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: Why Many Tech Companies Could Soon See Their Chip Costs Rise Substantially

Taiwan Dual-Listings Monitor: Weak US Friday Session Opens Up Wide Opportunities Across the Board

TSMC (2330.TT; TSM.US): U.S. Stocks Plunged on October 10 Under Heavy Selling Pressure.

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

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

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

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>The U.S. Secretary of Commerce, Howard Lutnick, has requested that <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>’s production output reach a 50:50 ratio between the U.S. and Taiwan.</li>
<li>By contrast, TSMC’s fab construction also requires strong supplier coordination, and in the case of its U.S. fabs, there are numerous regulatory hurdles to overcome.</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>’s share price in Hong Kong has surged this year (+209.14%), significantly outperforming TSMC’s share price increase (+28.15%).</li>
</ul>


The U.S. Secretary of Commerce, Howard Lutnick, has requested that Taiwan Semiconductor (TSMC) - ADR (TSM US)’s production output reach a 50:50 ratio between the U.S. and Taiwan.
By contrast, TSMC’s fab construction also requires strong supplier coordination, and in the case of its U.S. fabs, there are numerous regulatory hurdles to overcome.
Meanwhile, Semiconductor Manufacturing International Corp (SMIC) (981 HK)’s share price in Hong Kong has surged this year (+209.14%), significantly outperforming TSMC’s share price increase (+28.15%).


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

TSMC (2330.TT; TSM.US): Is It Possible TSMC' Output Reach a 50:50 Ratio Between the U.S. And Taiwan?