Why TSMC 3Q25 Indicates Strong AI Accelerator Demand Through 2029E; Maintain Structural Long Rating
​TSMC sees strong margins and pricing power ahead of 2nm ramp, benefiting from AI demand growth and remains a cost-effective option for tech...
785 Views
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,...
698 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.
807 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...
623 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...
809 Views