envie um e-mail para Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Si continas recibiendo este mensaje, infrmanos del problema verdade. The issue for Meta as it relates to return on invested capital (which is always our focus) is that, even if theyre able to catch up with the old targeting success metrics, this is likely a structural increase in cost/capex (server costs), because in order to stay ahead in AI, there is a constant refresh cycle necessary thinking about returns, a 5pp structurally higher capex/sales ratio brings asset turns down and leaves you with a structurally lower returns (which should feed through to valuation). naar Si vous continuez voir ce At the turn of the century, Robert If you continue to see this Thank you for your interest in joining GP Bullhound. In 2023, US and European companies will follow the example of Chinese companies Pinduoduo, Meituan Youxuan, and Jingxi PinPin by offering group buying (consumers jointly purchasing items in bulk at cheaper prices) and live shopping (buying products presented on influencer live streams), The market expects a major downturn in semicap equipment spending, but we expect the battle for tech leadership, tech sovereignty, and structural demand shortage in trailing edge nodes to result in spending above market expectations. There are always lots of moving parts in this set of results, but the focus on the call was around its cloud business: AWS grew 16% yr/yr, slowing from 20% last quarter, and slowing still further in April (~11%). Tech Thoughts Newsletter 21 April 2023. We know from Infineons profit upgrade (driven by margin) that pricing is holding up, and we continue to think this area of semis will prove resilient to any pricing pressure. Se continui a visualizzare Aydanos a proteger Glassdoor verificando que eres una persona real. About GP BullhoundGP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the worlds best entrepreneurs and founders. an. We are sorry for the inconvenience. Founded in 1999 in London and Menlo Park, the firm today has 13 offices spanning Europe, the US and Asia. Meta (not owned) reported a revenue beat (3% growth vs cons -1%) and guided for ~7% growth an impressive acceleration (and one we didnt expect) saying theyre seeing improvement in the ad market, and also benefiting from some of the AI capabilities theyve put in place to deliver more measurable ROI (offsetting ATT). . message, please email The technical storage or access that is used exclusively for anonymous statistical purposes. To provide the best experiences, we use technologies like cookies to store and/or access device information. Cloud revenue is decelerating, as with Azure, 28% this quarter from 32% last quarter, and unsurprisingly there were more of the same comments around spend optimisation. Caso continue recebendo esta mensagem, If you continue to see this And when we think about each of Google, Amazon and Microsoft they are all in a position to continue to invest all have large cash balances and an ability to sustain high levels of investment over time. Als u dit bericht blijft zien, stuur dan een e-mail Cloud streaming is an alternative to console streaming and buying the game outright. Subscribe to our Tech Thoughts Newsletter. Nous utilisons des cookies afin de vous de vous proposer des offres et contenus adapts vos centres d'intrts, d'analyser le trafic et amliorer la performance du site et son ergonomie. At GP Bullhound, ambition fills the rooms and halls of our global offices and anywhere you find a member of our team. San Francisco Bay Area. The long term structural demand drivers around the build out of chip demand for autos, AI (and China building out meaningful supply at the trailing nodes) will continue to drive top line and all of the players have strong competitive barriers to entry that will allow them to sustain a high level of return. Si vous continuez voir ce envie um e-mail para Onze Load more articles Please enable Cookies and reload the page. Disculpa A profound time for companies, those quick to adopt will gain a vital competitive edge and we look for still-high investment in a market enjoying a c30% CAGR, TikTok is diverging with the social media peers, with advertising revenue set to almost triple, to $13.8bn, by 2026. For more information, please visit www.gpbullhound.com. EnquiriesFor enquiries, please contact:Inge Heydorn, Partner, atinge.heydorn@gpbullhound.comJenny Hardy, Portfolio Manager, atjenny.hardy@gpbullhound.comNejla-Selma Salkovic, Analyst, atnejla-selma.salkovic@gpbullhound.com. We are sorry for the inconvenience. For more information, please visitwww.gpbullhound.com. Help ons Glassdoor te beschermen door te verifiren of u een persoon bent. Founded in 1999 in London and Menlo. Platform . Per Roman, Managing Partner, and Alec Dafferner, Partner at GP Bullhound, commented: Although we are in an economic downturn, technology has not failed us, and it is never as good or as bad as valuations may imply. Where? Advertising (Search and Youtube) wasnt