Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>The US-China trade war has shaped a new trend: Advanced and Matured Technologies led by <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> and <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> respectively.</li>
<li>Notably, construction of semiconductor fabs in Singapore seems to be of lesser concern at the moment.</li>
<li>The emergence of AI offers new hope, not only for advanced semiconductor technology but also for lagging technologies.</li>
</ul>


The US-China trade war has shaped a new trend: Advanced and Matured Technologies led by Taiwan Semiconductor (TSMC) - ADR (TSM US) and Semiconductor Manufacturing International Corp (SMIC) (981 HK) respectively.
Notably, construction of semiconductor fabs in Singapore seems to be of lesser concern at the moment.
The emergence of AI offers new hope, not only for advanced semiconductor technology but also for lagging technologies.


The US-China Trade War Is Likely to Split the Semiconductor Industry into Two Groups.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.</li>
<li>From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict. </li>
<li>Focusing on AI, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.</li>
</ul>



NVIDIA Corp (NVDA US) CEO Mr. Jensen Huang announced plans to establish an offshore headquarters in Taipei during his visit this June.
From a geopolitical perspective, Taiwan is one of the focal points where the U.S. and China could potentially be in conflict. 
Focusing on AI, NVIDIA Corp (NVDA US) is currently attracting significant attention, but the decision to establish an offshore headquarters in Taipei is raising curiosity.


Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Discussion on the future of Nvidia and the semiconductor industry, including concerns about growth and competition</li><li>Analysis of the potential impact of custom ASICs on Nvidia's market dominance and revenue growth</li><li>Consideration of the performance and prospects of major tech companies like Apple, AMD, Intel, Google, Amazon, and Microsoft in relation to AI and cloud software developments.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Discussion on the future of Nvidia and the semiconductor industry, including concerns about growth and competitionAnalysis of the potential impact of custom ASICs on Nvidia's market dominance and revenue growthConsideration of the performance and prospects of major tech companies like Apple, AMD, Intel, Google, Amazon, and Microsoft in relation to AI and cloud software developments.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 98: 2024 Semi Recap and Outlook Into 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

<ul>
<li>Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?</li>
<li>Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech </li>
<li>Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High</li>
</ul>


Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?
Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High


Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The 2024 vintage of "5 High Conviction Ideas" showed three stocks with positive performance and two with losses.</li>
<li>Our best performer was <a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a> which increased 157% in FY24. While our worst performer was <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> down over 60%.</li>
<li>Our 2025 vintage of top ideas is heavily copper-focused as we continue to believe the supply crunch in copper is real and set to get worse.</li>
</ul>


The 2024 vintage of "5 High Conviction Ideas" showed three stocks with positive performance and two with losses.
Our best performer was Plover Bay Technologies (1523 HK) which increased 157% in FY24. While our worst performer was AEM (AEM SP) down over 60%.
Our 2025 vintage of top ideas is heavily copper-focused as we continue to believe the supply crunch in copper is real and set to get worse.


Overview of My Winners and Losers in 2024...and 5 High Conviction Ideas Going Into 2025

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)

The US-China Trade War Is Likely to Split the Semiconductor Industry into Two Groups.

US-China trade war drives shift towards Advanced and Matured Technologies led by TSMC and SMIC, with AI offering hope for semiconductor and...

Patrick Liao

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...

Patrick Liao

Episode 98: 2024 Semi Recap and Outlook Into 2025

The discussion focused on the semiconductor industry, particularly Nvidia's performance, with questions raised about its future growth and...

The Circuit

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

Overview of My Winners and Losers in 2024...and 5 High Conviction Ideas Going Into 2025

2024's "5 High Conviction Ideas" had mixed results, with Plover Bay Technologies soaring 157% while AEM Holdings plummeted over 60%. 2025's focus...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The US-China Trade War Is Likely to Split the Semiconductor Industry into Two Groups.

​US-China trade war drives shift towards Advanced and Matured Technologies led by TSMC and SMIC, with AI offering hope for semiconductor and...

Patrick Liao

Nvidia (NVDA.US): To Establish Offshore Headquarter in Taiwan.

​NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...

Patrick Liao

Episode 98: 2024 Semi Recap and Outlook Into 2025

The discussion focused on the semiconductor industry, particularly Nvidia's performance, with questions raised about its future growth and...

The Circuit

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

​Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

Overview of My Winners and Losers in 2024...and 5 High Conviction Ideas Going Into 2025

​2024's "5 High Conviction Ideas" had mixed results, with Plover Bay Technologies soaring 157% while AEM Holdings plummeted over 60%. 2025's focus...

Nicolas Van Broekhoven

US-China trade war drives shift towards Advanced and Matured Technologies led by TSMC and SMIC, with AI offering hope for semiconductor and...

NVIDIA CEO plans to establish offshore headquarters in Taipei, raising geopolitical and AI industry interest. Taiwan is a focal point where the...

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

2024's "5 High Conviction Ideas" had mixed results, with Plover Bay Technologies soaring 157% while AEM Holdings plummeted over 60%. 2025's focus...