Top 5 Initiations: Susquehanna initiated coverage of Fabrinet (FN) with a Positive rating and $550 price target. Fabrinet has benefited from the inflection of transceivers in data centers and is set to further benefit from multiplying opportunities in optical networking, with an emerging story in high performance computing contract manufacturing for AI servers in addition, the firm tells investors in a research note. Susquehanna also started coverage of Macom (MTSI) with a Neutral rating. Evercore ISI i ...

First cohort of Ryde drivers completes professional training under partnership with Concorde International, opening access to new sectors of work SINGAPORE, SG / ACCESS Newswire / December 9, 2025 / Ryde Group Ltd (NYSE American:RYDE) ("Ryde" or the "Company"), a leading technology platform for mobility and quick commerce in Singapore Singapore's homegrown super mobility platform, today announced that the first batch of driver-partners has successfully completed professional upskilling through the Facilitie ...

8 December 2025 | 12:19AM HKT Equity Research NAVIGATING CHINA INTERNET What to do from here & key focuses/debates post results season; China Internet Trip takeaways We lift the Cloud & Data Centers sub-sector to our top preferred (to #1, from #3) post 3Q results/after our recent China Internet Trip, given our expectations of sustained AI growth momentum on the back of AI training/inference demand, hyperscalers' multi-chip approach and data centers' positive order volume outlook, capex expansion and capital ...

Summary of Q3'25 Earnings Call for US Internet & Interactive Entertainment Companies Industry Overview - The earnings season for US Internet & Interactive Entertainment companies was marked by volatility in stock price reactions, driven by emerging themes in the market [3][4][5]. Key Themes and Insights 1. **AI Investment Trends** - There is a significant increase in AI investments from major players like Amazon (AMZN), Google (GOOGL), and Meta (META), with capital expenditures (capex) rising [3][18]. - The demand for AI workloads is increasing, leading to accelerated revenue growth for public hyperscalers [3][37]. - Investor discussions are focused on the rate of change in investments and the return on spend, particularly for Alphabet and Amazon, while Meta's visibility into returns remains debated [3][18]. 2. **Digital Consumer Behavior** - There is a mixed picture regarding consumer spending, with lower-income households facing downward pressure on discretionary purchases [3][4]. - Brand advertising has shown volatility, particularly among large advertisers in sectors like auto and retail, which could impact the broader digital economy [3][4]. 3. **Growth-Oriented Investments** - Companies are prioritizing long-term growth opportunities related to AI over short-term margins, which requires more proof points to boost investor confidence [4][18]. Company-Specific Insights 1. **Amazon (AMZN)** - AWS revenue growth was approximately 20%, alleviating some bearish concerns regarding its competitive positioning in AI and non-AI workloads [5][37]. - The upcoming AWS re:Invent conference is anticipated to provide further insights into AI positioning and capacity easing [5]. 2. **Meta Platforms (META)** - The deployment of AI has led to better-than-expected revenue growth, but elevated investment levels and questions about long-term monetization opportunities are weighing on investor sentiment [8][18]. 3. **Uber (UBER)** - Demand across mobility and delivery sectors remained strong, with solid bookings trends and positive forward commentary [8][62]. - Investors are focused on the impact of medium to long-term investments on margins and the evolution of the autonomous vehicle landscape [8][62]. 4. **Google (GOOGL)** - GOOGL reported healthy topline growth across all major segments, with positive trends in monetizing AI offerings [8][37]. - The company raised its FY25 capex guidance to $91-93 billion, indicating a commitment to long-term AI opportunities [18]. 5. **eCommerce Trends** - eCommerce results were generally positive, with companies like Amazon and eBay highlighting AI initiatives to enhance customer experience [29]. - Despite a sluggish consumer spending environment, companies demonstrated resilient performance and market share gains [29]. Risks and Considerations - The competitive intensity around AI foundational models is a key risk factor, with ongoing monitoring of spending rates and monetization potential [3][18]. - Investors are concerned about the sustainability of growth in consumer spending, particularly as the holiday season approaches [7][51]. - The online travel sector is facing challenges with more difficult comparisons in Q4, despite a solid travel environment in Q3 [50][51]. Conclusion - The Q3'25 earnings call highlighted a complex landscape for US Internet & Interactive Entertainment companies, with significant focus on AI investments, consumer behavior, and company-specific growth strategies. Investors are advised to remain vigilant regarding macroeconomic conditions and competitive dynamics as they assess future opportunities and risks in the sector [3][4][5][18].

