Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul><li>India plans to create its own foundational model by 2025, aiming for independence in technology development.</li><li>DeepSeek's founder, a former stock prodigy, is now making waves in the field of AI disruption.</li><li>Cadence is focusing on expanding in India's growing data center market, expecting continued growth in the future.</li></ul>

India plans to create its own foundational model by 2025, aiming for independence in technology development.DeepSeek's founder, a former stock prodigy, is now making waves in the field of AI disruption.Cadence is focusing on expanding in India's growing data center market, expecting continued growth in the future.

Tech Supply Chain Tracker (04-Feb-2025): India's model by 2025.

<ul><li>India aims to create its own foundational model by 2025, showing its commitment to technological development and innovation.</li><li>DeepSeek's founder's journey from stock prodigy to AI disruptor highlights the potential for growth and success in the tech industry.</li><li>Cadence's focus on expanding in India's data center industry shows the increasing importance of this sector in the global economy.</li></ul>

India aims to create its own foundational model by 2025, showing its commitment to technological development and innovation.DeepSeek's founder's journey from stock prodigy to AI disruptor highlights the potential for growth and success in the tech industry.Cadence's focus on expanding in India's data center industry shows the increasing importance of this sector in the global economy.

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

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>PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell</li>
<li>Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? </li>
<li>TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. </li>
</ul>


PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus &amp; Dell
Memory Monitor: Is DeepSeek a Problem for SK Hynix &amp; Micron's HBM DRAM Growth? 
TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US. 


Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

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

<ul>
<li>TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.</li>
<li>Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.</li>
<li>EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.</li>
</ul>


TSMC hit a record high average fund allocation of 9.07% at the end of last year, yet EM funds switched to a sizeable underweight of -1.47% throughout the year.
Active UCITS funds become forced sellers as weights hit 10%, with non-UCITS selling in to strength as weights rise on strong performance.
EM Value funds maintain an overweight in Alibaba, the only Style group to do so. Alibaba is now the most widely held stock for Value funds alongside TSMC and Samsung.


TSMC Forced Underweight, Alibaba Value Trap?

<ul>
<li>TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?</li>
<li>UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained</li>
<li>ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained</li>
</ul>


TSMC: 10.8% Premium; Taiwanese Investors Likely to Be Less Shocked by DeepSeek News?
UMC: -7.3% Discount; The Latest Extreme Discount Cannot Be Sustained
ASE: -10.2% Discount; This Extreme Discount Also Cannot Be Sustained


Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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)

Tech Supply Chain Tracker (04-Feb-2025): India's model by 2025.

India aims for home-grown tech by 2025, DeepSeek's founder profiled, Cadence eyes India's data center market, US-China tariff war may have long...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

India aims to create its own foundational model by 2025, DeepSeek's founder transitions from stock prodigy to AI disruptor, while Cadence focuses...

Tech Supply Chain Tracker

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

TSMC Forced Underweight, Alibaba Value Trap?

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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)

Tech Supply Chain Tracker (04-Feb-2025): India's model by 2025.

India aims for home-grown tech by 2025, DeepSeek's founder profiled, Cadence eyes India's data center market, US-China tariff war may have long...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (03-Feb-2025): India building own AI model by 2025

India aims to create its own foundational model by 2025, DeepSeek's founder transitions from stock prodigy to AI disruptor, while Cadence focuses...

Tech Supply Chain Tracker

Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium

Also: Performance of Snapdragon, AMD, and Intel in the PC monitor market; potential challenges for SK Hynix and Micron in the memory monitor...

Vincent Fernando, CFA

TSMC Forced Underweight, Alibaba Value Trap?

​TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...

Steven Holden

Taiwan Dual-Listings Monitor: Dramatic Spreads Open Up After DeepSeek Rout & Taiwan Market Closure

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

Vincent Fernando, CFA

TSMC sees record high fund allocation, but EM funds hit limits and are forced to sell. Alibaba moved to the most widely held stocks among EM Value...