14 March 2025 | 2:23PM EDT Global Economics Wrap-Up: March 14, 2025 Global Economics o But we"nd no economicaly or staicly sgni"cant relaionship between AI exposure and job growth, unemployment, wages, and most Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Giovanni Pierdomenico +44(20)7051-6807 | giovanni.pierdomenico@gs.com Goldman Sachs International Jessica Rindels +1(972)368-1516 | jessica.rind ...

The staples sector is up c.7% YTD (on a mkt cap weighted avg basis) and up c.6% on average this week (vs. MSCI China YTD rally at 20%). Meanwhile, we observe market sentiment gradually improving with steadier consumer confidence index and higher interest in potential upside from policy stimulus implementation (see our Europe marketing feedback takeaways) post the Two Sessions this year which ranks domestic consumption demand recovery as one of the top priorities. Therefore, we expect that market would likel ...

March 16, 2025 10:00 PM GMT New Slide Refreshed Slide Key MORGAN STANLEY & CO LLC. Sean Laaman Equity Analyst sean.laaman@ms.com +1 212 761-4947 Terence Flynn Equity Analyst terence.flynn@ms.com +1 212 761-2230 Vikram Purohit Equity Analyst vikram.purohit@ms.com +1 212 761-3804 Judah Frommer Equity Analyst judah.frommer@ms.com +1 212 761-1270 Michael Ulz Equity Analyst michael.ulz@ms.com +1 212 761-4650 Maxwell Skor Equity Analyst maxwell.skor@ms.com +1 212 761-4804 Finger On The Pulse US SMID Cap Biotech B ...

March 16, 2025 10:12 PM GMT Phison Electronics Corp | Asia Pacific Positive Read from Reported China YMTC NAND Price Hike for April What's new? According to a March 14 MyDrivers report, YMTC's retail brand, Zhitai, plans to raise its channel price in April. Although the exact increase level is not known, it could exceed 10%, the report adds. If realized, it would be the third NAND player announcing a price hike since January, following SanDisk and Micron Technology. TrendForce also raised its NAND pricing e ...

Flash | 16 Mar 2025 15:16:09 ET │ 9 pages China Materials Takeaways from On-ground Demand Monitor Call Series #5- Aluminum product CITI'S TAKE In our China Materials On-ground Demand Monitor Call Series, we aim to track and analyze high-frequency demand trends to see the demand recovery pace post CNY. Our market update call with Mr. Tong Yilai, Aluminum Product Research Analyst of Mysteel. Due to low processing fee currently, the aluminum profile producers are less incentivized to fill the orders from solar ...

China (PRC) | China Consumer Consumption Stimulus Action Plan On 16 March, China announced a 'special action plan for stimulating consumption,' with 30 actions covering eight areas. A press conference is to be held at 3PM HK time on 17 March. Markets are likely expecting more concrete (and quantifiable) policies to be announced in due course, either by local or central govt. Event: A 'special action plan for stimulating consumption' was announced on 16 March. A) Action to increase income: 1) encourage reaso ...

14 March 2025 | 5:26PM EDT Americas Technology: Internet Online Dating - Analyzing the Industry Debates Exiting Q4'24 earnings, we look to frame key investor debates and the current state of operating dynamics for the Online Dating sector (covered companies include MTCH, BMBL and GRND). Within this report, we update our global addressable user market analysis to help address key investor debates on the level of saturation in online dating and the remaining secular growth opportunity in the category. Key tak ...

Flash | 16 Mar 2025 15:21:05 ET │ 10 pages Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are ...

