Taiwan Ticker Talk

On February 5, the Taiwan Stock Exchange Weighted Index (TAIEX) closed at 23,161.58 points, up 367.62 points (+1.61%) from the previous trading day. Trading volume reached NT$349.3 billion, while the OTC Index also performed strongly, rising 1.71% to 250.25 points. Key Stock Movements TSMC (2330) surged NT$15 to close at NT$1,110, making a significant contribution to the index. Several stocks, including Asia Optical (3019), hit limit-up, drawing market attention. Market sentiment was notably bullish, with 911 stocks advancing and 119 stocks declining among listed companies. -- Hosting provided by SoundOn

News reports cover multiple angles: OpenAI plans to develop an AI terminal device to replace smartphones, posing a challenge to companies like MediaTek and Qualcomm; the U.S., Mexico, and Canada have reached an agreement on the fentanyl issue, temporarily halting tariffs; Nissan may reject Honda's acquisition proposal; U.S. stocks rebounded due to easing U.S.-China trade tensions; analysis of the potential impact of Trump imposing a 100% tariff on Taiwan; gold prices hit a record high, base metals rose, and oil prices dipped slightly; profits in the financial sector hit record highs in 2024; and China is implementing countermeasures by imposing additional tariffs on the U.S. -- Hosting provided by SoundOn

Chinese startup DeepSeek has launched a low-cost AI model with performance comparable to that of OpenAI and Google, sending shockwaves through the U.S. tech sector and causing a sharp drop in U.S. stock markets, with NVIDIA's stock price plummeting in particular. The key to DeepSeek's success lies in its highly efficient data analysis methods, which require far fewer chips than its competitors. This has sparked widespread debate about AI development costs and the effectiveness of U.S. chip sanctions. DeepSeek's open-source strategy has further intensified international AI competition, eliciting varied responses from different countries. Meanwhile, the U.S. is assessing the possibility of tightening export control measures. -- Hosting provided by SoundOn

This report, prepared by Capital Investment Advisory, analyzes Trump's 2025 inaugural address and the potential impact of his policies on the U.S. economy. The report focuses on Trump's trade policies (high tariffs, particularly targeting Mexico, Canada, and China), energy policies (expanding oil production and repealing the Green New Deal), and immigration policies (tightening border controls) and their effects on inflation, the U.S. dollar exchange rate, the job market, and the Federal Reserve’s monetary policy. Using data and models, the report predicts that these policies could lead to rising inflation and a stronger U.S. dollar while also examining the extent and duration of these effects. Finally, the report includes a disclaimer and an investment rating explanation. -- Hosting provided by SoundOn

NVIDIA plans to establish an overseas headquarters in Taiwan, considering factors such as government cooperation, industrial clustering, and transportation convenience. While Taipei City is the primary choice, limited land availability poses a challenge. Given NVIDIA’s close ties with Taiwan’s technology supply chain, experts suggest that this move will strengthen Taiwan’s position in the global AI supply chain, attract more foreign investments, and drive industrial upgrades. Relevant government agencies are actively competing for NVIDIA’s investment, expecting significant economic benefits from this initiative. -- Hosting provided by SoundOn

TSMC’s revenue saw significant growth in 2024, primarily driven by strong demand for AI chips. The company expects its revenue to grow by approximately 25% in 2025, while maintaining its long-term compound annual growth rate (CAGR) target of 20%. Notably, AI-related revenue is projected to increase by as much as 40%. Goldman Sachs, based on this outlook, remains optimistic about TSMC and its U.S. supply chain partners, assigning a “Buy” rating to several U.S. tech companies. During the earnings call, TSMC also reported smooth progress in its overseas plant construction projects and reaffirmed its commitment to continued investment in AI-related technologies. -- Hosting provided by SoundOn

