While the stock market has rallied from its lows earlier this year, there are still nice bargains in the tech space. Let's look at five bargain tech stocks ready for a bull run.1. AlphabetTrading at a forward price-to-earnings (P/E) ratio of below 16.5x analyst 2025 estimates, Alphabet (GOOGL 1.69%) (GOOG 1.74%) is the cheapest of the megacap tech stocks.While best known for its Google search engine, Alphabet has a solid collection of market-leading and emerging businesses. Its YouTube streaming service is ...

For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 23-Jun-2025 23 June 2025 Global Semiconductors and Semiconductor Capital Equipment Global Semiconductor Capital Equipment - US mulls canceling China semicap license waivers for multinationals with China fabs Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@ber ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容来自 经济日报 。 *免责声明：本文由作者原创。文章内容系作者个人观点，半导体行业观察转载仅为了传达一种不同的观点，不代表半导体行业 观察对该观点赞同或支持，如果有任何异议，欢迎联系半导体行业观察。 先进封装风向转，扇出型面板级封装（FOPLP）可望接棒CoWoS，成为未来AI芯片封装新主流，包 含晶圆代工龙头台积电、日月光、力成、群创、SpaceX全都要做，业界指出，主要就是看好FOPLP 能增加大尺寸AI芯片产量并降低成本。 以台积电来说，该公司的扇出型面板级封装技术规格，第一代版本将采用310mm×310mm，比先前试 做的510mm×515mm小，现正于桃园兴建试产线，最快2027年小量试产。 业界分析，相较传统圆形晶圆，面板级封装技术可用面积更大，台积电为严格控管品质，决定先采用 略小的基板。 各家厂商摩拳擦掌提早布局 日月光投控在扇出型面板级先进封装布局超过十年，去年投入2亿美元采购设备，将在高雄厂建立产 线，预计今年下半年设备进驻，年底前进行试产，明年开始送样进行客户认证，未来日月光集团将在 先进封装领域强化竞争力。 力成说，公司面板级扇 ...

全球贸易风云再起：一场"精准卡脖"的较量，谁执牛耳？ 六月的国际贸易圈，再次掀起波澜。美国商务部突然出手，矛头直指半导体设备出口，一纸通知，三 星、台积电、SK海力士三大巨头赫然在列：今后，凡是向中国大陆运送美国制造的芯片设备，自动豁 免不再，取而代之的是逐单审批。此举看似"精打细算"，实则暗藏玄机。细细品味，这所谓的"精准卡 脖子"，不禁让人联想起中国对稀土出口的管控。然而，东施效颦，邯郸学步，其结果却显得不伦不 类，徒有其表。 一、美国"逐单审批"：雷声大雨点小，实为"钝刀割肉" 让我们先聚焦美国的新规——"逐单审批"。表面上看，它颇具威慑力：设备照常出口，但每一次都需要 提交详尽的报告，接受严格的审查，最终是否发放许可证，完全取决于美方的裁决。这一模式的初衷， 无疑是延缓中国芯片制造业的升级步伐。然而，它本质上是一种"钝刀割肉"的策略，效果恐怕并不如预 期。 原因何在？因为禁运的是设备，而设备的替代方案并非无解。日本、荷兰等国早已虎视眈眈，急于填补 市场空白。尽管价格可能略高，但绕道而行，终究可行。与之形成鲜明对比的是中国稀土的地位——其 资源的不可替代性，才是真正的杀手锏。尤其是镝、铽等永磁材料，对于 ...

TSMC, or Taiwan Semiconductor Manufacturing Company (NYSE: TSM) is set to pay out its quarterly dividend on July 10, 2025.TSM closed at $222.87 as of press time, up 12.8% for the year and gaining 3.56% just this past week. The stock’s been on a roll lately, climbing 12.74% over the last month while the broader S&P 500 managed a 3% gain.TSM 5-day stock chart. Source: Google FinanceHere’s what dividend investors need to know: TSMC is paying $0.75 per share this quarter. If you’re holding 100 shares, you’ll re ...

Investment Rating - The report maintains a constructive outlook on AI demand trends, indicating a bullish sentiment towards the sector [4][29]. Core Insights - The easing of AI hardware supply chain constraints is expected to shift investor focus towards the sustainability of demand for AI compute and software applications, with a conclusion that demand will justify the current infrastructure build-out [2][4]. - Three primary sources of AI demand are identified: training for large language models (LLMs), consumer-facing AI products, and enterprise AI applications [3][15]. - The report emphasizes that while model training and consumer demand are robust, enterprise AI spending is lagging but is anticipated to ramp up significantly in the coming years [4][29]. Summary by Sections Executive Summary - AI model providers and hyperscalers have announced significant capital expenditure plans, with estimates exceeding $400 billion in 2025 for AI infrastructure [9][11]. - The report addresses concerns about whether the massive investments will yield sufficient returns, focusing on the balance between supply and demand [11][12]. Demand Pillars - Demand for AI infrastructure is driven by three distinct buyers: LLM training, consumer AI products, and enterprise applications [15][62]. - The first pillar, model training, shows no signs of slowing down, with significant GPU demand from providers like OpenAI and Google [17][39]. - The second pillar, consumer AI products, is thriving, with OpenAI's ChatGPT reaching over 600 million weekly active users, indicating strong consumer engagement [18][49]. - The third pillar, enterprise AI adoption, is currently slow but is expected to become a major demand driver by 2026-2027 as organizations mature their AI readiness [22][63]. Modeling Demand - A quantitative approach is taken to model GPU demand based on compute intensity for various AI workloads, projecting significant growth in the AI accelerator market from approximately $125 billion in 2024 to over $300 billion by 2027 [24][25]. - The report highlights that hyperscaler AI infrastructure spending is expected to remain high due to increasing compute requirements and the emergence of sovereign AI initiatives [25]. Bottom-Up View - Insights from 130 UBS analysts indicate that AI is being actively utilized across various industries, with a notable focus on sectors like insurance and IT services [26][28]. - The report tracks AI mentions in conference calls as a proxy for management focus on AI product development, revealing a growing trend in AI adoption across the economy [26][28]. UBS Bottom Line - The report concludes that model training and consumer-led growth in inference workloads will sustain GPU demand for years, driving further investment in cloud infrastructure and related technologies [29][30]. - Key stock picks based on this analysis include Nvidia, Broadcom, Oracle, Snowflake, and Meta, reflecting confidence in their ability to capitalize on AI demand [30].

