Super Micro's Performance & Forecast - Super Micro is expected to face deferred procurement again in Q2 2025, aligning with previous predictions [1] - Revenue shortfall stems from specification changes from a major new customer, delaying revenue recognition [1] - The current quarter's financial report may continue to be under pressure [1] AI Server Market Dynamics - There are three main types of AI servers: ASIC (e g, Google TPU servers), Nvidia GB200/300 NVL72, and lower-end Nvidia servers (e g, x86 HGX series) [1] - The primary growth drivers in the AI server industry are ASIC and NVL72, with demand originating from CSPs (Cloud Service Providers) [1]

Core Viewpoint - Jefferies reports that Innoscience has significant long-term upside potential, maintaining a "Buy" rating with a target price of HKD 54.29 [1] Group 1: Market Potential - Jefferies estimates the Total Addressable Market (TAM) for Innoscience's NV72 (based on GB200) to be approximately USD 1.5 billion, and USD 2.5 billion when including ASICs from cloud service providers [1] - Assuming a 50% market share for Innoscience, with a net profit margin of 25%, the recent market capitalization increase of USD 1.5 billion reflects only a 5x price-to-earnings ratio of potential profits from AI servers [1] Group 2: Future Projections - Jefferies anticipates that mass production will begin in 2027, although the quantifiable potential is still considered premature as the 800VDC architecture and Ruben chip design have not been finalized [1] - The firm acknowledges that further profit-taking after the recent price surge would not be unexpected [1]

Core Viewpoint - TSMC's employee bonuses and dividends for 2024 have reached a record high, reflecting strong revenue and profit growth from the previous year, with an average payout of over NT$200 million per employee [1][2]. Group 1: Employee Compensation - TSMC will distribute a total of NT$140.59 billion in employee performance bonuses and dividends for 2024, marking a year-on-year increase of over 40% [1][2]. - The average annual bonus per employee is NT$200.84 million, which represents a year-on-year increase of NT$51.32 million, or approximately 34.32% [2]. - Employees with six years of service can expect bonuses as high as NT$1.8 million, while those with five years and top performance ratings can receive around NT$1.16 million [1]. Group 2: Financial Performance - TSMC's total revenue for 2024 is projected to reach NT$2.8943 trillion, with a net profit of NT$1.1732 trillion, both figures representing new highs [1]. - The earnings per share (EPS) is expected to be NT$45.25, showcasing TSMC's strong competitive position in the semiconductor industry [1]. Group 3: Industry Context - The global semiconductor industry is facing challenges, with competitors like Samsung and Intel experiencing delays and operational difficulties in their advanced process technologies [4][5]. - TSMC maintains its leadership in advanced process technology, with plans to mass-produce 2nm processes in the second half of this year and A16 processes by the second half of 2026 [5]. - The demand for high-end processes is expected to rise due to the growing need for AI servers, further solidifying TSMC's position as a leading foundry [5].