Research

Dojo cancelled – AMD must be rejoicing: If even Elon can’t do it, who will have their own ASICs?

Rakuten – Q2 25 Quick Take: Better mobile, but overall mixed

LG Uplus – Q2 25 Quick Take: Good acceleration

TTD: Continued revenue deceleration is squeezing the multiple

PINS: Elevated expectations into the print create nice entry point for our Top SMID Pick

CHTR Quick Hit: Charter Buys Back $0.5BN of Shares in July

ATUS Post-2Q25 Model Update

GOOGL: New organic Search click disclosures. Implications for organic/paid mix and YouTube (+RDDT)

SoftBank 1FQ25: Valuation gap largely filled. Long-term still attractive. ¥14,500 TP

Millicom (Buy, TP: $46) - Q2 25 – Growth improving, strong EFCF

United Internet/ 1&1 2Q25: Mixed quarter; increasing inorganic optionality

Uber 2Q25: Delivery momentum, strong margin expansion. Thesis playing out. Buy, $120

ATUS: Thoughts following the 2Q25 call

Liberty Latin America (Buy) - Q2 25: Puerto Rico separation is very positive for the equity

China Mobile (Buy) – Q2 25 Quick Take: Good cost control again despite slower topline

ATUS 2Q25 Quick Take: Subs beat but EBITDA missed; Guidance unchanged

DT Q2 25 – Solid financials, but broadband market slowing

VEON (Buy) – Q2 25: Tracking well, guidance lifted

Swisscom Q2 25: Good EBITDA beat, but SR miss, and guidance not lifted

TDS remains undervalued