So the fir first two years of the business we focused on working with individual taxi drivers and taxi companies and um we had very good [music] progress with that. But um after two years I remember there was this um important meeting where we met the biggest taxi company in Serbia and I clearly realized walking in that these people are the mafia. There's a pistol on the table.They don't care about [music] customers at all. Uh and I realized after that meeting flying back that we are never going to work wit ...

Core Viewpoint - Ryde Group Ltd has made a strategic investment through its subsidiary RCSR Pte Ltd by entering into a Notes Subscription and Debenture Agreement with Singapore Electric Vehicles Pte Ltd, marking a significant step towards full electrification and commitment to a sustainable urban mobility ecosystem [1] Company Summary - Ryde Group Ltd is a leading technology platform for mobility and quick commerce in Singapore [1] - The investment with SEV, one of Singapore's largest private EV fleet operators, is aimed at enhancing Ryde's electrification roadmap [1] Industry Summary - The move reflects a broader trend in the urban mobility sector towards electrification and sustainability, aligning with global efforts to reduce carbon emissions and promote cleaner transportation solutions [1]

Industry Events - AI正在改变出行方式，Uber首席产品官Sachin Kansal和Nuro联合创始人Dave Ferguson将在Disrupt 2025上分享见解[1] - Disrupt 2025大会将于10月27日至29日在旧金山举行[1]

Core Insights - Joby Aviation Inc (NYSE: JOBY) experienced a significant stock increase of approximately 10% following an announcement of an intensified partnership with Uber Technologies Inc (NYSE: UBER) [1] Company Summary - Joby Aviation is enhancing its collaboration with Uber, a major player in the mobility sector, which is expected to positively impact its market position and growth potential [1] - The partnership aims to leverage Uber's extensive network and resources to advance Joby's electric vertical takeoff and landing (eVTOL) aircraft development [1] Industry Summary - The collaboration between Joby Aviation and Uber highlights the growing trend of partnerships in the mobility industry, particularly in the development of innovative transportation solutions [1] - This strategic alliance may set a precedent for future collaborations among companies in the eVTOL and broader mobility sectors, indicating a shift towards integrated transportation services [1]

Summary of Key Points from China Internet Conference Call Industry Overview - The report focuses on the **China Internet sector**, highlighting the performance of major companies during the 2Q results season and key investor debates regarding future trends and strategies [1][2]. Core Insights and Arguments 1. **2Q Performance**: China Internet companies reported healthy growth with top-line revenue and profits increasing by **14%** and **10%** year-over-year, excluding transaction platforms [1]. 2. **AI and Cloud Growth**: Significant acceleration in AI cloud hyperscaler revenue growth and capital expenditures was noted, with Tencent's fintech business showing positive inflection and Alibaba focusing on improving quick commerce unit economics [1][2]. 3. **Food Delivery and Quick Commerce**: - The competition in food delivery and quick commerce is expected to lead to a long-term market share distribution of **5:4:1** among Meituan, Alibaba, and JD [9]. - Estimated declines in adjusted EBIT for Meituan, Alibaba, and JD for the September quarter are **Rmb-27 billion**, **Rmb-31 billion**, and **Rmb-13 billion** respectively, with Alibaba and JD expected to see EBIT declines of **-53%** and **-97%** year-over-year [2][9]. 4. **AI Applications**: The outperformance of AI applications is attributed to quantifiable revenue growth, with Alibaba Cloud's capital expenditures increasing by **57%** quarter-over-quarter [11]. 5. **Stock Picking Strategy**: A two-pronged approach is recommended for stock picking, focusing on defensive sectors like games and mobility, alongside offensive sectors such as AI beneficiaries and PDD [11]. Additional Important Insights 1. **Market Size Projections**: The total addressable market (TAM) for quick commerce is projected to increase to **Rmb2.2 trillion** by 2030, up from a previous estimate of **Rmb1.5 trillion**, reflecting a compound annual growth rate (CAGR) of **25%** [10][32]. 2. **E-commerce Growth**: Traditional e-commerce platforms like Taobao-Tmall are experiencing slower growth compared to competitors, with JD and PDD showing higher growth rates of **20%+** and **teen percentages** respectively [10]. 3. **Investor Sentiment**: There is ongoing debate among investors regarding whether Alibaba should focus more on defending its traditional e-commerce market share rather than investing in quick commerce [10]. 4. **Future Outlook**: The aggregate profit pool for the China Internet sector is expected to decline further in 3Q25E, primarily due to challenges in e-commerce and local services [11]. Key Stock Ideas - **Games**: Tencent and NetEase - **Mobility**: DiDi and Full Truck Alliance - **Cloud & Data Centers**: Alibaba, GDS, and VNET - **E-commerce**: PDD [1][11].