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>TSMC Chairman C.C. Wei previously emphasized that customer demand for 2nm technology surpasses that for 3nm, and the company is actively working to expand production capacity. </li>
<li>For 2nm technology, we expect production to take place at the Tainan fab, ahead of the U.S. Arizona fab and earlier than the previously anticipated 2028 timeline.</li>
<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 next generation 2nm development is actively progressing.</li>
</ul>


TSMC Chairman C.C. Wei previously emphasized that customer demand for 2nm technology surpasses that for 3nm, and the company is actively working to expand production capacity. 
For 2nm technology, we expect production to take place at the Tainan fab, ahead of the U.S. Arizona fab and earlier than the previously anticipated 2028 timeline.

Taiwan Semiconductor (TSMC) - ADR (TSM US)'s next generation 2nm development is actively progressing.


TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.

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>US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig</li>
<li>It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding</li>
<li>CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion &amp; chaos. Who or what's next?</li>
</ul>


US commerce secretary Howard Lutnick confirmed that the US Administration is pursuing a strategy of converting CHIPS Act funding into equity stakes with Intel acting as its guinea pig
It seems clear that Mr. Lutnick is bent on applying the same formula with other beneficiaries of US CHIPs Act funding
CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion &amp; chaos. Who or what's next?


CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.</li>
<li>Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.</li>
<li>Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.</li>
</ul>


Results: Q1 FY26 came in solid, with strength in Electronic Materials offsetting weakness in Insulation.
Guidance/Estimates: FY26 guidance was reiterated, and we retain our estimates, with 2H execution key.
Valuation: At ~9.5x EV/EBITDA FY26E, Nittobo looks inexpensive, with its monopoly T-glass exposure offering direct leverage to NVIDIA-driven AI/data center demand.


Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Despite a 307% surge in revenue, CoreWeave's extended six-year GPU depreciation schedule flatters its profitability while masking faster asset wear-down.</li>
<li>Despite ballooning into a $30 bn market cap, CoreWeave is weighed down by debt and lease obligations; Q2 interest expense exceeded operating profit, with CRWV netting $290 m in losses. </li>
<li>The Aug 15 IPO lock-up expiry triggered insider selling via $1 bn+ block trades, driving a 35% stock plunge and spiking short interest.</li>
</ul>


Despite a 307% surge in revenue, CoreWeave's extended six-year GPU depreciation schedule flatters its profitability while masking faster asset wear-down.
Despite ballooning into a $30 bn market cap, CoreWeave is weighed down by debt and lease obligations; Q2 interest expense exceeded operating profit, with CRWV netting $290 m in losses. 
The Aug 15 IPO lock-up expiry triggered insider selling via $1 bn+ block trades, driving a 35% stock plunge and spiking short interest.


CoreWeave’s Growth Meets Debt-Heavy Risk

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 about the licenses and revenue share/tax imposed on AMD and Nvidia for selling to China</li><li>Concerns raised about the constitutionality of the measure and potential precedent it sets</li><li>Previous experiences in China contrasted with current moves towards a planned economy in America</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 about the licenses and revenue share/tax imposed on AMD and Nvidia for selling to ChinaConcerns raised about the constitutionality of the measure and potential precedent it setsPrevious experiences in China contrasted with current moves towards a planned economy in AmericaThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Another Week for Intel!

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)

TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.

TSMC Chairman C.C. Wei prioritizes 2nm technology over 3nm due to high customer demand, with production expected at Tainan fab ahead of schedule.

Patrick Liao

CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who...

William Keating

Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

Q1 FY26 results solid, Electronic Materials strong, Insulation weak. FY26 guidance reiterated, Nittobo undervalued at 9.5x EV/EBITDA with T-glass...

Rahul Jain

CoreWeave’s Growth Meets Debt-Heavy Risk

CoreWeave's revenue surge masks faster asset wear-down; debt and lease obligations weigh down $30 bn market cap; insider selling triggers 35%...

Mint Finance

EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Another Week for Intel!

An analyst discusses the potential impact of licensing and taxes on AMD and Nvidia in China, expressing concerns about legality and the need for a...

The Circuit

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TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.

​TSMC Chairman C.C. Wei prioritizes 2nm technology over 3nm due to high customer demand, with production expected at Tainan fab ahead of schedule.

Patrick Liao

CHIPS Act Money For Equity Stake, Pay For China Play? For Goodness Sake!

CHIPs Act Dollars for Equity, Pay For China Play may seem like innovative ideas but in reality they are a slippery slope to confusion & chaos. Who...

William Keating

Nittobo (3110 JP) – Q1 Solid, Guidance Retained; 2H Execution Key for AI-Led Growth

​Q1 FY26 results solid, Electronic Materials strong, Insulation weak. FY26 guidance reiterated, Nittobo undervalued at 9.5x EV/EBITDA with T-glass...

Rahul Jain

CoreWeave’s Growth Meets Debt-Heavy Risk

​CoreWeave's revenue surge masks faster asset wear-down; debt and lease obligations weigh down $30 bn market cap; insider selling triggers 35%...

Mint Finance

EP 131: NVIDIA/AMD Export Tax Unconstitutional? AMAT Earnings, Another Week for Intel!

An analyst discusses the potential impact of licensing and taxes on AMD and Nvidia in China, expressing concerns about legality and the need for a...

The Circuit

TSMC Chairman C.C. Wei prioritizes 2nm technology over 3nm due to high customer demand, with production expected at Tainan fab ahead of schedule.

Q1 FY26 results solid, Electronic Materials strong, Insulation weak. FY26 guidance reiterated, Nittobo undervalued at 9.5x EV/EBITDA with T-glass...

CoreWeave's revenue surge masks faster asset wear-down; debt and lease obligations weigh down $30 bn market cap; insider selling triggers 35%...