ESG Express "See You After the 4th" Gershuni

Research evidence excerpt

ESG Express "See You After the 4th" Gershuni

inability - Pulse: Taiwan raises power demand forecast

Last week, Taiwan's MOEA released updated long-term electricity demand projections,

raising expected power demand growth for 2026-35 to approximately 2.5% CAGR. The

revision reflects stronger expectations for semiconductor manufacturing, AI-related data

centre construction and broader electrification trends. Under the revised assumptions,

Taiwan's electricity consumption could reach more than 350TWh by 2035, substantially

above levels implied by historical growth trends. Government estimates also suggest AI

data centres alone could require 3-4GW of electricity demand by the mid-2030s. Other

highlights: (Full Report)

AI + semi are now official load drivers: AIDC alone could require 3-4GW by 2035

but semi fabs remain the larger power load

Gas remains the near-term solution: Taiwan plans ~26GW gas-fired additions by

2035, implying higher LNG dependence

Nuclear is upside optionality: Nuclear restart is excluded from the official supply

plan, Maanshan restart could add ~15TWh a year if approved by 2028

Our team views the announcement as further evidence that power availability is

becoming a strategic consideration for AI infrastructure deployment

US Semiconductors - Revisiting AMD and ARM Estimates Amid Agentic AI

Acceleration

Our team is seeing accelerating traction in standalone CPU racks with the architectural

split they outlined playing out: 1) latency-sensitive head nodes favoring ARM (NVDA

Grace/Vera (which our team thinks is gaining traction due to combination of low latency

+multithreading with NVDA offering memory as part of the system), Axion, Graviton),

and 2) standalone agentic AI racks being more core and throughput-driven — an area