Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

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<ul><li>NCKU in Taiwan achieves breakthrough in angstrom-scale semiconductor precision, potentially revolutionizing the industry.</li><li>Uncertainty surrounds impact of Trump win on green energy, with transition likely to be slower but not impossible.</li><li>Apple introduces new open-source AI models, Kyushu attracts record investments from TSMC, while SK Hynix experiences sales/profit growth. Vietnam partners with Qorvo, Cadence to train 50,000 engineers by 2030.</li></ul>

NCKU in Taiwan achieves breakthrough in angstrom-scale semiconductor precision, potentially revolutionizing the industry.Uncertainty surrounds impact of Trump win on green energy, with transition likely to be slower but not impossible.Apple introduces new open-source AI models, Kyushu attracts record investments from TSMC, while SK Hynix experiences sales/profit growth. Vietnam partners with Qorvo, Cadence to train 50,000 engineers by 2030.

Tech Supply Chain Tracker (26-Jul-2024): NCKU in Taiwan achieves semiconductor precision breakthrough.

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>CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.</li><li>The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.</li><li>Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. </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>

CIS market revenue was US$21.3bn in 2022, stagnated with 0.2% YoY decline, according to Yole.The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced significant decline (42.8% YoY) in the past year.Domestic CIS players took a strong hit by 1) the weak mobile/security demand, 2) slower-thanexpected inventory digestion and 3) intensified competition among overseas and domestic peers. 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 – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><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>

We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.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.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

<h2>Headline Developments</h2><p>At 90, William Shatner became the oldest person to ever reach space, telling Blue Origin’s Jeff Bezos “what you have given me is the most profound experience” that “I hope I never recover from”.  I’m sure Bezos also breathed a huge sigh of relief because if anything happened to Captain Kirk there would have been one hell of a reaction from Star Trek fans!</p><p>Microsoft (MSFT) and Nvidia (NVDA) have trained the world’s most advanced AI-powered language model, Megatron-Turing Natural Language Generation (MT-NLP), containing 530 billion parameters to achieve unmatched accuracy across natural language tasks such as reading comprehension and commonsense reasoning.</p>

Headline DevelopmentsAt 90, William Shatner became the oldest person to ever reach space, telling Blue Origin’s Jeff Bezos “what you have given me is the most profound experience” that “I hope I never recover from”.  I’m sure Bezos also breathed a huge sigh of relief because if anything happened to Captain Kirk there would have been one hell of a reaction from Star Trek fans!Microsoft (MSFT) and Nvidia (NVDA) have trained the world’s most advanced AI-powered language model, Megatron-Turing Natural Language Generation (MT-NLP), containing 530 billion parameters to achieve unmatched accuracy across natural language tasks such as reading comprehension and commonsense reasoning.

Research from Drawbridge Research, Drawbridge Research

Drawbridge Research

Research from Drawbridge Research

The team at Drawbridge Research believes that to take advantage of market mispricing a first principles understanding must be obtained on what a company fundamentally does, the purpose that gives that company a reason to exist, and how that company executes on serving its purpose and function.

Once a first principles understanding is obtained, we believe it becomes possible to discern real world fact from market fiction. A fundamental understanding, coupled with this separation, allows for an evaluation of a company’s inherent value that is not biased by market sentiment.

This approach requires significant qualitative research coupled with a detailed understanding of company financial accounts to understand what attributes drive and protect profitability. These two parts of Drawbridge’s research approach are not viewed separately by the research team but instead as two interdependent parts of a broad, exhaustive, and complete investment research process.

Price is equally paramount. This means that a company must be priced at a level where it offers significant growth in value, as our goal is to achieve outsized returns, not to simply collect quality companies. In addition to the upside potential, a company must be attractively priced enough to ensure the preservation of capital in the case our thesis turns out to be wrong.

<p>This is the third and final part of our three part series on Sony Group. In this note we look at Sony’s Gaming and Network Services (G&amp;NS) segment and the fundamental pillars supporting its profitability. By doing this we uncover that the business is dependent on the technical competitiveness and the catalogue of game titles available on PlayStation, Sony’s console platform. We look at the primary known threat to the business’s profitability, which is cloud gaming. Breaking down how cloud gaming is technically achieved we are able to compare the technical limitations and advantages of both console based and cloud based gaming. Through this we can determine whether cloud gaming posses a disruptive threat as a substitute to Sony’s entrenched console platform, or if instead cloud gaming can be viewed as a complimentary service supporting further growth. In regard to the PlayStation business, we also analyse the current heightened level of deal activity in the game development space. Consolidation amongst game developers and increased ownership by the platform operators is seen as being indicative of a maturing gaming industry. Given this we look at Sony’s level of investment in gaming software to ascertain whether the company’s consistently strong performance over the past 2 decades in the home console market has allowed the company to gain a critical mass of IP and third party titles on its platform to continue attracting gamers.</p><p>Final comments outline how the company’s subsidiaries are effectively collaborating to create value no other company can, and why this second layer of value creation is being missed. The research note then concludes the series by valuing Sony via a sum of the parts valuation and valuing the financial business at the implied valuation Sony paid in early 2020.</p>

This is the third and final part of our three part series on Sony Group. In this note we look at Sony’s Gaming and Network Services (G&amp;NS) segment and the fundamental pillars supporting its profitability. By doing this we uncover that the business is dependent on the technical competitiveness and the catalogue of game titles available on PlayStation, Sony’s console platform. We look at the primary known threat to the business’s profitability, which is cloud gaming. Breaking down how cloud gaming is technically achieved we are able to compare the technical limitations and advantages of both console based and cloud based gaming. Through this we can determine whether cloud gaming posses a disruptive threat as a substitute to Sony’s entrenched console platform, or if instead cloud gaming can be viewed as a complimentary service supporting further growth. In regard to the PlayStation business, we also analyse the current heightened level of deal activity in the game development space. Consolidation amongst game developers and increased ownership by the platform operators is seen as being indicative of a maturing gaming industry. Given this we look at Sony’s level of investment in gaming software to ascertain whether the company’s consistently strong performance over the past 2 decades in the home console market has allowed the company to gain a critical mass of IP and third party titles on its platform to continue attracting gamers.Final comments outline how the company’s subsidiaries are effectively collaborating to create value no other company can, and why this second layer of value creation is being missed. The research note then concludes the series by valuing Sony via a sum of the parts valuation and valuing the financial business at the implied valuation Sony paid in early 2020.

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Tech Supply Chain Tracker (26-Jul-2024): NCKU in Taiwan achieves semiconductor precision breakthrough.

NCKU makes breakthrough in semiconductor precision, Trump's impact on green energy uncertain, Apple unveils AI models, TSMC attracts record...

Tech Supply Chain Tracker

Semi – China CIS sector – Solid auto CIS growth offset by weak mobile CIS demand

The sales from mobile segment (US$13.5bn) remained flat. Auto CIS sales grew 13.7% YoY to US$2.2bn, surpassing Security CIS, which experienced...

CMB International

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

Weekly Innovation Review (WIRE) #53

At 90, William Shatner became the oldest person to ever reach space, telling Blue Origin’s Jeff Bezos “what you have given me is the most profound...

Granite Bay Capital

Sony Part 3: State of Play

In this note we look at Sony’s Gaming and Network Services (G&NS) segment and the fundamental pillars supporting its profitability.

Drawbridge Research

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