Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.</li>
<li>Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.</li>
<li>Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.</li>
</ul>


Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.


Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Starlink Engaged with Chipmakers to Bring  Satellite Connectivity Direct to Smartphones -- Mediatek Well Placed to Benefit</li>
<li>Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"</li>
<li>TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain </li>
</ul>


Starlink Engaged with Chipmakers to Bring  Satellite Connectivity Direct to Smartphones -- Mediatek Well Placed to Benefit
Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"
TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain 


Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India's decade-old aspiration to build a semiconductor ecosystem has transitioned from policy vision to tangible projects, marked by the recent presentation of the first "Made-in-India" chip, the Vikram 32-bit processor.</li>
<li>The momentum is validated by over INR 1.60 lakh crore in investment commitments across 10 approved projects, including major fabs and advanced packaging facilities.</li>
<li>This strategic push aims to reduce import dependency in a critical sector, create high-value jobs, and position India as a viable alternative in the global supply chain.</li>
</ul>


India's decade-old aspiration to build a semiconductor ecosystem has transitioned from policy vision to tangible projects, marked by the recent presentation of the first "Made-in-India" chip, the Vikram 32-bit processor.
The momentum is validated by over INR 1.60 lakh crore in investment commitments across 10 approved projects, including major fabs and advanced packaging facilities.
This strategic push aims to reduce import dependency in a critical sector, create high-value jobs, and position India as a viable alternative in the global supply chain.


Thematic Report- Unlocking India's Semiconductor Ambition: From Catch-Up to Catalyst

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.</li>
<li>Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.
Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL


Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

<ul>
<li>Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.</li>
<li>Expansion plans: ¥700 bn capex and ¥1.5 tn R&amp;D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.</li>
<li>Valuation &amp; growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.</li>
</ul>


Steady past performance, soft Q1: TEL doubled revenues and EPS since FY2021 with margins near 30%, but Q1 FY2026 showed a YoY dip as NAND/DRAM digestion hit.
Expansion plans: ¥700 bn capex and ¥1.5 tn R&amp;D by FY2029 will lift capacity ~+80%, aligned with AI logic and HBM-driven WFE growth.
Valuation &amp; growth: At ~18× forward P/E, TEL trades fair vs Lam/Applied but at a steep discount to ASML/KLA, offering upside if recovery unfolds.


Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

Vincent Fernando, CFA

Thematic Report- Unlocking India's Semiconductor Ambition: From Catch-Up to Catalyst

India's semiconductor ecosystem is gaining traction with the launch of the first "Made-in-India" chip, backed by significant investment...

Nimish Maheshwari

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

​Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

​Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

Vincent Fernando, CFA

Thematic Report- Unlocking India's Semiconductor Ambition: From Catch-Up to Catalyst

​India's semiconductor ecosystem is gaining traction with the launch of the first "Made-in-India" chip, backed by significant investment...

Nimish Maheshwari

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

Tokyo Electron — Navigating the Cycle, Leveraged to AI/HBM Growth

​Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...

Rahul Jain

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

India's semiconductor ecosystem is gaining traction with the launch of the first "Made-in-India" chip, backed by significant investment...

Despite a soft Q1, TEL has doubled revenues and EPS since FY2021 with plans for significant expansion and potential upside in valuation compared...