Core Insights - Qualcomm has been selected by Samsung to provide the Snapdragon 8 Elite Mobile Platform for its Galaxy Z Fold7 devices, enhancing performance and AI capabilities [1] - The Snapdragon 8 Elite chipsets are gaining traction in the premium smartphone market, with several manufacturers adopting them [2] - Qualcomm's QCT segment revenues increased to $9.47 billion in Q1 from $8.03 billion year-over-year, with expectations of $27.7 billion in handset revenue for 2025, reflecting an 11.3% year-over-year growth [3] Market Dynamics - Healthy demand in the premium smartphone segment is driving growth for Qualcomm, but competition from low-cost manufacturers like MediaTek and Rockchip is impacting profitability [4] - Apple is moving towards in-house chip development, which is affecting Qualcomm's revenue growth, as Apple has replaced Qualcomm's RF modem in its latest iPhone [4] - Broadcom is also a competitor, leveraging strong relationships with OEMs to gain insights into customer requirements [5] Financial Performance - Qualcomm shares have declined by 20.2% over the past year, contrasting with the industry's growth of 18.1% [6] - The company's shares trade at a price/earnings ratio of 13.51, significantly lower than the industry average of 33.07 [8] - Earnings estimates for 2025 have decreased by 0.17% to $11.71 per share, while 2026 estimates have declined by 2.23% to $11.82 [9]

Core Points - ASUS is offering significant discounts on a wide range of laptops, desktops, and Chromebooks during Amazon Prime Day from July 8 to July 11, with savings up to $700 and discounts reaching 53% [4][6][15] - The promotion includes various categories such as everyday laptops, gaming laptops, Chromebooks, and desktops, catering to different consumer needs [6][15] Everyday Laptops - ASUS Zenbook A14: Originally priced at $1,399, now available for $1,229, saving $170 [4] - ASUS Vivobook S14 Flip: Originally $1,299, now $949, saving $250 [4] - ASUS Vivobook Go 15: Originally $799, now $549, saving $250 [4] - ASUS Vivobook S15: Originally $1,499, now $949.99, saving $549 [4] Gaming Laptops - TUF Gaming A15: Originally $1,799, now $1,299, saving $500 [7] - TUF Gaming F17: Originally $2,299, now $1,599, saving $700 [8] - ROG Strix G16 (2024): Originally $1,999, now $1,599, saving $400 [9] - ROG Strix G18 (2025): Originally $3,799, now $3,499, saving $300 [10] Chromebooks - ASUS Chromebook CX14: Originally $369, now $229, saving $140 [11] - ASUS Chromebook CX1: Originally $399, now $189, saving $210 (53% off) [12] - ASUS Chromebook Plus CX15: Originally $499, now $349, saving $150 [13] Desktops & All-in-Ones - ASUS V440 All-in-One: Originally $899, now $599, saving $300 [14] - ASUS ExpertCenter P500: Originally $899, now $649, saving $250 [14]

Core Insights - ASUS has launched a series of significant discounts for Amazon Prime Day, offering savings of up to $700 and discounts reaching 53% on various products from July 8 to July 11 [3][6]. Everyday Laptops - ASUS Zenbook A14: Originally priced at $1,399, now available for $1,229, saving $170. Features include a Snapdragon® X Processor, up to 32 hours of battery life, and a lightweight design [3]. - ASUS Vivobook S14 Flip: Priced down from $1,299 to $949, saving $250. This 2-in-1 laptop includes an Intel® Core™ i7-13620H processor, 1TB SSD, and 16GB RAM [4]. - ASUS Vivobook Go 15: Reduced from $799 to $549, saving $250. It features a 15.6-inch Full HD display and AMD Ryzen™ 5 7520U processor [5]. - ASUS Vivobook S15: Now $949.99, down from $1,499, saving $549. It is powered by the Snapdragon® X Elite processor and features a 15.6" 3K 120Hz OLED display [5]. Gaming Laptops - TUF Gaming A15: Priced at $1,299, down from $1,799, saving $500. It features an AMD Ryzen™ 9 8945HS processor and NVIDIA® GeForce RTX™ 4060 GPU [7]. - TUF Gaming F17: Now $1,599, reduced from $2,299, saving $700. It includes a 17.3" FHD display and Intel® Core™ i9 processor [7]. - ROG Strix G16 (2024): Available for $1,599, down from $1,999, saving $400. It features an Intel® Core™ i7-13650HX processor and NVIDIA® GeForce RTX™ 4060 GPU [8]. - ROG Strix G18 (2025): Priced at $3,499, down from $3,799, saving $300. It includes an Intel® Core™ Ultra 9 Processor and NVIDIA® GeForce RTX™ 5070Ti GPU [8]. Chromebooks - ASUS Chromebook CX14: Now $229, down from $369, saving $140. It features an Intel Processor N4500 and a Full HD NanoEdge display [9]. - ASUS Chromebook CX1: Reduced from $399 to $189, saving $210, which is a 53% discount. It features a 15.6-inch Full HD display and military-grade durability [9]. - ASUS Chromebook Plus CX15: Now $349, down from $499, saving $150. It features an Intel® Core™ i3 processor and enhanced productivity tools [9]. Desktops & All-in-Ones - ASUS V440 All-in-One: Priced at $599, down from $899, saving $300. It features an Intel® Core™ i3-1315U processor [11]. - ASUS ExpertCenter P500: Now $649, reduced from $899, saving $250. It features an Intel® Core™ i5-13420H processor and is designed for business use [12].

