Core Insights - Recent sell-off in tech stocks, particularly those exposed to AI, has raised concerns about an AI bubble, prompting JPMorgan to suggest it may be time for investors to consider buying these stocks at discounted prices [3][7]. Group 1: Market Overview - Tech stocks, including Dell and Arista Networks, have experienced significant declines of 10% to 40% from their recent highs due to fears surrounding an AI bubble [2][4]. - JPMorgan analysts believe that the concerns about an AI bubble may be overblown, indicating that many companies with strong fundamentals are undervalued [3][7]. Group 2: Stock Recommendations - JPMorgan identified 15 stocks particularly exposed to AI that are considered bargains, with strong fundamentals and "overblown" risks already priced in [2][7]. - Notable recommendations include Dell, which has lost 25% of its value since late October, and Arista Networks, among others like Coherent, Flex, Jabil, and Amphenol [4][5]. Group 3: Company-Specific Insights - Dell's stock decline is attributed to concerns over rising component prices, although JPMorgan believes the company has effectively managed these costs [4]. - Arista Networks and other companies listed derive significant AI exposure from major tech firms expected to continue investing in infrastructure, providing more stable financing compared to less established players [8].

Core Viewpoint - D-Wave Quantum Inc. has completed the redemption of all outstanding public warrants, with the redemption date set for November 19, 2025, marking a significant step in the company's financial management and capital structure [1][4]. Summary by Sections Redemption of Warrants - D-Wave announced the completion of the redemption of all public warrants to purchase shares of common stock, with a redemption date of November 19, 2025 [1]. - Prior to the redemption announcement on October 20, 2025, 4,746,358 warrants were exercised, resulting in approximately 6.9 million shares of common stock being issued at an exercise price of $11.50 per warrant, generating cash proceeds of about $54.6 million for the company [2]. - As of the redemption date, 270,820 warrants remained unexercised, which were redeemed at a price of $0.01 per warrant, totaling an aggregate redemption price of $2,708.20 [3]. Trading and Delisting - Following the redemption, the warrants ceased trading on the New York Stock Exchange (NYSE) and will be delisted, effective November 18, 2025, while the common stock continues to trade under the symbol "QBTS" [4]. Company Overview - D-Wave Quantum Inc. is recognized as a leader in quantum computing systems, software, and services, being the first commercial supplier of quantum computers [6]. - The company focuses on delivering value through its quantum computing technology, which includes both annealing and gate-model quantum computers, and has a strong customer base with over 100 organizations utilizing its systems for various computational challenges [6].

Nov 21, 2025 7:00 AM Eastern Standard Time D-Wave Completes Redemption of Public Warrants Share PALO ALTO, Calif.--(BUSINESS WIRE)--D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave†or the "Company†), a leader in quantum computing systems, software, and services and the world's first commercial supplier of quantum computers, today announced that it has completed the redemption of all of the Company's outstanding public warrants (the "Warrants†) to purchase shares of the Company's common stock ("Common Stock†) ...

OpenAI is partnering with Foxconn to design and manufacture hardware for data centers, the latest move by the ChatGPT maker to meet its surging need for infrastructure to support AI systems https://t.co/LsfeaNU78N ...

Core Viewpoint - Linus Torvalds emphasizes that AI is just another tool in software development, similar to compilers, which enhances productivity without eliminating the need for programmers [2][27]. Group 1: Role and Contributions - Linus Torvalds states that he has transitioned from being a programmer to a system maintainer and observer, highlighting that the real contributions come from others in the community [6][9]. - Over the past 35 years, the core work of maintaining and supporting the Linux kernel has become increasingly important, with ongoing modifications to improve code cleanliness and stability [10][11]. Group 2: AI and Software Development - Torvalds has not personally used AI to assist in coding and believes that while AI can enhance productivity, it will not replace programmers [27][25]. - The Linux community is exploring AI's potential in code review and maintenance, but most applications remain experimental and face challenges, such as AI interference with infrastructure [23][22]. Group 3: Hardware and Industry Changes - The rise of Nvidia and AMD has shifted focus from traditional CPUs to accelerated processing units (APUs), although Torvalds maintains that general-purpose CPUs remain crucial for Linux [19][20]. - AI's growth has led to Nvidia's increased involvement in the Linux kernel, which is seen as a positive development for the open-source community [21]. Group 4: Personal Insights and Hobbies - Torvalds shares his experience of building guitar pedals as a hobby to relieve stress, emphasizing the importance of having interests outside of work [29][30]. - He acknowledges that while he spends much of his time reviewing emails, he rarely responds, which may lead to misconceptions about his demeanor [32][34].

