Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.</li><li>Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.</li><li>Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.</li></ul>

Compal and Nvidia form partnership for AI server collaboration in 2025, expanding capabilities in the tech industry.Taiwan's upcoming AI Basic Act in 2025 prompts consideration of four competing versions, highlighting the significance of AI regulation.Foxlink launches Taiwan's largest AI supercomputing hub for SMEs, showcasing the country's advancements in technology for small businesses.

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

<ul><li>Lenovo commits $1B to AI advancements, strengthens F1 collaboration, showcasing innovation in technology sector.</li><li>Garmin experiences growth in SEA sales for smart wearables, indicating a maturing market and strong consumer demand.</li><li>Taiwan's Transcom gains from global surge in military spending, develops world's first open-source 6G core network, while Stellantis partners Maserati with China's Chery amidst struggles in German automotive industry.</li></ul>

Lenovo commits $1B to AI advancements, strengthens F1 collaboration, showcasing innovation in technology sector.Garmin experiences growth in SEA sales for smart wearables, indicating a maturing market and strong consumer demand.Taiwan's Transcom gains from global surge in military spending, develops world's first open-source 6G core network, while Stellantis partners Maserati with China's Chery amidst struggles in German automotive industry.

Tech Supply Chain Tracker (25-Sep-2024): Lenovo invests US$1 billion in AI over 3 years.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. </li>
<li>No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.</li>
<li>In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. </li>
</ul>


IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. 
No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.
In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. 


3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.</li>
<li>Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.</li>
<li>We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.</li>
</ul>


There's been a major disconnect between performance of the Philly Semiconductor Index and the Taiwan market recently.
Semi optimism has picked up substantially in U.S. markets and institutional favor towards the Taiwan market could improve as a result.
We indentify US$1bn+  market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.


Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

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

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

<ul>
<li>TSMC’s N2 Progress Sparks Buzz Amid Yield Improvement Rumors; If True Then 2nm Will Become Even More Successful Than 3nm</li>
<li>Hon Hai &amp; TASA Showcase Homegrown Space Technologies Including an Alternative to Starlink</li>
<li>Himax: Buyback Program Lifts Shares; Auto Display Controllers, AR Displays &amp; WLO for AI Progressing </li>
</ul>


TSMC’s N2 Progress Sparks Buzz Amid Yield Improvement Rumors; If True Then 2nm Will Become Even More Successful Than 3nm
Hon Hai &amp; TASA Showcase Homegrown Space Technologies Including an Alternative to Starlink
Himax: Buyback Program Lifts Shares; Auto Display Controllers, AR Displays &amp; WLO for AI Progressing 


Taiwan Tech Weekly: TSMC 2NM Yield Jump Rumors; Seeing Taiwan's Starlink Alternative Firsthand in KS

Taiwan

Compal Electronics Inc. manufactures and markets notebook computers and color monitors.  The Company also produces liquid crystal displays and other computer related products.  Compal Electronics exports its products to the United States, Europe, and Asia.

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Compal Electronics (2324 TT)

Tech Supply Chain Tracker (16-Nov-2024): Compal eyes Nvidia AI server by 2025.

Tech news updates: Compal and Nvidia collaborate on AI servers, China's smartphone AP shipments in 3Q 2024, Taiwan's AI Basic Act has 4 versions in...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (25-Sep-2024): Lenovo invests US$1 billion in AI over 3 years.

Lenovo invests $1B in AI, Garmin sees sales boost, iPhone 16 shows strong start, military spending surges, Taiwan leads 6G, Stellantis partners...

Tech Supply Chain Tracker

3Q24 PC Shipments Are Flat YoY. Lenovo, Acer, Asus. Compal, Quanta, Wistron.

3Q24 PC shipments are flat YoY. The great recovery or AI replacement cycle aren’t happening (for now). IDC reported 3Q24 PC shipments declining -2%...

Nicolas Baratte

Taiwan Short Squeeze Ahead? Taiwan Market Significantly Lagging Philly SOX Index

We indentify US$1bn+ market cap stocks most under-held by institutions, as well as those who may be most at risk of a short squeeze.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC 2NM Yield Jump Rumors; Seeing Taiwan's Starlink Alternative Firsthand in KS

Did a TSMC engineer disclose a production yield improvement for the company's 2nm manufacturing? In Kaohsiong, the development of Taiwan's upcoming...

Vincent Fernando, CFA

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