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    Bruce Lu • Goldman Sachs

    Bruce Lu's questions to ASE Technology Holding Co Ltd (ASX) leadership

    Bruce Lu's questions to ASE Technology Holding Co Ltd (ASX) leadership • Q2 2025

    Question

    Bruce Lu inquired about the strategic initiatives being considered to counter currency headwinds and improve margins, including potential pricing strategy changes. He also asked about the expected mix of packaging versus testing in AI-related business for 2026, the updated CapEx forecast for 2025, and whether the U.S. is a priority for overseas investment.

    Answer

    COO Tien Wu detailed that strategic initiatives involve resource recalibration, optimizing floor space and capital deployment, which inherently improves margins. He noted that while pricing is always an option, the focus is on technical strength and long-term partnerships. For overseas expansion, the strategy is to focus on one or two areas with larger investments. CFO Joseph Tung confirmed an increase in the 2025 machinery CapEx forecast by $300-400 million, primarily for leading-edge capacity, with about 60% for assembly and 30% for test.

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    Bruce Lu's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

    Bruce Lu's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership • Q2 2025

    Question

    Bruce Lu asked for details on the N2 node's ramp profile and expected revenue contribution, questioning why it would be similar to N3 given strong HPC and smartphone demand. He also inquired about the supply-demand outlook for N5 and N3 nodes over the next two years.

    Answer

    Chairman & CEO Dr. C.C. Wei explained that the N2 ramp profile is limited by the physical capacity to build new fabs, making it similar to N3, but its revenue contribution will be larger due to higher pricing. He confirmed that both N3 and N5 nodes will be 'very tight' for the next couple of years due to strong AI demand, and that TSMC is leveraging tool commonality to convert capacity between nodes to manage the demand.

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    Bruce Lu's questions to United Microelectronics Corp (UMC) leadership

    Bruce Lu's questions to United Microelectronics Corp (UMC) leadership • Q2 2024

    Question

    Bruce Lu of Goldman Sachs questioned why a competitor is successfully building new 12-inch capacity in Singapore with customer commitments, while UMC has existing capacity and a strong process. He also asked about the technology roadmap for display driver ICs, specifically the timeline for migrating from 22nm to FinFET and the suitability of the Intel partnership.

    Answer

    President Jason Wang stated that UMC is comfortable with its capacity situation and has a competitive and broad offering, attributing competitor moves to a changing landscape driven by geopolitical tensions and regionalization. Regarding display drivers, Wang highlighted UMC's leadership with its 22nm eHV platform, which is already in production, and noted that a FinFET-based solution is under development but a 2026 migration seems early. He affirmed the 12nm Intel partnership will serve many applications beyond just high-voltage.

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