Hydrogen Insights 2024

The global hydrogen industry has reported $75 billion in committed capital. However, project delays are putting climate targets at risk.

The Hydrogen Council released its latest report, Hydrogen Insights 2024, which highlights: 1- Investment Growth:
Investments in hydrogen projects have increased from $10B in 2020 to $75B in 2024

2- Project Pipeline:
# of hydrogen projects has grown from 228 in 2020 to 1,572 in 2024. B/w 2020 and 2024, investments made in FEED stage projects increased by a 20X

So it happened!

Microsoft has taken an unprecedented step in the world of artificial intelligence: they are set to purchase a 49% stake worth $10 billion in OpenAI, the parent company behind AI services provider ChatGPT. With their investment, Microsoft would become part-owners of OpenAI with a 49% stake and the other 49% split between other investors. The OpenAI parent nonprofit graciously took 2%

🛢️🪨 Berkshire’s Energy Bets 📈🇯🇵

Buffett has done well on his ˜200m shares of $OXY most of which were purchased in Q1 2022. But he has also invested in a basket of Japanese commodity trading traders - sogo shosha or general trading companies

How well are these companies doing? ✨His two-year old bet on the five companies – known collectively as the sogo shosha, or general trading companies - has turned into gold, recently upping the wager by increasing his stake in each.

✨$MSFT infusion would be part of a complicated deal in which $MSFT would get 75% of OpenAI’s profits until it recoups its investment (It’s not clear whether money that OpenAI spends on Microsoft’s cloud-computing arm would count toward evening its account) ✨After that threshold is reached, it would revert to a structure that reflects ownership of OpenAI, with $MSFT having a 49% stake, other investors taking another 49% and OpenAI’s nonprofit parent getting 2%.

1/4

Microsoft $MSFT putting $10 billion into OpenAI, the firm behind ChatGPT, is probably the biggest tech deal ever & a game changer for the future of Artificial Intelligence 2/4

At a $29 billion valuation, Microsoft would get 75% of OpenAI profits until it recoups $10 billion. Once they hit that threshold, they would have a 49% stake in OpenAI, with other investors taking another 49% and OpenAI's nonprofit parent getting 2%.

$MSFT Q3 2022 ER

• Rev +11% YoY to $50.1B vs $49.7B est
• GM 69% (-1% YoY)
• Op Margin 43% (-2% YoY)
• Op CF Margin 46% (-8% Y/Y)
• EPS $2.35 vs $2.31 est

Azure +35% YoY +42% in CC

Stock down ~6% AH after revealing weak guidance on its earnings call Cloud growth 42% YoY CC.

Last few Qs of growth CC below. Model of consistency. Steadily growing >40% at really impressive scale

Q4'22 37% guidance
Q3'22 42%
Q2'22 46%
Q1'22 49%
Q4'21 46%
Q3'21 48%

Moderate Growth in Azure & higher energy costs in qtr hurt the GM of Azure

$GOOG Q3 2022 ER

⭐️Rev $69B🆙 6% YoY (11% CC) est $71B
⭐️EPS $1.06 down 24% YoY est $1.28

⭐️YT ad rev: $7.07B down 1.87% YoY (first yr of deceleration)
⭐️GCloud rev: $6.87B ⬆️ 37.6%
⭐️Search rev ⬆️ 4.25% YoY

⭐️added ~37k heads +25% YoY

Stock down 5% AH - miss rev and EPS Outlook

Google expects even larger FX headwind in Q4

"In the fourth quarter, the very strong revenue performance last year will continue to create tough comps that will weigh on the year-on-year growth rates of advertising revenues."

1/
🧵on dominant USD💵

USD has been on upward swing since mid 2021 and has jumped sharply more recently

❓What is $ Index?
❓USD💵role in global economy? <- reserve currency
❓Why it is so 'strong' right now?
❓What drive it?
❓Will it collapse? 2/

What is $ Index?

