SK Hynix's ( SKHY ) US listing is more than seven times oversubscribed, as the South Korean memory chipmaker prepares to price its offering Thursday, Bloomberg News reported. The sale of 177.9 million American depositary receipts has attracted demand from institutional investors, including global long-only funds, technology sector-focused funds, sovereign wealth funds, and Asia-focused global inve...
SK Hynix's ( SKHY ) US listing is more than seven times oversubscribed, as the South Korean memory chipmaker prepares to price its offering Thursday, Bloomberg News reported. The sale of 177.9 million American depositary receipts has attracted demand from institutional investors, including global long-only funds, technology sector-focused funds, sovereign wealth funds, and Asia-focused global investors, some of the people said. Shares in SK Hynix jumped 6% in morning trade. Underwriters have reportedly told investors that pricing guidance is expected to come after the South Korean stock market closes on Thursday, with allocations finalized later in the day in U.S. time. AI powerhouse SK hynix is heading to Wall Street, with its July 10 Nasdaq debut tracking to surpass Alibaba's ( BABA ) 2014 record as the largest US listing of foreign shares in history. SKUU and SKDD are expected to launch on July 13. More on SK hynix Inc. SK hynix: A Premier Asset Severely Discounted SK hynix's U.S. Listing Is A Game-Changer For The Memory Industry State-Led Capex Is Bad News For Memory Producers, Especially SK hynix SK Hynix's planned $28B U.S. ADR listing multiple times oversubscribed - report Samsung-backed Rebellions targets Korea IPO next year, eyes potential U.S. listing
(RTTNews) - Honeywell Technologies (HON), a pure-play automation company raised its second-half and full-year profit outlook to reflect the impact of its 1-for-2 reverse stock split, which took effect on June 29.
(RTTNews) - Honeywell Technologies (HON), a pure-play automation company raised its second-half and full-year profit outlook to reflect the impact of its 1-for-2 reverse stock split, which took effect on June 29.
peepo/iStock via Getty Images Dear Fellow Investor, This half yearly letter is lengthier than usual as I am using it to inform you about some changes in the way we manage Fundsmith Equity Fund (‘Fund’). However, first the table below shows the performance of our Fund and other comparators during the first half of 2026 and since inception. % Total Return 1 st Jan to 30 th June 2026 Inception to 30 ...
peepo/iStock via Getty Images Dear Fellow Investor, This half yearly letter is lengthier than usual as I am using it to inform you about some changes in the way we manage Fundsmith Equity Fund (‘Fund’). However, first the table below shows the performance of our Fund and other comparators during the first half of 2026 and since inception. % Total Return 1 st Jan to 30 th June 2026 Inception to 30 th June 2026 Cumulative Annualised Fundsmith Equity Fund 1 -2.9 +592.6 +13.1 Equities 2 +11.2 +530.9 +12.5 UK Bonds 3 +0.7 +32.1 +1.8 Cash 4 +1.8 +25.7 +1.5 Click to enlarge The Fund is not managed with reference to any benchmark; the above comparators are provided for information purposes only. 1 T Class Accumulation shares, net of fees priced at midday UK time, Inception, 1.11.2010, source: Bloomberg. 2 MSCI World Index, £ Net, priced at close of business US time, source: www.msci.com . 3 Bloomberg Series-E UK Govt 5-10 yr Bond Index, source: Bloomberg. 4 £ Interest Rate, source: Bloomberg. Our Fund was down by 2.9% in the first six months of the year, 14.1 percentage points less than what is perhaps the most obvious comparator — the MSCI World Index (£ net). I have moved the usual analysis of attribution of that performance to an Appendix to this letter as there is another subject I wish to cover first, namely what we are going to do about this performance. The backdrop to this continues to be a market which is dominated by so-called passive or index funds (of which the majority are ETFs) and the boom surrounding AI which have combined to produce a market dominated by momentum rather than any fundamental factors like profitability, returns on capital and growth — in other words the factors we focus on. I have already written about the effect of this, but I am indebted to Simon Evan-Cook writing in a Substack called Wealth Yourself* in April for some further observations entitled ‘Victory for Passive! 22 thoughts and questions’, subtitled ‘Passive has conquered the world....
格隆汇7月9日丨工商时报今天发布博文,报道称英伟达下一代Rosa CPU有望采用台积电A16工艺,并搭配背面供电技术。相比较N2P工艺,台积电的A16工艺最高提升芯片密度1.1倍,核心变化是引入Super Power Rail(超级供电轨)背面供电技术,把供电网络移至晶圆背面,从而提高供电效率、降低IR drop(压降),并释放正面布线空间用于信号互连。
格隆汇7月9日丨工商时报今天发布博文,报道称英伟达下一代Rosa CPU有望采用台积电A16工艺,并搭配背面供电技术。相比较N2P工艺,台积电的A16工艺最高提升芯片密度1.1倍,核心变化是引入Super Power Rail(超级供电轨)背面供电技术,把供电网络移至晶圆背面,从而提高供电效率、降低IR drop(压降),并释放正面布线空间用于信号互连。
格隆汇7月9日|午后半导体板块全面拉升,芯片ETF天弘(159310)标的指数飙涨5.26%,科创芯片设计ETF天弘(589070)同步上样3.17%。这两只ETF近期备受资金关注,科创芯片设计ETF天弘(589070)连续20日获资金净申购,合计流入19.29亿元;芯片ETF天弘(159310)近10日合计流入2.14亿元。 科创芯片设计ETF天弘(589070)跟踪科创芯片设计指数,标的指数囊括50家科创板芯片龙头企业,成份股包括澜起科技、寒武纪、海光信息、佰维存储、芯原股份,契合AI算力爆发与国产替代的行业趋势,基金单日涨跌幅20%。其场外联接基金(A类:027574,C类:027575) 芯片ETF天弘(159310)跟踪覆盖更广泛的中证芯片产业指数,囊括设计→制造→封测→设备→材料全链条,前十大权重股涵盖中芯国际、北方华创、兆易创新、中微公司等,其场外联接基金(A类:012552,C类:012553)。 消息面上:① 长鑫科技7月16日启动申购,拟募295亿元,将成为今年A股市场规模最大的IPO;此外有报道称苹果正测试长鑫生产的DDR5/LPDDR5内存,计划用于在华销售的设备。 ② 智谱自研AI芯片:智谱据报正考虑设计自研AI芯片,近期向部分中国芯片设计公司进行初步询问,以探讨开发一款针对其模型优化的定制AI处理器的可能性。 ③ EDA巨头重心转向AI设计:新思科技告知三星、SK海力士等十余家厂商,将停止更新部分晶圆厂制造流程控制软件,资源转向AI设计、先进封装EDA。
Trevor Williams/DigitalVision via Getty Images Investment Thesis The pharmacy growth in BrightSpring Health Services, Inc. ( BTSG ) is real, but it is purely price and mix and not volume. This, not the headline growth rate, is the value of the business. Management shifts its business up the acuity ladder, pushing the pharmacy business up towards Infusion & Specialty, where revenue per prescription...