This document is an excerpt from ASE Technology Holding Co., Ltd.'s 2023 Annual Report (Part I), covering the company profile, corporate governance report, fundraising activities, and financial report. The report provides a detailed overview of the company's organizational structure, board operations, audit committee functions, sustainability strategies, and financial data and analysis. It particularly highlights ASE’s achievements in environmental sustainability, such as receiving the highest score on the Dow Jones Sustainability Index for consecutive years and implementing concrete ESG initiatives. Additionally, the report discusses trends in the semiconductor industry and ASE’s strategic responses, as well as the rise of generative AI and the new growth opportunities it presents for the semiconductor packaging and testing industry. -- Hosting provided by SoundOn

This document is MediaTek's 2023 Annual Report, covering corporate governance, financial status, business operations, and sustainable development. The report provides a detailed overview of MediaTek's business performance and market position in areas such as mobile chipsets, smart TV platforms, and custom chips. It also highlights the company’s efforts in research and development, talent cultivation, and social responsibility, as well as its strategies for managing market risks. Additionally, the report presents MediaTek’s concrete measures and achievements in environmental sustainability, along with key corporate governance information. Finally, it includes financial statements and the auditor's report. -- Hosting provided by SoundOn

This document is an excerpt from Realtek Semiconductor Corporation's Annual Report, covering the company profile, financial statements, business analysis, and corporate governance information. The report provides a detailed overview of Realtek's product development in the fields of communication networks, computer peripherals, and multimedia, as well as market competition and future outlook. It also discloses key information on the corporate governance structure, board members, and financial status. Additionally, the report highlights Realtek's investment in research and development, as well as its ESG strategies and implementation results. -- Hosting provided by SoundOn

This document is the annual report of Winbond Electronics Corporation, covering various aspects such as business operations, financial status, corporate governance, and sustainable development. The report provides a detailed overview of the company's product lines (including memory and logic chips), market sales performance, financial data (including income statement and balance sheet), board member information, internal control system, and future outlook. Additionally, it includes information on affiliated enterprises and explanations of risk management strategies. -- Hosting provided by SoundOn

This is an excerpt from the 2023 Annual Report of United Microelectronics Corporation (UMC), covering various aspects such as company profile, business operations, financial status, corporate governance, and sustainable development. The report provides a detailed overview of UMC’s operational achievements, financial performance, ESG initiatives, and future outlook over the past year. It also discloses the company’s accomplishments and awards in intellectual property management, environmental protection, social responsibility, and corporate governance. Additionally, the report analyzes the risks faced by the company and its corresponding mitigation strategies, as well as its future development plans. Overall, this excerpt highlights UMC’s efforts and achievements in pursuing sustainable development and enhancing corporate competitiveness. -- Hosting provided by SoundOn

This episode explores Dubai's economic model and rapid development, transforming from a remote desert city into one of the world's wealthiest metropolises. The video explains that Dubai's wealth is not solely built on oil but through strategic investments, free economic zones, and aggressive global marketing to attract foreign capital and talent. However, Dubai's success comes with challenges, such as labor rights issues, money laundering concerns, and increasing competition from other Middle Eastern countries. The video also analyzes how Dubai operates its government like a "corporation" and adopts a high-risk, high-reward development strategy. -- Hosting provided by SoundOn

This episode focuses on the Federal Reserve's decision to cut interest rates and its implications. The video analyzes the reasons behind the rate cut, including declining inflation and rising unemployment, while predicting the extent and duration of the rate cuts. It also explores the potential impacts on U.S. stock markets, bond markets, the dollar exchange rate, and other economies around the world. Additionally, the episode compares theoretical expectations with historical data and highlights potential responses from other central banks. For instance, Japan and Russia may adopt different interest rate policies due to their unique economic conditions. -- Hosting provided by SoundOn

This episode provides a verbatim analysis of the economic policy differences between Trump and Kamala Harris in the U.S. presidential election. The video focuses on their respective positions on taxes, government spending, trade, immigration, and regulations, as well as the expected economic impacts of these policies. It compares the short-term and long-term effects of their economic strategies, such as inflation, debt, and employment. The video also highlights the philosophical differences behind the two parties' policies: the Republican Party leans toward small government and free markets, while the Democratic Party advocates for big government and social welfare. Finally, the video briefly summarizes the potential impacts of both parties' policies on the market, using lighthearted metaphors to illustrate the contrasting ideologies. -- Hosting provided by SoundOn

