Munjal Shah

Rapid sector rotation happening in the US market. India continues to be resilient while some Asian markets are under pressure. I talk about these topics in my recent discussion with CNBC-TV18

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Congrats to Cerebras Systems on filing their S-1, clear validation of investor demand for AI and value migrating to semiconductor hardware (who doesn't want to be like NVIDIA!). Of interest is that 87% of their revenues comes from G42 who also led their series F. At Allied Advisers we have experience successfully advising clients with significant customer concentration and an article we had written on this topic a while back might be of interest. It will be interesting to see if this IPO jump starts the public markets! #IPO #AI #Semiconductors

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$CCOI targeted $100M of Wavelength ARR in mid-2024 but missed by 85%, sending shares tumbling recently. Understandably, analysts and investors are concerned that Cogent’s longer-term ambitions for $500M ARR in mid-2028 are too aggressive. Every $50M is roughly $1/share of incremental pre-tax free cash flow, making Cogent's success in Wavelengths the single largest swing factor in its future equity value. Cogent’s network transformation must be complete to operate a highly scalable and efficient growth platform that will allow the company to catch up to its targeted revenue trendline. Building this type of infrastructure is core to Cogent's DNA. Our latest Insight discusses how Cogent’s network strategy ties into its go-to-market strategies in each end market, and why we think its significant guidance miss has little impact to the medium- and long-term earnings power of the Wavelength business. https://lnkd.in/ge_ZGbiY

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How would Trump 2.0 reshape the semiconductor & electronics manufacturing industry? Would supply chain regionalization and friend-shoring to MIT (Malaysia, India, Thailand) continue to accelerate? Please take a look at #NBBlog below

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Seale & Associates, Inc. is proud to share our latest report on the semiconductor sector. In this report, we analyze the prevailing trends and recent commercial transactions that are influencing the direction of the sector. The semiconductor industry is predicted to achieve a massive market worth US$1,210 billion by 2029, growing at a CAGR of 10.8%. In addition, global semiconductor sales are estimated to surpass previous records, reaching US$588 billion by 2023, indicating a 13% growth compared to 2023. This growth is attributed to technological advancements, particularly in 5G technology and artificial intelligence. Companies in the sector are using mergers and acquisitions (M&A) as a key strategy to focus on innovation and diversify geographically.   This report is not just informative but essential for business leaders, M&A professionals, and anyone interested in these trends. It provides crucial insight into the rise of global transactions and the valuation of leading companies in the sector, such as NVIDIA, Taiwan Semiconductor, Samsung Semiconductor, and Intel Corporation. The report underscores the importance of adapting to market changes, as evidenced by the significant increase in the value of M&A transactions over the years.   If you're interested in receiving this quarterly report, as well as our monthly and sector reports, please subscribe to https://lnkd.in/gmxEs6E4. #Semiconductors #SemiconductorIndustry #MnA #MergersandAcquisitions #QuarterlyReport #Mergers #Acquisitions

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SMH VanEck Semiconductor Index YTD +52.5% Major Holdings: Nvidia 25%, TSM 13%, Broadcom 9%, Qualcomm 5%, Micron 5% The semiconductor sector, which has been riding high on AI optimism, are expected to falter on growing concerns about the long-term demand outlook for semiconductors and weak demand from China. Its a SELL call today, for a minimum 15% downside. NVIDIA Qualcomm TSMC Broadcom Qualcomm Micron Technology ASML Applied Materials Texas Instruments Lam Research Analog Devices AMD KLA NXP Semiconductors Samsung Semiconductor #SMH #vaneck #msci #SOXX iShares Diversified Alternative Products Trust

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Last week stock indices advanced after a volatile couple of days, as the Fed's favorite inflation gauge met expectations. Interest rates rose with the 10-year treasury yield ending the week at 3.91%. What we are watching this week: - Q2 2024 earnings with reports from, among others, Broadcom, Zscaler and Dollar Tree - US ISM Manufacturing PMI and Prices on Tuesday - ADP Non-Farm Employment Change on Thursday - Weekly unemployment claims on Thursday - US ISM Services PMI on Thursday - Unemployment Rate m/m on Friday - Non-Farm Employment Change on Friday - Unemployment Rate on Friday #monocotwealth #Q2earnings2024 #RussiaUkraine #IsraelGaza #unemployment #inflation #jobs #unemployment #earnings #AVGO #ZS #DLTR

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While 50% of our portfolio is focused on India, our investments outside the region are equally compelling. Our latest private investment was in Lightmatter, a groundbreaking silicon photonics company. We joined forces with industry giants like T. Rowe Price, Fidelity, and Google Ventures for this investment. Lightmatter is on a fast track to disrupting the data center interconnect market. Broadcom’s recent results underscore the massive opportunity: hyperscalers are gearing up to build 1 million XPU clusters, each requiring 10 million optical interconnects—amounting to a $10 billion market, all addressable by Lightmatter. We anticipate that 5-8 such clusters will emerge globally, driven by both big tech and sovereign entities. This translates to a $50 billion+ total addressable market (TAM). We’re excited about Lightmatter’s potential to lead this transformation. https://lnkd.in/dhtH7_9q

