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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Chips / In Depth: The sudden reversal of the global chip shortage</li><li>Hong Kong / Hong Kong unveils new visa, property tax policies to stanch talent exodus</li><li>Central bank / China’s central bank gets new deputy governor</li></ul>

Chips / In Depth: The sudden reversal of the global chip shortageHong Kong / Hong Kong unveils new visa, property tax policies to stanch talent exodusCentral bank / China’s central bank gets new deputy governor

CX Daily: The Sudden Reversal of the Global Chip Shortage

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.</li>
<li>U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.</li>
<li>TSMC results coming out this week, expecting all-time high revenue.</li>
</ul>


AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.
U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.
TSMC results coming out this week, expecting all-time high revenue.


Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Intel's CEO has clearly put NVIDIA Corp (NVDA US) in the cross-hairs with his conference comments and the unveiling of new graphics chips.</li>
<li>Separate reports are that Apple is cutting back iPhone 14 production volumes, negatively impacting TSMC and the Apple supply chain.</li>
<li>Intel is now slightly outperforming TSMC &amp; UMC, however has a lot of room to catch up in our view given its large underperformance over the last six months.</li>
</ul>


Intel's CEO has clearly put NVIDIA Corp (NVDA US) in the cross-hairs with his conference comments and the unveiling of new graphics chips.
Separate reports are that Apple is cutting back iPhone 14 production volumes, negatively impacting TSMC and the Apple supply chain.
Intel is now slightly outperforming TSMC &amp; UMC, however has a lot of room to catch up in our view given its large underperformance over the last six months.


Intel Vs. TSMC/​​UMC Long/​​Short Monitor: Post Conference Take Aways, Intel Performance Reverts

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis</li>
<li>North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%</li>
<li>Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.</li>
</ul>


North American allocations continue to trend higher, hitting a record average weight of 58.1% across the 358 global funds in our analysis
North America has consistently stolen market share from other key global regions, most notably Developed Market Europe, where average fund weights have hit all-time lows of 24.24%
Sectors driving allocations higher are led by Energy, Health Care and Industrials with active rotation in to all 3, whilst Consumer Staples have seen signs of investor fatigue.


North America Hits New Highs as Global Rotation Continues

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>Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

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)

CX Daily: The Sudden Reversal of the Global Chip Shortage

In Depth: The sudden reversal of the global chip shortage. Hong Kong unveils new visa, property tax policies to stanch talent exodus

Caixin Global

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Intel Vs. TSMC/UMC Long/Short Monitor: Post Conference Take Aways, Intel Performance Reverts

Separate reports are that Apple is cutting back iPhone 14 production volumes, negatively impacting TSMC and the Apple supply chain.

Vincent Fernando, CFA

North America Hits New Highs as Global Rotation Continues

North American allocations among active Global investors hit record highs, driven by Energy, Health Care and Industrials rotation.

Steven Holden

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

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CX Daily: The Sudden Reversal of the Global Chip Shortage

In Depth: The sudden reversal of the global chip shortage. Hong Kong unveils new visa, property tax policies to stanch talent exodus

Caixin Global

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Intel Vs. TSMC/​​UMC Long/​​Short Monitor: Post Conference Take Aways, Intel Performance Reverts

Separate reports are that Apple is cutting back iPhone 14 production volumes, negatively impacting TSMC and the Apple supply chain.

Vincent Fernando, CFA

North America Hits New Highs as Global Rotation Continues

North American allocations among active Global investors hit record highs, driven by Energy, Health Care and Industrials rotation.

Steven Holden

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

Intel Vs. TSMC/UMC Long/Short Monitor: Post Conference Take Aways, Intel Performance Reverts