JPM | APAC Technology - META / MU / AMAT / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

研报英文原文证据摘录

JPM | APAC Technology - META / MU / AMAT / TSMC: APAC Technology - Specialist Sales Commentary Hardware - Semiconductors

bute the 2Q OPM expansion vs 1Q 13% as a function of the 15% CL price hike effective mid-Mar

and continued utilization ramp across CCL/glass fiber/copper foil/epoxy resin as guided in our recent conf call. Looking into

2H, we expect the electronic materials segment to continue firing on all cylinders on accelerating price hikes across

commodity grade products, T-glass ramp, and ongoing M10 qualification

China AI chip: s-d gap catalyzes substitution, training market next frontier – Billy Feng link

• We hosted a small tour to visit domestic GPU vendors in Shanghai. Key takeaways 1) s/d shortages catalyzing adoption of

domestic AI chips 2) key players are fine-tuning new locally produced chips w/ comparable perf to NVDA Hopper and 3)

next unprecedented market opportunity lies in training (or post-training), following proven commercial application in

inference. Iluvatar CoreX top pick

Taiwan drone exports rising – Hannah Lee link

• Taiwan UAV exports $148m in first 4 months, a sharp acceleration as Czech, Poland and US top 3, w/ EU early success

providing an opportunity to demonstrate proof-of-concept for Western buyers. Drone plays: Wistron, Mitac, Evergreen

Aviation, AIDC, Qisda, Taiwan Secom, Thunderr Tiger, Coretronic, Myson, Simplo, Sysgration

Sector Key Newsflow

• SK Hynix Said to Guide US Offering Price 3.1% Above Korea Close (Bloomberg)- US Offering Is More Than Seven Times

Oversubscribed

• LG Innotek to Invest $1B in Haiphong Semiconductor Project (Bloomberg)

• Tokyo Electron to Cut Chip Gear Delivery Times by Half (Nikkei)

• Kioxia: Bain Capital Exits Kioxia After Chip Deal Yields Big Returns (Bloomberg)