This episode will explore various money laundering techniques, ranging from early methods involving cash-based industries to recent strategies utilizing assets such as art, real estate, gold, and cryptocurrencies. It will also examine cross-border money laundering through the use of shell companies, underground banking systems, and other mechanisms. Using Singapore's largest money laundering case in history as an example, the episode highlights the complexity of money laundering crimes and the challenges faced by the international community in combating them. It underscores the illegality of money laundering and the critical importance of anti-money laundering (AML) efforts. Additionally, the episode discusses loopholes in AML regulatory mechanisms, such as conflicts of interest involving bank relationship managers. -- Hosting provided by SoundOn

This video offers a concise analysis of the 2024 global economy, characterized by resilience and policy shifts. It examines the impact of widespread elections, central bank actions on inflation, and the performance of major economies like the US, Japan, and China.The video concludes with projections for 2025, emphasizing potential influences like US trade policies and China's economic stimulus efforts. -- Hosting provided by SoundOn

This video explores the rise of Nvidia, the world's leading GPU manufacturer, and analyzes its dominance in the AI chip market. ● It examines Nvidia's journey from a struggling startup to the global leader in the graphics processing unit (GPU) market. ● It details how Nvidia's early investments in CUDA, a software platform that allows for general-purpose computing on GPUs, positioned the company perfectly for the rise of artificial intelligence. ● The video explores the key factorsbehind Nvidia's success, including its focus on research and development, its ability to create a strong ecosystem around its products, and its strategic partnerships with key players in the tech industry. ● It also discusses the challenges Nvidia faces, including growing competition from tech giants like Google and Meta, and US restrictions on the sale of its most advanced chips to China. This video provides a comprehensive overview of Nvidia's history, its role in the AI revolution, and its prospects for future growth. -- Hosting provided by SoundOn

Discover how NVIDIA’s RTX technology is reshaping next-generation gaming, with Cyberpunk 2077 as a standout example. We’ll explore real-time ray tracing, AI-driven upscaling, and the immersive possibilities that lie ahead. -- Hosting provided by SoundOn

This text is from a speech delivered by NVIDIA Founder and CEO Jensen Huang at the NVIDIA AI Summit, centered on how NVIDIA is driving the AI revolution through accelerated computing technologies. The speech covers NVIDIA’s groundbreaking achievements in accelerated computing, GPU libraries (such as cuDNN), Software 2.0 (machine learning), and large language models, along with the major announcement of collaborating with SoftBank to build a large-scale AI ecosystem in Japan. It also highlights Japan’s critical role in NVIDIA’s history and explores the future prospects of generative AI in both digital AI agents and physical AI (robots), as well as its far-reaching impact across various industries. Finally, Huang predicts that AI will usher in a new industrial revolution. -- Hosting provided by SoundOn

This overview highlights several pivotal events that have shaped Taiwan’s stock market—ranging from the late 1980s boom-and-bust cycle and the Asian Financial Crisis to the 2008 global meltdown and the COVID-19 shock. It also explains the government’s and financial authorities’ subsequent reforms, including enhanced disclosure standards, the transition to T+2 settlement, the expansion of derivatives, and stricter corporate governance requirements, all of which have strengthened Taiwan’s market resilience over time. -- Hosting provided by SoundOn

NVIDIA CEO Jensen Huang takes the stage at CES 2025 to unveil the company’s latest breakthroughs across AI, gaming, data centers, and autonomous vehicles. He showcases cutting-edge hardware and software innovations designed to accelerate computing, demonstrate realistic graphics, and enable groundbreaking applications in robotics and beyond. The presentation highlights how NVIDIA’s advancements drive progress in industries worldwide, shaping the future of technology and digital experiences. -- Hosting provided by SoundOn

