Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.</li>
<li>AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.</li>
<li>TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.</li>
</ul>


Netherlands expands range of semiconductor tech restricted for export; Tightening the vice further on China's semiconductor industry.
AI In The Family: Nvidia founder Jensen Huang a distant cousin of AMD CEO Lisa Su.
TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and Delta.


Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.</li>
<li>Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects. </li>
<li>In the company's own words, "Profitability and cash flow will remain extremely challenged for some time". For "some time", you could insert "at least 12 months"</li>
</ul>


Micron reported FQ3’23 revenues of $3.8 billion, up 2% sequentially and down 57% year-over-year.
Despite upbeat AI notes among others, Micron quietly delivered more bad news than good with their overall outlook worsening in many key respects. 
In the company's own words, "Profitability and cash flow will remain extremely challenged for some time". For "some time", you could insert "at least 12 months"


<ul>
<li>Micron released results and its shares are rising U.S. afterhours. The company said that its trough is past, implying the same for other memory chip producers such as Nanya Tech.</li>
<li>Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya shares here.</li>
<li>Micron also made positive comments about the PC industry inventories. However, Taiwan PC names are already near 52-week highs. Elan Microelectronics could be a yet-to-rally play: See our full piece.</li>
</ul>


Micron released results and its shares are rising U.S. afterhours. The company said that its trough is past, implying the same for other memory chip producers such as Nanya Tech.
Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya shares here.
Micron also made positive comments about the PC industry inventories. However, Taiwan PC names are already near 52-week highs. Elan Microelectronics could be a yet-to-rally play: See our full piece.


Memory Monitor: Micron Signals Trough Is Past -- Long Nanya Rebound & Elan Micro a Less Obvious Play

<ul>
<li>Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.</li>
<li>Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.</li>
<li>AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.</li>
</ul>


Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.
Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.
AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.


Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

<ul>
<li>More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.</li>
<li>Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.</li>
<li>Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.</li>
</ul>


More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and why automakers will absolutely need AI to compete.
Memory Chip Stocks -- Nanya jumps 10% on hopes that AI servers will need 7x the value of DRAM. Micron warns that half of China revenue could be at risk.
Delta Taiwan and Thailand Surge 20%+, Taiwan outperforms. Delta Taiwan has acquired a German automotive components company to boost its EV powertrain products lead.


Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

Taiwan

Nanya Technology Corp. manufactures and markets dynamic random access memories (DRAMs).  The Company sells its products in Taiwan and exports worldwide.

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Nanya Technology (2408 TT)

Taiwan Tech Weekly: New ASML Restrictions Tighten Vice Further on China; AI & The Nvidia/AMD Family

Also -- TSMC supplier hit by cyberattack, Hon Hai expanding EV in Vietnam, plus our recent research notes on Hon Hai, Nanya Tech, Himax, Yageo, and...

Vincent Fernando, CFA

Micron. Clutching At AI Straws

FQ3’23 revenues $3.8 billion, + 2% QoQ & -57% YoY. Micron: "Profitability and cash flow will remain extremely challenged for some time". For "some...

William Keating

Memory Monitor: Micron Signals Trough Is Past -- Long Nanya Rebound & Elan Micro a Less Obvious Play

Given Nanya Tech recently rallied ahead of Micron, then reverted back most of the gains, we see at least a10% short-term Long trade for Nanya...

Vincent Fernando, CFA

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning...

Vincent Fernando, CFA

Taiwan Tech Weekly: Nvidia Highlights Intel & Mediatek; AI Server DRAM Demand; Delta Price Surges

More Nvidia Takeaways from two conferences the company spoke at -- The company highlighted support for Intel's new Foundry business, Mediatek, and...

Vincent Fernando, CFA

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