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Bruce Liu

Research Analyst at Goldman Sachs

Bruce Lu is an Equity Analyst at Goldman Sachs specializing in semiconductor and technology hardware companies, with a notable focus on leading firms such as MediaTek. Renowned for his deep sector expertise and detailed research coverage, he provides investment analysis that is featured prominently in corporate investor materials. Although specific success rates and portfolio returns are not publicly available, his selection as a primary analyst for high-profile companies and his inclusion among distinguished regional analyst teams underscore his professional credibility. Bruce Lu has built his career at Goldman Sachs and is recognized for his expert insights in the Asia-Pacific technology sector, holding relevant professional credentials and participating actively in major industry earnings conferences.

Bruce Liu's questions to ASE Technology (ASX) leadership

Question · Q3 2025

Bruce Liu asked for the revenue split between packaging and testing for the incremental $1 billion AI-related revenue expected in 2026. He also sought clarification on ASE's strategy for US operations, particularly concerning potential market share loss to competitors and foundry partners. Additionally, he questioned the CapEx to revenue ratio and the timeline for revenue generation from investments, noting the discrepancy between current CapEx and projected incremental revenue.

Answer

CFO Joseph Tung stated that for this year's $1 billion LEAP increase, the split was $650 million from packaging and $350 million from test, with test showing stronger momentum. He reiterated that ASE pursues market share only when it makes economic sense, emphasizing that US investments require a viable infrastructure and cost structure beyond just premium pricing. Tung clarified that not all CapEx is for leading edge (55% this year) and that capacity expansion is progressive. He maintained that the traditional $1 investment generating $1 annual revenue still applies for OSAT and test, projecting at least $1 billion in new leading-edge revenue for 2026.

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