Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>The semiconductor market is currently enjoying an AI-driven demand surge</li>
<li>The past two demand-driven surges have turned into collapses as growth returned to the long-term trend</li>
<li>When we compare the past two cycles to the current one, it appears that a collapse could occur relatively soon</li>
</ul>


The semiconductor market is currently enjoying an AI-driven demand surge
The past two demand-driven surges have turned into collapses as growth returned to the long-term trend
When we compare the past two cycles to the current one, it appears that a collapse could occur relatively soon


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) - ADR / Equity Bottom-Up

<ul>
<li>TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona</li>
<li>Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently</li>
<li>Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors</li>
</ul>


TSMC's U.S. Production Strategy Achieves Major Milestone - Begins Production of Apple A16 Chips in Arizona
Reports of Apple's Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently
Samsung Falling Behind TSMC - New Report of Low Yields Continuing to Plague Samsung's 3nm AI Processors


Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Taiwan Semiconductor (TSMC) - ADR / Event-Driven

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF in September but there are a lot of float and capping changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC - ADR</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a> are the largest sells with buying spread across <a href="https://www.smartkarma.com/entities/asml-holding-nv-b0092428-e3ec-4a92-bdd6-2f6eff7f1879" target="_blank" data-smartkarma-citation="entities:28204:1" rel="noopener">ASML Holding NV</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc</a>, <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials</a> and <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology</a>.</li>
<li>The selling in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> will add to the selling from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> due to the market consultation.</li>
</ul>


There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.

TSMC - ADR and NVIDIA are the largest sells with buying spread across ASML Holding NV, Qualcomm Inc, Applied Materials and Micron Technology.
The selling in NVIDIA Corp (NVDA US) will add to the selling from the Technology Select Sector SPDR (XLK US) due to the market consultation.


MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2bn

<ul>
<li>Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance</li>
<li>Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending</li>
<li>Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag</li>
</ul>


Latest Industry Signals -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed Names Were a Mixed Bag of Performance
Key Events to Watch -- SEMICON Taiwan This Week, We Will Be Attending
Perspective -- NVIDIA's &gt;5x YoY "Singapore" Revenue Growth Is A Red Flag


Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>TSMC's top 5 clients for 2024 are <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices (AMD US</a>, <a href="https://www.smartkarma.com/entities/qualcomm-inc" target="_blank" data-smartkarma-citation="entities:969:1" rel="noopener">Qualcomm Inc (QCOM US)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> and <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>.</li>
<li>Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.</li>
<li>Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.</li>
</ul>


TSMC's top 5 clients for 2024 are Apple (AAPL US), Advanced Micro Devices (AMD US, Qualcomm Inc (QCOM US), Mediatek Inc (2454 TT) and NVIDIA Corp (NVDA US).
Smartphone orders continue to dominate at TSMC, with QCOM and MediaTek being key clients.
Looking ahead to 2025, Intel Corp (INTC US) is expected to rely more on TSMC, potentially leading to changes in TSMC's client ranking.


United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Qualcomm Inc (QCOM US)

Current Semi Surge Still Strong

The semiconductor market is experiencing a surge in demand driven by AI, but history suggests a potential collapse may be on the horizon.

Jim Handy

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2bn

No constituent changes but a lot of capping changes. Estimated one-way turnover is 4.9% resulting in a one-way trade of US$1.04bn. The selling in...

Brian Freitas

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 Top Clients

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Current Semi Surge Still Strong

​The semiconductor market is experiencing a surge in demand driven by AI, but history suggests a potential collapse may be on the horizon.

Jim Handy

Taiwan Tech Weekly: TSMC Apple Arizona Production Milestone, Samsung 3nm Yield Still Weak Vs. TSMC

​TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

Vincent Fernando, CFA

MV US Listed Semiconductor 25 Index Rebalance: Round-Trip Trade Over US$2bn

No constituent changes but a lot of capping changes. Estimated one-way turnover is 4.9% resulting in a one-way trade of US$1.04bn. The selling in...

Brian Freitas

Taiwan Tech Weekly: Nvidia's SG Revenue Red Flag; Rise of Custom Silicon; SEMICON Taiwan This Week

Latest Industry Results -- Nvidia Crashed While Marvell Soared... Custom Silicon a Threat to Nvidia's Monster Growth? Taiwan AI/Server Exposed...

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): 2024 Top Clients

​TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...

Patrick Liao

The semiconductor market is experiencing a surge in demand driven by AI, but history suggests a potential collapse may be on the horizon.

TSMC's U.S. production milestone with Apple A16 chips in Arizona. Reports of Apple's disappointing iPhone 16 sales. Samsung is still struggling...

TSMC's top 5 clients for 2024 include AAPL, AMD, QCOM, Mediatek, and NVDA, with smartphone orders dominating and shifts in client ranking expected...