Trevor Williams/DigitalVision via Getty Images Investment Thesis The pharmacy growth in BrightSpring Health Services, Inc. ( BTSG ) is real, but it is purely price and mix and not volume. This, not the headline growth rate, is the value of the business. Management shifts its business up the acuity ladder, pushing the pharmacy business up towards Infusion & Specialty, where revenue per prescription is extremely high. These drugs replace the declining prescriptions of community pharmacy, which is losing its price thanks to IRA price cuts. While revenue rises, the number of prescriptions stays the same. I think it is a good move, making a higher-quality business than one based on community scripts. However, the engine powering the revenue beats has reached its capacity limits because of the business model: you can't shift into specialty drugs if you already have a predominantly specialty drug portfolio. After a pricey rerating during the year, at $69 per share, the market assumes that this engine is going to continue functioning at a considerably higher capacity for many years to come—but volume data in the latest quarter has already cast doubts on the assumption. Growth expectations already appear priced into the stock. Thus, my rating of BTSG is Hold: good business, solid performance, overvalued. Fundamental Thesis BrightSpring Health Services is an independent, home- and community-based pharmacy and healthcare platform operating through two segments: Pharmacy Solutions, about 87% of revenue, and the smaller Provider Services segment encompassing home health, rehabilitation, primary care, and behavioral services. Within the pharmacy business, BTSG operates institutional long-term-care dispensing (PharMerica), home infusion (Amerita), and specialty pharmacy services through Oncor360 in oncology and CareMed in rare disease. The entire investment thesis hinges on one fundamental question: Is the mix shift inside the Pharmacy Solutions—away from low-value community scrip...
A share of Johnson & Johnson (NYSE: JNJ) paid $0.25 per quarter in dividends in 1999. That same share pays $1.34 per quarter in 2026. The stock price has moved through plenty of cycles since then, but the income stream alone has more than quintupled without the investor doing anything except holding. That trajectory is ... The Case For Buying Smaller Dividends That Grow Faster
A share of Johnson & Johnson (NYSE: JNJ) paid $0.25 per quarter in dividends in 1999. That same share pays $1.34 per quarter in 2026. The stock price has moved through plenty of cycles since then, but the income stream alone has more than quintupled without the investor doing anything except holding. That trajectory is ... The Case For Buying Smaller Dividends That Grow Faster
Getty Images American Express ( AXP ) is a legacy business. It's one of the oldest credit card companies. Its focus is on the wealthier spender. Now they are on the stablecoin bandwagon. Is it because they're in danger of disruption? Or are they the innovators? Let's first ask: Why stablecoins? For financial services, the answer is easy. Blockchain payments settle instantly. Smart contracts make t...
Getty Images American Express ( AXP ) is a legacy business. It's one of the oldest credit card companies. Its focus is on the wealthier spender. Now they are on the stablecoin bandwagon. Is it because they're in danger of disruption? Or are they the innovators? Let's first ask: Why stablecoins? For financial services, the answer is easy. Blockchain payments settle instantly. Smart contracts make that possible. This is better for the customer. After all, none of us like waiting three days. It's also better for AXP shareholders. Why is that? Instant settlement means less overhead. Look at the steps involved today . Even with high-speed Internet, there are stages. These stages require personnel. And personnel in regulated industries like finance aren't cheap! Income Statement (Q1 2026 Form 10Q) For AXP, it's a story of discount revenue. This is the fee they collect from merchants. With wealthier customers, AXP gets a good rate. Discount is half of all revenue. Interest on card loans is also big. Let's put a pin in that for now. Income Statement (Q1 2026 Form 10Q) So onchain finance eliminates costs. Stablecoins have to do the same for AXP. The top three expenses are member rewards, payroll, and member services. Which is the pain point to fix? Member rewards/services are cashback or value-add perks. They're effectively a type of marketing. Stablecoins don't really address these. Settlement is largely found in business development and payroll. AXP's internal team settles payments. Issuers on the BD side do as well. This typically requires experienced and trusted personnel. Smart contracts simplify that immensely . A smaller team that designs for scale is sufficient. Just on this expense, there's potential for a few billion in savings per year. AXP was built on international payments. So remember, this entails a lot of cross-border expenses. Let's go back to their credit product. Volume by Network ( Upgraded Points ) AXP has one of the biggest credit cards. They're #3 in ...