UAE celebrates its 53rd birthday. RFM has gone skiing and will return on Wednesday 3rd December.
Timing of autonomous driving remains very uncertain. Pony AI has gone public on the back of revenues generated from engineering, but real growth will come from ride-sharing fares and when these will take off is much more uncertain making a valuation over 43x revenues look pretty risky. Pony AI is a company that I have known for quite some time...
Priced for a Nokia. The case for Samsung Electronics is purely based on recovery in semiconductors because if things stay the way they are, there is little to no upside in the shares. Following Samsung’s second horrendous mistake in 8 years, the shares have given up 36% of their value but as the problem now resides in its core Semiconductor...
The first bricks go up. Huawei’s migration of its smartphone business to its home-grown Harmony OS is the first concrete sign that our long-predicted Balkanisation of the Internet has begun and everyone, not just China will be poorer because of it. Calendar Q4 has become geopolitics season with the Department of Commerce updating the rules in October and Huawei releasing...
The reset will start the battle. Amazon has upped its investment in Anthropic which virtually guarantees that when the money runs out, Anthropic will be acquired and become the AI department of Amazon, creating a fully vertically integrated player ready to fight for the AI Ecosystem prize. This is a confirmation of what has been clear for some time and...
Rotten earnings point towards a state in deep depression. Poor results from both Baidu and PDD point directly to the moribund Chinese economy underpinning the view that nothing will improve until the Chinese state lets the private sector off the leash. PDD reported worse than expected results as its rapid market share growth has slowed markedly as rivals react to...
Reasonable multiple prevents a crash. Nvidia reported excellent results as the AI boom remains on track, but it failed to raise guidance which caused some disappointment, but as the valuation remains in the realm of reality, this only triggered a small correction in the share price. FQ3 25 revenues / Adj-EPS were $35.1bn / $0.81 ahead of estimates of $33.2bn...
Low-balled numbers still give good growth. Qualcomm used its 2024 investor day to focus on the areas outside of smartphones where the diversification strategy that was laid out in 2021 is starting to bear fruit. It also gave some targets for its businesses outside of smartphones which, in some cases, look pretty conservative to me and could be handsomely beaten....
Google: A badly thought-through remedy. The US Department of Justice is recommending that Google be forced to sell Chrome as a remedy for its illegal monopolisation of the search market in a move that looks badly thought through and will probably fail on appeal. Google is a company that offers a diverse set of digital services to users and then...
Richard is founder, owner of research company, Radio Free Mobile. He has 16 years of experience working in sell side equity research. During his 11 year tenure at Nomura Securities, he focused on the equity coverage of the Global Technology sector.
China vs. USA – The Screw pt. V
China does not have much of an answer. The outgoing administration will leave its mark with a further significant tightening of export rules and with the moribund state of its technology sector, China has very little with which to answer. The Bureau of Industry and Security (BIS) has issued docket 241126-0303 (see here) which makes several changes to what may...