To The Moon

Major banks reporting tonight, but other than net interest margins, should investors be looking at other key factors or drivers, which could likely affect the major banks holding up valuations? In this article, we would like to provide an analysis that evaluates the critical drivers beyond NIM that investors must track to evaluate bank valuation durability. 1. The Limitations of Net Interest Margin Primacy Net Interest Margin (NIM) measures the net yield earned on a bank's interest-bearing assets relative to its interest-bearing liabilities. During the initial phases of monetary tightening, NIM expansion served as the core engine powering bank profitability. Assets re-priced rapidly to higher market rates while deposit costs lagged due to sluggish deposit beta response. However, relying on

Semiconductor giants $Taiwan Semiconductor Manufacturing(TSM)$ TSMC and $ASML Holding NV(ASML)$ ASML release their Q3 earnings, market attention focuses on whether corporate AI capital expenditure (Capex) remains structurally durable. In this article, we would like to share how investors can look out for the signals that TSMC and ASML earnings is giving for the AI Capex reality check. 1. Macro Backdrop: The Global AI Capex Expansion The technology sector’s multi-year rally has been underwritten by an unprecedented surge in capital spending among hyperscale cloud providers (Microsoft, Alphabet, Amazon, and Meta). Total AI-related Capex is projected to surpass $200 billion annually as tech leaders compete to

Asian semiconductor stocks just experienced a sharp selloff, with SK hynix, Samsung and Kioxia coming under heavy pressure as investors reassessed future memory supply and pricing power. Now, ASML is set to report its Q3 earnings, offering another important signal about the future of the AI infrastructure cycle. The key question is not simply how much ASML earned this quarter, but whether chipmakers are still willing to spend heavily on capacity they may not need until 2027 or 2028. ASML's fundamentals remain strong. In Q2, the company reported €9.33 billion in revenue, a 54% gross margin and approximately €2.9 billion in net income. Management previously guided for Q3 revenue of €11 billion–€12 billion and gross margins of 55%–57%. Analysts surveyed by Visible Alpha expect roughly €11.71

Bilibili’s latest financial data and operational updates signal a fundamental turning point in its business trajectory: the company is set to achieve full-year profitability for the first time in 2025, marking a shift from a "burning cash for growth" model to a new phase that prioritizes both profitability and growth. Financial Performance: A Confirmed Turning Point Toward Profitability Total revenue for the full year of 2025 reached RMB 30.35 billion (up 13% year-over-year). The company achieved a GAAP net profit of RMB 1.19 billion (reversing a loss of RMB 1.36 billion in 2024) and an adjusted net profit of RMB 2.59 billion, effectively turning the business profitable. Gross margin improved quarter-over-quarter for 14 consecutive quarters, reaching 36.6% overall and hitting 37% in the fo