The AI revolution goes on. This is no doubt beneficial for the world's largest semiconductor foundry, which is the Taiwan Semiconductor Manufacturing Company (NYSE: TSM ). I have been holding shares of this company for severalWith a decade at a Big 4 audit firm specializing in the banking, mining, and energy sectors, I bring a strong foundation in finance and strategy. Currently, I serve as the Head of Finance for a leading owner and operator of retail real estate, where I oversee complex financial operatio ...

Core Viewpoint - The global semiconductor foundry 2.0 market revenue is projected to grow by 13% year-on-year in Q1 2025, reaching $72.29 billion, driven by the surge in demand for AI and high-performance computing (HPC) chips [1][4]. Group 1: Market Dynamics - The traditional semiconductor foundry model (foundry 1.0) is evolving into a technology integration platform, emphasizing vertical coordination and faster innovation, influenced by AI trends and system-level optimization [1]. - TSMC leads the market with a share of 35.3% in Q1 2025, achieving approximately 30% year-on-year revenue growth, followed by Intel and Samsung [4][6]. Group 2: OSAT and Advanced Packaging - OSAT suppliers are becoming a critical segment in the foundry 2.0 supply chain, with a nearly 7% year-on-year growth in Q1 2025, benefiting from TSMC's excess demand for AI-related CoWoS [4][5]. - Advanced packaging demand is increasing, with key players like ASE, SPIL, and Amkor enhancing their capacities [4]. Group 3: Non-Memory IDM and Light Mask Suppliers - Non-memory IDMs such as NXP, Infineon, and Renesas are experiencing a decline in revenue by 3% in Q1 2025, particularly in the automotive and industrial sectors, with recovery expected to be delayed until the second half of 2025 [5]. - Light mask suppliers are benefiting from the adoption of 2nm EUV technology and the increasing complexity of AI/Chiplet designs [5]. Group 4: Future Outlook - The foundry 2.0 ecosystem is expected to transition from a linear manufacturing model to a seamlessly integrated value chain, enhancing collaboration between design, manufacturing, and advanced packaging [8].

Core Viewpoint - TSMC is injecting $10 billion into its overseas subsidiary to hedge against currency risks, marking its largest capital operation to date aimed at reducing foreign exchange hedging costs and enhancing capital flexibility in managing currency risks [1][3]. Group 1: Capital Injection Details - TSMC Global Ltd. has approved a plan to issue new shares worth $10 billion to its parent company, aimed at increasing capital to lower foreign exchange hedging costs [1]. - This capital injection is primarily for general investments, including bank deposits and bonds, and is intended to transfer TSMC's foreign exchange holdings to its subsidiary [3]. - This marks TSMC's third similar operation since 2024, with the scale significantly exceeding previous injections, all occurring during periods of New Taiwan Dollar appreciation [3]. Group 2: Currency Risk Management - The capital injection will provide TSMC Global with greater capital flexibility to manage currency risks, particularly in light of the recent strengthening of the New Taiwan Dollar [3]. - The strengthening of the New Taiwan Dollar has raised concerns about the export-oriented economy of Taiwan, impacting TSMC's operating profit margins by several percentage points [2][7]. - TSMC's CEO has indicated that the strong local currency has directly affected the company's commercial performance, highlighting the impact of currency fluctuations on profitability [7]. Group 3: Market Context - The New Taiwan Dollar has recently shown strong performance, with significant fluctuations leading to increased hedging costs, reaching the highest implied volatility levels since 2011 [4]. - The appreciation of the New Taiwan Dollar negatively affects Taiwanese exporters, as it reduces the amount of local currency received from overseas sales or necessitates higher prices abroad, risking demand decline [7].

上IMF的官网看了下数据，网址如下： https://www.imf.org/external/datamapper/NGDPDPC@WEO/KOR/JPN/TWN 简单的总结是这样的，2021年日本人均GDP还领先韩国和中国台湾。 2022年日本人均GDP被韩国超过，同时2022-2024年连续三年被韩国超过。 而在2024年，中国台湾的人均GDP也超过了日本。 应该说，日本这些年的颓势还是比较明显的，八十年代以来一直不如新加坡就不说了，2024年日本的人均GDP已经低于港澳台+韩国了。 2021年人均GDP： 日本40160美元，韩国37520美元，中国台湾33240美元。 2022年人均GDP： 韩国34820美元，日本34080美元，中国台湾32910美元； 就以泰国市场为例，在中国和美国的电动汽车进入前，日系汽车处于无敌的状态，2021年，日系车在泰市场占有率接近90%，前五名全部是日企。 韩国35560美元，日本33850美元，中国台湾32340美元。 2024年人均GDP： 韩国36130美元，中国台湾33440美元，日本32500美元。 日本处于颓势的核心是先进产业一个没抓住，像韩国和台湾就受 ...