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>On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.</li><li>We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.</li><li>Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. </li></ul><p><em>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.</em></p>

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.We believe this is a promising catalyst for the imminent surge in AI-driven consumer products.Tech giants are increasingly positioned to discover new revenue streams through integrating AI tech into consumer products, services, or in any financially sustainable manner. 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.

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

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) / Equity Bottom-Up

<ul>
<li>Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan company results supported their views as well.</li>
<li>Looking ahead, Novatek, Asustek, and Himax are set to release in Taiwan. Combined with NXP abroad, this will provide color on display demand, automotive, and servers/PCs.</li>
<li>A new Chinese memory chip maker just received major government investment, with an IPO of its related company planned.</li>
</ul>


Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan company results supported their views as well.
Looking ahead, Novatek, Asustek, and Himax are set to release in Taiwan. Combined with NXP abroad, this will provide color on display demand, automotive, and servers/PCs.
A new Chinese memory chip maker just received major government investment, with an IPO of its related company planned.


Taiwan Tech Weekly: Positive Signs for Memory, PC, Smartphones; Key Autos & Display Color This Week

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

<ul>
<li>Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. </li>
<li>Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter</li>
<li>While Memory has turned the corner, yet further productions cuts are still required</li>
</ul>


Q323 revenues of KRW 67.4 trillion, up 12.3% QoQ but still down 7% YoY. 
Operating profit KRW 2.4 trillion, a big improvement on the KRW 0.67 trillion in the second quarter but a far cry from the KRW 10.85 trillion in the year-ago quarter
While Memory has turned the corner, yet further productions cuts are still required


Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

<ul>
<li>SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY</li>
<li>Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.</li>
<li>While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future</li>
</ul>


SK Hynix reported Q323 revenues of 9.066 trillion won, up 24% QoQ but still down 17% YoY
Net income was -2.185 trillion won, a 27% improvement on the losses in the prior quarter.
While DRAM has turned profitable, NAND remains stubbornly loss making and is likely to remain so for the foreseeable future


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

<ul>
<li>SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%</li>
<li>NAND inventory is higher than DRAM's so NAND production capacity will not be increased</li>
<li>This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia</li>
</ul>


SK hynix reported increased DRAM and NAND flash revenues in the third quarter, with DRAM's price increasing about 10%
NAND inventory is higher than DRAM's so NAND production capacity will not be increased
This bodes well for DRAM makers and poorly for NAND makers like WDC and Kioxia


United States

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

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Micron Technology (MU US)

Will Humane’s AI-Powered Screenless Device Become the Successor to Smartphones?

On 10 Nov, AI Start up Humane, founded by ex-Apple engineers, has officially launched the AI Pin, an OpenAI-powered wearable.

CMB International

Taiwan Tech Weekly: Positive Signs for Memory, PC, Smartphones; Key Autos & Display Color This Week

Last week global heavyweights AMD, Samsung, and Qualcomm delivered good news, including for the Memory, PC, and Smartphone industries. Taiwan...

Vincent Fernando, CFA

Samsung. Strategic Shift Reverses Memory ASP's Downward Spiral

A strategic shift in marketing strategy has reversed Samsung Memory's downward ASP spiral but further production cuts are still required for...

William Keating

SK Hynix. DRAM To The Rescue

SK Hynix rQ323 revenues 9.066 trillion won, up 24% QoQ but still -17% YoY. Net income -2.185 trillion won, a 27% improvement QoQ. While DRAM...

William Keating

SK Hynix Call Bad News for WDC

Kioxia announced a second quarter of growth, but that growth is mainly from DRAM. That's good news for DRAM makers (Samsung and Micron) and bad...

Jim Handy

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