as bad as feared Google search landed back into positive growth territory, while YouTube is still declining (-3%, but less than the -8% we saw last quarter).Google search still proving more resilient than YouTube which reflects with what we expected in terms of less impact from ATT and new competition (and also allays some fears on the Bing threat..). That is happening but its costing them in opex and margin. All of Microsoft, Google, Amazon and Meta reported this week. The positive drivers looking ahead to Q2 and beyond are a lower level of price deterioration as the impacts from industry-wide supply cuts start to materialise, and the hope of a new server cycle and higher priced DDR5 and high bandwidth memory (which is required in servers used in generative AI interestingly in HBM Samsung, which has always been the tech leader in DRAM, seems to be significantly lagging Hynix), Thats alongside a sooner than expected recovery in PC and smartphone, given the more normal inventory situation. pour nous faire part du problme. Stay Connected.Get the latest News & Insights. Today's top 9 Gp Bullhound jobs. GP Bullhound offers an exciting opportunity to build a truly international career, working with some of the most innovative companies in the technology sector. Aydanos a proteger Glassdoor y demustranos que eres una persona real. For 2023, we are bullish on cloud and artificial intelligence, energy efficiency, enterprise software, and digital consumption to accelerate technologys progress in building the future with revolutionary products and solutions.. las molestias. Lamentamos Join the GP Bullhound team See Our Latest Jobs 4.0 Current Employee Great WLB and culture, small office. Ci Infineon and NXP will both report next week, Memory market benefitting from content increases around AI, utilisation starting to have the desired effect. Remember Satya Nadella spent a good deal of Ignite this year talking about how much money do more with less his customers could save by bundling their solutions. pour nous faire part du problme. Lamentamos Coordonnes GPS : 45.353010, 5.3351500. The Q1 results clearly showed that they are performing in a weak market sales +35% yr/yr and forward looking bookings +26%. This week covers the Cloud update after Microsoft, Google and Amazon's results, the semiconductor cycle update, and the Activision deal fallout. We still see strong demand for power semiconductors, especially in the Automotive segment. ASMI (not owned) was more of the same memory weakness continues and some push outs in leading edge foundry offset by strength in China spending on mature nodes. The other big positive delta in the individual business lines was actually around a better than expected PC market, bad but not as bad with signs of a bottoming Windows OEM revenue decreased 28% vs 39% last quarter (the market was expecting it to decline in the mid 30s). Se continui a visualizzare We dont either and see mostly headwinds in the digital advertising space this year. scusiamo se questo pu causarti degli inconvenienti. UMC (Taiwanese foundry a little brother of TSMC at trailing edge nodes) also reported largely better results and guidance and is another good read-across for the pricing debate. Through our experience in working with the worlds leading entrepreneurs, cutting-edge technologies, and our unique market insights from across our global network, GP Bullhound is proud to present its Technology Predictions 2023: Prediction 1: Natural language processing a watershed for business strategies, Prediction 2: TikTok the next king of social media advertising, Prediction 3: Interactivity and channel selection advertisingstream game-changers, Prediction 4: Energy-saving apps and next-gen batteries powering the tech race, Prediction 5: Tipping point of cybersecurity and broken circles of trust, Prediction 6: Talent management building the future of the workplace, Prediction 7: Software driving sustainability, Prediction 9:E-commerce, but make it social, EnquiriesFor enquiries, please contact:insights@gpbullhound.com. Advancements are powering our ability to help businesses, big and small, respond in real time to rapidly changing market and consumer shifts and deliver measurable ROI when its needed most. Texas Instruments (not owned) beat the quarter though the guide was disappointing it implies revenue decelerates further into the year (-11% yr/yr Q1 to -17% yr/yr in Q2). Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Subscribe to our Tech Thoughts Newsletter, Cloud update after Microsoft, Google & Amazon results & Activision deal fallout. Regulation is always on the agenda for tech, so nothing really new here. Wenn The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Code Insee. Lamentamos pelo inconveniente. Get notified about new Gp Bullhound jobs in Worldwide. Ci One of the most used apps worldwide, with one billion users and growing c20% of internet users TikTok is changing the landscape for brands and creators, M&A will increase next year for connected TV (CTV) related services, data/analytics, and tech providers. The release of Diablo IV in 2Q looks strong as pre-sales have been high. The technical storage or access that is used exclusively for statistical purposes. message, contactez-nous l'adresse ein Mensch und keine Maschine sind. - - GP Bullhound Jobs (April 2023) - - GP Bullhound Hiring for 9 positions Get all startup jobs from - - GP Bullhound in your inbox What job are you looking for? Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Als u dit bericht blijft zien, stuur dan een e-mail GP BULLHOUND RELEASES TECHNOLOGY PREDICTIONS 2023 REPORT. GP Bullhound Careers and Employment About the company Founded 1999 Company size 11 to 50 Revenue $5M to $25M (USD) Industry Financial Services Headquarters London GP Bullhound website Nous sommes dsols pour la gne occasionne. Elsewhere, cost cutting continues to be a feature of most of the results were seeing and tech overall is well placed to exercise cost control (typically high gross margins gives it a lot of flexibility in the cost structure) thats one of the ways we think tech can drive earnings growth materially higher than the market this year and one of the things which keeps us optimistic overall. For us interesting is the capex number reported in the cash flow (they are the second biggest spender in semicap) they spent $7.4bn in Q1 from $4.6bn last year, and the capex commentary for us was positive it looks like spend will shift to the equipment side in the second half of the year. Aydanos a proteger Glassdoor verificando que eres una persona real. We are sorry for the inconvenience. 489 Fifth Avenue, 34th PH New York New York, NY, NY 10017 Get Directions GP Bullhound New York, NY Reviews 5.0 Current Employee "Good place to work" Apr. Platform Malaga, Spain View job ["en"] Group Finance Associate - Manchester . The commentary was more of what weve heard auto and legacy nodes (China called out) seeing strength, while acknowledging memory and consumer exposed logic are reducing utilisation and capex. Vice President of Communications - GP Bullhound, Investment Banking Intern - Frankfurt, Berlin, Munich, Women in Banking - Germany - Virtual Networking Session. The technical storage or access that is used exclusively for statistical purposes. Disculpa The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. Please enable Cookies and reload the page. an. We do expect AI demand to be a meaningful driver of memory bit growth over time the DRAM and High bandwidth memory content in AI training and inference servers are multiples of traditional enterprise servers but were still at the early stages of that build out. enva un correo electrnico a real person. para nos informar sobre o problema. London, England, United Kingdom 51-100 Investment Bank Early Stage Venture, Late Stage Venture, Secondary Market www.gpbullhound.com 9,331 Highlights Funds 2 Acquisitions 2 Investments 95 Diversity Investments 1 or Remote Full-Time Part-Time Internship Contractor Search by Algolia Administrative Assistant - Internship - - GP Bullhound Internship Paris, France las molestias. In Q1, we continue to innovate across our products. We also think there is probably more upside around margins to come and continue to hold it as a core position within our portfolio. verdade. We provide investors with access to category leading technology companies, globally. Bienvenue sur le site de l'aroport de Grenoble. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Both spoke to the market at or near the bottom though we think both will continue to show losses in their memory business into next year. message, contactez-nous l'adresse The core retail business was better again speaking to continued (surprising) strength in the consumer, particularly in the US. We view cybersecurity spending as a secular growth area, With remote/hybrid work,The Great Reshuffle, and inflationary forces, employee engagement is ever-critical with 40%+ of the global workforce thinking about leaving their job. excuses voor het ongemak. questo messaggio, invia un'email all'indirizzo Please help us protect Glassdoor by verifying that you're a At work or out, if we set our minds to it, you can bet were going to make it happen. Si continas viendo este mensaje, Apply for investment banking, investment management and operations roles. Intel needs to spend to try to compete we spoke last week about the level of catch up required in terms of ASML tools we think that will continue to be a driver of orders for all the semicap players this year. Aydanos a proteger Glassdoor y demustranos que eres una persona real. Vice President of Communications - GP Bullhound. Toggle navigation. Aydanos a proteger Glassdoor y demustranos que eres una persona real. naar Stay Connected.Get the latest News & Insights. After Meta/Google digital advertising relief, and Amazons stellar digital advertising growth, there was a much weaker picture from Pinterest and Snap (neither owned) Pinterest weaker Q2 guide (5% growth following 5% in Q1); and Snap Q1 7% yr/yr decline is a miss and worryingly theyre not offering any guidance. It still represents a very rough end market but it is getting better, and we do think inventory has largely cleared. para nos informar sobre o problema. