Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. </li>
<li>TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. </li>
<li>SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. </li>
</ul>


The price of ASML EUV machine is increasing as thruput (wafer / hour) is increasing. 
TSMC 3nm is fully booked in 2025. Here is the list of clients / chips. 
SiC and MCU over-investments in China? Very likely. China is limiting SiC investments. 


Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Event-Driven

<ul>
<li>SAMR would draw out review process for too long for a deal to be approved</li>
<li>Intel faces an existential crisis and even the new Foundry division has issues</li>
<li>A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins</li>
</ul>


SAMR would draw out review process for too long for a deal to be approved
Intel faces an existential crisis and even the new Foundry division has issues
A theoretical deal would have little financial synergy and destroy Qualcomm's gross margins


Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

Taiwan Tech Focused Senior Analyst

Patrick Liao

<ul>
<li>We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.</li>
<li>Among TSMC's top clients are companies from the US, Taiwan, and Japan.</li>
<li>Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.</li>
</ul>


We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.
Among TSMC's top clients are companies from the US, Taiwan, and Japan.
Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.


TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

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

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

<ul>
<li>TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns</li>
<li>Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience</li>
<li>Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit</li>
</ul>


TSMC Extends Global Foundry Dominance Amid 33% Sales Surge – A Buy on Weakness Despite Market Concerns
Apple 'Glowtime' AI Announcements: Mixed Analyst and Media Reactions May Overlook Key Advantage — Apple Is Best Positioned to Seamlessly Integrate AI Into Your Smartphone Experience
Taiwan Market Gainers &amp; Losers: Consumer Electronics &amp; Memory Names Some of the Hardest Hit


Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

Vanguard Intl Semiconductor / Equity Bottom-Up

<ul>
<li>The 4Q24 is slightly on the downside, and we are currently adopting a somewhat conservative approach.  </li>
<li>Visibility extends for no more than 3 months, and any increase in demand is primarily driven by urgent orders.</li>
<li>As for the upcoming 12" Fab, which is in collaboration with <a href="https://www.smartkarma.com/entities/nxp-semiconductors-nv" target="_blank" data-smartkarma-citation="entities:9801:1" rel="noopener">Nxp Semiconductors Nv (NXPI US)</a>, it has commenced local recruitment efforts in Singapore.</li>
</ul>


The 4Q24 is slightly on the downside, and we are currently adopting a somewhat conservative approach.  
Visibility extends for no more than 3 months, and any increase in demand is primarily driven by urgent orders.
As for the upcoming 12" Fab, which is in collaboration with Nxp Semiconductors Nv (NXPI US), it has commenced local recruitment efforts in Singapore.


Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

Netherlands

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

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Nxp Semiconductors Nv (NXPI US)

Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

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Nicolas Baratte

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Neil Campling

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

Due to slightly downside 4Q24, with visibility limited to 3 months and demand driven by urgent orders. Recruitment for upcoming 12" Fab in...

Patrick Liao

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Tech News This Week. ASML, TSMC, Intel, SiC Capacity, MCU in China

ASML price increase in 2025. TSMC 3nm Order Surge Expected in 2025. Intel's Next-Gen Panther Lake CPUs Handed to Lenovo. China restrictions on SiC...

Nicolas Baratte

Tech M&A: Qualcomm for Intel? No Chance. Here's Why.

​China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Neil Campling

TSMC (2330.TT; TSM.US): 4Q24 Outlook Is Around 10% QoQ Upside.

​Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

Patrick Liao

Taiwan Tech Weekly: TSMC Becoming More Dominant; Apple's AI Opportunity; Taiwan Market Hammered

​TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...

Vincent Fernando, CFA

Vanguard (5347.TT): The Outlook of 4Q24 Seems a Bit Softer.

Due to slightly downside 4Q24, with visibility limited to 3 months and demand driven by urgent orders. Recruitment for upcoming 12" Fab in...

Patrick Liao

China SAMR's lengthy review process would hinder deal approval, Intel's existential crisis includes issues in new Foundry division, theoretical...

Anticipating 10% QoQ growth in 4Q24 for TSMC, who is adjusting wafer quotations to meet current demands from US, Taiwan, and Japan clients.

TSMC extending its lead in global foundry with Intel and Samsung needing help. Apple best positioned deliver the AI phone 'dream'. Taiwan market...