October 20, 2025 09:00 PM GMT The Open Compute Project (OCP) Global Summit was hosted in San Jose, US on October 13-16. Of the 129 companies (up from 99 last year) ( Exhibit 1 ) that had booths at OCP, 27 were Taiwanese (up from 22 last year) ( Exhibit 2 ). With the continuous increase in compute performance and demand, the key focus areas this year were placed on mechanical, networking (ESUN, CPO, etc), power (800 VDC), and cooling solutions (two-phase cold plates, immersion, etc). Every ODM/OEM showcased ...

Conestoga Capital Advisors, an asset management company, released its third-quarter 2025 investor letter. A copy of the letter can be downloaded here. Equity markets continued their momentum that began in early April, reaching new all-time highs in the third quarter. In the quarter, the Conestoga Small Cap Composite returned -1.4% net-of-fees, underperforming the Russell 2000 Growth Index’s impressive 12.2% gain. Most of the Index's gains come from low-quality stock leadership, where unprofitable, high-beta ...

Core Viewpoint - The three major stock indices experienced fluctuations in the morning session, with the ChiNext Index rising over 2% in half a day [1] Sector Performance - The coal mining and processing sector remained strong, with companies such as Antai Group, Dayou Energy, and Yunmei Energy hitting the daily limit [1] - The CPO sector saw a strong rebound, with companies like Huilv Ecology and Cambridge Technology also reaching the daily limit [1] - The robotics concept was active, with Huari Co. and Zhongwei Electronics both hitting a 20% limit up [1] - Conversely, the precious metals sector showed weakness, with Hunan Silver hitting the daily limit down [1] - The rare earth permanent magnet sector declined, with Xinlaifu leading the drop [1] - The banking sector experienced significant declines, with Yunnan Rural Commercial Bank leading the losses [1] Market Overview - Overall, there was a broad increase in individual stocks, with over 4,200 stocks rising [1] - As of the midday close, the Shanghai Composite Index was at 3,866.12 points, up 0.69%; the Shenzhen Component Index was at 12,863.53 points, up 1.38%; and the ChiNext Index was at 3,008.56 points, up 2.49% [1] - The F5G concept, electric motors, and coal mining and processing sectors led the gains, while precious metals, gold concepts, and lead metal sectors saw the largest declines [1]

Core Viewpoint - Dell Technologies (NYSE: DELL) has been rated a STRONG BUY in previous analyses, with the stock outperforming the broader market significantly over various timeframes [1]. Group 1: Company Analysis - The company is focused on technology sectors, particularly in AI infrastructure, cloud computing, and digital transformation [1]. - The investment approach emphasizes understanding both the fundamentals of the business and its future growth trajectory [1]. - The goal is to identify businesses with intrinsic values that exceed their current market values [1]. Group 2: Analyst Background - The analyst has a long position in Dell shares, indicating a personal investment interest [2]. - The article reflects the analyst's own opinions and is not influenced by external compensation [2].

AI stocks have carried the stock market to record highs in 2025. JPMorgan analysts estimate that a group of 30 companies have generated $5 trillion for investors. The list of winning AI stocks includes Nvidia and Microsoft, as well as some unexpected names. It's no secret that AI is the hottest trade in the stock market, but JPMorgan has put a number on the wealth generated by US households that have been invested in the trend — and it's staggering. A note from the bank in September said that 30 A ...

Group 1: Microsoft - Microsoft announced the integration of AI features into Windows 11, aiming to encourage users to upgrade their personal computers, marking the entry into an "AI-native" era for the PC industry [1] Group 2: Oracle - Oracle revealed that its AI infrastructure project, with a total revenue of $60 billion over six years, could achieve a gross margin of 35%, alleviating market concerns about its cloud business profitability [2] - The company expects its cloud infrastructure annual revenue to reach $166 billion by fiscal year 2030, accounting for nearly 75% of total revenue [2] Group 3: Apple - Apple is preparing to launch a MacBook Pro with a touchscreen, featuring a thinner design and M6 series chips, which is expected to be released in late 2026 or early 2027, potentially at a higher price due to the use of more expensive components [4] - This move represents a significant shift in Apple's positioning of the MacBook Pro as a "productivity tool," breaking a 20-year tradition [4] Group 4: Neuroscience - Researchers at New York University developed a new brain implant that can precisely deliver drugs to multiple areas of the brain, opening new pathways for treating neurological diseases [5] - The implant, named SPIRAL, is a thin, flexible catheter capable of accurately releasing medication while maintaining a minimally invasive profile [5]