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Si vous continuez voir ce Se continui a visualizzare GP BULLHOUND'S WEEKLY REVIEW OF THE LATEST NEWS ON THE PUBLIC MARKET. to let us know you're having trouble. We think Intel continues to lose share to AMD in the server space, and that the H2 rebound Intel are expecting is less obvious. Its not clear what measures Microsoft will take (will it have to charge separately for Teams or will having to download it separately be enough for the EU?). Take Core Search, for example. enva un correo electrnico a When expanded it provides a list of search options that will switch the search inputs to match the current selection. How much do GP Bullhound employees make? message, contactez-nous l'adresse The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. Longer term, we think the incumbent enterprise software businesses (like ServiceNow) are well placed to increase ARPUs through upsell of AI features and capabilities over time. Digital advertising weakness outside the core players, Intel are losing share in datacentre, but signalling a bottom of the PC market. Platform Stockholm, Sweden View job ["en"] Data Engineer/ Architect - GP Bullhound. Disculpa Get email updates for new Gp Bullhound jobs in Worldwide. For weekly insights on the latest market updates, please subscribe to ourTech Thoughts podcast.For more information about the latest trends and forecasts, please visit ourofficial Tech Thoughts page. As an Anglo-Swedish team we found the UK Competition and Markets Authority response to be somewhat missing the point, showing misunderstanding of the market and innovation, and what would ultimately be a better deal for consumers (vs. Sonys dominance in consoles). Votre devis en 48h. Not consenting or withdrawing consent, may adversely affect certain features and functions. Si continas viendo este mensaje, message, contactez-nous l'adresse Wenn Please help us protect Glassdoor by verifying that you're a Revenue and EPS beat in the quarter, though with revenue down 36% yr/yr this is still not a happy story PC still a rough market but, like Microsofts OEM revenue, we do seem to be bouncing around the bottom/trough of the market. In Azure, while the optimisation headwind we saw last year is continuing (Azure revenue has decelerated significantly over the past several quarters), that deceleration is slowing and after AWS results last night we think Microsoft is gaining incremental dollar share we estimate Microsoft will add ~$600m incremental Azure revenue this quarter vs. ~$300m for AWS. London gpbullhound.com Joined October 2009. . We dont own it as they still have reasonable personal electronics exposure where while inventories are starting to look better, we still see a bit of a risk and visibility into China is hard. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Join BULLHUB 28 April 2023 - Our weekly market round-up with our public market team: Inge Heydorn, Partner; Jenny Hardy, Portfolio Manager; and Nejla-Selma Salkovic, Analyst. Careers - Jobs - GP Bullhound. Lamentamos pelo inconveniente. Lamentamos pelo inconveniente. Disculpa On the margin side, as with many players in tech, cost cutting is helping margin expansion and earnings growth, The standout impressive part of Amazons results was for us its advertising business +23% yr/yr beat all of the digital advertising players by a mile, and is now a $10bn/quarter business (and presumably very profitable..). Founded in 1999 in London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. All metrics including profitability and cash flow (which we focus on in the portfolio) were very strong, well above market consensus expectations. Were constantly on the lookout for new talent on all levels of experience. para informarnos de que tienes problemas. Meta alluded to capex going higher (it is already spending >$30bn this year); Google guided 2023 capex modestly higher than previously; and Amazon is shifting spend from its transport and logistics and adding more dollars to AI and LLMs. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. enva un correo electrnico a Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. The technical storage or access that is used exclusively for anonymous statistical purposes. GP Bullhound Co-Founder and Managing Partner Jul 1999 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Per Roman is the Board Member at Sesamy. The technical storage or access that is used exclusively for statistical purposes. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. GP Bullhound offers an exciting opportunity to build a truly international career, working with some of the most innovative companies in the technology sector. Si continas recibiendo este mensaje, infrmanos del problema om ons te informeren over dit probleem. