Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   </li>
<li>Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.</li>
<li>The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  </li>
</ul>


Reports of Samsung securing 2nm customers (Nvidia, Qualcomm), but AMD is saying that TSMC has the best and only 2nm, Nvidia saying there’s no alternative to TSMC CoWoS.   
Competition at 2nm / 18A is already over. Chips tape-out are rolling out. If Intel, Samsung can gain Foundry customers, it is for the next node 14A in 2027-28.
The difficulty for Intel and Samsung is that TSMC is a lot faster to develop PDK, qualify process, tape-out chips. The total cost of chipdesign at US$0.5-1bn is another hurdle.  


Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Taiwan Tech Focused Senior Analyst

Patrick Liao

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Xiaomi to launch strategic new products on the 22nd, including the new SoC chip “Surge O1”.</li>
<li>Xiaomi Surge O1 at a glance: benchmark scores suggest it’s a strong rival to MediaTek and Qualcomm.   </li>
<li>While Xiaomi has not confirmed the chip’s foundry partner,  we believe it is very likely manufactured by <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>.  </li>
</ul>


Xiaomi to launch strategic new products on the 22nd, including the new SoC chip “Surge O1”.
Xiaomi Surge O1 at a glance: benchmark scores suggest it’s a strong rival to MediaTek and Qualcomm.   
While Xiaomi has not confirmed the chip’s foundry partner,  we believe it is very likely manufactured by Taiwan Semiconductor (TSMC) - ADR (TSM US).  


TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

<ul>
<li>TSMC explained that the growing demand for autonomous driving technologies in smartphones, PCs, IoT devices, and the automotive industry is driving the development of its N4/N3 and N6RF process technologies.</li>
<li>TSMC announced that the A14 process, which will adopt the new NanoFlex Pro technology, is scheduled to begin production in 2028.</li>
<li>TSMC plans to launch CoWoS-L with 5.5x reticle size in 2026 and surpass current CoWoS limitations with 9.5x reticle size by 2027.</li>
</ul>


TSMC explained that the growing demand for autonomous driving technologies in smartphones, PCs, IoT devices, and the automotive industry is driving the development of its N4/N3 and N6RF process technologies.
TSMC announced that the A14 process, which will adopt the new NanoFlex Pro technology, is scheduled to begin production in 2028.
TSMC plans to launch CoWoS-L with 5.5x reticle size in 2026 and surpass current CoWoS limitations with 9.5x reticle size by 2027.


TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today.

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>
COMPUTEX 2025 Kicks Off -- Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.</li>
<li>
Nvidia Opens Up Ecosystem with new "NVLink Fusion" -- A strategic move to cement long-term platform dominance.</li>
<li>
PC Monitor -- Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift </li>
</ul>



COMPUTEX 2025 Kicks Off -- Nvidia CEO unveils Taiwan AI Supercomputer investment plan with Hon Hai, TSMC as key partners.

Nvidia Opens Up Ecosystem with new "NVLink Fusion" -- A strategic move to cement long-term platform dominance.

PC Monitor -- Asus Results Warn of Coming Slowdown; PCs' Next Edge AI Shift 


Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

<ul>
<li>TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher</li>
<li>ASE: +6.0% Premium; Near Level to Go Short the ADR Spread</li>
<li>ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread</li>
</ul>


TSMC: +19.2% Premium; Rebounded from Previous Lows, Consider Shorting ADR Spread at 20% or Higher
ASE: +6.0% Premium; Near Level to Go Short the ADR Spread
ChipMOS: +3.4% Premium; Good Level to Short the ADR Spread


Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.

Patrick Liao

TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today.

TSMC is ramping up development of advanced process technologies to meet the increasing demand for autonomous driving technologies across various...

Patrick Liao

Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Just Listen to Jensen (And Lisa): TSMC, Intel, Samsung

​Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Nicolas Baratte

TSMC (2330.TT; TSM.US): Xiaomi Launch "Surge O1" With 3nm.

​Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.

Patrick Liao

TSMC (2330.TT; TSM.US): TSMC Provides Updates at 2025 Technology Symposium in Hsinchu Today.

​TSMC is ramping up development of advanced process technologies to meet the increasing demand for autonomous driving technologies across various...

Patrick Liao

Taiwan Tech Weekly: COMPUTEX 2025 Kicks Off -- Nvidia CEO Unveils Taiwan AI Supercomputer Investment

​Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC Spread Rebounds Back to Recent Highs; ChipMOS Premium at Extreme

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Samsung allegedly secures 2nm customers. AMD claims TSMC has the only 2nm. Competition at 2nm is over, chips rolling out. Intel, Samsung face...

Xiaomi set to launch new products on the 22nd, including powerful Surge O1 chip potentially manufactured by TSMC, challenging MediaTek and Qualcomm.

TSMC is ramping up development of advanced process technologies to meet the increasing demand for autonomous driving technologies across various...

Nvidia CEO announces investment plan for Taiwan AI Supercomputer with key partners, Asus warns of PC slowdown; but remains strongly positioned for...