In case you missed it, Asia’s Most Read Publications 5 May to 11 May 2026

Research evidence excerpt

In case you missed it, Asia’s Most Read Publications 5 May to 11 May 2026

Asia Pacific Equity Research

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Asia Most Read 15 May 2026

In case you missed it, Asia’s Most Read Publications: 5 May to 11

May 2026

Asia Pacific Equity Derivatives Strategy (Tony SK Lee/Haoshun Liu/Xipu Han/Twinkle Mehta, CFA)

Taiwan at the Core of the AI Earnings Cycle: Bottleneck Positioning, Revision Breadth and

Supportive Flows; Capture AI Momentum via TWSE Call Spreads and WoC; NKY Short Gamma

Taiwan at the Core of the AI Earnings Cycle: Bottleneck Positioning , Revision Breadth and Supportive Flows : Taiwan

equity gains have extended, with the TWSE up 40.5% year to date, following our recent call to position for upside ahead of

TSMC earnings. This move has unfolded alongside the April to May reporting season, which confirms that the AI cycle remains

firmly hardware-led, with semiconductor and infrastructure names across the US and Asia delivering the strongest earnings

surprises. Within this landscape, TWSE stands out as the most concentrated and direct proxy for AI bottleneck

exposure. Taiwan’s dominance reflects both the scale (62% hardware exposure) and the quality of positioning in supply-

constrained segments, which is translating into superior earnings revision breadth versus regional and global peers. This

fundamental strength is now being reinforced by improving foreign inflows, EM ex-China allocation tailwinds, and

upcoming MSCI-driven passive demand, particularly for TSMC (2330 TT).