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 Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

Taiwan Tech Weekly: OpenAI to Consume Nearly Half of Global DRAM; Why TSMC 2nm Will Be A Blockbuster

TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.

TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.

TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  </li>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> remains the anchor customer driving N2 ramp in 2026.</li>
<li>Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  </li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  

Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  


TSMC (2330.TT; TSM.US): 4Q25/2025 Outlook Could Outperform; 2nm Is Likely to Largest Adopted in 2026