Al Semi EQUITY: TECHNOLOGY Meta's ambition on ASIC Al server - 2 Opportunities and challenges: complicated ASIC design with major volume mismatch in upstream/downstream Meta's aggressive ASIC roadmap to generate new business opportunities for semi supply chain despite significant volume mismatch in upstream and downstream We had highlighted that CSPs (cloud service provider) are getting increasingly aggressive in deploying their own AI ASIC solutions, such as Meta (META US, Not rated) from 2026F in our Asia ...