Core Viewpoint - The article highlights the emergence of a new golden era for hardware entrepreneurship in Shenzhen, particularly in the Nanshan Technology Park, where a diverse range of innovative startups are thriving and leveraging local resources to create impactful products [3][4][8]. Group 1: Entrepreneurial Landscape - Shenzhen's Nanshan Technology Park has become a hub for over ten thousand startup teams, indicating a high density of entrepreneurial activity [4][8]. - The article categorizes three types of entrepreneurs: top technical talents in hardware, young professionals transitioning from other industries, and traditional factory owners from Shenzhen's electronics sector [5][8]. - Many of these startups operate with small teams, often consisting of just 1-2 members, yet they are capable of developing mature hardware products [6][21]. Group 2: Success Stories - Entrepreneurs like Hou Ningzhe and Li Yilu exemplify the new wave of hardware creators, with Hou focusing on robotic tactile sensing technology and Li developing a portable water purifier [12][15]. - Li's team, consisting of only three people, managed to raise over one million RMB in overseas funding and won a design award, showcasing the potential of small teams in the hardware sector [15][22]. - Zhang Hailong transitioned from managing an electronics factory to creating his own brand of smart rings, demonstrating the shift from traditional manufacturing to innovative product development [16]. Group 3: Collaborative Ecosystem - The article emphasizes the importance of Shenzhen's efficient hardware supply chain, which allows startups to quickly source components and collaborate with experienced manufacturers [27][30]. - The presence of numerous incubators and maker spaces in Shenzhen supports young entrepreneurs by providing access to resources, technical support, and market connections [34][36]. - The local entrepreneurial ecosystem fosters collaboration, enabling startups to validate their products through crowdfunding before scaling up production [25][26]. Group 4: Market Potential and Innovation - Shenzhen is home to a significant number of high-tech enterprises, with over 2.5 million national high-tech companies and a high density of AI and robotics firms [49][50]. - The article notes that small startups are often more agile and innovative than larger corporations, which may hesitate to enter new markets due to potential risks [42]. - The growth of "super nodes" in the hardware sector, such as companies that have achieved significant market share, illustrates the potential for small teams to disrupt established industries [41][42].

