Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

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

<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.


AI and Global Deep Tech, Mint Finance

Uttkarsh Kohli

AI and Global Deep Tech

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.</li>
<li>NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.</li>
<li>47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.</li>
</ul>


NVIDIA's dominance in AI GPUs, with 80% market share, has driven data center revenue growth by 427% YoY, with analysts expecting a 112% YoY revenue increase to $28.68 billion.
NVIDIA's GPUs are crucial for AI workloads, with significant adoption by cloud giants like AWS and Microsoft Azure. AI-specific chips are expected to drive 40% of 2024 revenue.
47 out of 61 analysts rate NVIDIA a strong buy, with average 12-month price targets showing 13% upside, reflecting confidence in its AI leadership despite potential market volatility.


[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

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

Advanced Micro Devices / Equity Bottom-Up

<p>The Wall Street Journal last week <a href="https://www.wsj.com/articles/amd-is-in-advanced-talks-to-buy-xilinx-11602205553" target="_blank" rel="noopener">reported</a> that <a href="https://www.smartkarma.com/entities/advanced-micro-devices-inc" target="_blank" data-smartkarma-citation="entities:19009:1" rel="noopener">Advanced Micro Devices</a> is in advanced talks to buy <a href="https://www.smartkarma.com/entities/xilinx-inc" target="_blank" data-smartkarma-citation="entities:11600:1" rel="noopener">Xilinx</a> for a consideration of some $30 billion. It's a surprising move for the famously cautious and pragmatic CEO, Lisa Su. However, we think that the rumour is credible and, on balance, believe it to be a smart move on the part of AMD. Here's why. </p>

The Wall Street Journal last week reported that Advanced Micro Devices is in advanced talks to buy Xilinx for a consideration of some $30 billion. It's a surprising move for the famously cautious and pragmatic CEO, Lisa Su. However, we think that the rumour is credible and, on balance, believe it to be a smart move on the part of AMD. Here's why. 

AMD. Making Sense Of The Proposed Xilinx Acquisition.

<ul>
<li>AMD announced their intention to acquire hyperscale solutions Provider ZT Systems in a cash and stock transaction valued at $4.9 billion</li>
<li>The real target of the deal is the 1,000 Data Center design engineers all of who will transfer directly to AMD's engineering team with an annual OpEx of $150 million</li>
<li>This is AMD scaling up to grab a larger share of the ~$400 billion by 2027 AI Data Center TAM just as Intel is scaling down its workforce by 15,000</li>
</ul>


AMD announced their intention to acquire hyperscale solutions Provider ZT Systems in a cash and stock transaction valued at $4.9 billion
The real target of the deal is the 1,000 Data Center design engineers all of who will transfer directly to AMD's engineering team with an annual OpEx of $150 million
This is AMD scaling up to grab a larger share of the ~$400 billion by 2027 AI Data Center TAM just as Intel is scaling down its workforce by 15,000


Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the "traditional" foundry market</li>
<li>The lion's share of this new market will come from IDM, a combination of increased outsourcing (e.g. Intel) and new JV deals (e.g. Germany and Japan)</li>
<li>Foundry 2.0 reflects the reality of how the semi industry is evolving and it's the polar opposite of Intel's IDM 2.0 </li>
</ul>


TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the "traditional" foundry market
The lion's share of this new market will come from IDM, a combination of increased outsourcing (e.g. Intel) and new JV deals (e.g. Germany and Japan)
Foundry 2.0 reflects the reality of how the semi industry is evolving and it's the polar opposite of Intel's IDM 2.0 


TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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

Intel Corp (INTC US)

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

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

AMD. Making Sense Of The Proposed Xilinx Acquisition.

If the ~$5 billion (minus what it can get for ZT Systems manufacturing operations) AMD is paying to get its hands on 1,000 data center engineers...

William Keating

AMD Scales Up Just As Intel Scales Down

AMD to buy ZT Systems for $4.9 billion. The real target is the 1,000 strong data center R&D team, which aligns with their #1 strategic priority of...

William Keating

TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the...

William Keating

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

[Q2 Earnings Preview] NVIDIA To Maintain AI GPU Leadership As Revenues Surge

Nvidia’s Q2 earnings are expected to reveal a 112% YoY revenue increase to $28.68B, driven by explosive growth in data centre revenues and robust...

Mint Finance

AMD. Making Sense Of The Proposed Xilinx Acquisition.

If the ~$5 billion (minus what it can get for ZT Systems manufacturing operations) AMD is paying to get its hands on 1,000 data center engineers...

William Keating

AMD Scales Up Just As Intel Scales Down

AMD to buy ZT Systems for $4.9 billion. The real target is the 1,000 strong data center R&D team, which aligns with their #1 strategic priority of...

William Keating

TSMC Foundry 2.0: Strategic Shift Or Brand Tinkering?

TSMC Foundry 2.0 more than doubles its addressable market and resets its market share to 28%, down from the ~60% share it has long enjoyed in the...

William Keating

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