A Reuters report that Samsung Electronics is preparing to ship next-generation HBM4 memory to NVIDIA has stirred concerns about competitive pressure on Micron Technology . But for investors, this looks more like a headline risk than a thesis break . What’s the News? (In Plain Terms) Samsung is reportedly ready to start producing HBM4 chips as early as next month Initial shipments to Nvidia could begin soon HBM4 is the next upgrade cycle after today’s HBM3/3E used in AI accelerators This confirms that Samsung is back in the HBM race after lagging SK Hynix and Micron earlier in the AI cycle. Does This Hurt Micron? Short Answer: Not Much (Yet) 1. HBM Is Supply-Constrained, Not Demand-Constrained AI chipmakers (Nvidia, AMD, custom silicon players) are buying every HBM chip they can secure . This is not a “winner takes all” market — it’s a “everyone sells out” market . Even if Samsung qualif...
Paradigm Real Estate Investment Trust delivered a steady 4QFY2025 performance , with net property income (NPI) edging higher on firmer rental income and lower operating costs, while maintaining a near-full distribution payout . Key Financial Highlights (4QFY2025) Revenue: RM60.85m ( +4.4% QoQ ) NPI: RM41.72m ( +1.8% QoQ ) Lifted by higher rental income and electricity cost savings from bulk tariff incentives Distribution per unit (DPU): 4.10 sen Total distribution: RM65.6m Payout ratio: 99.3% of distributable income Annualised yield: ~ 4.1% , based on unit price of 99.5 sen As a newly listed REIT (June 2025), year-on-year comparison is not yet meaningful. Full-Year Snapshot (FY2025) Revenue: RM132.29m NPI: RM91.97m Total assets: RM2.6bn Investment properties: RM2.5bn NAV: RM1.05 per unit Portfolio & Strategy Takeaways Management struck a cautiously optimistic tone...