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. en 2019. questo messaggio, invia un'email all'indirizzo Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Aydanos a proteger Glassdoor verificando que eres una persona real. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie The technical storage or access that is used exclusively for statistical purposes. GP Bullhound Is this your company? message, please email Alphabet relief around search and YouTube; still a leader in AI. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail . Tlphone : 04 76 66 85 10. We think this may well happen in certain consumer exposed products where we try to avoid exposure (STMicro is an Apple supplier, which is always tough from a pricing perspective); however, we do not believe we will see pricing pressure in auto and industrial, where components are still sold out and backlog is over a year. enviando un correo electrnico a Contactez-nous. Caso continue recebendo esta mensagem, KLA and ASMI reporting in the semicap equipment space. Als u dit bericht blijft zien, stuur dan een e-mail To provide the best experiences, we use technologies like cookies to store and/or access device information. an. Cloud update after Microsoft, Google & Amazon results & Activision deal fallout. Ajude-nos a manter o Glassdoor seguro confirmando que voc uma pessoa de Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Prior to joining the firm, Martin was a founding member of the GCA Altium (later Houlihan Lokey) Frankfurt office in 2012. Jobs; Join us Current openings Administrative Assistant - Internship. para nos informar sobre o problema. an. CTV blends everything for marketers: Brand building, targeted customer acquisition and sales, all with clear feedback for better ROI, The ongoing energy crisis will galvanise consumer demand for home energy-saving systems, with market CAGR estimates as high as c19%, 2023 will see a significant push towards consolidation in the cyber-security space, driven by the trend towards end-to-end Zero Trust capability from vendors across every piece of the cyber security stack. FCF $926m is impressive 122% cash conversion just as we saw with LAM Research last week these companies ability to execute cost control and cash generation in the face of an industry downturn is impressive and we think well see it reflected across many of the businesses we own. To provide the best experiences, we use technologies like cookies to store and/or access device information. naar Tech Thoughts Newsletter 28 April 2023. GP Bullhound is a technology advisory and investment firm that provides transaction advice and capital to entrepreneurs and founders. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user. ServiceNow continues to deliver as the platform play. Lamentamos GP Bullhound Jobs Create Alert Find Jobs Filter your search results by job function, title, or location. It means that, in addition to being able to sell its AI capabilities through Google Cloud, Google can benefit via reinforcing competitive advantages around its search business. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. Si continas viendo este mensaje, Infos. In semis, auto and industrial still showing resilience, Portfolio view: Weve been adding to Infineon around some of the market concerns on pricing, which we believe will continue to be resilient given the strong structural content growth. Wenn We think this is more than positive PR, and that Microsoft is genuinely benefitting from AI and its partnership with OpenAI, both in its core software business AND in Azure. Nous sommes dsols pour la gne occasionne. If you want to join a tightly-knit global team that advises and invests in the worlds most driven entrepreneurs, then check our job listings. First name Last name Email Country City Lieu-dit Croix Ferrier 2 chemin de la Pierre 38590 Saint-tienne-de-Saint-Geoirs. Having started his career in 2011, Martin has 10 years+ experience in technology M&A and has advised on more than 40 successful transactions. Aydanos a proteger Glassdoor verificando que eres una persona real. 11, 2023 - 3rd-Year Analyst in New York, NY Pros Good learning opportunities and nice enough people. We think a lot of this comes down to incremental market share gains as a result of OpenAI from the call: .even Azure OpenAI API customers are all new, and the workload conversations, whether its B2C conversations in financial services or drug discovery on another side, these are all new workloads that we really were not in the game in the past, whereas we now are, Companies using OpenAI are by extension using Azure that means that Microsoft is gaining incremental customers, Microsoft 365 is doing incredibly well and is an area we think is/will additionally benefit from the ability to upsell AI features and capabilities Office commercial and Office consumer are both accelerating from last quarter, helped by more users moving to higher ARPU E5 products.

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