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>’s investment is focused on joint AI development.   </li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> may seek to invite <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> to join its investment initiative.</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s stock price has risen about 50.2% from its recent low. </li>
</ul>



NVIDIA Corp (NVDA US)’s investment is focused on joint AI development.   

Intel Corp (INTC US) may seek to invite Taiwan Semiconductor (TSMC) - ADR (TSM US) to join its investment initiative.
Meanwhile, Intel Corp (INTC US)’s stock price has risen about 50.2% from its recent low. 


Intel (INTC.US): Seeking Investment from TSMC?

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>Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom</li>
<li>Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design</li>
<li>Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs</li>
</ul>


Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom
Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design
Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs


MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Starlink Engaged with Chipmakers to Bring  Satellite Connectivity Direct to Smartphones -- Mediatek Well Placed to Benefit</li>
<li>Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"</li>
<li>TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain </li>
</ul>


Starlink Engaged with Chipmakers to Bring  Satellite Connectivity Direct to Smartphones -- Mediatek Well Placed to Benefit
Intel CFO @ Citi’s 2025 Global TMT Conference: "We Will Use TSMC Forever"
TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain 


Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

<ul>
<li>Why does <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a>’s current CFO state “Intel will use TSMC basically forever”? </li>
<li>From <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 perspective, they have always maintained a “no competition with customers” principle.  </li>
<li>Another question remains: who will adopt Intel’s 14A technology in 2027-28?  </li>
</ul>


Why does Intel Corp (INTC US)’s current CFO state “Intel will use TSMC basically forever”? 
From Taiwan Semiconductor (TSMC) - ADR (TSM US)’s perspective, they have always maintained a “no competition with customers” principle.  
Another question remains: who will adopt Intel’s 14A technology in 2027-28?  


Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Index Rebalance

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. <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> is the largest impact passive sell. </li>
<li>There will be more flows in a lot of these stocks from <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> at the close on Friday.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
Estimated one-way turnover is 5.25% resulting in a round-trip trade of US$3bn. Taiwan Semiconductor (TSMC) - ADR (TSM US) is the largest impact passive sell. 
There will be more flows in a lot of these stocks from Technology Select Sector SPDR (XLK US) at the close on Friday.


MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Intel (INTC.US): Seeking Investment from TSMC?

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

Push by Starlink to engage with chipmkers for direct to satellite technology in smartphones could revolutionize the telecom industry by making...

Vincent Fernando, CFA

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

Vincent Fernando, CFA

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

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Intel (INTC.US): Seeking Investment from TSMC?

​NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Patrick Liao

MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)

Push by Starlink to engage with chipmkers for direct to satellite technology in smartphones could revolutionize the telecom industry by making...

Vincent Fernando, CFA

Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel's TSMC Dependency

​Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

Vincent Fernando, CFA

Intel (INTC.US): Who Will Adopt Intel’s 14A Technology?

​Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.

Patrick Liao

MV US Listed Semiconductor 25 Index Rebalance: Capping Leads to US$3bn Trade

Capping and float changes result in a one-way turnover of 5.25% and a US$3bn trade for the SMH ETF in Sep. There will be more flows in the stocks...

Brian Freitas

NVIDIA focuses on joint AI development, Intel may invite TSMC to join investment initiative, Intel's stock price rises 50%. What's next?

Starlink collaborating with chipmakers for satellite connectivity on smartphones. Intel's TSMC dependency. TSMC signals growth in silicon...

Intel's CFO plans to use TSMC long-term, as TSMC avoids competition with customers. The future adoption of Intel's 14A technology is uncertain.