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: TSMC's 2nm Node to Generate Largest Revenue Ever; US Bottleneck in Adv Packaging

Marvell Expects Hyper-Growth in Data Center Custom Chips (ASIC) With a Higher Earnings Risk

TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly

MediaTek (2454.TT): Tariffs Are Highly Uncertain, but Client Purchasing Hasn’t Changed Much.

TSMC (2330.TT; TSM.US): Key Questions for TSMC 1Q25 Earnings Conference

Equity Bottom-Up

<ul>
<li>We anticipate that 2H26 may not be strong for <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>, and a typical peak season demand is unlikely.</li>
<li>Chinese National Development and Reform Commission (NDRC) and the Ministry of Finance issued an urgent response: the current unified deadline for the 2025 national subsidy policy remains December 31, 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> recently underperforms among large-cap stocks due to delay in Google's Tensor Processing Unit (TPU) project, affecting next year’s revenue and profit.</li>
</ul>


We anticipate that 2H26 may not be strong for Mediatek Inc (2454 TT), and a typical peak season demand is unlikely.
Chinese National Development and Reform Commission (NDRC) and the Ministry of Finance issued an urgent response: the current unified deadline for the 2025 national subsidy policy remains December 31, 2025.

Mediatek Inc (2454 TT) recently underperforms among large-cap stocks due to delay in Google's Tensor Processing Unit (TPU) project, affecting next year’s revenue and profit.


MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.