Investment Rating - Buy: Hon Hai, Wiwynn, Wistron, Gigabyte, ASUS, AVC; Neutral: Quanta, Inventec [8] Core Insights - The average year-over-year revenue growth for ten companies in the AI servers and AI PCs supply chain is expected to be +37% in June 2025, +27% in July 2025, and +18% in August 2025, driven by the ramp-up of AI servers and new product launches [1] - Rack-level AI servers are transitioning models, which may impact revenue growth in the second half of 2025 [1] - Geopolitical uncertainties are causing changes in end market demand, leading to a slower month-over-month growth forecast of -6% in June, -8% in July, and +2% in August 2025 [1] Company Summaries Hon Hai - Expected 2Q25 revenues to grow 17% YoY to NT$1,813 billion, driven by AI server demand and tariff-related consumption pull-ins [13] - May revenues were 6% below estimates, affected by slower customer pull-in momentum and negative exchange rate impacts [13] - Maintain Buy rating with a target price of NT$242 based on a 14.9x 2026E P/E multiple [15] Quanta - Anticipated 2Q25 revenues to grow 57% YoY to NT$488 billion, supported by AI server ramp-up [20] - May revenues were 13% below estimates, with a decline in notebook shipments [20] - Maintain Neutral rating with a target price of NT$273 based on a 12.8x 2026E P/E [23] Wiwynn - Expected 2Q25 revenues to grow 161% YoY to NT$202 billion, driven by strong demand for ASIC AI servers [38] - May revenues were 34% higher than estimates, reflecting continued strong demand [39] - Maintain Buy rating with a target price of NT$3,838 based on a 20.5x 2026E P/E [42] Wistron - Expected June revenues to grow 123% YoY to NT$198 billion, driven by AI server demand [47] - Strong revenue in May, up 162% YoY, supported by new product cycles [44] - Maintain Buy rating with a target price of NT$152 based on a 14.8x 2026E P/E [49] Gigabyte - Expected 2Q25 revenues to grow 32% YoY to NT$97 billion, supported by AI servers and VGAs [50] - May revenues were 79% above estimates, reflecting tariff-related pull-ins [51] - Maintain Buy rating with a target price of NT$344 based on a 14.0x 2026E P/E [55] AVC - Expected 2Q25 revenues to grow 67% YoY to NT$27 billion, driven by liquid cooling business [27] - May revenues were higher than estimates, reflecting the rising trend in liquid cooling [27] - Maintain Buy rating with a target price of NT$878 based on a 20.0x 2026E P/E [37] ASUS - Expected 2Q25 revenues to grow 21% YoY to NT$175 billion, supported by AI and gaming PCs [57] - May revenues were up 41% YoY, exceeding estimates [62] - Maintain Buy rating with a target price of NT$849 based on a 14.6x 2026E P/E [63] Inventec - Expected June revenues to be similar to May, supported by AI server ramp-up [65] - Maintain Neutral rating with a focus on AI server revenue contribution [65]

