Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul>
<li>Nvidia is not upset with TSMC after all. Samsung is losing another customer to TSMC at 3nm</li>
<li>Legacy Foundry Overcapacity as Chinese firms are over-extending, expect Pricing Pressure (GlobalFoundries, Hua Hong, SMIC, UMC)</li>
<li>Progress in China: new Loongson CPU and GPU. Lithography Photoresist</li>
</ul>


Nvidia is not upset with TSMC after all. Samsung is losing another customer to TSMC at 3nm
Legacy Foundry Overcapacity as Chinese firms are over-extending, expect Pricing Pressure (GlobalFoundries, Hua Hong, SMIC, UMC)
Progress in China: new Loongson CPU and GPU. Lithography Photoresist


Tech News This Week: TSMC, NVIDIA, Samsung, Legacy Semi, China Semi

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Zomato surpasses Q2 expectations but encounters challenges due to high costs of rapid expansion</li><li>Germany's Manufacturing X Initiative transforms industry 4.0 collaboration and innovation</li><li>Taiwan reevaluates nuclear policy as AI-powered energy becomes more prominent; Huawei introduces Harmony OS NEXT</li></ul>

Zomato surpasses Q2 expectations but encounters challenges due to high costs of rapid expansionGermany's Manufacturing X Initiative transforms industry 4.0 collaboration and innovationTaiwan reevaluates nuclear policy as AI-powered energy becomes more prominent; Huawei introduces Harmony OS NEXT

Tech Supply Chain Tracker (25-Oct-2024): Zomato beats expectations in Q2, faces high expansion costs.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Taiwan Semiconductor Manufacturing Company (TSMC) has reported a robust performance in the third quarter of 2024, underscored by significant revenue growth driven by both smartphone and AI-related demand.</li><li>The company's industry-leading 3-nanometer and 5-nanometer technologies have been at the forefront of this demand surge.</li><li>Revenue for the third quarter increased sequentially by 12.8% in New Taiwan dollars, reflecting not only strong demand but also higher capacity utilization and cost improvement efforts.</li></ul>

Taiwan Semiconductor Manufacturing Company (TSMC) has reported a robust performance in the third quarter of 2024, underscored by significant revenue growth driven by both smartphone and AI-related demand.The company's industry-leading 3-nanometer and 5-nanometer technologies have been at the forefront of this demand surge.Revenue for the third quarter increased sequentially by 12.8% in New Taiwan dollars, reflecting not only strong demand but also higher capacity utilization and cost improvement efforts.

Taiwan Semiconductor (TSMC) Crushes Q3 Expectations with 54% Profit Surge—What’s Fueling This Chip Giant’s Growth?

<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

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: +18.7% Premium; Trading Range Sustaining at an Elevated Level</li>
<li>UMC: -1.8% Discount; Good Level to Go Long the Spread</li>
<li>ASE: 0.0% Premium; Good Level to Go Long the Spread</li>
</ul>


TSMC: +18.7% Premium; Trading Range Sustaining at an Elevated Level
UMC: -1.8% Discount; Good Level to Go Long the Spread
ASE: 0.0% Premium; Good Level to Go Long the Spread


Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

Taiwan

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

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Taiwan Semiconductor (TSMC) (2330 TT)

Tech News This Week: TSMC, NVIDIA, Samsung, Legacy Semi, China Semi

Nvidia's Blackwell GPU problems were Nvidia's doing, not TSMC. Samsung loses customer to TSMC at 3nm. Legacy Foundry face overcapacity, pricing...

Nicolas Baratte

Tech Supply Chain Tracker (25-Oct-2024): Zomato beats expectations in Q2, faces high expansion costs.

Zomato posts impressive Q2 results but struggles with high expansion costs; Germany's Manufacturing X Initiative shakes up industry collaboration;...

Tech Supply Chain Tracker

Taiwan Semiconductor (TSMC) Crushes Q3 Expectations with 54% Profit Surge—What’s Fueling This Chip Giant’s Growth?

Taiwan Semiconductor Manufacturing Company (TSMC) has reported a robust performance in the third quarter of 2024, underscored by significant...

Baptista Research

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

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

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Tech News This Week: TSMC, NVIDIA, Samsung, Legacy Semi, China Semi

​Nvidia's Blackwell GPU problems were Nvidia's doing, not TSMC. Samsung loses customer to TSMC at 3nm. Legacy Foundry face overcapacity, pricing...

Nicolas Baratte

Tech Supply Chain Tracker (25-Oct-2024): Zomato beats expectations in Q2, faces high expansion costs.

Zomato posts impressive Q2 results but struggles with high expansion costs; Germany's Manufacturing X Initiative shakes up industry collaboration;...

Tech Supply Chain Tracker

Taiwan Semiconductor (TSMC) Crushes Q3 Expectations with 54% Profit Surge—What’s Fueling This Chip Giant’s Growth?

Taiwan Semiconductor Manufacturing Company (TSMC) has reported a robust performance in the third quarter of 2024, underscored by significant...

Baptista Research

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

Taiwan Dual-Listings Monitor: TSMC Premium Remains Elevated; ASE Domestic Short Interest Hits Highs

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Nvidia's Blackwell GPU problems were Nvidia's doing, not TSMC. Samsung loses customer to TSMC at 3nm. Legacy Foundry face overcapacity, pricing...