This weekly newsletter pulls together summaries of the top ten most-read Insights across Tech Hardware and Semiconductor on Smartkarma.
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1. AMD Q424. Share Price Sinks As Data Center GPU Growth Stalls In H125. But Why?
- Q424 revenues of $7.7. billion, up 12% QoQ, up 27% YoY and $200 million above the guided midpoint. This marked the company’s highest ever quarterly revenue
- AMD forecasted Q125 revenues of $7.1 billion at the midpoint, up 30% YoY but down ~7% sequentially. This caused the share price to decline by ~9% in after hours trading
- H125 is a reset period for AMD’s Data Center GPU roadmap. ROCm simply isn’t mature enough to compete effectively with NVIDIA. AMD must do better, and I believe they will.
2. Japan’s Semiconductor Gamble: Can Rapidus Challenge TSMC?
- Rapidus Corporation — The Japan-based semiconductor startup has emerged as a key part of the country’s ambition to reclaim a foothold in the advanced semiconductor manufacturing space.
- How Rapidus Compares to TSMC — Rapidus’s challenge is not only in catching up with TSMC’s leading-edge process nodes but also in ensuring manufacturing maturity and cost competitiveness.
- Maintain Structural Long rating for TSMC — Accumulate on market weakness. TSMC is partially insulated from U.S. tariff risks thanks to its position producing the most advanced chips.
3. Taiwan Tech Weekly: TSMC’s Massive New 1nm GIGAFAB in Development; Can Japan Build the Next TSMC?
- TSMC Expands 2nm & Advanced Packaging in Taiwan, Advances 1nm “GIGAFAB” in the South — Despite U.S. Tariff Risks
- Japan’s Semiconductor Gamble: Can Rapidus Challenge TSMC? — Maintain Structural Long for TSMC.
- Apple Supply Chain Monitor — Why Zhen Ding and Kinsus Interconnect Could Be in a Favorable Position Relative to Apple’s AI Trajectory
4. Taiwan Dual-Listings Monitor: TSMC Rebounds to Strong Premium; ASE Near Parity
- TSMC: +20.8% Premium; Wait for More Extreme Level vs. Relative Range; Comments from Morris Chang on Premium
- ASE: +0.5% Premium; Good Level to Go Long the Premium
- ChipMOS: 1.9% Premium; Can Consider Shorting Premium at Current Level
5. MediaTek (2454.TT): A Good Start in 1Q25; D9500 Launched After About 1H25; China Subsidy.
- The upcoming 1Q25 could be relatively flat or slightly higher than 4Q24, which represents a better start than usual due to seasonal effects.
- The Dimistry 8400/9400 models have been successful sellers, and a new Dimistry 9500 is expected to be launched after the first half of 2025. (link)
- The China electronic household subsidy program, including smartphone, has resulted in over 8 million sales in shipments within 4 days on Jan 25.
6. MediaTek (2454.TT): 1Q25 Guidance Beats Consensus; Providing N2 Solution Starting from 2026.
- 1Q25 outlook is NT$140.8-151.8 billion, up 2-10% QoQ and up 6-14% YoY, with a GM of 47% ± 1.5%, beating consensuses.
- Smartphone sales are +59% from 4Q24, increasing 14% QoQ but decreasing 1% YoY, attributed to the successful launch of the D9400, with healthy demand for smartphones and subsidy stimulation from China.
- GAI will continue to drive innovative changes in the industry, while MediaTek is evaluating the phenomenon’s effect on resource allocation.
7. Qualcomm Q125. Firing On All Cylinders & An Ace Up Their Sleeve…
- Q125 revenues of $11.7 billion, up 18% YoY, up 15% QoQ and marginally above the high end of the guided range. This represented the company’s highest ever quarterly revenue
- In December, Snapdragon X Series had more than 10% share of the greater than $800 Windows laptops in U.S. retail.
- A recent hire suggests Qualcomm has an ace up their sleeve and that they are poised to launch yet another diversification gambit
8. PC Monitor: Latest Qualcomm & Mediatek Results Show ARM-Based Chips Disrupting the PC Market
- Growing Signs That ARM-Based Chips Are Set to Disrupt the PC Market
- Qualcomm’s Earnings Call Insights — Snapdragon’s ARM-Based Push into PCs Successfully Taking Significant Market Share
- Mediatek Earnings Call Highlights — Reiterates ARM-Based Entry into PC Market with AI Supercomputer CPU in Collaboration with NVIDIA
