Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> is setting up an offshore headquarters in Taipei, and is currently in the process of acquiring land.</li>
<li>Taiwan’s central government is currently ruled by the Democratic Progressive Party (DPP), while Taipei City is governed by a mayor from the Kuomintang (KMT), creating political complications.</li>
<li>Politics often takes precedence over economics, yet in a democracy, politics is driven by competing parties—inevitably leading to conflicts of interest.</li>
</ul>



NVIDIA Corp (NVDA US) is setting up an offshore headquarters in Taipei, and is currently in the process of acquiring land.
Taiwan’s central government is currently ruled by the Democratic Progressive Party (DPP), while Taipei City is governed by a mayor from the Kuomintang (KMT), creating political complications.
Politics often takes precedence over economics, yet in a democracy, politics is driven by competing parties—inevitably leading to conflicts of interest.


Nvidia (NVDA.US): Problems Encountered in Land Acquisition to Establish Offshore Headquarters.

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>Two weeks ago, Nvidia announced a potential $100 billion investment in OpenAI to fund one of the largest data center buildouts in tech history, a move immediately questioned for its circular structure.</li><li>Just days later, OpenAI inked a similarly structured deal with AMD, pledging tens of billions for chip purchases while simultaneously becoming one of AMD’s largest shareholders.</li><li>These deals, while bold and futuristic, have sparked concern that the AI sector’s rapid trillion-dollar expansion is not entirely organic but propped up by a dense web of interlinked investments between a handful of players.</li></ul>

Two weeks ago, Nvidia announced a potential $100 billion investment in OpenAI to fund one of the largest data center buildouts in tech history, a move immediately questioned for its circular structure.Just days later, OpenAI inked a similarly structured deal with AMD, pledging tens of billions for chip purchases while simultaneously becoming one of AMD’s largest shareholders.These deals, while bold and futuristic, have sparked concern that the AI sector’s rapid trillion-dollar expansion is not entirely organic but propped up by a dense web of interlinked investments between a handful of players.

NVIDIA’s Web Of AI Deals Is Fueling The Boom—And A Potential Collapse?

Asia and Global Semiconductor and Tech Research

Andrew Lu

<ul>
<li>Nvidia reports/guides a better than expected 3Q/4Q23 sales, margin, and EPS on stronger AI GPU sales growth of nearly 3x.</li>
<li>Nvidia reports a healthy 3.04 MOI, down 5% q/q and down 37% y/y and contributes nicely to account for 9% of TSMC sales.</li>
<li>In spite of concerns on good news priced in, seasonal weaker 1Q24, and MI300X/ASIC alternative AI solutions, we expect more raise to come in 2024-2025E.</li>
</ul>


Nvidia reports/guides a better than expected 3Q/4Q23 sales, margin, and EPS on stronger AI GPU sales growth of nearly 3x.
Nvidia reports a healthy 3.04 MOI, down 5% q/q and down 37% y/y and contributes nicely to account for 9% of TSMC sales.
In spite of concerns on good news priced in, seasonal weaker 1Q24, and MI300X/ASIC alternative AI solutions, we expect more raise to come in 2024-2025E.


As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Nvidia, in characteristic fashion, murdered EPS estimates.</li><li>Revenue was $2 billion ahead of the guide, and the guide was another $4 billion ahead of consensus for the next quarter.</li><li>Going into the print, many people were concerned that positioning was bad, i.e., everyone was bullish and expectations were too high. Well, they did not disappoint.</li></ul>

Nvidia, in characteristic fashion, murdered EPS estimates.Revenue was $2 billion ahead of the guide, and the guide was another $4 billion ahead of consensus for the next quarter.Going into the print, many people were concerned that positioning was bad, i.e., everyone was bullish and expectations were too high. Well, they did not disappoint.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Apparently, on news of this new Huawei chip in WSJ, Nvidia’s stock decline -2% yesterday. That’s strange – not new news, the real issue is new US export license requirements.</li>
<li>Nvidia’s problem is not Huawei, but US restrictions on selling GPU to China. Nvidia announced writing off US$5.5bn on 9 April 2025 (for H20). AMD estimates US$800m (for MI308).</li>
<li>Assume that Nvidia and AMD will not sell any AI chips to China. Same for HBM memory.</li>
</ul>


Apparently, on news of this new Huawei chip in WSJ, Nvidia’s stock decline -2% yesterday. That’s strange – not new news, the real issue is new US export license requirements.
Nvidia’s problem is not Huawei, but US restrictions on selling GPU to China. Nvidia announced writing off US$5.5bn on 9 April 2025 (for H20). AMD estimates US$800m (for MI308).
Assume that Nvidia and AMD will not sell any AI chips to China. Same for HBM memory.


Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

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)

Nvidia (NVDA.US): Problems Encountered in Land Acquisition to Establish Offshore Headquarters.

NVIDIA is establishing an offshore headquarters in Taipei amidst political complexities between DPP and KMT in Taiwan. Politics overshadow...

Patrick Liao

NVIDIA’s Web Of AI Deals Is Fueling The Boom—And A Potential Collapse?

Two weeks ago, Nvidia announced a potential $100 billion investment in OpenAI to fund one of the largest data center buildouts in tech history, a...

Baptista Research

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably. However, investors see good news priced in in a...

Andrew Lu

Nvidia: Better than Dreamed

Think about how good Nvidia's earnings are. It's even better than that. Think about it again. It's better still. It's that good. Jokes aside,...

Fabricated Knowledge

Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nvidia (NVDA.US): Problems Encountered in Land Acquisition to Establish Offshore Headquarters.

​NVIDIA is establishing an offshore headquarters in Taipei amidst political complexities between DPP and KMT in Taiwan. Politics overshadow...

Patrick Liao

NVIDIA’s Web Of AI Deals Is Fueling The Boom—And A Potential Collapse?

Two weeks ago, Nvidia announced a potential $100 billion investment in OpenAI to fund one of the largest data center buildouts in tech history, a...

Baptista Research

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably

As Expected from Our Earlier BOM/CoWoS Analysis, Consensus to Raise Nvidia Estimates Inevitably. However, investors see good news priced in in a...

Andrew Lu

Nvidia: Better than Dreamed

Think about how good Nvidia's earnings are. It's even better than that. Think about it again. It's better still. It's that good. Jokes aside,...

Fabricated Knowledge

Is Huawei New AI Chip Is Bad for Nvidia? New US Export Licensing Is the Real Issue (Part 2)

​News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...

Nicolas Baratte

NVIDIA is establishing an offshore headquarters in Taipei amidst political complexities between DPP and KMT in Taiwan. Politics overshadow...

News of Huawei chip impacts Nvidia stock, but real issue is US export restrictions on selling GPUs to China. Nvidia and AMD facing significant...