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Summary of Key Points from the Conference Call Industry Overview - Industry: Asian Technology Sector - Current Trends: Asian Tech stocks have rebounded significantly from the tariff-related sell-off in April, primarily driven by the AI sector [3][5] Core Insights and Arguments - Earnings Revisions: Overall Asian Tech earnings have seen an 18% upward revision year-to-date, mainly led by large-cap AI-related technology companies [3][5] - Future Projections: Continued upward revisions in tech earnings are expected through 2025, supported by the resolution of AI supply chain issues and well-flagged foreign exchange (FX) challenges [3][5] - Market Growth: Despite macroeconomic concerns, Asian Tech stocks are projected to increase by another 15-20% by the end of the year [3][5] - AI Sector Leadership: The AI complex is anticipated to lead the upcycle, with growth in datacenter capital expenditures (capex) expected in 2025 and increased confidence in growth for 2026 [3][5] - Non-AI Sector Caution: Selectivity is advised in the non-AI space due to a deceleration in year-over-year growth in most consumer tech segments in the second half of 2025, as the effects of China consumption subsidies and tariff pull-in fade [3][5] - Emerging Themes: Towards the end of 2025, new themes such as the Foldable iPhone product cycle and smart glasses may gain market support within the non-AI sector [3][5] Positive Catalysts for Asian Tech Stocks 1. Reinforcement of 2026 datacenter AI capex growth [3][5] 2. Potential US approval for China-specific NVIDIA AI GPU models [3][5] 3. Better-than-seasonal non-AI demand in the second half of 2025, as expectations have been reset to sub-seasonal levels [3][5] Stock Recommendations - Preferred Stocks: TSMC, SK Hynix, Advantest, and Delta among large-cap tech [3][5] - Cautious Outlook: More guarded on SEC, Xiaomi, and Mediatek in the near term, but maintain an overweight (OW) position on SEC due to improving progress in High Bandwidth Memory (HBM) [3][5] - Top Picks: Quanta is highlighted as a top pick among NVIDIA-related server Original Design Manufacturers (ODMs) [3][5] - Smaller Cap Recommendations: Asmedia, ASPEED, Chroma, AMEC, and ACMR are recommended, while SMIC, VIS, UMC, GUC, Realtek, Parade, GlobalWafers, USI, Transsion, and Nikon are advised to be avoided [3][5] Additional Important Insights - Market Sentiment: The overall sentiment remains positive for the AI sector, with expectations of revenue momentum picking up in the second half of 2025 [3][5]