Core Viewpoint - TSMC, the world's largest contract chipmaker, reported fourth-quarter revenue of T$1,046.08 billion ($33.05 billion) [1] Group 1 - TSMC's fourth-quarter revenue reflects a significant financial performance, showcasing the company's strong position in the semiconductor industry [1] - The reported revenue is based on monthly data calculations, indicating a systematic approach to financial reporting [1]

台积电12月销售额3,350亿元台币，同比增长20.4％。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

For semiconductors, we believe the main driver for the beat was the better-than-expected conventional DRAM and NAND pricing. We estimate the company's conventional DRAM pricing to have risen by close to 50% qoq and NAND pricing up more than 30% qoq, compared to our prior expectations of DRAM +38% qoq and NAND +25% qoq, respectively. We expect DRAM bit shipment to have been largely inline with the company's guidance with only a slight growth qoq, while NAND bit shipment is likely to have missed its BUY Samsu ...

January 8, 2026 07:01 AM GMT Investor Presentation | Asia Pacific 2026 Outlook: Prefer AI to Non-AI; Both Logic and Memory Are Attractive | Downloaded by Neil.Wang@troweprice.com M | Not for redistribution without written consent of Morgan Stanley Charlie Chan Equity Analyst | | | --- | --- | --- | | | | Foundation | | January 8, 2026 07:01 AM GMT | | | | Investor Presentation Asia Pacific | Morgan Stanley Taiwan Limited+ | | | 2026 Outlook: Prefer AI to Non-AI; Both Logic and | Charlie.Chan@morganstanley.c ...

9 January 2026 | 1:32AM HKT Equity Research China Semis Tour: SmartSens (688213.SS) COO visit: Automotive CIS in expansion; Smartphone CIS driven by spec upgrade We hosted SmartSens (688213.SS, Not Covered) COO in our China Semis Tour in Shanghai on Jan 7. SmartSens is a local CIS supplier that focuses on the automotive, smartphones, surveillance, and robotics markets. Management is positive on smartphones CIS spec upgrade, driven by brand clients' emphasis on AI imaging capabilities and highlights SmartSen ...

Summary of StarPower Conference Call Company Overview - **Company**: StarPower (603290.SS) - **Industry**: Semiconductor, specifically focusing on power semiconductors including SiC (Silicon Carbide) and GaN (Gallium Nitride) technologies Key Points 1. Revenue Growth Outlook for 2026 - Management is optimistic about revenue growth across various end markets in 2026 - **AI Servers**: Growth driven by the AI infrastructure cycle, with collaborations with global-tier power supply vendors for SiC devices expected to expand in 2026 [2] - **Automotive**: Anticipated increase in EV penetration rates and SiC adoption, with efforts to engage more global-tier car OEMs, particularly in Europe [2] - **Industrial**: Growth through penetration of global-tier customers such as Delta, Schneider, ABB, and Siemens [2] - **Photovoltaic**: Market share expansion despite modest end demand [2] - **Home Appliances**: Strong growth supported by increased market share and IPM capacity expansion [2] 2. SiC and GaN Technology Outlook - The pricing gap between SiC and IGBT (Insulated Gate Bipolar Transistor) has narrowed from Rmb2,000-3,000 to within Rmb1,000, driven by lower SiC substrate costs [3] - SiC devices are expected to be used in EVs priced at Rmb200k+ in 2025, potentially decreasing to Rmb100k+ in 2026 [3] - Management maintains that their SiC pricing remains competitive due to superior quality, with a yield rate of 80% [3] - Expansion into GaN technology is underway, with products capable of covering over 1,000V, targeting applications in EVs and AI data centers [3] 3. Pricing Trends - Management expects the pricing decline in power semiconductors to moderate to normal levels by 2026, as some smaller vendors may exit the market due to losses [4] - Despite ongoing pricing pressures, the company anticipates a stable gross margin trend in 2026 due to product mix upgrades [7] 4. Valuation and Price Target - The company is rated Neutral with a 12-month target price of Rmb121.20, representing a 21.0% upside from the current price of Rmb100.17 [10] - Valuation methodology includes applying a 31.0x target P/E multiple to the 2026E EPS [8] 5. Key Risks - Risks include stronger or weaker-than-expected IGBT market growth, variability in new design wins and market share gains, and competition levels [9] Additional Insights - The company is focusing on upgrading its product mix to mitigate pricing pressures in the power semiconductor market [1] - Management's proactive approach in expanding product lines and capturing new markets is viewed positively, although the overall market conditions remain challenging [1][2]

