Ideas
Google TPU ASIC suppliers benefit
Google's TPU is increasingly competitive because its software-defined networking architecture eliminates switch chips, lowering cost, and Google is now selling TPU-based systems to external customers, which pressures NVIDIA. Broadcom, Marvell and MediaTek are the custom ASIC/interconnect/customization suppliers for Google, so they should be viewed as the related Google TPU supply chain.
CPO optical supply chain benefits
NVIDIA and TSMC are driving co-packaged optics because placing the optical engine next to the chip reduces signal loss from about 22dB with pluggable transceivers to around 4dB, reducing latency. NVIDIA has taken equity stakes in Lumentum Holdings, Coherent and Marvell, making them direct CPO supply-chain beneficiaries.
Glass substrate still too early
Glass substrate adoption is structurally premature because current CPO is being placed next to the substrate, CPO must first move onto the interposer around 2029, and mass production is expected around 2030. Until then glass substrates will be difficult to adopt, so investors should treat the theme as a longer-term roadmap rather than a near-term trade.
Bloom Energy benefits from AI power
AI data centers consume more than 10x the power of conventional cloud data centers, and local grid strain is increasing opposition to new data centers. Bloom Energy provides on-site solid-oxide fuel cells for AI data center power, recently attracted Nancy Pelosi's investment, and was added to the S&P 500, making it an AI power demand beneficiary.
Memory cycle is structurally different
This memory upcycle is structurally different from past cycles because server DRAM/SSD direct supply contracts have shifted from one-year to five-year terms, HBM and memory systems are increasingly sold through NVIDIA/AMD as intermediate system suppliers, and demand sources have expanded to AI data centers, neo-cloud and LRM operators. This creates more stable and supplier-friendly pricing for Korean memory names.
Intel High-NA foundry threat overhyped
Intel's High-NA EUV application is overhyped as a Samsung/TSMC foundry threat. Production qualification matters more than tool installation, TSMC and Samsung are not applying High-NA at current nodes, Intel's foundry still has a -36% operating margin and its core chiplet dies still use TSMC 3nm. Intel's recent stock rise is mainly from CPU shortage/re-stocking in data centers, not from High-NA.
Samsung design houses leverage foundry recovery
Samsung foundry's local design-house ecosystem, including ADTechnology, CoAsia and Gaonchips, will benefit if Samsung foundry wins accelerator/data-center customers. Their earnings are not yet meaningful, but a long-term approach through Samsung foundry supply-chain names is more favorable than chasing the foundry itself.
Chinese autonomous chip pure plays under pressure
Chinese autonomous driving chip developers such as Horizon Robotics and Black Sesame have built a real domestic ecosystem and are used by many OEMs, but their Hong Kong-listed shares fell about 40% because advanced TSMC foundry costs are rising and Chinese automakers are increasingly developing chips in-house, threatening their future share. This makes the listed pure plays unattractive despite the technology progress.
ASE leads global advanced packaging
Advanced packaging and OSAT are a strong global trend. Taiwan's ASE is the global OSAT leader with Taiwan holding about 40.1% of the global market, and ASE's ADR is up roughly 147% year-to-date, showing that packaging leaders are outperforming front-end equipment names, which recently fell.
Amkor is US packaging capacity laggard
Amkor is the world's number one automotive semiconductor packaging company and is building the first US advanced packaging fab in Phoenix. Because US chip fabs need local packaging capacity, TSMC is expected to rely on Amkor, with first equipment install in 3Q27 and possible mass production by 2028, making Amkor a lagging US packaging-capacity play whose stock has not yet fully reflected this setup.
This 815 Money Talk (815머니톡) video, published September 10, 2026,
features Noh Geun-chang
discussing AVGO, MRVL, 2454.TW, LITE, COHR, Glass substrate, BE, 005930.KS, 000660.KS, INTC, ADTechnology, Gaonchips, COASIA, 9660.HK, 2533.HK, Rockchip, ASX, AMKR.
10 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Noh Geun-chang
· Tickers:
AVGO,
MRVL,
2454.TW,
LITE,
COHR,
Glass substrate,
BE,
005930.KS,
000660.KS,
INTC,
ADTechnology,
Gaonchips,
COASIA,
9660.HK,
2533.HK,
Rockchip,
ASX,
AMKR
