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    Laura Chen • Citigroup

    Laura Chen's questions to ASE Technology Holding Co Ltd (ASX) leadership

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

    Question

    Laura Chen inquired about the key drivers for the recovery seen in the wire bonding business and whether it was related to AI, market share gains, or geopolitical decoupling. She also asked how ASE prioritizes CapEx among different advanced packaging technologies and if the upcoming final test services for AI would include burn-in and system-level testing.

    Answer

    COO Tien Wu attributed the tightness in Taiwan's wire bond capacity primarily to the automotive market and, to a lesser extent, support chips for AI systems. He noted that overseas wire bond capacity remains somewhat idle. Regarding capacity, he explained that investments are made with a focus on fungibility and flexibility to support utilization for 5-10 years. He confirmed that testing revenue for AI will include burn-in and system-level test, as these are increasingly required by customers.

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    Laura Chen's questions to United Microelectronics Corp (UMC) leadership

    Laura Chen's questions to United Microelectronics Corp (UMC) leadership • Q2 2025

    Question

    Laura Chen from Citi asked for the long-term gross margin outlook, details on depreciation cost increases, and the operational strategy for UMC's fabs in China.

    Answer

    President Jason Wang outlined the roadmap to improved margins through better loading, technology differentiation, and cost control. CFO Qi Dong Liu specified that depreciation growth will slow from over 20% this year to below 10% next year. Wang added that UMC's China fabs are part of a diversified manufacturing footprint available to serve global customer needs for supply chain resilience.

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    Laura Chen's questions to United Microelectronics Corp (UMC) leadership • Q1 2025

    Question

    Laura Chen of Citigroup asked about the possibility of UMC collaborating with other U.S. IDMs beyond Intel, specifically mentioning market rumors about GlobalFoundries. She also questioned if Q1 marked the trough for gross margin and inquired about the margin outlook.

    Answer

    CFO Chi-Tung Liu confirmed UMC works with multiple U.S.-based IDM customers but stated the 12nm collaboration is the most important project currently. He declined to comment on market rumors regarding GlobalFoundries but affirmed that UMC consistently explores strategic options to enhance shareholder value, clarifying no merger is currently ongoing. Regarding margins, Liu acknowledged Q1 was impacted by one-time price adjustments but cited low second-half visibility as a reason for not providing a longer-term margin forecast.

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    Laura Chen's questions to United Microelectronics Corp (UMC) leadership • Q2 2024

    Question

    Laura Chen of Citigroup asked if the Q3 order strength is sustainable into Q4, probed the reasons for the sharp decline in IDM revenue, and questioned if IDM outsourcing would decrease as they expand internal capacity. She also requested more detail on the business model for 3D ICs and hybrid bonding.

    Answer

    President Jason Wang clarified the Q3 outlook is a 'mild pickup' reflecting a return to seasonality, not a strong rebound. He explained the IDM revenue decline was broad-based across all segments due to inventory correction, not just automotive, and expects a gradual recovery. While acknowledging IDMs are building internal capacity for supply chain resilience, he believes they will continue to rely on foundry partners. For 3D ICs, he stressed the business model relies on a strong ecosystem partnership with OSATs and other suppliers.

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    Laura Chen's questions to Taiwan Semiconductor Manufacturing Co Ltd (TSM) leadership

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

    Question

    Laura Chen asked about TSMC's strategy and timeline for advanced packaging to support increasingly large and power-hungry AI chips. She also inquired about the company's strategy for mature nodes amid reports of industry-wide overcapacity.

    Answer

    Chairman & CEO Dr. C.C. Wei explained that TSMC develops a wide variety of advanced packaging solutions in close partnership with customers to meet their specific needs. Regarding mature nodes, he stated TSMC's strategy is to focus on specialty technologies like RF and CMOS image sensors, driven by customer demand, which insulates it from general overcapacity and justifies its fab expansions in Japan and Germany.

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