Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month earlier</li>
<li>Companies with a strong exposure to the AI Acceleration market are on track for strong revenue growth YoY in 2024. ASPEED is on track to double revenues this year. </li>
<li>For many of the remainder, what tepid growth they had been experiencing may be starting to stall. Watch this space. </li>
</ul>


Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month earlier
Companies with a strong exposure to the AI Acceleration market are on track for strong revenue growth YoY in 2024. ASPEED is on track to double revenues this year. 
For many of the remainder, what tepid growth they had been experiencing may be starting to stall. Watch this space. 


Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

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>Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.</li>
<li>Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.</li>
<li>Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades</li>
</ul>


Taiwan Tech Rebounds Sharply Alongside Major Nvidia/U.S. Tech Rebound Last Week. Wave of Major Earnings Releases This Week -- See Our Key Events Section.
Apple's Latest Supplier List Released Last Week -- Nanya Tech, Lotes, and Novatek Dropped. New List Shows Apple Struggling to Diversify from China.
Apple iOS 18 Will Heavily Feature Edge AI Running Locally on the iPhone for User' Privacy and Security -- We Believe This Could Be a Major Driver of Phone Upgrades


Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

<ul>
<li>United Microelectronics ADRs trading at a discount, risk-reward appears compelling.</li>
<li>TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.</li>
<li>ChipMOS discount still compelling; and we now have detailed coverage of the company.</li>
</ul>


United Microelectronics ADRs trading at a discount, risk-reward appears compelling.
TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab.
ChipMOS discount still compelling; and we now have detailed coverage of the company.


Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

<ul>
<li>TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment</li>
<li>UMC -- Bounced from discount to premium, now at a discount again</li>
<li>ChipMOS -- Bounced from discount to premium, now back to a decent discount</li>
</ul>


TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment
UMC -- Bounced from discount to premium, now at a discount again
ChipMOS -- Bounced from discount to premium, now back to a decent discount


Taiwan Dual-Listings: Premiums Bounced... And Have Now Declined Again

<ul>
<li>TSMC -- Trading near parity, decent setup opportunity at the current level.</li>
<li>UMC -- Trading at a discount, another decent setup opportunity.</li>
<li>Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.</li>
</ul>


TSMC -- Trading near parity, decent setup opportunity at the current level.
UMC -- Trading at a discount, another decent setup opportunity.
Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range.


Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

Taiwan

Advanced Semiconductor Engineering Inc. manufactures and markets integrated circuit products. The Company produces thermally enhanced packages, high frequency packages, flip chip packages, and other products. Advanced Semiconductor Engineering markets its products in Asia, America, Europe, and other regions.

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Advanced Semiconductor Engr (2311 TT)

Taiwan Semi Monthly Tracker Red Flags Double MoM In September 2024

Seven Taiwan semi companies from our list of sixteen are now showing negative YoY monthly growth as of September 2024, up from just three a month...

William Keating

Taiwan Tech Weekly: Major Week of Earnings; Apple's Edge AI Could Make Your Current IPhone Obsolete

Taiwan rebounded strongly last week alongside Nvidia and U.S. tech. This week will be another major earnings week. Apple's edge AI for user privacy...

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC Normalizes; UMC, ChipMOS Compelling Discounts

TSMC has normalized; and reports are that it may launch a Singapore-based 12-inch semiconductor fab. Chunghwa swings back from extreme discount.

Vincent Fernando, CFA

Taiwan Dual-Listings: Premiums Bounced... And Have Now Declined Again

TSMC -- Small premium currently, recent trading range appears unaffected by Buffett investment. ChipMOS -- Decent entry point now.

Vincent Fernando, CFA

Taiwan Dual-Listings: TSMC & UMC Nice Setup Opportunities, Chunghwa Rare Deep Discount

Chunghwa Telecom -- Rare opportunity here, trading at a steep discount compared to the tight historical range. TSMC and UMC also present decent...

Vincent Fernando, CFA

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