Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

United Microelectron Sp Adr / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-microelectron-sp-adr" target="_blank" data-smartkarma-citation="entities:11540:1" rel="noopener">United Microelectron Sp Adr (UMC US)</a> is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.</li>
<li>
<a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  </li>
</ul>



United Microelectron Sp Adr (UMC US) is likely to exceed its 2Q25 guidance by 5–10%, while the outlook for 3Q25 appears somewhat gloomy, with a flat quarter-over-quarter (QoQ) performance likely.

Qualcomm Inc (QCOM US) and NVIDIA Corp (NVDA US) are allocating a few thousand 12” wafers at UMC, but it appears to be the end of the product cycle.  

Samsung Electronics (005930 KS), for example, has been relatively aggressive in wafer procurement in 2Q25, which could lead to a pullback in 3Q25.  


UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics impacting the company's performance.</li><li>CEO Steve Sanghi detailed a nine-point recovery plan initiated to restore the company to its former performance levels.</li><li>Key actions under this plan involved resizing the manufacturing footprint, reducing inventory, refining business focus areas, strengthening customer relations, and conducting organizational restructuring efforts.</li></ul>

Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics impacting the company's performance.CEO Steve Sanghi detailed a nine-point recovery plan initiated to restore the company to its former performance levels.Key actions under this plan involved resizing the manufacturing footprint, reducing inventory, refining business focus areas, strengthening customer relations, and conducting organizational restructuring efforts.

Microchip Technology Slashes $100M in Costs with Bold Restructuring Plan But Is It Enough To Sustain Margins?

<ul><li>Microchip Technology Incorporated, in its Q3 Fiscal 2025 results, discussed a challenging business environment marked by an inventory correction following a significant post-pandemic super cycle.</li><li>The company reported net sales of $1.026 billion, down 11.8% sequentially and 41.9% year-over-year, reflecting broad-based weakness across all major geographies and product categories, particularly in microcontrollers, analog, and FPGA businesses.</li><li>The company is in the process of implementing a 9-point strategic plan aimed at restructuring its operations and improving performance.</li></ul>

Microchip Technology Incorporated, in its Q3 Fiscal 2025 results, discussed a challenging business environment marked by an inventory correction following a significant post-pandemic super cycle.The company reported net sales of $1.026 billion, down 11.8% sequentially and 41.9% year-over-year, reflecting broad-based weakness across all major geographies and product categories, particularly in microcontrollers, analog, and FPGA businesses.The company is in the process of implementing a 9-point strategic plan aimed at restructuring its operations and improving performance.

Microchip Technology: These Are The 5 Biggest Challenges In Its Path!

Technology / Semiconductor / Internet Research

Nicolas Baratte

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>WSTS is revising up Semiconductor demand for 2024 and 2025, AI demand higher than expected. Taiwan AI Server ODM revenues are still booming, impressive numbers.</li>
<li>Samsung and SK Hynix expediting new LPDDR “In Memory Processing” for Nvidia in 2026. TSMC forecast AI demand 3x increase to 2026.</li>
<li>Intel 18A low yield and low density brings new light on management reshuffle. TSMC N2 is ~20% ahead. Apple trying its own 5G modem, again.</li>
</ul>


WSTS is revising up Semiconductor demand for 2024 and 2025, AI demand higher than expected. Taiwan AI Server ODM revenues are still booming, impressive numbers.
Samsung and SK Hynix expediting new LPDDR “In Memory Processing” for Nvidia in 2026. TSMC forecast AI demand 3x increase to 2026.
Intel 18A low yield and low density brings new light on management reshuffle. TSMC N2 is ~20% ahead. Apple trying its own 5G modem, again.


Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

<ul><li>Microchip Technology reported its second-quarter fiscal year 2025 financial results amidst a challenging macroeconomic environment.</li><li>The company faced a sequential net sales decline of 6.2% to $1.164 billion.</li><li>Excluding a $13.3 million benefit from the settlement of a legal matter with a licensee, net sales declined by7.3%.</li></ul>

Microchip Technology reported its second-quarter fiscal year 2025 financial results amidst a challenging macroeconomic environment.The company faced a sequential net sales decline of 6.2% to $1.164 billion.Excluding a $13.3 million benefit from the settlement of a legal matter with a licensee, net sales declined by7.3%.

Microchip Hits Pause on CHIPS Act Funds & Faces Big Challenges: A Red Flag For Investors?

United States

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

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Microchip Technology (MCHP US)

UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Microchip Technology Slashes $100M in Costs with Bold Restructuring Plan But Is It Enough To Sustain Margins?

Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics...

Baptista Research

Microchip Technology: These Are The 5 Biggest Challenges In Its Path!

Microchip Technology Incorporated, in its Q3 Fiscal 2025 results, discussed a challenging business environment marked by an inventory correction...

Baptista Research

Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...

Nicolas Baratte

Microchip Hits Pause on CHIPS Act Funds & Faces Big Challenges: A Red Flag For Investors?

Microchip Technology reported its second-quarter fiscal year 2025 financial results amidst a challenging macroeconomic environment. The company...

Baptista Research

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Market Cap (USDm)

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UMC (2303.TT; UMC.US): Gloomy Outlook for 3Q25.

UMC may beat 2Q25 guidance, but 3Q25 outlook appears flat; QCOM and NVDA allocating wafers at UMC, signaling end of product cycle; Samsung...

Patrick Liao

Microchip Technology Slashes $100M in Costs with Bold Restructuring Plan But Is It Enough To Sustain Margins?

Microchip Technology Inc. presented its Q4 and fiscal year 2025 financial results, highlighting several strategic decisions and market dynamics...

Baptista Research

Microchip Technology: These Are The 5 Biggest Challenges In Its Path!

Microchip Technology Incorporated, in its Q3 Fiscal 2025 results, discussed a challenging business environment marked by an inventory correction...

Baptista Research

Tech News: Semi Revised Up, TSMC CoWoS up 3x, Hynix Speeding up for Nvidia, Intel 18A Behind TSMC N2

​Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...

Nicolas Baratte

Microchip Hits Pause on CHIPS Act Funds & Faces Big Challenges: A Red Flag For Investors?

Microchip Technology reported its second-quarter fiscal year 2025 financial results amidst a challenging macroeconomic environment. The company...

Baptista Research

Semi revised up for 2024 and 2025, with AI demand exceeding expectations. Taiwan AI Server ODM revenues continue to soar. Samsung, Hynix, TSMC...