Скачать или смотреть Kerrisdale Capital's Sahm Adrangi on $ACMR's price dislocation between Shanghai and NASDAQ listings

Sahm Adrangi, Chief Investment Officer at Kerrisdale Capital, joins the podcast to share his thesis on ACM Research, Inc. (NASDAQ: ACMR), develops, manufactures and sells semiconductor process equipment spanning cleaning, electroplating, stress-free polishing, vertical furnace processes, track, PECVD, and wafer- and panel-level packaging tools, enabling advanced and semi-critical semiconductor device manufacturing.

Kerrisdale Capital's $ACMR write-up: https://www.kerrisdalecap.com/investm...

For more information about Kerrisdale Capital, please visit: https://www.kerrisdalecap.com/

Chapters:

[0:00] Introduction + Episode sponsor: Alphasense
[3:28] What is ACM Research and why are they so interesting to Sahm
[7:27] Chinese competitors
[10:24] What is Sahm seeing with $ACMR that the market is missing
[12:54] Discounts
[15:34] $ACMR business vs. politics/regulatory risks
[22:48] China risk / listing in Asian market / US-listed company with operations in China, CEO being US citizen
[29:54] Is there a lack of urgency from management? (Capital Allocation strategy)
[33:54] $ACMR valuation
[37:33] Technical sophistication of the cleaning tools
[41:19] How exposed to slow down in AI spending and business growth prospects
[48:10] $ACMR final thoughts
[50:39] What could go wrong / what could break $ACMR thesis for Sahm

Today's sponsor: Alphasense

If you’re unfamiliar with AlphaSense, it’s a market intelligence platform with the world’s premier library of proprietary expert insight. For years now, I’ve used Tegus for their expert call transcript library, and with AlphaSense’s acquisition, the depth and breadth of market research content available has expanded significantly.

Why I chose AlphaSense?

Unparalleled expert insights—access 150,000+ proprietary expert transcripts, growing by 6,000 per month, covering 24,000+ public and private companies.

Comprehensive market intelligence—search 450M+ documents, including company filings, analyst research, expert interviews, and more, all connected for deeper analysis.

AI-powered research at scale—complete qualitative research 5-10x faster with advanced generative AI, delivering instant, high-confidence insights.