Summary of Key Points from the Conference Call Industry Overview - The semiconductor industry in Greater China has been upgraded to an "Attractive" view for the second half of 2025, with a strong preference for AI-related semiconductors over non-AI counterparts [1][3] - The concerns regarding tariffs on semiconductors and foreign exchange impacts are now behind, leading to expectations of further re-rating for the sector [1][3] Core Investment Themes - Key investment themes for 2026 are being previewed, emphasizing the ongoing strength of AI semiconductors [1][3] - The report highlights the importance of AI in driving demand across various verticals beyond the semiconductor industry [5][6] Top Investment Picks - **AI Semiconductors**: TSMC (Top Pick), Aspeed, Alchip, KYEC, ASE, FOCI, Himax, ASMPT, AllRing - **Memory Stocks**: Winbond (Top Pick), GWC, Phison, Nanya Tech, APMemory, GigaDevice, Macronix - **Non-AI Stocks**: Novatek, OmniVision, Realtek, NAURA Tech, AMEC, ACMR, Silergy, SG Micro, Yangjie, GlobalWafers [5][6] Market Dynamics - The recovery in the semiconductor market is expected to be gradual, with historical data indicating that a decline in semiconductor inventory days is a positive signal for stock price appreciation [5][6] - The introduction of DeepSeek technology is anticipated to trigger demand for AI inferencing, although there are concerns about the sufficiency of domestic GPU supply [5][6] Long-term Demand Drivers - The reacceleration of AI semiconductor demand is attributed to generative AI technologies, which are expected to proliferate across various sectors [5][6] - Price elasticity in technology products is anticipated to stimulate demand further [5][6] Valuation Insights - A detailed valuation comparison across various semiconductor segments, including foundry, back-end, memory, and integrated device manufacturers (IDM), is provided, showcasing P/E ratios, EPS growth, and return on equity (ROAE) metrics [6][7] - TSMC's projected revenue from AI semiconductors is estimated to account for approximately 34% of its total revenue by 2027 [16][18] Future Capex Expectations - An estimated additional US$3-4 trillion in AI capital expenditures is expected in the remainder of the decade, with AI semiconductors identified as a major growth driver [20][22] Supply Chain Considerations - The supply chain for semiconductors is showing signs of improvement, with a decline in inventory days noted in the second quarter of 2025 [28][29] - The report also discusses the ongoing shortages in specific memory types, such as DDR4, which are expected to persist into 2026 [29][34] Conclusion - The semiconductor industry in Greater China is positioned for growth, particularly in the AI segment, with several key players identified for investment. The overall sentiment is optimistic, supported by favorable market dynamics and technological advancements.

October 8, 2025 09:56 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: TSMC CoWoS, Meta ASIC, and China GPU The 2026 CoWoS capacity plan is under supplying, if key customers' demand is real. On the other hand, NVIDIA's RTX Pro 6000 (B40) forecast appears still on track from Chinese customers, suggesting inference demand is strong in China. TSMC's CoWoS demand upside: We sensed even stronger demand from AI semis at TSMC, for example for 3nm wafer demand from NVIDIA's Rubin GPU in 2H26 (see also ...

Core Insights - The processor market is experiencing significant growth driven by the rapid demand for generative AI applications, with the market size expected to nearly double from $288 billion to $554 billion between 2024 and 2030, primarily due to widespread adoption by enterprises, individuals, and governments [4] - 2024 is projected to be a turning point for the processor industry, as the GPU market is expected to surpass the APU market for the first time, driven by the demand for high computing power to run large language models like ChatGPT, Gemini, and Copilot [4] - The GPU market will face intense competition from hyperscale cloud providers like Google and AWS, which are developing their own AI ASICs to reduce capital expenditure costs [4] Market Dynamics - The processor market is highly concentrated, with three out of five segments dominated by single manufacturers holding over 50% market share; Intel controls 66% of the CPU market, while Nvidia holds over 90% of the GPU market [7] - The APU and AI ASIC & DPU markets are more fragmented, with active participation from companies like Apple, Qualcomm, MediaTek, Google, Samsung, Huawei, NXP, and Texas Instruments [7] - Emerging players from China, such as Xiaomi in the smartphone APU market and NIO in the automotive ADAS APU sector, are beginning to make their mark [7] Technological Advancements - Processor manufacturers share a common goal of launching the most powerful solutions faster than competitors, facing challenges related to cost pressures and technological limitations [11] - A trend towards advancing process nodes annually is evident, with advanced processes previously limited to smartphone APUs now being adopted in server CPUs and other processors [11] - Foundries play a crucial role in this technological race, with a significant reduction in the number of foundries capable of producing advanced process nodes over the past 20 years, and the transition to 2nm may further decrease this number [11]

西部证券研报指出，翱捷科技为极少数覆盖多制式蜂窝、多协议非蜂窝的芯片企业之一，长期深耕手机 基带与物联网领域，且具关键自研IP储备。5G手机芯片已流片，有望未来继续放量。算力需求不断扩 张，ASIC板块承接项目良好，公司预计该业务26年相比于24年业绩有倍数级增长。物联网领域，基带 芯片用于车联网、可穿戴等领域，公司在Cat.1bis 细分赛道24年市场份额近50%，位居行业第一，Cat.4 出货量24年同比增长100%，Cat.7 新一代产品已成功导入中兴等品牌客户；手机领域，4G八核智能手机 芯片已于2025H1成功导入客户，5G手机芯片进入研发后期，预计26下半年开始客户导入，后续伴随公 司新品持续推出及客户拓展，基带芯片收入后续有望持续放量。另外，AI ASIC有望成为第二曲线。目 前芯片定制业务订单承接情况良好，预计2026年芯片定制业务收入对标2024年将有数倍级增长。首次覆 盖，给予"买入"评级。 ...