9 January 2026 | 12:25AM HKT Equity Research Kematek (301611.SZ): CFO visit: Ceramic heater enhancing lifespan / yield rate; Electrostatic Chuck in qualification; Buy We hosted Kematek's CFO during our China Semis Tour in Shanghai on Jan 8. Management is positive on the supply/demand dynamics of semiconductor ceramic components, supported by the increasing demand for domestic suppliers of Chinese SPE and foundry customers. The company is the local leader in ceramic heaters, per management, with their first ...

Nvidia Corp (NASDAQ:NVDA) is tightening its terms for selling H200 artificial intelligence chips to China as it tries to reopen a key market while navigating shifting regulatory signals in both Washington and Beijing. Nvidia Shifts Risk To Chinese Buyers Nvidia now requires Chinese customers to pay in full upfront for H200 orders and accept strict, no-flexibility terms, Reuters reported on Thursday, citing people familiar with the arrangements. The policy goes beyond Nvidia's prior approach, which someti ...

Core Insights - The S&P 500 index experienced a significant increase of 16.4% in 2025, marking the third consecutive year of an AI-driven bull market [1] - Eleven S&P 500 stocks doubled in value last year, with several of them also doubling in 2024, indicating a strong performance trend [1][2] Company Performance - Micron Technology is highlighted as a standout stock with exceptional growth potential, driven by its advancements in memory chip technology and AI applications [3] - In its fiscal first-quarter earnings report, Micron reported a remarkable 56% revenue growth to $13.64 billion, surpassing estimates, with operating margins increasing from 25% to 45% [4][6] - Micron's adjusted earnings per share rose significantly from $1.79 to $4.78, exceeding expectations [6] Future Outlook - Micron's second-quarter guidance projects revenue of approximately $18.7 billion, reflecting a 132% increase year-over-year, with adjusted earnings per share expected to reach $8.42 [6] - The company anticipates a faster-than-expected arrival of a $100 billion high-bandwidth memory total addressable market, indicating strong future demand [7] - Plans to construct a $100 billion megafab in New York will position Micron as a leader in advanced memory manufacturing, supported by government incentives from the CHIPS Act [8] Market Position - Analysts predict Micron will achieve $32 in adjusted earnings per share, suggesting the stock is undervalued at a price-to-earnings ratio of just 10 [10] - Micron's stock has already increased by 15% this year, reflecting ongoing enthusiasm for the memory sector and the potential for further growth [11]

鱼羊 发自 拉斯维加斯 量子位 | 公众号 QbitAI 豆包手机刚在2025年底掀起关于AI硬件新形态的讨论，2026新年之初，新的风向就已显现苗头—— 就在被认为将揭开新一年科技趋势的CES 2026上，一个共识正在各大厂商的行动中浮出水面： 所有的设备都会变成AI设备。 不仅是传统的手机、PC，呈现出更加智能的形态： 智能硬件新物种，呈现的方式也越来越五花八门： 甚至更深层的变化，也开始暗潮汹涌…… 比如英伟达老黄、AMD苏妈都在cue的关键词「物理AI」。 以及其背后更广泛意义上的， AI「超级入口」新竞争 。 在过去的移动互联网时代，超级App们，就是「超级入口」的代表：具有强大的流量聚集能力，连接用户与多种场景，成为用户进入数字世界 的主要通道。 历史的经验已经证明，移动互联网时代的赢家们，关键胜负手，正是通过软硬件结合和服务生态，牢牢掌握住了操作系统和应用分发的入口， 在「超级入口」竞争中跻身上游。 来到大模型时代，同样的底层逻辑正在显现。 当基础模型竞争逐渐收拢，AI领域的排位赛开始从底层技术导向，向应用层，乃至更全面更复杂的生态层延伸。 前有OpenAI、Qwen推进C端应用，后有英伟达老黄 ...