Group 1: Company Performance - Apple has gained market share in the PC market, with Mac sales reaching $7.95 billion in Q2 FY25, a 6.7% year-over-year increase, accounting for 8.3% of total sales [1][10] - Mac shipments increased by 14.1% to 5.5 million units in Q1 2025, boosting Apple's market share to 8.7% according to IDC [2][10] - Gartner reported a year-over-year market share increase of 20 basis points for Apple, reaching 10.1% with shipments of 5.933 million units, while competitors Lenovo, HP, and Dell hold larger shares [3] Group 2: Product Innovations - The launch of the M3 Ultra chip on March 5, 2024, is expected to enhance Mac growth, featuring a powerful CPU and GPU, and a 32-core neural engine for AI applications [4][10] - The upcoming macOS Tahoe 26 will introduce new design features and personalization options, with expectations for M5 chip-powered MacBooks to further drive shipment volumes [5] Group 3: Competitive Landscape - The PC market is expected to see increased demand due to generative AI-enabled PCs and Windows 11 upgrades, benefiting competitors like Lenovo, HP, and Dell [6] - Dell Technologies is focusing on the commercial market, which constitutes 80% of its PC revenue, positioning itself as a strong competitor in the enterprise sector where Apple is gaining traction [7] Group 4: Stock Performance and Valuation - Apple shares have declined 19.7% year-to-date, underperforming the broader Zacks Computer & Technology sector, which has returned 6.2% [8] - The forward 12-month Price/Earnings ratio for Apple is 26.7X, slightly above the industry average of 26.16X, indicating a premium valuation [11]

Core Insights - Intel Corporation (INTC) is actively pursuing initiatives to strengthen its position in the AI sector through collaborations with original equipment manufacturers like HP to develop next-generation AI PCs [1][9] - The global AI market is projected to grow from $757.6 billion in 2025 to $3.68 trillion in 2034, with a compound annual growth rate of 19.2%, positioning Intel favorably to capitalize on this trend [5] Group 1: AI Initiatives and Collaborations - Intel is collaborating with HP to identify AI applications that provide significant benefits to end users, optimizing CPU, GPU, and NPU performance for real-world applications [2] - The partnership has led to the development of AI PCs like the EliteBook series, powered by Intel Core Ultra processors, enhancing enterprise functionality [9] Group 2: Performance Enhancements - Intel's AI-optimized software packages have resulted in significant performance improvements, with Microsoft Power BI running 45% faster and Adobe Lightroom running 32% faster compared to previous systems [3] - AI applications like Canvid and Writeup, previously exclusive to Apple users, are now available on Windows PCs powered by Intel AI chips, enhancing organizational efficiency [4] Group 3: Competitive Landscape - Intel faces strong competition from Qualcomm and AMD, with Qualcomm launching the Snapdragon X chip for mid-range AI desktops and laptops, and AMD's Ryzen AI 300 Series gaining industry adoption [6][7] - The competitive landscape is intensifying as OEMs like Dell, ASUS, and Samsung expand collaborations with Qualcomm to develop AI PCs [6] Group 4: Financial Performance and Valuation - Intel's stock has declined by 31% over the past year, contrasting with the industry's growth of 11.2% [8] - The company's shares currently trade at a price/book ratio of 0.87, significantly lower than the industry's 31.65 [10] - Earnings estimates for 2025 and 2026 have seen a decline of 39.58% and 29.36%, respectively, indicating a downward trend in financial forecasts [11]

Investment Rating - The report assigns a "Buy" rating to several companies within the Taiwan Technology sector, including Wiwynn, Wistron, Hon Hai, Gigabyte, and various AI server components [25]. Core Insights - The Taiwan Technology sector is experiencing strong growth in ASIC AI servers and related components, with notable revenue increases reported by key players such as Wiwynn (+187% YoY) and Gigabyte (+108% YoY) [1][8]. - The report highlights a transition in server models expected in 3Q25, with a cautious outlook on rack-level AI server shipments due to macro uncertainties [9]. - The demand for components like liquid cooling, silicon photonics, rail kits, and chassis is anticipated to rise, driven by specification upgrades and the increasing adoption of AI technologies [9][10]. Summary by Sections ASIC AI Servers and Components - ASIC AI servers are showing robust growth, with Wiwynn's revenues up 187% YoY, significantly exceeding estimates [1][8]. - Baseboard-based AI servers also demonstrate strong performance, with Gigabyte achieving 108% YoY revenue growth [1][8]. - Liquid cooling solutions are gaining traction, with AVC reporting 87% YoY revenue growth [1][8]. Market Outlook - The report expresses caution regarding rack-level AI server shipments in the second half of 2025, while maintaining a positive outlook for ASIC and baseboard-based AI servers [9]. - The global market for AI servers is projected to reach 19,000 racks by 2025, indicating a significant growth opportunity [9]. Non-AI Sector Insights - The smartphone supply chain is expected to strengthen in 3Q25, with new high-end models being prepared for launch [10]. - AI PCs are anticipated to see continued penetration, with brands like ASUS and Lenovo leading the charge [10]. Investment Opportunities - Recommended investments include AI server ODMs and brands such as Wiwynn, Wistron, Hon Hai, and Gigabyte, as well as components like AVC, Fositek, and LandMark [11].

