Cryptocurrency Market Insights - Cryptocurrency has evolved from a speculative asset to an institutionally recognized market, with Bitcoin and Ethereum ETFs gaining approval, potentially leading to increased institutional investment and reduced volatility [2][6] - In 2025, over 22 million tokens were added to the crypto market, with Bitcoin starting the year at $98,314.95, reaching an all-time high of $124,752.13, and ending at $88,429.58 [4] - The approval of ETFs is expected to attract institutional interest, while regulatory supervision may help stabilize the market and reduce volatility [5][6] - Investors can choose between direct token ownership for higher potential returns or spot ETFs for federal oversight and reduced technical burdens [7] Stock Market Overview - The stock market experienced significant volatility in 2025, highlighted by a tech sell-off triggered by the release of a low-cost Chinese AI model, leading to a 3% drop in the Nasdaq and a 17% plunge in Nvidia shares, erasing nearly $600 billion in market value [8] - The S&P 500 gained approximately 16%-17% in 2025, driven by factors such as "AI euphoria," Federal Reserve policy changes, and reactions to geopolitical news [9] - The 2025 cycle set a high-stakes environment for 2026, characterized by aggressive AI scaling and lower interest rates, with the S&P 500 surpassing 6,900, indicating strong momentum despite potential volatility [10] - The market is expected to broaden beyond tech giants into traditional sectors as the Federal Reserve continues to lower borrowing costs, although high valuations and geopolitical tensions may lead to extreme volatility [10][11]

Market Overview - The threat of tariffs has caused a decline in American markets, with the S&P 500 trading 6% below its mid-February high [1] - Bear markets can present unique buying opportunities, particularly for major market players like the Magnificent Seven [1][2] Magnificent Seven - The Magnificent Seven consists of influential companies with large market capitalizations, which typically experience less volatility during economic downturns compared to smaller firms [2] NVIDIA Analysis - NVIDIA shares have dropped over 20% in the last month, primarily due to concerns over competition from a new Chinese AI system, DeepSeek [4] - Current trading price for NVIDIA is around $113, close to its 50-day low of $107, with a 12-month price forecast of $171.69, indicating a potential upside of 48.34% [5][6] - Analysts maintain a Moderate Buy consensus rating for NVIDIA, suggesting that the recent price decline may be an overcorrection [6] - Institutional investments in NVIDIA increased significantly, with $103 billion added in Q4 2024, up from $26 billion in the previous quarter [7] Apple Analysis - Apple shares have reached a new 50-day low of $217.83 following a downgrade from Morgan Stanley, which lowered its price target from $275.00 to $252.00 [8] - Despite the downgrade, consensus ratings for Apple remain a Moderate Buy, with a 12-month price forecast of $243.22, indicating a potential upside of 12.09% [9] - Apple's recent earnings announcement exceeded analyst estimates, with a trailing EPS of $6.30 and a P/E ratio of 34.41, suggesting expected earnings growth of 12.64% next year [10] Tesla Analysis - Tesla shares have declined to near their 50-day low of $222, influenced by protests at dealerships and overall market corrections [11] - Analysts at J.P. Morgan have lowered their targets for Tesla, leading to a Hold rating, with a 12-month price forecast of $325.81, indicating a potential upside of 31.33% [12] - Elon Musk's plans to double U.S. production in the next two years are under scrutiny, with analysts focusing on Tesla's supply chain partners [13]

Financial Data and Key Metrics Changes - For Q4 2024, net revenue was TWD 141.4 billion, a quarter-over-quarter decrease of 10% but a year-over-year increase of 26% [4] - Gross profit for Q4 was TWD 20.6 billion, and operating expenses were TWD 16.3 billion, reflecting investments in R&D [4] - Net profit for Q4 was TWD 1.6 billion, with an EPS of TWD 2.20 per share [5] - For the full year 2024, net revenue reached TWD 548.5 billion, a year-over-year growth of 22%, with operating profit at TWD 27.4 billion, a 229% increase year-over-year [8] Business Line Data and Key Metrics Changes - The systems business group achieved 20% to 25% year-over-year growth in Q4 2024, with gaming PCs leading at a 35% to 40% revenue growth [35][36] - The open platform business group also saw a 20% to 25% year-over-year growth, particularly in motherboards and graphics cards [38] - The AIoT business group reported over 50% year-over-year growth, driven by the NUC Mini PC lineup [41] Market Data and Key Metrics Changes - Revenue mix by region showed Asia at 44%, Americas at 25%, and Europe at 31% for Q4 2024 [12] - For the full year, Asia contributed 7%, Europe 29%, and America 24% to revenue [12] Company Strategy and Development Direction - The company aims to capitalize on the shift from cloud to edge-based AI, with a focus on innovative R&D and comprehensive AI solutions [13][19] - ASUS plans to expand its AI server market, particularly in Europe and the U.S., and aims for over 30% market share in the gaming PC segment [29][31] - The company is dedicated to promoting AI across various sectors, enhancing user experience through innovative applications [24][27] Management's Comments on Operating Environment and Future Outlook - Management anticipates challenges and opportunities in 2025, particularly due to tariff policies and market shifts [14][96] - The company expects Q1 2025 to show a 20% quarter-over-quarter shrink in the PC market, followed by a 30% growth in Q2 [16] - Management expressed optimism regarding the impact of new GPU releases and the transition to Windows 11 on future sales [55][84] Other Important Information - A cash dividend proposal of TWD 34 per share was passed, representing approximately 80% of profits [9] - The company has been recognized for its sustainability efforts, receiving leadership ratings in climate change and water management [48][49] Q&A Session Summary Question: What are your responses to the tariffs? - The company has prepared by moving inventory to U.S. hubs and is adjusting production locations based on tariff policies [52][54] Question: What positive factors do you anticipate for Q2 2025 growth? - Anticipated growth factors include the release of new NVIDIA GPUs, a new platform for AI PCs, and the transition from Windows 10 to Windows 11 [55][57][59] Question: Can you elaborate on the bad debt situation? - The bad debt is related to a client in India, which accounts for no more than 10% of total server revenue, and management is cautiously optimistic about recovery [61][62] Question: How do you expect the server segment to grow in 2025? - The server segment is expected to account for low to mid-10s in revenue mix, with continued growth anticipated [88][94]