In today’s briefing:
- TSMC. The Juggernaut Accelerates!
- Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology
- ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects
- Weekly Update (SNRE, HHH, ANGI, MRP)
TSMC. The Juggernaut Accelerates!
- AI related demand accounted for ~15% of revenue in 2024, i.e. ~$13.5 billion. This is set to double to $27 billion in 2025
- 5 year growth CAGR of 20%, at the top end of the previously guided 15-20% range
- On track for $100 billion revenue in 2025, and most likely, $200 billion by 2030
Taiwan Tech Weekly: UMC Results Ahead; Nvidia & TSMC Partner for Silicon Photonics Technology
- UMC Results This Week; Insight Into Supply/Demand Environment for More Mature Semiconductor Segments
- Nvidia and TSMC Announce Partnership in Silicon Photonics Technology — Will Enable More Energy-Efficient AI
- TSMC 4Q24 Results Signal Multi-Year Market Share Gains; Margin Strength; Sustainable Industry Growth
ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Guming Holdings appears to be gearing up for a launch soon.
- On the placements front, while Wuxi XDC failed to perform, Murata Manufacturing (6981 JP) has been holding up so far.
Activist Spotlight: How Starboard Value Could Transform Qorvo’s Prospects
- The relationship between Qorvo and Starboard Value has captured the attention of investors and market observers alike, as recent developments signal a potential turning point for the chip maker.
- On January 17, 2025, it was revealed that Starboard Value, one of Wall Street’s most aggressive activist investors, has acquired a 7.7% stake in Qorvo, equating to a $500 million investment.
- This announcement comes after a challenging year for Qorvo, during which its stock fell by 29%, weighed down by declining revenues in its mobile segment and an unfavorable product mix in the Android ecosystem.
Weekly Update (SNRE, HHH, ANGI, MRP)
This week, IAC Inc (IAC) provided an update on its Angi Inc (ANGI) spin-off plans.
Previously, IAC had suggested that it would spin off ANGI but hadn’t confirmed it.
IAC will spin-off its entire stake in Angi Inc in the first half of 2025, but no sooner than March 31.
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