Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

Taiwan Tech Weekly: Apple's Macbook Windfall; Yageo's Rally; TSMC's Massive Rare Earth Stockpile

Taiwan Dual-Listings Monitor: TSMC Near Fresh Spread Short Level; ChipMOS Rare Discount

Taiwan Dual-Listings Monitor: TSMC Premium Eases Down; UMC & CHT Opportunity Levels

Intel (INTC.US): Intel’s Share Price Is Encouraging; Caution Warranted on Its Near-Term Continuation

Intel (INTC.US): AMD to Submit Foundry Orders to Intel? We Think It’s Highly Unlikely.

Intel (INTC.US): Seeking Investment from TSMC?

Equity Bottom-Up

<ul>
<li>Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  </li>
<li>CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank</li>
<li>Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.</li>
</ul>


Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.


Intel (INTC.US): 3Q25 Results Slightly Beat; Emphasized AI Importance; Seeking New Foundry Clients.