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>Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.</li><li>BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.</li><li>Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel's leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.</li></ul>

Samsung Display appoints new VP to lead strategic product realignment, driving focus on key areas.BYD expands EV production in Europe, while Gotion aims for battery growth in Morocco and Slovakia.Google unveils Gemini 2.0 and next-gen TPU Trillium, ushering in the era of AI agents; Morris Chang shares insights on Intel's leadership crisis. Samsung shifts 2,000 engineers to Pyeongtaek to tackle HBM hurdles.

Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

<ul><li>TSMC's November revenue decline was better than expected, poised for nearly 30% annual revenue growth.</li><li>SK Hynix restructures CIS organization to replicate HBM success model, aiming for improved performance.</li><li>TSMC founder sheds light on reasons behind Samsung and Intel's setbacks, pointing out core issues. YMTC refutes backdoor listing rumors, facing industry scrutiny; while Samsung explores using discrete LPDDR for AI-driven iPhones and China investigates Nvidia amid US-China chip tensions.</li></ul>

TSMC's November revenue decline was better than expected, poised for nearly 30% annual revenue growth.SK Hynix restructures CIS organization to replicate HBM success model, aiming for improved performance.TSMC founder sheds light on reasons behind Samsung and Intel's setbacks, pointing out core issues. YMTC refutes backdoor listing rumors, facing industry scrutiny; while Samsung explores using discrete LPDDR for AI-driven iPhones and China investigates Nvidia amid US-China chip tensions.

Tech Supply Chain Tracker (11-Dec-2024): TSMC Nov revenue decline less than expected, annual rev up by 30%.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%</li>
<li>The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  </li>
<li>Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications</li>
</ul>


SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%
The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  
Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications


SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

<ul>
<li>SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market</li>
<li>That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner...</li>
<li>Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo</li>
</ul>


SK Hynix and Micron stocks were lagging TSMC and Nvidia as it took ~2 years for HBM to suck up enough Commodity DRAM capacity to stabilize the Commodity market
That’s now done, we’re just at the beginning of spectacular HBM growth for at least 2 more years. The reasons are known: density increases, speed increases, dies thinner...
Stocks: keep or buy Micron and SK Hynix. Samsung remains unattractive imo


HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

<ul>
<li>US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.     </li>
<li>It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).   </li>
<li>For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%).  Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).</li>
</ul>


US – China: Restrictions on Semiconductors are relaxed. EDA tool (Cadence, Synopsys) already relaxed, Nvidia says export license will come, this implies that HBM can be sold to China.     
It’s really hard to “guess” what comes next as US restrictions on technology export to China are just one bargaining tool in much broader negotiations (trade deficit, fentanyl, etc).   
For Cadence and Synopsys, China is 12% of revenues. For Nvidia, China is US$ 30-35bn revenue in 2025 (15-17%).  Positive to Samsung, supplying HBM3 (Nvidia’s H20), GDDR7 (RTX PRO).


Jensen Went to the White House, and to China

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 (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

Samsung Display appoints new VP for strategic realignment, BYD and Gotion expand EV and battery production, Google reveals Gemini 2.0 and TPU...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-Dec-2024): TSMC Nov revenue decline less than expected, annual rev up by 30%.

TSMC's revenue decline in November was less than expected, on track for 30% annual increase; SK Hynix restructures, TSMC founder explains Samsung...

Tech Supply Chain Tracker

SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

Nicolas Baratte

HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

Nicolas Baratte

Jensen Went to the White House, and to China

US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...

Nicolas Baratte

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (14-Dec-2024): Samsung: VP leads key unit, strategic realignment.

Samsung Display appoints new VP for strategic realignment, BYD and Gotion expand EV and battery production, Google reveals Gemini 2.0 and TPU...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (11-Dec-2024): TSMC Nov revenue decline less than expected, annual rev up by 30%.

TSMC's revenue decline in November was less than expected, on track for 30% annual increase; SK Hynix restructures, TSMC founder explains Samsung...

Tech Supply Chain Tracker

SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

​SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

Nicolas Baratte

HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning

​HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

Nicolas Baratte

Jensen Went to the White House, and to China

​US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...

Nicolas Baratte

SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

HBM revenue and profit growth set to soar, Micron and SK Hynix stocks recommended for investment. Samsung not as appealing.

US eases restrictions on semiconductor exports to China, allowing for potential sales of HBM technology, positive to Samsung. China represents 12...