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

Thematic (Sector/Industry)

<ul>
<li>Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time</li>
<li>Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter </li>
<li>We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. </li>
</ul>


Taiwan companies are required to report revenue on a monthly basis. These updates can help us understand how a given quarter is progressing &amp; predict quarterly earnings ahead of time
Initially we focused on MoM %  increase/decrease. This is useful, but one needs to account for anomalies such as seasonality and potential non-linearity month to month within a given quarter 
We now also provide the monthly YoY revenue comparison. This eliminates anomalies due to both seasonality and intra-quarter non-linearity, enabling a clearer perspective on where the industry is at. 


Semiconductor Real Time Indicators Update

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.</li>
<li>They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.</li>
<li>2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.</li>
</ul>


AI Accelerators (Nvidia and AMD GPU, hyperscalers’ chips) receive a lot of attention. AI rack assemblers, the companies that turn GPU into systems are equally interesting – and concentrated.
They are mostly Taiwanese firms: Hon Hai, Quanta, Wistron, Wiwynn and module makers like Accton. Growth of the top suppliers is impressive, stocks aren’t expensive.
2 different markets: hyperscalers customized racks, and Nvidia standard products. It is possible that standard racks that go into AI data centers or “AI factory” will outgrow hyperscalers’ spending.


AI Servers: The Big System Designers / Assemblers in Taiwan

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.</li>
<li>High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.</li>
<li>Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    </li>
</ul>


We screen for stocks at the extreme ends of their positioning or momentum ranges among active Emerging Market equity funds.
High Positioning, Negative Momentum: BYD Company Limited Class H, Novatek Microelectronics Corp.
Low Positioning, Negative Momentum: Banco Bradesco SA Pfd, LG Chem Ltd.    


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

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Top Gainers/Loser: Taiwan Tech Stocks Hit Hard Last Week By Global AI/Tech Pullback</li>
<li>Key Events This Week: Major Earnings Week Including UMC, Mediatek, Realtek, AMD, Microsoft</li>
<li>TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices </li>
</ul>


Top Gainers/Loser: Taiwan Tech Stocks Hit Hard Last Week By Global AI/Tech Pullback
Key Events This Week: Major Earnings Week Including UMC, Mediatek, Realtek, AMD, Microsoft
TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices 


Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

<ul>
<li>TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17</li>
<li>Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong </li>
<li>Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. </li>
</ul>


TSMC June Sales Surge Higher Than Expectations; Apple Will Be Use TSMC's 2nm Node for Next Year's iPhone 17
Wiwynn GDR Offering - US$1.45bn Dilutive Offering, but Momentum Has Been Very Strong 
Silergy (6415.TT): Trial-Run with Vanguard, and Recent Stock Drops Represent an Entry Opportunity. 


Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

Taiwan

Wiwynn Corporation manufactures computer storage devices. The Company develops and sells servers, storage devices, network systems, and equipment room infrastructure products. Wiwynn markets its products throughout Taiwan.

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Wiwynn Corp (6669 TT)

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

AI Servers: The Big System Designers / Assemblers in Taiwan

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

A recap of last week's gainers and losers plus key events to watch out for this week and recently published research pieces.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductor Real Time Indicators Update

Tracking monthly revenues of Taiwan semiconductor companies helps us identify key trends mid-quarter. Initially we tracked the MoM revenue changes....

William Keating

AI Servers: The Big System Designers / Assemblers in Taiwan

​Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

Nicolas Baratte

GEM Funds: Extreme Stocks, July 2024

We screen for stocks at the extreme ends of their positioning or momentum ranges. We combine current and historical data with recent manager...

Steven Holden

Taiwan Tech Weekly: Hit Hard By AI/Tech Pullback; Watch UMC, Mediatek, Realtek, AMD, MSFT Earnings

A recap of last week's gainers and losers plus key events to watch out for this week and recently published research pieces.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Sales Beat High Expectations; Wiwynn GDR Offering; IPhone 17 to Use 2nm

​TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...

Vincent Fernando, CFA

Taiwanese AI rack assemblers are gaining attention for turning GPUs into systems, showing impressive growth in the AI server rack market. Stocks...

TSMC's strong June sales exceed expectations, Apple to use TSMC's 2nm node for iPhone 17 next year. Wiwynn's US$1.45bn dilutive offering shows...