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

Equity Bottom-Up

<ul>
<li>Tower Reported Q1 2026 revenue of $413.6 million, +15.5% YoY but -6.0% QoQ from Q4 2025’s record $440.2 million. This was marginally ahead of the forecasted midpoint of $412 million.</li>
<li>Tower guided for a record current quarter with revenues of $455 million, while flagging that we should expect QoQ growth for both revenue and gross margin throughout the year</li>
<li>Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290 million in prepayments already received. Oh my!</li>
</ul>


Tower Reported Q1 2026 revenue of $413.6 million, +15.5% YoY but -6.0% QoQ from Q4 2025’s record $440.2 million. This was marginally ahead of the forecasted midpoint of $412 million.
Tower guided for a record current quarter with revenues of $455 million, while flagging that we should expect QoQ growth for both revenue and gross margin throughout the year
Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290 million in prepayments already received. Oh my!


Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

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>Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. </li>
<li>I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.</li>
<li>We explore five key themes that arise from the data and recent events.</li>
</ul>


Over the trailing 12 months and the last month, the suppliers feeding the AI buildout have run multiples of NVDA and TSMC themselves. 
I pulled fresh price performance across Zero One's broad coverage universe — 190 AI and semiconductor names tracked daily across Taiwan, Korea, Japan, and the US.
We explore five key themes that arise from the data and recent events.


AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Taiwan Tech Focused Senior Analyst

Patrick Liao

SMIC (Semiconductor Manufacturing International Corp) / Equity Bottom-Up

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>4Q25 results: revenue was $2,489 million Up 4.5% QoQ and Up 12.8% YoY, gross margin was 19.2% and profit from operations was $299 million.</li>
<li>The 1Q26 guidance: Revenue to be flat and Gross margin to range from 18% to 20%. A typically seasonal softness can be expected, but 2026 still a stable growing trend. </li>
<li>However, SMIC’s stock price has risen only 0.28% since December 31, 2025—underperforming TSMC (+15%) and UMC (+12%).</li>
</ul>


4Q25 results: revenue was $2,489 million Up 4.5% QoQ and Up 12.8% YoY, gross margin was 19.2% and profit from operations was $299 million.
The 1Q26 guidance: Revenue to be flat and Gross margin to range from 18% to 20%. A typically seasonal softness can be expected, but 2026 still a stable growing trend. 
However, SMIC’s stock price has risen only 0.28% since December 31, 2025—underperforming TSMC (+15%) and UMC (+12%).


SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seagate-technology-holdings-pl" target="_blank" data-smartkarma-citation="entities:9129:1" rel="noopener">Seagate Technology (STX US)</a>, <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> and <a href="https://www.smartkarma.com/entities/western-digital-corp" target="_blank" data-smartkarma-citation="entities:1094:1" rel="noopener">Western Digital (WDC US)</a> are the top forecasted additions with the highest price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/trade-desk-inc-the" target="_blank" data-smartkarma-citation="entities:26467:1" rel="noopener">Trade Desk (TTD US)</a>, <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor (ON US)</a> and <a href="https://www.smartkarma.com/entities/lululemon-athletica-inc" target="_blank" data-smartkarma-citation="entities:8316:1" rel="noopener">Lululemon Athletica (LULU US)</a> are the forecasted deletions with the largest price drop.</li>
<li>
<a href="https://www.smartkarma.com/entities/ferrovial-se-d1237de2-ee34-4fbb-8db7-53dd686904f2" target="_blank" data-smartkarma-citation="entities:46086:1" rel="noopener">Ferrovial (FER US)</a> can be a surprise addition depending on the treatment of its foreign listing.</li>
</ul>



Seagate Technology (STX US), Alnylam Pharmaceuticals (ALNY US) and Western Digital (WDC US) are the top forecasted additions with the highest price surge.

Trade Desk (TTD US), On Semiconductor (ON US) and Lululemon Athletica (LULU US) are the forecasted deletions with the largest price drop.

Ferrovial (FER US) can be a surprise addition depending on the treatment of its foreign listing.


Nasdaq100 December 2025 Forecast (Final): 12 Changes

Himax Technologies Inc Adr / Equity Bottom-Up

<ul>
<li>Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.</li>
<li>Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.</li>
<li>Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.</li>
</ul>


Latest industry developments show silicon photonics becoming a must-have capability for leading foundries as AI bandwidth needs push the limits of traditional chip interconnect technology.
Himax is well positioned as a key upstream supplier of CPO optical engines and nano-optics used in TSMC’s silicon-photonics packaging for next-generation NVIDIA platforms.
Himax’s validated CPO roadmap, proprietary WLO nano-optics platform, and a 2026E-2028E commercialization timeline position the company well. We reiterate our Structural Long rating for Himax into 2026E.


Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

United States

GLOBALFOUNDRIES Inc. operates as a semiconductor contract manufacturing and design company. The Company offers chips designed for markets such as mobility, automotive, computing and wired connectivity, and consumer internet of things (IoT). GLOBALFOUNDRIES serves customers worldwide.

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GLOBALFOUNDRIES (GFS US)

Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...

Patrick Liao

Nasdaq100 December 2025 Forecast (Final): 12 Changes

STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.

Dimitris Ioannidis

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

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Tower Semiconductor Q1 2026. It's All About Silicon Photonics Now!

Tower reported $1.3 billion of contracted silicon photonics revenue for 2027 from their largest SiPho customers, backed by approximately $290...

William Keating

AI's Biggest Winners Aren't NVDA and TSMC — They're the Suppliers

​Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

Vincent Fernando, CFA

SMIC (981.HK): Expect a Flat QoQ Results in 1Q26, but 2026 Could Still Be a Growth Year.

​SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...

Patrick Liao

Nasdaq100 December 2025 Forecast (Final): 12 Changes

​STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.

Dimitris Ioannidis

Himax (HIMX US): Silicon Photonics Becomes Strategic Imperative for Foundries, Reinforcing Long View

​Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...

Vincent Fernando, CFA

Suppliers in the AI buildout have outperformed NVDA and TSMC. We scanned our 190 AI/semiconductor coverage universe for key themes emerging from...

SMIC reports strong 4Q25 results with revenue up 12.8% YoY, but stock price lags behind competitors TSMC and UMC. 1Q26 guidance predicts flat...

STX, ALNY, WDC are the top forecasted addition. TTD, ON, LULU are the top forecasted deletions. FER can be a surprise addition displacing EBAY.

Latest developments show silicon photonics becoming essential for leading foundries as AI demands strain chip interconnect tech. Himax well...