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.

TSMC (2330.TT; TSM.US): Stock Prices Had Already Priced in Excessively Optimistic Expectations.

Decoding TSMC's Transition from Offence to Defence

Taiwan Dual-Listings Monitor: TSMC and UMC and ASE Below -1 SD Band; Long Opportunities

TSMC 2Q26 Preview: A Record June Lands 2Q Revenue at the Upper End of the Guide

Taiwan Tech Weekly: Micron, Apple and AMD Start Funding Their Suppliers

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (TSM US)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Third Quarter Revenue: US$44.6 billion – US$45.8 billion, At the midpoint: Quarter-over-quarter; (QoQ): +12% Year-over-year (YoY): +37%;</li>
<li>In other words, the increase in CAPEX is fundamentally driven by AI demand.</li>
<li>The shortage is mainly in AI-related mature technologies, especially: PMIC (Power Management IC)  </li>
</ul>


Third Quarter Revenue: US$44.6 billion – US$45.8 billion, At the midpoint: Quarter-over-quarter; (QoQ): +12% Year-over-year (YoY): +37%;
In other words, the increase in CAPEX is fundamentally driven by AI demand.
The shortage is mainly in AI-related mature technologies, especially: PMIC (Power Management IC)  


TSMC (2330.TT; TSM.US): All Good News Doesn't Mean A Good Stock Price.