The US Dollar Index (USDX, DXY, DX, or, informally, the "Dixie") is a measure of the value of USD💵relative to a basket of foreign currencies often referred to as a basket of U.S. trade partners' currencies.

A thread 🧵

Why are companies turning to share 'buyback' and how does it create value?

We will look into basics and some case studies to understand value creation through 'buybacks'

Lets get started .... Ultimately, highly successful companies reach a position where they are generating 'more cash' than they can reasonably reinvest in the business. Ex $AAPL, $GOOGL etc

Given the cash accumulation the investors are pressuring companies to distribute the wealth back to shareholders

With turbulent start to the year by NASDAQ 100, it is a good time to dive deeper into US tech MOATED HYPERGROWTH businesses for consideration, with that intent a thread on Upstart $UPST .......

Real inefficiencies create real opportunity for disruption, which is what $UPST is $UPST intro video vimeo.com/492637158

Founded in 2012 by: David Girouard (x-Google and Apple), Anna Couselman (Google), and Paul Gu (Thiel Fellow).

$UPST raised $144m over 6 rounds, Apr'20 round valuation $750m

VC investors incl First Round Capital, Khosla Ventures etc.

Good time to do a thread on Gogoro ......

Business model starts to play out and impacts the broader ecosystem and increase penetration of EVs Gogoro is a Taiwan based company that has proven and commercialised the Battery Swap technology to be produced at scale.

The key words are 'commercial' and 'scale'

A thread on Taiwan Semiconductor Manufacturing Company (TSMC) and basics of semiconductors

#TSMC #semiconductors #semiconductorshortage #Taiwan

Given the importance and buzz around semis, a timely thread on TSMC --> One of the most important companies in the world! 1/ Semis basics

Semiconductor is a tiny electronic device composed of
billions of components that store, move, and process data.

Chips are fundamental to emerging technological applications such as AI, Cloud, Metaverse, 5G, IoT, large-scale data processing and supercomputing

MapMyIndia (MMI - C.E. Info Systems Ltd)

Let’s deep dive and understand what makes MMI special. A thread .........

#mapmyindia #Mapmyindiaipo #mmi

DRHP - investmentbank.kotak.com/downloads/ce-i… 1/ Key Metrics

Current Price: ₹1,675
52WH / 52WL: ₹1,777 / 1,282
P/E: 185
Book Value: ₹64.7
ROCE: ~20%
ROE: ~15%
Market Cap: ₹8,922cr
Enterprise Value: ₹ 8,879 Cr.
Debt to equity: 0.06
Sales growth 3Yrs: 0.68 %

The company raised 1039cr through IPO, entire issue was OFS

I write a thread every now and then

Here are all of them, chronologically Pharmeasy IPO (API Holdings IPO) - currently (Nov 2021) unlisted in India

https://twitter.com/agrawalmohit12/status/1464312078894833669?s=20

Pharmeasy IPO (API Holdings IPO)

#pharmeasy #apiholdings #pharmeasyipo

A thread on the key takeaways from DHRP .....

IPO expected in Feb 2021

investmentbank.kotak.com/downloads/api-… The parent company of PharmEasy, API Holdings, has filed for its DRHP with SEBI on 08th Nov for a fresh issue of ₹6,250cr ($830m) value equity shares and there is no offer for sale (OFS) by the promoters.

They are also looking for a pre-IPO placement of ₹1,250 cr in this issue

Indian Energy Exchange (iexindia.com), a marketplace that provides nationwide automated & transparent trading platform for the physical delivery of electricity, renewables and certificates.

Publicly listed company with NSE: IEX and BSE: 540750 since Oct'17 @iexindia Commenced operations in 2008; CERC regulated
Current Price : ₹776 (~400% above the IPO price)
52 WH – 52 WL : ₹ 956 / ₹199
Market Cap : ₹ 23,261 Cr.
Enterprise Value : ₹ 23,105 Cr.
P/E : 88
Div Yield : 0.17 %
ROCE : 59.7 %
Debt to equity : 0.02
Sales growth 3Yrs : 11.2 %