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 Tech Weekly: Trump's New China Chip Restrictions; Foxconn & Honda Alliance?; TSMC & Intel

ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform

TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.

TSMC (2330.TT; TSM.US): 1Q25 Outlook, TSMC Will Use 2nm in 4Q25, and Production Will Occur in 1Q26.

TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.

NVIDIA's >5x YoY "Singapore" Revenue Growth Is A Red Flag

TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC's 2nm Market? We Think It's Too Early to Say.

Equity Bottom-Up

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

Taiwan Semiconductor (TSMC) - ADR (TSM US)

<ul>
<li>It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.</li>
<li>Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.</li>
<li>It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  </li>
</ul>


It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.
Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.
It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company's expertise under different cost conditions.  


Semiconductor Manufacturing International Corp (SMIC) (981 HK)

Semiconductor Manufacturing International Corp (SMIC)

TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes...