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>After the peak of 4Q24, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a>'s  revenue will see a decline of about -5% QoQ in 1Q25.  </li>
<li>TSMC is expected to use 2nm technology in 4Q25, and we believe <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> could present products around 1Q26.</li>
<li>TSMC could be set to announce its 2nm production plans, expansion into the US, Germany, and Japan, mature technology quotations, and the Capex budget for 2025. </li>
</ul>


After the peak of 4Q24, Taiwan Semiconductor (TSMC) - ADR (TSM US)'s  revenue will see a decline of about -5% QoQ in 1Q25.  
TSMC is expected to use 2nm technology in 4Q25, and we believe Advanced Micro Devices (AMD US) and Apple (AAPL US) could present products around 1Q26.
TSMC could be set to announce its 2nm production plans, expansion into the US, Germany, and Japan, mature technology quotations, and the Capex budget for 2025. 


TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN 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

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings. </li>
<li>Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products. </li>
<li>GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.  </li>
</ul>



GoTo Gojek Tokopedia remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings. 
Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products. 
GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.  


GoTo Gojek Tokopedia (GOTO IJ) - Barbell Strategies and Fintech to Dominate in 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.</li>
<li>In the third quarter of 2024, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> continued to surpass <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> net earnings based on their financial results.   </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> is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.</li>
</ul>



SK Hynix (000660 KS)'s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.   

Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) - ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.


SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

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>Discussion on the future of Nvidia and the semiconductor industry, including concerns about growth and competition</li><li>Analysis of the potential impact of custom ASICs on Nvidia's market dominance and revenue growth</li><li>Consideration of the performance and prospects of major tech companies like Apple, AMD, Intel, Google, Amazon, and Microsoft in relation to AI and cloud software developments.</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>

Discussion on the future of Nvidia and the semiconductor industry, including concerns about growth and competitionAnalysis of the potential impact of custom ASICs on Nvidia's market dominance and revenue growthConsideration of the performance and prospects of major tech companies like Apple, AMD, Intel, Google, Amazon, and Microsoft in relation to AI and cloud software developments.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 98: 2024 Semi Recap and Outlook Into 2025

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>Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?</li>
<li>Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech </li>
<li>Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High</li>
</ul>


Rapidus vs. TSMC: Can Japan's Newcomer Compete in the 2nm Race?
Memory Monitor: The Emerging Mass-Market Edge AI Need for Mobiles; Long Micron Vs. Short Nanya Tech 
Hon Hai Pauses Nissan Pursuit Amid Honda Talks -- A Japanese Savior for Nissan is Likely But This Confirms Hon Hai's EV Ambitions Remain High


Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

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)

TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...

Patrick Liao

GoTo Gojek Tokopedia (GOTO IJ) - Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia remains optimistic for the coming year, with an increasing focus on converting hemat users to take up more premium products...

Angus Mackintosh

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

Episode 98: 2024 Semi Recap and Outlook Into 2025

The discussion focused on the semiconductor industry, particularly Nvidia's performance, with questions raised about its future growth and...

The Circuit

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

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TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

​TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...

Patrick Liao

GoTo Gojek Tokopedia (GOTO IJ) - Barbell Strategies and Fintech to Dominate in 2025

GoTo Gojek Tokopedia remains optimistic for the coming year, with an increasing focus on converting hemat users to take up more premium products...

Angus Mackintosh

SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings

​SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Patrick Liao

Episode 98: 2024 Semi Recap and Outlook Into 2025

The discussion focused on the semiconductor industry, particularly Nvidia's performance, with questions raised about its future growth and...

The Circuit

Taiwan Tech Weekly: Rapidus's Challenge Vs. TSMC for 2nm; Hon Hai Hunting for Automaker Acquisition

​Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...

Vincent Fernando, CFA

TSMC's revenue to decline in 1Q25, but expected to use 2nm technology by 4Q25 with potential partnerships with AMD and Apple by 1Q26. Expansion...

SK Hynix's focus on HBM technology pays off, surpassing Samsung Electronics in earnings. Samsung explores partnership with TSMC for HBM development.

Japan's newcomer Rapidus challenges TSMC in the 2nm race; Hon Hai's pursuit of Nissan pauses due to Nissan-Honda talks, but signals Hon Hai's...