Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Following AMD AI conference on 10 Oct, many question AMD's estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  </li>
<li>AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.</li>
<li>TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. </li>
</ul>


Following AMD AI conference on 10 Oct, many question AMD's estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  
AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.
TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. 


How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.</li>
<li>Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.</li>
<li>Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.</li>
</ul>



Samsung Electronics (005930 KS) is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.
Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.
Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.


Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training, and that’s the Chain of Thought / Inference.</li><li>The chart below is a bit confusing, but the conclusion is the longer the model “thinks,” the better the answer.</li><li>The new model has another log-linear scaling law. It pretty much computes, and the <a href="http://www.incompleteideas.net/IncIdeas/BitterLesson.html?ref=blog.heim.xyz" target="_blank" rel="noopener">Bitter Lesson</a> wins again.</li></ul>

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training, and that’s the Chain of Thought / Inference.The chart below is a bit confusing, but the conclusion is the longer the model “thinks,” the better the answer.The new model has another log-linear scaling law. It pretty much computes, and the Bitter Lesson wins again.

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

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>We had a conference call with Silicon Motion; the leading global provider of NAND flash controllers and solid-state storage solutions for the consumer, enterprise, and industrial markets.</li>
<li>We focus on how Silicon Motion is leveraging advantages of QLC NAND flash memory, which is becoming a critical memory solution for new AI servers, AI PCs, and AI mobiles</li>
<li>Maintain Structural Long rating for Silicon Motion and $102 valuation. The company is in a leading position to benefit from the rising importance of advanced memory controllers for AI applications.</li>
</ul>


We had a conference call with Silicon Motion; the leading global provider of NAND flash controllers and solid-state storage solutions for the consumer, enterprise, and industrial markets.
We focus on how Silicon Motion is leveraging advantages of QLC NAND flash memory, which is becoming a critical memory solution for new AI servers, AI PCs, and AI mobiles
Maintain Structural Long rating for Silicon Motion and $102 valuation. The company is in a leading position to benefit from the rising importance of advanced memory controllers for AI applications.


TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices

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

<ul>
<li>SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective</li>
<li>AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand</li>
<li>SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung</li>
</ul>


SK Reports Massive Margin Rebound; Nanya Tech's Financial Performance Appears Relatively Weak in Perspective
AI Applications Now Translating Into Rising Solid-State Memory (SSD) Demand
SK Povided Positive Color for Taiwan PC Names; New TSMC Collaboration Highlights TSMC Strength vs. Samsung


Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

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)

How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

AMD estimates AI Accelerators will reach US$500bn by 2028 ($45bn in 2023). Accelerators increased by 150% in 2024, $113bn. Based on TSMC CoWoS,...

Nicolas Baratte

Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

In this insight, we analyse Samsung Electronics with a particular focus on the global Memory and Smartphone markets, company financials and growth...

Wium Malan, CFA

ChatGPT o1 (Strawberry) and Memory

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training,...

Fabricated Knowledge

TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices

Silicon Motion is leading the way in leveraging QLC NAND flash memory for AI applications, with a strong position for growth in the market.

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

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How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

AMD estimates AI Accelerators will reach US$500bn by 2028 ($45bn in 2023). Accelerators increased by 150% in 2024, $113bn. Based on TSMC CoWoS,...

Nicolas Baratte

Samsung Electronics (005930-KR): Quality Generative AI Play, Trading at a Discount

In this insight, we analyse Samsung Electronics with a particular focus on the global Memory and Smartphone markets, company financials and growth...

Wium Malan, CFA

ChatGPT o1 (Strawberry) and Memory

Strawberry was a breakthrough. Some people ask, “What’s the big deal?” but feasibly, there is a new scaling law working in tandem with training,...

Fabricated Knowledge

TechChain Insights: Call with Silicon Motion; QLC NAND Emerging as Key Enabler for AI Devices

​Silicon Motion is leading the way in leveraging QLC NAND flash memory for AI applications, with a strong position for growth in the market.

Vincent Fernando, CFA

Memory Monitor: What SK Hynix Sees For PC and Server Markets Ahead; TSMC's Strength Vs. Samsung

Major take-aways from SK Hynix's latest industry visibility. The memory industry is likely to achieve a new all-time revenue level in 2025E.

Vincent Fernando, CFA

Silicon Motion is leading the way in leveraging QLC NAND flash memory for AI applications, with a strong position for growth in the market.