J P M O R G A N Global Markets Strategy 26 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia ex-Japan 2026 Outlook Equity Macro Research Rajiv Batra AC (65) 6882-8151 rajiv.j.batra@jpmorgan.com J.P. Morgan Securities Singapore Private Limite ...

November 26, 2025 05:00 AM GMT ASML Holding NV | Europe Riding the DRAM Wave into a Bright FY26; Move to Top Pick | What's Changed | | | | --- | --- | --- | | ASML Holding NV (ASML.AS) | From | To | | Price Target | €975.00 | €1,000.00 | | Top Pick Added | CDNS.O | ASML.AS | As we exit the Q3 reporting season, we see positive momentum for litho demand at ASML over FY26/27. DRAM spend is strong, as is the spend in foundry. DUV is slowing, but margins may still be fine in FY26. We raise our PT to €1,000, movi ...

Group 1: Trade Deal with Taiwan - The Trump administration is negotiating a trade deal with Taiwan that may involve the island renewing its investment in semiconductors and advanced technology in the U.S. [1] - Major Taiwanese chipmakers, including TSMC, are expected to expand operations in the U.S. and train more American workers as part of the potential deal [2] - In exchange for the tech investment, the Trump administration may reduce the current 20% tariff on other Taiwanese goods [2] Group 2: Geopolitical Context - The negotiations with Taiwan occur amid heightened tensions following Japanese Prime Minister Sanae Takaichi's strong defense of Taiwan's independence, suggesting military response from Japan in case of a Chinese attack [6] - Chinese officials reacted strongly to Japan's statements, summoning Japan's ambassador and warning against travel to Japan [7] - China's defense ministry asserted that any Japanese intervention would not protect Taiwan, indicating the seriousness of the geopolitical situation [7]

Let's stick with the tech trade this morning. Joining us today is Janice Henderson's head of technology research and portfolio manager, Denny Fish. Denny, it's good to have you.Thanks for the help. We definitely need it because I was just thinking all of these discussions are getting so rich. I mean, we've talked about the reliability of LLMs, debt and depreciation, circular financing, and now TPU competition.Is that changing your models or you have you has everyone been all over this. >> Yeah. know it's ac ...

Core Insights - Shares of Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) reached an all-time high of $311.37 last month, driven by a strong third-quarter report and increased revenue guidance [1] Company Summary - TSMC's stock performance reflects investor confidence following a robust financial report [1] - The company has provided an optimistic revenue outlook, contributing to the surge in share price [1]

Taiwan Semiconductor Manufacturing Co said on Tuesday it had filed a lawsuit in the Intellectual Property and Commercial Court against its former Senior Vice President Wei-Jen Lo, who recently joined ... ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 20 November 2025 Global Research UBS Global I/O Semiconductors Cloud AI: how tight could N3 foundry and CoWoS be in 2026? [ERRATUM] New analysis of N3 foundry supply-demand In this note, we set out our proprietary analysis of N3 foundry supply. Cloud AI accelerators including Nvidia's Rubin and ASICs like Google's TPUs and Amazon's Trainium are due to migrate from N4 to the N3 process in 2026, all to be carried out at TSMC. Our research in October highlighted TSMC' ...

After Nvidia reported its Q3 FY26 results, there was a view that its Days Sales Outstanding (DSO) and inventory levels were abnormal and potentially indicative of fraud. In my view, the reported figures are, in fact, consistent with basic financial common sense and the underlying industry structure.1. Days Sales Outstanding (DSO)(1) Critics point out that Nvidia’s DSO increased from an average of 46 days in FY2020–2024 to 53 days in Q3 FY26 and claim this deterioration is a sign of financial irregularities ...

Ac t i o n | 20 Nov 2025 02:46:50 ET │ 19 pages NVIDIA Corp (NVDA.O) Estimate Changes — We revise FY27/FY28 sales by 19%/26% reflecting what we now expect to be a re-accelerated DC sales backed by better-than expected Blackwell and Rubin demand visibility. Though pushing down our FY27E/FY28E non-GAAP GM estimates to 75%/75.3% from prior 76%/76.1% respectively, our FY27/28 EPS estimates go up by 12%/19% to $8.10 and $10.08, respectively. We raise our TP to $270 on consistent 30x P/E times revised CY27 EPS po ...

Summary of TSMC Conference Call Company Overview - **Company**: TSMC (Taiwan Semiconductor Manufacturing Company) - **Ticker**: 2330.TW - **Market Cap**: NT$37,725,172 million - **Current Price**: NT$1,455.00 - **Price Target**: NT$1,688.00 (16% upside) [6][6] Industry Context - **Industry**: Greater China Technology Semiconductors - **Industry View**: Attractive [6][6] Key Takeaways - **Growth Outlook**: TSMC is expected to experience very strong growth in 2026, with a projected revenue growth close to mid-30% year-over-year [8][8]. - **AI Demand**: The company is addressing strong AI demand by expanding its 3nm wafer capacity and CoWoS (Chip on Wafer on Substrate) [4][4]. Management indicated potential upside to a mid-40% compound annual growth rate (CAGR) for AI semiconductors from 2024 to 2029 [8][8]. - **Capacity Management**: TSMC is maintaining capacity discipline while expanding to meet customer demand, particularly in AI semiconductors [8][8]. The company emphasizes transparency in capacity allocation to its customers [8][8]. - **Gross Margin**: TSMC aims to maintain a gross margin of 53% or higher in the long term, with a slight dilution expected from overseas operations [8][8]. - **Wafer Pricing**: Pricing will reflect TSMC's value proposition, indicating a strategic approach to pricing in response to demand [8][8]. Financial Projections - **Earnings Per Share (EPS)**: - 2024: NT$45.25 - 2025: NT$63.57 - 2026: NT$76.39 - 2027: NT$102.86 [6][6] - **Net Income Projections** (in NT$ billion): - 2024: 1,173 - 2025: 1,648 - 2026: 1,981 - 2027: 2,667 [9][9] Risks - **Upside Risks**: - Higher-than-expected growth in AI semiconductor demand - Increased outsourcing from Intel CPU [12][12] - **Downside Risks**: - Weakening demand for leading-edge technologies - Significant cost increases for overseas fabs [12][12] Analyst Ratings - **Stock Rating**: Overweight (OW) [6][6] - **Sector Top Pick**: TSMC is reiterated as a top pick in the semiconductor sector [2][2]. Conclusion TSMC is positioned for strong growth driven by AI demand and strategic capacity expansion. The company maintains a focus on gross margin and pricing strategy while navigating potential risks in the semiconductor market.