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>Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.</li><li>Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.</li><li>According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). </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>

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ.Net profit was US$9.2bn, up 50% QoQ and 1,274% YoY.According to the company’s guidance, 4Q24 revenue is expected to reach US$20bn (+/-2%), implying 10% QoQ and 231% YoY growth; GAAP GPM is expected to increase to 74.5% (+/- 50bps). 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.

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

<ul>
<li>Our Taiwan AI stock short basket of Quanta, Wistron, Gold Circuit, and Asia Vital has underperformed Nvidia by 12.5% since our previous piece.</li>
<li>Most of Taiwan's AI stock plays have underperformed Nvidia over the same period, but by less than our basket names. Analyst recommendations remain overwhelmingly Buy for our Short basket names.</li>
<li>Conclusion: Maintain Quanta, Wistron, Gold Circuit, Asia Vital as a Short Basket vs. Long Nvidia. Nvidia revenue will grow at a higher percentage rate than most Taiwan AI concept stocks.</li>
</ul>


Our Taiwan AI stock short basket of Quanta, Wistron, Gold Circuit, and Asia Vital has underperformed Nvidia by 12.5% since our previous piece.
Most of Taiwan's AI stock plays have underperformed Nvidia over the same period, but by less than our basket names. Analyst recommendations remain overwhelmingly Buy for our Short basket names.
Conclusion: Maintain Quanta, Wistron, Gold Circuit, Asia Vital as a Short Basket vs. Long Nvidia. Nvidia revenue will grow at a higher percentage rate than most Taiwan AI concept stocks.


Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket

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.

Infineon Technologies  / Equity Bottom-Up

<ul><li><p>Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.</p><section class="figure"><figure class="editor-figure mceNonEditable"></figure></section></li><li>Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.</li><li>So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.</li></ul>

Infineon’s big news is that they, too, will be building one of the largest Silicon Carbide fabs in the world. This makes Wolfspeed’s Siler City look puny in comparison.Infineon is now looking to be number three in the Silicon Carbide device game, targeting ~500 million in 2023.So given the impressive growth, Infineon is a bit late but plans to spend 5 billion dollars over five years for the factory in Kulim.

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>U.S. has announced new bans on PE and VC investment into key Chinese tech industries.</li>
<li>Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.</li>
<li>Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.</li>
</ul>


U.S. has announced new bans on PE and VC investment into key Chinese tech industries.
Elan Microelectronics, ChipMOS reported good results, two longs to consider as we still see upside.
Apple earnings short-term trades update -- We're closing out both trades, one at a loss and one roughly flat.


Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

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

<ul>
<li>TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.</li>
<li>AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.</li>
<li>Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.</li>
</ul>


TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.
AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.
Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.


Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

United States

Super Micro Computer, Inc. designs, develops, manufactures and sells server solutions based on modular and open-standard x86 architecture. The Company's products include servers, motherboards, chassis, and accessories.

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Super Micro Computer (SMCI US)

Technology (Hardware/Semi) - 23 Nov 2023

Nvidia released FY3Q24 results with quarterly revenue at US$18.1bn, up 34% QoQ and 206% YoY. GPM was 74.0%, up 3.9ppts QoQ. Net profit was...

CMB International

Taiwan AI Stock Shorts Vs. Nvidia: Nvidia Outperforms, Maintain Taiwan Short Basket

The Taiwan AI Short Basket underperformed Nvidia, the Taiwan TWSE Index, and our universe of Taiwan AI plays. We expect Nvidia revenue to grow at a...

Vincent Fernando, CFA

Earnings: MCHP and IFX, SIMO Rumors, SMCI, POWI, GFS, COHR, WOLF, AMAT, CSCO

Analog inventory, Coherent's ghost guide, and whipsaw China read through. Infineon’s big news is that they, too, will be building one of the...

Fabricated Knowledge

Taiwan Tech Weekly: U.S. Announces New Bans on Investment into Chinese High Tech Industries

Also, Elan Microelectronics and ChipMOS reported strong results. The two companies represent two Longs to consider, we still see upside.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI...

Vincent Fernando, CFA

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