋新大楼的建设，离我家很近，这太令人兴奋了。我们之前交谈时，我感觉你特别希望 让世界了解GPU的潜力。当我们最初交谈时还在pre-ChatGPT时代，而现在全球市场在你每次发布财 报时都如履薄冰。我 ...

Group 1: Market Reactions and Stock Performance - April's "Liberation Day" led to significant market volatility, creating opportunities for both bullish and bearish investors [1][2] - Deckers Outdoor Corp. (DECK) experienced a 20% decline due to tariff cost absorption, highlighting the impact of trade policies on specific companies [2] - Notable stock performances included Papa John's International Inc. (PZZA) up 29%, Coupang Inc. (CPNG) up 26%, and JBT Marel Corp. (JBTM) up 18% [7] Group 2: Tax Legislation and Economic Impact - The U.S. House of Representatives passed a comprehensive tax bill aimed at extending the 2017 tax cuts, which is expected to increase consumer demand [6] - Intuit Inc. (INTU) is recommended as a beneficiary of potential tax changes, regardless of Congressional actions [4] - Analysts predict a surge in revenues for Sezzle Inc. (SEZL) by 62% this year, benefiting from increased consumer spending [9] Group 3: Technology Sector Developments - The tech sector is poised for growth as regulations are expected to be relaxed, particularly benefiting chipmakers like Monolithic Power Systems Inc. (MPWR) which has seen a 20% increase [12] - Interactive Brokers Group Inc. (IBKR) is positioned to capitalize on the relaxation of tech regulations, offering a platform that integrates various trading assets [13][15] - The potential for growth in prediction markets and cryptocurrencies is highlighted as new areas of opportunity for Interactive Brokers [16] Group 4: Energy Sector Opportunities - The energy sector is set to benefit from accelerated permit approvals for fossil fuel production, with MPLX LP (MPLX) identified as a strong player in the natural gas pipeline industry [18][20] - MPLX is expected to see a 7% increase in revenues and profits this year, with a favorable risk-reward profile due to its conservative asset base [21] - The stock trades at a discount compared to competitors, offering a high dividend yield of 7.6% [21]