Summary of Steel Dynamics Conference Call Company and Industry - **Company**: Steel Dynamics (STLD) - **Industry**: Clean Tech / Metals & Mining Key Points and Arguments Demand Outlook & Tariff Implications - The discussion highlighted the impact of Trump's evolving trade policy, particularly the implementation of a 25% tariff under Section 232, which took effect on the day of the call. CFO Theresa Wagler expressed optimism regarding the removal of loopholes and exclusions in tariffs [4][4] - Industry participants are advised to monitor the widening import arbitrage, aligning with comments from peer Nucor [4][4] - Steel Dynamics shipped approximately 500,000 tons to Mexico last year, with the Sinton facility's location expected to benefit West Coast markets that historically relied on imports [4][4] - There were inquiries from Mexico-based auto OEMs about orders to meet USMCA 'melted & poured' standards [4][4] - Tariff-driven 'pre-buying' was downplayed, contrasting with commentary from peers like Nucor and metals distributor RS, though the extent of this trend remains unclear [4][4] - Demand for energy-related products, particularly tubing, and structural products is strong, with datacenter activity remaining robust and warehouse activity showing improvement [4][4] - Pricing is expected to reach a trough in Q1, with improvements anticipated for both pricing and shipments throughout the year, although Q2 margins may face pressure due to lagged input costs [4][4] Strategic Initiatives - The CFO noted recent tightness in UBC scrap markets could be "transitional," partly due to pre-buying for ADI [4][4] - Steel Dynamics has a significant scrap footprint and advancements in proprietary sorting technology to mitigate challenges [4][4] - ADI aims for over 90% recycled content in its packaging products and has exposure to Mexico through its Omnisource footprint, including a new satellite slab caster in Northcentral Mexico [4][4] - The Sinton facility is operating at over 90% melt utilization with a focus on ramping cold mill/value-add lines to achieve profitability in Q2 [4][4] - A biocarbon solution will be selectively implemented across the portfolio starting in Q2, replacing carbon-intensive anthracite [4][4] Capital Allocation - Steel Dynamics launched a ~$1 billion notes offering, including $600 million in 2035 notes (5.25%) and $400 million in 2055 notes (5.75%), with proceeds aimed at paying down lower-cost 2025 notes (2.40%) [4][4] - The CFO suggested that the $600 million incremental can provide a cash buffer amid evolving recession concerns and may fund early calls on remaining 2027 notes (4.65%) [4][4] - The company is experiencing easing capex needs, which, along with greater earnings power from ramping value-add lines, should support shareholder returns moving forward [4][5] Other Important Content - The report includes a neutral rating for Steel Dynamics with a price of $123.53 as of March 12, 2025 [4][4] - The report emphasizes the importance of considering potential conflicts of interest due to J.P. Morgan's business relationships with Steel Dynamics [3][3]

Summary of Co-Packaged Optics (CPO) Primer and Company Impacts Industry Overview - The focus is on the Co-Packaged Optics (CPO) technology within the semiconductor industry, particularly in the context of upcoming conferences (GTC and OFC) where major companies like Nvidia (NVDA) will showcase new technologies [1][2]. Core Points and Arguments CPO Technology and Market Dynamics - CPO technology is expected to dominate discussions in the coming weeks, particularly with Nvidia unveiling new switches featuring CPO options [2]. - Investor sentiment towards CPO has been negative for companies like Marvell (MRVL), Coherent (COHR), and Lumentum (LITE), but the actual impacts may not be as severe as perceived [2]. - The transition to CPO is seen as a long-term opportunity, particularly for Scale-Up configurations, which are expected to have a larger volume potential compared to Scale-Out configurations [3]. Company-Specific Impacts Nvidia (NVDA) - Nvidia is positioned as a leader in CPO due to its full system provider status, which allows for easier implementation of CPO compared to competitors [6]. - Upcoming products include the Quantum 3400 and Spectrum 5/6 switches, with initial volumes expected to be low [6][10]. - NVLink 6 is under consideration for CPO, which could expand the total addressable market (TAM) for optical providers [6]. Broadcom (AVGO) - Broadcom is well-positioned to benefit from the transition to CPO, maintaining a significant share in the ethernet-based switching market [7]. - The company has a roadmap for CPO-based xPU interconnects, with a target of 102.4T by 2028 [7]. Marvell (MRVL) - Marvell holds a dominant position in the DSP market but faces potential disruption from CPO technology [8]. - While Scale-Up presents an opportunity, the company may experience headwinds in Scale-Out as CPO adoption is expected to be gradual [8]. Coherent (COHR) and Lumentum (LITE) - Both companies face negative sentiment due to the potential loss of transceiver sales in CPO architectures, but they can still supply lasers, which have higher gross margins [9]. - The transition to CPO is seen as a TAM expansion for these companies, despite the challenges posed by Scale-Out [9]. Additional Important Insights - The CPO technology is driven by power and space constraints in data centers, with optical DSPs being less than 5% of the power envelope in typical racks [15]. - CPO offers significant power savings (up to 70% per link) compared to traditional pluggable modules, which is crucial as AI data centers continue to grow [22]. - The interconnect landscape is evolving from copper and optical-based pluggables to CPO, with the expectation that CPO will be the first step before moving to In-Package Optical I/O (OIO) [25][42]. Conclusion - The semiconductor industry is on the brink of a significant transition with CPO technology, which presents both opportunities and challenges for key players like Nvidia, Broadcom, Marvell, Coherent, and Lumentum. The upcoming conferences will likely provide further insights into the adoption and impact of CPO technology on these companies and the industry as a whole.