Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>TSMC plans to invest $100 billion in the US to build three new fabs, two new advanced packaging facilities and establish an R&amp;D centre, all in Arizona</li>
<li>During the press conference at the White House, Mr Wei received fulsome praise from President Trump and was careful to thank him for his vision and support on multiple occasions</li>
<li>The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to have done the trick, at least for now.</li>
</ul>


TSMC plans to invest $100 billion in the US to build three new fabs, two new advanced packaging facilities and establish an R&amp;D centre, all in Arizona
During the press conference at the White House, Mr Wei received fulsome praise from President Trump and was careful to thank him for his vision and support on multiple occasions
The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to have done the trick, at least for now.


TSMC To Invest A Further $100 Billion In Arizona

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Trump administration wants TSMC to partner with Intel to strengthen US ties, potentially impacting global server market.</li><li>WNC to unveil new 5G and AI connectivity solutions at MWC 2025 Barcelona, boosting industry innovation and technology.</li><li>Vivo aims for 30% sales growth in Taiwan by 2025 with V50 launch, while Tata plans to sign 10 MoUs in semiconductor sector.</li></ul>

Trump administration wants TSMC to partner with Intel to strengthen US ties, potentially impacting global server market.WNC to unveil new 5G and AI connectivity solutions at MWC 2025 Barcelona, boosting industry innovation and technology.Vivo aims for 30% sales growth in Taiwan by 2025 with V50 launch, while Tata plans to sign 10 MoUs in semiconductor sector.

Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.

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

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment</li>
<li>Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?</li>
<li>TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... </li>
</ul>


Trump Adminstration Gearing Up to Further Restrict China's Access to Chip Technology -- Could Restrict Servicing of Existing Equipment
Foxconn and Honda: Could This Be a New Alliance in EV Manufacturing?
TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes... 


Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.</li>
<li>The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.</li>
<li>Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.</li>
</ul>


EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.
The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.
Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.


Breaking the Range: EM Reclaims Attention in Global Portfolios

<ul>
<li>TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long</li>
<li>UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level</li>
<li>ASE: -0.6% Discount; Discount is Opportunity to Long the Spread</li>
</ul>


TSMC: +17.2% Premium; Wait for Lower Levels Before Going Long
UMC: -1.9% Discount; Can Consider Going Long the Spread at Current Level
ASE: -0.6% Discount; Discount is Opportunity to Long the Spread


Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

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)

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

TSMC To Invest A Further $100 Billion In Arizona

The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to...

William Keating

Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.

Trump administration seeks closer ties between TSMC and Intel, the global server market outlook for 2025, WNC to unveil new 5G and AI solutions at...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

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)

TSMC To Invest A Further $100 Billion In Arizona

The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to...

William Keating

Tech Supply Chain Tracker (27-Feb-2025): Trump pressures TSMC to partner with Intel for US ties.

Trump administration seeks closer ties between TSMC and Intel, the global server market outlook for 2025, WNC to unveil new 5G and AI solutions at...

Tech Supply Chain Tracker

Taiwan Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

​Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...

Vincent Fernando, CFA

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

Taiwan Dual-Listings Monitor: TSMC Spread Falls From Elevated Level; UMC & ASE Discount Opportunity

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

Vincent Fernando, CFA

Trump Admin preparing to further limit China's chip access; Foxconn and Honda potentially teaming up for EVs; TSMC considering Intel foundry...