Taiwan Tech Focused Asia L/S Analyst

Henry King

Henry King has near 30 years working experience in financial and high tech research industries. He was the managing director, acting as the co-director of the Pan-Asia technology team and the head of Taiwan research in Goldman Sachs Asia. Prior to joining Goldman Sachs, Henry also worked at Credit Suisse and Indosuez WI Carr as the senior analyst focusing on tech industry. He was also the head of Research at IDC Taiwan with expertise on tech industry from 1998 to 2000. Henry was the star analyst in Goldman Sachs Asia and ranked as the No. 1 technology/hardware analyst in Institutional Investor, Alpha, Asiamoney and Thomson Reuters Extel Survey from 2007-2012.

The Current Huge Gap of VGA Card Demand over Supply May Reverse in 2H22/2023

Thematic (Sector/Industry)

Taiwan Electronic equipment, instruments and components / Thematic (Sector/Industry)

<ul>
<li>Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.</li>
<li>Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend</li>
<li>GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.</li>
</ul>


Our latest checks with VGA card makers, ABF substate companies and mining system thermal suppliers all indicate VGA card demand is weakening.
Sanction on Russia and Shenzhen lockdown also dampens the VGA card downward trend
GPU prices remain unchanged though VGA card prices continue to fall. VGA card makers' sales and profit premium from the ASP hike shrinks gradually.


More Evidences Show VGA Card Demand Is Weakening. Maintain Our Conservative View on VGA Card Market