This weekly newsletter pulls together summaries of the top ten most-read Insights across Tech Hardware and Semiconductor on Smartkarma.
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1. Taiwan Dual-Listings Monitor: TSMC Historically Extreme Premium Continues; CHT at Short Level Again
- TSMC: +21.3% Premium; Trading at New +15-25% Range This Year
- ASE: +12.7% Premium; We Continue to View 14%+ as Fresh Short Level
- CHT: +1.2% Premium; Good Level to Short Relative to History
2. Crypto Datacenters NAV
- There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.
- Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.
- Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.
3. Global Semi Sales YTD 2024 & Outlook: The Good & The Not So Good
- Global semi sales for April ’24 were $46.4 billion, +15.8% YoY & +1.1% MoM
- WSTS now forecasts a 16.1% increase in 2024 semi sales, up from 13.1% in their previous forecast
- We think the WSTS forecast for Memory is too high & their forecast for Logic is too low. Excluding memory, the WSTS forecast reflects just 3.1% growth in 2024.
4. Computex 2024 & The Drama Of The CoPilot+ PC Launch
- Intel, AMD & Qualcomm all lined up in support of Microsoft’s CoPilot+ PC program during the Computex 2024 keynotes last week.
- While Qualcomm is all in and AMD mostly too, Intel’s support is more passive agressive in nature. We outline how & why this is the case
- On Friday June 7, reacting to customer feedback, Microsoft announced that their CoPilot+ Recall feature will now become disabled out of the box by default. Ouch!
5. Taiwan Semis May ’24 Revenue Roundup. Looking Good Across The Board
- ASPEED blazing a trail with 92.9% YoY revenue growth in May
- Quanta, WiWynn, TSMC and Nanya all > 30% YoY revenue growth in May
- TSMC looking likely to exceed 30% YoY revenue growth in 2024
6. Intel Warns That Its Foundry Strategy Is “Highly Risky” & Its Success Is “Highly Uncertain”
- Intel’s 2023 10K includes two new risk sections relating to its foundry plans and Smart Capital approach to funding them.
- It labels its foundry plan as “Highly Risky” and rates its chances of success as “highly uncertain”
- They also helpfully warn that they have “limited experience” with the third party foundry business, just FYI
7. Taiwan Tech Weekly: Apple Unveils New AI Capabilities at WDC; PC Makers Feel the Love from Chip CEOs
- Apple Announces New AI Features at WDC; Shares Surge to New All-Time Highs
- Top Movers: Major Computex Exhibitors See Share Prices Fall Despite Strong Presence
- Computex 2024: Chip Companies Notably Competing to Win PC Makers
8. TSMC (2330.TT; TSM.US): CoWoS Demand Continues to Increase in 2024.
- The yearly growth target could approach 25% YoY in 2024.
- TSMC’s CoWoS demand continues to rise, with capacity expected to increase by approximately another 5% in 2024.
- TSMC’s stock price has risen by 55% in Taiwan and by 66.3% in US markets this year. We believe it has the potential to continue increasing further.
