Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>After <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.</li>
<li>TSMC A16 technology will be utilizing best-in-class backside power delivery solution.</li>
<li>Si Photonics co-exists with traditional Substrates packages, linked with fiber.</li>
</ul>


After Taiwan Semiconductor (TSMC) - ADR (TSM US) N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.
TSMC A16 technology will be utilizing best-in-class backside power delivery solution.
Si Photonics co-exists with traditional Substrates packages, linked with fiber.


TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul>
<li>Tech titans foresee the obsolescence of AI PC by Computex 2024, sparking anticipation for new technological advancements.</li>
<li>Disney and Warner's collaboration in the streaming market introduces fresh competition, shaking up the industry landscape.</li>
<li>ASML's thriving in the Angstrom Era credits its success to relentless innovation and adaptability within the semiconductor sector.</li>
</ul>


Tech titans foresee the obsolescence of AI PC by Computex 2024, sparking anticipation for new technological advancements.
Disney and Warner's collaboration in the streaming market introduces fresh competition, shaking up the industry landscape.
ASML's thriving in the Angstrom Era credits its success to relentless innovation and adaptability within the semiconductor sector.


Tech Supply Chain Tracker (18-May-2024): AI PC term will be obsolete soon, tech titans predict at pre-Computex event.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since mid-April we discussed how downside was limited on MSCI ACWI and EURO STOXX 50, and May 2nd discussed it was "quite possible" the lows were in.</li>
<li>Now, the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes have all broken out to new multi-year highs. Our bullish outlook (since early-November 2023) remains intact; expect higher prices ahead.</li>
<li>China (MSCI China) continues to lead the EM turnaround, and we remain bullish on the space. We highlight many large-cap EM buys within Communications, Technology, Discretionary; we remain bullish miners.</li>
</ul>


Since mid-April we discussed how downside was limited on MSCI ACWI and EURO STOXX 50, and May 2nd discussed it was "quite possible" the lows were in.
Now, the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes have all broken out to new multi-year highs. Our bullish outlook (since early-November 2023) remains intact; expect higher prices ahead.
China (MSCI China) continues to lead the EM turnaround, and we remain bullish on the space. We highlight many large-cap EM buys within Communications, Technology, Discretionary; we remain bullish miners.


Bullish Outlook Intact; EM and China Continue to Bottom; Buys in Comms, Tech, Discretionary, Miners

<ul>
<li>Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.</li>
<li>Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.</li>
<li>Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.</li>
</ul>


Microsoft's China AI teams relocate due to US rules, focusing on Wi-Fi 7 development for improved connectivity and performance.
Amazon's stake in Alchip suggests potential synergy in AI tech and expanded market reach, while Kymco launches eco-friendly e-scooter.
Tencent Cloud partners with BRI and Hi Cloud Indo for banking innovation, while Veolia opens first regeneration plant in China for sustainable water treatment. Tron Future secures funding for counter-drone tech.


Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

ASE Technology Holding   / Equity Bottom-Up

<ul><li>ASE plans to boost sales in the second half of 2024 with cutting-edge technology and innovative solutions. Introspect CEO discusses how their GDDR7 memory test system outperforms competitors, helping customers stay ahead of the curve.</li><li>Taiwan's space dreams face hurdles from regulations and geopolitics, hindering progress. N Chandrasekaran becomes chair of Tata Electronics, signaling entry into semiconductor industry. Indian GaN startup targets global expansion in telecom and EV markets for growth.</li><li>Triton ignites Taiwan's push for satellite self-sufficiency; Apple partnership speculation with a leading EV startup generates buzz. Lam Research seeks chipmaking tool partners in India to drive innovation and collaboration. #Apple #EVstartup #newsroundup</li></ul>

ASE plans to boost sales in the second half of 2024 with cutting-edge technology and innovative solutions. Introspect CEO discusses how their GDDR7 memory test system outperforms competitors, helping customers stay ahead of the curve.Taiwan's space dreams face hurdles from regulations and geopolitics, hindering progress. N Chandrasekaran becomes chair of Tata Electronics, signaling entry into semiconductor industry. Indian GaN startup targets global expansion in telecom and EV markets for growth.Triton ignites Taiwan's push for satellite self-sufficiency; Apple partnership speculation with a leading EV startup generates buzz. Lam Research seeks chipmaking tool partners in India to drive innovation and collaboration. #Apple #EVstartup #newsroundup

Tech Supply Chain Tracker (14-May-2024): ASE to speed up 2H24 sales growth.

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)

TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.

Patrick Liao

Tech Supply Chain Tracker (18-May-2024): AI PC term will be obsolete soon, tech titans predict at pre-Computex event.

Tech titans foresee AI PCs replacing current technology; Disney and Warner's streaming partnership shakes up the market; ASML's innovation drives...

Tech Supply Chain Tracker

Bullish Outlook Intact; EM and China Continue to Bottom; Buys in Comms, Tech, Discretionary, Miners

Bullish Outlook Intact $ACWI; EM and China Continue to Lead; U.S. Dollar (DXY), WTI Crude Oil, and Gasoline Prices Rolling Over; Buys in: Comms,...

Vermilion Research

Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

Microsoft AI teams relocating, Wi-Fi 7 advancements, Amazon's stake in Alchip, Kymco e-scooter launch, Tencent Cloud partnership, Veolia's...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (14-May-2024): ASE to speed up 2H24 sales growth.

ASE boosting sales, Introspect CEO's GDDR7 memory test system, Taiwan's space dreams hindered, N Chandrasekaran chair of Tata Electronics, Indian...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.

​TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.

Patrick Liao

Tech Supply Chain Tracker (18-May-2024): AI PC term will be obsolete soon, tech titans predict at pre-Computex event.

Tech titans foresee AI PCs replacing current technology; Disney and Warner's streaming partnership shakes up the market; ASML's innovation drives...

Tech Supply Chain Tracker

Bullish Outlook Intact; EM and China Continue to Bottom; Buys in Comms, Tech, Discretionary, Miners

Bullish Outlook Intact $ACWI; EM and China Continue to Lead; U.S. Dollar (DXY), WTI Crude Oil, and Gasoline Prices Rolling Over; Buys in: Comms,...

Vermilion Research

Tech Supply Chain Tracker (17-May-2024): Microsoft China AI teams may relocate due to US restrictions.

Microsoft AI teams relocating, Wi-Fi 7 advancements, Amazon's stake in Alchip, Kymco e-scooter launch, Tencent Cloud partnership, Veolia's...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (14-May-2024): ASE to speed up 2H24 sales growth.

ASE boosting sales, Introspect CEO's GDDR7 memory test system, Taiwan's space dreams hindered, N Chandrasekaran chair of Tata Electronics, Indian...

Tech Supply Chain Tracker

TSMC to introduce A16 technology with advanced power delivery solution, Si Photonics to co-exist with traditional packages.