Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.</li>
<li>What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   </li>
<li>Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. </li>
</ul>


US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.
What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?   
Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China. 


US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion</li>
<li>Google page views declined 8% since the launch of ChatGPT</li>
<li>Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors </li>
</ul>


Cloud 2025 CapEx consensus increased 70% from January 2024 to the present day $365 billion
Google page views declined 8% since the launch of ChatGPT
Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors 


Coatue Doubles Down On An AI Supercycle @ EMW 2025

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind</li>
<li>TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging</li>
<li>MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. </li>
</ul>


TSMC’s Next Generation 2nm Node Gathers Momentum as Intel Lags Behind
TSMC’s Arizona Plant Ships First AI Chips — But Taiwan Remains Core to Packaging
MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026. 


Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>’s Plan to Build a Plant in Germany Faces Delays.</li>
<li>TSMC’s Fab 21 Project in Phoenix, Arizona: Progress, Challenges, and Future Plans.</li>
<li>There remains uncertainty about whether political factors — such as U.S. President Trump’s tariff threats targeting the semiconductor industry— might impact or even reverse TSMC’s investment decision.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US)’s Plan to Build a Plant in Germany Faces Delays.
TSMC’s Fab 21 Project in Phoenix, Arizona: Progress, Challenges, and Future Plans.
There remains uncertainty about whether political factors — such as U.S. President Trump’s tariff threats targeting the semiconductor industry— might impact or even reverse TSMC’s investment decision.


TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the June 2025 rebalance event.</li>
<li>We expect a one-way flow of US$700mn for June 2025.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the June 2025 rebalance event.
We expect a one-way flow of US$700mn for June 2025.


[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

Nicolas Baratte

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....

Patrick Liao

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

No index changes to the MVIS US Semiconductor 25 Index but $700mm of capping flows makes for a bit of interest. There will be other semiconductor...

Travis Lundy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China

​US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

Nicolas Baratte

Coatue Doubles Down On An AI Supercycle @ EMW 2025

Apart from the Mag7, Coatue is heavily focusing investment on companies involved in AI-required power delivery, AI software and AI semiconductors

William Keating

Taiwan Tech Weekly: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

​TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Germany Fab Delayed for European Budget Crisis; Fab 21 Project in Arizona.

​TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....

Patrick Liao

[Quiddity Index] MV US Semiconductor Jun25 Rebalance Results: Flow Expectations

No index changes to the MVIS US Semiconductor 25 Index but $700mm of capping flows makes for a bit of interest. There will be other semiconductor...

Travis Lundy

US tightening restrictions on foreign-owned semiconductor production in China, exempting Samsung, SK Hynix, TSMC from import licenses. Samsung and...

TSMC's advancements in 2nm node technology outpace Intel, while Arizona plant ships AI chips and Taiwan remains central to packaging. MediaTek...

TSMC faces delays in building a plant in Germany and uncertainty in investment decisions due to political factors like Trump's tariff threats....