Group 1 - Microsoft is launching the ROG Xbox Ally handhelds, marking the first time Xbox has released a handheld gaming device [1] - The handhelds, developed in collaboration with ASUS, provide a full-screen Xbox experience for portable gaming [1] - Players will have access to Xbox games, streaming content, and cloud gaming capabilities on the go [1] Group 2 - The announcement of the handhelds follows the recent launch of Nintendo's Switch 2, indicating a competitive shift in the portable gaming market [2] - Microsoft emphasizes an approachable gaming experience with unique features on both devices [2]

Core Points - ASUS Republic of Gamers (ROG) has announced a new series of handheld gaming devices, the ROG Xbox Ally and ROG Xbox Ally X, developed in partnership with Xbox, focusing on ergonomics and user experience [3][4] - The devices feature advanced processors, with the ROG Xbox Ally using the AMD Ryzen™ Z2 A Processor and the ROG Xbox Ally X utilizing the AMD Ryzen™ AI Z2 Extreme Processor, aimed at delivering high performance for gaming [4][9] - Both handhelds will launch in holiday 2025 across select markets, with plans for broader availability [4][13] Design and Comfort - The ROG Xbox Ally series boasts a completely redesigned chassis for improved comfort, inspired by Xbox controllers, ensuring a better grip and gaming experience [5][7] - The ROG Xbox Ally X includes impulse triggers for enhanced haptic feedback, providing a more immersive gaming experience [6][7] Software Experience - The new Xbox software integrated into the handhelds aims to create a seamless gaming experience, combining Xbox and Windows PC gaming capabilities [8] - Players will have immediate access to a full-screen Xbox experience upon powering on the device, with optimized software for easy navigation and access to settings [8] Performance and Efficiency - The ROG Xbox Ally X is designed for next-gen gaming performance, leveraging the AMD Ryzen AI Z2 Extreme Processor and software optimizations for AAA games [9][10] - Both devices feature improved battery life due to their efficient designs, with the ROG Xbox Ally having a 60Wh battery and the ROG Xbox Ally X featuring an 80Wh battery [10][17] Specifications - ROG Xbox Ally X specifications include a 7" FHD display, 24GB LPDDR5X memory, and 1TB SSD storage [15][16] - ROG Xbox Ally specifications include a 7" FHD display, 16GB LPDDR5X memory, and 512GB SSD storage [17]

Core Insights - ASUS has received 41 Red Dot Design Awards for Product Design 2025, showcasing its commitment to innovation and excellence in product design [3][4] - The awards span five product categories, with the majority (35 awards) in Computer and Information Technology [4] - The Red Dot Design Award is a prestigious international competition that evaluates entries based on innovation, usability, and sustainability [5][6] Product Categories and Awards - ASUS won awards in the following categories: - Computer and Information Technology: 35 awards - Mobile Phones, Tablets, and Wearables: 3 awards - Luggage and Bag: 1 award - TV and Home Entertainment: 1 award - Communication Technology: 1 award [4] Evaluation Process - Products were assessed based on four key principles: quality of function, quality of seduction, quality of use, and quality of responsibility [6] - The evaluation involved hands-on testing and in-depth discussions among a jury of 43 independent experts from 21 nations [5][6] Company Overview - ASUS is recognized as a global technology leader, known for innovative devices and solutions that enhance user experiences [10] - The company aims to create a net zero enterprise and drive the shift towards a circular economy [10]