V i e w p o i n t | 16 Sep 2025 12:20:59 ET │ 10 pages Nicholas Lai +886-2-8726-9093 nicholas.lai@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Taiwan Semiconductors and Electronic Components & Equipment US marketing feedback - Structural AI growth continues, prefer NVIDIA supply chain on smooth product cycle transition CITI'S TAKE We were in the US meeting investors over the past two weeks. We note that US investors appear more positive on AI' ...

聚焦于AI芯片的初创公司Groq在当地时间周三证实，该初创公司经历新融资后估值大约69亿美元，在 新一轮融资中筹集了7.5亿美元。该公司乃"AI芯片霸主"英伟达(NVDA.US)的最大竞争对手之一，论竞 争对手们AI芯片领域的市场规模，可能仅次于美国芯片巨头博通与AMD。 这一最新的融资数据可谓高于7月融资传闻流出时的数字。当时有不少媒体报道称，本轮融资约为6亿美 元，估值接近60亿美元。 PitchBook的预测数据显示，Groq今年迄今已累计融资超过30亿美元，融资规模堪比Anthropic等AI超级 独角兽。 LPU从技术路线角度来看，是为推理场景定制的 AI ASIC，而非通用GPU，该公司将系统形态 GroqCard/GroqNode/GroqRack，明确归类为定制推理ASIC。 Groq是何方神圣? Groq 之所以在全球资本市场炙手可热，主要因为其致力于打破份额高达90%的AI芯片超级霸主英伟达 对科技行业AI算力基础设施的强势控制。 Groq所开发的芯片并非通常为AI训练/推理系统提供动力的AI GPU。相反，Groq将其称为 LPU(language processing units，语言 ...

September 16, 2025 04:58 PM GMT Asia-Pacific Technology | Asia Pacific AI Supply Chain: Oracle capex, OpenAI ASIC, SEMICON Taiwan Oracle's bookings upside serves as strong catalyst to AI semi supply chain. Keep OW TSMC (Top Pick), and raise PT for KYEC. Oracle and Broadcom results further boosted sentiment for AI semis overall: Oracle (covered by Keith Weiss) announced a big revenue backlog (link), and that served as a positive catalyst for Nvidia (covered by Joe Moore) and its supply chain stocks, such as ...

Core Viewpoint - The semiconductor sector is experiencing a prolonged bull market driven by AI-related investments, with significant gains in stock prices for key players like TSMC and Micron, indicating a strong future outlook for the industry [1][6][9]. Semiconductor Market Performance - The Philadelphia Semiconductor Index has achieved its longest consecutive gain since 2017, rising 8.7% over nine trading days and 22% year-to-date, outperforming the Nasdaq 100 index [2][7]. - Notable individual stock performances include TSMC reaching a historical high, Micron's stock increasing by 35% since September, and other companies like AMD and Intel also showing positive trends [4][5]. AI-Driven Growth - The ongoing AI investment wave is expected to sustain the semiconductor bull market, with companies making long-term orders for AI infrastructure, indicating a robust demand for semiconductors [6][8]. - High-profile earnings reports from companies like Oracle and Broadcom have reinforced the positive sentiment in the AI-related semiconductor market [8]. Future Projections - Goldman Sachs forecasts a continued structural bull market in semiconductors driven by AI, with significant revenue growth expected from AI-related segments [9]. - The World Semiconductor Trade Statistics (WSTS) predicts a global semiconductor market growth of 11.2% in 2025, reaching $700.9 billion, primarily fueled by strong demand in GPU and HBM sectors [14][15].

Group 1 - The global semiconductor foundry market (Foundry 2.0) is expected to see a revenue growth of 19% year-on-year by Q2 2025, driven primarily by advanced processes and advanced packaging [1] - TSMC's market share is projected to increase from 31% in Q2 2024 to 38% in Q2 2025, attributed to the ramp-up of 3nm technology and CoWoS expansion [1] - The OSAT industry is expected to accelerate its revenue growth rate from 5% to 11%, with notable contributions from companies like ASE and KYEC, the latter benefiting from AI GPU demand with over 30% year-on-year growth [1] Group 2 - Advanced packaging technology is becoming increasingly important, with chip manufacturers expected to rely on it to enhance chip performance [2] - The third quarter growth drivers include the traditional consumer electronics peak season, accelerated AI applications and orders, and current subsidy policies in mainland China [2] - Foundry 2.0 is defined as a transformation from traditional foundry services to a technology integration platform, encompassing pure foundry, non-memory IDM, OSAT, and photomask manufacturers [2]

Key Points Broadcom received another in a string of analyst upgrades today following last week's earnings report. The landing of OpenAI as an ASIC customer is causing a stir in the generative AI industry. Another analyst even lowered his target price on Nvidia due to Broadcom's ascendant custom ASIC business. 10 stocks we like better than Broadcom › Shares of Broadcom (NASDAQ: AVGO) rallied on Monday, up 3.6% as of 12:20 p.m. ET. The move was all the more notable since the stock rallied 9.4% last ...