This article provides an in-depth look at Taiwan’s core industries—spanning semiconductors, traditional manufacturing, finance, and emerging sectors—and examines their 2023 financial performance. It also outlines potential economic drivers and challenges for 2024, offering insights into how global trends, government initiatives, and technological advances may shape Taiwan’s GDP growth and overall market dynamics. -- Hosting provided by SoundOn

This article offers a comprehensive analysis of Taiwan’s equity market—ranging from listing mechanisms and major indices to its electronics-dominated industry mix—providing practical insights for investors who are familiar with the U.S. stock market. -- Hosting provided by SoundOn

This document is MediaTek's Annual Report for the year 2023 (ROC Year 112). It includes the following sections: Message to Shareholders: An overview of the company’s annual operations and future outlook. Company Profile and History: A detailed account of the company's development milestones and awards. Corporate Governance Report: An explanation of the company’s governance structure, board operations, and internal controls. Financial Overview: A presentation of the company’s financial statements and analysis. Corporate Sustainability Report: A comprehensive outline of the company’s efforts in environmental protection, social responsibility, and employee care. The report highlights MediaTek’s leadership in the semiconductor industry and its commitment to sustainable development. -- Hosting provided by SoundOn

This presentation, from the Chung-Hua Institution for Economic Research, explores the global and Taiwanese economic outlook for 2024-2025, with a particular focus on the impacts of the U.S. economy, China's economy, and geopolitical dynamics. It analyzes the effects of U.S. interest rate cuts, the presidential election, and the risks posed by a weakening Chinese economy. The presentation also highlights the implications of net-zero emissions and green transformation for Taiwanese industries. In response, it proposes strategies such as digital transformation, green transition, and leveraging AI technologies. Additionally, it showcases successful case studies to illustrate how businesses can enhance their competitiveness. -- Hosting provided by SoundOn

This report, published by the Taiwan Institute of Economic Research in November 2024, examines the outlook for Taiwan's semiconductor industry in 2025. The report highlights significant growth in Taiwan's semiconductor output value in 2024, driven primarily by strong demand for AI chips and a recovery in end-user markets. Looking ahead to 2025, despite challenges from geopolitical risks and increased global production capacity, the industry is expected to continue growing. This growth will be fueled by ongoing advancements in AI, improved sales of end-user products, and proactive international collaborations by Taiwanese companies. Notably, the advanced process and packaging sectors are forecasted to achieve outstanding performance. Meanwhile, the memory sector, facing relatively weak demand, is projected to remain stable. -- Hosting provided by SoundOn

This document, published by CTBC Bank on December 27, 2024, is the Weekly Investment Highlights report. It includes analyses of major global economies and markets, covering interest rate trends, stock market performance, bond market dynamics, and currency fluctuations. The report highlights that although the global economy is experiencing a soft landing, numerous uncertainties remain, such as the policies of the new U.S. administration, geopolitical risks, and inflationary pressures, all of which influence investment decisions. It also provides an outlook on market trends for the upcoming quarter and offers investment recommendations, emphasizing that the information is for reference only and investors should assume responsibility for their own investment risks. -- Hosting provided by SoundOn

This report, published by Taishin Bank in December 2024, forecasts investment market trends and opportunities for 2025. It analyzes global equity, bond, and foreign exchange markets and provides investment strategy recommendations for key markets, including the United States, Japan, and Taiwan. The strategies cover high-growth stocks, high-yield bonds, and hedging assets, with particular attention to the development of the AI industry and the potential market impact of Trump's return. The report is supplemented with graphical data for better illustration and includes a risk disclosure statement, offering valuable insights for investors. -- Hosting provided by SoundOn

Wistron specializes in cutting-edge electronics, from servers to IoT devices. Learn how this dynamic company partners with NVIDIA to create solutions that bridge the gap between hardware and AI-driven intelligence. -- Hosting provided by SoundOn