Core Insights - Dell Technologies is collaborating with The University of Texas at Austin's TACC and NVIDIA to develop Horizon, the largest academic supercomputer in the U.S., aimed at enhancing research and open science [2][5] - Horizon will provide unprecedented high-performance computing (HPC) and AI capabilities, enabling researchers to address complex challenges in various fields such as climate change, healthcare, and national security [3][6] Technical Specifications - Horizon will feature 300 petaflops of computing power, representing a tenfold increase in simulation speed compared to TACC's current supercomputer, Frontera [5][6] - The supercomputer will utilize Dell Integrated Rack Scalable Systems (IRSS) with direct-liquid cooled Dell PowerEdge servers, NVIDIA Grace Blackwell platform, and NVIDIA Vera CPUs, totaling 1 million CPU cores and 4,000 NVIDIA GPUs [4][6] Strategic Importance - The project is supported by the National Science Foundation and is expected to drive significant advancements in scientific research and innovation, reinforcing U.S. leadership in these areas [5][7] - The collaboration between Dell, TACC, and NVIDIA is positioned as a transformative initiative for scientific discovery, particularly in leveraging AI for research [7]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Global Technology Hardware** industry, specifically the **Hardware OEM/ODMs** sector, which is facing increasing margin pressure due to a **memory supercycle** amidst weak hardware demand [1][8][9]. Core Insights and Arguments - **Memory Pricing Surge**: Memory prices (NAND and DRAM) have surged by **50-300%** in the last six months, driven by demand from hyperscalers and underinvestment in NAND [9][11]. - **Earnings Risk**: The memory supercycle poses a downside risk to Hardware OEM earnings heading into **2026**, with memory costs accounting for **10-70%** of product costs [9][12]. - **Historical Context**: The last memory cycle (2016-2018) saw a **median gross margin compression of 70bps** year-over-year, indicating potential future earnings pressure for OEMs with high memory exposure [10][11]. - **Current Demand Trends**: The current demand for non-AI hardware is tepid, with enterprise hardware budget growth projected at only **1.6%** year-over-year in **2026**, which is below historical averages [12][15]. - **Downgrades**: Several companies, including **DELL**, **HPQ**, **Asustek**, and **Pegatron**, have been downgraded to **Underweight** due to expected margin pressures and negative EPS revisions [21][22]. Company-Specific Changes - **Dell Technologies (DELL)**: Downgraded to **Underweight** with a new price target of **$110**, down from **$144** [21]. - **HP Inc. (HPQ)**: Downgraded to **Underweight** with a new price target of **$24**, down from **$26** [21]. - **Asustek**: Downgraded to **Underweight** with a new price target of **NT$500**, down from **NT$625** [21]. - **Pegatron**: Downgraded to **Underweight** with a new price target of **NT$58**, down from **NT$73** [21]. - **Hewlett Packard Enterprise (HPE)**: Downgraded to **Equal-weight** with a new price target of **$25**, down from **$28** [21]. - **Lenovo**: Downgraded to **Equal-weight** with a new price target of **HK$10.20**, down from **HK$13.00** [21]. - **Giga-Byte**: Downgraded to **Equal-weight** with a new price target of **$290**, down from **$370** [21]. Additional Important Insights - **Mitigation Strategies**: OEMs are expected to respond to rising memory costs through pricing increases and cost management strategies, but even with these efforts, gross margins are projected to compress by **60bps** year-over-year in **2026** [12][19]. - **Risk Factors**: Potential risks include being too early in the call regarding margin pressures, successful mitigation actions, and strong demand for AI infrastructure that could overshadow margin concerns [17][18]. - **Investment Opportunities**: Companies like **Apple**, **Micron**, and **SK Hynix** are highlighted as potential beneficiaries of the memory cycle due to their strong demand trends and margin resilience [18][58]. Conclusion - The hardware OEM/ODM sector is facing significant challenges due to rising memory costs and weak demand, leading to downgrades for several key players. The historical context of memory cycles suggests that margin pressures could persist, making it crucial for investors to monitor these developments closely.

Group 1 - Zebra Technologies Corporation (NASDAQ: ZBRA) is a global leader in digitizing and automating workflows to deliver intelligent operations [6][7] - The company will present at two investor conferences: on Nov. 18 at the Stephens NASH25 Conference and on Dec. 1 at the UBS Global Technology and AI Conference [4][6] - Zebra Technologies provides a portfolio of connected frontline, asset visibility, and automation solutions powered by AI, serving various industries including retail, manufacturing, and healthcare [2][6] Group 2 - The company announced strong third-quarter results for 2025, driven by solid demand, lower-than-expected tariffs, and effective execution by its teams [6] - Zebra Technologies completed the acquisition of Elo Touch Solutions, enhancing its capabilities in customer engagement and automation across multiple sectors [7] - The company will release its third-quarter financial results on Oct. 28, 2025, followed by a conference call to discuss these results [8]

Nov 13, 2025 9:10 AM Eastern Standard Time Deswell Announces First Half 2026 Results Share - Company Announces First Half Cash Dividend of $0.10 Per Share - MACAO--(BUSINESS WIRE)--Deswell Industries, Inc. (Nasdaq: DSWL) today announced its unaudited financial results for the first six months of fiscal 2026, ended September 30, 2025. Net sales for the six months ended September 30, 2025 were $33.2 million, a decrease of 5.5% compared to net sales of $35.2 million for the six months ended September 30, 2024. ...