ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028
​ASML's positive management tone lacks material clarification on 2026 revenues. Concerns: China revenue, double counting TSMC + Intel capacity,...
718 Views
Taiwan Dual-Listings Monitor: TSMC Set Up Opportunity During Taiwan Sesssion Ahead of Results Today
We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.
820 Views
OpenAI and Its House Built on GPUs, Debt, and Leveraged Demand
​OpenAI's growth model hinges on vendor financing, forward contracts, and projected external capital, with potential risks for OEMs and private...
627 Views
Tekscend Photomask IPO Trading - Priced at the Top, but Still Relatively Cheap
Tekscend Photomask (429A JP), a manufacturer and distributor of semiconductor photomasks, raised around US$900m in its Japan IPO. In this note, we...
837 Views
MediaTek (2454.TT): 4Q25 Expected to Be Flat QoQ; D9600 Mass Production Scheduled for Late 2026.
​Mediatek Inc's 4Q25 performance expected to stay flat, announces 2nm chip tape-out for late 2026 mass production. MediaTek showcased a range of...
502 Views