Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul>
<li>China's public sector units are experiencing significant technological advancements, particularly in AI chip performance through innovative methods like hybrid bonding and e-beam metrology.</li>
<li>The relocation of Semicon West has resulted in a notable increase in attendance, showcasing the growing interest and investment in the US semiconductor industry.</li>
<li>Beijing is intensifying its tech regulations, particularly concerning rare earth materials, while a Taiwanese drone manufacturer seeks to disrupt DJI's market position with a substantial military contract.</li>
</ul>


China's public sector units are experiencing significant technological advancements, particularly in AI chip performance through innovative methods like hybrid bonding and e-beam metrology.
The relocation of Semicon West has resulted in a notable increase in attendance, showcasing the growing interest and investment in the US semiconductor industry.
Beijing is intensifying its tech regulations, particularly concerning rare earth materials, while a Taiwanese drone manufacturer seeks to disrupt DJI's market position with a substantial military contract.


Tech Supply Chain Tracker (10-Oct-2025): China's Top 3 PSU Players: Tech and Deployment

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>How have our major investment themes performed so far in 2025?</li>
<li>Review of the performance of the major markets and asset classes we focus on</li>
<li>We revisit our outlook for each of those asset classes for Q4 25</li>
</ul>


How have our major investment themes performed so far in 2025?
Review of the performance of the major markets and asset classes we focus on
We revisit our outlook for each of those asset classes for Q4 25


Q4 Outlook for Our Investment Themes Part 2 - Asian Equities

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

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost</li>
<li>Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. </li>
<li>HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning </li>
</ul>


As Chips Move to 3nm and 2nm Designs, Tech Companies Could See a Sharp Increase in Their Chip Manufacturing Cost
Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely. 
HBM Stocks Will Keep Running (Micron, SK Hynix), It’s Just the Beginning 


Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

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

<ul>
<li>If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030</li>
<li>For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars</li>
<li>In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... </li>
</ul>


If all of the publicly announced sovereign AI initiatives come to pass, they could account for upwards of $1 trillion in AI infrastructure spending through 2030
For now, "sovereign" AI means mostly means made in the USA. However, there a growing demand for "sovereign" AI from China, particularly among countries disillusioned by the US trade wars
In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little? Let's see... 


Sovereign AI. National Strategic Imperative, FOMO Or Both?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 3rd. The aggregated holding was USD1,352.5bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,460mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Mediatek.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 3rd. The aggregated holding was USD1,352.5bn.
We estimate that foreign flows to be inflows of USD1,460mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron, TSMC, Hon Hai Precision, Quanta Computer, Wistron, Mediatek.


TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

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)

Tech Supply Chain Tracker (10-Oct-2025): China's Top 3 PSU Players: Tech and Deployment

Key tech developments in China include AI chip advancements by Applied Materials, rising US chip investments, OpenAI's popular Sora app, stricter...

Tech Supply Chain Tracker

Q4 Outlook for Our Investment Themes Part 2 - Asian Equities

A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Rikki Malik

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), MediaTek (2454 TT), Hon Hai...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tech Supply Chain Tracker (10-Oct-2025): China's Top 3 PSU Players: Tech and Deployment

Key tech developments in China include AI chip advancements by Applied Materials, rising US chip investments, OpenAI's popular Sora app, stricter...

Tech Supply Chain Tracker

Q4 Outlook for Our Investment Themes Part 2 - Asian Equities

​A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Rikki Malik

Taiwan Tech Weekly: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

​Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.

Vincent Fernando, CFA

Sovereign AI. National Strategic Imperative, FOMO Or Both?

In general AI infrastructure, the US is outspending China six to one in 2025. Could one be spending too much and the other spending too little?...

William Keating

TWSE Foreign Holding Weekly (Oct 3rd): TSMC, MediaTek, Hon Hai Precision, Quanta Computer, Wistron

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC (2330 TT), MediaTek (2454 TT), Hon Hai...

Ke Yan, CFA, FRM

A review of the performance of how our major investment themes have performed in 2025 and our outlook for Q4 and beyond.

Tech companies face rising chip manufacturing costs as they transition to 3nm and 2nm designs. Additionally, the HBM memory rally could have legs.