Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     </li>
<li>Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.</li>
<li>Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.</li>
</ul>


Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     
Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.
Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Thematic (Sector/Industry)

<ul>
<li>AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.</li>
<li>There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.</li>
<li>We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.</li>
</ul>


AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.
There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.
We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.


Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD839mln. 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 MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Oct 2nd. The aggregated holding was USD2,366.8bn.
We estimate that foreign flows to be outflows of USD839mln. 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 MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics, Delta Electronics.


TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,743mln. 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 MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 24th. The aggregated holding was USD2,357.7bn.
We estimate that foreign flows to be inflows of USD3,743mln. 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 MediaTek, Unimicron Technology, Kinsus Interconnect Technology, ASE Industrial, PharmaEssentia.


TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 18th. The aggregated holding was USD2,281.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,372mln. 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 Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Sep 18th. The aggregated holding was USD2,281.9bn.
We estimate that foreign flows to be inflows of USD2,372mln. 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 Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics.


TWSE Foreign Holding Weekly (Sep 18th): Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics

Taiwan

Winbond Electronics Corporation designs, manufactures, and sells integrated circuits (IC) and related products.  The Company sells its products in Taiwan, the United States, and Hong Kong.

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

Winbond Electronics (2344 TT)

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, TSMC, Zhen Ding Technology, Winbond...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Unimicron Technology, Kinsus...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 18th): Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron, TSMC, MediaTek, Nanya Technology, Nan...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

​Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

​AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

TWSE Foreign Holding Weekly (Oct 2nd): MediaTek, TSMC, Zhen Ding Technology, Winbond Electronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, TSMC, Zhen Ding Technology, Winbond...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 24th): MediaTek, Unimicron Technology, ASE Industrial

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in MediaTek, Unimicron Technology, Kinsus...

Ke Yan, CFA, FRM

TWSE Foreign Holding Weekly (Sep 18th): Wistron, TSMC, MediaTek, Nanya Technology, Nan Ya Plastics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in Wistron, TSMC, MediaTek, Nanya Technology, Nan...

Ke Yan, CFA, FRM

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...