Taiwan Technology: US Marketing Feedback

This report summarizes US investor sentiment following a marketing trip, highlighting that AI ASIC remains the primary theme while CPU demand and supply chain pricing power have emerged as critical new focal points. Analysts maintain a constructive view, identifying specific semiconductor firms as underappreciated beneficiaries of the evolving AI infrastructure cycle.

Key Takeaways

• 1.AI ASIC remains the most favored investment theme among US investors, with growing focus shifting toward CPU demand, agentic AI, and supply chain pricing power.
• 2.Investors are increasingly evaluating the sustainability of hyperscaler capital spending and the potential for long-term AI monetization.

Table of Contents

• Investors increasingly focused on AI monetization and CSP spending durability
• CPU demand emerging as an underappreciated beneficiary of agentic AI
• TSMC: investors increasingly debating pricing upside rather than demand
• MediaTek: under-owned despite growing ASIC opportunity
• Aspeed: TAM expansion and pricing upside drive investor optimism
• WinWay: CPU opportunity and TAM expansion remains underappreciated
• Investment Thesis, Price Target Risks and Methodology
• Investment Thesis - TSMC (2330.TW/TSM)
• Price Target Risks and Methodology - TSMC (2330.TW/TSM)
• Investment Thesis - Mediatek
• Price Target Risks and Methodology - MediaTek (2454.TW)
• Investment Thesis – Aspeed (5274.TWO)
• Price Target Risks and Methodology – Aspeed (5274.TWO)
• Investment Thesis – WinWay (6515.TW)
• Price Target Risks and Methodology – WinWay (6515.TW)

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