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The US tax “retaliation” from Section 899 targets foreign entities with “unfair” tax regimes—impacting many European companies with US operations. European companies exposed to the US keep underperforming amid higher uncertainty, higher tariffs, higher taxes, and a weaker dollar. As US assets lose appeal, European equity inflows have posted their strongest quarterly inflows in a decade.

4 Jun 2025 | 12:01pm| 9pg| Research | Portfolio Strategy-Guillaume Jaisson and others

We believe the key high-end CCL suppliers (EMC & TUC) will continue to enjoy solid demand from ASIC AI server and 800G switches in June-Sep, considering the increasing orders from key CSP customers, which should expand EMC/TUC's M8 grade CCL revenue contribution to reach 40%/30% in 2H25 (vs. 30%/15% in 1H25), leading to a much more favorable than expected revenue (we expect EMC/TUC revenue will go up by 10%/16% HoH in 2H25) and profitability outlook (M8 grade CCL's GM is generally 45%+ vs. EMC/TUC's 1H25 average GM at 30.4%/24.0%).

6 Jun 2025 | 12:01am| 10pg| Research | Equity-Chao Wang and others

IN THE SPOTLIGHT

The retail channel remains among the fastest growing contributors to the Alternative Managers' fee steams, with revenues from these products estimated to grow ~50% in 2025E. While May inflows slowed to ~$8bn (vs. ~$10bn ...
/content/research/authors/d6db4004-adaa-11dc-ae8e-001185134607.html

Alexander Blostein, CFA

Asset Managers & Capital Markets | New York
6 Jun 2025 | 4:09am| 37pg| Research | Equity-Alexander Blostein, CFA and others
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DAILY ROUNDUPS
The 720: Taiwan CCL, China Trucks & Engines, DISCO, Bank of Ningbo, Consumer Corp Day, India Womenomics
6 Jun 2025 | 7:19am| 9pg| Research | Equity-Michael Snaith and others
Midday Market Intelligence: drift
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In the midst of the everflowing trade news this year, as well as earlier China stimulus hints, we think it will be more than ever topical to check...Read more