Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>The WiFi technology was dominated by <a href="https://www.smartkarma.com/entities/broadcom-corp-cl-a" target="_blank" data-smartkarma-citation="entities:999:1" rel="noopener">Broadcom Corp Cl A (BRCM US)</a>, but <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> has to break into the PC and smartphone markets in 2024F.</li>
<li>There are speculations that Apple might use MediaTek's WiFi 7 solution in 2024F or consider MediaTek as a potential chip provider.</li>
<li>MediaTek will be using 6nm technology for WiFi 7, replacing the current 28nm technology used for WiFi 6.</li>
</ul>


The WiFi technology was dominated by Broadcom Corp Cl A (BRCM US), but Mediatek Inc (2454 TT) has to break into the PC and smartphone markets in 2024F.
There are speculations that Apple might use MediaTek's WiFi 7 solution in 2024F or consider MediaTek as a potential chip provider.
MediaTek will be using 6nm technology for WiFi 7, replacing the current 28nm technology used for WiFi 6.


MediaTek (2454.TT): The WiFi 7 Chip Competition Is Likely to Become Fierce in 2024.

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<ul><li>ON Semiconductor has moved from AI data-center supplier to potential Physical AI platform builder after agreeing to acquire Synaptics (NASDAQ:SYNA) in an all-stock transaction with an enterprise value of about $7 billion.</li><li>The proposed terms call for 1.350 ON shares for each Synaptics share, implying roughly a 19% premium to the two companies’ 10-day volume-weighted average prices, while Synaptics shareholders would own about 12% of the pro forma company.</li><li>ON shares fell after hours after the announcement, reflecting investor debate over timing, integration risk, and the choice of stock financing.</li></ul>

ON Semiconductor has moved from AI data-center supplier to potential Physical AI platform builder after agreeing to acquire Synaptics (NASDAQ:SYNA) in an all-stock transaction with an enterprise value of about $7 billion.The proposed terms call for 1.350 ON shares for each Synaptics share, implying roughly a 19% premium to the two companies’ 10-day volume-weighted average prices, while Synaptics shareholders would own about 12% of the pro forma company.ON shares fell after hours after the announcement, reflecting investor debate over timing, integration risk, and the choice of stock financing.

ON Semiconductor’s Synaptics Deal Could Redefine Physical AI!

<ul><li>ON Semiconductor Corporation reported its first quarter financial results for 2026 with revenues of $1.51 billion, modestly down 1% sequentially but up 5% year-over-year, surpassing the midpoint of its guidance.</li><li>The company highlighted a third consecutive quarter of gross margin expansion to 38.5%, driven by structural improvements in manufacturing efficiency and a leaner cost structure.</li><li>Non-GAAP diluted earnings per share were $0.64, outperforming expectations, supported by revenue growth in key segments such as AI data centers and automotive.</li></ul>

ON Semiconductor Corporation reported its first quarter financial results for 2026 with revenues of $1.51 billion, modestly down 1% sequentially but up 5% year-over-year, surpassing the midpoint of its guidance.The company highlighted a third consecutive quarter of gross margin expansion to 38.5%, driven by structural improvements in manufacturing efficiency and a leaner cost structure.Non-GAAP diluted earnings per share were $0.64, outperforming expectations, supported by revenue growth in key segments such as AI data centers and automotive.

ON Semiconductor Faces A MASSIVE 2026 Recovery Test Beyond Headline Results!

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<ul><li>U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about $50 million in the country over the next three years, stepping up local decision-making and investment as demand rises from electric vehicles, renewable energy and AI data centers.</li><li>The Nasdaq-listed company announced the move Tuesday in Shanghai. It said it plans to appoint a China general manager, who will also oversee its systems engineering business, in a bid to tighten coordination between technology and management and respond more quickly to automotive, industrial and data-center customers.</li><li>President and chief executive Hassane El-Khoury said China is not only a key market but is increasingly a source of innovation. He said the company’s China strategy goes beyond manufacturing and focuses on developing solutions with customers and scaling those innovations globally.</li></ul>

U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about $50 million in the country over the next three years, stepping up local decision-making and investment as demand rises from electric vehicles, renewable energy and AI data centers.The Nasdaq-listed company announced the move Tuesday in Shanghai. It said it plans to appoint a China general manager, who will also oversee its systems engineering business, in a bid to tighten coordination between technology and management and respond more quickly to automotive, industrial and data-center customers.President and chief executive Hassane El-Khoury said China is not only a key market but is increasingly a source of innovation. He said the company’s China strategy goes beyond manufacturing and focuses on developing solutions with customers and scaling those innovations globally.

U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters 

<ul><li>ON Semiconductor Corporation reported its financial results for the fourth quarter and full year 2025 amid a challenging demand environment, yet maintained a disciplined approach delivering $6 billion in revenue with a non-GAAP gross margin of 38.4%.</li><li>The company highlighted progress in technology leadership and positioned its portfolio towards growth markets such as automotive, industrial, aerospace, defense, and AI data centers.</li><li>Strategic initiatives included launches of new products like the Treo Platform and advancements in Wide Bandgap technologies such as lateral and vertical GaN devices.</li></ul>

ON Semiconductor Corporation reported its financial results for the fourth quarter and full year 2025 amid a challenging demand environment, yet maintained a disciplined approach delivering $6 billion in revenue with a non-GAAP gross margin of 38.4%.The company highlighted progress in technology leadership and positioned its portfolio towards growth markets such as automotive, industrial, aerospace, defense, and AI data centers.Strategic initiatives included launches of new products like the Treo Platform and advancements in Wide Bandgap technologies such as lateral and vertical GaN devices.

ON Semiconductor: A 68% Utilization Rate Highlights Ongoing Demand Weakness!

United States

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

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On Semiconductor (ON US)

MediaTek (2454.TT): The WiFi 7 Chip Competition Is Likely to Become Fierce in 2024.

Mediatek Inc (2454 TT) has to break into the PC and smartphone markets in 2024F. In 2024, MediaTek aims to potentially supplying WiFi 7 chips to...

Patrick Liao

ON Semiconductor’s Synaptics Deal Could Redefine Physical AI!

ON Semiconductor has moved from AI data-center supplier to potential Physical AI platform builder after agreeing to acquire Synaptics...

Baptista Research

ON Semiconductor Faces A MASSIVE 2026 Recovery Test Beyond Headline Results!

ON Semiconductor Corporation reported its first quarter financial results for 2026 with revenues of $1.51 billion, modestly down 1% sequentially...

Baptista Research

U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters

U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about...

Caixin Global

ON Semiconductor: A 68% Utilization Rate Highlights Ongoing Demand Weakness!

ON Semiconductor Corporation reported its financial results for the fourth quarter and full year 2025 amid a challenging demand environment, yet...

Baptista Research

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MediaTek (2454.TT): The WiFi 7 Chip Competition Is Likely to Become Fierce in 2024.

Mediatek Inc (2454 TT) has to break into the PC and smartphone markets in 2024F. ​In 2024, MediaTek aims to potentially supplying WiFi 7 chips to...

Patrick Liao

ON Semiconductor’s Synaptics Deal Could Redefine Physical AI!

ON Semiconductor has moved from AI data-center supplier to potential Physical AI platform builder after agreeing to acquire Synaptics...

Baptista Research

ON Semiconductor Faces A MASSIVE 2026 Recovery Test Beyond Headline Results!

ON Semiconductor Corporation reported its first quarter financial results for 2026 with revenues of $1.51 billion, modestly down 1% sequentially...

Baptista Research

U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters

U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about...

Caixin Global

ON Semiconductor: A 68% Utilization Rate Highlights Ongoing Demand Weakness!

ON Semiconductor Corporation reported its financial results for the fourth quarter and full year 2025 amid a challenging demand environment, yet...

Baptista Research

Mediatek Inc (2454 TT) has to break into the PC and smartphone markets in 2024F. In 2024, MediaTek aims to potentially supplying WiFi 7 chips to...