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>Marvell and Broadcom are focusing on accelerated infrastructure for data centers, with strong investments in custom silicon solutions for AI workloads</li><li>Marvell impresses with a clear vision and roadmap for the future of data centers, while Broadcom shows strong growth potential in AI with key customers</li><li>Broadcom's strong networking capabilities and custom offerings position them as a major player in the AI market, with potential for further M&amp;A activities in the future.</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>

Marvell and Broadcom are focusing on accelerated infrastructure for data centers, with strong investments in custom silicon solutions for AI workloadsMarvell impresses with a clear vision and roadmap for the future of data centers, while Broadcom shows strong growth potential in AI with key customersBroadcom's strong networking capabilities and custom offerings position them as a major player in the AI market, with potential for further M&amp;A activities in the future.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 97: Accellerated Infrastructure - Marvell Analyst Day, Broadcomm Earnings - Infra!!

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>We anticipate Taiwan Semiconductor (TSMC) - ADR (TSM US) can achieve a 25% growth in 2025.  </li>
<li>It is unsurprising for TSMC to dominate in AI, including the assembly and testing segments.  </li>
<li>Chinese companies are also involved in AI, but there hasn't been a recent spread as a result of U.S. sanctions.  </li>
</ul>


We anticipate Taiwan Semiconductor (TSMC) - ADR (TSM US) can achieve a 25% growth in 2025.  
It is unsurprising for TSMC to dominate in AI, including the assembly and testing segments.  
Chinese companies are also involved in AI, but there hasn't been a recent spread as a result of U.S. sanctions.  


TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

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

<ul>
<li>Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again</li>
<li>Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers</li>
<li>The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix</li>
</ul>


Apple's 2nm Power Move with TSMC -- Beating Samsung Yet Again
Why TSMC's 2nm Will be Huge -- Extending Tech Lead vs. Samsung &amp; Major AI/Power Consumption Benefits for Customers
The Memory Decoupling Trade is Working -- Nanya Tech Underperforms SK Hynix


Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in December but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 4.5% resulting in a one-way trade of US$1.1bn. Impact on the stocks is not big given they trade like water.</li>
<li>The selling in <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a> will be amplified by selling from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> and <a href="https://www.smartkarma.com/entities/invesco-s-p-500-equal-weight-e" target="_blank" data-smartkarma-citation="entities:32932:1" rel="noopener">Invesco S&amp;P 500 Equal Weight E (RSP US)</a> ETFs. </li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
Estimated one-way turnover is 4.5% resulting in a one-way trade of US$1.1bn. Impact on the stocks is not big given they trade like water.
The selling in Broadcom and NVIDIA will be amplified by selling from the Technology Select Sector SPDR (XLK US) and Invesco S&amp;P 500 Equal Weight E (RSP US) ETFs. 


MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2.2bn

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.</li>
<li>There will be no index changes for the December 2024 rebal event.</li>
<li>We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.</li>
</ul>


The MV US Listed Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
There will be no index changes for the December 2024 rebal event.
We expect a one-way flow of US$1.3bn for December 2024, which translates to a turnover of 5.4%.


[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

Episode 97: Accellerated Infrastructure - Marvell Analyst Day, Broadcomm Earnings - Infra!!

Broadcom reported strong earnings with a focus on AI and custom silicon, highlighted their success in AI with key customers like Google and Apple,...

The Circuit

TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Patrick Liao

Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2.2bn

Float and capping changes result in an estimated one-way turnover of 4.5% and a round-trip trade of US$2.2bn. Broadcom and Nvidia will also have...

Brian Freitas

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Episode 97: Accellerated Infrastructure - Marvell Analyst Day, Broadcomm Earnings - Infra!!

Broadcom reported strong earnings with a focus on AI and custom silicon, highlighted their success in AI with key customers like Google and Apple,...

The Circuit

TSMC (2330.TT; TSM.US): 2025 Could Achieve 25% Yearly Growth.

​TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Patrick Liao

Taiwan Tech Weekly: Apple’s TSMC 2nm Power Move Beats Samsung; Himax Ascends with TSMC/Nvidia Halos

​Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...

Vincent Fernando, CFA

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2.2bn

Float and capping changes result in an estimated one-way turnover of 4.5% and a round-trip trade of US$2.2bn. Broadcom and Nvidia will also have...

Brian Freitas

[Quiddity Index] MarketVector US Semiconductor Index Dec24 Rebal Results: Flow Expectations

The MarketVectors US Semiconductor Index rebal was announced last Friday. There are no changes but capping leads to US$1.3bn of one-way flow on 20...

Travis Lundy

TSMC expected to achieve 25% growth by 2025, dominating in AI despite Chinese competition hindered by U.S. sanction actions.

Apple secures competitive edge with TSMC's 2nm tech. Why advanced packaging is the key competitive capability for tomorrow's chips; Himax is...