Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.</li>
<li>SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.</li>
<li>While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.</li>
</ul>


Nvidia–OpenAI tie-up: A US$100bn LOI to deploy 10 GW of GPUs by 2026 highlights the unprecedented scale of AI compute build-out, anchored in Asia’s memory, packaging, substrate, and testing ecosystem.
SK hynix (HBM leader, backlog sold out to 2027), TSMC (CoWoS packaging), Ibiden/Ajinomoto (substrates), and Advantest/TEL/Disco (test/tools) are positioned as key winners.
While the deal confirms multi-year order visibility, much of the “good news” may be priced in — execution of capacity ramps and sustained demand will determine further upside.


Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

<ul>
<li>Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.</li>
<li>Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.</li>
<li>Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.</li>
</ul>


Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.


Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

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 Sep 19th. The aggregated holding was USD1,278.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,280mln. 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 Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology, Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 19th. The aggregated holding was USD1,278.2bn.
We estimate that foreign flows to be inflows of USD1,280mln. 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 Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology, Hon Hai Precision, Nanya Technology, TSMC, Unimicron Technology, Accton Technology.


TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Sep 19th. The aggregated short interest was USD27.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer, Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Sep 19th. The aggregated short interest was USD27.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer, Yageo, Winbond Electronics, MiTAC, Unimicron Technology, Asustek Computer.


TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

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

<ul>
<li>NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share</li>
<li>Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market </li>
<li>Under sustained questioning during the Q&amp;A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future</li>
</ul>


NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
Under sustained questioning during the Q&amp;A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future


NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

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)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Winbond Electronics (2344 TT),...

Ke Yan, CFA, FRM

NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nvidia–OpenAI US$100bn Partnership: Asia Hardware Supply Chain Implications

​Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Rahul Jain

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

​Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

TWSE Foreign Holding Weekly (Sep 19th): Hon Hai Precision, Nanya Technology, TSMC

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Hon Hai Precision (2317 TT), Nanya Technology...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Sep 19th): Yageo, Winbond Electronics, MiTAC, Unimicron Technology

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Yageo (2327 TT), Winbond Electronics (2344 TT),...

Ke Yan, CFA, FRM

NVIDIA Becomes The Latest To Back Intel's GoFundMe Appeal

Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal...

William Keating

Nvidia's $100bn LOI with OpenAI for 10 GW of GPUs by 2026 highlights the massive AI compute build-out in Asia, benefiting key players like SK...

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...