Pegatron, known for its extensive manufacturing capabilities, supports NVIDIA in delivering high-quality electronics to the global market. Uncover how Pegatron excels in balancing innovation and operational excellence in this insightful discussion. -- Hosting provided by SoundOn

Inventec stands out as a major force in the development of AI servers and data center solutions. This episode delves into its collaboration with NVIDIA to optimize performance and efficiency, enabling the next generation of computing. -- Hosting provided by SoundOn

Quanta Computer specializes in cloud computing and AI server solutions, making it an indispensable partner in NVIDIA's supply chain. Tune in to learn how Quanta drives advancements in AI and edge computing with precision engineering. -- Hosting provided by SoundOn

Foxconn, the world's largest electronics manufacturer, plays a critical role in the NVIDIA supply chain. Discover how this industry titan scales innovation and efficiency to meet global demand, driving the future of AI and technology integration. -- Hosting provided by SoundOn

GIGABYTE is at the forefront of hardware development, specializing in high-performance motherboards and graphics cards. Learn how this tech giant partners with NVIDIA to empower industries with cutting-edge solutions, from gaming to AI applications. -- Hosting provided by SoundOn

ASUS, a global leader in tech innovation, is renowned for its groundbreaking motherboards, laptops, and gaming equipment. In this episode, we explore how ASUS supports NVIDIA's ecosystem and continues to set benchmarks in quality and design, captivating gamers and professionals worldwide. -- Hosting provided by SoundOn

This document, compiled by Yuanta Securities, summarizes NVIDIA CEO Jensen Huang’s keynote speech at CES 2025. It focuses on NVIDIA’s latest developments in the field of artificial intelligence, covering various levels and applications such as generative AI, agent-based AI, and physical AI. It also highlights the powerful performance and applications of the new Blackwell GPU architecture (including the RTX 50 series), which underpins these AI technologies—ranging from breakthroughs in ray tracing, cloud computing, data centers, autonomous vehicles, general-purpose robots, to the Project Digits desktop AI supercomputer. The main focus is on how NVIDIA, through its integrated hardware and software ecosystem, is driving the widespread adoption of AI and facilitating digital transformation across industries. -- Hosting provided by SoundOn

TSMC is dedicated to becoming a global leader in green manufacturing. The company recognizes the critical role semiconductors play in the modern digital economy and prioritizes delivering the most advanced process technologies in the most cost-effective manner. TSMC’s success is built on three key pillars: technological leadership, manufacturing excellence, and customer trust. To mitigate the risks associated with technological advancements, TSMC focuses on developing more advanced process technologies and enhanced-feature products. To maintain its competitive edge and meet customer demands, TSMC emphasizes continuous improvement initiatives, fosters innovation, and enhances problem-solving capabilities. TSMC’s organizational structure consists of multiple divisions supporting its core business, including corporate planning, finance, and human resources. The Board of Directors plays a vital role in the company’s governance, overseeing legal compliance, financial transparency, and executive succession planning. The board’s responsibilities also include guiding the management team, overseeing risk management, and making critical decisions on major events such as capital expenditures and dividend policies. TSMC places great importance on ethical conduct and has established comprehensive codes of ethics. The company prioritizes the protection of intellectual property and maintains an open and transparent information disclosure policy. The Audit and Risk Committee plays a key role in upholding the company’s high ethical standards. Recognizing the importance of environmental sustainability, TSMC actively promotes energy conservation and carbon reduction initiatives. The company has achieved green building certifications and implemented measures to enhance its resilience to natural disasters, such as droughts. TSMC’s financial performance and stability depend on its ability to manage various risks, including those related to industry development, technological changes, and geopolitical tensions. The company has established a robust risk management framework to identify, assess, and mitigate potential threats. Understanding the importance of human capital, TSMC provides competitive compensation and benefits packages to attract and retain talent. The company offers employees various communication channels, including employee opinion surveys and communication meetings, to foster open dialogue and address concerns. -- Hosting provided by SoundOn