Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25</li>
<li>AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.</li>
<li>AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.</li>
</ul>


AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.


AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

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

<ul>
<li>Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies &amp; landing in Taiwan. </li>
<li>He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East</li>
<li>NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.</li>
</ul>


Jensen claims his Taiwan expansion is just about needing more chairs, yet an NVIDIA blog post describes the Santa Clara HQ taking to the skies &amp; landing in Taiwan. 
He was critical of US restrictions on China chip exports while in Taipei, yet had nothing to say on the topic while in the White House or the Middle East
NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA in an awkward spot.


NVIDIA's China Dilema Is Worse Than You Think...

<ul>
<li>April 2025, the US Gvt extended restrictions on Nvidia’s China-specific H20 chip. Restriction also apply to H20’s memory bandwidth. This means SK Hynix HBM and TSMC CoWoS.   </li>
<li>Nvidia new China-specific chip derive from this: a downgraded chip, half a Blackwell, without HBM-CoWoS packaging. Time to design, manufacture, could lead to ~15% downside risk to FY26 Consensus?   </li>
<li>FY26 revenues could land at US$175bn or  -12% below Consensus at 199bn. $175bn implies 35% growth YoY, Consensus expects 52%. The stock trades at “low” 30x FY26 and 24x FY27.</li>
</ul>


April 2025, the US Gvt extended restrictions on Nvidia’s China-specific H20 chip. Restriction also apply to H20’s memory bandwidth. This means SK Hynix HBM and TSMC CoWoS.   
Nvidia new China-specific chip derive from this: a downgraded chip, half a Blackwell, without HBM-CoWoS packaging. Time to design, manufacture, could lead to ~15% downside risk to FY26 Consensus?   
FY26 revenues could land at US$175bn or  -12% below Consensus at 199bn. $175bn implies 35% growth YoY, Consensus expects 52%. The stock trades at “low” 30x FY26 and 24x FY27.


Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  </li>
<li>Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  </li>
<li>Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  </li>
</ul>


NVIDIA Corp (NVDA US) CEO Jensen Huang visited Taiwan to attend the COMPUTEX Taipei International Computer Exhibition.  
Meanwhile, NVIDIA continues expanding its workforce, recently opening over a thousand job vacancies globally.  
Throughout his speech, Huang repeatedly mentioned Taiwan. He opened with “Hello Taiwan,” noting that both of his parents were present in the audience, highlighting his personal connection to Taiwan.  


Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

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) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google</li>
<li>AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race</li>
<li>Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected</li>
</ul>


Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google
AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race
Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected


Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

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)

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

NVIDIA's China Dilema Is Worse Than You Think...

NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA...

William Keating

Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

Nicolas Baratte

Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...

Patrick Liao

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

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AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

​AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

NVIDIA's China Dilema Is Worse Than You Think...

NVIDIA's market share in China is down from 95% in 2022 to 50% now, yet the country continues to challenge global AI leadership. That puts NVIDIA...

William Keating

Nvidia’s Jensen Complaining About Export Restrictions to China: How Much Is at Stake? Quite a Lot.

​Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

Nicolas Baratte

Nvidia (NVDA.US): Jensen Delivers Keynote Speech at COMPUTEX Today; Confirm Offshore HQ Location

​NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...

Patrick Liao

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

​Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nvidia new China-specific chip GPU will take time, leading to potential downside risk for FY26 revenues. But the stock is trading at low multiples

NVIDIA CEO Jensen Huang visits Taiwan for COMPUTEX Taipei, emphasizes personal connection and company's global expansion with over a thousand job...

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.