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

Thematic (Sector/Industry)

<ul>
<li>If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030</li>
<li>For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars</li>
<li>In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... </li>
</ul>


If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030
For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars
In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... 


Sovereign AI. National Strategic Imperative, FOMO Or Both?

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>What is happening with <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> and <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>?</li>
<li>Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  </li>
<li>Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  </li>
</ul>


What is happening with Advanced Micro Devices (AMD US) and Intel Corp (INTC US)?
Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  
Intel’s stock price has risen about 50% from its April 8 low. However, we have yet to see any tangible progress in its manufacturing technology.  


Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

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

<ul><li>Firm has been recruiting executive leaders in B2B tech, mostly in semiconductor and deep tech</li><li>Half of clients are in public companies, half in venture backed private environments</li><li>Significant growth in semiconductor industry, driven by AI, leading to talent shortage and high demand for leaders</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>

Firm has been recruiting executive leaders in B2B tech, mostly in semiconductor and deep techHalf of clients are in public companies, half in venture backed private environmentsSignificant growth in semiconductor industry, driven by AI, leading to talent shortage and high demand for leadersThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Latest Signals Continue to Indicate N2 Is Emerging as TSMC’s Blockbuster Node</li>
<li>N2 Commercialization Timing Aligns With Major AI HPC Platform Roadmaps</li>
<li>TSMC Market Share Over 70%... Could N2 Drive This Number Even Higher? Maintain Our Structural Long Rating for TSMC</li>
</ul>


Latest Signals Continue to Indicate N2 Is Emerging as TSMC’s Blockbuster Node
N2 Commercialization Timing Aligns With Major AI HPC Platform Roadmaps
TSMC Market Share Over 70%... Could N2 Drive This Number Even Higher? Maintain Our Structural Long Rating for TSMC


TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

<ul>
<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> 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  </li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> remains the anchor customer driving N2 ramp in 2026.</li>
<li>Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  </li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  

Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  


TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

Patrick Liao

EP 135: Talking Semiconductor Recruiting

The firm specializes in recruiting executive level leaders in B2B tech, specifically in semiconductor and deep tech industries, with a focus on...

The Circuit

TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

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Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

​Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

Patrick Liao

EP 135: Talking Semiconductor Recruiting

The firm specializes in recruiting executive level leaders in B2B tech, specifically in semiconductor and deep tech industries, with a focus on...

The Circuit

TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

​TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026

​TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...

Patrick Liao

Intel's stock price has surged, but there is still no visible progress in its manufacturing technology, leaving questions about its competition...

TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.

TSMC's 2Q25 growth expected at 39% YoY, potential upside if 4Q25 outperforms. Apple driving N2 ramp in 2026, revenue growth projected at 25% YoY...