Research

Micron 2FQ25: Thesis playing out. Buy, $145 TP.

GTC 2025 – Making sense of the AI bull case.

FCC Accelerates Copper Retirement

Bible 4Q24: Enterprise IT – continued recovery in Legacy, stabilization in Cloud & SaaS growth

SoftBank buying Ampere: Masa’s next Gig shaping up.

CALL SLIDES: Unprecedented Capex.  Can Clouds deliver the AI returns?

Bible 4Q24 – PCs: Windows 10 & AI PC refresh cycle pushed out further

Meituan: 4Q24 Flash - Margin Beat; Revs Above Expectations

PDD: 4Q24 Results - Investments in High Quality Development Remains a Focus in 2025

China Mobile (Buy) – Q4 24 Quick Take: A better quarter for top line and EBITDA; encouraging FY25 capex guidance

GTC '25 Recap....Next Stop Computex

UK Telecoms Access Review: What now happens beyond 2031?

Is FCC Effort to “Delete” Regulations a Bullish Signal?

VEON (Buy) – Q4 24: Decent quarter helped by Ukraine; FY25 guidance and second phase of buyback announced

PDD: 4Q24 Flash - Revs and Margin Below Expectations

Tencent: 4Q24 Results - AI Investments Remain a Key Focus for 2025

Court Pushes Open Door to TV Broadcast Consolidation

T-Mobile selling 800MHz licenses to Grain

Deutsche Telekom: Two doses of mobile rationality

What Does Texas Tell Us About Fiber v. Satellite