Taiwan Tech Focused Senior Analyst

Patrick Liao

Being invited, I joined Sellside, i.e. JPMorgan, Nomura and Macquarie, totally around 9-10 years. Before that, I joined International Data Corp (https://www.idc.com/) to be the Asia Semiconductor analyst for nearly 2 years, and being invited to do personal lectures in TSMC, UMC, Samsung and etc. In my working experiences, I also had the chance to join Taiwanese panel company, AUO (2409.TT) and the buyside, Chinalife (2823.TT), totally for over 1 year.
I obtained MS degree from the Tsing-Hua University. Then I worked in the Taiwan Semiconductor companies for around 11 years. I had several US patents during my stay in the Semiconductor industry.

Being worked in the sellside and buyside, I deeply dived in the Greater China Semiconductor industry and directly covered some companies, like TSMC (2330.TT, TSM.US), UMC (2303.TT, UMC.US), Vanguard (5347.TT), ASE (3711.TT, ASX.US), SPIL (merged with ASE and delisted), KYEC ( 2449.TT), JCET (600584.CH), ASMPT (522.HK), GWC (6488.TT), WinSemi (3105.TT), Mediatek (2454.TT), Silergy (6415.TT), Novatek (3034.TT), Guoxin Micro (002049.CH) etc.

Taiwan Dual-Listings Monitor: TSMC Spread Trading at New High Range, CHT Spread at Short Levels

TSMC (2330.TT; TSM.US): ASML's High-NA EUV Machine Will Not Be Required Until 2027 at TSMC.

China's Near-Term Semiconductor Bottleneck Isn't ASML

TSMC (2330.TT; TSM.US): 2Q24F Sales in Line, 2024F Is Lowering the Growth Target Below 25% YoY

TSMC (2330.TT; TSM.US): US$6.6bn from US CHIPS Act; the Earthquake Impact and the 2nd Japanese Fab.

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>After <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.</li>
<li>TSMC A16 technology will be utilizing best-in-class backside power delivery solution.</li>
<li>Si Photonics co-exists with traditional Substrates packages, linked with fiber.</li>
</ul>


After Taiwan Semiconductor (TSMC) - ADR (TSM US) N2 technology in 2H25F, A16 technology will be pilot-production in 2H26 and likely unveiled in around 1H27.
TSMC A16 technology will be utilizing best-in-class backside power delivery solution.
Si Photonics co-exists with traditional Substrates packages, linked with fiber.


TSMC (2330.TT; TSM.US): A16 Technology Continues to Evolve in 1H27.