Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>U.S. has announced new bans on PE and VC investment into key Chinese tech industries.</li>
<li>Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.</li>
<li>Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.</li>
</ul>


U.S. has announced new bans on PE and VC investment into key Chinese tech industries.
Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.
Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.


Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>AMD reported Q2’23 revenues of $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY, largely attributable to weakness in their client segment revenues.</li>
<li>Q3'23 revenue of $5.7 billion at the midpoint,  a modest 5.5% increase sequentially and ~2.5% YoY.</li>
<li>AMD has a lot riding on its MI300 launch but can it really take a bite from NVIDIA's lunch?</li>
</ul>


AMD reported Q2’23 revenues of $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY, largely attributable to weakness in their client segment revenues.
Q3'23 revenue of $5.7 billion at the midpoint,  a modest 5.5% increase sequentially and ~2.5% YoY.
AMD has a lot riding on its MI300 launch but can it really take a bite from NVIDIA's lunch?


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.</li>
<li>Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.</li>
<li>The IPO offering amount is expected to be between $8 billion and $10 billion.</li>
</ul>


On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.
Global tech giants including Apple, Samsung Electronics, NVIDIA, and Intel are expected to invest in Arm once the company is listed on the market.
The IPO offering amount is expected to be between $8 billion and $10 billion.


SoftBank Plans to Complete IPO of Arm in September on NASDAQ

Thematic (Sector/Industry)

<ul>
<li>Global semi sales for the month of June 2023 amounted to $41.5 billion, +1.7% MoM but still down ~17% YoY.</li>
<li>Nanya reported monthly revenue for July 2023 of NT$ 2,437 million, a slight decrease MoM and still down 44.5% YoY:</li>
<li>For the YTD through July, ASPEED’s revenue is down 47% YoY. This translates into a similar percentage decrease in global server sales YoY in 2023. </li>
</ul>


Global semi sales for the month of June 2023 amounted to $41.5 billion, +1.7% MoM but still down ~17% YoY.
Nanya reported monthly revenue for July 2023 of NT$ 2,437 million, a slight decrease MoM and still down 44.5% YoY:
For the YTD through July, ASPEED’s revenue is down 47% YoY. This translates into a similar percentage decrease in global server sales YoY in 2023. 


Semiconductor Events Deserving Your Attention @ 7/8/23

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>Unlike many suggest, the downgrade of the US credit rating by Fitch, resulting in the US losing its Triple-A status, will have significant impact on markets.</li>
<li>The disappointing ISM Manufacturing Index comes with massive downside for Equities in all regions.</li>
<li>While the Big Tech earnings dream get to live another day, the risks of a further and more significant slowdown in company earnings remain abundant.</li>
</ul>


Unlike many suggest, the downgrade of the US credit rating by Fitch, resulting in the US losing its Triple-A status, will have significant impact on markets.
The disappointing ISM Manufacturing Index comes with massive downside for Equities in all regions.
While the Big Tech earnings dream get to live another day, the risks of a further and more significant slowdown in company earnings remain abundant.


The Weekly Market Monitor (31) – Bye, Bye, Triple-A

United States

Advanced Micro Devices, Inc. (AMD) produces semiconductor products and devices. The Company offers products such as microprocessors, embedded microprocessors, chipsets, graphics, video and multimedia products and supplies it to third-party foundries, as well as provides assembling, testing, and packaging services. AMD serves customers worldwide.

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Advanced Micro Devices (AMD US)

Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Also, Elan Microelectronics and ChipMOS reported strong results. The two companies represent two Longs to consider, we still see upside.

Vincent Fernando, CFA

AMD. Doubling Down On AI Acceleration

AMD Q2’23 revenues $5.4 billion, $100 million above the guided midpoint, flat sequentially but down 18% YoY. There's a lot riding on MI300 launch...

William Keating

SoftBank Plans to Complete IPO of Arm in September on NASDAQ

On 8 August, Nikkei Asia reported that Arm plans to complete its IPO on NASDAQ in September in a deal expected to be worth more US$60 billion or more.

Douglas Kim

Semiconductor Events Deserving Your Attention @ 7/8/23

Global semi sales for June '23 ~$41.5 billion, +1.7% MoM, -17% YoY. Nanya July 2023 revenue NT$ 2,437 million, -1% MoM, -44.5% YoY. ASPEED YTD...

William Keating

The Weekly Market Monitor (31) – Bye, Bye, Triple-A

The US has lost the Triple A-rating, which, unlike many suggest, will have major implications. If not in the short run, then definitely in the long...

Jeroen Blokland

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