Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.</li>
<li>The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.</li>
<li>The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.</li>
</ul>


PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.


PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.</li>
<li>They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.</li>
<li>2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.</li>
</ul>


AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.
They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.
2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.


AI Servers: The Big System Designers / Assemblers in Taiwan

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25</li>
<li>AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.</li>
<li>AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.</li>
</ul>


AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.


AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

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>AMD &amp; NVIDIA both pocket deals to equip 500MW data centers in Saudi Arabia over the next 5 years. </li>
<li>UAE announced plans to build 5GW of data centre capacity with local champion G42 leading the charge. Microsoft and Cerebras were notable by their absence last week. </li>
<li>The Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue. </li>
</ul>


AMD &amp; NVIDIA both pocket deals to equip 500MW data centers in Saudi Arabia over the next 5 years. 
UAE announced plans to build 5GW of data centre capacity with local champion G42 leading the charge. Microsoft and Cerebras were notable by their absence last week. 
The Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue. 


US Middle East AI Splurge. A Bold Move But Also A Curious Affair

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>Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google</li>
<li>AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race</li>
<li>Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected</li>
</ul>


Intel Down But Not Out -- Reportedly Wins Major Microsoft Foundry Contract; Significant Interest from Nvidia and Google
AMD CEO Lisa Su Presents to U.S. Senate -- Taiwan is America’s Key Ally in the AI Chip Race
Mediatek Approaching Potential Share Catalyst at Computex Taiwan; Nvidia PC PC Announcement Expected


Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

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)

PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AI Servers: The Big System Designers / Assemblers in Taiwan

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

Last week's Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue.

William Keating

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

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52-week Range

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PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25

​PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Nicolas Van Broekhoven

AI Servers: The Big System Designers / Assemblers in Taiwan

​Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.

​AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Nicolas Baratte

US Middle East AI Splurge. A Bold Move But Also A Curious Affair

Last week's Middle East deals are good news for US AI/Technology champions however the benefits will likely take years to fully accrue.

William Keating

Taiwan Tech Weekly: Intel Foundry Gains Big Tech Interest; AMD CEO Champions Taiwan in D.C

​Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.

Vincent Fernando, CFA

PC Partner reports strong revenue growth in 1H25, aims to delist from HK with 50% shareholder approval and eyes growth through Nvidia Partnership...

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

AMD launches MI300-355, competitive with Nvidia's B200 for training and better for inference. AMD estimate AI market at $500bn by 2028. AMD stock...

Intel secures Microsoft contract, AMD emphasizes Taiwan alliance in AI chip race, Mediatek poised for growth at Computex Taiwan.