Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.</li><li>Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.</li><li>Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.</li></ul>

Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Samsung Electronics Pref Shares / Event-Driven

<ul>
<li>The stock’s still below 1x PBR. But with Samsung’s tech gaps and slowdowns, going all-in on an outright long here off the back of this buyback feels way too early</li>
<li>The key is whether pref discounts tighten like 2015, but with a more balanced buyback this time and narrowing pref discounts, making a pref rally harder to predict short-term.</li>
<li>The goal’s the same as 2015—boosting the family’s control. If the remaining buyback leans pref-heavy, it could further tighten pref discounts, creating a potential opportunity to play the compression.</li>
</ul>


The stock’s still below 1x PBR. But with Samsung’s tech gaps and slowdowns, going all-in on an outright long here off the back of this buyback feels way too early
The key is whether pref discounts tighten like 2015, but with a more balanced buyback this time and narrowing pref discounts, making a pref rally harder to predict short-term.
The goal’s the same as 2015—boosting the family’s control. If the remaining buyback leans pref-heavy, it could further tighten pref discounts, creating a potential opportunity to play the compression.


Sammy's Massive Buyback: Play the Pref Compression, Not Outright Long

<ul><li>Three Chinese solar firms accused of tax evasion totaling US$2.64B in India, facing legal scrutiny and potential repercussions</li><li>TSMC takes sustainable approach with new zero-waste center in Taichung, reducing environmental impact by 130,000 tons of waste annually</li><li>Zeiss expands presence in India with new capability center, showcasing commitment to innovation and growth in the country, while TSMC recruits PhD talent from Japan for semiconductor research efforts</li></ul>

Three Chinese solar firms accused of tax evasion totaling US$2.64B in India, facing legal scrutiny and potential repercussionsTSMC takes sustainable approach with new zero-waste center in Taichung, reducing environmental impact by 130,000 tons of waste annuallyZeiss expands presence in India with new capability center, showcasing commitment to innovation and growth in the country, while TSMC recruits PhD talent from Japan for semiconductor research efforts

Tech Supply Chain Tracker (15-Nov-2024): 3 Chinese solar firms accused of US$2.64B tax dodge in India.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>ASML maintains its 2030 targets: revenue EUR44-60bn, Gross Margin 56-60%. But the narrative has changed, again. In 2022, it was Mature nodes (DUV) and EUV. In 2024, it's AI. </li>
<li>What's changed? Lower growth in Smartphone, PC, Auto. AI bigger than expected. Server DRAM and HBM is the major positive change. NAND is revised down sharply. It's actually believable. </li>
<li>The guidance implies Operating Profits growing between 9.5-17.5% Cagr over 2024-2030. That's pretty good but the stock is trading at 27x 2025 EPS, 22x 2026. No room for disappointment. </li>
</ul>


ASML maintains its 2030 targets: revenue EUR44-60bn, Gross Margin 56-60%. But the narrative has changed, again. In 2022, it was Mature nodes (DUV) and EUV. In 2024, it's AI. 
What's changed? Lower growth in Smartphone, PC, Auto. AI bigger than expected. Server DRAM and HBM is the major positive change. NAND is revised down sharply. It's actually believable. 
The guidance implies Operating Profits growing between 9.5-17.5% Cagr over 2024-2030. That's pretty good but the stock is trading at 27x 2025 EPS, 22x 2026. No room for disappointment. 


ASML Investor Day: Oops They Did It Again. Different Story, Same 2030 Targets.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>AI spending is fueling today's semiconductor market, as generative AI demand falls into place</li>
<li>Hyperscale datacenters are doing the bulk of today's spending as they invest in advance of demand</li>
<li>These investments are falling into question, and spending is likely to level off or drop in 2025, leading to a dramatic semiconductor downturn</li>
</ul>


AI spending is fueling today's semiconductor market, as generative AI demand falls into place
Hyperscale datacenters are doing the bulk of today's spending as they invest in advance of demand
These investments are falling into question, and spending is likely to level off or drop in 2025, leading to a dramatic semiconductor downturn


2025 High Conviction: AI Chip Spend Slows

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Tech news updates: Compal and Nvidia collaborate on AI servers, China's smartphone AP shipments in 3Q 2024, Taiwan's AI Basic Act has 4 versions in...

Tech Supply Chain Tracker

Sammy's Massive Buyback: Play the Pref Compression, Not Outright Long

This post breaks down Samsung Electronics’ massive buyback: Instead of going all in on a straight long, keep an eye on the pref compression play....

Sanghyun Park

Tech Supply Chain Tracker (15-Nov-2024): 3 Chinese solar firms accused of US$2.64B tax dodge in India.

Chinese solar firms face tax dodge allegations in India, TSMC cuts waste in Taichung, Zeiss opens center in India, TSMC addresses discrimination...

Tech Supply Chain Tracker

ASML Investor Day: Oops They Did It Again. Different Story, Same 2030 Targets.

ASML maintains 2030 targets, growth driven by AI, DRAM / HBM and Logic. Lower growth for mature nodes and NAND. Operating profits expected to grow...

Nicolas Baratte

2025 High Conviction: AI Chip Spend Slows

AI spending is driving strong semiconductor growth today, but see why hyperscale spending, like 2000's Internet Bubble, is approaching an overbuilt...

Jim Handy

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52-week Range

Market Cap (USDm)

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Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Tech news updates: Compal and Nvidia collaborate on AI servers, China's smartphone AP shipments in 3Q 2024, Taiwan's AI Basic Act has 4 versions in...

Tech Supply Chain Tracker

Sammy's Massive Buyback: Play the Pref Compression, Not Outright Long

This post breaks down Samsung Electronics’ massive buyback: Instead of going all in on a straight long, keep an eye on the pref compression play....

Sanghyun Park

Tech Supply Chain Tracker (15-Nov-2024): 3 Chinese solar firms accused of US$2.64B tax dodge in India.

Chinese solar firms face tax dodge allegations in India, TSMC cuts waste in Taichung, Zeiss opens center in India, TSMC addresses discrimination...

Tech Supply Chain Tracker

ASML Investor Day: Oops They Did It Again. Different Story, Same 2030 Targets.

​ASML maintains 2030 targets, growth driven by AI, DRAM / HBM and Logic. Lower growth for mature nodes and NAND. Operating profits expected to grow...

Nicolas Baratte

2025 High Conviction: AI Chip Spend Slows

AI spending is driving strong semiconductor growth today, but see why hyperscale spending, like 2000's Internet Bubble, is approaching an overbuilt...

Jim Handy

ASML maintains 2030 targets, growth driven by AI, DRAM / HBM and Logic. Lower growth for mature nodes and NAND. Operating profits expected to grow...