External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.</li><li>AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.</li><li>However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.AI demand remains strong, and Nvidia still dominates the AI chip market with over 90% market share, per GlobalData.However, Nvidia’s QoQ revenue growth has slowed (2QFY24-1QFY25: 88%/34%/22%/18%) in the past few quarters given a high base (quarterly sales almost quadrupled to US$26bn in 1QFY25 from US$7bn in 1QFY24). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

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 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon</li>
<li>Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength</li>
<li>Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race</li>
</ul>


TSMC's 3nm Shortage: Capacity Filled Until 2026 Amid Surging Demand; Strategic Price Hikes Coming Soon
Top Gainers/Losers: Taiwan Tech Rallies Alongside TSMC, Apple, Nvidia, ARM Strength
Samsung Unveils Pathway to Catch Up With TSMC in the AI Foundry Race


Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

<ul>
<li>TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan</li>
<li>More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel</li>
<li>Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements</li>
</ul>


TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan
More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel
Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements


Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

<ul><li>Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).</li><li>FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.</li><li>Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24).FY1Q25 revenue beat Bloomberg consensus of US$24.7bn by 5.5%.Data center revenue continued to soar and topped US$22.6bn, up 426.7% YoY and 22.6% QoQ (26.8% QoQ in FY4Q24).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semi - Nvidia: To keep growing for longer

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>Google introduces Axion, their new CPU designed for cloud-based workloads</li><li>Facebook unveils second version of RiSC-V based processor for AI workloads</li><li>Marvell announces custom projects with another big hyperscaler, highlighting the trend towards custom silicon solutions for AI workloads</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Google introduces Axion, their new CPU designed for cloud-based workloadsFacebook unveils second version of RiSC-V based processor for AI workloadsMarvell announces custom projects with another big hyperscaler, highlighting the trend towards custom silicon solutions for AI workloadsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

In summary, major tech companies are increasingly developing their own custom CPUs and accelerators for cloud-based workloads, with Google, Amazon,...

The Circuit

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52-week Range

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Semiconductors - Thematic Investing and Megatrends: AI Exposure Update

Nvidia became the world’s most valuable company on 18 June, with market cap topping US$3.34trn, though it has retreated by approx.16% from the peak.

CMB International

Taiwan Tech Weekly: TSMC's 3nm Shortage & Upcoming Price Hikes; Samsung Unveils AI Catch-Up Plan

​TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

​TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Semi - Nvidia: To keep growing for longer

Nvidia announced (22 May) FY1Q25 results. Quarterly revenue was US$26.0bn, up 262% YoY and 17.8% QoQ (22.0% QoQ in FY4Q24). FY1Q25 revenue beat. ...

CMB International

Episode 63: The Continued March of Custom Silicon, is it Sustainable?

In summary, major tech companies are increasingly developing their own custom CPUs and accelerators for cloud-based workloads, with Google, Amazon,...

The Circuit

TSMC's 3nm capacity filled until 2026, strategic price hikes coming soon. Taiwan tech rallies alongside Nvidia, Apple, and ARM. Samsung unveils...

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...