Summary of Conference Call Notes Industry Overview - **Industry**: Technology - Asia Pacific, specifically focusing on the AI server supply chain in Taiwan - **Key Observations**: - Taiwanese AI ODMs' sales bottomed out in August 2025, with a subsequent ramp-up in GB200/GB300 server shipments starting in September 2025 [1] - Quanta and Wistron reported month-over-month sales growth of 20% and 18% respectively in September, following declines in July and August [1] - Hon Hai's sales increased by 14% quarter-over-quarter and 11% year-over-year in Q3 2025, with a notable 38% month-over-month increase in September [1] Sales Growth and Projections - **Component Sales**: - Strong monthly sales growth recorded in Q3 2025, driven by component restocking for GB200/GB300 AI server shipments [2] - Delta's Q3 2025 sales reached a record high, increasing by 21% quarter-over-quarter and 34% year-over-year, with September sales up 19% month-over-month [2] - AVC and Auras also reported significant sales growth of 32% and 12% quarter-over-quarter in Q3 2025 [2] Potential Slowdown in ASIC AI Server Shipments - **Observations**: - A potential slowdown in ASIC AI server shipments was noted in September, contrasting with the ramp-up of GB200/GB300 servers [3] - EMC's sales declined by 9% month-over-month in September after four months of growth, while Wiwynn and Accton experienced declines of 10% and 5% respectively [3] - Despite the month-over-month declines, year-over-year sales growth remained high, with expectations for a resumption of growth momentum into 2026 [3] Future Sales Expectations - **Sales Projections**: - Anticipated peak sales for Taiwanese AI supply chain in Q4 2025 due to increased demand from top US CSPs [4] - Continued growth momentum expected into 2026, supported by solid demand from CSPs, enterprises, and sovereigns [4] - Buy ratings maintained for leading AI server companies including Hon Hai, Quanta, Wistron, Delta, AVC, and King Slide [4] Company-Specific Insights - **Delta**: - Q3 2025 preliminary sales reached NT$150 billion, with a 21% quarter-over-quarter and 34% year-over-year increase [15] - EPS estimates for 2025-2027 adjusted upwards by 7-9%, with a price objective raised to NT$1,130 [15][16] - Expected to see continued robust sales momentum into 2026, with a projected sales and earnings CAGR of 22% and 30% respectively [19] - **Quanta**: - Reported Q3 2025 preliminary sales of NT$495 billion, reflecting a 2% quarter-over-quarter decline but a 17% year-over-year increase [20] - Sales growth of 20% month-over-month in September indicates a ramp-up in GB300 AI server shipments [20] - EPS estimates for 2025-2027 trimmed by 1-6%, but price objective maintained at NT$360, with a projected sales and earnings CAGR of 24% and 15% respectively [20] Key Takeaways - The Taiwanese AI server supply chain is experiencing a significant recovery with strong sales growth in Q3 2025, driven by increased demand for AI servers from major cloud service providers. - While there are signs of a slowdown in ASIC server shipments, the overall outlook for the AI server market remains positive, with expectations for continued growth into 2026. - Companies like Delta and Quanta are well-positioned to benefit from this growth, with revised earnings projections reflecting their strong sales performance and market demand.

Core Insights - Disruptions in logistics services lead to annual losses of approximately $16 billion for the global technology sector, representing 8% of the technology logistics market [1] Group 1: Impact of Logistics Disruptions - The technology sector is facing increased demands for faster delivery and greater reliability due to the rise of AI, cloud infrastructure, and data centers [2] - Geopolitical instability and trade uncertainty are identified as major influences on supply chain strategy by 91% of surveyed technology leaders [3] - Disruptions have resulted in more customer complaints for 87% of companies, with 66% reporting lost contracts due to supply chain issues [5] Group 2: Factors Affecting Supply Chain - Recent changes in US tariff policies impacted 70% of surveyed companies, while 68% were affected by the semiconductor shortage [3] - Companies investing in warehousing, international shipping, and sustainability experience lower disruption-related costs [4] - Focused investment in risk management and resilience planning can reduce disruption costs by up to 35% [4] Group 3: Importance of Resilience Planning - Strengthening supply chain resilience allows technology firms to restore operations quickly and maintain customer relationships during disruptions [4] - Many technology companies have inadequate resilience plans, with half of those surveyed losing over a month of productive time due to disruptions [6] - Reliable delivery is crucial for customer experience, as 59% of companies reported negative effects on brand reputation due to disruptions [5]

Core Points - Mirion Technologies, Inc. will release its financial results for the third quarter of 2025 after market close on October 28, 2025, followed by a conference call on October 29, 2025, at 11:00 am ET to discuss the results [1] - Participants can access the conference call by dialing specific numbers or through a live webcast available on the company's investor relations website [2] - A telephonic replay of the call will be available until November 12, 2025, with access provided through designated phone numbers and an access code [3] Company Overview - Mirion is a global leader in radiation safety, science, and medicine, focusing on innovations that provide vital protection while utilizing ionizing radiation across various end markets [4] - The company operates in sectors such as nuclear safety, healthcare, and diagnostic imaging, employing approximately 2,800 people across 12 countries [4]

October 14, 2025 03:59 AM GMT Greater China Technology Hardware | Asia Pacific Morgan Stanley Taiwan Limited+ 800 VDC Ecosystem Announced to Drive Next-Gen Efficient Gigawatt AI Factories At OCP 2025 on October 13, NVIDIA announced its 800 VDC (800-volt direct current) infrastructure partner list for Kyber rack server architecture (576 Rubin Ultra GPUs per rack) by 2027. We believe this is simply a list of partners and does not indicate direct project wins for these companies. - 800 VDC allows >150% more po ...