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. Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount
- TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
- ASE: +0.3% Premium; Good Level to Long the ADR Spread
- ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted
2. Taiwan Tech Weekly: Apple’s Macbook Windfall; Yageo’s Rally; TSMC’s Massive Rare Earth Stockpile
- Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
- Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
- China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory
3. SK Hynix Q325. HBM, DRAM, NAND All Sold Out Through 2026
- SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record
- Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.
- DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability
4. MediaTek (2454.TT): 4Q25 GM Eases on Mix; 2025 Record Revenue; 2026 AI Upswing Begins
- 4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
- Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
- MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.
5. Realtek Results Readthrough: Normalization Marks Pause Before Next PC Wave
- PC upgrade mini-cycle front-loaded: Realtek 3Q25 results reflected normalization after Windows 10-related demand pulled forward into 1H25, with revenue and margins easing sequentially but remaining solid.
- Diversification offsets softness: Communications infrastructure and automotive Ethernet continued to expand, with stronger growth outside China and resilient contribution from next-gen connectivity and Wi-Fi 7 adoption.
- Cautious near term, constructive on 2026E: Inventory build and tariff uncertainty temper 4Q outlook, but management expects a strong 1Q26 rebound as PC inventories normalize and AI-driven peripherals lift ASPs.
6. UMC (UMC US / 2303 TT): Adeptly Navigating Foundry Industry Transition From Scale to Specialization
- UMC’s 3Q25 results reaffirm its strategic shift toward specialty foundry leadership.
- Revenue was stable at NT$59.13bn with improving utilization and 22nm technology now contributing over 10% of sales. Gross margins remain robust.
- UMC’s growing 22/28nm portfolio, Intel partnership in Arizona, and focus on power-efficient packaging highlight how the maturing foundry sector is moving away from pure node competition and towards application-specific differentiation.
7. ASEH (3711.TT; ASX.US): 3Q25 ATM Record High; 4Q25 Modest Growth; 2025 ATM Revenue +20% YoY (USD)
- 4Q25 Outlook: Revenue is expected to grow by 1% to 2% QoQ. Both of GM and OPM are projected to increase by 0.70 to 1 percent QoQ.
- Growth continues to be driven by AI and HPC demand, with testing revenue exceeding expectations and offsetting minor shortfalls in packaging due to geopolitical uncertainties.
- With 2025 test revenue expected to grow at roughly twice the pace of packaging revenue. Investment priorities are focused on wafer probing capacity for both AI and non-AI devices
8. UMC (2303.TT; UMC.US): 4Q25 Upbeat; 1Q26 May Be a Challenging Quarter Due to Expected Seasonality.
- 4Q25 Guidance: Wafer shipment will remain flat. ASP in US dollars will remain firm. Gross margin will be approximately in the high 20% range.
- Expect interposer technology capabilities to serve the market when volume comes in late 2026 or sometime in 2027.
- 12nm PDK is expected to be ready for the first wave of customers in January 2026. Customer product takeout is expected at the beginning of 2027.
