Asia and Global Semiconductor and Tech Research

Andrew Lu

Former Head of Asia ex-Japan Semiconductor and TFT-LCD/Touch Research at Barclays and Citi Bank, Former Head of Technology at 國金證券

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us?

What to Avoid if AI Server Will Continue to Squeeze General Server Market in 2024-2025?

Takeaways Post Our Global Foundry Model Updated and Initial View on 2024

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

First Run of Global Semis' Guidances to Tell Early Signs of Recovery

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

Equity Bottom-Up

<ul>
<li>More y/y improvement (or decline deceleration) for PC/server, power management IC (PMIC), CMOS sensor/touch controller, GaAs RF/VCSEL, gaming GPU card, memory, and foundry vendors</li>
<li>GaAs RF/VCSEL and gaming GPU card vendors saw very impressive sales growth, driven by new phones introduction and rush orders to use NVIDIA RTX 4090 gaming card for AI training.</li>
<li>Stronger than expected Oct for TSMC and Gigabyte might drive 4Q sales and near term share price upside; Visera, Andes Tech, and AP Memory might see sales and price downside.</li>
</ul>


More y/y improvement (or decline deceleration) for PC/server, power management IC (PMIC), CMOS sensor/touch controller, GaAs RF/VCSEL, gaming GPU card, memory, and foundry vendors
GaAs RF/VCSEL and gaming GPU card vendors saw very impressive sales growth, driven by new phones introduction and rush orders to use NVIDIA RTX 4090 gaming card for AI training.
Stronger than expected Oct for TSMC and Gigabyte might drive 4Q sales and near term share price upside; Visera, Andes Tech, and AP Memory might see sales and price downside.


What Early Indicators from the Reported Oct 23 Taiwan Semi Sales

Gigabyte Technology

What Early Indicators from the Reported Oct 23 Taiwan Semi Sales