Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.</li>
<li>PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.</li>
<li>TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.</li>
</ul>


Hon Hai shares have broken out to near-term highs after news flow regarding its investment agreement in Lordstown Motors.
PC makers Acer &amp; Asustek's share prices remain subdued since Nvidia results despite AI's potential to accelerate the PC upgrade cycle.
TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.


Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Mobvoi is getting ready to complete its IPO in Hong Kong in the coming weeks. Mobvoi is aiming to raise US$200 million to US$300 million in this IPO.</li>
<li>Given the exceptional interest in AI  related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi to complete its IPO. </li>
<li>Furthermore, Mobvoi has achieved a strong growth in sales and operating profits in 2022 which is also likely to drive higher interest in this IPO.</li>
</ul>


Mobvoi is getting ready to complete its IPO in Hong Kong in the coming weeks. Mobvoi is aiming to raise US$200 million to US$300 million in this IPO.
Given the exceptional interest in AI  related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi to complete its IPO. 
Furthermore, Mobvoi has achieved a strong growth in sales and operating profits in 2022 which is also likely to drive higher interest in this IPO.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Thematic (Sector/Industry)

<ul>
<li>Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.</li>
<li>Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.</li>
<li>Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.</li>
</ul>


Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self.
Their IPU design was far too ambitious from the outset leading them to over promise and under deliver.
Unless you are a Google or an Amazon, designing and building your own AI processor from scratch to compete with NVIDIA is a fool's errand.


Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

<ul><li>“Big Infrastructure”- Under the Surface Megatrend Continues While AI/semiconductors and related Big Tech names such as Microsoft, Nvidia, Meta, Alphabet, etc. capture significant attention within the business media today, secular growth pockets in the infrastructure space don’t seem to be gathering as much attention as it probably should deserve in the infrastructure space.</li><li>As shown in recent legislation, one of the few areas of agreement within a divided US Congress is infrastructure investment and spending.</li><li>Passed in November 2021, the the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act unleashed $550 billion in new spending for things like roads and bridges ($110B), power grid modernization ($65B), railroads ($66B), water infrastructure ($55B), airports ($25B), etc.</li></ul>

“Big Infrastructure”- Under the Surface Megatrend Continues While AI/semiconductors and related Big Tech names such as Microsoft, Nvidia, Meta, Alphabet, etc. capture significant attention within the business media today, secular growth pockets in the infrastructure space don’t seem to be gathering as much attention as it probably should deserve in the infrastructure space.As shown in recent legislation, one of the few areas of agreement within a divided US Congress is infrastructure investment and spending.Passed in November 2021, the the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act unleashed $550 billion in new spending for things like roads and bridges ($110B), power grid modernization ($65B), railroads ($66B), water infrastructure ($55B), airports ($25B), etc.

<ul>
<li>TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.</li>
<li>UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.</li>
<li>ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.</li>
</ul>


TSMC is back to an 11.8% ADR premium after dropping to 8%... potentially another good Long/Short point.
UMC has flipped to a -0.6% ADR discount, from a 5.6% Premium. If the discount ticks slightly more negative then a good setup level will open up.
ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings piece.


Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Taiwan Tech Weekly: Hon Hai Breaking Out of Range; Acer/Asustek Subdued Despite PC Upgrade Potential

TSMC's ADR premium went even higher just today; Also, Realtek is suing Mediatek in the U.S., adding to our Long/Short watchlists.

Vincent Fernando, CFA

Mobvoi IPO Preview

Given the exceptional interest in AI related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi...

Douglas Kim

Graphcore. A Cautionary Tale For Would-Be NVIDIA Challengers

Once valued at ~$2.8 billion, the former UK Unicorn is but a shadow of its original self. Their IPU design was far too ambitious from the outset...

William Keating

Weekly Stock Bullfinder - Week of 6/12

As shown in recent legislation, one of the few areas of agreement within a divided US Congress is infrastructure investment and spending.

Weekly Stock Bull Finder

Taiwan Dual-Listings: TSMC Spread Opens Again for Opportunity; Others Have Swung Substantially

TSMC's spread has fallen and then spiked again. ASE, ChipMOS, and CHT spreads have also experienced significant swings since our last dual-listings...

Vincent Fernando, CFA

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