Investment Ratings - Coforge: Overweight (O/W) with a price target (PT) of Rs2,080 [3][4] - Qualcomm: Overweight (O/W) with a price target (PT) of $185 [3][4] - Apple: Overweight (O/W) with a price target (PT) of $240 [5] - BE Semiconductor: Overweight (O/W) with a price target (PT) of €121 [6] - Celestica: Overweight (O/W) with a price target (PT) of $115 [6] Core Insights - Coforge's management is optimistic about industry-leading growth and margin expansion, expecting a 14% EBIT margin in FY26 [3][4] - Qualcomm's acquisition of Alphawave for $2.4 billion is aimed at enhancing its Data Center portfolio, positioning it competitively in the custom AI ASIC market [6] - Apple's WWDC event revealed limited AI updates, indicating a focus on retaining its existing consumer base rather than attracting new switchers [5][6] - Taiwan's May exports surged by 38.6% year-over-year, driven by strong shipments to the US, indicating robust demand in the tech sector [9] Detailed Highlights - Coforge's proactive sales strategy and large deal execution are expected to drive robust growth in FY26, with a strong pipeline of large deals [3][4] - Qualcomm's strategic acquisition of Alphawave strengthens its position in the Data Center market, with competitors in Asia including Alchip and Mediatek [6] - Apple suppliers such as Murata, Sunny Optical, AAC, and Genius Optical are highlighted as key players in the supply chain [5][6] - BE Semiconductor is preparing for its Capital Markets Day, with expectations for market sizing and customer insights [6] - Celestica's competitive landscape in Switching includes major players like Inventec, Accton, and Arista, with significant growth opportunities identified [6] - OpenAI has reached $10 billion in annual recurring revenue, indicating strong demand for custom AI ASIC projects [6]

Investment Rating - ASPEED: Overweight (O/W) with revised 2Q revenue guidance [3][4] - SHIFT: Upgraded to Overweight (O/W) with price target raised to Y1,900 [5] - Silicon Motion (SIMO): Gaining market share in client SSDs and mobile controllers [6] Core Insights - ASPEED has revised its 2Q revenue guidance upward to NT$1.9-2 billion from NT$1.7-1.8 billion, driven by robust demand in CSP across China and the US [4] - The company anticipates a slowdown in 2H due to limited visibility in 4Q, projecting a 15% revenue increase for FY25 [4] - SHIFT is making good progress in project assignments for newly hired talent, indicating strong operational momentum [5] - SIMO is breaking into enterprise and automotive sectors, with expectations of continued share gains in mobile controllers and SSDs [6] Detailed Highlights - ASPEED expects to regain market share from Intel's Oak Stream with the AST2700, supported by a shortened launch schedule and enhanced security features [4] - The company is targeting 3-4 million mini-BMC shipments for FY25, with a forecast of 300-400k PFR chips for Tier-2 customers [4] - SHIFT's enterprise controller is set to ramp in 2H25, with confirmed design wins from Tier-1 customers in the US and China [9] - SIMO aims to increase its client SSD market share from 30% to 40% over the next three years, driven by new product roadmaps [9] - The automotive sector is projected to contribute over 10% of revenue for FY26-27, with design wins from major automotive manufacturers [9] - NVDA's Computex keynote highlighted advancements in ASIC integration and the introduction of new products like CuLitho and GB200 [10]

Investment Rating - The report maintains a positive outlook on the Taiwan Electronics and Semiconductors sector, particularly favoring TSMC as the most preferred stock in the semiconductor space [1][2]. Core Insights - April sales in the technology sector were robust, with TSMC reporting NT$349.6 billion in revenue, reflecting a 48% year-over-year increase and a 22% month-over-month increase [2][10]. - The semiconductor supply chain is expected to face challenges in the second half of 2025 due to early order pull-ins and tariff uncertainties, although supply constraints are easing [1][2]. - Companies like Gold Circuit and Quanta are highlighted for their strong sales momentum and improving product mix and margins, particularly in the AI ASIC and server supply chain segments [1][3]. Summary by Sections Semiconductor - TSMC's April revenue was significantly above expectations, driven by solid AI demand and a healthy order flow, with a year-over-year growth of 48% [2][10]. - UMC and other fabless companies are also showing steady recovery, with April revenues tracking positively [2]. Server and ODMs - Server sales in April increased by 167% year-over-year, with companies like Wiwynn and Accton outperforming expectations due to strong ASIC server demand [3][14]. - ODMs reported a 1% month-over-month increase and a 33% year-over-year increase in sales, indicating a positive trend in the server supply chain [3]. Component and PCB - Largan is noted for its 28% year-over-year growth, attributed to market share gains and resilient ASP trends [5]. - Gold Circuit is expected to benefit from rising AI ASIC demand, while Unimicron is projected to capture a significant market share in AI GPU applications [6][10]. Overall Market Trends - The overall revenue trend for the Taiwan technology supply chain shows a 24% year-over-year increase, with significant contributions from the semiconductor and server sectors [14]. - The report anticipates a decline in sales for May due to NTD appreciation, but the long-term outlook remains positive as demand for AI-related products continues to grow [2][3].

Table of Contents THE SECURITIES ACT OF 1933 GCT Semiconductor Holding, Inc. (Exact Name of Registrant as Specified in Its Charter) As filed with the Securities and Exchange Commission on April 18, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER (State or Other Jurisdiction of Incorporation or Organization) Delaware 6770 86-2171699 (Primary Standard Industrial Classification Code Number) 2290 North 1st Street, Suite 20 ...