Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

US-Iran De-Escalation: Looking Beyond Risk Premiums

Thematic (Sector/Industry)

United states Technology hardware, storage and peripherals / Thematic (Sector/Industry)

<ul>
<li>AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.</li>
<li>Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.</li>
<li>Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.</li>
</ul>


AI investment has shifted to infrastructure buildout, where growth is driven by rising content per server rather than unit volumes, supporting more stable system-level demand.
Value is concentrated at the server board level, with interconnect offering standardised, architecture-linked exposure, while PCB provides direct but execution-dependent leverage to system complexity.
Earnings visibility depends on alignment between hyperscaler capex and order momentum; divergence signals a shift from expansion to a more volatile digestion phase.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

Nanshan Aluminium International (2610 HK)

AI Infrastructure: Value Shifts to the Server Board Level