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Houlihan Lokey is pleased to present its latest Equipment-as-a-Service Market Update.   The Equipment-as-a-Service team covers a wide range of business models, including traditional equipment rental, specialty equipment rental, route-based equipment services, transportation equipment services, vehicle fleet management, equipment dealerships, asset pooling services and infrastructure and municipal equipment services. Find out more in our latest market update here: https://lnkd.in/eqjJRqbz

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Thoughts on Willow. Back in 2019, before the Covid distractions, we outlined in our note "The Roaring 2020s" a broad range of technology transitions that could meaningfully impact technology investing over the subsequent ten years. Three of these we described as being on the (longer-term) horizon: AGI, 6G and quantum. Five years later, we are a lot closer to AGI (maybe 2-3 years out?), 6G could launch by decade-end, and while we are years away from mainstream quantum computing, we believe Google’s announcement of Willow yesterday is an important step in the long path to make quantum useful for everyday applications - of particular importance is reducing error rates while scaling up in qubits. The article in Nature is worth a read... #quantum #quantumcomputing #willow $GOOGL https://lnkd.in/gFAhxeyC

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Where does the Polen Capital team see opportunities in generative AI? Watch Dan Davidowitz break down his view on cloud service providers and where he sees potential for repeatable, recurring revenue. https://lnkd.in/egvgY6K5

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We’re excited to announce our Growth Equity team’s recent investment in @Spectro Cloud, a software company that enables organizations to deploy and manage Kubernetes in production, at scale. Spectro Cloud will use their Series C funding to accelerate product innovation, invest in continuing to offer award-winning customer experience and support, and scale new go-to-market partnerships and technology alliances. We look forward to continuing to work with the Spectro team! Read more: https://lnkd.in/e9z__zn6

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The Kline Hill Partners early reporting projection for second quarter US private equity valuation benchmarks from Cambridge Associates is for an increase of 3.3% for the 2nd quarter of 2024 (range of 2.6% to 4.0%). Valuation changes for #privateequity funds are meaningful as they drive 🚗 pricing and volume in the secondary industry 🚗 limited partner portfolio allocation issues and opportunities 🚗 are early indicators of returns for the industry (though we believe when buying assets you really need to build up value company by company which is what over half of our almost 60 person team does) This performance for the benchmarks will not move the needle too much as 2024 has been a year of smooth sailing so far. Prices for competitive deals are high and this should be a record year for secondary volume. However, many LPs will continue to see these values as being too high relative to intrinsic worth. One big focus is on valuations in the tech sector which peaked in 2021 and we still see have room for many companies to have write downs (and in many cases write-offs) bottoming out this fall. The benchmarks typically come out over 100 days after the end of the quarter so we have built up a method to estimate them starting in the middle of a quarter. Please note that our figures are estimates only and should not be relied on for any purpose but are shared only for illustrative purposes.

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-Looking forward to the panel at the Markets Group's Private Equity Boston Forum on Thursday morning. On the agenda for the panel: Given the current investment environment, how can we best invest, create value and find liquidity for our investors?

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We are thrilled at AXIAL Partners to announce a major milestone for our portfolio company, SYNTIANT, with its strategic acquisition of Knowles Corporation’s (NYSE: KN) Consumer MEMS Microphones (CMM) division. With over 50 million Syntiant Neural Decision Processors (NDPs) and deep learning models deployed globally, SYNTIANT continues to push the boundaries of AI at the edge—delivering high-accuracy, cloud-free intelligence to edge devices, all while consuming ultra-low power. This acquisition marks a transformative step forward. By integrating advanced MEMS sensors into SYNTIANT's cutting-edge hardware and software solutions, customers now have access to a comprehensive edge AI audio platform. From autonomous vehicles to smart home devices and industrial automation, SYNTIANT NDPs, combined with MEMS microphones, will power next-gen features like: Voice commands & speech recognition Echo cancellation & background noise suppression Wake word & audio event detection We are excited for SYNTIANT's continued growth and innovation, shaping the future of AI at the edge. #AI #EdgeAI #DeepLearning #Innovation #Syntiant #AxialPartners #MEMS #SmartDevices #TechNews

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Nvidia advances AI innovation with new technologies, while navigating challenges with the Blackwell chip delays. Despite these hurdles, the company remains focused on delivering strong performance and meeting industry demand.    🔗 Read more about it in our latest AI monthly   

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Last week, I had the pleasure of participating on the CIO panel at our 7th ETF Symposium at J.P. Morgan Asset Management's NY headquarters. Key takeaways for managing multi-asset portfolios, ETFs provide: 𝗘̲fficiency to strategically access alpha and beta 𝗧̲actical opportunity to express specific views 𝗙̲lexibility to adapt to today's ever changing market conditions

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