Asia and Global Semiconductor and Tech Research

Andrew Lu

Former Head of Asia ex-Japan Semiconductor and TFT-LCD/Touch Research at Barclays and Citi Bank, Former Head of Technology at 國金證券

What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

Takeaways Post Our Global Foundry Model Updated and Initial View on 2024

NVIDIA Corporation: Monopolistic Position In Gaming & High-Performance Domain Keeps Fuelling Growth! - Major Drivers

Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket

Taiwan Tech Weekly: Samsung & Nanya Earnings; AI Names Rebound Again

Taiwan Tech Weekly: Taiwan AI Names Rebound; Memory Crashes; Look for Nvidia Hedges

Equity Bottom-Up

<ul>
<li>TSMC's manufacturing value only accounts for 1/4 of H100 HGX bill of materials but HBM3 accounts for more than half;</li>
<li>ABF substrate, SXM5 module, UBB and CCL vendors should be benefited, especially for Ibiden Co Ltd (4062 JP) on ABF substrate/OAM and Elite Material (2383 TT) on OAM/UBB CCL;</li>
<li>Nvidia AI GPU likely doubling each year in next two years; Our estimates on Nvidia 2025 AI GPU EPS contribution are exceeding Bloomberg consensus earnings estimates, suggesting room to raise.</li>
</ul>


TSMC's manufacturing value only accounts for 1/4 of H100 HGX bill of materials but HBM3 accounts for more than half;
ABF substrate, SXM5 module, UBB and CCL vendors should be benefited, especially for Ibiden Co Ltd (4062 JP) on ABF substrate/OAM and Elite Material (2383 TT) on OAM/UBB CCL;
Nvidia AI GPU likely doubling each year in next two years; Our estimates on Nvidia 2025 AI GPU EPS contribution are exceeding Bloomberg consensus earnings estimates, suggesting room to raise.


TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

2023-2025년 Nvidia AI GPU HGX의 BOM 비용 및 CoWoS 수요 분석, 추정치 증가 여지