Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors</li>
<li>After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.</li>
<li>We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.</li>
</ul>


Y/Y improvement for LCD, PMIC, GaAs RF, gaming card, cooling system, semi equipment&amp;material, semi fab construction, memory, and foundry vendors but more y/y deterioration for WiFi and CMOS sensor vendors
After 6 vendors beating consensus, we might see AI server supply chain, large panel LCD driver, WiFi/networking, and NAND flash vendors in US to report a better than expected 1Q24.
We might see 8"/12" raw wafer (like Shin Etsu, SUMCO , National Silicon Industry, Siltronic AG) vendors in Japan, China, and Germany to report a worse than expected 1Q24.


Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names</li>
<li>Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure</li>
<li>TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength</li>
</ul>


Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength


Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

<ul>
<li>
SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.</li>
<li>
PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.</li>
<li>
Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.</li>
</ul>



SK Hynix expects continued AI/server memory strength despite global uncertainty -- Expects 2025E HBM revenue to double YoY.

PC and smartphone memory demand experienced moderate recovery -- Supported by China stimulus and AI-featured product cycles.

Continue to view SK Hynix shares in more favorable position vs. Nana Tech shares -- Especially in a scenario of global economic weakness.


Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

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

<ul>
<li>TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'</li>
<li>Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge</li>
<li>Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive </li>
</ul>


TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at 'Taiwan Speed'
Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge
Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive 


Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

<ul>
<li>Key Memory Names Have Rebounded; Micron and SK Hynix Lead</li>
<li>NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E</li>
<li>Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech</li>
</ul>


Key Memory Names Have Rebounded; Micron and SK Hynix Lead
NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech


Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Taiwan

Phison Electronics Corp. manufactures and markets USB (Universal Serial Bus) flash pen drives, card readers, adapters, flash memory controllers, and integrated circuits (ICs).

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Phison Electronics (8299 TT)

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

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Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales

Early Signs from the Reported March/1Q24 Taiwan Semi/Tech Sales; we might see AI server, WiFi/networking, and NAND vendors in US to beat 1Q24 but...

Andrew Lu

Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand

​Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

Vincent Fernando, CFA

Memory Monitor: SK Hynix Signals Resilient AI Demand Ahead; Nanya More Exposed to Global Downturn

​SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom

​TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Vincent Fernando, CFA

Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

​Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...

Vincent Fernando, CFA

Many Taiwanese companies participating at Nvidia's GTC conference this week. Local reports say Samsung to hike NAND flash prices by 20%. Also,...

SK Hynix anticipates strong AI/server memory demand despite global uncertainty. SK Hynix shares positioned favorably vs. Nanya Tech shares,...

TSMC to build new fab in Arizona quickly, Phison CEO predicts long-term growth for NAND flash with AI shift to edge, Delta Thailand monitor...

Micron and SK Hynix lead rebound in key memory names, NAND flash prices expected to increase in 2H25E, favoring long positions in SK Hynix and...